UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q



(Mark One)

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



For the quarterly period ended March 31,
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 ofIncorporation or Organization) |  | (I.R.S. EmployerIdentification No.)
|                                                              |  |                                    
|311 South Wacker Drive, Suite 6400Chicago, 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  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         |  ̈
|----------------------- | - | ------------------------- | -
|                        |   |                           |  
|Non-accelerated filer   | x | 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



As of May 2, 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 March 31, 2022 (unaudited) and December 31, 2021        | 3   
|                              |                                                                                                                 |     
|                              | Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)            | 4   
|                              |                                                                                                                 |     
|                              | Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021 (unaudited) | 5   
|                              |                                                                                                                 |     
|                              | Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)            | 6   
|                              |                                                                                                                 |     
|                              | Consolidated Schedules of Investments as of March 31, 2022 (unaudited) and December 31, 2021                    | 7   
|                              |                                                                                                                 |     
|                              | Notes to Consolidated Financial Statements (unaudited)                                                          | 25  
|                              |                                                                                                                 |     
|Item 2.                       | Management’s Discussion and Analysis of Financial Condition and Results of Operations                           | 49  
|                              |                                                                                                                 |     
|Item 3.                       | Quantitative and Qualitative Disclosures About Market Risk                                                      | 68  
|                              |                                                                                                                 |     
|Item 4.                       | Controls and Procedures                                                                                         | 68  
|                              |                                                                                                                 |     
|PART II. OTHER INFORMATION    | 69                                                                                                             
|                              |                                                                                                                 |     
|Item 1.                       | Legal Proceedings                                                                                               | 69  
|                              |                                                                                                                 |     
|Item 1A.                      | Risk Factors                                                                                                    | 69  
|                              |                                                                                                                 |     
|Item 2.                       | Unregistered Sales of Equity Securities and Use of Proceeds                                                     | 72  
|                              |                                                                                                                 |     
|Item 3.                       | Defaults Upon Senior Securities                                                                                 | 72  
|                              |                                                                                                                 |     
|Item 4.                       | Mine Safety Disclosures                                                                                         | 72  
|                              |                                                                                                                 |     
|Item 5.                       | Other Information                                                                                               | 72  
|                              |                                                                                                                 |     
|Item 6.                       | Exhibits                                                                                                        | 73  
|                              |                                                                                                                 |     
|Signatures                    |                                                                                                                 | 74  













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, 2022 |         |   | December 31, 2021 |  
|---------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ------- | - | ----------------- | -
|                                                                                                                             |  | (unaudited)    |         |   |                   |  
|ASSETS                                                                                                                       |  |                |         |   |                   |  
|Investments, at fair value:                                                                                                  |  |                |         |   |                   |  
|Non-controlled/non-affiliate company investments                                                                             |  | $              | 414,135 |   |                   | $
|Non-controlled affiliate company investments                                                                                 |  |                | 91,644  |   |                   |  
|Controlled affiliate company investments                                                                                     |  |                | 40,210  |   |                   |  
|Total investments, at fair value (amortized cost of: $563,635 and $576,178, respectively)                                    |  |                | 545,989 |   |                   |  
|Cash                                                                                                                         |  |                | 7,337   |   |                   |  
|Restricted cash                                                                                                              |  |                | —       |   |                   |  
|Unrealized gain on foreign currency forward contracts                                                                        |  |                | 365     |   |                   |  
|Interest receivable                                                                                                          |  |                | 10,431  |   |                   |  
|Other assets                                                                                                                 |  |                | 720     |   |                   |  
|Total assets                                                                                                                 |  |                | 564,842 |   |                   |  
|                                                                                                                             |  |                |         |   |                   |  
|LIABILITIES                                                                                                                  |  |                |         |   |                   |  
|Debt:                                                                                                                        |  |                |         |   |                   |  
|Revolving credit facility                                                                                                    |  |                | 188,300 |   |                   |  
|2026 Notes                                                                                                                   |  |                | 130,000 |   |                   |  
|SBA debentures payable                                                                                                       |  |                | —       |   |                   |  
|Total debt                                                                                                                   |  |                | 318,300 |   |                   |  
|Less: Unamortized deferred financing costs                                                                                   |  |                | (4,154  | ) |                   |  
|Total debt, less unamortized deferred financing costs                                                                        |  |                | 314,146 |   |                   |  
|Interest payable                                                                                                             |  |                | 1,203   |   |                   |  
|Management fees payable                                                                                                      |  |                | 2,288   |   |                   |  
|Incentive fees payable                                                                                                       |  |                | —       |   |                   |  
|Accounts payable and accrued expenses                                                                                        |  |                | 2,269   |   |                   |  
|Directors' fees payable                                                                                                      |  |                | 35      |   |                   |  
|Total liabilities                                                                                                            |  |                | 319,941 |   |                   |  
|Net assets                                                                                                                   |  | $              | 244,901 |   |                   | $
|                                                                                                                             |  |                |         |   |                   |  
|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      |   |                   | $
|Capital in excess of par value                                                                                               |  |                | 298,687 |   |                   |  
|Accumulated undistributed (overdistributed) earnings                                                                         |  |                | (53,808 | ) |                   |  
|Total net assets                                                                                                             |  | $              | 244,901 |   |                   | $
|                                                                                                                             |  |                |         |   |                   |  
|Net asset value per share                                                                                                    |  | $              | 11.30   |   |                   | $



See Notes to Consolidated Financial Statements.





3







MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)



|                                                                                              |  | Three months ended
 March 31, |       
|--------------------------------------------------------------------------------------------- |  | ----------------------------- | ------
|                                                                                              |  | 2022                          |       
|Investment income:                                                                            |  |                               |       
|Non-controlled/non-affiliate company investments:                                             |  |                               |       
|Interest income                                                                               |  | $                             | 8,655 
|Payment-in-kind interest income                                                               |  |                               | 657   
|Dividend income                                                                               |  |                               | 64    
|Fee income                                                                                    |  |                               | —     
|Total investment income from non-controlled/non-affiliate company investments                 |  |                               | 9,376 
|Non-controlled affiliate company investments:                                                 |  |                               |       
|Interest income                                                                               |  |                               | 1,006 
|Payment-in-kind interest income                                                               |  |                               | 1,164 
|Dividend income                                                                               |  |                               | 45    
|Total investment income from non-controlled affiliate company investments                     |  |                               | 2,215 
|Controlled affiliate company investments:                                                     |  |                               |       
|Dividend income                                                                               |  |                               | 900   
|Total investment income from controlled affiliate company investments                         |  |                               | 900   
|Total investment income                                                                       |  |                               | 12,491
|                                                                                              |  |                               |       
|Operating expenses:                                                                           |  |                               |       
|Interest and other debt financing expenses                                                    |  |                               | 3,922 
|Base management fees                                                                          |  |                               | 2,343 
|Incentive fees                                                                                |  |                               | 408   
|Professional fees                                                                             |  |                               | 280   
|Administrative service fees                                                                   |  |                               | 330   
|General and administrative expenses                                                           |  |                               | 219   
|Directors' fees                                                                               |  |                               | 35    
|Expenses before base management fee and incentive fee waivers                                 |  |                               | 7,537 
|Base management fee waivers                                                                   |  |                               | (55   
|Incentive fee waivers                                                                         |  |                               | (408  
|Total expenses, net of base management fee and incentive fee waivers                          |  |                               | 7,074 
|Net investment income before income taxes                                                     |  |                               | 5,417 
|Income taxes, including excise taxes                                                          |  |                               | 19    
|Net investment income                                                                         |  |                               | 5,398 
|                                                                                              |  |                               |       
|Net gain (loss):                                                                              |  |                               |       
|Net realized gain (loss):                                                                     |  |                               |       
|Non-controlled/non-affiliate company investments                                              |  |                               | (103  
|Non-controlled affiliate company investments                                                  |  |                               | —     
|Extinguishment of debt                                                                        |  |                               | (1,039
|Foreign currency forward contracts                                                            |  |                               | 12    
|Foreign currency and other transactions                                                       |  |                               | (9    
|Net realized gain (loss)                                                                      |  |                               | (1,139
|                                                                                              |  |                               |       
|Net change in unrealized gain (loss):                                                         |  |                               |       
|Non-controlled/non-affiliate company investments                                              |  |                               | (1,857
|Non-controlled affiliate company investments                                                  |  |                               | (389  
|Controlled affiliate company investments                                                      |  |                               | (915  
|Foreign currency forward contracts                                                            |  |                               | (416  
|Foreign currency and other transactions                                                       |  |                               | 165   
|Net change in unrealized gain (loss)                                                          |  |                               | (3,412
|                                                                                              |  |                               |       
|Net gain (loss)                                                                               |  |                               | (4,551
|                                                                                              |  |                               |       
|Net increase (decrease) in net assets resulting from operations                               |  | $                             | 847   
|                                                                                              |  |                               |       
|Per common share data:                                                                        |  |                               |       
|Net investment income per share - basic and diluted                                           |  | $                             | 0.25  
|Net increase (decrease) in net assets resulting from operations per share - basic and diluted |  | $                             | 0.04  
|Weighted average common shares outstanding - basic and diluted                                |  |                               | 21,666



See Notes to Consolidated Financial Statements.





4







MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)



|                                     |  |              |        |  |       |   |    |                   |  |   | Accumulated       |  |  |            |        
|------------------------------------ |  | ------------ | ------ |  | ----- | - | -- | ----------------- |  | - | ----------------- |  |  | ---------- | -------
|                                     |  | Common Stock |        |  |       |   |    | undistributed     |  |   |                   | 
|                                     |  | Number of    |        |  | Par   |   |    | Capital in excess |  |   | (overdistributed) |  |  | Total      |        
|                                     |  | shares       |        |  | value |   |    | of par value      |  |   | earnings          |  |  | net assets |        
|Balances at December 31, 2020        |  |              | 21,304 |  |       | $ | 21 |                   |  | $ | 294,897           |  |  | $          | (60,484
|Net investment income                |  |              | —      |  |       |   | —  |                   |  |   | —                 |  |  |            | 5,326  
|Net realized gain (loss)             |  |              | —      |  |       |   | —  |                   |  |   | —                 |  |  |            | (3,018 
|Net change in unrealized gain (loss) |  |              | —      |  |       |   | —  |                   |  |   | —                 |  |  |            | 4,747  
|Distributions to stockholders        |  |              | —      |  |       |   | —  |                   |  |   | —                 |  |  |            | (5,326 
|Balances at March 31, 2021           |  |              | 21,304 |  |       | $ | 21 |                   |  | $ | 294,897           |  |  | $          | (58,755
|                                     |  |              |        |  |       |   |    |                   |  |   |                   |  |  |            |        
|Balances at December 31, 2021        |  |              | 21,666 |  |       | $ | 22 |                   |  | $ | 298,687           |  |  | $          | (49,238
|Net investment income                |  |              | —      |  |       |   | —  |                   |  |   | —                 |  |  |            | 5,398  
|Net realized gain (loss)             |  |              | —      |  |       |   | —  |                   |  |   | —                 |  |  |            | (1,139 
|Net change in unrealized gain (loss) |  |              | —      |  |       |   | —  |                   |  |   | —                 |  |  |            | (3,412 
|Distributions to stockholders        |  |              | —      |  |       |   | —  |                   |  |   | —                 |  |  |            | (5,417 
|Balances at March 31, 2022           |  |              | 21,666 |  |       | $ | 22 |                   |  | $ | 298,687           |  |  | $          | (53,808





See Notes to Consolidated
Financial Statements.





5







MONROE CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)



|                                                                                                                                                     |  | Three months ended
 March 31, |        
|---------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------------- | -------
|                                                                                                                                                     |  | 2022                          |        
|Cash flows from operating activities:                                                                                                                |  |                               |        
|Net increase (decrease) in net assets resulting from operations                                                                                      |  | $                             | 847    
|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                                                                                                              |  |                               | 103    
|Net realized (gain) loss on extinguishment of debt                                                                                                   |  |                               | 1,039  
|Net realized (gain) loss on foreign currency forward contracts                                                                                       |  |                               | (12    
|Net realized (gain) loss on foreign currency and other transactions                                                                                  |  |                               | 9      
|Net change in unrealized (gain) loss on investments                                                                                                  |  |                               | 3,161  
|Net change in unrealized (gain) loss on foreign currency forward contracts                                                                           |  |                               | 416    
|Net change in unrealized (gain) loss on foreign currency and other transactions                                                                      |  |                               | (165   
|Payment-in-kind interest income                                                                                                                      |  |                               | (1,821 
|Net accretion of discounts and amortization of premiums                                                                                              |  |                               | (378   
|Purchases of investments                                                                                                                             |  |                               | (21,567
|Proceeds from principal payments, sales of investments and settlement of forward contracts                                                           |  |                               | 36,218 
|Amortization of deferred financing costs                                                                                                             |  |                               | 601    
|Changes in operating assets and liabilities:                                                                                                         |  |                               |        
|Interest receivable                                                                                                                                  |  |                               | (955   
|Other assets                                                                                                                                         |  |                               | (293   
|Interest payable                                                                                                                                     |  |                               | (2,101 
|Management fees payable                                                                                                                              |  |                               | (166   
|Incentive fees payable                                                                                                                               |  |                               | (435   
|Accounts payable and accrued expenses                                                                                                                |  |                               | (374   
|Directors' fees payable                                                                                                                              |  |                               | 35     
|Net cash provided by (used in) operating activities                                                                                                  |  |                               | 14,162 
|                                                                                                                                                     |  |                               |        
|Cash flows from financing activities:                                                                                                                |  |                               |        
|Borrowings on revolving credit facility                                                                                                              |  |                               | 71,700 
|Repayments of revolving credit facility                                                                                                              |  |                               | (34,299
|Repayment of 2023 Notes                                                                                                                              |  |                               | —      
|Proceeds from 2026 Notes                                                                                                                             |  |                               | —      
|Repayment of SBA debentures                                                                                                                          |  |                               | (56,900
|Payments of deferred financing costs                                                                                                                 |  |                               | —      
|Stockholder distributions paid, net of stock
    issued under the dividend reinvestment plan of $0 and $0, respectively                              |  |                               | (5,417 
|Net cash provided by (used in) financing activities                                                                                                  |  |                               | (24,916
|                                                                                                                                                     |  |                               |        
|Net increase (decrease) in Cash and Restricted cash                                                                                                  |  |                               | (10,754
|Effect of foreign currency exchange rates                                                                                                            |  |                               | 10     
|Cash and Restricted cash, beginning of period                                                                                                        |  |                               | 18,081 
|Cash and Restricted cash, end of period                                                                                                              |  | $                             | 7,337  
|                                                                                                                                                     |  |                               |        
|Supplemental disclosure of cash flow information:                                                                                                    |  |                               |        
|Cash interest paid during the period                                                                                                                 |  | $                             | 5,386  
|Cash paid for income taxes, including excise taxes during the period                                                                                 |  | $                             | 276    










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:



|                                                                                  |  | March 31, 2022 |       |  | December 31, 2021 |  
|--------------------------------------------------------------------------------- |  | -------------- | ----- |  | ----------------- | -
|Cash                                                                              |  | $              | 7,337 |  |                   | $
|Restricted cash                                                                   |  |                | —     |  |                   |  
|Total cash and restricted cash shown on the Consolidated Statements of Cash Flows |  | $              | 7,337 |  |                   | $



|                                                                                  |  | March 31, 2021 |        |  | December 31, 2020 |  
|--------------------------------------------------------------------------------- |  | -------------- | ------ |  | ----------------- | -
|Cash                                                                              |  | $              | 7,723  |  |                   | $
|Restricted cash                                                                   |  |                | 8,165  |  |                   |  
|Total cash and restricted cash shown on the Consolidated Statements of Cash Flows |  | $              | 15,888 |  |                   | $





See Notes to Consolidated Financial Statements.





6







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

March 31, 2022

(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                                                                              |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Born
    To Run, LLC                                                                    |  | L+6.00%                    |  |                   | 7.01                                                                                                          | %   |                          | 4/1/2021   |          |  | 4/1/2027   |     |                     | 3,474  |                    | $ | 3,414                    | 
|Born
    To Run, LLC (Delayed Draw) (f) (g)                                             |  | L+6.00%                    |  |                   | 7.01                                                                                                          | %   |                          | 4/1/2021   |          |  | 4/1/2027   |     |                     | 569    |                    |   | 33                       | 
|Hastings
    Manufacturing Company                                                      |  | L+7.25%                    |  |                   | 8.25                                                                                                          | %   |                          | 4/24/2018  |          |  | 4/24/2023  |     |                     | 2,468  |                    |   | 2,456                    | 
|Lifted
    Trucks Holdings, LLC                                                         |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 8/2/2021   |          |  | 8/2/2027   |     |                     | 6,983  |                    |   | 6,855                    | 
|Lifted
    Trucks Holdings, LLC (Delayed Draw) (f) (g)                                  |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 8/2/2021   |          |  | 8/2/2027   |     |                     | 1,400  |                    |   | —                        | 
|Lifted
    Trucks Holdings, LLC (Revolver) (f)                                          |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 8/2/2021   |          |  | 8/2/2027   |     |                     | 1,667  |                    |   | —                        | 
|Magneto
    & Diesel Acquisition, Inc.                                                  |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 12/18/2018 |          |  | 12/18/2023 |     |                     | 4,838  |                    |   | 4,805                    | 
|Magneto
    & Diesel Acquisition, Inc.                                                  |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 7/6/2020   |          |  | 12/18/2023 |     |                     | 1,904  |                    |   | 1,884                    | 
|Magneto
    & Diesel Acquisition, Inc.                                                  |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 8/4/2021   |          |  | 12/18/2023 |     |                     | 79     |                    |   | 78                       | 
|Magneto
    & Diesel Acquisition, Inc. (Revolver) (f)                                   |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 12/18/2018 |          |  | 12/18/2023 |     |                     | 500    |                    |   | —                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 23,882 |                    |   | 19,525                   | 
|Banking                                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|MV
    Receivables II, LLC (Delayed Draw) (f) (g) (h)                                   |  | L+9.75%                    |  |                   | 11.25                                                                                                         | %   |                          | 7/29/2021  |          |  | 7/29/2026  |     |                     | 8,000  |                    |   | 1,694                    | 
|StarCompliance
    MidCo, LLC                                                           |  | L+6.75%                    |  |                   | 7.75                                                                                                          | %   |                          | 1/12/2021  |          |  | 1/12/2027  |     |                     | 2,000  |                    |   | 1,967                    | 
|StarCompliance
    MidCo, LLC                                                           |  | L+6.75%                    |  |                   | 7.75                                                                                                          | %   |                          | 10/12/2021 |          |  | 1/12/2027  |     |                     | 336    |                    |   | 329                      | 
|StarCompliance
    MidCo, LLC (Revolver) (f)                                            |  | L+6.75%                    |  |                   | 7.75                                                                                                          | %   |                          | 1/12/2021  |          |  | 1/12/2027  |     |                     | 322    |                    |   | —                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 10,658 |                    |   | 3,990                    | 
|Beverage,
    Food & Tobacco                                                            |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|LVF
    Holdings, Inc.                                                                  |  | L+6.25%                    |  |                   | 7.26                                                                                                          | %   |                          | 6/10/2021  |          |  | 6/10/2027  |     |                     | 1,496  |                    |   | 1,470                    | 
|LVF
    Holdings, Inc.                                                                  |  | L+6.25%                    |  |                   | 7.26                                                                                                          | %   |                          | 6/10/2021  |          |  | 6/10/2027  |     |                     | 1,432  |                    |   | 1,432                    | 
|LVF
    Holdings, Inc. (Delayed Draw) (f) (g)                                           |  | L+6.25%                    |  |                   | 7.26                                                                                                          | %   |                          | 6/10/2021  |          |  | 6/10/2027  |     |                     | 344    |                    |   | —                        | 
|LVF
    Holdings, Inc. (Revolver) (f)                                                   |  | L+6.25%                    |  |                   | 7.26                                                                                                          | %   |                          | 6/10/2021  |          |  | 6/10/2027  |     |                     | 238    |                    |   | 147                      | 
|LX/JT
    Intermediate Holdings, Inc.                                                   |  | SF+6.00%                   |  |                   | 7.50                                                                                                          | %   |                          | 3/11/2020  |          |  | 3/11/2025  |     |                     | 5,518  |                    |   | 5,448                    | 
|LX/JT
    Intermediate Holdings, Inc. (Revolver) (f)                                    |  | SF+6.00%                   |  |                   | 7.50                                                                                                          | %   |                          | 3/11/2020  |          |  | 3/11/2025  |     |                     | 833    |                    |   | —                        | 
|Toojay's
    Management LLC (i)                                                         |  | n/a                        |  |                   | n/a                                                                                                           | (j) |                          | 10/26/2018 |          |  | 10/26/2022 |     |                     | 1,448  |                    |   | 1,407                    | 
|Toojay's
    Management LLC (i)                                                         |  | n/a                        |  |                   | n/a                                                                                                           | (j) |                          | 10/26/2018 |          |  | 10/26/2022 |     |                     | 199    |                    |   | 199                      | 
|Toojay's
    Management LLC (Revolver) (i)                                              |  | n/a                        |  |                   | n/a                                                                                                           | (j) |                          | 10/26/2018 |          |  | 10/26/2022 |     |                     | 66     |                    |   | 66                       | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 11,574 |                    |   | 10,169                   | 
|Capital
    Equipment                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|MCP
    Shaw Acquisitionco, LLC                                                         |  | SF+6.50%                   |  |                   | 7.50                                                                                                          | %   |                          | 2/28/2020  |          |  | 11/28/2025 |     |                     | 9,733  |                    |   | 9,605                    | 
|MCP
    Shaw Acquisitionco, LLC                                                         |  | SF+6.50%                   |  |                   | 7.50                                                                                                          | %   |                          | 12/29/2021 |          |  | 11/28/2025 |     |                     | 2,995  |                    |   | 2,938                    | 
|MCP
    Shaw Acquisitionco, LLC (Delayed Draw) (f) (g)                                  |  | SF+6.50%                   |  |                   | 7.50                                                                                                          | %   |                          | 12/29/2021 |          |  | 11/28/2025 |     |                     | 983    |                    |   | —                        | 
|MCP
    Shaw Acquisitionco, LLC (Revolver) (f)                                          |  | SF+6.50%                   |  |                   | 7.50                                                                                                          | %   |                          | 2/28/2020  |          |  | 11/28/2025 |     |                     | 1,784  |                    |   | 595                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 15,495 |                    |   | 13,138                   | 
|Chemicals,
    Plastics & Rubber                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Valudor
    Products LLC                                                                |  | L+7.50%                    |  |                   | 7.00%
                                            Cash/
                                            1.50% PIK |     |                          | 6/18/2018  |          |  | 6/19/2023  |     |                     | 1,589  |                    |   | 1,580                    | 
|Valudor
    Products LLC                                                                |  | L+7.50%                    |  |                   | 8.50                                                                                                          | %   |                          | 12/22/2021 |          |  | 6/19/2023  |     |                     | 548    |                    |   | 548                      | 
|Valudor
    Products LLC (k)                                                            |  | L+7.50%                    |  |                   | 8.50%
                                            PIK                                                         |     |                          | 6/18/2018  |          |  | 6/19/2023  |     |                     | 242    |                    |   | 240                      | 
|Valudor
    Products LLC (Revolver) (f)                                                 |  | L+9.50%                    |  |                   | 10.50                                                                                                         | %   |                          | 6/18/2018  |          |  | 6/19/2023  |     |                     | 1,095  |                    |   | 644                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 3,474  |                    |   | 3,012                    | 
|Construction
    & Building                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Brightly
    Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.)                |  | L+6.25%                    |  |                   | 7.26                                                                                                          | %   |                          | 6/14/2019  |          |  | 6/13/2025  |     |                     | 9,875  |                    |   | 9,742                    | 
|Brightly
    Software Holdings, Inc. (fka Dude Solutions Holdings, Inc.) (Revolver) (f) |  | L+6.25%                    |  |                   | 7.26                                                                                                          | %   |                          | 6/14/2019  |          |  | 6/13/2025  |     |                     | 1,304  |                    |   | 522                      | 
|TCFIII
    OWL Buyer LLC                                                                |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 4/19/2021  |          |  | 4/17/2026  |     |                     | 2,035  |                    |   | 2,005                    | 
|TCFIII
    OWL Buyer LLC                                                                |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 4/19/2021  |          |  | 4/17/2026  |     |                     | 2,484  |                    |   | 2,484                    | 
|TCFIII
    OWL Buyer LLC                                                                |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 12/17/2021 |          |  | 4/17/2026  |     |                     | 2,229  |                    |   | 2,193                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 17,927 |                    |   | 16,946                   | 
|Consumer
    Goods: Durable                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Independence
    Buyer, Inc.                                                            |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 8/3/2021   |          |  | 8/3/2026   |     |                     | 5,985  |                    |   | 5,879                    | 
|Independence
    Buyer, Inc. (Revolver) (f)                                             |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 8/3/2021   |          |  | 8/3/2026   |     |                     | 1,423  |                    |   | —                        | 
|Recycled
    Plastics Industries, LLC                                                   |  | L+6.75%                    |  |                   | 7.75                                                                                                          | %   |                          | 8/4/2021   |          |  | 8/4/2026   |     |                     | 3,483  |                    |   | 3,421                    | 
|Recycled
    Plastics Industries, LLC (Revolver) (f)                                    |  | L+6.75%                    |  |                   | 7.75                                                                                                          | %   |                          | 8/4/2021   |          |  | 8/4/2026   |     |                     | 473    |                    |   | 331                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 11,364 |                    |   | 9,631                    | 
|Consumer
    Goods: Non-Durable                                                         |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|The
    Kyjen Company, LLC                                                              |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 5/14/2021  |          |  | 4/3/2026   |     |                     | 990    |                    |   | 981                      | 
|The
    Kyjen Company, LLC (Revolver) (f)                                               |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 5/14/2021  |          |  | 4/3/2026   |     |                     | 105    |                    |   | 29                       | 
|Thrasio,
    LLC                                                                        |  | L+7.00%                    |  |                   | 8.01                                                                                                          | %   |                          | 12/18/2020 |          |  | 12/18/2026 |     |                     | 2,464  |                    |   | 2,455                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 3,559  |                    |   | 3,465                    | 
|Environmental
    Industries                                                            |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Quest
    Resource Management Group, LLC                                                |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 10/19/2020 |          |  | 10/20/2025 |     |                     | 988    |                    |   | 922                      | 
|Quest
    Resource Management Group, LLC                                                |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 10/19/2020 |          |  | 10/20/2025 |     |                     | 1,084  |                    |   | 1,084                    | 
|Quest
    Resource Management Group, LLC                                                |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 12/7/2021  |          |  | 10/20/2025 |     |                     | 3,856  |                    |   | 3,784                    | 
|Quest
    Resource Management Group, LLC (Delayed Draw) (f) (g)                         |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 12/7/2021  |          |  | 10/20/2025 |     |                     | 1,778  |                    |   | 389                      | 
|Synergy
    Environmental Corporation                                                   |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 4/29/2016  |          |  | 9/29/2023  |     |                     | 2,845  |                    |   | 2,840                    | 
|Synergy
    Environmental Corporation                                                   |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 4/29/2016  |          |  | 9/29/2023  |     |                     | 476    |                    |   | 476                      | 
|Synergy
    Environmental Corporation                                                   |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 4/29/2016  |          |  | 9/29/2023  |     |                     | 806    |                    |   | 806                      | 
|Synergy
    Environmental Corporation (Revolver) (f)                                    |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 4/29/2016  |          |  | 9/29/2023  |     |                     | 671    |                    |   | —                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 12,504 |                    |   | 10,301                   | 
|FIRE:
    Finance                                                                       |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|J2
    BWA Funding LLC (Delayed Draw) (f) (g) (h)                                       |  | n/a                        |  |                   | 9.00                                                                                                          | %   |                          | 12/24/2020 |          |  | 12/24/2026 |     |                     | 2,710  |                    |   | 940                      | 
|Liftforward
    SPV II, LLC (h)                                                         |  | L+10.75%                   |  |                   | 11.25                                                                                                         | %   |                          | 11/10/2016 |          |  | 9/30/2022  |     |                     | 557    |                    |   | 557                      | 
|Oceana
    Australian Fixed Income Trust (h) (l) (m)                                    |  | n/a                        |  |                   | 10.75                                                                                                         | %   |                          | 6/29/2021  |          |  | 6/29/2026  |     |                     | 3,387  |                    |   | 3,400                    | 
|Oceana
    Australian Fixed Income Trust (h) (l) (m)                                    |  | n/a                        |  |                   | 11.50                                                                                                         | %   |                          | 2/25/2021  |          |  | 2/25/2026  |     |                     | 8,040  |                    |   | 8,460                    | 
|W3
    Monroe RE Debt LLC (h)                                                           |  | n/a                        |  |                   | 10.00%
                                            PIK                                                        |     |                          | 2/5/2021   |          |  | 2/4/2028   |     |                     | 2,982  |                    |   | 2,982                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 17,676 |                    |   | 16,339                   | 
|FIRE:
    Real Estate                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Florida
    East Coast Industries, LLC (h)                                              |  | n/a                        |  |                   | 10.50                                                                                                         | %   |                          | 8/9/2021   |          |  | 6/28/2024  |     |                     | 2,301  |                    |   | 2,246                    | 
|NCBP
    Property, LLC (h)                                                              |  | L+9.50%                    |  |                   | 10.50                                                                                                         | %   |                          | 12/18/2020 |          |  | 12/16/2022 |     |                     | 1,950  |                    |   | 1,943                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 4,251  |                    |   | 4,189                    | 
|Healthcare
    & Pharmaceuticals                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Apotheco,
    LLC                                                                       |  | L+8.50%                    |  |                   | 6.50%
                                            Cash/
                                            3.00% PIK |     |                          | 4/8/2019   |          |  | 4/8/2024   |     |                     | 3,651  |                    |   | 3,620                    | 
|Apotheco,
    LLC (Revolver)                                                            |  | L+8.50%                    |  |                   | 6.50%
                                            Cash/
                                            3.00% PIK |     |                          | 4/8/2019   |          |  | 4/8/2024   |     |                     | 962    |                    |   | 962                      | 
|Brickell
    Bay Acquisition Corp.                                                      |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 2/12/2021  |          |  | 2/12/2026  |     |                     | 1,894  |                    |   | 1,862                    | 
|Brickell
    Bay Acquisition Corp. (Delayed Draw) (f) (g)                               |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 2/12/2021  |          |  | 2/12/2026  |     |                     | 382    |                    |   | —                        | 
|Caravel
    Autism Health, LLC                                                          |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 6/30/2021  |          |  | 6/30/2027  |     |                     | 4,988  |                    |   | 4,898                    | 
|Caravel
    Autism Health, LLC (Delayed Draw) (f) (g)                                   |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 6/30/2021  |          |  | 6/30/2027  |     |                     | 3,749  |                    |   | 187                      | 
|Caravel
    Autism Health, LLC (Revolver) (f)                                           |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 6/30/2021  |          |  | 6/30/2027  |     |                     | 1,250  |                    |   | 625                      | 
|Dorado
    Acquisition, Inc.                                                            |  | L+6.25%                    |  |                   | 7.25                                                                                                          | %   |                          | 6/30/2021  |          |  | 6/30/2026  |     |                     | 4,975  |                    |   | 4,888                    | 
|Dorado
    Acquisition, Inc. (Delayed Draw) (f) (g)                                     |  | L+6.25%                    |  |                   | 7.25                                                                                                          | %   |                          | 6/30/2021  |          |  | 6/30/2026  |     |                     | 216    |                    |   | —                        | 
|Dorado
    Acquisition, Inc. (Revolver) (f)                                             |  | L+6.25%                    |  |                   | 7.25                                                                                                          | %   |                          | 6/30/2021  |          |  | 6/30/2026  |     |                     | 596    |                    |   | —                        | 
|INH
    Buyer, Inc.                                                                     |  | L+6.00%                    |  |                   | 7.01                                                                                                          | %   |                          | 6/30/2021  |          |  | 6/28/2028  |     |                     | 2,932  |                    |   | 2,905                    | 
|NationsBenefits,
    LLC                                                                |  | L+7.00%                    |  |                   | 8.00                                                                                                          | %   |                          | 8/20/2021  |          |  | 8/20/2026  |     |                     | 3,990  |                    |   | 3,919                    | 
|NationsBenefits,
    LLC (Revolver) (f)                                                 |  | L+7.00%                    |  |                   | 8.00                                                                                                          | %   |                          | 8/20/2021  |          |  | 8/20/2026  |     |                     | 445    |                    |   | —                        | 
|Rockdale
    Blackhawk, LLC                                                             |  | n/a                        |  |                   | n/a                                                                                                           | (n) |                          | 3/31/2015  |          |  | n/a        | (o) |                     | —      |                    |   | —                        | 
|Seran
    BioScience, LLC                                                               |  | L+6.25%                    |  |                   | 7.25                                                                                                          | %   |                          | 12/31/2020 |          |  | 12/31/2025 |     |                     | 2,475  |                    |   | 2,437                    | 
|Seran
    BioScience, LLC (Revolver) (f)                                                |  | L+6.25%                    |  |                   | 7.25                                                                                                          | %   |                          | 12/31/2020 |          |  | 12/31/2025 |     |                     | 444    |                    |   | —                        | 
|TigerConnect,
    Inc.                                                                  |  | SF+6.75%                   |  |                   | 7.75                                                                                                          | %   |                          | 2/16/2022  |          |  | 2/16/2028  |     |                     | 3,000  |                    |   | 2,942                    | 
|TigerConnect,
    Inc. (Delayed Draw) (f) (g)                                           |  | SF+6.75%                   |  |                   | 7.75                                                                                                          | %   |                          | 2/16/2022  |          |  | 2/16/2028  |     |                     | 124    |                    |   | —                        | 
|TigerConnect,
    Inc. (Revolver) (f)                                                   |  | SF+6.75%                   |  |                   | 7.75                                                                                                          | %   |                          | 2/16/2022  |          |  | 2/16/2028  |     |                     | 429    |                    |   | —                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 36,502 |                    |   | 29,245                   | 





7







MONROE CAPITAL CORPORATION

CONSOLIDATED
SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2022

(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) | 
|---------------------------------------------------------------- |  | -------------------------- |  | ----------------- | ------------------------------------------------------------------------------------------------------------- | --- | ------------------------ | ---------- | -------- |  | ---------- |  | ------------------- | ------ | ------------------ | - | ------------------------ | 
|High
    Tech Industries                                         |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     |        |                    |   |                          | 
|Arcstor
    Midco, LLC                                           |  | L+7.00%                    |  |                   | 8.01                                                                                                          | %   |                          | 3/16/2021  |          |  | 3/16/2027  |  |                     | 4,455  |                    | $ | 4,379                    | 
|MarkLogic
    Corporation                                        |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 10/20/2020 |          |  | 10/20/2025 |  |                     | 3,456  |                    |   | 3,392                    | 
|MarkLogic
    Corporation                                        |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 11/23/2021 |          |  | 10/20/2025 |  |                     | 322    |                    |   | 316                      | 
|MarkLogic
    Corporation (Delayed Draw) (f) (g)                 |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 11/23/2021 |          |  | 10/20/2025 |  |                     | 215    |                    |   | —                        | 
|MarkLogic
    Corporation (Revolver) (f)                         |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 10/20/2020 |          |  | 10/20/2025 |  |                     | 269    |                    |   | —                        | 
|Mindbody,
    Inc.                                               |  | L+8.50%                    |  |                   | 8.38%
                                            Cash/
                                            1.50% PIK |     |                          | 2/15/2019  |          |  | 2/14/2025  |  |                     | 6,511  |                    |   | 6,445                    | 
|Mindbody,
    Inc.                                               |  | L+8.50%                    |  |                   | 8.38%
                                            Cash/
                                            1.50% PIK |     |                          | 9/22/2021  |          |  | 2/14/2025  |  |                     | 671    |                    |   | 671                      | 
|Mindbody,
    Inc. (Revolver) (f)                                |  | L+8.00%                    |  |                   | 9.38                                                                                                          | %   |                          | 2/15/2019  |          |  | 2/14/2025  |  |                     | 667    |                    |   | —                        | 
|Newforma,
    Inc.                                               |  | L+5.50%                    |  |                   | 6.51                                                                                                          | %   |                          | 6/30/2017  |          |  | 6/29/2022  |  |                     | 3,702  |                    |   | 3,699                    | 
|Newforma,
    Inc. (Revolver) (f)                                |  | L+5.50%                    |  |                   | 6.51                                                                                                          | %   |                          | 6/30/2017  |          |  | 6/29/2022  |  |                     | 1,250  |                    |   | —                        | 
|Planful,
    Inc.                                                |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 12/28/2018 |          |  | 12/30/2024 |  |                     | 9,500  |                    |   | 9,426                    | 
|Planful,
    Inc.                                                |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 1/11/2021  |          |  | 12/30/2024 |  |                     | 1,325  |                    |   | 1,325                    | 
|Planful,
    Inc. (Delayed Draw) (f) (g)                         |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 2/11/2022  |          |  | 12/30/2024 |  |                     | 884    |                    |   | 663                      | 
|Planful,
    Inc. (Revolver)                                     |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 12/28/2018 |          |  | 12/30/2024 |  |                     | 442    |                    |   | 442                      | 
|                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     | 33,669 |                    |   | 30,758                   | 
|Hotels,
    Gaming & Leisure                                     |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     |        |                    |   |                          | 
|Equine
    Network, LLC                                          |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 12/31/2020 |          |  | 12/31/2025 |  |                     | 1,733  |                    |   | 1,702                    | 
|Equine
    Network, LLC                                          |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 1/29/2021  |          |  | 12/31/2025 |  |                     | 786    |                    |   | 773                      | 
|Equine
    Network, LLC (Delayed Draw) (f) (g)                   |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 12/31/2020 |          |  | 12/31/2025 |  |                     | 427    |                    |   | —                        | 
|Equine
    Network, LLC (Revolver) (f)                           |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 12/31/2020 |          |  | 12/31/2025 |  |                     | 171    |                    |   | 85                       | 
|                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     | 3,117  |                    |   | 2,560                    | 
|Media:
    Advertising, Printing & Publishing                    |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     |        |                    |   |                          | 
|Destination
    Media, Inc.                                      |  | SF+5.50%                   |  |                   | 6.50                                                                                                          | %   |                          | 4/7/2017   |          |  | 10/7/2022  |  |                     | 1,400  |                    |   | 1,400                    | 
|Destination
    Media, Inc. (Revolver) (f)                       |  | SF+5.50%                   |  |                   | 6.50                                                                                                          | %   |                          | 4/7/2017   |          |  | 10/7/2022  |  |                     | 542    |                    |   | —                        | 
|North
    Haven USHC Acquisition, Inc.                           |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 10/30/2020 |          |  | 10/30/2025 |  |                     | 2,469  |                    |   | 2,431                    | 
|North
    Haven USHC Acquisition, Inc.                           |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 3/12/2021  |          |  | 10/30/2025 |  |                     | 715    |                    |   | 715                      | 
|North
    Haven USHC Acquisition, Inc. (Delayed Draw) (f) (g)    |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 9/3/2021   |          |  | 10/30/2025 |  |                     | 1,440  |                    |   | 481                      | 
|North
    Haven USHC Acquisition, Inc. (Revolver) (f)            |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 10/30/2020 |          |  | 10/30/2025 |  |                     | 240    |                    |   | —                        | 
|Relevate
    Health Group, LLC                                   |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 11/20/2020 |          |  | 11/20/2025 |  |                     | 1,485  |                    |   | 1,463                    | 
|Relevate
    Health Group, LLC (Delayed Draw) (f) (g)            |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 11/20/2020 |          |  | 11/20/2025 |  |                     | 783    |                    |   | 664                      | 
|Relevate
    Health Group, LLC (Revolver) (f)                    |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 11/20/2020 |          |  | 11/20/2025 |  |                     | 316    |                    |   | —                        | 
|Spherix
    Global Inc.                                          |  | SF+6.00%                   |  |                   | 7.00                                                                                                          | %   |                          | 12/22/2021 |          |  | 12/22/2026 |  |                     | 1,100  |                    |   | 1,082                    | 
|Spherix
    Global Inc. (Revolver) (f)                           |  | SF+6.00%                   |  |                   | 7.00                                                                                                          | %   |                          | 12/22/2021 |          |  | 12/22/2026 |  |                     | 122    |                    |   | —                        | 
|XanEdu
    Publishing, Inc.                                      |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 1/28/2020  |          |  | 1/28/2025  |  |                     | 4,619  |                    |   | 4,550                    | 
|XanEdu
    Publishing, Inc. (Revolver) (f)                       |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 1/28/2020  |          |  | 1/28/2025  |  |                     | 742    |                    |   | —                        | 
|                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     | 15,973 |                    |   | 12,786                   | 
|Media:
    Broadcasting & Subscription                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     |        |                    |   |                          | 
|Vice
    Group Holding Inc.                                      |  | L+12.00%                   |  |                   | 5.50%
                                            Cash/
                                            8.00% PIK |     |                          | 5/2/2019   |          |  | 11/2/2022  |  |                     | 1,558  |                    |   | 1,555                    | 
|Vice
    Group Holding Inc.                                      |  | L+12.00%                   |  |                   | 5.50%
                                            Cash/
                                            8.00% PIK |     |                          | 11/4/2019  |          |  | 11/2/2022  |  |                     | 299    |                    |   | 298                      | 
|Vice
    Group Holding Inc.                                      |  | L+12.00%                   |  |                   | 5.50%
                                            Cash/
                                            8.00% PIK |     |                          | 5/2/2019   |          |  | 11/2/2022  |  |                     | 488    |                    |   | 488                      | 
|Vice
    Group Holding Inc.                                      |  | L+12.00%                   |  |                   | 5.50%
                                            Cash/
                                            8.00% PIK |     |                          | 5/2/2019   |          |  | 11/2/2022  |  |                     | 184    |                    |   | 184                      | 
|                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     | 2,529  |                    |   | 2,525                    | 
|Media:
    Diversified & Production                              |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     |        |                    |   |                          | 
|Attom
    Intermediate Holdco, LLC                               |  | L+6.15%                    |  |                   | 7.15                                                                                                          | %   |                          | 1/4/2019   |          |  | 1/4/2024   |  |                     | 1,935  |                    |   | 1,920                    | 
|Attom
    Intermediate Holdco, LLC                               |  | L+6.15%                    |  |                   | 7.15                                                                                                          | %   |                          | 6/25/2020  |          |  | 1/4/2024   |  |                     | 472    |                    |   | 467                      | 
|Attom
    Intermediate Holdco, LLC                               |  | L+6.15%                    |  |                   | 7.15                                                                                                          | %   |                          | 7/1/2021   |          |  | 1/4/2024   |  |                     | 278    |                    |   | 273                      | 
|Attom
    Intermediate Holdco, LLC (Revolver) (f)                |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 1/4/2019   |          |  | 1/4/2024   |  |                     | 320    |                    |   | 224                      | 
|Chess.com,
    LLC                                               |  | L+6.50%                    |  |                   | 7.51                                                                                                          | %   |                          | 12/31/2021 |          |  | 12/31/2027 |  |                     | 6,000  |                    |   | 5,886                    | 
|Chess.com,
    LLC (Revolver) (f)                                |  | L+6.50%                    |  |                   | 7.51                                                                                                          | %   |                          | 12/31/2021 |          |  | 12/31/2027 |  |                     | 652    |                    |   | —                        | 
|Crownpeak
    Technology, Inc.                                   |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 2/28/2019  |          |  | 2/28/2024  |  |                     | 4,000  |                    |   | 3,967                    | 
|Crownpeak
    Technology, Inc.                                   |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 2/28/2019  |          |  | 2/28/2024  |  |                     | 60     |                    |   | 60                       | 
|Crownpeak
    Technology, Inc. (Revolver) (f)                    |  | L+5.75%                    |  |                   | 6.75                                                                                                          | %   |                          | 2/28/2019  |          |  | 2/28/2024  |  |                     | 167    |                    |   | —                        | 
|CyberGrants
    Holdings, LLC                                    |  | L+6.50%                    |  |                   | 7.25                                                                                                          | %   |                          | 9/8/2021   |          |  | 9/8/2027   |  |                     | 12,728 |                    |   | 12,555                   | 
|CyberGrants
    Holdings, LLC (Delayed Draw) (f) (g)             |  | L+6.50%                    |  |                   | 7.25                                                                                                          | %   |                          | 9/8/2021   |          |  | 9/8/2027   |  |                     | 2,374  |                    |   | —                        | 
|CyberGrants
    Holdings, LLC (Revolver) (f)                     |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 9/8/2021   |          |  | 9/8/2027   |  |                     | 1,069  |                    |   | 748                      | 
|Spectrum
    Science Communications, LLC                         |  | SF+6.50%                   |  |                   | 7.50                                                                                                          | %   |                          | 1/25/2022  |          |  | 1/25/2027  |  |                     | 1,000  |                    |   | 981                      | 
|Spectrum
    Science Communications, LLC (Revolver) (f)          |  | SF+6.50%                   |  |                   | 7.50                                                                                                          | %   |                          | 1/25/2022  |          |  | 1/25/2027  |  |                     | 200    |                    |   | —                        | 
|                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     | 31,255 |                    |   | 27,081                   | 
|Retail                                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     |        |                    |   |                          | 
|BLST
    Operating Company, LLC                                  |  | L+8.50%                    |  |                   | 1.00%
                                            Cash/
                                            9.00% PIK | (j) |                          | 8/28/2020  |          |  | 8/28/2025  |  |                     | 1,147  |                    |   | 996                      | 
|Forman
    Mills, Inc.                                           |  | L+9.50%                    |  |                   | 8.50%
                                            Cash/
                                            2.00% PIK |     |                          | 1/14/2020  |          |  | 12/30/2022 |  |                     | 1,336  |                    |   | 1,336                    | 
|Forman
    Mills, Inc.                                           |  | L+9.50%                    |  |                   | 8.50%
                                            Cash/
                                            2.00% PIK |     |                          | 10/4/2016  |          |  | 12/30/2022 |  |                     | 123    |                    |   | 122                      | 
|Forman
    Mills, Inc.                                           |  | L+9.50%                    |  |                   | 8.50%
                                            Cash/
                                            2.00% PIK |     |                          | 10/4/2016  |          |  | 12/30/2022 |  |                     | 7,623  |                    |   | 7,606                    | 
|                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     | 10,229 |                    |   | 10,060                   | 
|Services:
    Business                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     |        |                    |   |                          | 
|Aras
    Corporation                                             |  | L+7.00%                    |  |                   | 4.25%
                                            Cash/
                                            3.75% PIK |     |                          | 4/13/2021  |          |  | 4/13/2027  |  |                     | 2,095  |                    |   | 2,062                    | 
|Aras
    Corporation (Revolver) (f)                              |  | L+7.00%                    |  |                   | 4.25%
                                            Cash/
                                            3.75% PIK |     |                          | 4/13/2021  |          |  | 4/13/2027  |  |                     | 150    |                    |   | —                        | 
|Burroughs,
    Inc.                                              |  | L+7.50%                    |  |                   | 8.50                                                                                                          | %   |                          | 12/22/2017 |          |  | 12/22/2022 |  |                     | 5,426  |                    |   | 5,408                    | 
|Burroughs,
    Inc. (Revolver) (f)                               |  | L+7.50%                    |  |                   | 8.50                                                                                                          | %   |                          | 12/22/2017 |          |  | 12/22/2022 |  |                     | 1,220  |                    |   | —                        | 
|Certify,
    Inc.                                                |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 2/28/2019  |          |  | 2/28/2024  |  |                     | 4,394  |                    |   | 4,367                    | 
|Certify,
    Inc.                                                |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 1/21/2022  |          |  | 2/28/2024  |  |                     | 499    |                    |   | 490                      | 
|Certify,
    Inc.                                                |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 2/28/2019  |          |  | 2/28/2024  |  |                     | 599    |                    |   | 599                      | 
|Certify,
    Inc. (Delayed Draw) (f) (g)                         |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 1/21/2022  |          |  | 2/28/2024  |  |                     | 499    |                    |   | —                        | 
|Certify,
    Inc. (Revolver) (f)                                 |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 2/28/2019  |          |  | 2/28/2024  |  |                     | 200    |                    |   | 50                       | 
|HS4
    Acquisitionco, Inc.                                      |  | L+6.75%                    |  |                   | 7.76                                                                                                          | %   |                          | 7/9/2019   |          |  | 7/9/2025   |  |                     | 9,975  |                    |   | 9,854                    | 
|HS4
    Acquisitionco, Inc. (Revolver) (f)                       |  | L+6.75%                    |  |                   | 7.76                                                                                                          | %   |                          | 7/9/2019   |          |  | 7/9/2025   |  |                     | 817    |                    |   | 123                      | 
|IT
    Global Holding LLC (h)                                    |  | L+9.00%                    |  |                   | 10.00                                                                                                         | %   |                          | 11/15/2018 |          |  | 11/10/2023 |  |                     | 3,339  |                    |   | 3,314                    | 
|IT
    Global Holding LLC (h)                                    |  | L+9.00%                    |  |                   | 10.00                                                                                                         | %   |                          | 7/19/2019  |          |  | 11/10/2023 |  |                     | 1,246  |                    |   | 1,233                    | 
|IT
    Global Holding LLC (Revolver) (h)                         |  | L+9.00%                    |  |                   | 10.00                                                                                                         | %   |                          | 11/15/2018 |          |  | 11/10/2023 |  |                     | 875    |                    |   | 875                      | 
|RedZone
    Robotics, Inc.                                       |  | L+6.75%                    |  |                   | 7.75                                                                                                          | %   |                          | 6/1/2018   |          |  | 6/5/2023   |  |                     | 210    |                    |   | 209                      | 
|RedZone
    Robotics, Inc. (Revolver) (f)                        |  | L+6.75%                    |  |                   | 7.75                                                                                                          | %   |                          | 6/1/2018   |          |  | 6/5/2023   |  |                     | 158    |                    |   | —                        | 
|Relativity
    ODA LLC                                           |  | L+6.50%                    |  |                   | 7.50%
                                            PIK                                                         |     |                          | 5/12/2021  |          |  | 5/12/2027  |  |                     | 1,925  |                    |   | 1,884                    | 
|Relativity
    ODA LLC (Revolver) (f)                            |  | L+6.50%                    |  |                   | 7.50%
                                            PIK                                                         |     |                          | 5/12/2021  |          |  | 5/12/2027  |  |                     | 180    |                    |   | —                        | 
|Security
    Services Acquisition Sub Corp.                      |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 9/30/2021  |          |  | 9/30/2026  |  |                     | 7,960  |                    |   | 7,866                    | 
|Security
    Services Acquisition Sub Corp.                      |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 2/15/2019  |          |  | 9/30/2026  |  |                     | 3,404  |                    |   | 3,377                    | 
|Security
    Services Acquisition Sub Corp.                      |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 2/15/2019  |          |  | 9/30/2026  |  |                     | 2,449  |                    |   | 2,449                    | 
|Security
    Services Acquisition Sub Corp.                      |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 2/15/2019  |          |  | 9/30/2026  |  |                     | 2,151  |                    |   | 2,151                    | 
|Security
    Services Acquisition Sub Corp.                      |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 2/15/2019  |          |  | 9/30/2026  |  |                     | 1,547  |                    |   | 1,547                    | 
|ServiceMax,
    Inc. (h)                                         |  | L+7.00%                    |  |                   | 8.00%
                                            PIK                                                         |     |                          | 11/1/2021  |          |  | 11/1/2027  |  |                     | 3,572  |                    |   | 3,506                    | 
|ServiceMax,
    Inc. (Revolver) (f) (h)                          |  | L+7.00%                    |  |                   | 8.00%
                                            PIK                                                         |     |                          | 11/1/2021  |          |  | 11/1/2027  |  |                     | 350    |                    |   | —                        | 
|VPS
    Holdings, LLC                                            |  | L+9.00%                    |  |                   | 8.00%
                                            Cash/
                                            2.00% PIK |     |                          | 10/5/2018  |          |  | 10/4/2024  |  |                     | 3,402  |                    |   | 3,370                    | 
|VPS
    Holdings, LLC                                            |  | L+9.00%                    |  |                   | 8.00%
                                            Cash/
                                            2.00% PIK |     |                          | 10/5/2018  |          |  | 10/4/2024  |  |                     | 2,781  |                    |   | 2,781                    | 
|VPS
    Holdings, LLC (Revolver) (f)                             |  | L+9.00%                    |  |                   | 8.00%
                                            Cash/
                                            2.00% PIK |     |                          | 10/5/2018  |          |  | 10/4/2024  |  |                     | 1,001  |                    |   | 101                      | 
|                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     | 62,424 |                    |   | 57,616                   | 
|Services:
    Consumer                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     |        |                    |   |                          | 
|Express
    Wash Acquisition Company, LLC                        |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 12/28/2020 |          |  | 12/26/2025 |  |                     | 3,195  |                    |   | 3,151                    | 
|Express
    Wash Acquisition Company, LLC                        |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 9/3/2021   |          |  | 12/26/2025 |  |                     | 7,257  |                    |   | 7,148                    | 
|Express
    Wash Acquisition Company, LLC                        |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 9/3/2021   |          |  | 12/26/2025 |  |                     | 3,491  |                    |   | 3,491                    | 
|Express
    Wash Acquisition Company, LLC (Delayed Draw) (f) (g) |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 9/3/2021   |          |  | 12/26/2025 |  |                     | 2,500  |                    |   | 1,650                    | 
|Express
    Wash Acquisition Company, LLC (Revolver) (f)         |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 12/28/2020 |          |  | 12/26/2025 |  |                     | 750    |                    |   | 400                      | 
|IDIG
    Parent, LLC                                             |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 12/15/2020 |          |  | 12/15/2026 |  |                     | 5,503  |                    |   | 5,415                    | 
|IDIG
    Parent, LLC                                             |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 12/15/2020 |          |  | 12/15/2026 |  |                     | 915    |                    |   | 915                      | 
|IDIG
    Parent, LLC (Revolver) (f)                              |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 12/15/2020 |          |  | 12/15/2026 |  |                     | 429    |                    |   | —                        | 
|Kar
    Wash Holdings, LLC                                       |  | SF+6.00%                   |  |                   | 7.00                                                                                                          | %   |                          | 2/28/2022  |          |  | 2/26/2027  |  |                     | 1,600  |                    |   | 1,568                    | 
|Kar
    Wash Holdings, LLC (Delayed Draw) (f) (g)                |  | SF+6.00%                   |  |                   | 7.00                                                                                                          | %   |                          | 2/28/2022  |          |  | 2/26/2027  |  |                     | 1,143  |                    |   | —                        | 
|Kar
    Wash Holdings, LLC (Revolver) (f)                        |  | SF+6.00%                   |  |                   | 7.00                                                                                                          | %   |                          | 2/28/2022  |          |  | 2/26/2027  |  |                     | 381    |                    |   | —                        | 
|Mammoth
    Holdings, LLC                                        |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 10/16/2018 |          |  | 10/16/2023 |  |                     | 1,935  |                    |   | 1,921                    | 
|Mammoth
    Holdings, LLC                                        |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 10/16/2018 |          |  | 10/16/2023 |  |                     | 4,062  |                    |   | 4,062                    | 
|Mammoth
    Holdings, LLC                                        |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 3/12/2021  |          |  | 10/16/2023 |  |                     | 6,340  |                    |   | 6,340                    | 
|Mammoth
    Holdings, LLC (Delayed Draw) (f) (g)                 |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 6/15/2021  |          |  | 10/16/2023 |  |                     | 1,644  |                    |   | 985                      | 
|Mammoth
    Holdings, LLC (Revolver) (f)                         |  | L+6.00%                    |  |                   | 7.00                                                                                                          | %   |                          | 10/16/2018 |          |  | 10/16/2023 |  |                     | 657    |                    |   | —                        | 
|                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |  |                     | 41,802 |                    |   | 37,046                   | 





8







MONROE CAPITAL CORPORATION

CONSOLIDATED
SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2022

(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) | 
|--------------------------------------------------------------------------------------- |  | -------------------------- |  | ----------------- | ------------------------------------------------------------------------------------------------------------- | --- | ------------------------ | ---------- | -------- |  | ---------- | --- | ------------------- | ------- | ------------------ | - | ------------------------ | 
|Telecommunications                                                                      |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Calabrio,
    Inc.                                                                      |  | L+7.00%                    |  |                   | 8.01                                                                                                          | %   |                          | 4/16/2021  |          |  | 4/16/2027  |     |                     | 3,400   |                    | $ | 3,326                    | 
|Calabrio,
    Inc. (Revolver) (f)                                                       |  | L+7.00%                    |  |                   | 8.01                                                                                                          | %   |                          | 4/16/2021  |          |  | 4/16/2027  |     |                     | 409     |                    |   | —                        | 
|VHT
    Solutions                                                                       |  | L+7.00%                    |  |                   | 8.00%
                                            PIK                                                         |     |                          | 12/21/2021 |          |  | 12/21/2026 |     |                     | 1,500   |                    |   | 1,472                    | 
|VHT
    Solutions (Delayed Draw) (f) (g)                                                |  | L+7.00%                    |  |                   | 8.00%
                                            PIK                                                         |     |                          | 12/21/2021 |          |  | 12/21/2026 |     |                     | 120     |                    |   | —                        | 
|VHT
    Solutions (Revolver) (f)                                                        |  | L+7.00%                    |  |                   | 8.00%
                                            PIK                                                         |     |                          | 12/21/2021 |          |  | 12/21/2026 |     |                     | 43      |                    |   | —                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 5,472   |                    |   | 4,798                    | 
|Wholesale                                                                               |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Nearly
    Natural, Inc.                                                                |  | L+11.50%                   |  |                   | 8.51%
                                            Cash/
                                            4.00% PIK |     |                          | 12/15/2017 |          |  | 12/15/2022 |     |                     | 6,667   |                    |   | 6,647                    | 
|Nearly
    Natural, Inc.                                                                |  | L+11.50%                   |  |                   | 8.51%
                                            Cash/
                                            4.00% PIK |     |                          | 2/16/2021  |          |  | 12/15/2022 |     |                     | 3,130   |                    |   | 3,107                    | 
|Nearly
    Natural, Inc.                                                                |  | L+11.50%                   |  |                   | 8.51%
                                            Cash/
                                            4.00% PIK |     |                          | 9/22/2020  |          |  | 12/15/2022 |     |                     | 1,723   |                    |   | 1,713                    | 
|Nearly
    Natural, Inc.                                                                |  | L+11.50%                   |  |                   | 8.51%
                                            Cash/
                                            4.00% PIK |     |                          | 8/28/2019  |          |  | 12/15/2022 |     |                     | 1,878   |                    |   | 1,878                    | 
|Nearly
    Natural, Inc. (Revolver)                                                     |  | L+11.50%                   |  |                   | 8.51%
                                            Cash/
                                            4.00% PIK |     |                          | 12/15/2017 |          |  | 12/15/2022 |     |                     | 2,455   |                    |   | 2,455                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 15,853  |                    |   | 15,800                   | 
|Total
    Non-Controlled/Non-Affiliate Senior Secured Loans                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 391,189 |                    |   | 340,980                  | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Unitranche
    Secured Loans (p)                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Aerospace
    & Defense                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Cassavant
    Holdings, LLC                                                             |  | L+6.50%                    |  |                   | 7.50                                                                                                          | %   |                          | 9/8/2021   |          |  | 9/8/2026   |     |                     | 7,960   |                    |   | 7,817                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 7,960   |                    |   | 7,817                    | 
|Consumer
    Goods: Non-Durable                                                         |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Vinci
    Brands LLC                                                                    |  | n/a                        |  |                   | 2.00%
                                            PIK                                                         | (j) |                          | 7/6/2018   |          |  | 2/6/2024   |     |                     | 7,026   |                    |   | 7,026                    | 
|Vinci
    Brands LLC                                                                    |  | n/a                        |  |                   | 2.00%
                                            PIK                                                         | (j) |                          | 3/9/2018   |          |  | 2/6/2024   |     |                     | 3,065   |                    |   | 3,065                    | 
|Vinci
    Brands LLC                                                                    |  | n/a                        |  |                   | 2.00%
                                            PIK                                                         | (j) |                          | 12/26/2014 |          |  | 2/6/2024   |     |                     | 13,552  |                    |   | 13,528                   | 
|Vinci
    Brands LLC                                                                    |  | n/a                        |  |                   | 2.00%
                                            PIK                                                         | (j) |                          | 12/26/2014 |          |  | 2/6/2024   |     |                     | 1,149   |                    |   | 1,149                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 24,792  |                    |   | 24,768                   | 
|Healthcare
    & Pharmaceuticals                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Priority
    Ambulance, LLC                                                             |  | L+6.50%                    |  |                   | 7.51                                                                                                          | %   |                          | 7/18/2018  |          |  | 5/27/2022  |     |                     | 10,015  |                    |   | 10,015                   | 
|Priority
    Ambulance, LLC                                                             |  | L+6.50%                    |  |                   | 7.51                                                                                                          | %   |                          | 4/12/2017  |          |  | 5/27/2022  |     |                     | 1,253   |                    |   | 1,253                    | 
|Priority
    Ambulance, LLC                                                             |  | L+6.50%                    |  |                   | 7.51                                                                                                          | %   |                          | 12/13/2018 |          |  | 5/27/2022  |     |                     | 655     |                    |   | 655                      | 
|Priority
    Ambulance, LLC                                                             |  | L+6.50%                    |  |                   | 7.51                                                                                                          | %   |                          | 10/22/2020 |          |  | 5/27/2022  |     |                     | 990     |                    |   | 990                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 12,913  |                    |   | 12,913                   | 
|High
    Tech Industries                                                                |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|WillowTree,
    LLC                                                                     |  | L+5.00%                    |  |                   | 6.00                                                                                                          | %   |                          | 10/9/2018  |          |  | 10/9/2023  |     |                     | 7,589   |                    |   | 7,544                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 7,589   |                    |   | 7,544                    | 
|Services:
    Business                                                                  |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Onit,
    Inc.                                                                          |  | SF+7.25%                   |  |                   | 8.25                                                                                                          | %   |                          | 12/20/2021 |          |  | 5/2/2025   |     |                     | 1,680   |                    |   | 1,651                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 1,680   |                    |   | 1,651                    | 
|Telecommunications                                                                      |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|VB
    E1, LLC                                                                          |  | L+7.65%                    |  |                   | 8.66                                                                                                          | %   |                          | 11/18/2020 |          |  | 11/18/2026 |     |                     | 2,250   |                    |   | 2,250                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 2,250   |                    |   | 2,250                    | 
|Total
    Non-Controlled/Non-Affiliate Unitranche Secured Loans                         |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 57,184  |                    |   | 56,943                   | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Junior
    Secured Loans                                                                |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Banking                                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|MoneyLion,
    Inc. (h)                                                                 |  | SF+8.50%                   |  |                   | 9.50                                                                                                          | %   |                          | 3/25/2022  |          |  | 3/24/2026  |     |                     | 5,250   |                    |   | 5,198                    | 
|MoneyLion,
    Inc. (h)                                                                 |  | n/a                        |  |                   | 12.00                                                                                                         | %   |                          | 8/27/2021  |          |  | 5/1/2023   |     |                     | 1,500   |                    |   | 1,490                    | 
|MoneyLion,
    Inc. (Delayed Draw) (f) (g) (h)                                          |  | SF+8.50%                   |  |                   | 9.50                                                                                                          | %   |                          | 3/25/2022  |          |  | 3/24/2026  |     |                     | 1,500   |                    |   | —                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 8,250   |                    |   | 6,688                    | 
|FIRE:
    Real Estate                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Florida
    East Coast Industries, LLC (h)                                              |  | n/a                        |  |                   | 16.00%
                                            PIK                                                        |     |                          | 8/9/2021   |          |  | 6/28/2024  |     |                     | 1,580   |                    |   | 1,546                    | 
|Witkoff/Monroe
    700 JV LLC (Delayed Draw) (f) (g) (h)                                |  | n/a                        |  |                   | 8.00%
                                            Cash/
                                            4.00% PIK |     |                          | 7/2/2021   |          |  | 7/2/2026   |     |                     | 5,623   |                    |   | 4,790                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 7,203   |                    |   | 6,336                    | 
|Services:
    Consumer                                                                  |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Education
    Corporation of America                                                    |  | L+11.00%                   |  |                   | 6.02%
                                            Cash/
                                            5.50% PIK | (j) |                          | 9/3/2015   |          |  | n/a        | (o) |                     | 833     |                    |   | 831                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 833     |                    |   | 831                      | 
|Total
    Non-Controlled/Non-Affiliate Junior Secured Loans                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 16,286  |                    |   | 13,855                   | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Equity
    Securities (q) (r)                                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Automotive                                                                              |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Born
    To Run, LLC (269,438 Class A units)                                            |  | —                          |  |                   | —                                                                                                             | (s) |                          | 4/1/2021   |          |  | —          |     |                     | —       |                    |   | 269                      | 
|Lifted
    Trucks Holdings, LLC (111,111 Class A units) (t)                             |  | —                          |  |                   | —                                                                                                             | (s) |                          | 8/2/2021   |          |  | —          |     |                     | —       |                    |   | 111                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 380                      | 
|Banking                                                                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|MV
    Receivables II, LLC (1,458 common units) (h) (t)                                 |  | —                          |  |                   | —                                                                                                             | (s) |                          | 7/29/2021  |          |  | —          |     |                     | —       |                    |   | 600                      | 
|MV
Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (h) (t)           |  | —                          |  |                   | —                                                                                                             | (s) |                          | 7/28/2021  |          |  | 7/28/2031  |     |                     | —       |                    |   | 363                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 963                      | 
|Beverage,
    Food & Tobacco                                                            |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|California
    Pizza Kitchen, Inc. (78,699 common units)                                |  | —                          |  |                   | —                                                                                                             | (s) |                          | 8/19/2016  |          |  | —          |     |                     | —       |                    |   | 5,468                    | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 5,468                    | 
|Capital
    Equipment                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|MCP
    Shaw Acquisitionco, LLC (118,906 Class A-2 units) (t)                           |  | —                          |  |                   | —                                                                                                             | (s) |                          | 2/28/2020  |          |  | —          |     |                     | —       |                    |   | 119                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 119                      | 
|Chemicals,
    Plastics & Rubber                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Valudor
    Products LLC (501,014 Class A-1 units) (t)                                  |  | n/a                        |  |                   | 10.00%
                                            PIK                                                        |     |                          | 6/18/2018  |          |  | —          |     |                     | —       |                    |   | 501                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 501                      | 
|Consumer
    Goods: Durable                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Independence
    Buyer, Inc. (81 Class A units)                                         |  | —                          |  |                   | —                                                                                                             | (s) |                          | 8/3/2021   |          |  | —          |     |                     | —       |                    |   | 81                       | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 81                       | 
|Environmental
    Industries                                                            |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Quest
    Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  | —                          |  |                   | —                                                                                                             | (s) |                          | 10/19/2020 |          |  | 3/19/2028  |     |                     | —       |                    |   | 67                       | 
|Quest
    Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  | —                          |  |                   | —                                                                                                             | (s) |                          | 10/19/2021 |          |  | 3/19/2028  |     |                     | —       |                    |   | —                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 67                       | 
|FIRE:
    Finance                                                                       |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|J2
    BWA Funding LLC (0.7% profit sharing) (h) (t)                                    |  | —                          |  |                   | —                                                                                                             | (s) |                          | 12/24/2020 |          |  | —          |     |                     | —       |                    |   | —                        | 
|PKS
    Holdings, LLC (5,680 preferred units) (h)                                       |  | n/a                        |  |                   | 12.00%
                                            PIK                                                        |     |                          | 11/30/2017 |          |  | —          |     |                     | —       |                    |   | 58                       | 
|PKS
    Holdings, LLC (5,714 preferred units) (h)                                       |  | n/a                        |  |                   | 12.00%
                                            PIK                                                        |     |                          | 11/30/2017 |          |  | —          |     |                     | —       |                    |   | 9                        | 
|PKS
    Holdings, LLC (132 preferred units) (h)                                         |  | n/a                        |  |                   | 12.00%
                                            PIK                                                        |     |                          | 11/30/2017 |          |  | —          |     |                     | —       |                    |   | 1                        | 
|PKS
    Holdings, LLC (916 preferred units) (h)                                         |  | n/a                        |  |                   | 12.00%
                                            PIK                                                        |     |                          | 11/30/2017 |          |  | —          |     |                     | —       |                    |   | 9                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 77                       | 
|FIRE:
    Real Estate                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Witkoff/Monroe
    700 JV LLC (2,141 preferred units) (h) (t)                           |  | n/a                        |  |                   | 8.00%
                                            Cash/ 4.00% PIK                                             |     |                          | 7/2/2021   |          |  | —          |     |                     | —       |                    |   | 2                        | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 2                        | 
|Healthcare
    & Pharmaceuticals                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Dorado
    Acquisition, Inc. (178,891 Class A-1 units)                                  |  | —                          |  |                   | —                                                                                                             | (s) |                          | 6/30/2021  |          |  | —          |     |                     | —       |                    |   | 179                      | 
|Dorado
    Acquisition, Inc. (178,891 Class A-2 units)                                  |  | —                          |  |                   | —                                                                                                             | (s) |                          | 6/30/2021  |          |  | —          |     |                     | —       |                    |   | —                        | 
|NationsBenefits,
    LLC (116,460 Series B units) (t)                                   |  | n/a                        |  |                   | 5.00%
                                            PIK                                                         |     |                          | 8/20/2021  |          |  | —          |     |                     | —       |                    |   | 781                      | 
|NationsBenefits,
    LLC (106,667 shares of common units) (t)                           |  | —                          |  |                   | —                                                                                                             | (s) |                          | 8/20/2021  |          |  | —          |     |                     | —       |                    |   | 153                      | 
|Seran
    BioScience, LLC (33,333 common units) (t)                                     |  | —                          |  |                   | —                                                                                                             | (s) |                          | 12/31/2020 |          |  | —          |     |                     | —       |                    |   | 334                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 1,447                    | 
|High
    Tech Industries                                                                |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|MarkLogic
    Corporation (290,239 Class A units)                                       |  | —                          |  |                   | —                                                                                                             | (s) |                          | 10/20/2020 |          |  | —          |     |                     | —       |                    |   | 290                      | 
|Planful,
    Inc. (473,082 Class A units)                                               |  | n/a                        |  |                   | 8.00%
                                            PIK                                                         |     |                          | 12/28/2018 |          |  | —          |     |                     | —       |                    |   | 473                      | 
|Recorded
    Future, Inc. (80,486 Class A units) (u)                                    |  | —                          |  |                   | —                                                                                                             | (s) |                          | 7/3/2019   |          |  | —          |     |                     | —       |                    |   | 81                       | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 844                      | 
|Hotels,
    Gaming & Leisure                                                            |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|Equine
    Network, LLC (108 Class A units) (t)                                         |  | —                          |  |                   | —                                                                                                             | (s) |                          | 12/31/2020 |          |  | —          |     |                     | —       |                    |   | 111                      | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 111                      | 
|Media:
    Advertising, Printing & Publishing                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   |                          | 
|AdTheorent
    Holding Company, Inc. (177,362 shares of common stock) (h) (v)           |  | —                          |  |                   | —                                                                                                             | (s) |                          | 12/22/2016 |          |  | —          |     |                     | —       |                    |   | 114                      | 
|InMobi
Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (h) (m)                 |  | —                          |  |                   | —                                                                                                             | (s) |                          | 9/18/2015  |          |  | 9/18/2025  |     |                     | —       |                    |   | —                        | 
|Relevate
    Health Group, LLC (40 preferred units)                                     |  | n/a                        |  |                   | 12.00%
                                            PIK                                                        |     |                          | 11/20/2020 |          |  | —          |     |                     | —       |                    |   | 40                       | 
|Relevate
    Health Group, LLC (40 Class B common units)                                |  | —                          |  |                   | —                                                                                                             | (s) |                          | 11/20/2020 |          |  | —          |     |                     | —       |                    |   | —                        | 
|Spherix
    Global Inc. (81 Class A units)                                              |  | —                          |  |                   | —                                                                                                             | (s) |                          | 12/22/2021 |          |  | —          |     |                     | —       |                    |   | 81                       | 
|XanEdu
    Publishing, Inc. (49,479 Class A units)                                      |  | n/a                        |  |                   | 8.00%
                                            PIK                                                         |     |                          | 1/28/2020  |          |  | —          |     |                     | —       |                    |   | 49                       | 
|                                                                                        |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |         |                    |   | 284                      | 





9







MONROE CAPITAL CORPORATION

CONSOLIDATED
SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2022

(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) | 
|---------------------------------------------------------------------------------- |  | -------------------------- |  | ----------------- | ------------------------------------------------------------------------------------------------------------- | --- | ------------------------ | ---------- | -------- |  | ---------- | --- | ------------------- | ------ | ------------------ | - | ------------------------ | 
|Media:
    Diversified & Production                                                |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Attom
    Intermediate Holdco, LLC (297,197 Class A units) (t)                     |  | —                          |  |                   | —                                                                                                             | (s) |                          | 1/4/2019   |          |  | —          |     |                     | —      |                    | $ | 297                      | 
|Chess.com,
    LLC (2 Class A units) (t)                                           |  | —                          |  |                   | —                                                                                                             | (s) |                          | 12/31/2021 |          |  | —          |     |                     | —      |                    |   | 87                       | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 384                      | 
|Retail                                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|BLST
    Operating Company, LLC (139,883 Class A units) (t)                        |  | —                          |  |                   | —                                                                                                             | (s) |                          | 8/28/2020  |          |  | —          |     |                     | —      |                    |   | 712                      | 
|Forman
    Mills, Inc. (warrant to purchase up to 2.6% of the equity)              |  | —                          |  |                   | —                                                                                                             | (s) |                          | 1/14/2020  |          |  | 1/14/2029  |     |                     | —      |                    |   | —                        | 
|Luxury
    Optical Holdings Co. (w)                                                |  | n/a                        |  |                   | n/a                                                                                                           | (s) |                          | 9/12/2014  |          |  | —          |     |                     | —      |                    |   | —                        | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 712                      | 
|Services:
    Business                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|APCO
    Worldwide, Inc. (100 Class A voting common stock)                         |  | —                          |  |                   | —                                                                                                             | (s) |                          | 11/1/2017  |          |  | —          |     |                     | —      |                    |   | 395                      | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 395                      | 
|Services:
    Consumer                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Education
    Corporation of America - Series G Preferred Stock (8,333 shares)     |  | n/a                        |  |                   | 12.00%
                                            PIK                                                        | (j) |                          | 9/3/2015   |          |  | —          |     |                     | —      |                    |   | 7,492                    | 
|Express
    Wash Acquisition Company, LLC (121,311 Class A units) (t)              |  | n/a                        |  |                   | 8.00%
                                            PIK                                                         |     |                          | 12/28/2020 |          |  | —          |     |                     | —      |                    |   | 125                      | 
|IDIG
    Parent, LLC (245,958 shares of common stock) (t) (x)                      |  | —                          |  |                   | —                                                                                                             | (s) |                          | 1/4/2021   |          |  | —          |     |                     | —      |                    |   | 248                      | 
|Kar
    Wash Holdings, LLC (85,917 Class A units)                                  |  | —                          |  |                   | —                                                                                                             | (s) |                          | 2/28/2022  |          |  | —          |     |                     | —      |                    |   | 86                       | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 7,951                    | 
|Wholesale                                                                          |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Nearly
    Natural, Inc. (152,174 Class A units)                                   |  | —                          |  |                   | —                                                                                                             | (s) |                          | 12/15/2017 |          |  | —          |     |                     | —      |                    |   | 153                      | 
|Nearly
    Natural, Inc. (39,394 Class AA units)                                   |  | —                          |  |                   | —                                                                                                             | (s) |                          | 8/27/2021  |          |  | —          |     |                     | —      |                    |   | 39                       | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 192                      | 
|Total
    Non-Controlled/Non-Affiliate Equity Securities                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 19,978                   | 
|Total
    Non-Controlled/Non-Affiliate Company Investments                         |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    | $ | 431,756                  | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Non-Controlled
    Affiliate Company Investments (y)                               |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Senior
    Secured Loans                                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Beverage,
    Food & Tobacco                                                       |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|TJ
    Management HoldCo LLC (Revolver) (f)                                        |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 9/9/2020   |          |  | 6/28/2024  |     |                     | 477    |                    | $ | —                        | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 477    |                    |   | —                        | 
|FIRE:
    Real Estate                                                              |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                   |  |                   | 11.50%
                                            PIK                                                        |     |                          | 7/22/2014  |          |  | 5/15/2022  |     |                     | 10,819 |                    |   | 10,819                   | 
|American
    Community Homes, Inc.                                                 |  | L+14.50%                   |  |                   | 16.00%
                                            PIK                                                        |     |                          | 7/22/2014  |          |  | 5/15/2022  |     |                     | 4,944  |                    |   | 4,944                    | 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                   |  |                   | 11.50%
                                            PIK                                                        |     |                          | 5/24/2017  |          |  | 5/15/2022  |     |                     | 649    |                    |   | 649                      | 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                   |  |                   | 11.50%
                                            PIK                                                        |     |                          | 8/10/2018  |          |  | 5/15/2022  |     |                     | 2,387  |                    |   | 2,387                    | 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                   |  |                   | 11.50%
                                            PIK                                                        |     |                          | 3/29/2019  |          |  | 5/15/2022  |     |                     | 4,442  |                    |   | 4,442                    | 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                   |  |                   | 11.50%
                                            PIK                                                        |     |                          | 9/30/2019  |          |  | 5/15/2022  |     |                     | 21     |                    |   | 21                       | 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                   |  |                   | 11.50%
                                            PIK                                                        |     |                          | 12/30/2019 |          |  | 5/15/2022  |     |                     | 102    |                    |   | 101                      | 
|HFZ
    Capital Group LLC (h) (z)                                                  |  | L+12.50%                   |  |                   | 14.00%
                                            PIK                                                        |     |                          | 10/20/2017 |          |  | n/a        | (o) |                     | 13,242 |                    |   | 13,242                   | 
|HFZ
    Capital Group LLC (h) (z)                                                  |  | L+12.50%                   |  |                   | 14.00%
                                            PIK                                                        |     |                          | 10/20/2017 |          |  | n/a        | (o) |                     | 4,758  |                    |   | 4,758                    | 
|MC
    Asset Management (Corporate), LLC (h)                                       |  | L+15.00%                   |  |                   | 16.00%
                                            PIK                                                        |     |                          | 1/26/2021  |          |  | 1/26/2024  |     |                     | 7,456  |                    |   | 7,456                    | 
|MC
    Asset Management (Corporate), LLC (Delayed Draw) (f) (g) (h)                |  | L+15.00%                   |  |                   | 16.00%
                                            PIK                                                        |     |                          | 4/26/2021  |          |  | 1/26/2024  |     |                     | 1,678  |                    |   | 885                      | 
|Second
    Avenue SFR Holdings II LLC (Revolver) (f) (h)                           |  | L+7.00%                    |  |                   | 7.50                                                                                                          | %   |                          | 8/11/2021  |          |  | 8/9/2024   |     |                     | 4,875  |                    |   | 2,592                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 55,373 |                    |   | 52,296                   | 
|Healthcare
    & Pharmaceuticals                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Ascent
    Midco, LLC                                                              |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 2/5/2020   |          |  | 2/5/2025   |     |                     | 6,348  |                    |   | 6,272                    | 
|Ascent
    Midco, LLC (Revolver) (f)                                               |  | L+5.50%                    |  |                   | 6.50                                                                                                          | %   |                          | 2/5/2020   |          |  | 2/5/2025   |     |                     | 1,129  |                    |   | —                        | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 7,477  |                    |   | 6,272                    | 
|High
    Tech Industries                                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Mnine
    Holdings, Inc.                                                           |  | L+8.00%                    |  |                   | 4.00%
                                            Cash/
                                            5.00% PIK |     |                          | 11/2/2018  |          |  | 12/30/2022 |     |                     | 5,266  |                    |   | 5,243                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 5,266  |                    |   | 5,243                    | 
|Services:
    Business                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Curion
    Holdings, LLC                                                           |  | n/a                        |  |                   | 14.00%
                                            PIK                                                        | (j) |                          | 5/2/2017   |          |  | 3/31/2023  |     |                     | 4,533  |                    |   | 4,450                    | 
|Curion
    Holdings, LLC (Revolver) (f)                                            |  | n/a                        |  |                   | 14.00%
                                            PIK                                                        | (j) |                          | 5/2/2017   |          |  | 3/31/2023  |     |                     | 871    |                    |   | 523                      | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 5,404  |                    |   | 4,973                    | 
|Services:
    Consumer                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|NECB
    Collections, LLC (Revolver) (f)                                           |  | L+11.00%                   |  |                   | 12.00%
                                            PIK                                                        | (j) |                          | 6/25/2019  |          |  | n/a        | (o) |                     | 1,356  |                    |   | 1,312                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 1,356  |                    |   | 1,312                    | 
|Total
    Non-Controlled Affiliate Senior Secured Loans                            |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 75,353 |                    |   | 70,096                   | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Junior
    Secured Loans                                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|FIRE:
    Real Estate                                                              |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|SFR
    Holdco, LLC (h)                                                            |  | n/a                        |  |                   | 8.00                                                                                                          | %   |                          | 8/6/2021   |          |  | 7/28/2028  |     |                     | 5,850  |                    |   | 5,850                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 5,850  |                    |   | 5,850                    | 
|Services:
    Business                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Curion
    Holdings, LLC                                                           |  | n/a                        |  |                   | 15.00%
                                            PIK                                                        | (j) |                          | 8/17/2018  |          |  | 1/2/2023   |     |                     | 1,720  |                    |   | 1                        | 
|Curion
    Holdings, LLC                                                           |  | n/a                        |  |                   | 15.00%
                                            PIK                                                        | (j) |                          | 8/17/2018  |          |  | 1/2/2023   |     |                     | 44     |                    |   | —                        | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 1,764  |                    |   | 1                        | 
|Total
    Non-Controlled Affiliate Company Junior Secured Loans                    |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     | 7,614  |                    |   | 5,851                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Equity
    Securities (r) (y)                                                      |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Beverage,
    Food & Tobacco                                                       |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|TJ
    Management HoldCo LLC (16 shares of common stock) (i) (t)                   |  | —                          |  |                   | —                                                                                                             | (s) |                          | 9/9/2020   |          |  | —          |     |                     | —      |                    |   | 1,631                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 1,631                    | 
|FIRE:
    Real Estate                                                              |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|American
    Community Homes, Inc. (warrant to purchase up to 22.3% of the equity) |  | —                          |  |                   | —                                                                                                             | (s) |                          | 10/9/2014  |          |  | 12/18/2024 |     |                     | —      |                    |   | —                        | 
|MC
    Asset Management (Corporate), LLC (15.9% of interests) (h) (t) (z)          |  | —                          |  |                   | —                                                                                                             | (s) |                          | 6/11/2019  |          |  | —          |     |                     | —      |                    |   | 793                      | 
|SFR
    Holdco, LLC (24.4% of interests) (h)                                       |  | —                          |  |                   | —                                                                                                             | (s) |                          | 8/6/2021   |          |  | —          |     |                     | —      |                    |   | 3,900                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 4,693                    | 
|Healthcare
    & Pharmaceuticals                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Ascent
    Midco, LLC (2,032,258 Class A units) (t)                                |  | n/a                        |  |                   | 8.00%
                                            PIK                                                         |     |                          | 2/5/2020   |          |  | —          |     |                     | —      |                    |   | 2,032                    | 
|Familia
    Dental Group Holdings, LLC (1,158 Class A units) (t) (aa)              |  | —                          |  |                   | —                                                                                                             | (s) |                          | 4/8/2016   |          |  | —          |     |                     | —      |                    |   | 3,968                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 6,000                    | 
|High
    Tech Industries                                                           |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Mnine
    Holdings, Inc. (6,400 Class B units)                                     |  | —                          |  |                   | —                                                                                                             | (s) |                          | 6/30/2020  |          |  | —          |     |                     | —      |                    |   | —                        | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | —                        | 
|Services:
    Business                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Curion
    Holdings, LLC (58,779 shares of common stock)                           |  | —                          |  |                   | —                                                                                                             | (s) |                          | 8/17/2018  |          |  | —          |     |                     | —      |                    |   | —                        | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | —                        | 
|Services:
    Consumer                                                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|NECB
    Collections, LLC (20.8% of units) (t)                                     |  | —                          |  |                   | —                                                                                                             | (s) |                          | 6/21/2019  |          |  | —          |     |                     | —      |                    |   | 1,458                    | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 1,458                    | 
|Total
    Non-Controlled Affiliate Equity Securities                               |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 13,782                   | 
|Total
    Non-Controlled Affiliate Company Investments                             |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    | $ | 89,729                   | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Controlled
    Affiliate Company Investments (ab)                                  |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Equity
    Securities                                                              |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|Investment
    Funds & Vehicles                                                    |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|MRCC
    Senior Loan Fund I, LLC (50.0% of the equity interests) (h)               |  | —                          |  |                   | —                                                                                                             |     |                          | 10/31/2017 |          |  | —          |     |                     | —      |                    | $ | 42,150                   | 
|A Total
    Controlled Affiliate Equity Securities                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   | 42,150                   | 
|Total
    Controlled Affiliate Company Investments                                 |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    | $ | 42,150                   | 
|                                                                                   |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    |   |                          | 
|TOTAL
    INVESTMENTS                                                              |  |                            |  |                   |                                                                                                               |     |                          |            |          |  |            |     |                     |        |                    | $ | 563,635                  | 





10







MONROE CAPITAL CORPORATION

CONSOLIDATED
SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2022

(in thousands, except for shares and units)



Derivative Instruments



Foreign currency forward contracts



|Description                           |  | Notional
    Amount  to be Purchased |        |  | Notional
    Amount  to be Sold |     |        | Counterparty |  | Settlement
    Date               |  | Unrealized
    Gain
 (Loss) | 
|------------------------------------- |  | ------------------------------------ | ------ |  | ------------------------------- | --- | ------ | ------------ |  | --------------------------------- |  | --------------------------- | 
|Foreign
    currency forward contract |  | $                                    | 97     |  |                                 | £   | 79     |              |  | Bannockburn
    Global Forex, LLC |  | 4/4/2022                    | 
|Foreign currency
    forward contract |  | $                                    | 36     |  |                                 | £   | 29     |              |  | Bannockburn
    Global Forex, LLC |  | 5/6/2022                    | 
|Foreign currency
    forward contract |  | $                                    | 113    |  |                                 | AUD | 146    |              |  | Bannockburn
    Global Forex, LLC |  | 4/19/2022                   | 
|Foreign currency
    forward contract |  | $                                    | 107    |  |                                 | AUD | 138    |              |  | Bannockburn
    Global Forex, LLC |  | 5/17/2022                   | 
|Foreign currency
    forward contract |  | $                                    | 119    |  |                                 | AUD | 153    |              |  | Bannockburn
    Global Forex, LLC |  | 6/17/2022                   | 
|Foreign currency
    forward contract |  | $                                    | 107    |  |                                 | AUD | 138    |              |  | Bannockburn
    Global Forex, LLC |  | 7/18/2022                   | 
|Foreign currency
    forward contract |  | $                                    | 108    |  |                                 | AUD | 140    |              |  | Bannockburn
    Global Forex, LLC |  | 8/16/2022                   | 
|Foreign currency
    forward contract |  | $                                    | 118    |  |                                 | AUD | 153    |              |  | Bannockburn
    Global Forex, LLC |  | 9/16/2022                   | 
|Foreign currency
    forward contract |  | $                                    | 117    |  |                                 | AUD | 152    |              |  | Bannockburn
    Global Forex, LLC |  | 10/19/2022                  | 
|Foreign currency
    forward contract |  | $                                    | 105    |  |                                 | AUD | 136    |              |  | Bannockburn
    Global Forex, LLC |  | 11/16/2022                  | 
|Foreign currency
    forward contract |  | $                                    | 109    |  |                                 | AUD | 142    |              |  | Bannockburn
    Global Forex, LLC |  | 12/16/2022                  | 
|Foreign currency
    forward contract |  | $                                    | 118    |  |                                 | AUD | 153    |              |  | Bannockburn
    Global Forex, LLC |  | 1/18/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 108    |  |                                 | AUD | 140    |              |  | Bannockburn
    Global Forex, LLC |  | 2/16/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 102    |  |                                 | AUD | 132    |              |  | Bannockburn
    Global Forex, LLC |  | 3/16/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 123    |  |                                 | AUD | 160    |              |  | Bannockburn
    Global Forex, LLC |  | 4/20/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 93     |  |                                 | AUD | 121    |              |  | Bannockburn
    Global Forex, LLC |  | 5/16/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 121    |  |                                 | AUD | 156    |              |  | Bannockburn
    Global Forex, LLC |  | 6/19/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 107    |  |                                 | AUD | 138    |              |  | Bannockburn
    Global Forex, LLC |  | 7/18/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 113    |  |                                 | AUD | 146    |              |  | Bannockburn
    Global Forex, LLC |  | 8/16/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 113    |  |                                 | AUD | 146    |              |  | Bannockburn
    Global Forex, LLC |  | 9/18/2023                   | 
|Foreign currency
    forward contract |  | $                                    | 114    |  |                                 | AUD | 148    |              |  | Bannockburn
    Global Forex, LLC |  | 10/18/2023                  | 
|Foreign currency
    forward contract |  | $                                    | 107    |  |                                 | AUD | 140    |              |  | Bannockburn
    Global Forex, LLC |  | 11/16/2023                  | 
|Foreign currency
    forward contract |  | $                                    | 109    |  |                                 | AUD | 142    |              |  | Bannockburn
    Global Forex, LLC |  | 12/18/2023                  | 
|Foreign currency
    forward contract |  | $                                    | 115    |  |                                 | AUD | 150    |              |  | Bannockburn
    Global Forex, LLC |  | 1/17/2024                   | 
|Foreign currency
    forward contract |  | $                                    | 110    |  |                                 | AUD | 143    |              |  | Bannockburn
    Global Forex, LLC |  | 2/16/2024                   | 
|Foreign
    currency forward contract |  | $                                    | 11,827 |  |                                 | AUD | 15,410 |              |  | Bannockburn
    Global Forex, LLC |  | 3/18/2024                   | 
|                                      |  |                                      |        |  |                                 |     |        |              |  |                                   |  |                             | 





11







MONROE CAPITAL CORPORATION

CONSOLIDATED
SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

March 31, 2022

(in thousands, except for shares and units)










|(a)                  | All of the Company's
    investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”),
    unless otherwise noted. All of the Company's 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”),
    Prime Rate (“Prime” or “P”), or Secured Overnight Financing Rate ("SOFR" or "SF") which
    reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, Prime,
    or SOFR and the current contractual interest rate in effect at March 31, 2022. Certain investments are subject to a LIBOR, Prime,
    or SOFR interest rate floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(c)                  | Except as otherwise noted,
    all of the Company’s portfolio company investments, which as of March 31, 2022 represented 222.9% of the Company’s net
    assets or 96.7% 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 the Company's board of directors as required by the 1940 Act. (See Note 4 in the accompanying notes to the consolidated
    financial statements.)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(e)                  | Percentages are based on net
    assets of $244,901 as of March 31, 2022.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|(f)                  | All or a portion of this commitment
    was unfunded at March 31, 2022. 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, 2022, non-qualifying assets totaled 23.9% of the Company’s total assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(i)                  | During
    2020, the senior secured lender group of Toojay’s Management, LLC (“Toojay’s OldCo”) established TJ
    Management HoldCo, LLC (“Toojay’s NewCo”) in order to acquire certain of the assets of Toojay’s OldCo as
    part of a bankruptcy restructuring. The Company owns 15.9% of the equity in Toojay’s NewCo. Toojay’s NewCo credit bid a
    portion of the senior secured debt in Toojay’s OldCo to acquire certain assets of Toojay’s OldCo which constitute the
    ongoing operations of the portfolio company. The Company’s portion of this credit bid was $2,386, and as such the Company's
    outstanding senior secured debt investment in Toojay’s OldCo was reduced by the amount of the credit bid and the
    Company’s cost basis of its new equity investment in Toojay’s NewCo was increased by the amount of the credit bid. While
    the Company still has loans outstanding at Toojay’s OldCo, the Company has valued these positions at zero as of March 31,
    2022.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|(j)                  | This position was on non-accrual
    status as of March 31, 2022, 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(k)                  | This investment represents
    a note convertible to preferred shares of the borrower.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(l)                  | This loan is denominated in
    Australian dollars and is translated into U.S. dollars as of the valuation date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(m)                  | This is an international company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|(n)                  | During 2020,
    an arbitrator issued a final award in favor of the estate of Rockdale Blackhawk, LLC (the “Estate”) in the legal
    proceeding between the Estate and a national insurance carrier. The Company's share of the net proceeds from the award exceeded the
    contractual obligations due to the Company as a result of the Company’s right to receive excess proceeds pursuant to the terms
    of a sharing agreement between the lenders and the Estate. This investment is a non-income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(o)                  | This is a demand note with
    no stated maturity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(p)                  | 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.
|(q)                  | Represents less than 5% ownership
    of the portfolio company’s voting securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(r)                  | Ownership of certain equity
    investments may occur through a holding company or partnership.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(s)                  | Represents a non-income producing
    security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(t)                  | Investment is held by a taxable
    subsidiary of the Company. See Note 2 in the accompanying notes to the consolidated financial statements for additional information
    on the Company’s wholly-owned taxable subsidiaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|(u)                  | As of March 31, 2022, the Company
    was party to a subscription agreement with a commitment to fund an additional equity investment of $16.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(v)                  | The fair value of this investment
    was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(w)                  | During the three months ended
    December 31, 2021, the Company sold its investment in Luxury Optical Holding Co. The fair value at March 31, 2022 represents
    the remaining expected escrow proceeds associated with the sale.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|(x)                  | As of March 31, 2022, the Company
    was party to a subscription agreement with a commitment to fund an equity investment of $43.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(y)                  | As defined in the 1940 Act,
    the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% 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).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(z)                  | The
    Company restructured its investments in HFZ Capital Group LLC (“HFZ”) and HFZ Member RB portfolio, LLC (“Member
    RB”) during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management
    (Corporate), LLC (“Corporate”). As part of the Member RB restructuring, the Company exchanged its loan in Member RB for
    a promissory note in MC Asset Management (Industrial), LLC (“Industrial”). Corporate owns 100% of the equity of
    Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity
    contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing
    because the sale did not meet the definition of a “participating interest”, as defined in the guidance, in order for
    sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into
    two investments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(aa)                 | As of March 31, 2022, the Company
    was party to a subscription agreement with a commitment to fund an additional equity investment of $244.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|(ab)                 | 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% 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 both an Affiliated Person and a portfolio company that
    the Company is deemed to Control.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                    
|n/a - not applicable





12







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF
INVESTMENTS

December 31, 2021

(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                                             |  |                                                                                                                |   |  |                   |     |  |                          |  |          |            |  |           |  |        |                    |  |   |                         |  |  |                             |       
|Born
    To Run, LLC                                   |  | L+6.00                                                                                                         | % |  | 7.00              | %   |  | 4/1/2021                 |  |          | 4/1/2027   |  |           |  | 3,483  |                    |  | $ | 3,419                   |  |  | $                           | 3,544 
|Born
    To Run, LLC (Delayed Draw) (f) (g)            |  | L+6.00                                                                                                         | % |  | 7.00              | %   |  | 4/1/2021                 |  |          | 4/1/2027   |  |           |  | 569    |                    |  |   | 33                      |  |  |                             | 34    
|Hastings
    Manufacturing Company                     |  | L+7.25                                                                                                         | % |  | 8.25              | %   |  | 4/24/2018                |  |          | 4/24/2023  |  |           |  | 2,524  |                    |  |   | 2,508                   |  |  |                             | 2,524 
|Lifted
    Trucks Holdings, LLC                        |  | L+5.75                                                                                                         | % |  | 6.75              | %   |  | 8/2/2021                 |  |          | 8/2/2027   |  |           |  | 7,000  |                    |  |   | 6,866                   |  |  |                             | 6,979 
|Lifted
    Trucks Holdings, LLC (Delayed Draw) (f) (g) |  | L+5.75                                                                                                         | % |  | 6.75              | %   |  | 8/2/2021                 |  |          | 8/2/2027   |  |           |  | 1,400  |                    |  |   | —                       |  |  |                             | —     
|Lifted
    Trucks Holdings, LLC (Revolver) (f)         |  | L+5.75                                                                                                         | % |  | 6.75              | %   |  | 8/2/2021                 |  |          | 8/2/2027   |  |           |  | 1,667  |                    |  |   | 444                     |  |  |                             | 443   
|Magneto
    & Diesel Acquisition, Inc.                 |  | L+5.50                                                                                                         | % |  | 6.50              | %   |  | 12/18/2018               |  |          | 12/18/2023 |  |           |  | 4,850  |                    |  |   | 4,812                   |  |  |                             | 4,850 
|Magneto
    & Diesel Acquisition, Inc.                 |  | L+5.50                                                                                                         | % |  | 6.50              | %   |  | 7/6/2020                 |  |          | 12/18/2023 |  |           |  | 1,908  |                    |  |   | 1,885                   |  |  |                             | 1,938 
|Magneto
    & Diesel Acquisition, Inc.                 |  | L+5.50                                                                                                         | % |  | 6.50              | %   |  | 8/4/2021                 |  |          | 12/18/2023 |  |           |  | 829    |                    |  |   | 815                     |  |  |                             | 842   
|Magneto
    & Diesel Acquisition, Inc. (Revolver) (f)  |  | L+5.50                                                                                                         | % |  | 6.50              | %   |  | 12/18/2018               |  |          | 12/18/2023 |  |           |  | 500    |                    |  |   | —                       |  |  |                             | —     
|                                                       |  |                                                                                                                |   |  |                   |     |  |                          |  |          |            |  |           |  | 24,730 |                    |  |   | 20,782                  |  |  |                             | 21,154
|Banking                                                |  |                                                                                                                |   |  |                   |     |  |                          |  |          |            |  |           |  |        |                    |  |   |                         |  |  |                             |       
|MV Receivables
    II, LLC (Delayed Draw) (f) (g) (h)  |  | L+9.75                                                                                                         | % |  | 11.25             | %   |  | 7/29/2021                |  |          | 7/29/2026  |  |           |  | 8,000  |                    |  |   | 971                     |  |  |                             | 1,289 
|StarCompliance
    MidCo, LLC                          |  | L+6.75                                                                                                         | % |  | 7.75              | %   |  | 1/12/2021                |  |          | 1/11/2027  |  |           |  | 2,000  |                    |  |   | 1,965                   |  |  |                             | 2,000 
|StarCompliance
    MidCo, LLC                          |  | L+6.75                                                                                                         | % |  | 7.75              | %   |  | 10/12/2021               |  |          | 1/11/2027  |  |           |  | 336    |                    |  |   | 329                     |  |  |                             | 336   
|StarCompliance
    MidCo, LLC (Revolver) (f)           |  | L+6.75                                                                                                         | % |  | 7.75              | %   |  | 1/12/2021                |  |          | 1/11/2027  |  |           |  | 322    |                    |  |   | —                       |  |  |                             | —     
|                                                       |  |                                                                                                                |   |  |                   |     |  |                          |  |          |            |  |           |  |        |                    |  |   |                         |  |  |                             |       
|                                                       |  |                                                                                                                |   |  |                   |     |  |                          |  |          |            |  |           |  | 10,658 |                    |  |   | 3,265                   |  |  |                             | 3,625 
|Beverage,
    Food & Tobacco                           |  |                                                                                                                |   |  |                   |     |  |                          |  |          |            |  |           |  |        |                    |  |   |                         |  |  |                             |       
|LVF
    Holdings, Inc.                                 |  | L+6.25                                                                                                         | % |  | 7.25              | %   |  | 6/10/2021                |  |          | 6/10/2027  |  |           |  | 1,496  |                    |  |   | 1,468                   |  |  |                             | 1,496 
|LVF
    Holdings, Inc.                                 |  | L+6.25                                                                                                         | % |  | 7.25              | %   |  | 6/10/2021                |  |          | 6/10/2027  |  |           |  | 1,432  |                    |  |   | 1,432                   |  |  |                             | 1,432 
|LVF
    Holdings, Inc. (Delayed Draw) (f) (g)          |  | L+6.25                                                                                                         | % |  | 7.25              | %   |  | 6/10/2021                |  |          | 6/10/2027  |  |           |  | 344    |                    |  |   | —                       |  |  |                             | —     
|LVF
    Holdings, Inc. (Revolver) (f)                  |  | L+6.25                                                                                                         | % |  | 7.25              | %   |  | 6/10/2021                |  |          | 6/10/2027  |  |           |  | 238    |                    |  |   | 119                     |  |  |                             | 119   
|LX/JT
    Intermediate Holdings, Inc. (k)              |  | L+6.00                                                                                                         | % |  | 7.50              | %   |  | 3/11/2020                |  |          | 3/11/2025  |  |           |  | 9,375  |                    |  |   | 9,246                   |  |  |                             | 9,239 
|LX/JT
    Intermediate Holdings, Inc. (Revolver) (f)   |  | L+6.00                                                                                                         | % |  | 7.50              | %   |  | 3/11/2020                |  |          | 3/11/2025  |  |           |  | 833    |                    |  |   | —                       |  |  |                             | —     
|Toojay's
    Management LLC (l)                        |  | n/a                                                                                                            |   |  | n/a               | (m) |  | 10/26/2018               |  |          | 10/26/2022 |  |           |  | 1,448  |                    |  |   | 1,407                   |  |  |                             | —     
|Toojay's
    Management LLC (l)                        |  | n/a                                                                                                            |   |  | n/a               | (m) |  | 10/26/2018               |  |          | 10/26/2022 |  |           |  | 199    |                    |  |   | 199                     |  |  |                             | —     
|Toojay's
    Management LLC (Revolver) (l)             |  | n/a                                                                                                            |   |  | n/a               | (m) |  | 10/26/2018               |  |          | 10/26/2022 |  |           |  | 66     |                    |  |   | 66                      |  |  |                             | —     
|                                                       |  |                                                                                                                |   |  |                   |     |  |                          |  |          |            |  |           |  | 15,431 |                    |  |   | 13,937                  |  |  |                             | 12,286





13







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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) |       
|--------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------- |  |  | ------------------------- | - |  | ------------------------ |  | -------- | ---------- |  | --------- |  | ------ | ------------------ |  | - | ------------------ |  |  | --------------------------- | ------
|Capital
    Equipment                                           |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  |        |                    |  |   |                    |  |  |                             |       
|MCP
    Shaw Acquisitionco, LLC (k)                             |  | SF+6.50%                                                                                                       |  |  | 7.50                      | % |  | 2/28/2020                |  |          | 11/28/2025 |  |           |  | 9,733  |                    |  | $ | 9,595              |  |  | $                           | 9,699 
|MCP
    Shaw Acquisitionco, LLC                                 |  | SF+6.50%                                                                                                       |  |  | 7.50                      | % |  | 12/29/2021               |  |          | 11/28/2025 |  |           |  | 3,002  |                    |  |   | 2,942              |  |  |                             | 2,992 
|MCP
    Shaw Acquisitionco, LLC (Delayed Draw) (f) (g)          |  | SF+6.50%                                                                                                       |  |  | 7.50                      | % |  | 12/29/2021               |  |          | 11/28/2025 |  |           |  | 983    |                    |  |   | —                  |  |  |                             | —     
|MCP
    Shaw Acquisitionco, LLC (Revolver) (f)                  |  | SF+6.50%                                                                                                       |  |  | 7.50                      | % |  | 2/28/2020                |  |          | 11/28/2025 |  |           |  | 1,784  |                    |  |   | —                  |  |  |                             | —     
|                                                                |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  | 15,502 |                    |  |   | 12,537             |  |  |                             | 12,691
|Chemicals,
    Plastics & Rubber                                |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  |        |                    |  |   |                    |  |  |                             |       
|Valudor
    Products LLC                                        |  | L+7.50%                                                                                                        |  |  | 7.00%
    Cash/ 1.50% PIK |   |  | 6/18/2018                |  |          | 6/19/2023  |  |           |  | 1,585  |                    |  |   | 1,574              |  |  |                             | 1,871 
|Valudor
    Products LLC                                        |  | L+7.50%                                                                                                        |  |  | 8.50%                     |   |  | 12/22/2021               |  |          | 6/19/2023  |  |           |  | 548    |                    |  |   | 548                |  |  |                             | 1,469 
|Valudor
    Products LLC (n)                                    |  | L+7.50%                                                                                                        |  |  | 8.50%
    PIK             |   |  | 6/18/2018                |  |          | 6/19/2023  |  |           |  | 237    |                    |  |   | 234                |  |  |                             | 230   
|Valudor
    Products LLC (Revolver) (f)                         |  | L+9.50%                                                                                                        |  |  | 10.50                     | % |  | 6/18/2018                |  |          | 6/19/2023  |  |           |  | 1,095  |                    |  |   | 480                |  |  |                             | 479   
|                                                                |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  | 3,465  |                    |  |   | 2,836              |  |  |                             | 4,049 
|Construction
    & Building                                     |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  |        |                    |  |   |                    |  |  |                             |       
|Dude
    Solutions Holdings, Inc.                               |  | L+6.25%                                                                                                        |  |  | 7.25                      | % |  | 6/14/2019                |  |          | 6/13/2025  |  |           |  | 9,900  |                    |  |   | 9,755              |  |  |                             | 9,870 
|Dude
    Solutions Holdings, Inc. (Revolver) (f)                |  | L+6.25%                                                                                                        |  |  | 7.25                      | % |  | 6/14/2019                |  |          | 6/13/2025  |  |           |  | 1,304  |                    |  |   | —                  |  |  |                             | —     
|TCFIII
    OWL Buyer LLC                                        |  | L+6.00%                                                                                                        |  |  | 7.00                      | % |  | 4/19/2021                |  |          | 4/17/2026  |  |           |  | 2,040  |                    |  |   | 2,008              |  |  |                             | 2,040 
|TCFIII
    OWL Buyer LLC                                        |  | L+6.00%                                                                                                        |  |  | 7.00                      | % |  | 4/19/2021                |  |          | 4/17/2026  |  |           |  | 2,491  |                    |  |   | 2,491              |  |  |                             | 2,491 
|TCFIII
    OWL Buyer LLC                                        |  | L+6.00%                                                                                                        |  |  | 7.00                      | % |  | 12/17/2021               |  |          | 4/17/2026  |  |           |  | 2,235  |                    |  |   | 2,196              |  |  |                             | 2,235 
|                                                                |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  | 17,970 |                    |  |   | 16,450             |  |  |                             | 16,636
|Consumer
    Goods: Durable                                     |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  |        |                    |  |   |                    |  |  |                             |       
|Independence
    Buyer, Inc.                                    |  | L+5.75%                                                                                                        |  |  | 6.75                      | % |  | 8/3/2021                 |  |          | 8/3/2026   |  |           |  | 6,000  |                    |  |   | 5,887              |  |  |                             | 6,000 
|Independence
    Buyer, Inc. (Revolver) (f)                     |  | L+5.75%                                                                                                        |  |  | 6.75                      | % |  | 8/3/2021                 |  |          | 8/3/2026   |  |           |  | 1,423  |                    |  |   | —                  |  |  |                             | —     
|Recycled
    Plastics Industries, LLC                           |  | L+6.75%                                                                                                        |  |  | 7.75                      | % |  | 8/4/2021                 |  |          | 8/4/2026   |  |           |  | 3,491  |                    |  |   | 3,426              |  |  |                             | 3,491 
|Recycled
    Plastics Industries, LLC (Revolver) (f)            |  | L+6.75%                                                                                                        |  |  | 7.75                      | % |  | 8/4/2021                 |  |          | 8/4/2026   |  |           |  | 473    |                    |  |   | 142                |  |  |                             | 142   
|                                                                |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  | 11,387 |                    |  |   | 9,455              |  |  |                             | 9,633 
|Consumer
    Goods: Non-Durable                                 |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  |        |                    |  |   |                    |  |  |                             |       
|The
    Kyjen Company, LLC                                      |  | L+6.50%                                                                                                        |  |  | 7.50                      | % |  | 5/14/2021                |  |          | 4/3/2026   |  |           |  | 993    |                    |  |   | 983                |  |  |                             | 997   
|The
    Kyjen Company, LLC (Revolver) (f)                       |  | L+6.50%                                                                                                        |  |  | 7.50                      | % |  | 5/14/2021                |  |          | 4/3/2026   |  |           |  | 105    |                    |  |   | 43                 |  |  |                             | 43    
|Thrasio,
    LLC                                                |  | L+7.00%                                                                                                        |  |  | 8.00                      | % |  | 12/18/2020               |  |          | 12/18/2026 |  |           |  | 2,470  |                    |  |   | 2,438              |  |  |                             | 2,470 
|                                                                |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  | 3,568  |                    |  |   | 3,464              |  |  |                             | 3,510 
|Environmental
    Industries                                    |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  |        |                    |  |   |                    |  |  |                             |       
|Quest
    Resource Management Group, LLC                        |  | L+6.50%                                                                                                        |  |  | 7.50                      | % |  | 10/19/2020               |  |          | 10/20/2025 |  |           |  | 990    |                    |  |   | 924                |  |  |                             | 989   
|Quest
    Resource Management Group, LLC                        |  | L+6.50%                                                                                                        |  |  | 7.50                      | % |  | 10/19/2020               |  |          | 10/20/2025 |  |           |  | 1,087  |                    |  |   | 1,087              |  |  |                             | 1,086 
|Quest
    Resource Management Group, LLC                        |  | L+6.50%                                                                                                        |  |  | 7.50                      | % |  | 12/7/2021                |  |          | 10/20/2025 |  |           |  | 3,856  |                    |  |   | 3,779              |  |  |                             | 3,853 
|Quest
    Resource Management Group, LLC (Delayed Draw) (f) (g) |  | L+6.50%                                                                                                        |  |  | 7.50                      | % |  | 12/7/2021                |  |          | 10/20/2025 |  |           |  | 1,778  |                    |  |   | —                  |  |  |                             | —     
|StormTrap,
    LLC                                              |  | L+5.50%                                                                                                        |  |  | 6.50                      | % |  | 12/10/2018               |  |          | 12/8/2023  |  |           |  | 7,170  |                    |  |   | 7,114              |  |  |                             | 7,170 
|StormTrap,
    LLC (Revolver) (f)                               |  | L+5.50%                                                                                                        |  |  | 6.50                      | % |  | 12/10/2018               |  |          | 12/8/2023  |  |           |  | 432    |                    |  |   | —                  |  |  |                             | —     
|Synergy
    Environmental Corporation (k)                       |  | L+6.00%                                                                                                        |  |  | 7.00                      | % |  | 4/29/2016                |  |          | 9/29/2023  |  |           |  | 2,853  |                    |  |   | 2,846              |  |  |                             | 2,853 
|Synergy
    Environmental Corporation (k)                       |  | L+6.00%                                                                                                        |  |  | 7.00                      | % |  | 4/29/2016                |  |          | 9/29/2023  |  |           |  | 477    |                    |  |   | 476                |  |  |                             | 477   
|Synergy
    Environmental Corporation                           |  | L+6.00%                                                                                                        |  |  | 7.00                      | % |  | 4/29/2016                |  |          | 9/29/2023  |  |           |  | 810    |                    |  |   | 810                |  |  |                             | 810   
|Synergy
    Environmental Corporation (Revolver) (f)            |  | L+6.00%                                                                                                        |  |  | 7.00                      | % |  | 4/29/2016                |  |          | 9/29/2023  |  |           |  | 671    |                    |  |   | —                  |  |  |                             | —     
|                                                                |  |                                                                                                                |  |  |                           |   |  |                          |  |          |            |  |           |  | 20,124 |                    |  |   | 17,036             |  |  |                             | 17,238





14







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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) |       
|--------------------------------------------------------- |  | ---------------------------------- | - |  | ------------------------- | --- |  | ------------------------ |  | -------- | ---------- | --- | --------- |  | ------ | ------------------ |  | - | ----------------------- |  |  | --------------------------- | ------
|FIRE:
    Finance                                         |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                         |  |  |                             |       
|J2 BWA
    Funding LLC (Delayed Draw) (f) (g) (h)         |  | n/a                                |   |  | 9.00                      | %   |  | 12/24/2020               |  |          | 12/24/2026 |     |           |  | 2,710  |                    |  | $ | 677                     |  |  | $                           | 677   
|Liftforward
    SPV II, LLC (h)                           |  | L+10.75                            | % |  | 11.25                     | %   |  | 11/10/2016               |  |          | 9/30/2022  |     |           |  | 744    |                    |  |   | 744                     |  |  |                             | 713   
|Oceana
    Australian Fixed Income Trust (h) (i) (j)      |  | n/a                                |   |  | 10.75                     | %   |  | 6/29/2021                |  |          | 6/29/2026  |     |           |  | 3,288  |                    |  |   | 3,400                   |  |  |                             | 3,288 
|Oceana
    Australian Fixed Income Trust (h) (i) (j)      |  | n/a                                |   |  | 11.50                     | %   |  | 2/25/2021                |  |          | 2/25/2026  |     |           |  | 7,805  |                    |  |   | 8,460                   |  |  |                             | 7,805 
|W3 Monroe
    RE Debt LLC (h)                             |  | n/a                                |   |  | 10.00% PIK                |     |  | 2/5/2021                 |  |          | 2/4/2028   |     |           |  | 2,906  |                    |  |   | 2,906                   |  |  |                             | 2,906 
|                                                          |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  | 17,453 |                    |  |   | 16,187                  |  |  |                             | 15,389
|FIRE:
    Real Estate                                     |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                         |  |  |                             |       
|Florida
    East Coast Industries, LLC (h)                |  | n/a                                |   |  | 10.50                     | %   |  | 8/9/2021                 |  |          | 6/28/2024  |     |           |  | 3,572  |                    |  |   | 3,477                   |  |  |                             | 3,571 
|NCBP
    Property, LLC (h)                                |  | L+9.50                             | % |  | 10.50                     | %   |  | 12/18/2020               |  |          | 12/16/2022 |     |           |  | 1,950  |                    |  |   | 1,940                   |  |  |                             | 1,955 
|                                                          |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  | 5,522  |                    |  |   | 5,417                   |  |  |                             | 5,526 
|Healthcare
    & Pharmaceuticals                          |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                         |  |  |                             |       
|Apotheco,
    LLC                                         |  | L+8.50%                            |   |  | 6.50%
    Cash/ 3.00% PIK |     |  | 4/8/2019                 |  |          | 4/8/2024   |     |           |  | 3,632  |                    |  |   | 3,597                   |  |  |                             | 3,462 
|Apotheco,
    LLC (Revolver)                              |  | L+8.50%                            |   |  | 6.50%
    Cash/ 3.00% PIK |     |  | 4/8/2019                 |  |          | 4/8/2024   |     |           |  | 955    |                    |  |   | 955                     |  |  |                             | 910   
|Brickell
    Bay Acquisition Corp.                        |  | L+6.50%                            |   |  | 7.50                      | %   |  | 2/12/2021                |  |          | 2/12/2026  |     |           |  | 1,899  |                    |  |   | 1,865                   |  |  |                             | 1,889 
|Brickell
    Bay Acquisition Corp. (Delayed Draw) (f) (g) |  | L+6.50%                            |   |  | 7.50                      | %   |  | 2/12/2021                |  |          | 2/12/2026  |     |           |  | 382    |                    |  |   | —                       |  |  |                             | —     
|Caravel
    Autism Health, LLC                            |  | L+5.75%                            |   |  | 6.75                      | %   |  | 6/30/2021                |  |          | 6/30/2027  |     |           |  | 5,000  |                    |  |   | 4,906                   |  |  |                             | 4,699 
|Caravel
    Autism Health, LLC (Delayed Draw) (f) (g)     |  | L+5.75%                            |   |  | 6.75                      | %   |  | 6/30/2021                |  |          | 6/30/2027  |     |           |  | 3,750  |                    |  |   | 187                     |  |  |                             | 176   
|Caravel
    Autism Health, LLC (Revolver) (f)             |  | L+5.75%                            |   |  | 6.75                      | %   |  | 6/30/2021                |  |          | 6/30/2027  |     |           |  | 1,250  |                    |  |   | 625                     |  |  |                             | 587   
|Dorado
    Acquisition, Inc.                              |  | L+6.75%                            |   |  | 7.75                      | %   |  | 6/30/2021                |  |          | 6/30/2026  |     |           |  | 4,988  |                    |  |   | 4,895                   |  |  |                             | 4,983 
|Dorado
    Acquisition, Inc. (Delayed Draw) (f) (g)       |  | L+6.75%                            |   |  | 7.75                      | %   |  | 6/30/2021                |  |          | 6/30/2026  |     |           |  | 216    |                    |  |   | —                       |  |  |                             | —     
|Dorado
    Acquisition, Inc. (Revolver) (f)               |  | L+6.75%                            |   |  | 7.75                      | %   |  | 6/30/2021                |  |          | 6/30/2026  |     |           |  | 596    |                    |  |   | —                       |  |  |                             | —     
|INH
    Buyer, Inc.                                       |  | L+6.00%                            |   |  | 7.00                      | %   |  | 6/30/2021                |  |          | 6/28/2028  |     |           |  | 2,939  |                    |  |   | 2,911                   |  |  |                             | 2,857 
|NationsBenefits,
    LLC                                  |  | L+7.00%                            |   |  | 8.00                      | %   |  | 8/20/2021                |  |          | 8/20/2026  |     |           |  | 4,000  |                    |  |   | 3,924                   |  |  |                             | 3,993 
|NationsBenefits,
    LLC (Revolver) (f)                   |  | L+7.00%                            |   |  | 8.00                      | %   |  | 8/20/2021                |  |          | 8/20/2026  |     |           |  | 445    |                    |  |   | —                       |  |  |                             | —     
|Rockdale
    Blackhawk, LLC                               |  | n/a                                |   |  | n/a                       | (o) |  | 3/31/2015                |  |          | n/a        | (p) |           |  | —      |                    |  |   | —                       |  |  |                             | 1,681 
|Seran
    BioScience, LLC                                 |  | L+6.25%                            |   |  | 7.25                      | %   |  | 12/31/2020               |  |          | 12/31/2025 |     |           |  | 2,481  |                    |  |   | 2,440                   |  |  |                             | 2,487 
|Seran
    BioScience, LLC (Revolver) (f)                  |  | L+6.25%                            |   |  | 7.25                      | %   |  | 12/31/2020               |  |          | 12/31/2025 |     |           |  | 444    |                    |  |   | —                       |  |  |                             | —     
|                                                          |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  | 32,977 |                    |  |   | 26,305                  |  |  |                             | 27,724
|High
    Tech Industries                                  |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                         |  |  |                             |       
|Arcstor
    Midco, LLC                                    |  | L+7.00%                            |   |  | 8.00                      | %   |  | 3/16/2021                |  |          | 3/16/2027  |     |           |  | 4,466  |                    |  |   | 4,386                   |  |  |                             | 4,433 
|MarkLogic
    Corporation                                 |  | L+6.00%                            |   |  | 7.00                      | %   |  | 10/20/2020               |  |          | 10/20/2025 |     |           |  | 3,465  |                    |  |   | 3,396                   |  |  |                             | 3,517 
|MarkLogic
    Corporation                                 |  | L+6.00%                            |   |  | 7.00                      | %   |  | 11/23/2021               |  |          | 10/20/2025 |     |           |  | 323    |                    |  |   | 317                     |  |  |                             | 330   
|MarkLogic
    Corporation (Delayed Draw) (f) (g)          |  | L+6.00%                            |   |  | 7.00                      | %   |  | 11/23/2021               |  |          | 10/20/2025 |     |           |  | 215    |                    |  |   | —                       |  |  |                             | —     
|MarkLogic
    Corporation (Revolver) (f)                  |  | L+6.00%                            |   |  | 7.00                      | %   |  | 10/20/2020               |  |          | 10/20/2025 |     |           |  | 269    |                    |  |   | —                       |  |  |                             | —     
|Mindbody,
    Inc.                                        |  | L+8.50%                            |   |  | 8.00%
    Cash/ 1.50% PIK |     |  | 2/15/2019                |  |          | 2/14/2025  |     |           |  | 6,487  |                    |  |   | 6,415                   |  |  |                             | 6,438 
|Mindbody,
    Inc.                                        |  | L+8.50%                            |   |  | 8.00%
    Cash/ 1.50% PIK |     |  | 9/22/2021                |  |          | 2/14/2025  |     |           |  | 669    |                    |  |   | 669                     |  |  |                             | 664   
|Mindbody,
    Inc. (Revolver) (f)                         |  | L+8.00%                            |   |  | 9.00                      | %   |  | 2/15/2019                |  |          | 2/14/2025  |     |           |  | 667    |                    |  |   | —                       |  |  |                             | —     
|Newforma,
    Inc. (k)                                    |  | L+5.50%                            |   |  | 6.50                      | %   |  | 6/30/2017                |  |          | 6/30/2022  |     |           |  | 3,890  |                    |  |   | 3,882                   |  |  |                             | 3,890 
|Newforma,
    Inc. (Revolver) (f)                         |  | L+5.50%                            |   |  | 6.50                      | %   |  | 6/30/2017                |  |          | 6/30/2022  |     |           |  | 1,250  |                    |  |   | —                       |  |  |                             | —     
|Planful,
    Inc.                                         |  | L+6.50%                            |   |  | 7.50                      | %   |  | 12/28/2018               |  |          | 12/30/2024 |     |           |  | 9,500  |                    |  |   | 9,414                   |  |  |                             | 9,472 
|Planful,
    Inc.                                         |  | L+6.50%                            |   |  | 7.50                      | %   |  | 1/11/2021                |  |          | 12/30/2024 |     |           |  | 1,325  |                    |  |   | 1,325                   |  |  |                             | 1,322 
|Planful,
    Inc. (Revolver) (f)                          |  | L+6.50%                            |   |  | 7.50                      | %   |  | 12/28/2018               |  |          | 12/30/2024 |     |           |  | 442    |                    |  |   | 88                      |  |  |                             | 88    
|                                                          |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  | 32,968 |                    |  |   | 29,892                  |  |  |                             | 30,154
|Hotels,
    Gaming & Leisure                              |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                         |  |  |                             |       
|Equine
    Network, LLC                                   |  | L+8.00%                            |   |  | 9.00                      | %   |  | 12/31/2020               |  |          | 12/31/2025 |     |           |  | 1,737  |                    |  |   | 1,704                   |  |  |                             | 1,733 
|Equine
    Network, LLC                                   |  | L+8.00%                            |   |  | 9.00                      | %   |  | 1/29/2021                |  |          | 12/31/2025 |     |           |  | 788    |                    |  |   | 774                     |  |  |                             | 786   
|Equine
    Network, LLC (Delayed Draw) (f) (g)            |  | L+8.00%                            |   |  | 9.00                      | %   |  | 12/31/2020               |  |          | 12/31/2025 |     |           |  | 427    |                    |  |   | —                       |  |  |                             | —     
|Equine
    Network, LLC (Revolver) (f)                    |  | L+8.00%                            |   |  | 9.00                      | %   |  | 12/31/2020               |  |          | 12/31/2025 |     |           |  | 171    |                    |  |   | 85                      |  |  |                             | 85    
|                                                          |  |                                    |   |  |                           |     |  |                          |  |          |            |     |           |  | 3,123  |                    |  |   | 2,563                   |  |  |                             | 2,604 





15







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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) |       
|------------------------------------------------------------- |  | ---------------------------------- |  |  | ------------------------- | --- |  | ------------------------ |  | -------- | ---------- |  | --------- |  | ------ | ------------------ |  | - | ----------------------- |  |  | --------------------------- | ------
|Media:
    Advertising, Printing & Publishing                 |  |                                    |  |  |                           |     |  |                          |  |          |            |  |           |  |        |                    |  |   |                         |  |  |                             |       
|Destination
    Media, Inc. (k)                               |  | L+5.50%                            |  |  | 6.50                      | %   |  | 4/7/2017                 |  |          | 4/7/2022   |  |           |  | 1,738  |                    |  | $ | 1,736                   |  |  | $                           | 1,738 
|Destination
    Media, Inc. (Revolver) (f)                    |  | L+5.50%                            |  |  | 6.50                      | %   |  | 4/7/2017                 |  |          | 4/7/2022   |  |           |  | 542    |                    |  |   | —                       |  |  |                             | —     
|North
    Haven USHC Acquisition, Inc.                        |  | L+6.00%                            |  |  | 7.00                      | %   |  | 10/30/2020               |  |          | 10/30/2025 |  |           |  | 2,475  |                    |  |   | 2,435                   |  |  |                             | 2,475 
|North
    Haven USHC Acquisition, Inc.                        |  | L+6.00%                            |  |  | 7.00                      | %   |  | 3/12/2021                |  |          | 10/30/2025 |  |           |  | 717    |                    |  |   | 717                     |  |  |                             | 717   
|North
    Haven USHC Acquisition, Inc. (Delayed Draw) (f) (g) |  | L+6.00%                            |  |  | 7.00                      | %   |  | 9/3/2021                 |  |          | 10/30/2025 |  |           |  | 1,441  |                    |  |   | 482                     |  |  |                             | 487   
|North
    Haven USHC Acquisition, Inc. (Revolver) (f)         |  | L+6.00%                            |  |  | 7.00                      | %   |  | 10/30/2020               |  |          | 10/30/2025 |  |           |  | 240    |                    |  |   | —                       |  |  |                             | —     
|Relevate
    Health Group, LLC                                |  | L+6.00%                            |  |  | 7.00                      | %   |  | 11/20/2020               |  |          | 11/20/2025 |  |           |  | 1,489  |                    |  |   | 1,465                   |  |  |                             | 1,504 
|Relevate
    Health Group, LLC (Delayed Draw) (f) (g)         |  | L+6.00%                            |  |  | 7.00                      | %   |  | 11/20/2020               |  |          | 11/20/2025 |  |           |  | 784    |                    |  |   | 666                     |  |  |                             | 673   
|Relevate
    Health Group, LLC (Revolver) (f)                 |  | L+6.00%                            |  |  | 7.00                      | %   |  | 11/20/2020               |  |          | 11/20/2025 |  |           |  | 316    |                    |  |   | —                       |  |  |                             | —     
|Spherix
    Global Inc.                                       |  | SF+6.00%                           |  |  | 7.00                      | %   |  | 12/22/2021               |  |          | 12/22/2026 |  |           |  | 1,100  |                    |  |   | 1,081                   |  |  |                             | 1,081 
|Spherix
    Global Inc. (Revolver) (f)                        |  | SF+6.00%                           |  |  | 7.00                      | %   |  | 12/22/2021               |  |          | 12/22/2026 |  |           |  | 122    |                    |  |   | —                       |  |  |                             | —     
|XanEdu
    Publishing, Inc.                                   |  | L+6.50%                            |  |  | 7.50                      | %   |  | 1/28/2020                |  |          | 1/28/2025  |  |           |  | 4,631  |                    |  |   | 4,555                   |  |  |                             | 4,647 
|XanEdu
    Publishing, Inc. (Revolver) (f)                    |  | L+6.50%                            |  |  | 7.50                      | %   |  | 1/28/2020                |  |          | 1/28/2025  |  |           |  | 742    |                    |  |   | —                       |  |  |                             | —     
|                                                              |  |                                    |  |  |                           |     |  |                          |  |          |            |  |           |  | 16,337 |                    |  |   | 13,137                  |  |  |                             | 13,322
|Media:
    Broadcasting & Subscription                        |  |                                    |  |  |                           |     |  |                          |  |          |            |  |           |  |        |                    |  |   |                         |  |  |                             |       
|Vice
    Group Holding Inc.                                   |  | L+12.00%                           |  |  | 5.50%
    Cash/ 8.00% PIK |     |  | 5/2/2019                 |  |          | 11/2/2022  |  |           |  | 1,526  |                    |  |   | 1,523                   |  |  |                             | 1,526 
|Vice
    Group Holding Inc.                                   |  | L+12.00%                           |  |  | 5.50%
    Cash/ 8.00% PIK |     |  | 11/4/2019                |  |          | 11/2/2022  |  |           |  | 293    |                    |  |   | 291                     |  |  |                             | 293   
|Vice
    Group Holding Inc.                                   |  | L+12.00%                           |  |  | 5.50%
    Cash/ 8.00% PIK |     |  | 5/2/2019                 |  |          | 11/2/2022  |  |           |  | 478    |                    |  |   | 478                     |  |  |                             | 478   
|Vice
    Group Holding Inc.                                   |  | L+12.00%                           |  |  | 5.50%
    Cash/ 8.00% PIK |     |  | 5/2/2019                 |  |          | 11/2/2022  |  |           |  | 180    |                    |  |   | 180                     |  |  |                             | 180   
|                                                              |  |                                    |  |  |                           |     |  |                          |  |          |            |  |           |  | 2,477  |                    |  |   | 2,472                   |  |  |                             | 2,477 
|Media:
    Diversified & Production                           |  |                                    |  |  |                           |     |  |                          |  |          |            |  |           |  |        |                    |  |   |                         |  |  |                             |       
|Attom
    Intermediate Holdco, LLC                            |  | L+6.15%                            |  |  | 7.15                      | %   |  | 1/4/2019                 |  |          | 1/4/2024   |  |           |  | 1,940  |                    |  |   | 1,923                   |  |  |                             | 1,937 
|Attom
    Intermediate Holdco, LLC                            |  | L+6.15%                            |  |  | 7.15                      | %   |  | 6/25/2020                |  |          | 1/4/2024   |  |           |  | 473    |                    |  |   | 467                     |  |  |                             | 472   
|Attom
    Intermediate Holdco, LLC                            |  | L+6.15%                            |  |  | 7.15                      | %   |  | 7/1/2021                 |  |          | 1/4/2024   |  |           |  | 279    |                    |  |   | 273                     |  |  |                             | 278   
|Attom
    Intermediate Holdco, LLC (Revolver) (f)             |  | L+5.75%                            |  |  | 6.75                      | %   |  | 1/4/2019                 |  |          | 1/4/2024   |  |           |  | 320    |                    |  |   | 160                     |  |  |                             | 160   
|Chess.com,
    LLC                                            |  | L+6.50%                            |  |  | 7.50                      | %   |  | 12/31/2021               |  |          | 12/31/2027 |  |           |  | 6,000  |                    |  |   | 5,880                   |  |  |                             | 5,880 
|Chess.com,
    LLC (Revolver) (f)                             |  | L+6.50%                            |  |  | 7.50                      | %   |  | 12/31/2021               |  |          | 12/31/2027 |  |           |  | 652    |                    |  |   | —                       |  |  |                             | —     
|Crownpeak
    Technology, Inc.                                |  | L+5.75%                            |  |  | 6.75                      | %   |  | 2/28/2019                |  |          | 2/28/2024  |  |           |  | 4,000  |                    |  |   | 3,962                   |  |  |                             | 4,000 
|Crownpeak
    Technology, Inc.                                |  | L+5.75%                            |  |  | 6.75                      | %   |  | 2/28/2019                |  |          | 2/28/2024  |  |           |  | 60     |                    |  |   | 60                      |  |  |                             | 60    
|Crownpeak
    Technology, Inc. (Revolver) (f)                 |  | L+5.75%                            |  |  | 6.75                      | %   |  | 2/28/2019                |  |          | 2/28/2024  |  |           |  | 167    |                    |  |   | —                       |  |  |                             | —     
|CyberGrants
    Holdings, LLC                                 |  | L+6.50%                            |  |  | 7.25                      | %   |  | 9/8/2021                 |  |          | 9/8/2027   |  |           |  | 10,900 |                    |  |   | 10,744                  |  |  |                             | 10,900
|CyberGrants
    Holdings, LLC (Delayed Draw) (f) (g)          |  | L+6.50%                            |  |  | 7.25                      | %   |  | 9/8/2021                 |  |          | 9/8/2027   |  |           |  | 1,069  |                    |  |   | —                       |  |  |                             | —     
|CyberGrants
    Holdings, LLC (Revolver) (f)                  |  | L+6.50%                            |  |  | 7.25                      | %   |  | 9/8/2021                 |  |          | 9/8/2027   |  |           |  | 1,069  |                    |  |   | —                       |  |  |                             | —     
|                                                              |  |                                    |  |  |                           |     |  |                          |  |          |            |  |           |  | 26,929 |                    |  |   | 23,469                  |  |  |                             | 23,687
|Retail                                                        |  |                                    |  |  |                           |     |  |                          |  |          |            |  |           |  |        |                    |  |   |                         |  |  |                             |       
|BLST
    Operating Company, LLC                               |  | L+8.50%                            |  |  | 1.00%
    Cash/ 9.00% PIK | (m) |  | 8/28/2020                |  |          | 8/28/2025  |  |           |  | 1,147  |                    |  |   | 1,025                   |  |  |                             | 1,143 
|Forman
    Mills, Inc. (k)                                    |  | L+9.50%                            |  |  | 8.50%
    Cash/ 2.00% PIK |     |  | 1/14/2020                |  |          | 12/30/2022 |  |           |  | 1,336  |                    |  |   | 1,336                   |  |  |                             | 1,330 
|Forman
    Mills, Inc. (k)                                    |  | L+9.50%                            |  |  | 8.50%
    Cash/ 2.00% PIK |     |  | 10/4/2016                |  |          | 12/30/2022 |  |           |  | 282    |                    |  |   | 281                     |  |  |                             | 281   
|Forman
    Mills, Inc. (k)                                    |  | L+9.50%                            |  |  | 8.50%
    Cash/ 2.00% PIK |     |  | 10/4/2016                |  |          | 12/30/2022 |  |           |  | 7,623  |                    |  |   | 7,600                   |  |  |                             | 7,524 
|                                                              |  |                                    |  |  |                           |     |  |                          |  |          |            |  |           |  | 10,388 |                    |  |   | 10,242                  |  |  |                             | 10,278





16







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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                                           |  |                                |  |  |                           |   |  |                          |  |          |            |  |           |  |        |                    |  |   |                                                                                                                                            |  |  |                             |       
|Aras
    Corporation                                             |  | L+7.00%                        |  |  | 4.25%
    Cash/ 3.75% PIK |   |  | 4/13/2021                |  |          | 4/13/2027  |  |           |  | 2,079  |                    |  | $ | 2,044                                                                                                                                      |  |  | $                           | 2,103 
|Aras
    Corporation (Revolver) (f)                              |  | L+7.00%                        |  |  | 4.25%
    Cash/ 3.75% PIK |   |  | 4/13/2021                |  |          | 4/13/2027  |  |           |  | 150    |                    |  |   | —                                                                                                                                          |  |  |                             | —     
|Burroughs,
    Inc. (k)                                          |  | L+6.50%                        |  |  | 7.50                      | % |  | 12/22/2017               |  |          | 12/22/2022 |  |           |  | 5,501  |                    |  |   | 5,477                                                                                                                                      |  |  |                             | 5,480 
|Burroughs,
    Inc. (Revolver) (f)                               |  | L+6.50%                        |  |  | 7.50                      | % |  | 12/22/2017               |  |          | 12/22/2022 |  |           |  | 1,220  |                    |  |   | —                                                                                                                                          |  |  |                             | —     
|Certify,
    Inc.                                                |  | L+5.50%                        |  |  | 6.50                      | % |  | 2/28/2019                |  |          | 2/28/2024  |  |           |  | 9,000  |                    |  |   | 8,935                                                                                                                                      |  |  |                             | 9,000 
|Certify,
    Inc.                                                |  | L+5.50%                        |  |  | 6.50                      | % |  | 2/28/2019                |  |          | 2/28/2024  |  |           |  | 1,227  |                    |  |   | 1,227                                                                                                                                      |  |  |                             | 1,227 
|Certify,
    Inc. (Revolver) (f)                                 |  | L+5.50%                        |  |  | 6.50                      | % |  | 2/28/2019                |  |          | 2/28/2024  |  |           |  | 409    |                    |  |   | 102                                                                                                                                        |  |  |                             | 102   
|HS4
    Acquisitionco, Inc.                                      |  | L+6.75%                        |  |  | 7.75                      | % |  | 7/9/2019                 |  |          | 7/9/2025   |  |           |  | 10,000 |                    |  |   | 9,869                                                                                                                                      |  |  |                             | 9,910 
|HS4
    Acquisitionco, Inc. (Revolver) (f)                       |  | L+6.75%                        |  |  | 7.75                      | % |  | 7/9/2019                 |  |          | 7/9/2025   |  |           |  | 817    |                    |  |   | —                                                                                                                                          |  |  |                             | —     
|IT
    Global Holding LLC (h)                                    |  | L+9.00%                        |  |  | 10.00                     | % |  | 11/15/2018               |  |          | 11/10/2023 |  |           |  | 3,405  |                    |  |   | 3,374                                                                                                                                      |  |  |                             | 4,411 
|IT
    Global Holding LLC (h)                                    |  | L+9.00%                        |  |  | 10.00                     | % |  | 7/19/2019                |  |          | 11/10/2023 |  |           |  | 1,270  |                    |  |   | 1,255                                                                                                                                      |  |  |                             | 1,645 
|IT
    Global Holding LLC (Revolver) (h)                         |  | L+9.00%                        |  |  | 10.00                     | % |  | 11/15/2018               |  |          | 11/10/2023 |  |           |  | 875    |                    |  |   | 875                                                                                                                                        |  |  |                             | 1,060 
|RedZone
    Robotics, Inc.                                       |  | L+6.75%                        |  |  | 7.75                      | % |  | 6/1/2018                 |  |          | 6/5/2023   |  |           |  | 213    |                    |  |   | 211                                                                                                                                        |  |  |                             | 213   
|RedZone
    Robotics, Inc. (Revolver) (f)                        |  | L+6.75%                        |  |  | 7.75                      | % |  | 6/1/2018                 |  |          | 6/5/2023   |  |           |  | 158    |                    |  |   | —                                                                                                                                          |  |  |                             | —     
|Relativity
    ODA LLC                                           |  | L+7.50%                        |  |  | 8.50%
    PIK             |   |  | 5/12/2021                |  |          | 5/12/2027  |  |           |  | 1,896  |                    |  |   | 1,854                                                                                                                                      |  |  |                             | 1,894 
|Relativity
    ODA LLC (Revolver) (f)                            |  | L+7.50%                        |  |  | 8.50%
    PIK             |   |  | 5/12/2021                |  |          | 5/12/2027  |  |           |  | 180    |                    |  |   | —                                                                                                                                          |  |  |                             | —     
|Security
    Services Acquisition Sub Corp.                      |  | L+6.00%                        |  |  | 7.00                      | % |  | 9/30/2021                |  |          | 9/30/2026  |  |           |  | 7,980  |                    |  |   | 7,872                                                                                                                                      |  |  |                             | 7,972 
|Security
    Services Acquisition Sub Corp. (k)                  |  | L+6.00%                        |  |  | 7.00                      | % |  | 2/15/2019                |  |          | 9/30/2026  |  |           |  | 3,413  |                    |  |   | 3,382                                                                                                                                      |  |  |                             | 3,409 
|Security
    Services Acquisition Sub Corp. (k)                  |  | L+6.00%                        |  |  | 7.00                      | % |  | 2/15/2019                |  |          | 9/30/2026  |  |           |  | 2,455  |                    |  |   | 2,455                                                                                                                                      |  |  |                             | 2,452 
|Security
    Services Acquisition Sub Corp. (k)                  |  | L+6.00%                        |  |  | 7.00                      | % |  | 2/15/2019                |  |          | 9/30/2026  |  |           |  | 2,157  |                    |  |   | 2,157                                                                                                                                      |  |  |                             | 2,154 
|Security
    Services Acquisition Sub Corp.                      |  | L+6.00%                        |  |  | 7.00                      | % |  | 2/15/2019                |  |          | 9/30/2026  |  |           |  | 1,551  |                    |  |   | 1,551                                                                                                                                      |  |  |                             | 1,549 
|ServiceMax,
    Inc. (h)                                         |  | L+7.00%                        |  |  | 8.00                      | % |  | 11/1/2021                |  |          | 11/1/2027  |  |           |  | 3,500  |                    |  |   | 3,431                                                                                                                                      |  |  |                             | 3,500 
|ServiceMax,
    Inc. (Revolver) (f) (h)                          |  | L+7.00%                        |  |  | 8.00                      | % |  | 11/1/2021                |  |          | 11/1/2027  |  |           |  | 350    |                    |  |   | —                                                                                                                                          |  |  |                             | —     
|VPS
    Holdings, LLC                                            |  | L+9.00%                        |  |  | 8.00%
    Cash/ 2.00% PIK |   |  | 10/5/2018                |  |          | 10/4/2024  |  |           |  | 3,447  |                    |  |   | 3,410                                                                                                                                      |  |  |                             | 3,325 
|VPS
    Holdings, LLC                                            |  | L+9.00%                        |  |  | 8.00%
    Cash/ 2.00% PIK |   |  | 10/5/2018                |  |          | 10/4/2024  |  |           |  | 2,817  |                    |  |   | 2,817                                                                                                                                      |  |  |                             | 2,717 
|VPS
    Holdings, LLC (Revolver) (f)                             |  | L+9.00%                        |  |  | 8.00%
    Cash/ 2.00% PIK |   |  | 10/5/2018                |  |          | 10/4/2024  |  |           |  | 1,001  |                    |  |   | 101                                                                                                                                        |  |  |                             | 97    
|                                                                 |  |                                |  |  |                           |   |  |                          |  |          |            |  |           |  | 67,071 |                    |  |   | 62,399                                                                                                                                     |  |  |                             | 64,220
|Services:
    Consumer                                           |  |                                |  |  |                           |   |  |                          |  |          |            |  |           |  |        |                    |  |   |                                                                                                                                            |  |  |                             |       
|Express
    Wash Acquisition Company, LLC                        |  | L+6.50%                        |  |  | 7.50                      | % |  | 12/28/2020               |  |          | 12/26/2025 |  |           |  | 3,203  |                    |  |   | 3,156                                                                                                                                      |  |  |                             | 3,203 
|Express
    Wash Acquisition Company, LLC                        |  | L+6.50%                        |  |  | 7.50                      | % |  | 9/3/2021                 |  |          | 12/26/2025 |  |           |  | 7,275  |                    |  |   | 7,156                                                                                                                                      |  |  |                             | 7,275 
|Express
    Wash Acquisition Company, LLC                        |  | L+6.50%                        |  |  | 7.50                      | % |  | 9/3/2021                 |  |          | 12/26/2025 |  |           |  | 3,500  |                    |  |   | 3,500                                                                                                                                      |  |  |                             | 3,500 
|Express
    Wash Acquisition Company, LLC (Delayed Draw) (f) (g) |  | L+6.50%                        |  |  | 7.50                      | % |  | 9/3/2021                 |  |          | 12/26/2025 |  |           |  | 2,500  |                    |  |   | 925                                                                                                                                        |  |  |                             | 925   
|Express
    Wash Acquisition Company, LLC (Revolver) (f)         |  | L+6.50%                        |  |  | 7.50                      | % |  | 12/28/2020               |  |          | 12/26/2025 |  |           |  | 750    |                    |  |   | 400                                                                                                                                        |  |  |                             | 400   
|IDIG
    Parent, LLC                                             |  | L+6.00%                        |  |  | 7.00                      | % |  | 12/15/2020               |  |          | 12/15/2026 |  |           |  | 5,517  |                    |  |   | 5,423                                                                                                                                      |  |  |                             | 5,530 
|IDIG
    Parent, LLC                                             |  | L+6.00%                        |  |  | 7.00                      | % |  | 12/15/2020               |  |          | 12/15/2026 |  |           |  | 918    |                    |  |   | 918                                                                                                                                        |  |  |                             | 920   
|IDIG
    Parent, LLC (Revolver) (f)                              |  | L+6.00%                        |  |  | 7.00                      | % |  | 12/15/2020               |  |          | 12/15/2026 |  |           |  | 429    |                    |  |   | —                                                                                                                                          |  |  |                             | —     
|Mammoth
    Holdings, LLC                                        |  | L+6.00%                        |  |  | 7.00                      | % |  | 10/16/2018               |  |          | 10/16/2023 |  |           |  | 1,940  |                    |  |   | 1,924                                                                                                                                      |  |  |                             | 1,940 
|Mammoth
    Holdings, LLC                                        |  | L+6.00%                        |  |  | 7.00                      | % |  | 10/16/2018               |  |          | 10/16/2023 |  |           |  | 4,073  |                    |  |   | 4,073                                                                                                                                      |  |  |                             | 4,073 
|Mammoth
    Holdings, LLC                                        |  | L+6.00%                        |  |  | 7.00                      | % |  | 3/12/2021                |  |          | 10/16/2023 |  |           |  | 6,355  |                    |  |   | 6,355                                                                                                                                      |  |  |                             | 6,368 
|Mammoth
    Holdings, LLC (Delayed Draw) (f) (g)                 |  | L+6.00%                        |  |  | 7.00                      | % |  | 6/15/2021                |  |          | 10/16/2023 |  |           |  | 1,646  |                    |  |   | 988                                                                                                                                        |  |  |                             | 989   
|Mammoth
    Holdings, LLC (Revolver) (f)                         |  | L+6.00%                        |  |  | 7.00                      | % |  | 10/16/2018               |  |          | 10/16/2023 |  |           |  | 657    |                    |  |   | —                                                                                                                                          |  |  |                             | —     
|                                                                 |  |                                |  |  |                           |   |  |                          |  |          |            |  |           |  | 38,763 |                    |  |   | 34,818                                                                                                                                     |  |  |                             | 35,123





17







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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) |        
|----------------------------------------------------------- |  | ------------------------------ |  |  | ------------------------- | --- |  | ------------------------ |  | -------- | ---------- |  | --------- |  | ------- | ------------------ |  | - | ------------------ |  |  | --------------------------- | -------
|Telecommunications                                          |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|Calabrio,
    Inc.                                          |  | L+7.00%                        |  |  | 8.00                      | %   |  | 4/16/2021                |  |          | 4/16/2027  |  |           |  | 3,400   |                    |  | $ | 3,322              |  |  | $                           | 3,400  
|Calabrio,
    Inc. (Revolver) (f)                           |  | L+7.00%                        |  |  | 8.00                      | %   |  | 4/16/2021                |  |          | 4/16/2027  |  |           |  | 409     |                    |  |   | —                  |  |  |                             | —      
|VHT
    Solutions                                           |  | L+7.00%                        |  |  | 8.00%
    PIK             |     |  | 12/21/2021               |  |          | 12/21/2026 |  |           |  | 1,500   |                    |  |   | 1,470              |  |  |                             | 1,470  
|VHT
    Solutions (Delayed Draw) (f) (g)                    |  | L+7.00%                        |  |  | 8.00%
    PIK             |     |  | 12/21/2021               |  |          | 12/21/2026 |  |           |  | 120     |                    |  |   | —                  |  |  |                             | —      
|VHT
    Solutions (Revolver) (f)                            |  | L+7.00%                        |  |  | 8.00%
    PIK             |     |  | 12/21/2021               |  |          | 12/21/2026 |  |           |  | 43      |                    |  |   | —                  |  |  |                             | —      
|                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  | 5,472   |                    |  |   | 4,792              |  |  |                             | 4,870  
|Wholesale                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|Nearly
    Natural, Inc. (k)                                |  | L+11.50%                       |  |  | 8.50%
    Cash/ 4.00% PIK |     |  | 12/15/2017               |  |          | 12/15/2022 |  |           |  | 6,601   |                    |  |   | 6,572              |  |  |                             | 6,520  
|Nearly
    Natural, Inc.                                    |  | L+11.50%                       |  |  | 8.50%
    Cash/ 4.00% PIK |     |  | 2/16/2021                |  |          | 12/15/2022 |  |           |  | 3,099   |                    |  |   | 3,066              |  |  |                             | 3,061  
|Nearly
    Natural, Inc. (k)                                |  | L+11.50%                       |  |  | 8.50%
    Cash/ 4.00% PIK |     |  | 9/22/2020                |  |          | 12/15/2022 |  |           |  | 1,706   |                    |  |   | 1,691              |  |  |                             | 1,685  
|Nearly
    Natural, Inc. (k)                                |  | L+11.50%                       |  |  | 8.50%
    Cash/ 4.00% PIK |     |  | 8/28/2019                |  |          | 12/15/2022 |  |           |  | 1,859   |                    |  |   | 1,859              |  |  |                             | 1,836  
|Nearly
    Natural, Inc. (Revolver)                         |  | L+11.50%                       |  |  | 8.50%
    Cash/ 4.00% PIK |     |  | 12/15/2017               |  |          | 12/15/2022 |  |           |  | 2,430   |                    |  |   | 2,430              |  |  |                             | 2,400  
|                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  | 15,695  |                    |  |   | 15,618             |  |  |                             | 15,502 
|Total
    Non-Controlled/Non-Affiliate Senior Secured Loans |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  | 398,010 |                    |  |   | 347,073            |  |  |                             | 351,698
|                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|Unitranche
    Secured Loans (q)                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|Aerospace
    & Defense                                     |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|Cassavant
    Holdings, LLC                                 |  | L+6.50%                        |  |  | 7.50                      | %   |  | 9/8/2021                 |  |          | 9/8/2026   |  |           |  | 7,980   |                    |  |   | 7,828              |  |  |                             | 7,972  
|                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  | 7,980   |                    |  |   | 7,828              |  |  |                             | 7,972  
|Chemicals,
    Plastics & Rubber                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|MFG
    Chemical, LLC (k)                                   |  | L+8.00%                        |  |  | 9.00                      | %   |  | 6/23/2017                |  |          | 6/23/2022  |  |           |  | 5,555   |                    |  |   | 5,546              |  |  |                             | 5,555  
|MFG
    Chemical, LLC                                       |  | L+8.00%                        |  |  | 9.00                      | %   |  | 3/15/2018                |  |          | 6/23/2022  |  |           |  | 543     |                    |  |   | 543                |  |  |                             | 543    
|                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  | 6,098   |                    |  |   | 6,089              |  |  |                             | 6,098  
|Consumer
    Goods: Non-Durable                             |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|Vinci
    Brands LLC (fka Incipio, LLC)                     |  | n/a                            |  |  | 2.00%
    PIK             | (m) |  | 7/6/2018                 |  |          | 2/6/2024   |  |           |  | 7,026   |                    |  |   | 7,026              |  |  |                             | 4,950  
|Vinci
    Brands LLC (fka Incipio, LLC) (r)                 |  | n/a                            |  |  | 2.00%
    PIK             | (m) |  | 3/9/2018                 |  |          | 2/6/2024   |  |           |  | 3,065   |                    |  |   | 3,065              |  |  |                             | —      
|Vinci
    Brands LLC (fka Incipio, LLC) (s)                 |  | n/a                            |  |  | 2.00%
    PIK             | (m) |  | 12/26/2014               |  |          | 2/6/2024   |  |           |  | 13,552  |                    |  |   | 13,528             |  |  |                             | —      
|Vinci
    Brands LLC (fka Incipio, LLC) (t)                 |  | n/a                            |  |  | 2.00%
    PIK             | (m) |  | 12/26/2014               |  |          | 2/6/2024   |  |           |  | 1,149   |                    |  |   | 1,149              |  |  |                             | —      
|                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  | 24,792  |                    |  |   | 24,768             |  |  |                             | 4,950  
|Healthcare
    & Pharmaceuticals                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|Priority
    Ambulance, LLC (u)                             |  | L+6.50%                        |  |  | 7.50                      | %   |  | 7/18/2018                |  |          | 4/12/2022  |  |           |  | 10,015  |                    |  |   | 10,015             |  |  |                             | 10,010 
|Priority
    Ambulance, LLC (v)                             |  | L+6.50%                        |  |  | 7.50                      | %   |  | 4/12/2017                |  |          | 4/12/2022  |  |           |  | 1,253   |                    |  |   | 1,251              |  |  |                             | 1,253  
|Priority
    Ambulance, LLC                                 |  | L+6.50%                        |  |  | 7.50                      | %   |  | 12/13/2018               |  |          | 4/12/2022  |  |           |  | 655     |                    |  |   | 655                |  |  |                             | 655    
|Priority
    Ambulance, LLC                                 |  | L+6.50%                        |  |  | 7.50                      | %   |  | 10/22/2020               |  |          | 4/12/2022  |  |           |  | 990     |                    |  |   | 990                |  |  |                             | 989    
|                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  | 12,913  |                    |  |   | 12,911             |  |  |                             | 12,907 
|High
    Tech Industries                                    |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  |         |                    |  |   |                    |  |  |                             |        
|Energy
    Services Group, LLC                              |  | L+8.42%                        |  |  | 9.42                      | %   |  | 5/4/2017                 |  |          | 5/4/2022   |  |           |  | 3,725   |                    |  |   | 3,720              |  |  |                             | 3,725  
|Energy
    Services Group, LLC (h) (w)                      |  | SN+8.42%                       |  |  | 9.42                      | %   |  | 5/4/2017                 |  |          | 5/4/2022   |  |           |  | 4,541   |                    |  |   | 4,458              |  |  |                             | 4,541  
|Energy
    Services Group, LLC                              |  | L+8.42%                        |  |  | 9.42                      | %   |  | 5/4/2017                 |  |          | 5/4/2022   |  |           |  | 1,060   |                    |  |   | 1,047              |  |  |                             | 1,060  
|WillowTree,
    LLC                                         |  | L+5.00%                        |  |  | 6.00                      | %   |  | 10/9/2018                |  |          | 10/9/2023  |  |           |  | 7,639   |                    |  |   | 7,584              |  |  |                             | 7,651  
|                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |  |           |  | 16,965  |                    |  |   | 16,809             |  |  |                             | 16,977 





18







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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                                                             |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Onit,
    Inc.                                                                     |  | L+7.25%                        |  |  | 8.25                      | %   |  | 12/20/2021               |  |          | 5/2/2025   |     |           |  | 1,500  |                    |  | $ | 1,472              |  |  | $                           | 1,472 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 1,500  |                    |  |   | 1,472              |  |  |                             | 1,472 
|Telecommunications                                                                 |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|VB
    E1, LLC (Delayed Draw) (f) (g)                                              |  | L+7.65%                        |  |  | 8.15                      | %   |  | 11/18/2020               |  |          | 11/18/2026 |     |           |  | 2,250  |                    |  |   | 1,100              |  |  |                             | 1,118 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 2,250  |                    |  |   | 1,100              |  |  |                             | 1,118 
|Total
    Non-Controlled/Non-Affiliate Unitranche Secured Loans                    |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 72,498 |                    |  |   | 70,977             |  |  |                             | 51,494
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Junior
    Secured Loans                                                           |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Banking                                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|MoneyLion,
    Inc. (h)                                                            |  | n/a                            |  |  | 12.00                     | %   |  | 8/27/2021                |  |          | 5/1/2023   |     |           |  | 1,500  |                    |  |   | 1,488              |  |  |                             | 1,522 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 1,500  |                    |  |   | 1,488              |  |  |                             | 1,522 
|FIRE:
    Real Estate                                                              |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Florida
    East Coast Industries, LLC (h)                                         |  | n/a                            |  |  | 16.00%
    PIK            |     |  | 8/9/2021                 |  |          | 6/28/2024  |     |           |  | 1,520  |                    |  |   | 1,482              |  |  |                             | 1,530 
|Witkoff/Monroe
    700 JV LLC (Delayed Draw) (f) (g) (h)                           |  | n/a                            |  |  | 8.00%
    Cash/ 4.00% PIK |     |  | 7/2/2021                 |  |          | 7/2/2026   |     |           |  | 5,576  |                    |  |   | 4,665              |  |  |                             | 4,886 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 7,096  |                    |  |   | 6,147              |  |  |                             | 6,416 
|Services:
    Consumer                                                             |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Education
    Corporation of America                                               |  | L+11.00%                       |  |  | 5.72%
    Cash/ 5.50% PIK | (m) |  | 9/3/2015                 |  |          | n/a        | (p) |           |  | 833    |                    |  |   | 831                |  |  |                             | 576   
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 833    |                    |  |   | 831                |  |  |                             | 576   
|Total
    Non-Controlled/Non-Affiliate Junior Secured Loans                        |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 9,429  |                    |  |   | 8,466              |  |  |                             | 8,514 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Equity
    Securities (x) (y)                                                      |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Automotive                                                                         |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Born
    To Run, LLC (269,438 Class A units)                                       |  | —                              |  |  | —                         | (z) |  | 4/1/2021                 |  |          | —          |     |           |  | —      |                    |  |   | 269                |  |  |                             | 293   
|Lifted
    Trucks Holdings, LLC (111,111 Class A units) (aa)                       |  | —                              |  |  | —                         | (z) |  | 8/2/2021                 |  |          | —          |     |           |  | —      |                    |  |   | 111                |  |  |                             | 109   
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   | 380                |  |  |                             | 402   
|Banking                                                                            |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|MV
    Receivables II, LLC (729 common units) (h) (aa)                             |  | —                              |  |  | —                         | (z) |  | 7/29/2021                |  |          | —          |     |           |  | —      |                    |  |   | 300                |  |  |                             | 558   
|MV
    Receivables II, LLC (warrant to purchase up to 0.8% of the equity) (h) (aa) |  | —                              |  |  | —                         | (z) |  | 7/28/2021                |  |          | 7/28/2031  |     |           |  | —      |                    |  |   | 363                |  |  |                             | 1,007 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   | 663                |  |  |                             | 1,565 





19







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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) |      
|--------------------------------------------------------------------------------------- |  | ------------------------------ |  |  | ------------------------- | --- |  | ------------------------ |  | -------- | --------- |  | --------- |  | - | ------------------ |  | - | ------------------ |  |  | --------------------------- | -----
|Beverage,
    Food & Tobacco                                                            |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|California
    Pizza Kitchen, Inc. (78,699 common units)                                |  | —                              |  |  | —                         | (z) |  | 8/19/2016                |  |          | —         |  |           |  | — |                    |  | $ | 5,468              |  |  | $                           | 3,699
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 5,468              |  |  |                             | 3,699
|Capital
    Equipment                                                                   |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|MCP
    Shaw Acquisitionco, LLC (118,906 Class A-2 units) (aa)                          |  | —                              |  |  | —                         | (z) |  | 2/28/2020                |  |          | —         |  |           |  | — |                    |  |   | 119                |  |  |                             | 148  
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 119                |  |  |                             | 148  
|Chemicals,
    Plastics & Rubber                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|Valudor
    Products LLC (501,014 Class A-1 units) (aa)                                 |  | n/a                            |  |  | 10.00%
    PIK            |     |  | 6/18/2018                |  |          | —         |  |           |  | — |                    |  |   | 501                |  |  |                             | 16   
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 501                |  |  |                             | 16   
|Consumer
    Goods: Durable                                                             |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|Independence
    Buyer, Inc. (81 Class A units)                                         |  | —                              |  |  | —                         | (z) |  | 8/3/2021                 |  |          | —         |  |           |  | — |                    |  |   | 81                 |  |  |                             | 101  
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 81                 |  |  |                             | 101  
|Environmental
    Industries                                                            |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|Quest
    Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  | —                              |  |  | —                         | (z) |  | 10/19/2020               |  |          | 3/19/2028 |  |           |  | — |                    |  |   | 67                 |  |  |                             | 286  
|Quest
    Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  | —                              |  |  | —                         | (z) |  | 10/19/2021               |  |          | 3/19/2028 |  |           |  | — |                    |  |   | —                  |  |  |                             | 169  
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 67                 |  |  |                             | 455  
|FIRE:
    Finance                                                                       |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|J2
    BWA Funding LLC (0.7% profit sharing) (h) (aa)                                   |  | —                              |  |  | —                         | (z) |  | 12/24/2020               |  |          | —         |  |           |  | — |                    |  |   | —                  |  |  |                             | —    
|PKS
    Holdings, LLC (5,680 preferred units) (h)                                       |  | n/a                            |  |  | 12.00%
    PIK            |     |  | 11/30/2017               |  |          | —         |  |           |  | — |                    |  |   | 58                 |  |  |                             | 219  
|PKS
    Holdings, LLC (5,714 preferred units) (h)                                       |  | n/a                            |  |  | 12.00%
    PIK            |     |  | 11/30/2017               |  |          | —         |  |           |  | — |                    |  |   | 9                  |  |  |                             | 34   
|PKS
    Holdings, LLC (132 preferred units) (h)                                         |  | n/a                            |  |  | 12.00%
    PIK            |     |  | 11/30/2017               |  |          | —         |  |           |  | — |                    |  |   | 1                  |  |  |                             | 5    
|PKS
    Holdings, LLC (916 preferred units) (h)                                         |  | n/a                            |  |  | 12.00%
    PIK            |     |  | 11/30/2017               |  |          | —         |  |           |  | — |                    |  |   | 9                  |  |  |                             | 34   
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 77                 |  |  |                             | 292  
|FIRE:
    Real Estate                                                                   |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|Witkoff/Monroe
    700 JV LLC (2,141 preferred units) (h) (aa)                          |  | n/a                            |  |  | 8.00%
    Cash/ 4.00% PIK |     |  | 7/2/2021                 |  |          | —         |  |           |  | — |                    |  |   | 2                  |  |  |                             | 2    
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 2                  |  |  |                             | 2    
|Healthcare
    & Pharmaceuticals                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|Dorado
    Acquisition, Inc. (178,891 Class A-1 units)                                  |  | —                              |  |  | —                         | (z) |  | 6/30/2021                |  |          | —         |  |           |  | — |                    |  |   | 179                |  |  |                             | 179  
|Dorado
    Acquisition, Inc. (178,891 Class A-2 units)                                  |  | —                              |  |  | —                         | (z) |  | 6/30/2021                |  |          | —         |  |           |  | — |                    |  |   | —                  |  |  |                             | 9    
|NationsBenefits,
    LLC (888,889 Series A units) (aa)                                  |  | n/a                            |  |  | 9.00%
    PIK             |     |  | 8/20/2021                |  |          | —         |  |           |  | — |                    |  |   | 736                |  |  |                             | 714  
|NationsBenefits,
    LLC (106,667 shares of common units) (aa)                          |  | —                              |  |  | —                         | (z) |  | 8/20/2021                |  |          | —         |  |           |  | — |                    |  |   | 153                |  |  |                             | 67   
|Seran
    BioScience, LLC (33,333 common units) (aa)                                    |  | —                              |  |  | —                         | (z) |  | 12/31/2020               |  |          | —         |  |           |  | — |                    |  |   | 334                |  |  |                             | 714  
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 1,402              |  |  |                             | 1,683
|High
    Tech Industries                                                                |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|MarkLogic
    Corporation (290,239 Class A units)                                       |  | —                              |  |  | —                         | (z) |  | 10/20/2020               |  |          | —         |  |           |  | — |                    |  |   | 290                |  |  |                             | 423  
|Planful,
    Inc. (473,082 Class A units)                                               |  | n/a                            |  |  | 8.00%
    PIK             |     |  | 12/28/2018               |  |          | —         |  |           |  | — |                    |  |   | 473                |  |  |                             | 557  
|Recorded
    Future, Inc. (80,486 Class A units) (ab)                                   |  | —                              |  |  | —                         | (z) |  | 7/3/2019                 |  |          | —         |  |           |  | — |                    |  |   | 81                 |  |  |                             | 203  
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 844                |  |  |                             | 1,183
|Hotels,
    Gaming & Leisure                                                            |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |      
|Equine
    Network, LLC (99 Class A units) (aa)                                         |  | —                              |  |  | —                         | (z) |  | 12/31/2020               |  |          | —         |  |           |  | — |                    |  |   | 99                 |  |  |                             | 102  
|                                                                                        |  |                                |  |  |                           |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 99                 |  |  |                             | 102  





20







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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) |        
|------------------------------------------------------------------------------ |  | ------------------------------ |  |  | ----------------- | --- |  | ------------------------ |  | -------- | --------- |  | --------- |  | - | ------------------ |  | - | ------------------ |  |  | --------------------------- | -------
|Media:
    Advertising, Printing & Publishing                                  |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |        
|AdTheorent
    Holding Company, Inc. (177,362 shares of common stock) (h) (aj) |  | —                              |  |  | —                 | (z) |  | 12/22/2016               |  |          | —         |  |           |  | — |                    |  | $ | 114                |  |  | $                           | 1,041  
|InMobi
    Pte, Ltd. (warrant to purchase up to 2.8% of the equity) (h) (j)    |  | —                              |  |  | —                 | (z) |  | 9/18/2015                |  |          | 9/18/2025 |  |           |  | — |                    |  |   | —                  |  |  |                             | 2,204  
|Relevate
    Health Group, LLC (40 preferred units)                            |  | n/a                            |  |  | 12.00%
    PIK    |     |  | 11/20/2020               |  |          | —         |  |           |  | — |                    |  |   | 40                 |  |  |                             | 40     
|Relevate
    Health Group, LLC (40 Class B common units)                       |  | —                              |  |  | —                 | (z) |  | 11/20/2020               |  |          | —         |  |           |  | — |                    |  |   | —                  |  |  |                             | —      
|Spherix
    Global Inc. (81 Class A units)                                     |  | —                              |  |  | —                 | (z) |  | 12/22/2021               |  |          | —         |  |           |  | — |                    |  |   | 81                 |  |  |                             | 81     
|XanEdu
    Publishing, Inc. (49,479 Class A units)                             |  | n/a                            |  |  | 8.00%
    PIK     |     |  | 1/28/2020                |  |          | —         |  |           |  | — |                    |  |   | 49                 |  |  |                             | 106    
|                                                                               |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 284                |  |  |                             | 3,472  
|Media:
    Diversified & Production                                            |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Attom
    Intermediate Holdco, LLC (297,197 Class A units) (aa)                |  | —                              |  |  | —                 | (z) |  | 1/4/2019                 |  |          | —         |  |           |  | — |                    |  |   | 297                |  |  |                             | 446    
|Chess.com,
    LLC (2 Class A units) (aa)                                      |  | —                              |  |  | —                 | (z) |  | 12/31/2021               |  |          | —         |  |           |  | — |                    |  |   | 87                 |  |  |                             | 87     
|                                                                               |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 384                |  |  |                             | 533    
|Retail                                                                         |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |        
|BLST
    Operating Company, LLC (139,883 Class A units) (aa)                   |  | —                              |  |  | —                 | (z) |  | 8/28/2020                |  |          | —         |  |           |  | — |                    |  |   | 712                |  |  |                             | 420    
|Forman
    Mills, Inc. (warrant to purchase up to 2.6% of the equity) (k)      |  | —                              |  |  | —                 | (z) |  | 1/14/2020                |  |          | 1/14/2029 |  |           |  | — |                    |  |   | —                  |  |  |                             | 702    
|Luxury
    Optical Holdings Co. (af)                                           |  | n/a                            |  |  | n/a               | (z) |  | 9/12/2014                |  |          | —         |  |           |  | — |                    |  |   | —                  |  |  |                             | 78     
|                                                                               |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 712                |  |  |                             | 1,200  
|Services:
    Business                                                         |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |        
|APCO
    Worldwide, Inc. (100 Class A voting common stock)                     |  | —                              |  |  | —                 | (z) |  | 11/1/2017                |  |          | —         |  |           |  | — |                    |  |   | 395                |  |  |                             | 737    
|                                                                               |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 395                |  |  |                             | 737    
|Services:
    Consumer                                                         |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Education
    Corporation of America - Series G Preferred Stock (8,333 shares) |  | n/a                            |  |  | 12.00%
    PIK    | (m) |  | 9/3/2015                 |  |          | —         |  |           |  | — |                    |  |   | 7,492              |  |  |                             | 2,281  
|Express
Wash Acquisition Company, LLC (121,311 Class A units) (aa)             |  | n/a                            |  |  | 8.00%
    PIK     |     |  | 12/28/2020               |  |          | —         |  |           |  | — |                    |  |   | 125                |  |  |                             | 208    
|IDIG
    Parent, LLC (245,958 shares of common stock) (aa) (ac)                |  | —                              |  |  | —                 | (z) |  | 1/4/2021                 |  |          | —         |  |           |  | — |                    |  |   | 248                |  |  |                             | 428    
|                                                                               |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 7,865              |  |  |                             | 2,917  
|Wholesale                                                                      |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Nearly
    Natural, Inc. (152,174 Class A units)                               |  | —                              |  |  | —                 | (z) |  | 12/15/2017               |  |          | —         |  |           |  | — |                    |  |   | 153                |  |  |                             | 69     
|Nearly
    Natural, Inc. (39,394 Class AA units)                               |  | —                              |  |  | —                 | (z) |  | 8/27/2021                |  |          | —         |  |           |  | — |                    |  |   | 39                 |  |  |                             | 5      
|                                                                               |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 192                |  |  |                             | 74     
|Total
    Non-Controlled/Non-Affiliate Equity Securities                       |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  |   | 19,535             |  |  |                             | 18,581 
|Total
    Non-Controlled/Non-Affiliate Company Investments                     |  |                                |  |  |                   |     |  |                          |  |          |           |  |           |  |   |                    |  | $ | 446,051            |  |  | $                           | 430,287





21







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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
    Affiliate Company Investments (ad)                              |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Senior
    Secured Loans                                                           |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Beverage,
    Food & Tobacco                                                       |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|TJ
    Management HoldCo LLC (Revolver) (f)                                        |  | L+5.50%                        |  |  | 6.50                      | %   |  | 9/9/2020                 |  |          | 6/28/2024  |     |           |  | 477    |                    |  | $ | —                  |  |  | $                           | —     
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 477    |                    |  |   | —                  |  |  |                             | —     
|FIRE
    Real Estate                                                               |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|American
    Community Homes, Inc.                                                 |  | L+10.00%                       |  |  | 11.50%
    PIK            |     |  | 7/22/2014                |  |          | 3/31/2022  |     |           |  | 10,457 |                    |  |   | 10,457             |  |  |                             | 10,457
|American
    Community Homes, Inc.                                                 |  | L+14.50%                       |  |  | 16.00%
    PIK            |     |  | 7/22/2014                |  |          | 3/31/2022  |     |           |  | 4,753  |                    |  |   | 4,753              |  |  |                             | 4,753 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                       |  |  | 11.50%
    PIK            |     |  | 5/24/2017                |  |          | 3/31/2022  |     |           |  | 634    |                    |  |   | 634                |  |  |                             | 634   
|American
    Community Homes, Inc.                                                 |  | L+10.00%                       |  |  | 11.50%
    PIK            |     |  | 8/10/2018                |  |          | 3/31/2022  |     |           |  | 2,331  |                    |  |   | 2,331              |  |  |                             | 3,164 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                       |  |  | 11.50%
    PIK            |     |  | 3/29/2019                |  |          | 3/31/2022  |     |           |  | 4,315  |                    |  |   | 4,315              |  |  |                             | 4,357 
|American
    Community Homes, Inc.                                                 |  | L+10.00%                       |  |  | 11.50%
    PIK            |     |  | 9/30/2019                |  |          | 3/31/2022  |     |           |  | 20     |                    |  |   | 20                 |  |  |                             | 20    
|American
    Community Homes, Inc.                                                 |  | L+10.00%                       |  |  | 11.50%
    PIK            |     |  | 12/30/2019               |  |          | 3/31/2022  |     |           |  | 99     |                    |  |   | 99                 |  |  |                             | 99    
|HFZ
    Capital Group LLC (h) (ae)                                                 |  | L+12.50%                       |  |  | 14.00%
    PIK            |     |  | 10/20/2017               |  |          | n/a        | (p) |           |  | 13,242 |                    |  |   | 13,242             |  |  |                             | 15,084
|HFZ
    Capital Group LLC (h) (ae)                                                 |  | L+12.50%                       |  |  | 14.00%
    PIK            |     |  | 10/20/2017               |  |          | n/a        | (p) |           |  | 4,758  |                    |  |   | 4,758              |  |  |                             | 5,420 
|MC
    Asset Management (Corporate), LLC (h)                                       |  | L+15.00%                       |  |  | 16.00%
    PIK            |     |  | 1/26/2021                |  |          | 1/26/2024  |     |           |  | 7,154  |                    |  |   | 7,154              |  |  |                             | 7,154 
|MC
    Asset Management (Corporate), LLC (Delayed Draw) (f) (g) (h)                |  | L+15.00%                       |  |  | 16.00%
    PIK            |     |  | 4/26/2021                |  |          | 1/26/2024  |     |           |  | 1,643  |                    |  |   | 850                |  |  |                             | 850   
|Second
    Avenue SFR Holdings II LLC (Revolver) (f) (h)                           |  | L+7.00%                        |  |  | 7.50                      | %   |  | 8/11/2021                |  |          | 8/9/2024   |     |           |  | 4,875  |                    |  |   | 2,104              |  |  |                             | 2,104 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 54,281 |                    |  |   | 50,717             |  |  |                             | 54,096
|Healthcare
    & Pharmaceuticals                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Ascent
    Midco, LLC (k)                                                          |  | L+5.50%                        |  |  | 6.50                      | %   |  | 2/5/2020                 |  |          | 2/5/2025   |     |           |  | 6,392  |                    |  |   | 6,308              |  |  |                             | 6,392 
|Ascent
    Midco, LLC (Revolver) (f)                                               |  | L+5.50%                        |  |  | 6.50                      | %   |  | 2/5/2020                 |  |          | 2/5/2025   |     |           |  | 1,129  |                    |  |   | —                  |  |  |                             | —     
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 7,521  |                    |  |   | 6,308              |  |  |                             | 6,392 
|High
    Tech Industries                                                           |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Mnine
    Holdings, Inc.                                                           |  | L+8.00%                        |  |  | 4.00%
    Cash/ 5.00% PIK |     |  | 11/2/2018                |  |          | 12/30/2022 |     |           |  | 5,193  |                    |  |   | 5,165              |  |  |                             | 5,771 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 5,193  |                    |  |   | 5,165              |  |  |                             | 5,771 
|Services:
    Business                                                             |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Curion
    Holdings, LLC (ag)                                                      |  | n/a                            |  |  | 14.00%
    PIK            | (m) |  | 5/2/2017                 |  |          | 8/31/2022  |     |           |  | 4,533  |                    |  |   | 4,497              |  |  |                             | 4,561 
|Curion
    Holdings, LLC (Revolver) (f)                                            |  | n/a                            |  |  | 14.00%
    PIK            | (m) |  | 5/2/2017                 |  |          | 8/31/2022  |     |           |  | 871    |                    |  |   | 528                |  |  |                             | 550   
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 5,404  |                    |  |   | 5,025              |  |  |                             | 5,111 
|Services:
    Consumer                                                             |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|NECB
    Collections, LLC (Revolver) (f)                                           |  | L+11.00%                       |  |  | 12.00%
    PIK            | (m) |  | 6/25/2019                |  |          | n/a        | (p) |           |  | 1,356  |                    |  |   | 1,312              |  |  |                             | 632   
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 1,356  |                    |  |   | 1,312              |  |  |                             | 632   
|Total
    Non-Controlled Affiliate Senior Secured Loans                            |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 74,232 |                    |  |   | 68,527             |  |  |                             | 72,002
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Junior
    Secured Loans                                                           |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|FIRE:
Real Estate                                                                  |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Second
    Avenue SFR Holdings II LLC (h)                                          |  | n/a                            |  |  | 8.00                      | %   |  | 8/6/2021                 |  |          | 7/28/2028  |     |           |  | 5,850  |                    |  |   | 5,850              |  |  |                             | 5,850 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 5,850  |                    |  |   | 5,850              |  |  |                             | 5,850 
|Services:
    Business                                                             |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Curion
    Holdings, LLC (k)                                                       |  | n/a                            |  |  | 15.00%
    PIK            | (m) |  | 8/17/2018                |  |          | 1/2/2023   |     |           |  | 1,720  |                    |  |   | 1                  |  |  |                             | —     
|Curion
    Holdings, LLC (k)                                                       |  | n/a                            |  |  | 15.00%
    PIK            | (m) |  | 8/17/2018                |  |          | 1/2/2023   |     |           |  | 44     |                    |  |   | —                  |  |  |                             | —     
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 1,764  |                    |  |   | 1                  |  |  |                             | —     
|Total
    Non-Controlled Affiliate Company Junior Secured Loans                    |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  | 7,614  |                    |  |   | 5,851              |  |  |                             | 5,850 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Equity
    Securities (y) (ad)                                                     |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|Beverage,
    Food & Tobacco                                                       |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|TJ
Management HoldCo LLC (16 shares of common stock) (l) (aa)                      |  | —                              |  |  | —                         | (z) |  | 9/9/2020                 |  |          | —          |     |           |  | —      |                    |  |   | 1,631              |  |  |                             | 3,148 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   | 1,631              |  |  |                             | 3,148 
|FIRE:
Real Estate                                                                  |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   |                    |  |  |                             |       
|American
    Community Homes, Inc. (warrant to purchase up to 22.3% of the equity) |  | —                              |  |  | —                         | (z) |  | 10/9/2014                |  |          | 12/18/2024 |     |           |  | —      |                    |  |   | —                  |  |  |                             | 264   
|MC
Asset Management (Corporate), LLC (15.9% of interests) (h) (aa) (ae)            |  | —                              |  |  | —                         | (z) |  | 6/11/2019                |  |          | —          |     |           |  | —      |                    |  |   | 793                |  |  |                             | 644   
|Second
    Avenue SFR Holdings II LLC (24.4% of interests) (h)                     |  | —                              |  |  | —                         | (z) |  | 8/6/2021                 |  |          | —          |     |           |  | —      |                    |  |   | 3,900              |  |  |                             | 3,900 
|                                                                                   |  |                                |  |  |                           |     |  |                          |  |          |            |     |           |  |        |                    |  |   | 4,693              |  |  |                             | 4,808 





22







MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2021

(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                                   |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Ascent
    Midco, LLC (2,032,258 Class A units) (aa)               |  | n/a                            |  |  | 8.00%
    PIK     |     |  | 2/5/2020                 |  |          | — |  |           |  | — |                    |  | $ | 2,032              |  |  | $                           | 2,554  
|Familia
Dental Group Holdings, LLC (1,105 Class A units) (aa) (ah) |  | —                              |  |  | —                 | (z) |  | 4/8/2016                 |  |          | — |  |           |  | — |                    |  |   | 3,785              |  |  |                             | 1,919  
|                                                                   |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   | 5,817              |  |  |                             | 4,473  
|High
    Tech Industries                                           |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Mnine
    Holdings, Inc. (6,400 Class B units)                     |  | —                              |  |  | —                 | (z) |  | 6/30/2020                |  |          | — |  |           |  | — |                    |  |   | —                  |  |  |                             | —      
|                                                                   |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   | —                  |  |  |                             | —      
|Services:
    Business                                             |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Curion
    Holdings, LLC (58,779 shares of common stock) (k)       |  | —                              |  |  | —                 | (z) |  | 8/17/2018                |  |          | — |  |           |  | — |                    |  |   | —                  |  |  |                             | —      
|                                                                   |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   | —                  |  |  |                             | —      
|Services:
    Consumer                                             |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|NECB
    Collections, LLC (20.8% of units) (aa)                    |  | —                              |  |  | —                 | (z) |  | 6/21/2019                |  |          | — |  |           |  | — |                    |  |   | 1,458              |  |  |                             | —      
|                                                                   |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   | 1,458              |  |  |                             | —      
|Total
    Non-Controlled Affiliate Equity Securities               |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   | 13,599             |  |  |                             | 12,429 
|Total
    Non-Controlled Affiliate Company Investments             |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  | $ | 87,977             |  |  | $                           | 90,281 
|                                                                   |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Controlled
    Affiliate Company Investments (ai)                  |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Equity
    Securities                                              |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|Investment
    Funds & Vehicles                                    |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|MRCC
Senior Loan Fund I, LLC (50.0% of the equity interests) (h)   |  | —                              |  |  | —                 |     |  | 10/31/2017               |  |          | — |  |           |  | — |                    |  | $ | 42,150             |  |  | $                           | 41,125 
|Total
    Controlled Affiliate Equity Securities                   |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   | 42,150             |  |  |                             | 41,125 
|Total
    Controlled Affiliate Company Investments                 |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  | $ | 42,150             |  |  | $                           | 41,125 
|                                                                   |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  |   |                    |  |  |                             |        
|TOTAL
    INVESTMENTS                                              |  |                                |  |  |                   |     |  |                          |  |          |   |  |           |  |   |                    |  | $ | 576,178            |  |  | $                           | 561,693





23







Derivative
Instruments





Foreign
currency forward contracts



|Description                           |  | Notional
    Amount  to be Purchased |        |  | Notional
    Amount to be Sold |     |        | Counterparty |  | Settlement
    Date               |  | Unrealized
    Gain (Loss) | 
|------------------------------------- |  | ------------------------------------ | ------ |  | ------------------------------ | --- | ------ | ------------ |  | --------------------------------- |  | -------------------------- | 
|Foreign
    currency forward contract |  | $                                    | 101    |  |                                | £   | 82     |              |  | Bannockburn Global
    Forex, LLC |  | 1/3/2022                   | 
|Foreign
    currency forward contract |  | $                                    | 97     |  |                                | £   | 79     |              |  | Bannockburn Global Forex, LLC     |  | 4/4/2022                   | 
|Foreign
    currency forward contract |  | $                                    | 36     |  |                                | £   | 29     |              |  | Bannockburn Global Forex, LLC     |  | 5/6/2022                   | 
|Foreign
    currency forward contract |  | $                                    | 121    |  |                                | AUD | 156    |              |  | Bannockburn Global Forex, LLC     |  | 1/19/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 105    |  |                                | AUD | 136    |              |  | Bannockburn Global Forex, LLC     |  | 2/16/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 102    |  |                                | AUD | 132    |              |  | Bannockburn Global Forex, LLC     |  | 3/16/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 113    |  |                                | AUD | 146    |              |  | Bannockburn Global Forex, LLC     |  | 4/19/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 107    |  |                                | AUD | 138    |              |  | Bannockburn Global Forex, LLC     |  | 5/17/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 119    |  |                                | AUD | 153    |              |  | Bannockburn Global Forex, LLC     |  | 6/17/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 107    |  |                                | AUD | 138    |              |  | Bannockburn Global Forex, LLC     |  | 7/18/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 108    |  |                                | AUD | 140    |              |  | Bannockburn Global Forex, LLC     |  | 8/16/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 118    |  |                                | AUD | 153    |              |  | Bannockburn Global Forex, LLC     |  | 9/16/2022                  | 
|Foreign
    currency forward contract |  | $                                    | 117    |  |                                | AUD | 152    |              |  | Bannockburn Global Forex, LLC     |  | 10/19/2022                 | 
|Foreign
    currency forward contract |  | $                                    | 105    |  |                                | AUD | 136    |              |  | Bannockburn Global Forex, LLC     |  | 11/16/2022                 | 
|Foreign
    currency forward contract |  | $                                    | 109    |  |                                | AUD | 142    |              |  | Bannockburn Global Forex, LLC     |  | 12/16/2022                 | 
|Foreign
    currency forward contract |  | $                                    | 118    |  |                                | AUD | 153    |              |  | Bannockburn Global Forex, LLC     |  | 1/18/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 108    |  |                                | AUD | 140    |              |  | Bannockburn Global Forex, LLC     |  | 2/16/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 102    |  |                                | AUD | 132    |              |  | Bannockburn Global Forex, LLC     |  | 3/16/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 123    |  |                                | AUD | 160    |              |  | Bannockburn Global Forex, LLC     |  | 4/20/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 93     |  |                                | AUD | 121    |              |  | Bannockburn Global Forex, LLC     |  | 5/16/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 121    |  |                                | AUD | 156    |              |  | Bannockburn Global Forex, LLC     |  | 6/19/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 107    |  |                                | AUD | 138    |              |  | Bannockburn Global Forex, LLC     |  | 7/18/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 113    |  |                                | AUD | 146    |              |  | Bannockburn Global Forex, LLC     |  | 8/16/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 113    |  |                                | AUD | 146    |              |  | Bannockburn Global Forex, LLC     |  | 9/18/2023                  | 
|Foreign
    currency forward contract |  | $                                    | 114    |  |                                | AUD | 148    |              |  | Bannockburn Global Forex, LLC     |  | 10/18/2023                 | 
|Foreign
    currency forward contract |  | $                                    | 107    |  |                                | AUD | 140    |              |  | Bannockburn Global Forex, LLC     |  | 11/16/2023                 | 
|Foreign
    currency forward contract |  | $                                    | 109    |  |                                | AUD | 142    |              |  | Bannockburn Global Forex, LLC     |  | 12/18/2023                 | 
|Foreign
    currency forward contract |  | $                                    | 115    |  |                                | AUD | 150    |              |  | Bannockburn Global Forex, LLC     |  | 1/17/2024                  | 
|Foreign
    currency forward contract |  | $                                    | 110    |  |                                | AUD | 143    |              |  | Bannockburn Global Forex, LLC     |  | 2/16/2024                  | 
|Foreign
    currency forward contract |  | $                                    | 11,827 |  |                                | AUD | 15,410 |              |  | Bannockburn
    Global Forex, LLC |  | 3/18/2024                  | 
|                                      |  |                                      |        |  |                                |     |        |              |  |                                   |  |                            | 










| | (a) | All
                                            of the Company's investments are issued by eligible portfolio companies, as defined in the
                                            Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All
                                            of the Company's 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”), Prime Rate (“Prime”
                                            or “P”), Sterling Overnight Index Average ("SONIA" or "SN")
                                            or Secured Overnight Financing Rate ("SOFR" or "SF") which reset daily,
                                            monthly, quarterly, or semiannually. For each such investment, the Company has provided the
                                            spread over LIBOR, Prime, or SOFR and the current contractual interest rate in effect at
                                            December 31, 2021. Certain investments are subject to a LIBOR, Prime, or SOFR interest rate
                                            floor, or rate cap. Certain investments contain a Payment-in-Kind (“PIK”) provision.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | Except
                                            as otherwise noted, all of the Company’s portfolio company investments, which as of
                                            December 31, 2021 represented 225.2% of the Company’s net assets or 95.1% of the Company’s
                                            total assets, are subject to legal restrictions on sales.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | Except as otherwise noted, 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 the Company's board of directors as required by the 1940 Act. See Note 4 in the accompanying
    notes to the consolidated financial statements.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | Percentages
                                            are based on net assets of $249,471 as of December 31, 2021.
| | --- | --------------------------------------------------------------------------------------------------------------------

| | (f) | All
                                            or a portion of this commitment was unfunded at December 31, 2021. 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 December 31, 2021, non-qualifying assets totaled 22.5% of the Company’s
                                            total assets.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | This
                                            loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation
                                            date.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (j) | This
                                            is an international company.
| | --- | -----------------------------------------------------------------------------

| | (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) | During
                                            the three months ended September 30, 2020, the senior secured lender group of Toojay’s
                                            Management, LLC (“Toojay’s OldCo”) established TJ Management HoldCo, LLC
                                            (“Toojay’s NewCo”) in order to acquire certain of the assets of Toojay’s
                                            OldCo as part of a bankruptcy restructuring. The Company owns 15.9% of the equity in Toojay’s
                                            NewCo. Toojay’s NewCo credit bid a portion of the senior secured debt in Toojay’s
                                            OldCo to acquire certain assets of Toojay’s OldCo which constitute the ongoing operations
                                            of the portfolio company. The Company’s portion of this credit bid was $2,386, and
                                            as such the Company's outstanding senior secured debt investment in Toojay’s OldCo
                                            was reduced by the amount of the credit bid and the Company’s cost basis of its new
                                            equity investment in Toojay’s NewCo was increased by the amount of the credit bid.
                                            While the Company still has loans outstanding at Toojay’s OldCo, the Company has valued
                                            these positions at zero as of December 31, 2021.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (m) | This
                                            position was on non-accrual status as of December 31, 2021, 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.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (n) | This
                                            investment represents a note convertible to preferred shares of the borrower.
| | --- | ------------------------------------------------------------------------------------------------------------------------------

| | (o) | In
                                            May 2020, an arbitrator issued a final award in favor of the estate of Rockdale Blackhawk,
                                            LLC (the “Estate”) in the legal proceeding between the Estate and a national
                                            insurance carrier. The Company's share of the net proceeds from the award exceeded the contractual
                                            obligations due to the Company as a result of the Company’s right to receive excess
                                            proceeds pursuant to the terms of a sharing agreement between the lenders and the Estate
                                            investment is a non-income producing security.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (p) | This
                                            is a demand note with no stated maturity.
| | --- | ------------------------------------------------------------------------------------------

| | (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 $54) is held in the Company’s wholly-owned subsidiary,
                                            Monroe Capital Corporation SBIC, LP, and is therefore not collateral to the Company’s
                                            revolving credit facility.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (s) | A
                                            portion of this loan (principal of $4,969) 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) | A
                                            portion of this loan (principal of $421) 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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (u) | 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.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (v) | 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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

| | (x) | Represents
                                            less than 5% ownership of the portfolio company’s voting securities.
| | --- | ---------------------------------------------------------------------------------------------------------------------------

| | (y) | Ownership
                                            of certain equity investments may occur through a holding company or partnership.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------

| | (z) | Represents
                                            a non-income producing security.
| | --- | ---------------------------------------------------------------------------------------

| | (aa) | Investment
                                            is held by a taxable subsidiary of the Company. See Note 2 in the accompanying notes to the
                                            consolidated financial statements for additional information on the Company’s wholly-owned
                                            taxable subsidiaries.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ab) | As
                                            of December 31, 2021, the Company was party to a subscription agreement with a commitment
                                            to fund an additional equity investment of $16.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ac) | As
                                            of December 31, 2021, the Company was party to a subscription agreement with a commitment
                                            to fund an equity investment of $43.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ad) | As
                                            defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of
                                            the portfolio company as it owns 5% 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).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ae) | The Company restructured its
    investment in HFZ Capital Group LLC (“HFZ”) during the three months ended December 31, 2020. As part of the restructuring
    of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC (“Corporate”). Corporate
    owns 100% of the equity of MC Asset Management Industrial, LLC (“Industrial”). In conjunction with these restructurings,
    the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation
    did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition
    of a “participating interest”, as defined in the guidance, in order for sale treatment to be allowed. As a result, the
    Company continues to reflect its full investment in HFZ but has split the loan into two investments.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (af) | During
    the three months ended December 31, 2021, the Company sold its investment in Luxury Optical Holdings Co. The remaining fair value
    at December 31, 2021 represents the remaining expected escrow proceeds associated with the sale.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ag) | A
                                            portion of this loan (principal of $4,226) 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.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ah) | As
                                            of December 31, 2021, the Company was party to a subscription agreement with a commitment
                                            to fund an additional equity investment of $428.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ai) | 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% 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 both an Affiliated Person and a portfolio company that
    the Company is deemed to Control.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (aj) | The fair value of this investment
    was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.                                                                                                                                                                                                                                                                                                          



n/a
- not applicable





24







MONROE CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)



Note 1. Organization and Principal Business



Monroe Capital Corporation (together with its subsidiaries,
the “Company”) is an externally managed, non-diversified, closed-end management investment company and has elected to be regulated
as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).
The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital
appreciation through investment in senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured
debt in the same facility in which the Company syndicates a “first out” portion of the loan to an investor and retains a “last
out” portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity co-investments in preferred and common
stock and warrants. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”), a registered investment adviser
under the Investment Advisers Act of 1940, as amended. In addition, for U.S. federal income tax purposes, the Company has elected to be
treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the
 “Code”).



On February 28, 2014, the
Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP (“MRCC SBIC”), a Delaware limited
partnership, received a license from the Small Business Administration (“SBA”) to operate as a Small Business Investment
Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958, as amended. MRCC SBIC
commenced operations on September 16, 2013. MRCC SBIC received approval from the SBA to surrender its SBIC license and on March
31, 2022, MRCC SBIC was dissolved. See Note 7 for additional information.



Note 2. Summary of Significant Accounting Policies



Basis of Presentation



The accompanying consolidated financial statements
of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the
requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. The Company has determined it meets the definition
of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 946 – Financial Services – Investment
Companies (“ASC Topic 946”). Certain prior period amounts have been reclassified to conform to the current period presentation.



Use of Estimates



The preparation of the consolidated financial statements
in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts
of revenue and expenses during the reporting period. Actual results could differ from those estimates.



Consolidation



As permitted under ASC Topic 946, the Company will
generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating
company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, including MRCC SBIC (through its dissolution
date) and its wholly-owned general partner MCC SBIC GP, LLC, and the Company’s wholly-owned taxable subsidiaries (the “Taxable
Subsidies”) in its consolidated financial statements. The purpose of the Taxable Subsidiaries is to permit the Company
to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes while complying
with the “source of income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated
with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary is subject to U.S. federal corporate income
tax on its taxable income. All intercompany balances and transactions have been eliminated. The Company does not consolidate its non-controlling
interest in MRCC Senior Loan Fund I, LLC (“SLF”). See further description of the Company’s investment in SLF in Note
3.



Fair Value of Financial Instruments



The Company applies fair value to substantially
all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC
Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for
fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency
of valuation inputs. See Note 4 for further discussion regarding the fair value measurements and hierarchy.





25







ASC Topic 820 requires disclosure of the fair value
of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other
financial instruments such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such
instruments.



Revenue Recognition



The Company’s revenue recognition policies
are as follows:



Investments and related investment income:Interest
and dividend income is recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest income is
accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued
on a daily basis. The Company records fees on loans based on the determination of whether the fee is considered a yield enhancement or
payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally
deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line
method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service
was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the period the service
has been completed.



Dividend income on preferred equity securities
is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected
to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution
received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine
if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions
from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the
LLC or LP prior to the applicable distribution. Distributions that are classified as a return of capital are recorded as a reduction in
the cost basis of the investment. For the three months ended March 31, 2022 and 2021, the Company received
return of capital distributions from its equity investments and its investment in LLC equity in SLF of zero and $60, respectively.



The Company has certain investments in its portfolio
that contain a payment-in-kind (“PIK”) provision, which represents contractual interest or dividends that are added to the
principal balance and recorded as income. The Company stops accruing PIK interest or PIK dividends when it is determined that PIK interest
or PIK dividends are no longer collectible. To maintain RIC tax treatment, and to avoid incurring corporate U.S. federal income tax, substantially
all of this income must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash.



Loan origination fees, original issue discount
and market discount or premiums are capitalized, and the Company then amortizes such amounts using the effective interest method as interest
income over the life of the investment. Unamortized discounts and loan origination fees totaled $4,009 and $4,370 as of March 31,
2022 and December 31, 2021, respectively. Upfront loan origination and closing fees received for the three months ended March 31,
2022 and 2021 totaled $289 and $465, respectively. Upon the prepayment of a loan or debt security, any unamortized premium or discount
or loan origination fees are recorded as interest income.



The components of the Company’s investment
income were as follows:



|                                                   |  | Three months ended
 March 31, |       
|-------------------------------------------------- |  | ----------------------------- | ------
|                                                   |  | 2022                          |       
|Interest income                                    |  | $                             | 9,085 
|PIK interest income                                |  |                               | 1,821 
|Dividend income (1)                                |  |                               | 1,009 
|Fee income                                         |  |                               | —     
|Prepayment gain (loss)                             |  |                               | 198   
|Accretion of discounts and amortization of premium |  |                               | 378   
|Total investment income                            |  | $                             | 12,491










| | (1) | Includes PIK dividends of $108
and $62, respectively.
| | --- | -----------------------------------------------------



Investment transactions are recorded on a trade-date
basis. Realized gains or losses on portfolio investments are calculated based upon the difference between the net proceeds from the disposition
and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized. Realized gains and
losses are recorded within net realized gain (loss) on investments on the consolidated statements of operations. Changes in the fair value
of investments from the prior period, as determined by the Company’s board of directors (the “Board”) through the application
of the Company’s valuation policy, are included within net change in unrealized gain (loss) on investments on the consolidated statements
of operations.





26







Non-accrual: Loans or preferred equity securities
are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable
doubt that principal, interest or dividends will be collected. Additionally, any original issue discount and market discount are no longer
accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may
be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual
status when past due principal, interest, or dividends are paid, or are expected to be paid, and, in management’s judgment are likely
to remain current. The fair value of the Company’s investments on non-accrual status totaled $12,205 and $14,693 at March 31,
2022 and December 31, 2021, respectively.



Distributions



Distributions to common stockholders are recorded
on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by the Board each quarter and
is generally based upon the Company’s earnings estimated by management. Net realized capital gains, if any, are generally distributed
at least annually.



The determination of the tax attributes for the
Company’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year.
Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations
and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic
corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and
capital gains, but may also include qualified dividends or return of capital.



In October 2012, the Company adopted a dividend
reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder
has elected to receive dividends in cash. When the Company declares a cash dividend, the Company’s stockholders who have not “opted
out” of the DRIP at least three days prior to the dividend payment date will have their cash dividend automatically reinvested into
additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through
the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued
shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased
in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by
the DRIP plan administrator, before any associated brokerage or other costs. See Note 9 for additional information on the Company’s
distributions.



Segments



In accordance with ASC Topic 280 — Segment
Reporting, the Company has determined that it has a single reporting segment and operating unit structure.



Cash



The Company deposits its cash in a financial institution
and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits.



Restricted Cash



Restricted cash included amounts held within MRCC
SBIC. Cash held within an SBIC is generally restricted to the originations of new loans from the SBIC and the payment of SBA debentures
and related interest expense.



Unamortized Deferred Financing Costs



Deferred financing costs represent fees and other
direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2022 and December 31, 2021,
the Company had unamortized deferred financing costs of $4,154 and $5,794 respectively, presented as a direct reduction of the carrying
amount of debt on the consolidated statements of assets and liabilities. These amounts are amortized and included in interest and other
debt financing expenses on the consolidated statements of operations over the estimated average life of the borrowings. Amortization of
deferred financing costs for the three months ended March 31, 2022 and 2021 was $601 and $601, respectively.



Offering Costs



Offering costs include, among other things,
fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of debt and equity offerings.
Offering costs from equity offerings are charged against the proceeds from the offering within the consolidated statements of
changes in net assets. Offering costs from debt offerings are reclassified to unamortized deferred financing costs on the
consolidated statements of assets and liabilities as noted above. As of both March 31, 2022 and December 31, 2021, other
assets on the consolidated statements of assets and liabilities included $123 of deferred offering costs which will be charged
against the proceeds from future debt or equity offerings when completed.





27







Investments Denominated in Foreign Currency



As of March 31, 2022, the Company held investments
in one portfolio company that was denominated in Australian dollars. As of December 31, 2021, the Company held investments in one
portfolio company that was denominated in Great Britain pounds and one portfolio company that was denominated in Australian dollars.



At each balance sheet date, portfolio company investments
denominated in foreign currencies are translated into U.S. dollars using the spot exchange rate on the last business day of the period.
Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into U.S. dollars using
the rates of exchange prevailing on the respective dates of such transactions.



Although the fair values of foreign portfolio company
investments and the fluctuation in such fair values are translated into U.S. dollars using the applicable foreign exchange rates described
above, the Company does not isolate the portion of the change in fair value resulting from foreign currency exchange rates fluctuations
from the change in fair value of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain
(loss) on investments on the Company’s consolidated statements of operations.



Investments denominated in foreign currencies and
foreign currency transactions may involve certain consideration and risks not typically associated with those of domestic origin, including
unanticipated movements in the value of the foreign currency relative to the U.S. dollar.



Derivative Instruments



The Company may enter into foreign currency forward
contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations. In a foreign currency forward contract,
the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign
currency forward contracts are marked-to-market based on the difference between the forward rate and the exchange rate at the current
period end. Unrealized gain (loss) on foreign currency forward contracts are recorded on the Company’s consolidated statements of
assets and liabilities by counterparty on a net basis.



The Company does not utilize hedge accounting and
as such values its foreign currency forward contracts at fair value with the change in unrealized gain or loss recorded in net change
in unrealized gain (loss) on foreign currency forward contracts and the realized gain or loss recorded in net realized gain (loss) on
foreign currency forward contracts on the Company’s consolidated statements of operations.



Income Taxes



The Company has elected to be treated as a RIC
under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment available to RICs. To maintain qualification
as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements and distribute to
stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally
the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term
capital losses. If the Company qualifies as a RIC and satisfies the annual distribution requirement, the Company will not have to pay
corporate-level federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions
in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company is also subject
to nondeductible federal excise taxes if the Company does not distribute at least 98% of net ordinary income, 98.2% of any capital gain
net income, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes. To the extent
that the Company determines that its estimated current year annual taxable income may exceed estimated current year dividend distributions,
the Company accrues excise tax, calculated as 4% of the estimated excess taxable income, if any, as taxable income is earned. For the
three months ended March 31, 2022 and 2021, the Company recorded a net expense on the consolidated statements of operations of $19
and $30, respectively, for U.S. federal excise tax. As of March 31, 2022 and December 31, 2021, the Company had a receivable of $74 and
a payable of $183 for excise taxes, respectively, which were included in accounts payable and accrued expenses on the Company’s
consolidated statements of assets and liabilities.



The Company’s consolidated Taxable Subsidiaries
may be subject to U.S. federal and state corporate-level income taxes. For both the three months ended March 31, 2022 and 2021, the Company
did not record a net tax expense on the consolidated statements of operations for these subsidiaries. As of both March 31, 2022 and
December 31, 2021, no payables for corporate-level income taxes were accrued.





28







The Company accounts for income taxes in conformity
with ASC Topic 740 — Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain
tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires
the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions
are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the
more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued
interest and penalties related to uncertain tax benefits in income tax expense. The Company did not take any material uncertain income
tax positions through March 31, 2022. The 2018 through 2021 tax years remain subject to examination by U.S. federal and state tax
authorities.



Subsequent Events



The Company has evaluated the need for disclosures
and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. There have been
no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be
recognized in the consolidated financial statements as of and for the three months ended March 31, 2022.



Recent Accounting Pronouncements



In March 2020, the FASB issued ASU 2020-04,
Reference Rate Reform(“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for
applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
The standard is effective as of March 12, 2020 through December 31, 2022. The Company did not utilize the optional expedients
and exceptions provided by ASU 2020-04 during the three months ended March 31, 2022.



Note 3. Investments



The following tables show the composition of the
Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments):



|                           |  | March 31, 2022 |         |  | December 31, 2021 | 
|-------------------------- |  | -------------- | ------- |  | ----------------- | 
|Amortized Cost:            |  |                |         |  |                   | 
|Senior secured loans       |  | $              | 411,076 |  |                   | 
|Unitranche secured loans   |  |                | 56,943  |  |                   | 
|Junior secured loans       |  |                | 19,706  |  |                   | 
|LLC equity interest in SLF |  |                | 42,150  |  |                   | 
|Equity securities          |  |                | 33,760  |  |                   | 
|Total                      |  | $              | 563,635 |  |                   | 



|                           |  | March 31, 2022 |         |  | December 31, 2021 | 
|-------------------------- |  | -------------- | ------- |  | ----------------- | 
|Fair Value:                |  |                |         |  |                   | 
|Senior secured loans       |  | $              | 418,798 |  |                   | 
|Unitranche secured loans   |  |                | 34,785  |  |                   | 
|Junior secured loans       |  |                | 19,521  |  |                   | 
|LLC equity interest in SLF |  |                | 40,210  |  |                   | 
|Equity securities          |  |                | 32,675  |  |                   | 
|Total                      |  | $              | 545,989 |  |                   | 



The following tables show the composition of the
Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio
investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may
not be indicative of the primary source of the portfolio company’s business:



|                |  | March 31, 2022 |         |  | December 31, 2021 | 
|--------------- |  | -------------- | ------- |  | ----------------- | 
|Amortized Cost: |  |                |         |  |                   | 
|International   |  | $              | 11,860  |  |                   | 
|Midwest         |  |                | 136,917 |  |                   | 
|Northeast       |  |                | 102,791 |  |                   | 
|Southeast       |  |                | 161,253 |  |                   | 
|Southwest       |  |                | 39,402  |  |                   | 
|West            |  |                | 111,412 |  |                   | 
|Total           |  | $              | 563,635 |  |                   | 





29







|              |  | March 31, 2022 |         |  | December 31, 2021 | 
|------------- |  | -------------- | ------- |  | ----------------- | 
|Fair Value:   |  |                |         |  |                   | 
|International |  | $              | 11,427  |  |                   | 
|Midwest       |  |                | 133,364 |  |                   | 
|Northeast     |  |                | 108,769 |  |                   | 
|Southeast     |  |                | 156,956 |  |                   | 
|Southwest     |  |                | 43,457  |  |                   | 
|West          |  |                | 92,016  |  |                   | 
|Total         |  | $              | 545,989 |  |                   | 



The following tables show the composition of the
Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments):



|                                          |  | March 31, 2022 |         |  | December 31, 2021 | 
|----------------------------------------- |  | -------------- | ------- |  | ----------------- | 
|Amortized Cost:                           |  |                |         |  |                   | 
|Aerospace & Defense                       |  | $              | 7,817   |  |                   | 
|Automotive                                |  |                | 19,905  |  |                   | 
|Banking                                   |  |                | 11,641  |  |                   | 
|Beverage, Food & Tobacco                  |  |                | 17,268  |  |                   | 
|Capital Equipment                         |  |                | 13,257  |  |                   | 
|Chemicals, Plastics & Rubber              |  |                | 3,513   |  |                   | 
|Construction & Building                   |  |                | 16,946  |  |                   | 
|Consumer Goods: Durable                   |  |                | 9,712   |  |                   | 
|Consumer Goods: Non-Durable               |  |                | 28,233  |  |                   | 
|Environmental Industries                  |  |                | 10,368  |  |                   | 
|FIRE: Finance                             |  |                | 16,416  |  |                   | 
|FIRE: Real Estate                         |  |                | 73,366  |  |                   | 
|Healthcare & Pharmaceuticals              |  |                | 55,877  |  |                   | 
|High Tech Industries                      |  |                | 44,389  |  |                   | 
|Hotels, Gaming & Leisure                  |  |                | 2,671   |  |                   | 
|Investment Funds & Vehicles               |  |                | 42,150  |  |                   | 
|Media: Advertising, Printing & Publishing |  |                | 13,070  |  |                   | 
|Media: Broadcasting & Subscription        |  |                | 2,525   |  |                   | 
|Media: Diversified & Production           |  |                | 27,465  |  |                   | 
|Retail                                    |  |                | 10,772  |  |                   | 
|Services: Business                        |  |                | 64,636  |  |                   | 
|Services: Consumer                        |  |                | 48,598  |  |                   | 
|Telecommunications                        |  |                | 7,048   |  |                   | 
|Wholesale                                 |  |                | 15,992  |  |                   | 
|Total                                     |  | $              | 563,635 |  |                   | 



|                                          |  | March 31, 2022 |         |  | December 31, 2021 | 
|----------------------------------------- |  | -------------- | ------- |  | ----------------- | 
|Fair Value:                               |  |                |         |  |                   | 
|Aerospace & Defense                       |  | $              | 7,968   |  |                   | 
|Automotive                                |  |                | 20,150  |  |                   | 
|Banking                                   |  |                | 13,196  |  |                   | 
|Beverage, Food & Tobacco                  |  |                | 15,240  |  |                   | 
|Capital Equipment                         |  |                | 13,431  |  |                   | 
|Chemicals, Plastics & Rubber              |  |                | 4,521   |  |                   | 
|Construction & Building                   |  |                | 17,113  |  |                   | 
|Consumer Goods: Durable                   |  |                | 9,893   |  |                   | 
|Consumer Goods: Non-Durable               |  |                | 5,818   |  |                   | 
|Environmental Industries                  |  |                | 10,779  |  |                   | 
|FIRE: Finance                             |  |                | 16,316  |  |                   | 
|FIRE: Real Estate                         |  |                | 76,656  |  |                   | 
|Healthcare & Pharmaceuticals              |  |                | 56,383  |  |                   | 
|High Tech Industries                      |  |                | 45,316  |  |                   | 
|Hotels, Gaming & Leisure                  |  |                | 2,685   |  |                   | 
|Investment Funds & Vehicles               |  |                | 40,210  |  |                   | 
|Media: Advertising, Printing & Publishing |  |                | 17,008  |  |                   | 
|Media: Broadcasting & Subscription        |  |                | 2,529   |  |                   | 
|Media: Diversified & Production           |  |                | 27,979  |  |                   | 
|Retail                                    |  |                | 11,823  |  |                   | 
|Services: Business                        |  |                | 67,282  |  |                   | 
|Services: Consumer                        |  |                | 41,493  |  |                   | 
|Telecommunications                        |  |                | 7,198   |  |                   | 
|Wholesale                                 |  |                | 15,002  |  |                   | 
|Total                                     |  | $              | 545,989 |  |                   | 





30







MRCC Senior Loan Fund I, LLC



The Company co-invests with Life Insurance Company
of the Southwest (“LSW”) in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying
investment transactions are completed, taking into account available debt and equity commitments available for funding these investments.
All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative
from the Company and one representative from LSW. SLF may cease making new investments upon notification of either member but operations
will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured
at fair value using the same valuation methodologies as described in Note 4. The Company’s investment is illiquid in nature as SLF
does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full
withdrawal of a member would result in an orderly wind-down of SLF.



SLF’s profits and losses are allocated to
the Company and LSW in accordance with their respective ownership interests. As of both March 31, 2022 and December 31, 2021,
the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of both March 31, 2022 and December 31, 2021, SLF
had $100,000 in equity commitments from its members (in the aggregate), of which $84,300 was funded.



As of both March 31, 2022 and December 31,
2021, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF. As of both March 31, 2022 and December 31,
2021, $42,150 of the Company’s LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital
distributions subject to recall.



For the three months ended March 31, 2022
and 2021, the Company received $900 and $1,200 of dividend income from its LLC equity interest in SLF, respectively.



SLF has a senior secured revolving credit
facility (as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior
Loan Fund I Financing SPV, LLC (“SLF SPV”). The SLF Credit Facility allows SLF SPV to borrow up to $175,000,
subject to leverage and borrowing base restrictions. Borrowings on the SLF Credit Facility bear interest at an annual rate of LIBOR
(three-month) plus 2.10%.



SLF does not pay any fees to MC Advisors
or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”),
pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management
for its allocable share of overhead and other expenses incurred by MC Management. For the three months ended March 31, 2022 and 2021,
SLF incurred $51 and $58, of allocable expenses, respectively. There are no agreements or understandings by which the Company guarantees
any SLF obligations.



As of March 31, 2022 and
December 31, 2021, SLF had total assets at fair value of $202,062 and $194,623, respectively. As of both March 31, 2022
and December 31, 2021, SLF had one portfolio company investment on non-accrual status with a fair value of $1,094 and $1,072,
respectively. The portfolio companies in SLF are in industries and geographies similar to those in which the Company may invest
directly. Additionally, as of March 31, 2022 and December 31, 2021, SLF had $3,696 and $2,061, respectively, in
outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.



Below is a summary of SLF’s portfolio, followed
by a listing of the individual investments in SLF’s portfolio as of March 31, 2022 and December 31, 2021:



|                                                                   |  | As of          |        
|------------------------------------------------------------------ |  | -------------- | -------
|                                                                   |  | March 31, 2022 |        
|Senior secured loans (1)                                           |  |                | 201,312
|Weighted average current interest rate on senior secured loans (2) |  |                | 6.0    
|Number of portfolio company investments in SLF                     |  |                | 61     
|Largest portfolio company investment (1)                           |  |                | 6,703  
|Total of five largest portfolio company investments (1)            |  |                | 26,915 










|(1) | Represents outstanding principal amount, excluding unfunded commitments.                                                                                   
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at outstanding principal amount.





31







MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

March 31, 2022



|Portfolio Company (a)                                             |  |  | Spread Above
 Index (b) |  |  | Interest Rate (b) |                        |     | Maturity |  |            | Principal |  |  | Fair Value | 
|----------------------------------------------------------------- |  |  | ----------------------- |  |  | ----------------- | ---------------------- | --- | -------- |  | ---------- | --------- |  |  | ---------- | 
|Non-Controlled/Non-Affiliate Company Investments                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Senior Secured Loans                                              |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Aerospace & Defense                                               |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Bromford Industries Limited (c)                                   |  |  | P+4.25%                 |  |  |                   | 7.75                   | %   |          |  | 11/5/2025  |           |  |  | 2,744      | 
|Bromford Industries Limited (c)                                   |  |  | P+4.25%                 |  |  |                   | 7.75                   | %   |          |  | 11/5/2025  |           |  |  | 1,829      | 
|Trident Maritime Systems, Inc.                                    |  |  | L+5.50%                 |  |  |                   | 6.51                   | %   |          |  | 2/26/2027  |           |  |  | 2,460      | 
|Trident
Maritime Systems, Inc. (Revolver) (d)                     |  |  | L+5.50%                 |  |  |                   | 6.50                   | %   |          |  | 2/26/2027  |           |  |  | 265        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 7,298      | 
|Automotive                                                        |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Accelerate Auto Works Intermediate, LLC                           |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 12/1/2027  |           |  |  | 1,451      | 
|Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)        |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 12/1/2027  |           |  |  | 388        | 
|Accelerate Auto Works Intermediate, LLC (Revolver) (d)            |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 12/1/2027  |           |  |  | 132        | 
|Truck-Lite Co., LLC                                               |  |  | L+6.25%                 |  |  |                   | 7.26                   | %   |          |  | 12/14/2026 |           |  |  | 1,704      | 
|Truck-Lite Co., LLC                                               |  |  | L+6.25%                 |  |  |                   | 7.26                   | %   |          |  | 12/14/2026 |           |  |  | 253        | 
|Wheel Pros, Inc.                                                  |  |  | L+4.50%                 |  |  |                   | 5.25                   | %   |          |  | 5/11/2028  |           |  |  | 1,947      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 5,875      | 
|Beverage, Food & Tobacco                                          |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|CBC Restaurant Corp.                                              |  |  | n/a                     |  |  |                   | 5.00% PIK              | (e) |          |  | 12/30/2022 |           |  |  | 1,116      | 
|SW Ingredients Holdings, LLC                                      |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 7/3/2025   |           |  |  | 3,609      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 4,725      | 
|Capital Equipment                                                 |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Analogic Corporation                                              |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 6/24/2024  |           |  |  | 4,739      | 
|DS Parent, Inc.                                                   |  |  | L+5.75%                 |  |  |                   | 6.76                   | %   |          |  | 12/8/2028  |           |  |  | 2,963      | 
|MacQueen Equipment, LLC                                           |  |  | L+5.25%                 |  |  |                   | 6.26                   | %   |          |  | 1/7/2028   |           |  |  | 2,112      | 
|MacQueen
Equipment, LLC (Delayed Draw) (d)                        |  |  | L+5.25%                 |  |  |                   | 6.26                   | %   |          |  | 1/7/2028   |           |  |  | 592        | 
|MacQueen Equipment, LLC (Revolver) (d)                            |  |  | L+5.25%                 |  |  |                   | 6.26                   | %   |          |  | 1/7/2028   |           |  |  | 296        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 10,702     | 
|Chemicals, Plastics & Rubber                                      |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Polymer Solutions Group                                           |  |  | L+7.00%                 |  |  |                   | 8.00                   | %   |          |  | 1/3/2023   |           |  |  | 1,168      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 1,168      | 
|Construction & Building                                           |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|The Cook & Boardman Group LLC                                     |  |  | L+5.75%                 |  |  |                   | 6.75                   | %   |          |  | 10/20/2025 |           |  |  | 2,902      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 2,902      | 
|Consumer Goods: Durable                                           |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|International Textile Group, Inc.                                 |  |  | L+5.00%                 |  |  |                   | 5.21                   | %   |          |  | 5/1/2024   |           |  |  | 1,699      | 
|Runner Buyer INC.,                                                |  |  | L+5.50%                 |  |  |                   | 6.25                   | %   |          |  | 10/23/2028 |           |  |  | 3,000      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 4,699      | 
|Consumer Goods: Non-Durable                                       |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|PH Beauty Holdings III, INC                                       |  |  | L+5.00%                 |  |  |                   | 5.51                   | %   |          |  | 9/26/2025  |           |  |  | 2,411      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 2,411      | 
|Containers, Packaging & Glass                                     |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Liqui-Box Holdings, Inc.                                          |  |  | L+4.50%                 |  |  |                   | 5.50                   | %   |          |  | 2/26/2027  |           |  |  | 4,257      | 
|Polychem Acquisition, LLC                                         |  |  | L+5.00%                 |  |  |                   | 6.50                   | %   |          |  | 3/17/2025  |           |  |  | 2,910      | 
|Port Townsend Holdings Company, Inc. and Crown Corrugated Company |  |  | L+6.75%                 |  |  |                   | 5.75% Cash/ 
2.00% PIK |     |          |  | 4/3/2024   |           |  |  | 4,820      | 
|PVHC Holding Corp                                                 |  |  | L+4.75%                 |  |  |                   | 5.76                   | %   |          |  | 8/5/2024   |           |  |  | 3,209      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 15,196     | 
|Energy: Oil & Gas                                                 |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Drilling Info Holdings, Inc.                                      |  |  | L+4.25%                 |  |  |                   | 4.71                   | %   |          |  | 7/30/2025  |           |  |  | 4,504      | 
|Offen, Inc.                                                       |  |  | L+5.00%                 |  |  |                   | 5.46                   | %   |          |  | 6/22/2026  |           |  |  | 2,249      | 
|Offen, Inc.                                                       |  |  | L+5.00%                 |  |  |                   | 5.46                   | %   |          |  | 6/22/2026  |           |  |  | 874        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 7,627      | 
|FIRE: Finance                                                     |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Harbour Benefit Holdings, Inc.                                    |  |  | L+5.25%                 |  |  |                   | 6.26                   | %   |          |  | 12/13/2024 |           |  |  | 2,936      | 
|Harbour Benefit Holdings, Inc.                                    |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 12/13/2024 |           |  |  | 65         | 
|Minotaur Acquisition, Inc.                                        |  |  | L+4.75%                 |  |  |                   | 5.21                   | %   |          |  | 3/27/2026  |           |  |  | 4,895      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 7,896      | 
|FIRE: Real Estate                                                 |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Avison Young (USA) Inc. (c)                                       |  |  | L+5.75%                 |  |  |                   | 6.76                   | %   |          |  | 1/30/2026  |           |  |  | 4,837      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 4,837      | 
|Healthcare & Pharmaceuticals                                      |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Cano Health, LLC                                                  |  |  | SF+4.00%                |  |  |                   | 4.51                   | %   |          |  | 11/23/2027 |           |  |  | 1,985      | 
|HAH Group Holding Company, LLC (f)                                |  |  | SF+5.00%                |  |  |                   | 6.00                   | %   |          |  | 10/29/2027 |           |  |  | 3,000      | 
|LSCS Holdings, Inc.                                               |  |  | L+4.50%                 |  |  |                   | 5.00                   | %   |          |  | 12/15/2028 |           |  |  | 1,842      | 
|Paragon Healthcare, Inc.                                          |  |  | SF+5.75%                |  |  |                   | 6.75                   | %   |          |  | 1/19/2028  |           |  |  | 2,082      | 
|Paragon Healthcare, Inc. (Delayed Draw) (d)                       |  |  | SF+5.75%                |  |  |                   | 6.75                   | %   |          |  | 1/19/2028  |           |  |  | 429        | 
|Paragon Healthcare, Inc. (Revolver) (d)                           |  |  | SF+5.75%                |  |  |                   | 6.75                   | %   |          |  | 1/19/2028  |           |  |  | 490        | 
|Radiology Partners, Inc.                                          |  |  | L+4.25%                 |  |  |                   | 4.70                   | %   |          |  | 7/9/2025   |           |  |  | 4,760      | 
|TEAM Public Choices, LLC                                          |  |  | L+5.00%                 |  |  |                   | 6.01                   | %   |          |  | 12/17/2027 |           |  |  | 2,977      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 17,565     | 
|High Tech Industries                                              |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Corel Inc. (c)                                                    |  |  | L+5.00%                 |  |  |                   | 5.51                   | %   |          |  | 7/2/2026   |           |  |  | 3,750      | 
|Lightbox Intermediate, L.P.                                       |  |  | L+5.00%                 |  |  |                   | 6.01                   | %   |          |  | 5/11/2026  |           |  |  | 4,863      | 
|LW Buyer, LLC                                                     |  |  | L+5.00%                 |  |  |                   | 5.15                   | %   |          |  | 12/30/2024 |           |  |  | 4,863      | 
|TGG TS Acquisition Company                                        |  |  | L+6.50%                 |  |  |                   | 6.96                   | %   |          |  | 12/12/2025 |           |  |  | 3,435      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 16,911     | 
|Hotels, Gaming & Leisure                                          |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Excel Fitness Holdings, Inc.                                      |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 10/7/2025  |           |  |  | 4,154      | 
|North Haven Spartan US Holdco, LLC                                |  |  | L+5.00%                 |  |  |                   | 6.00                   | %   |          |  | 6/6/2025   |           |  |  | 2,291      | 
|Tait LLC                                                          |  |  | L+5.00%                 |  |  |                   | 5.22                   | %   |          |  | 3/28/2025  |           |  |  | 4,114      | 
|Tait LLC (Revolver)                                               |  |  | P+4.00%                 |  |  |                   | 7.50                   | %   |          |  | 3/28/2025  |           |  |  | 769        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 11,328     | 
|Media: Advertising, Printing & Publishing                         |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Cadent, LLC                                                       |  |  | L+5.00%                 |  |  |                   | 6.00                   | %   |          |  | 9/11/2023  |           |  |  | 4,339      | 
|Cadent, LLC (Revolver) (d)                                        |  |  | L+5.00%                 |  |  |                   | 6.00                   | %   |          |  | 9/11/2023  |           |  |  | 167        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 4,506      | 
|Media: Diversified & Production                                   |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Research Now Group, Inc. and Survey Sampling International, LLC   |  |  | L+5.50%                 |  |  |                   | 6.50                   | %   |          |  | 12/20/2024 |           |  |  | 6,702      | 
|STATS Intermediate Holdings, LLC                                  |  |  | L+5.25%                 |  |  |                   | 5.72                   | %   |          |  | 7/10/2026  |           |  |  | 4,888      | 
|The Octave Music Group, Inc.                                      |  |  | L+6.00%                 |  |  |                   | 7.00                   | %   |          |  | 5/29/2025  |           |  |  | 2,814      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 14,404     | 
|Services: Business                                                |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|AQ Carver Buyer, Inc.                                             |  |  | L+5.00%                 |  |  |                   | 6.01                   | %   |          |  | 9/23/2025  |           |  |  | 4,875      | 
|CHA Holdings, Inc                                                 |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 4/10/2025  |           |  |  | 1,975      | 
|CHA Holdings, Inc                                                 |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 4/10/2025  |           |  |  | 416        | 
|Eliassen Group LLC                                                |  |  | L+4.25%                 |  |  |                   | 4.71                   | %   |          |  | 11/5/2024  |           |  |  | 3,951      | 
|Engage2Excel, Inc.                                                |  |  | L+7.25%                 |  |  |                   | 8.25                   | %   |          |  | 3/7/2023   |           |  |  | 4,315      | 
|Engage2Excel, Inc.                                                |  |  | L+7.25%                 |  |  |                   | 8.25                   | %   |          |  | 3/7/2023   |           |  |  | 779        | 
|Engage2Excel, Inc. (Revolver) (d)                                 |  |  | L+7.25%                 |  |  |                   | 8.25                   | %   |          |  | 3/7/2023   |           |  |  | 557        | 
|Orbit Purchaser LLC                                               |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 10/21/2024 |           |  |  | 2,425      | 
|Orbit Purchaser LLC                                               |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 10/21/2024 |           |  |  | 1,873      | 
|Orbit Purchaser LLC                                               |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 10/21/2024 |           |  |  | 548        | 
|Output Services Group, Inc.                                       |  |  | L+4.50%                 |  |  |                   | 5.50                   | %   |          |  | 3/27/2024  |           |  |  | 4,802      | 
|Secretariat Advisors LLC                                          |  |  | L+4.75%                 |  |  |                   | 5.76                   | %   |          |  | 12/29/2028 |           |  |  | 1,706      | 
|Secretariat Advisors LLC (Delayed Draw) (d)                       |  |  | L+4.75%                 |  |  |                   | 5.76                   | %   |          |  | 12/29/2028 |           |  |  | 270        | 
|SIRVA Worldwide Inc.                                              |  |  | L+5.50%                 |  |  |                   | 5.96                   | %   |          |  | 8/4/2025   |           |  |  | 1,838      | 
|Teneo Holdings LLC                                                |  |  | SF+5.25%                |  |  |                   | 6.25                   | %   |          |  | 7/11/2025  |           |  |  | 4,875      | 
|The Kleinfelder Group, Inc.                                       |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 11/29/2024 |           |  |  | 2,381      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 37,586     | 
|Services: Consumer                                                |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|360Holdco, Inc.                                                   |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 8/2/2025   |           |  |  | 2,162      | 
|360Holdco, Inc. (Delayed Draw) (d)                                |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 8/2/2025   |           |  |  | 827        | 
|Laseraway Intermediate Holdings II, LLC                           |  |  | L+5.75%                 |  |  |                   | 6.50                   | %   |          |  | 10/14/2027 |           |  |  | 2,217      | 
|McKissock Investment Holdings, LLC                                |  |  | SF+5.00%                |  |  |                   | 5.95                   | %   |          |  | 3/9/2029   |           |  |  | 2,500      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 7,706      | 
|Telecommunications                                                |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Intermedia Holdings, Inc.                                         |  |  | L+6.00%                 |  |  |                   | 7.00                   | %   |          |  | 7/21/2025  |           |  |  | 1,774      | 
|Mavenir Systems, Inc.                                             |  |  | L+4.75%                 |  |  |                   | 5.25                   | %   |          |  | 8/18/2028  |           |  |  | 1,667      | 
|Sandvine Corporation                                              |  |  | L+4.50%                 |  |  |                   | 4.96                   | %   |          |  | 10/31/2025 |           |  |  | 2,000      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 5,441      | 
|Transportation: Cargo                                             |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Keystone Purchaser, LLC                                           |  |  | L+6.25%                 |  |  |                   | 7.25                   | %   |          |  | 5/7/2027   |           |  |  | 2,992      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 2,992      | 
|Utilities: Oil & Gas                                              |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)            |  |  | L+4.25%                 |  |  |                   | 5.25                   | %   |          |  | 10/1/2025  |           |  |  | 1,691      | 
|Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)            |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 10/1/2025  |           |  |  | 247        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 1,938      | 
|Wholesale                                                         |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|BMC Acquisition, Inc.                                             |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 12/30/2024 |           |  |  | 4,486      | 
|HALO Buyer, Inc.                                                  |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 6/30/2025  |           |  |  | 4,812      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 9,298      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|TOTAL INVESTMENTS                                                 |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 












|(a) | All investments are U.S. companies unless otherwise noted.                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | The majority of investments bear interest at a rate that may be determined by reference to the
    London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate ("SOFR" or
    "SF") or Prime ("P") which reset daily, monthly, quarterly or semiannually. The Company has provided the spread
    over LIBOR, SOFR or Prime and the current contractual rate of interest in effect at March 31, 2022. Certain investments are
    subject to a LIBOR, SOFR or Prime interest rate floor.
|(c) | This is an international company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(d) | All or a portion of this commitment was unfunded as of March 31, 2022. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.                                                                                                                                                                                                                                                                                                             
|(e) | This position was on non-accrual status as of March 31, 2022, meaning
that the Company has ceased accruing interest income on the position.                                                                                                                                                                                                                                                                                                                                                                  
|(f) | Investment position or portion thereof unsettled at March 31, 2022.                                                                                                                                                                                                                                                                                                                                                                                                                                          





32







MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021



|Portfolio Company (a)                                             |  | Spread Above
Index (b) |  | Interest Rate (b) |                       |     | Maturity |  |            | Principal |  |  | Fair Value | 
|----------------------------------------------------------------- |  | ---------------------- |  | ----------------- | --------------------- | --- | -------- |  | ---------- | --------- |  |  | ---------- | 
|Non-Controlled/Non-Affiliate Company Investments                  |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Senior Secured Loans                                              |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Aerospace & Defense                                               |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Bromford Industries Limited (c)                                   |  | P+4.25%                |  |                   | 7.50                  | %   |          |  | 11/5/2025  |           |  |  | 2,744      | 
|Bromford Industries Limited (c)                                   |  | P+4.25%                |  |                   | 7.50                  | %   |          |  | 11/5/2025  |           |  |  | 1,829      | 
|Trident Maritime Systems, Inc.                                    |  | L+5.50%                |  |                   | 6.50                  | %   |          |  | 2/26/2027  |           |  |  | 2,467      | 
|Trident Maritime Systems, Inc. (Revolver) (d)                     |  | L+5.50%                |  |                   | 6.50                  | %   |          |  | 2/26/2027  |           |  |  | 265        | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 7,305      | 
|Automotive                                                        |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Accelerate Auto Works Intermediate, LLC                           |  | L+4.75%                |  |                   | 5.75                  | %   |          |  | 12/1/2027  |           |  |  | 1,454      | 
|Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)        |  | L+4.75%                |  |                   | 5.75                  | %   |          |  | 12/1/2027  |           |  |  | 388        | 
|Accelerate Auto Works Intermediate, LLC (Revolver) (d)            |  | L+4.75%                |  |                   | 5.75                  | %   |          |  | 12/1/2027  |           |  |  | 132        | 
|Truck-Lite Co., LLC                                               |  | L+6.25%                |  |                   | 7.25                  | %   |          |  | 12/14/2026 |           |  |  | 1,709      | 
|Truck-Lite Co., LLC                                               |  | L+6.25%                |  |                   | 7.25                  | %   |          |  | 12/14/2026 |           |  |  | 253        | 
|Wheel Pros, Inc.                                                  |  | L+4.50%                |  |                   | 5.25                  | %   |          |  | 5/11/2028  |           |  |  | 1,952      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 5,888      | 
|Beverage, Food & Tobacco                                          |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|CBC Restaurant Corp.                                              |  | n/a                    |  |                   | 5.00% PIK             | (f) |          |  | 12/30/2022 |           |  |  | 1,116      | 
|SW Ingredients Holdings, LLC                                      |  | L+4.75%                |  |                   | 5.75                  | %   |          |  | 7/3/2025   |           |  |  | 3,619      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 4,735      | 
|Capital Equipment                                                 |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Analogic Corporation                                              |  | L+5.25%                |  |                   | 6.25                  | %   |          |  | 6/24/2024  |           |  |  | 4,752      | 
|DS Parent, Inc. (e)                                               |  | L+5.75%                |  |                   | 6.50                  | %   |          |  | 12/8/2028  |           |  |  | 3,000      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 7,752      | 
|Chemicals, Plastics & Rubber                                      |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Polymer Solutions Group                                           |  | L+7.00%                |  |                   | 8.00                  | %   |          |  | 1/3/2023   |           |  |  | 1,178      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 1,178      | 
|Construction & Building                                           |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|The Cook & Boardman Group LLC                                     |  | L+5.75%                |  |                   | 6.75                  | %   |          |  | 10/20/2025 |           |  |  | 2,910      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 2,910      | 
|Consumer Goods: Durable                                           |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|International Textile Group, Inc.                                 |  | L+5.00%                |  |                   | 5.13                  | %   |          |  | 5/1/2024   |           |  |  | 1,711      | 
|Runner Buyer Inc. (e)                                             |  | L+5.50%                |  |                   | 6.25                  | %   |          |  | 10/23/2028 |           |  |  | 3,000      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 4,711      | 
|Consumer Goods: Non-Durable                                       |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|PH Beauty Holdings III, INC                                       |  | L+5.00%                |  |                   | 5.18                  | %   |          |  | 9/26/2025  |           |  |  | 2,418      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 2,418      | 
|Containers, Packaging & Glass                                     |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Liqui-Box Holdings, Inc.                                          |  | L+4.50%                |  |                   | 5.50                  | %   |          |  | 2/26/2027  |           |  |  | 4,268      | 
|Polychem Acquisition, LLC                                         |  | L+5.00%                |  |                   | 5.50                  | %   |          |  | 3/17/2025  |           |  |  | 2,918      | 
|Port Townsend Holdings Company, Inc. and Crown Corrugated Company |  | L+6.75%                |  |                   | 5.75% Cash/ 2.00% PIK |     |          |  | 4/3/2024   |           |  |  | 4,751      | 
|PVHC Holding Corp                                                 |  | L+4.75%                |  |                   | 5.75                  | %   |          |  | 8/5/2024   |           |  |  | 3,217      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 15,154     | 
|Energy: Oil & Gas                                                 |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Drilling Info Holdings, Inc.                                      |  | L+4.25%                |  |                   | 4.35                  | %   |          |  | 7/30/2025  |           |  |  | 4,516      | 
|Offen, Inc.                                                       |  | L+5.00%                |  |                   | 5.10                  | %   |          |  | 6/22/2026  |           |  |  | 2,388      | 
|Offen, Inc.                                                       |  | L+5.00%                |  |                   | 5.10                  | %   |          |  | 6/22/2026  |           |  |  | 876        | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 7,780      | 
|FIRE: Finance                                                     |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Harbour Benefit Holdings, Inc.                                    |  | L+5.25%                |  |                   | 6.25                  | %   |          |  | 12/13/2024 |           |  |  | 2,948      | 
|Harbour Benefit Holdings, Inc.                                    |  | L+5.25%                |  |                   | 6.25                  | %   |          |  | 12/13/2024 |           |  |  | 66         | 
|Minotaur Acquisition, Inc. (e)                                    |  | L+4.75%                |  |                   | 4.85                  | %   |          |  | 3/27/2026  |           |  |  | 4,912      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 7,926      | 
|FIRE: Real Estate                                                 |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Avison Young (USA) Inc. (c)                                       |  | L+5.75%                |  |                   | 5.97                  | %   |          |  | 1/30/2026  |           |  |  | 4,850      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 4,850      | 
|Healthcare & Pharmaceuticals                                      |  |                        |  |                   |                       |     |          |  |            |           |  |  |            | 
|Cano Health, LLC (e)                                              |  | SF+4.00%               |  |                   | 4.51                  | %   |          |  | 11/23/2027 |           |  |  | 1,995      | 
|LSCS Holdings, Inc. (e)                                           |  | L+4.50%                |  |                   | 5.00                  | %   |          |  | 12/15/2028 |           |  |  | 1,846      | 
|Radiology Partners, Inc.                                          |  | L+4.25%                |  |                   | 4.35                  | %   |          |  | 7/9/2025   |           |  |  | 4,760      | 
|TEAM Public Choices, LLC (e)                                      |  | L+5.00%                |  |                   | 6.00                  | %   |          |  | 12/17/2027 |           |  |  | 2,992      | 
|                                                                  |  |                        |  |                   |                       |     |          |  |            |           |  |  | 11,593     | 





33







MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

(in thousands)



|Portfolio Company (a)                                           |  | Spread Above
Index (b) |  | Interest Rate (b) |                        |   | Maturity |  |            | Principal |  |  | Fair Value | 
|--------------------------------------------------------------- |  | ---------------------- |  | ----------------- | ---------------------- | - | -------- |  | ---------- | --------- |  |  | ---------- | 
|High Tech Industries                                            |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|Corel Inc. (c)                                                  |  | L+5.00%                |  |                   | 5.18                   | % |          |  | 7/2/2026   |           |  |  | 3,800      | 
|Lightbox Intermediate, L.P.                                     |  | L+5.00%                |  |                   | 5.13                   | % |          |  | 5/11/2026  |           |  |  | 4,875      | 
|LW Buyer, LLC                                                   |  | L+5.00%                |  |                   | 5.14                   | % |          |  | 12/30/2024 |           |  |  | 4,875      | 
|TGG TS Acquisition Company                                      |  | L+6.50%                |  |                   | 6.60                   | % |          |  | 12/12/2025 |           |  |  | 3,435      | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 16,985     | 
|Hotels, Gaming & Leisure                                        |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|Excel Fitness Holdings, Inc.                                    |  | L+5.25%                |  |                   | 6.25                   | % |          |  | 10/7/2025  |           |  |  | 4,165      | 
|North Haven Spartan US Holdco, LLC                              |  | L+5.00%                |  |                   | 6.00                   | % |          |  | 6/6/2025   |           |  |  | 2,297      | 
|Tait LLC                                                        |  | L+5.00%                |  |                   | 5.14                   | % |          |  | 3/28/2025  |           |  |  | 4,125      | 
|Tait LLC (Revolver)                                             |  | P+4.00%                |  |                   | 7.25                   | % |          |  | 3/28/2025  |           |  |  | 769        | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 11,356     | 
|Media: Advertising, Printing & Publishing                       |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|Cadent, LLC                                                     |  | L+5.00%                |  |                   | 6.00                   | % |          |  | 9/11/2023  |           |  |  | 4,339      | 
|Cadent, LLC (Revolver) (d)                                      |  | L+5.00%                |  |                   | 6.00                   | % |          |  | 9/11/2023  |           |  |  | 167        | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 4,506      | 
|Media: Diversified & Production                                 |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|Research Now Group, Inc. and Survey Sampling International, LLC |  | L+5.50%                |  |                   | 6.50                   | % |          |  | 12/20/2024 |           |  |  | 6,720      | 
|STATS Intermediate Holdings, LLC                                |  | L+5.25%                |  |                   | 5.41                   | % |          |  | 7/10/2026  |           |  |  | 4,900      | 
|The Octave Music Group, Inc.                                    |  | L+6.00%                |  |                   | 7.00                   | % |          |  | 5/29/2025  |           |  |  | 3,866      | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 15,486     | 
|Services: Business                                              |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|AQ Carver Buyer, Inc.                                           |  | L+5.00%                |  |                   | 6.00                   | % |          |  | 9/23/2025  |           |  |  | 4,888      | 
|CHA Holdings, Inc                                               |  | L+4.50%                |  |                   | 5.50                   | % |          |  | 4/10/2025  |           |  |  | 1,980      | 
|CHA Holdings, Inc                                               |  | L+4.50%                |  |                   | 5.50                   | % |          |  | 4/10/2025  |           |  |  | 418        | 
|Eliassen Group LLC                                              |  | L+4.25%                |  |                   | 4.35                   | % |          |  | 11/5/2024  |           |  |  | 3,956      | 
|Engage2Excel, Inc.                                              |  | L+8.00%                |  |                   | 7.00% Cash/
 2.00% PIK |   |          |  | 3/7/2023   |           |  |  | 4,326      | 
|Engage2Excel, Inc.                                              |  | L+8.00%                |  |                   | 7.00% Cash/
 2.00% PIK |   |          |  | 3/7/2023   |           |  |  | 781        | 
|Engage2Excel, Inc. (Revolver) (d)                               |  | L+8.00%                |  |                   | 7.00% Cash/
 2.00% PIK |   |          |  | 3/7/2023   |           |  |  | 555        | 
|Orbit Purchaser LLC                                             |  | L+4.50%                |  |                   | 5.50                   | % |          |  | 10/21/2024 |           |  |  | 2,431      | 
|Orbit Purchaser LLC                                             |  | L+4.50%                |  |                   | 5.50                   | % |          |  | 10/21/2024 |           |  |  | 1,877      | 
|Orbit Purchaser LLC                                             |  | L+4.50%                |  |                   | 5.50                   | % |          |  | 10/21/2024 |           |  |  | 549        | 
|Output Services Group, Inc.                                     |  | L+4.50%                |  |                   | 5.50                   | % |          |  | 3/27/2024  |           |  |  | 4,815      | 
|Secretariat Advisors LLC (e)                                    |  | L+4.75%                |  |                   | 5.50                   | % |          |  | 12/29/2028 |           |  |  | 1,710      | 
|Secretariat Advisors LLC (d) (e)                                |  | L+4.75%                |  |                   | 5.50                   | % |          |  | 12/29/2028 |           |  |  | 270        | 
|SIRVA Worldwide Inc.                                            |  | L+5.50%                |  |                   | 5.60                   | % |          |  | 8/4/2025   |           |  |  | 1,850      | 
|Teneo Holdings LLC                                              |  | L+5.25%                |  |                   | 6.25                   | % |          |  | 7/11/2025  |           |  |  | 4,888      | 
|The Kleinfelder Group, Inc.                                     |  | L+5.25%                |  |                   | 6.25                   | % |          |  | 11/29/2024 |           |  |  | 2,387      | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 37,681     | 
|Services: Consumer                                              |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|360Holdco, Inc.                                                 |  | L+4.75%                |  |                   | 5.75                   | % |          |  | 8/2/2025   |           |  |  | 2,168      | 
|360Holdco, Inc. (Delayed Draw) (d)                              |  | L+4.75%                |  |                   | 5.75                   | % |          |  | 8/2/2025   |           |  |  | 827        | 
|Laseraway Intermediate Holdings II, LLC                         |  | L+5.75%                |  |                   | 6.50                   | % |          |  | 10/14/2027 |           |  |  | 2,222      | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 5,217      | 
|Telecommunications                                              |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|Intermedia Holdings, Inc.                                       |  | L+6.00%                |  |                   | 7.00                   | % |          |  | 7/21/2025  |           |  |  | 1,778      | 
|Mavenir Systems, Inc.                                           |  | L+4.75%                |  |                   | 5.25                   | % |          |  | 8/18/2028  |           |  |  | 1,667      | 
|Sandvine Corporation                                            |  | L+4.50%                |  |                   | 4.60                   | % |          |  | 10/31/2025 |           |  |  | 2,000      | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 5,445      | 
|Transportation: Cargo                                           |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|Keystone Purchaser, LLC (e)                                     |  | L+6.25%                |  |                   | 7.25                   | % |          |  | 5/7/2027   |           |  |  | 3,000      | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 3,000      | 
|Utilities: Oil & Gas                                            |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|NGS US Finco, LLC                                               |  | L+4.25%                |  |                   | 5.25                   | % |          |  | 10/1/2025  |           |  |  | 1,695      | 
|NGS US Finco, LLC                                               |  | L+5.25%                |  |                   | 6.25                   | % |          |  | 10/1/2025  |           |  |  | 248        | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 1,943      | 
|Wholesale                                                       |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|BMC Acquisition, Inc.                                           |  | L+5.25%                |  |                   | 6.25                   | % |          |  | 12/30/2024 |           |  |  | 4,486      | 
|HALO Buyer, Inc.                                                |  | L+4.50%                |  |                   | 5.50                   | % |          |  | 6/30/2025  |           |  |  | 4,824      | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  | 9,310      | 
|                                                                |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 
|TOTAL INVESTMENTS                                               |  |                        |  |                   |                        |   |          |  |            |           |  |  |            | 










|(a) | All investments are U.S. companies unless otherwise noted.                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | The majority of investments bear interest at a rate that may be determined by reference to the
    London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate ("SOFR" or
    "SF") or Prime ("P") which reset daily, monthly, quarterly or semiannually. The Company has provided the spread
    over LIBOR, SOFR or Prime and the current contractual rate of interest in effect at December 31, 2021. Certain investments are
    subject to a LIBOR, SOFR or Prime interest rate floor.
|(c) | This is an international company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|(d) | All or a portion of this commitment was unfunded as of December 31, 2021. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.                                                                                                                                                                                                                                                                                                             
|(e) | Investment position or portion thereof unsettled at December 31, 2021.                                                                                                                                                                                                                                                                                                                                                                                                                                          
|(f) | This position was on non-accrual status as of December 31, 2021, meaning that the Company has ceased accruing interest income on the position.                                                                                                                                                                                                                                                                                                                                                                  





34







Below is certain summarized financial information
for SLF as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and 2021:



|                                                      |  | March 31, 2022 |         |   | December 31, 2021 |  
|----------------------------------------------------- |  | -------------- | ------- | - | ----------------- | -
|                                                      |  | (unaudited)    |         |   |                   |  
|Assets                                                |  |                |         |   |                   |  
|Investments, at fair value                            |  | $              | 195,254 |   |                   | $
|Cash                                                  |  |                | 111     |   |                   |  
|Restricted cash                                       |  |                | 5,900   |   |                   |  
|Interest receivable                                   |  |                | 773     |   |                   |  
|Other assets                                          |  |                | 24      |   |                   |  
|Total assets                                          |  |                | 202,062 |   |                   |  
|Liabilities                                           |  |                |         |   |                   |  
|Revolving credit facility                             |  |                | 120,114 |   |                   |  
|Less: Unamortized deferred financing costs            |  |                | (2,121  | ) |                   |  
|Total debt, less unamortized deferred financing costs |  |                | 117,993 |   |                   |  
|Payable for open trades                               |  |                | 2,895   |   |                   |  
|Interest payable                                      |  |                | 299     |   |                   |  
|Accounts payable and accrued expenses                 |  |                | 455     |   |                   |  
|Total liabilities                                     |  |                | 121,642 |   |                   |  
|Members’ capital                                      |  |                | 80,420  |   |                   |  
|Total liabilities and members’ capital                |  | $              | 202,062 |   |                   | $



|                                            |  | Three months ended March 31, |       
|------------------------------------------- |  | ---------------------------- | ------
|                                            |  | 2022                         |       
|                                            |  | (unaudited)                  |       
|Investment income:                          |  |                              |       
|Interest income                             |  | $                            | 3,133 
|Total investment income                     |  |                              | 3,133 
|Expenses:                                   |  |                              |       
|Interest and other debt financing expenses  |  |                              | 981   
|Professional fees                           |  |                              | 172   
|Total expenses                              |  |                              | 1,153 
|Net investment income (loss)                |  |                              | 1,980 
|Net gain (loss):                            |  |                              |       
|Net change in unrealized gain (loss)        |  |                              | (2,010
|Net gain (loss)                             |  |                              | (2,010
|Net increase (decrease) in members’ capital |  | $                            | (30   



Note 4. Fair Value Measurements



Investments



The Company values all investments in accordance
with ASC Topic 820. ASC Topic 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value.
As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters,
or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation
models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets
or liabilities or market and the assets’ or liabilities’ complexity.



ASC Topic 820 establishes a hierarchal disclosure
framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market
price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment.
Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally
will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.





35







Based on the observability of the inputs used in
the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy.
The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified
and disclosed in one of the following three categories:



| | · | Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
| | - | -------------------------------------------------------------------------------------------------------------------------------------



| | · | Level 2 – Valuations based on inputs other than quoted prices in active markets, including quoted prices for similar assets or liabilities, which are either directly or indirectly observable.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. This includes situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In certain cases, the inputs used to measure fair
value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s categorization
within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s
assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors
specific to the asset or liability.



With respect to investments for which market quotations
are not readily available, the Company’s Board undertakes a multi-step valuation process each quarter, as described below:



| | · | the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of MC Advisors responsible for the credit monitoring of the portfolio investment;                                                                                                                                                                      
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                             
| | · | the Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Company will consult with independent valuation firm(s) relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;



| | · | to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available, the investment will be valued by the MC Advisors investment professional responsible for the credit monitoring;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                      
| | · | preliminary valuation conclusions are then documented and discussed with the investment committee of MC Advisors;                                                                                                                                                                    
| |   |                                                                                                                                                                                                                                                                                      
| | · | the audit committee of the Board reviews the preliminary valuations of MC Advisors and of the independent valuation firm(s) and MC Advisors adjusts or further supplements the valuation recommendations to reflect any comments provided by the audit committee; and                
| |   |                                                                                                                                                                                                                                                                                      
| | · | the Board discusses these valuations and determines the fair value of each investment in the portfolio in good faith, based on the input of MC Advisors, the independent valuation firm(s) and the audit committee.                                                                  



The accompanying consolidated schedules of investments
held by the Company consist primarily of private debt instruments (“Level 3 debt”). The Company generally uses the income
approach to determine fair value for Level 3 debt where market quotations are not readily available, as long as it is appropriate. If
there is deterioration in credit quality or a debt investment is in workout status, the Company may consider other factors in determining
the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds
that would be received in a liquidation analysis. This liquidation analysis may include probability weighting of alternative outcomes.
The Company generally considers its Level 3 debt to be performing if the borrower is not in default, the borrower is remitting payments
in a timely manner; the loan is in covenant compliance or is otherwise not deemed to be impaired. In determining the fair value of the
performing Level 3 debt, the Company considers fluctuations in current interest rates, the trends in yields of debt instruments with similar
credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative.
In the event that a Level 3 debt instrument is not performing, as defined above, the Company will evaluate the value of the collateral
utilizing the same framework described above for a performing loan to determine the value of the Level 3 debt instrument.



Under the income approach, discounted cash flow
models are utilized to determine the present value of the future cash flow streams of its debt investments, based on future interest and
principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Company also
considers the following factors: applicable market yields and leverage levels, credit quality, prepayment penalties, the nature and realizable
value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the
credit markets that generally may affect the price at which similar investments may be made.





36







Under the market approach, the enterprise value
methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value
and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Company
derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Company analyzes various
factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s
historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage
levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of
financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings
before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases,
book value.



In addition, for certain debt investments, the
Company may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect
the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others
may be willing to accept. The Company generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.



As of March 31, 2022, the Board determined,
in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuation procedures
based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.



Foreign Currency Forward Contracts



The valuation for the Company’s foreign currency
forward contracts is based on the difference between the exchange rate associated with the forward contract and the exchange rate at the
current period end. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy.



Fair Value Disclosures



The following tables present fair value measurements
of investments and foreign currency forward contracts, by major class according to the fair value hierarchy:



|                                                     |  | Fair Value Measurements |      
|---------------------------------------------------- |  | ----------------------- | -----
|March 31, 2022                                       |  | Level 1                 |      
|Investments:                                         |  |                         |      
|Senior secured loans                                 |  | $                       | —    
|Unitranche secured loans                             |  |                         | —    
|Junior secured loans                                 |  |                         | —    
|Equity securities                                    |  |                         | 1,745
|Investments measured at NAV (1) (2)                  |  |                         | —    
|Total investments                                    |  | $                       | 1,745
|Foreign currency forward contracts asset (liability) |  | $                       | —    



|                                                     |  | Fair Value Measurements |      
|---------------------------------------------------- |  | ----------------------- | -----
|December 31, 2021                                    |  | Level 1                 |      
|Investments:                                         |  |                         |      
|Senior secured loans                                 |  | $                       | —    
|Unitranche secured loans                             |  |                         | —    
|Junior secured loans                                 |  |                         | —    
|Equity securities                                    |  |                         | 1,041
|Investments measured at NAV (1) (2)                  |  |                         | —    
|Total investments                                    |  | $                       | 1,041
|Foreign currency forward contracts asset (liability) |  | $                       | —    










|(1) | Certain investments that are measured at fair value using the NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statements of assets and liabilities.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Represents the Company’s investment in LLC equity interests in SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in SLF’s members’ capital.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





37







Senior secured loans, unitranche secured loans
and junior secured loans are collateralized by tangible and intangible assets of the borrowers. These investments include loans to entities
that have some level of challenge in obtaining financing from other, more conventional institutions, such as a bank. Interest rates on
these loans are either fixed or floating, and are based on current market conditions and credit ratings of the borrower. Excluding loans
on non-accrual, the contractual interest rates on the loans ranged from 6.00% to 16.00% at March 31, 2022 and 6.00% to 16.00% at
December 31, 2021. The maturity dates on the loans outstanding at March 31, 2022 range between May 2022 and July 2028.



The following tables provide a reconciliation of
the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2022
and 2021:



|                                                              |  | Investments          |        
|------------------------------------------------------------- |  | -------------------- | -------
|                                                              |  | Senior secured loans |        
|Balance as of December 31, 2021                               |  | $                    | 423,700
|Net realized gain (loss) on investments                       |  |                      | (9     
|Net change in unrealized gain (loss) on investments           |  |                      | (376   
|Purchases of investments and other adjustments to cost (1)    |  |                      | 16,390 
|Proceeds from principal payments and sales of investments (2) |  |                      | (20,907
|Balance as of March 31, 2022                                  |  | $                    | 418,798



|                                                              |  | Investments          |        
|------------------------------------------------------------- |  | -------------------- | -------
|                                                              |  | Senior secured loans |        
|Balance as of December 31, 2020                               |  | $                    | 405,224
|Net realized gain (loss) on investments                       |  |                      | (194   
|Net change in unrealized gain (loss) on investments           |  |                      | 2,625  
|Purchases of investments and other adjustments to cost (1)    |  |                      | 44,896 
|Proceeds from principal payments and sales of investments (2) |  |                      | (60,152
|Balance as of March 31, 2021                                  |  | $                    | 392,399










|(1) | Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Represents net proceeds from investments sold and principal paydowns received.                                                                     



The total net change in unrealized gain (loss)
on investments included on the consolidated statements of operations for the three months ended March 31, 2022 and 2021, attributable
to Level 3 investments still held at March 31, 2022 and 2021, was ($2,821) and $2,993, respectively. Reclassifications impacting
Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications
occur. There were no transfers among Levels 1, 2 and 3 during the three months ended March 31, 2022 and 2021.



Significant Unobservable Inputs



ASC Topic 820 requires disclosure of quantitative
information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the
fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from
a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as
such, the disclosures provided below exclude those investments valued in that manner. The tables below are not intended to be all-inclusive,
but rather to provide information on significant unobservable inputs and valuation techniques used by the Company.



The valuation techniques and significant unobservable
inputs used in recurring Level 3 fair value measurements of assets and liabilities as of March 31, 2022 were as follows:



|                         |  |                |         |     |                         |                          |              |                                                   | Weighted |  |      |         |  |  |         |  
|------------------------ |  | -------------- | ------- | --- | ----------------------- | ------------------------ | ------------ | ------------------------------------------------- | -------- |  | ---- | ------- |  |  | ------- | -
|                         |  |                |         |     |                         |                          | Unobservable |                                                   | Average  |  |      | Range   | 
|                         |  | Fair
    Value |         |     | Valuation
    Technique |                          | Input        |                                                   | Mean     |  |      | Minimum |  |  | Maximum |  
|Assets:                  |  |                |         |     |                         |                          |              |                                                   |          |  |      |         |  |  |         |  
|Senior secured loans     |  | $              | 291,818 |     |                         | Discounted cash flow     |              | EBITDA multiples                                  |          |  | 9.5  | x       |  |  | 4.5     | x
|                         |  |                |         |     |                         |                          |              | Market yields                                     |          |  | 10.5 | %       |  |  | 5.8     | %
|Senior secured loans     |  |                | 88,091  |     |                         | Discounted cash flow     |              | Revenue multiples                                 |          |  | 6.0  | x       |  |  | 0.6     | x
|                         |  |                |         |     |                         |                          |              | Market yields                                     |          |  | 9.6  | %       |  |  | 5.8     | %
|Senior secured loans     |  |                | 23,817  |     |                         | Enterprise value         |              | Book value multiples                              |          |  | 1.3  | x       |  |  | 1.3     | x
|Senior secured loans     |  |                | 5,840   |     |                         | Enterprise value         |              | Revenue multiples                                 |          |  | 2.7  | x       |  |  | 2.7     | x
|Senior secured loans     |  |                | 5,345   |     |                         | Enterprise value         |              | EBITDA multiples                                  |          |  | 4.8  | x       |  |  | 4.8     | x
|Senior secured loans     |  |                | 2,744   |     |                         | Liquidation              |              | Probability weighting of alternative
    outcomes |          |  | 88.1 | %       |  |  | 39.7    | %
|Unitranche secured loans |  |                | 30,765  |     |                         | Discounted cash flow     |              | EBITDA multiples                                  |          |  | 8.8  | x       |  |  | 7.0     | x
|                         |  |                |         |     |                         |                          |              | Market yields                                     |          |  | 8.1  | %       |  |  | 7.5     | %
|Unitranche secured loans |  |                | 2,340   |     |                         | Enterprise value         |              | Revenue multiples                                 |          |  | 0.5  | x       |  |  | 0.5     | x
|Unitranche secured loans |  |                | 1,680   |     |                         | Discounted cash flow     |              | Revenue multiples                                 |          |  | 12.8 | x       |  |  | 12.8    | x
|                         |  |                |         |     |                         |                          |              | Market yields                                     |          |  | 9.5  | %       |  |  | 9.5     | %
|Junior secured loans     |  |                | 18,945  |     |                         | Discounted cash flow     |              | Market yields                                     |          |  | 14.6 | %       |  |  | 9.3     | %
|Junior secured loans     |  |                | 576     |     |                         | Liquidation              |              | Probability weighting of alternative
    outcomes |          |  | 69.1 | %       |  |  | 69.1    | %
|Equity securities        |  |                | 17,206  |     |                         | Enterprise value         |              | EBITDA multiples                                  |          |  | 7.5  | x       |  |  | 4.3     | x
|Equity securities        |  |                | 6,833   |     |                         | Enterprise value         |              | Revenue multiples                                 |          |  | 4.2  | x       |  |  | 0.6     | x
|Equity securities        |  |                | 2,281   |     |                         | Liquidation              |              | Probability weighting of alternative
    outcomes |          |  | 20.3 | %       |  |  | 20.3    | %
|Equity securities        |  |                | 438     |     |                         | Discounted cash flow     |              | EBITDA multiples                                  |          |  | 7.0  | x       |  |  | 7.0     | x
|                         |  |                |         |     |                         |                          |              | Market yields                                     |          |  | 25.0 | %       |  |  | 25.0    | %
|Equity securities        |  |                | 355     |     |                         | Option pricing
    model |              | Volatility                                        |          |  | 42.5 | %       |  |  | 42.5    | %
|Total
    Level 3 Assets |  | $              | 499,074 | (1) |                         |                          |              |                                                   |          |  |      |         |  |  |         |  










|(1) | Excludes loans of $4,960 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------





38







The valuation techniques and significant unobservable
inputs used in recurring Level 3 fair value measurements of assets and liabilities as of December 31, 2021 were as follows:



|                         |  |            |         |     |                     |                      | Unobservable |                                               | Weighted
    Average |  |      | Range   | 
|------------------------ |  | ---------- | ------- | --- | ------------------- | -------------------- | ------------ | --------------------------------------------- | -------------------- |  | ---- | ------- | 
|                         |  | Fair Value |         |     | Valuation Technique |                      | Input        |                                               | Mean                 |  |      | Minimum | 
|Assets:                  |  |            |         |     |                     |                      |              |                                               |                      |  |      |         | 
|Senior secured loans     |  | $          | 305,252 |     |                     | Discounted cash flow |              | EBITDA multiples                              |                      |  | 7.7  | x       | 
|                         |  |            |         |     |                     |                      |              | Market yields                                 |                      |  | 9.6  | %       | 
|Senior secured loans     |  |            | 79,913  |     |                     | Discounted cash flow |              | Revenue multiples                             |                      |  | 6.5  | x       | 
|                         |  |            |         |     |                     |                      |              | Market yields                                 |                      |  | 8.4  | %       | 
|Senior secured loans     |  |            | 23,484  |     |                     | Enterprise value     |              | Book value multiples                          |                      |  | 1.5  | x       | 
|Senior secured loans     |  |            | 5,771   |     |                     | Enterprise value     |              | Revenue multiples                             |                      |  | 2.8  | x       | 
|Senior secured loans     |  |            | 5,111   |     |                     | Enterprise value     |              | EBITDA multiples                              |                      |  | 6.5  | x       | 
|Senior secured loans     |  |            | 3,026   |     |                     | Liquidation          |              | Probability weighting of alternative outcomes |                      |  | 88.2 | %       | 
|Unitranche secured loans |  |            | 45,072  |     |                     | Discounted cash flow |              | EBITDA multiples                              |                      |  | 8.4  | x       | 
|                         |  |            |         |     |                     |                      |              | Market yields                                 |                      |  | 8.5  | %       | 
|Unitranche secured loans |  |            | 4,950   |     |                     | Enterprise value     |              | Revenue multiples                             |                      |  | 0.6  | x       | 
|Unitranche secured loans |  |            | 1,472   |     |                     | Discounted cash flow |              | Revenue multiples                             |                      |  | 14.0 | x       | 
|                         |  |            |         |     |                     |                      |              | Market yields                                 |                      |  | 8.3  | %       | 
|Junior secured loans     |  |            | 12,266  |     |                     | Discounted cash flow |              | Market yields                                 |                      |  | 15.8 | %       | 
|Junior secured loans     |  |            | 1,522   |     |                     | Discounted cash flow |              | Revenue multiples                             |                      |  | 15.0 | x       | 
|                         |  |            |         |     |                     |                      |              | Market yields                                 |                      |  | 2.0  | %       | 
|Junior secured loans     |  |            | 576     |     |                     | Liquidation          |              | Probability weighting of alternative outcomes |                      |  | 69.1 | %       | 
|Equity securities        |  |            | 15,688  |     |                     | Enterprise value     |              | EBITDA multiples                              |                      |  | 5.6  | x       | 
|Equity securities        |  |            | 6,448   |     |                     | Enterprise value     |              | Revenue multiples                             |                      |  | 4.8  | x       | 
|Equity securities        |  |            | 2,281   |     |                     | Liquidation          |              | Probability weighting of alternative outcomes |                      |  | 24.4 | %       | 
|Equity securities        |  |            | 714     |     |                     | Discounted cash flow |              | EBITDA multiples                              |                      |  | 13.3 | x       | 
|                         |  |            |         |     |                     |                      |              | Market yields                                 |                      |  | 12.3 | %       | 
|Equity securities        |  |            | 455     |     |                     | Option pricing model |              | Volatility                                    |                      |  | 42.5 | %       | 
|Equity securities        |  |            | 264     |     |                     | Enterprise value     |              | Tangible book value multiples                 |                      |  | 1.5  | x       | 
|Total Level 3 Assets     |  | $          | 514,265 | (1) |                     |                      |              |                                               |                      |  |      |         | 










|(1) | Excludes loans of $5,262 at fair value where valuation (unadjusted) is obtained from a third-party pricing service for which such disclosure is not required.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



The significant unobservable input used in the
income approach of fair value measurement of the Company’s investments is the discount rate used to discount the estimated future
cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases
(decreases) in the discount rate would result in a decrease (increase) in the fair value estimate of the investment. Included in the consideration
and selection of discount rates are the following factors: risk of default, rating of the investment and comparable investments, and call
provisions.



The significant unobservable inputs used in the
market approach of fair value measurement of the Company’s investments are the market multiples of EBITDA or revenue of the comparable
guideline public companies. The Company selects a population of public companies for each investment with similar operations and attributes
of the portfolio company. Using these guideline public companies’ data, a range of multiples of enterprise value to EBITDA or revenue
is calculated. The Company selects percentages from the range of multiples for purposes of determining the portfolio company’s estimated
enterprise value based on said multiple and generally the latest twelve months EBITDA or revenue of the portfolio company (or other meaningful
measure). Increases (decreases) in the multiple will result in an increase (decrease) in enterprise value, resulting in an increase (decrease)
in the fair value estimate of the investment.



Other Financial Assets and Liabilities



ASC Topic 820 requires disclosure of the fair value
of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other
financial instruments such as cash, receivables and payables approximate the fair value of such items due to the short maturity of such
instruments. Fair value of the Company’s revolving credit facility is estimated by discounting remaining payments using applicable
market rates or market quotes for similar instruments at the measurement date, if applicable. As of both March 31, 2022 and December 31,
2021, the Company believes that the carrying value of its revolving credit facility approximates fair value. The senior unsecured notes (“2026 Notes”) are carried
at cost and with their longer maturity dates, fair value is estimated by discounting remaining payments using current market rates for
similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the notes.
As of March 31, 2022 and December 31, 2021, the Company believes that the carrying value of the 2026 Notes approximates fair value.
SBA debentures were carried at cost and with their longer maturity dates, fair value was estimated by discounting remaining payments using
current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants
to prepay the SBA debentures. As of December 31, 2021, the Company believed that the carrying value of the SBA debentures approximated
fair value.





39







Note 5. Transactions with Affiliated Companies



An affiliated company is a company in which the
Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate company is a company in which the Company
has an ownership interest of more than 25% of its voting securities. Please see the Company’s consolidated schedule of investments
for the type of investment, principal amount, interest rate including the spread, and the maturity date. Transactions related to the Company’s
investments with affiliates for the three months ended March 31, 2022 and 2021 were as follows:





|Portfolio
    Company                                                              |  | Fair
    value at December 31, 2021 |        |  | Transfers
    in (out) |   |   | Purchases
    (cost) |  |   | Sales
    and paydowns (cost) |  |  | PIK
interest (cost) |     |   | Discount
    accretion |   |       | Net
    realized gain (loss) |  |   | Net
    unrealized gain (loss) |  |  | Fair
    value at March 31, 2022 |  
|---------------------------------------------------------------------------------- |  | ----------------------------------- | ------ |  | ---------------------- | - | - | -------------------- |  | - | ----------------------------- |  |  | ------------------- | --- | - | ---------------------- | - | ----- | ---------------------------- |  | - | ------------------------------ |  |  | -------------------------------- | -
|Non-controlled
    affiliate company investment:                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|American
    Community Homes, Inc.                                                 |  | $                                   | 10,457 |  |                        | $ | — |                      |  | $ | —                             |  |  | $                   | —   |   |                        | $ | 362   |                              |  | $ | —                              |  |  | $                                | —
|American
    Community Homes, Inc.                                                 |  |                                     | 4,753  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 191   |                              |  |   | —                              |  |  |                                  | —
|American
    Community Homes, Inc.                                                 |  |                                     | 634    |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 15    |                              |  |   | —                              |  |  |                                  | —
|American
    Community Homes, Inc.                                                 |  |                                     | 3,164  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 56    |                              |  |   | —                              |  |  |                                  | —
|American
    Community Homes, Inc.                                                 |  |                                     | 4,357  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 127   |                              |  |   | —                              |  |  |                                  | —
|American
    Community Homes, Inc.                                                 |  |                                     | 20     |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 1     |                              |  |   | —                              |  |  |                                  | —
|American
    Community Homes, Inc.                                                 |  |                                     | 99     |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 2     |                              |  |   | —                              |  |  |                                  | —
|American
    Community Homes, Inc. (warrant to purchase up to 22.3% of the equity) |  |                                     | 264    |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 23,748 |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 754   |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|Ascent
    Midco, LLC                                                              |  |                                     | 6,392  |  |                        |   | — |                      |  |   | —                             |  |  |                     | (44 | ) |                        |   | —     |                              |  |   | 8                              |  |  |                                  | —
|Ascent
    Midco, LLC (Revolver)                                                   |  |                                     | —      |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|Ascent
    Midco, LLC (2,032,258 Class A units)                                    |  |                                     | 2,554  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 8,946  |  |                        |   | — |                      |  |   | —                             |  |  |                     | (44 | ) |                        |   | —     |                              |  |   | 8                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|Curion
    Holdings, LLC                                                           |  |                                     | 4,561  |  |                        |   | — |                      |  |   | —                             |  |  |                     | (47 | ) |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|Curion
    Holdings, LLC (Revolver)                                                |  |                                     | 550    |  |                        |   | — |                      |  |   | —                             |  |  |                     | (5  | ) |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|Curion
    Holdings, LLC (Junior secured loan)                                     |  |                                     | —      |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|Curion
    Holdings, LLC (Junior secured loan)                                     |  |                                     | —      |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|Curion
    Holdings, LLC (58,779 shares of common stock)                           |  |                                     | —      |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 5,111  |  |                        |   | — |                      |  |   | —                             |  |  |                     | (52 | ) |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|Familia
    Dental Group Holdings, LLC (1,105 Class A units)                       |  |                                     | 1,919  |  |                        |   | — |                      |  |   | 183                           |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 1,919  |  |                        |   | — |                      |  |   | 183                           |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|HFZ
    Capital Group, LLC                                                         |  |                                     | 15,084 |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|HFZ
    Capital Group, LLC                                                         |  |                                     | 5,420  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|MC
    Asset Management (Corporate), LLC                                           |  |                                     | 7,154  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 302   |                              |  |   | —                              |  |  |                                  | —
|MC
    Asset Management (Corporate), LLC (Delayed Draw)                            |  |                                     | 850    |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 35    |                              |  |   | —                              |  |  |                                  | —
|MC
    Asset Management (Corporate), LLC (15.9% of interests)                      |  |                                     | 644    |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 29,152 |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 337   |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|Mnine
    Holdings, Inc.                                                           |  |                                     | 5,771  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 73    |                              |  |   | 5                              |  |  |                                  | —
|Mnine
    Holdings, Inc. (6,400 Class B units)                                     |  |                                     | —      |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 5,771  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | 73    |                              |  |   | 5                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|NECB
    Collections, LLC (Revolver)                                               |  |                                     | 632    |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|NECB
    Collections, LLC (20.8% of units)                                         |  |                                     | —      |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 632    |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|Second
    Avenue SFR Holdings II LLC (Revolver) (1)                               |  |                                     | 2,104  |  |                        |   | — |                      |  |   | 488                           |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 2,104  |  |                        |   | — |                      |  |   | 488                           |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|SFR
    Holdco, LLC (Junior secured loan)                                          |  |                                     | 5,850  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|SFR
    Holdco, LLC (24.4% of interests)                                           |  |                                     | 3,900  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 9,750  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|TJ
Management HoldCo, LLC (Revolver)                                               |  |                                     | —      |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|TJ
Management HoldCo, LLC (16 shares of common stock)                              |  |                                     | 3,148  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|                                                                                   |  |                                     | 3,148  |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|Total
    non-controlled affiliate company investments                             |  | $                                   | 90,281 |  |                        | $ | — |                      |  | $ | 671                           |  |  | $                   | (96 | ) |                        | $ | 1,164 |                              |  | $ | 13                             |  |  | $                                | —
|                                                                                   |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|Controlled
    affiliate company investments:                                      |  |                                     |        |  |                        |   |   |                      |  |   |                               |  |  |                     |     |   |                        |   |       |                              |  |   |                                |  |  |                                  |  
|MRCC
    Senior Loan Fund I, LLC                                                   |  | $                                   | 41,125 |  |                        | $ | — |                      |  | $ | —                             |  |  | $                   | —   |   |                        | $ | —     |                              |  | $ | —                              |  |  | $                                | —
|                                                                                   |  |                                     | 41,125 |  |                        |   | — |                      |  |   | —                             |  |  |                     | —   |   |                        |   | —     |                              |  |   | —                              |  |  |                                  | —
|Total
    Controlled affiliate company investments                                 |  | $                                   | 41,125 |  |                        | $ | — |                      |  | $ | —                             |  |  | $                   | —   |   |                        | $ | —     |                              |  | $ | —                              |  |  | $                                | —





40







|Portfolio
    Company                                                                |  | Fair
    value at December 31,
    2020 |         |  | Transfers in (out) |   |   | Purchases |  |   | Sales
    and paydowns |  |  | PIK
     interest |         |   | Discount
    accretion |   |       | Net
     realized gain (loss) |  |   | Net
    unrealized gain (loss) |  |  | Fair
    value at March 31,
    2021 |     
|------------------------------------------------------------------------------------ |  | --------------------------------------- | ------- |  | ------------------ | - | - | --------- |  | - | ---------------------- |  |  | ----------------- | ------- | - | ---------------------- | - | ----- | ----------------------------- |  | - | ------------------------------ |  |  | ------------------------------------ | ----
|Non-controlled
    affiliate company investment:                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|American
    Community Homes, Inc.                                                   |  | $                                       | 9,401   |  |                    | $ | — |           |  | $ | —                      |  |  | $                 | (90     | ) |                        | $ | 274   |                               |  | $ | —                              |  |  | $                                    | —   
|American
    Community Homes, Inc.                                                   |  |                                         | 6,239   |  |                    |   | — |           |  |   | —                      |  |  |                   | (2,229  | ) |                        |   | 202   |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc.                                                   |  |                                         | 825     |  |                    |   | — |           |  |   | —                      |  |  |                   | (838    | ) |                        |   | 13    |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc.                                                   |  |                                         | 570     |  |                    |   | — |           |  |   | —                      |  |  |                   | (5      | ) |                        |   | 16    |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc.                                                   |  |                                         | 335     |  |                    |   | — |           |  |   | —                      |  |  |                   | (341    | ) |                        |   | 6     |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc.                                                   |  |                                         | 2,915   |  |                    |   | — |           |  |   | —                      |  |  |                   | (20     | ) |                        |   | 61    |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc.                                                   |  |                                         | 3,879   |  |                    |   | — |           |  |   | —                      |  |  |                   | (37     | ) |                        |   | 113   |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc.                                                   |  |                                         | 18      |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | 1     |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc.                                                   |  |                                         | 89      |  |                    |   | — |           |  |   | —                      |  |  |                   | (1      | ) |                        |   | 3     |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc. (Revolver)                                        |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|American
    Community Homes, Inc. (warrant to purchase up to 22.3% of the equity)   |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 24,271  |  |                    |   | — |           |  |   | —                      |  |  |                   | (3,561  | ) |                        |   | 689   |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|Ascent
    Midco, LLC                                                                |  |                                         | 6,997   |  |                    |   | — |           |  |   | —                      |  |  |                   | (18     | ) |                        |   | —     |                               |  |   | 7                              |  |  |                                      | —   
|Ascent
    Midco, LLC (Delayed Draw)                                                 |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Ascent
    Midco, LLC (Revolver)                                                     |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Ascent
    Midco, LLC (2,032,258 Class A units)                                      |  |                                         | 3,016   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 10,013  |  |                    |   | — |           |  |   | —                      |  |  |                   | (18     | ) |                        |   | —     |                               |  |   | 7                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|Curion
    Holdings, LLC                                                             |  |                                         | 3,159   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Curion
    Holdings, LLC (Revolver)                                                  |  |                                         | 820     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Curion
    Holdings, LLC (Junior secured loan)                                       |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Curion
    Holdings, LLC (Junior secured loan)                                       |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Curion
    Holdings, LLC (58,779 shares of common stock)                             |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 3,979   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|Familia
    Dental Group Holdings, LLC (1,052 Class A units)                         |  |                                         | 3,118   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 3,118   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|HFZ
    Capital Group, LLC                                                           |  |                                         | 13,106  |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|HFZ
    Capital Group, LLC                                                           |  |                                         | 4,709   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|MC
    Asset Management (Corporate), LLC                                             |  |                                         | —       |  |                    |   | — |           |  |   | 6,423                  |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|MC
    Asset Management (Corporate), LLC (15.9% of interests)                        |  |                                         | 785     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|MC
    Asset Management (Industrial), LLC                                            |  |                                         | 11,579  |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | 98    |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 30,179  |  |                    |   | — |           |  |   | 6,423                  |  |  |                   | —       |   |                        |   | 98    |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|Incipio,
    LLC                                                                     |  |                                         | 1,764   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Incipio,
    LLC                                                                     |  |                                         | 4,227   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | 48    |                               |  |   | —                              |  |  |                                      | —   
|Incipio,
    LLC                                                                     |  |                                         | 1,805   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | 15    |                               |  |   | —                              |  |  |                                      | —   
|Incipio,
    LLC                                                                     |  |                                         | 761     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | 6     |                               |  |   | —                              |  |  |                                      | —   
|Incipio,
    LLC                                                                     |  |                                         | 1,519   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | 13    |                               |  |   | —                              |  |  |                                      | —   
|Incipio,
    LLC (Delayed Draw)                                                      |  |                                         | 1,488   |  |                    |   | — |           |  |   | 108                    |  |  |                   | —       |   |                        |   | 9     |                               |  |   | —                              |  |  |                                      | —   
|Incipio,
    LLC (Junior secured loan)                                               |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Incipio,
    LLC (Junior secured loan)                                               |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Incipio,
    LLC (1,774 shares of Series C common units)                             |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 11,564  |  |                    |   | — |           |  |   | 108                    |  |  |                   | —       |   |                        |   | 91    |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|Luxury
    Optical Holdings Co.                                                      |  |                                         | 1,430   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Luxury
    Optical Holdings Co. (Delayed Draw)                                       |  |                                         | 624     |  |                    |   | — |           |  |   | 882                    |  |  |                   | (45     | ) |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Luxury
    Optical Holdings Co. (Revolver)                                           |  |                                         | 66      |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Luxury
    Optical Holdings Co. (90 preferred units)                                 |  |                                         | 2,476   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Luxury
    Optical Holdings Co. (86 shares of common stock)                          |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 4,596   |  |                    |   | — |           |  |   | 882                    |  |  |                   | (45     | ) |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|Mnine
    Holdings, Inc.                                                             |  |                                         | 12,356  |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | 147   |                               |  |   | 11                             |  |  |                                      | —   
|Mnine
    Holdings, Inc. (6,400 Class B units)                                       |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 12,356  |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | 147   |                               |  |   | 11                             |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|NECB
    Collections, LLC (Revolver)                                                 |  |                                         | 834     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|NECB
    Collections, LLC (20.8% of units)                                           |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 834     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|SHI
    Holdings, Inc.                                                               |  |                                         | 188     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|SHI
    Holdings, Inc. (Revolver)                                                    |  |                                         | 297     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|SHI
    Holdings, Inc. (24 shares of common stock)                                   |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 485     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|Summit
    Container Corporation                                                     |  |                                         | 3,204   |  |                    |   | — |           |  |   | —                      |  |  |                   | (3,019  | ) |                        |   | —     |                               |  |   | —                              |  |  |                                      | (250
|Summit
    Container Corporation (Revolver)                                          |  |                                         | 1,654   |  |                    |   | — |           |  |   | 5,402                  |  |  |                   | (7,059  | ) |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Summit
    Container Corporation (warrant to
    purchase up to 19.5% of the equity) |  |                                         | 139     |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 4,997   |  |                    |   | — |           |  |   | 5,402                  |  |  |                   | (10,078 | ) |                        |   | —     |                               |  |   | —                              |  |  |                                      | (250
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|TJ
    Management HoldCo, LLC (Revolver)                                             |  |                                         | —       |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|TJ
    Management HoldCo, LLC (16 shares of common stock)                            |  |                                         | 3,323   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|                                                                                     |  |                                         | 3,323   |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Total
    non-controlled affiliate company investments                               |  | $                                       | 109,715 |  |                    | $ | — |           |  | $ | 12,815                 |  |  | $                 | (13,702 | ) |                        | $ | 1,025 |                               |  | $ | 18                             |  |  | $                                    | (250
|                                                                                     |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|Controlled
    affiliate company investments:                                        |  |                                         |         |  |                    |   |   |           |  |   |                        |  |  |                   |         |   |                        |   |       |                               |  |   |                                |  |  |                                      |     
|MRCC
    Senior Loan Fund I, LLC                                                     |  | $                                       | 39,284  |  |                    | $ | — |           |  | $ | —                      |  |  | $                 | —       |   |                        | $ | —     |                               |  | $ | —                              |  |  | $                                    | —   
|                                                                                     |  |                                         | 39,284  |  |                    |   | — |           |  |   | —                      |  |  |                   | —       |   |                        |   | —     |                               |  |   | —                              |  |  |                                      | —   
|Total
    controlled affiliate company investments                                   |  | $                                       | 39,284  |  |                    | $ | — |           |  | $ | —                      |  |  | $                 | —       |   |                        | $ | —     |                               |  | $ | —                              |  |  | $                                    | —   








| | (1) | Second Avenue SFR Holdings II LLC is a related entity to SFR
Holdco, LLC and is being presented as a non-controlled affiliate for that reason.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------





41









|                                                        |  | For
    the three months ended March 31, |      
|------------------------------------------------------- |  | ---------------------------------------- | -----
|                                                        |  | 2022                                     |      
|Portfolio
    Company                                   |  | Interest
Income                          |      
|Non-controlled
    affiliate company investments:       |  |                                          |      
|American
    Community Homes, Inc.                      |  | $                                        | 361  
|American
    Community Homes, Inc.                      |  |                                          | 189  
|American
    Community Homes, Inc.                      |  |                                          | n/a  
|American
    Community Homes, Inc.                      |  |                                          | 15   
|American
    Community Homes, Inc.                      |  |                                          | n/a  
|American
    Community Homes, Inc.                      |  |                                          | 55   
|American
    Community Homes, Inc.                      |  |                                          | 125  
|American
    Community Homes, Inc.                      |  |                                          | —    
|American
    Community Homes, Inc.                      |  |                                          | 2    
|American
    Community Homes, Inc. (Revolver)           |  |                                          | n/a  
|American
    Community Homes, Inc. (Warrant)            |  |                                          | —    
|                                                        |  |                                          | 747  
|                                                        |  |                                          |      
|Ascent
    Midco, LLC                                   |  |                                          | 112  
|Ascent
    Midco, LLC (Delayed Draw)                    |  |                                          | n/a  
|Ascent
    Midco, LLC (Revolver)                        |  |                                          | 1    
|Ascent
    Midco, LLC (Class A units)                   |  |                                          | —    
|                                                        |  |                                          | 113  
|                                                        |  |                                          |      
|Curion
    Holdings, LLC                                |  |                                          | —    
|Curion
    Holdings, LLC (Revolver)                     |  |                                          | —    
|Curion
    Holdings, LLC (Junior secured loan)          |  |                                          | —    
|Curion
    Holdings, LLC (Junior secured loan)          |  |                                          | —    
|Curion
    Holdings, LLC (Common units)                 |  |                                          | —    
|                                                        |  |                                          | —    
|                                                        |  |                                          |      
|Familia
    Dental Group Holdings, LLC (Class A units)  |  |                                          | —    
|                                                        |  |                                          | —    
|                                                        |  |                                          |      
|HFZ
    Capital Group, LLC                              |  |                                          | 463  
|HFZ
    Capital Group, LLC                              |  |                                          | 167  
|MC
    Asset Management (Corporate), LLC                |  |                                          | 298  
|MC
    Asset Management (Corporate), LLC (Delayed Draw) |  |                                          | 35   
|MC
    Asset Management (Corporate), LLC (LLC interest) |  |                                          | —    
|MC
    Asset Management (Industrial), LLC               |  |                                          | n/a  
|                                                        |  |                                          | 963  
|                                                        |  |                                          |      
|Incipio,
    LLC                                        |  |                                          | n/a  
|Incipio,
    LLC                                        |  |                                          | n/a  
|Incipio,
    LLC                                        |  |                                          | n/a  
|Incipio,
    LLC                                        |  |                                          | n/a  
|Incipio,
    LLC                                        |  |                                          | n/a  
|Incipio,
    LLC (Delayed Draw)                         |  |                                          | n/a  
|Incipio,
    LLC (Junior secured loan)                  |  |                                          | n/a  
|Incipio,
    LLC (Junior secured loan)                  |  |                                          | n/a  
|Incipio,
    LLC (Common units)                         |  |                                          | n/a  
|                                                        |  |                                          | n/a  
|                                                        |  |                                          |      
|Luxury
    Optical Holdings Co.                         |  |                                          | n/a  
|Luxury
    Optical Holdings Co. (Delayed Draw)          |  |                                          | n/a  
|Luxury
    Optical Holdings Co. (Revolver)              |  |                                          | n/a  
|Luxury
    Optical Holdings Co. (Preferred units)       |  |                                          | n/a  
|Luxury
    Optical Holdings Co. (Common stock)          |  |                                          | n/a  
|                                                        |  |                                          | n/a  
|                                                        |  |                                          |      
|Mnine
    Holdings, Inc.                                |  |                                          | 180  
|Mnine
    Holdings, Inc. (Common units)                 |  |                                          | —    
|                                                        |  |                                          | 180  
|                                                        |  |                                          |      
|NECB
    Collections, LLC (Revolver)                    |  |                                          | —    
|NECB
    Collections, LLC (LLC units)                   |  |                                          | —    
|                                                        |  |                                          | —    
|                                                        |  |                                          |      
|Second
    Avenue SFR Holdings II LLC (Revolver)        |  |                                          | 47   
|                                                        |  |                                          | 47   
|                                                        |  |                                          |      
|SFR
    Holdco, LLC (Junior secured loan)               |  |                                          | 117  
|SFR
    Holdco, LLC (LLC interest)                      |  |                                          | —    
|                                                        |  |                                          | 117  
|                                                        |  |                                          |      
|SHI
    Holdings, Inc.                                  |  |                                          | n/a  
|SHI
    Holdings, Inc. (Revolver)                       |  |                                          | n/a  
|SHI
    Holdings, Inc. (Common stock)                   |  |                                          | n/a  
|                                                        |  |                                          | n/a  
|                                                        |  |                                          |      
|Summit
    Container Corporation                        |  |                                          | n/a  
|Summit
    Container Corporation (Revolver)             |  |                                          | n/a  
|Summit
    Container Corporation (Warrant)              |  |                                          | n/a  
|                                                        |  |                                          | n/a  
|                                                        |  |                                          |      
|TJ
    Management HoldCo, LLC (Revolver)                |  |                                          | 3    
|TJ
    Management HoldCo, LLC (Common stock)            |  |                                          | —    
|                                                        |  |                                          | 3    
|                                                        |  |                                          |      
|Total
    non-controlled affiliate company investments  |  | $                                        | 2,170
|                                                        |  |                                          |      
|Controlled
    affiliate company investments:           |  |                                          |      
|MRCC
    Senior Loan Fund I, LLC                        |  | $                                        | —    
|                                                        |  |                                          | —    
|Total
    controlled affiliate company investments      |  | $                                        | —    





42







Note 6. Transactions with Related Parties



The Company has entered into an investment advisory
agreement with MC Advisors (the “Investment Advisory Agreement”), under which MC Advisors, subject to the overall supervision
of the Board, provides investment advisory services to the Company. The Company pays MC Advisors a fee for its services under the Investment
Advisory Agreement consisting of two components - a base management fee and an incentive fee. The cost of both the base management fee
and the incentive fee are borne by the Company’s stockholders, unless such fees are waived by MC Advisors.



The base management fee is calculated
initially at an annual rate equal to 1.75% of average invested assets (calculated as total assets excluding cash, which includes
assets financed using leverage); provided, however, the base management fee is calculated at an annual rate equal to 1.00% of the
Company’s average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage)
that exceeds the product of (i) 200% and (ii) the Company’s average net assets. For the avoidance of doubt, the 200%
is calculated in accordance with the asset coverage limitation as defined in the 1940 Act to give effect to the Company’s
exemptive relief with respect to MRCC SBIC’s SBA debentures during the period they were outstanding. This has the effect of reducing the Company’s base
management fee rate on assets in excess of regulatory leverage of 1:1 debt to equity to 1.00% per annum. The base management fee is
payable quarterly in arrears.



Base management fees for the three months ended
March 31, 2022 and 2021 were $2,343 and $2,334, respectively. MC Advisors elected to voluntarily waive $55 and zero of such base management
fees for the three months ended March 31, 2022 and 2021, respectively.



The incentive fee consists of two parts. The first
part is calculated and payable quarterly in arrears and equals 20% of “pre-incentive fee net investment income” for the immediately
preceding quarter, subject to a 2% (8% annualized) preferred return, or “hurdle,” and a “catch up” feature. The
foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of pre-incentive fee
net investment income will be payable except to the extent that 20% of the cumulative net increase in net assets resulting from operations
over the then current and 11 preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding
calendar quarters (the “Incentive Fee Limitation”). Therefore, any ordinary income incentive fee that is payable in a calendar
quarter will be limited to the lesser of (1) 20% of the amount by which pre-incentive fee net investment income for such calendar
quarter exceeds the 2% hurdle, subject to the “catch-up” provision, and (2) (x) 20% of the cumulative net increase
in net assets resulting from operations for the then current and 11 preceding calendar quarters minus (y) the cumulative incentive
fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the “cumulative net increase in net
assets resulting from operations” is the sum of pre-incentive fee net investment income, realized gains and losses and unrealized
gains and losses for the then current and 11 preceding calendar quarters. The second part of the incentive fee is determined and payable
in arrears as of the end of each fiscal year in an amount equal to 20% of realized capital gains, if any, on a cumulative basis from inception
through the end of the year, computed net of all realized capital losses on a cumulative basis and unrealized depreciation, less the aggregate
amount of any previously paid capital gain incentive fees.



The composition of the Company’s incentive
fees was as follows:



|                                                                  |  | Three months ended March 31, |     
|----------------------------------------------------------------- |  | ---------------------------- | ----
|                                                                  |  | 2022                         |     
|Part one incentive fees (1)                                       |  | $                            | 408 
|Part two incentive fees (2)                                       |  |                              | —   
|Incentive Fee Limitation                                          |  |                              | —   
|Incentive fees, excluding the impact of the incentive fee waivers |  |                              | 408 
|Incentive fee waivers (3)                                         |  |                              | (408
|Total incentive fees, net of incentive fee waivers                |  | $                            | —   










|(1) | Based on pre-incentive fee net investment income.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Based upon net realized and unrealized gains and losses, or capital gains. The Company accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. If, on a cumulative basis, the sum of net realized gain (loss) plus net unrealized gain (loss) decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20% of the sum of net realized gain (loss) plus net unrealized gain (loss).
|(3) | Represents part one incentive fees waived by MC Advisors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   





43







The Company has entered into an
administration agreement with MC Management (the “Administration Agreement”), under which the Company reimburses MC
Management, subject to the review and approval of the Board, for its allocable portion of overhead and other expenses, including the
costs of furnishing the Company with office facilities and equipment and providing clerical, bookkeeping, record-keeping and other
administrative services at such facilities, and the Company’s allocable portion of the cost of the chief financial officer and
chief compliance officer and their respective staffs. To the extent that MC Management outsources any of its functions, the Company
will pay the fees associated with such functions on a direct basis, without incremental profit to MC Management. For the three
months ended March 31, 2022 and 2021, the Company incurred $829 and $842, respectively, in administrative expenses (included
within Professional fees, Administrative service fees and General and administrative expenses on the consolidated statements of
operations) under the Administration Agreement, of which $330 and $356, respectively, was related to MC Management overhead and
salary allocation and paid directly to MC Management. As of March 31, 2022 and December 31, 2021, $330 and $337,
respectively, of expenses were due to MC Management under this agreement and are included in accounts payable and accrued expenses
on the consolidated statements of assets and liabilities.



The Company has entered into a license agreement
with Monroe Capital LLC under which Monroe Capital LLC has agreed to grant the Company a non-exclusive, royalty-free license to use the
name “Monroe Capital” for specified purposes in its business. Under this agreement, the Company has the right to use the “Monroe
Capital” name at no cost, subject to certain conditions, for so long as MC Advisors or one of its affiliates remains its investment
adviser. Other than with respect to this limited license, the Company has no legal right to the “Monroe Capital” name or logo.



As of March 31, 2022 and December 31,
2021, the Company had accounts payable to members of the Board of $35 and zero, respectively, representing accrued and unpaid fees for
their services.



Note 7. Borrowings



In accordance with the 1940 Act, the Company is
permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. The
Company has been granted exemptive relief from the SEC for permission to exclude the debt of MRCC SBIC guaranteed by the SBA from the
asset coverage test under the 1940 Act. As of March 31, 2022 and December 31, 2021, the Company’s asset coverage ratio
based on aggregate borrowings outstanding was 177% and 189%, respectively.



Revolving Credit Facility: The Company
has a $255,000 revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature
which permits the Company, under certain circumstances to increase the size of the facility up to $400,000 (subject to maintaining
150% asset coverage, as defined by the 1940 Act). The revolving credit facility is secured by a lien on all of the Company’s
assets, including cash on hand, but excluding the assets of the Company’s wholly-owned subsidiary, MRCC SBIC, prior to its dissolution. The Company may make draws under the revolving credit facility to make or purchase additional
investments through March 1, 2023 and for general working capital purposes until March 1, 2024, the maturity date of the
revolving credit facility.



The Company’s ability to borrow under the
revolving credit facility is subject to availability under the borrowing base, which permits the Company to borrow up to 72.5% of the
fair market value of its portfolio company investments depending on the type of investment the Company holds and whether the investment
is quoted. The Company’s ability to borrow is also subject to certain concentration limits, and continued compliance with the representations,
warranties and covenants given by the Company under the facility. The revolving credit facility contains certain financial and restrictive
covenants, including, but not limited to, the Company’s maintenance of: (1) minimum consolidated total net assets at least
equal to $150,000 plus 65% of the net proceeds to the Company from sales of its equity securities after March 1, 2019; (2) a
ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a
senior debt coverage ratio of at least 2 to 1. The revolving credit facility also requires the Company to undertake customary indemnification
obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated
with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including
events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply
with financial and negative covenants, and failure to maintain the Company’s relationship with MC Advisors. If the Company incurs
an event of default under the revolving credit facility and fails to remedy such default under any applicable grace period, if any, then
the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect the Company’s
liquidity, financial condition, results of operations and cash flows.



The Company’s revolving credit facility also
imposes certain conditions that may limit the amount of the Company’s distributions to stockholders. Distributions payable in the
Company’s common stock under the DRIP are not limited by the revolving credit facility. Distributions in cash or property other
than common stock are generally limited to 115% of the amount of distributions required to maintain the Company’s status as a RIC.



As of March 31, 2022, the Company had U.S.
dollar borrowings of $188,300. As of December 31, 2021, the Company had U.S. dollar borrowings of $146,400 and non-U.S. dollar
borrowings denominated in Great Britain pounds of £3,433 ($4,645 in U.S. dollars) under the revolving credit facility. Any
borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between
the U.S. dollar and the respective foreign currency. These movements are beyond the control of the Company and cannot be predicted.
Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date.
The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign
currency and other transactions on the Company’s consolidated statements of operations and totaled $157 and ($182) for the
three months ended March 31, 2022 and 2021, respectively.





44







During the three months ended March 31, 2022, the Company
repaid borrowings denominated in Great Britain pounds of £3,433. As a result of this repayment, the Company recognized a realized
gain (loss) on foreign currency and other transactions on the Company’s consolidated statements of operations of ($11) for the three
months ended March 31, 2022. There were no repayments of foreign currency borrowings for the three months ended March 31, 2021.



Borrowings under the revolving credit facility
bear interest, at the Company’s election, at an annual rate of LIBOR (one-month, three-month or six-month at the Company’s
discretion based on the term of the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of the prime
interest rate, the federal funds rate plus 0.5% or LIBOR plus 1.0%, with a LIBOR floor of 0.5%. In addition to the stated interest rate
on borrowings under the revolving credit facility, the Company is required to pay a commitment fee and certain conditional fees based
on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused
portion of the revolving credit facility if the unused portion of the facility is less than 35% of the then available maximum borrowing
or a commitment fee of 1.0% per annum on any unused portion of the revolving credit facility if the unused portion of the facility is
greater than or equal to 35% of the then available maximum borrowing. As of both March 31, 2022 and December 31, 2021, the outstanding
borrowings were accruing at a weighted average interest rate of 3.1%.



2026 Notes: As of both March 31, 2022 and
December 31, 2021, the Company had $130,000 in aggregate principal amount of senior unsecured notes outstanding that mature on February
15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. The Company
may redeem the 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus a “make-whole”
premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of the Company’s
existing and future unsecured indebtedness.



SBA Debentures: On March 1, 2022, MRCC SBIC
fully repaid its outstanding debentures utilizing a borrowing on the revolving credit facility and the restricted cash at MRCC SBIC. This
repayment was accounted for as a debt extinguishment in accordance with ASC Subtopic 470-50, Debt – Modifications and Extinguishments(“ASC 470-50”), which resulted in a realized loss of $1,039 (primarily comprised of the unamortized deferred financing
costs at the time of the repayment) recorded in net gain (loss) on extinguishment of debt on the Company’s consolidated statements
of operations. MRCC SBIC received approval from the SBA to surrender its SBIC license and on March 31, 2022, MRCC SBIC was dissolved.



As of March 31, 2022 and December 31,
2021, MRCC SBIC had zero and $57,624, respectively, in leverageable capital and the following SBA debentures  outstanding:



|Maturity Date  |  | Interest Rate |     |   | March 31,
    2022 |   |   | December 31,
    2021 | 
|-------------- |  | ------------- | --- | - | ------------------ | - | - | --------------------- | 
|September 2024 |  |               | 3.4 | % |                    | $ | — |                       | 
|March 2025     |  |               | 3.3 | % |                    |   | — |                       | 
|March 2025     |  |               | 2.9 | % |                    |   | — |                       | 
|September 2027 |  |               | 3.2 | % |                    |   | — |                       | 
|Total          |  |               |     |   |                    | $ | — |                       | 





45







Components
of interest expense: The components of the Company’s interest expense and other debt financing expenses, average outstanding
balances and average stated interest rates (i.e. the rate in effect plus spread) were as follows:



|                                                 |  | Three months ended
  March 31, |        
|------------------------------------------------ |  | ------------------------------ | -------
|                                                 |  | 2022                           |        
|Interest expense - revolving credit facility     |  | $                              | 1,474  
|Interest expense - 2023 Notes                    |  |                                | —      
|Interest expense - 2026 Notes                    |  |                                | 1,555  
|Interest expense - SBA debentures                |  |                                | 292    
|Amortization of deferred financing costs         |  |                                | 601    
|Total interest and other debt financing expenses |  | $                              | 3,922  
|Average debt outstanding                         |  | $                              | 338,446
|Average stated interest rate                     |  |                                | 3.9    



Note 8. Derivative Instruments



The Company enters into foreign currency forward
contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on future interest
cash flows from the Company’s investments denominated in foreign currencies. As of March 31, 2022 and December 31, 2021,
the counterparty to these foreign currency forward contracts was Bannockburn Global Forex, LLC. Net unrealized gain or loss on foreign
currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized
gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the
accompanying consolidated statements of operations.



Certain information related to the Company’s
foreign currency forward contracts is presented below as of March 31, 2022 and December 31, 2021.



|                                  |  | As of March 31, 2022        
|--------------------------------- |  | ----------------------------
|Description                       |  | Notional
 Amount to be
 Sold
|Foreign currency forward contract |  | £                           
|Foreign currency forward contract |  | £                           
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|Foreign currency forward contract |  | AUD                         
|                                  |  |                             





46







|                                  |  | As of December 31, 2021    
|--------------------------------- |  | ---------------------------
|Description                       |  | Notional 
Amount to be
Sold
|Foreign currency forward contract |  | £                          
|Foreign currency forward contract |  | £                          
|Foreign currency forward contract |  | £                          
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|Foreign currency forward contract |  | AUD                        
|                                  |  |                            



For the three months ended March 31, 2022 and 2021,
the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of ($416) and $334, respectively. For
the three months ended March 31, 2022 and 2021, the Company recognized net realized gain (loss) on foreign currency forward contracts
of $12 and ($38), respectively.



Note 9. Distributions



The Company’s distributions are recorded
on the record date. The following table summarizes distributions declared during the three months ended March 31, 2022 and 2021:



|Date
Declared                      |  | Record
Date    |  | Payment
Date   |  | Amount
Per Share |      |  | Cash
Distribution |   |       | DRIP
Shares
Issued |  |  | DRIP
Shares
Value |  |  | DRIP Shares
Repurchased
in the Open
Market |   |  | Cost of
DRIP Shares
Repurchased | 
|---------------------------------- |  | -------------- |  | -------------- |  | ---------------- | ---- |  | ----------------- | - | ----- | ------------------ |  |  | ----------------- |  |  | ------------------------------------------ | - |  | ------------------------------- | 
|Three months ended March 31, 2022: |  |                |  |                |  |                  |      |  |                   |   |       |                    |  |  |                   |  |  |                                            |   |  |                                 | 
|March 2, 2022                      |  | March 16, 2022 |  | March 31, 2022 |  | $                | 0.25 |  |                   | $ | 5,417 |                    |  |  | —                 |  |  | $                                          | — |  |                                 | 
|Total distributions declared       |  |                |  |                |  | $                | 0.25 |  |                   | $ | 5,417 |                    |  |  | —                 |  |  | $                                          | — |  |                                 | 
|                                   |  |                |  |                |  |                  |      |  |                   |   |       |                    |  |  |                   |  |  |                                            |   |  |                                 | 
|Three months ended March 31, 2021: |  |                |  |                |  |                  |      |  |                   |   |       |                    |  |  |                   |  |  |                                            |   |  |                                 | 
|March 2, 2021                      |  | March 16, 2021 |  | March 31, 2021 |  | $                | 0.25 |  |                   | $ | 5,326 |                    |  |  | —                 |  |  | $                                          | — |  |                                 | 
|Total distributions declared       |  |                |  |                |  | $                | 0.25 |  |                   | $ | 5,326 |                    |  |  | —                 |  |  | $                                          | — |  |                                 | 



Note 10. Stock Issuances and Repurchases



Stock Issuances:On May 12, 2017,
the Company entered into at-the-market (“ATM”) equity distribution agreements with each of JMP Securities LLC
(“JMP”) and FBR Capital Markets & Co. (“FBR”) (the “ATM Program”) through which the
Company could sell, by means of ATM offerings, from time to time, up to $50,000 of the Company’s common stock. On May 8,
2020, the Company entered into an amendment to the ATM Program to extend its term. All other material terms of the ATM Program
remain unchanged. There were no stock issuances through the ATM Program during the three months ended March 31, 2022 and 2021.





47







Note 11. Commitments and Contingencies



Commitments: As of March 31, 2022
and December 31, 2021, the Company had $54,366 and $55,483, respectively, in outstanding commitments to fund investments under undrawn
revolvers, capital expenditure loans, delayed draw commitments and subscription agreements (excluding SLF). As described in Note 3, the
Company had unfunded commitments of $7,850 to SLF as of both March 31, 2022 and December 31, 2021 that may be contributed primarily
for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization
from one of the Company’s representatives on SLF’s board of managers. Management believes that the Company’s available
cash balances and/or ability to draw on the revolving credit facility provide sufficient funds to cover its unfunded commitments as of
March 31, 2022.



Indemnifications:In the normal course of
business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general
indemnifications. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made
against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnifications to
be remote.



Concentration of credit and counterparty risk:
Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In
the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on
the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the
credit standing of each counterparty.



Market risk: The Company’s investments
and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is
directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded.



Legal proceedings: In the normal course
of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While
there can be no assurance of the ultimate disposition of any such proceedings, the Company is not currently aware of any such proceedings
or disposition that would have a material adverse effect on the Company’s consolidated financial statements.



Note 12. Financial Highlights



The following is a schedule of financial highlights
for the three months ended March 31, 2022 and 2021:



|                                                                                                                                                               |  | March 31, 2022 |            |    | March 31, 2021 |  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ---------- | -- | -------------- | -
|Per share data:                                                                                                                                                |  |                |            |    |                |  
|Net asset value at beginning of period                                                                                                                         |  | $              | 11.51      |    |                | $
|Net investment income (1)                                                                                                                                      |  |                | 0.25       |    |                |  
|Net gain (loss) (1)                                                                                                                                            |  |                | (0.21      | )  |                |  
|Net increase (decrease) in net assets resulting from operations (1)                                                                                            |  |                | 0.04       |    |                |  
|Stockholder distributions - income (2)                                                                                                                         |  |                | (0.25      | )  |                |  
|Net asset value at end of period                                                                                                                               |  | $              | 11.30      |    |                | $
|Net assets at end of period                                                                                                                                    |  | $              | 244,901    |    |                | $
|Shares outstanding at end of period                                                                                                                            |  |                | 21,666,340 |    |                |  
|Per share market value at end of period                                                                                                                        |  | $              | 10.79      |    |                | $
|Total return based on market value (3)                                                                                                                         |  |                | (1.64      | )% |                |  
|Total return based on average net asset value (4)                                                                                                              |  |                | 0.34       | %  |                |  
|Ratio/Supplemental data:                                                                                                                                       |  |                |            |    |                |  
|Ratio of net investment income to average net assets (5)                                                                                                       |  |                | 8.79       | %  |                |  
|Ratio of total expenses, net of base management fee and
                                                  incentive fee waivers, to average net assets (5) (6) |  |                | 11.71      | %  |                |  
|Portfolio turnover (7)                                                                                                                                         |  |                | 3.89       | %  |                |  










|(1) | Calculated using the weighted average shares outstanding during the periods presented.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Management monitors available taxable earnings, including net investment income and realized
    capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings
    fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be
    deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end
    of the fiscal year. However, if the character of such distributions were determined as of March 31, 2022 and 2021, none of the
    distributions would have been characterized as a tax return of capital to the Company’s stockholders; this tax return of
    capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.
|(3) | Total return based on market value is calculated assuming a purchase of common shares at the market value on the first day and a sale at the market value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized.                                                                                                                                                                                                                                                                                                                                                                                                                                            

|(4) | Total return based on average net asset value is calculated by dividing the net increase (decrease) in net assets resulting from operations by the average net asset value. Return calculations are not annualized.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(5) | Ratios are annualized. Incentive fees included within the ratio are not annualized.                                                                                                                                
|(6) | The following is a schedule of supplemental ratios for the three months ended March 31, 2022 and 2021. These ratios have been annualized unless otherwise noted.                                                   



|                                                                                                           |  | March 31, 2022 |       |   | March 31, 2021 | 
|---------------------------------------------------------------------------------------------------------- |  | -------------- | ----- | - | -------------- | 
|Ratio of total investment income to average net assets                                                     |  |                | 20.49 | % |                | 
|Ratio of interest and other debt financing expenses to average net assets                                  |  |                | 6.43  | % |                | 
|Ratio of total expenses (without base management fee waivers and incentive fees) to
    average net assets |  |                | 11.73 | % |                | 
|Ratio of incentive fees, net of incentive fee waivers, to average net assets (7) (8)                       |  |                | —     | % |                | 










|(7) | Ratios are not annualized.                                                                                                                    
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------
|(8) | The ratio of waived incentive fees to average net assets was 0.17% and 0.27% for the three months ended March 31, 2022 and 2021, respectively.





48







ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS



Except as otherwise specified, references to “we,”
 “us” and “our” refer to Monroe Capital Corporation and its consolidated subsidiaries; MC Advisors refers to Monroe
Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management
Advisors, LLC, our administrator and a Delaware limited liability company; Monroe Capital refers to Monroe Capital LLC, a Delaware limited
liability company, and its subsidiaries and affiliates; and SLF refers to MRCC Senior Loan Fund I, LLC, an unconsolidated Delaware limited
liability company, in which we co-invest with Life Insurance Company of the Southwest (“LSW”) primarily in senior secured
loans. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our
consolidated financial statements and related notes appearing in our annual report on Form 10-K (the “Annual Report”)
for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 2,
2022. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements
and related notes and other financial information appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly
Report”).



FORWARD-LOOKING STATEMENTS



This Quarterly Report, including Management’s
Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements,
which relate to future events or our future performance or future financial condition. These forward-looking statements are not historical
facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions.
The forward-looking statements contained in this Quarterly Report involve risks and uncertainties, including statements as to:



| | • | our future operating results;
| | - | -----------------------------



| | • | our business prospects and the prospects of our portfolio companies;
| | - | --------------------------------------------------------------------



| | • | the dependence of our future success on the general economy and its impact on the industries in which we invest;
| | - | ----------------------------------------------------------------------------------------------------------------



| | • | the impact of global health epidemics, such as the current novel coronavirus (“COVID-19”) pandemic, on our or our portfolio companies’ business and the global economy;
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                        
| | • | the impact of the Russian invasion of Ukraine on our portfolio companies and the global economy;                                                                       
| |   |                                                                                                                                                                        
| | • | the impact of a protracted decline in the liquidity of credit markets on our business;                                                                                 
| |   |                                                                                                                                                                        
| | • | the impact of changes in London Interbank Offered Rate(“LIBOR”) on our operating results;                                                                              



| | • | the impact of increased competition;
| | - | ------------------------------------



| | • | the impact of fluctuations in interest rates on our business and our portfolio companies;
| | - | -----------------------------------------------------------------------------------------



| | • | our contractual arrangements and relationships with third parties;
| | - | ------------------------------------------------------------------



| | • | the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
| | - | ------------------------------------------------------------------------------------------------------------



| | • | actual and potential conflicts of interest with MC Advisors, MC Management and other affiliates of Monroe Capital;
| | - | ------------------------------------------------------------------------------------------------------------------



| | • | the ability of our portfolio companies to achieve their objectives;
| | - | -------------------------------------------------------------------



| | • | the use of borrowed money to finance a portion of our investments;
| | - | ------------------------------------------------------------------



| | • | the adequacy of our financing sources and working capital;
| | - | ----------------------------------------------------------



| | • | the timing of cash flows, if any, from the operations of our portfolio companies;
| | - | ---------------------------------------------------------------------------------



| | • | the ability of MC Advisors to locate suitable investments for us and to monitor and administer our investments;
| | - | ---------------------------------------------------------------------------------------------------------------



| | • | the ability of MC Advisors or its affiliates to attract and retain highly talented professionals;
| | - | -------------------------------------------------------------------------------------------------



| | • | our ability to qualify and maintain our qualification as a regulated investment company and as a business development company; and
| | - | ----------------------------------------------------------------------------------------------------------------------------------



| | • | the impact of future legislation and regulation on our business and our portfolio companies.
| | - | --------------------------------------------------------------------------------------------





49







We use words such as “anticipates,”
 “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates,”
 “targets” and similar expressions to identify forward-looking statements. The forward-looking statements contained in this
Quarterly Report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking
statements for any reason, including the factors set forth in “Part I-Item 1A. Risk Factors” in our Annual Report
and “Part II-Item 1A. Risk Factors” in this Quarterly Report.



Although we believe that the assumptions on which
these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the
forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate
new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and
other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report should not be regarded as a
representation by us that our plans and objectives will be achieved.



We have based the forward-looking statements included
in this Quarterly Report on information available to us on the date of this Quarterly Report, and we assume no obligation to update any
such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Quarterly
Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that
we may make directly to you or through reports that we may file in the future with the SEC, including Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.



Overview



Monroe Capital Corporation is an externally managed,
closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”)
under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes,
we have elected to be treated as a regulated investment company (“RIC”) under the subchapter M of the Internal Revenue Code
of 1986, as amended (the “Code”). We are a specialty finance company focused on providing financing solutions primarily to
lower middle-market companies in the United States and Canada. We provide customized financing solutions focused primarily on senior secured,
junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which we syndicate
a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) debt and, to a lesser
extent, unsecured subordinated debt and equity, including equity co-investments in preferred and common stock, and warrants.



Our shares are currently listed on
the NASDAQ Global Select Market under the symbol “MRCC”.



Our investment objective is to maximize the total
return to our stockholders in the form of current income and capital appreciation through investment in senior secured, unitranche secured
and junior secured debt and, to a lesser extent, unsecured subordinated debt and equity investments. We seek to use our extensive leveraged
finance origination infrastructure and broad expertise in sourcing loans to invest in primarily senior secured, unitranche secured and
junior secured debt of middle-market companies. Our investments will generally range between $2.0 million and $25.0 million each, although
this investment size may vary proportionately with the size of our capital base. As of March 31, 2022, our portfolio included approximately
76.7% senior secured loans, 6.4% unitranche secured loans, 3.6% junior secured loans and 13.3% equity securities, compared to December
31, 2021, when our portfolio included approximately 75.4% senior secured loans, 9.2% unitranche secured loans, 2.6% junior secured loans
and 12.8% equity securities. We expect that the companies in which we invest may be leveraged, often as a result of leveraged buy-outs
or other recapitalization transactions, and, in certain cases, will not be rated by national ratings agencies. If such companies were
rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s
system) from the national rating agencies.



While our primary focus is to maximize
current income and capital appreciation through debt investments in thinly traded or private U.S. companies, we may invest a portion
of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include
investments in real estate, specialty finance, litigation finance, fund finance, high-yield bonds, distressed debt, private equity
or securities of public companies that are not thinly traded and securities of middle-market companies located outside of the United
States. We expect that these public companies generally will have debt securities that are non-investment grade.



On February 28, 2014, our wholly-owned subsidiary,
Monroe Capital Corporation SBIC, LP (“MRCC SBIC”), a Delaware limited partnership, received a license from the Small Business
Administration (“SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the
Small Business Investment Act of 1958. MRCC SBIC commenced operations on September 16, 2013. MRCC SBIC received approval from the SBA
to surrender its SBIC license and on March 31, 2022, MRCC SBIC was dissolved. See “SBA Debentures” below for more
information.





50







Investment income



We generate interest income on the debt
investments in portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior
secured, unitranche secured or junior secured debt, typically have an initial term of three to seven years and bear interest at a
fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the
outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. In
some cases, our investments provide for deferred interest of payment-in-kind (“PIK”) interest. In addition, we may
generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial
assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and
we accrete or amortize such amounts as interest income. We record prepayment premiums and prepayment gains (losses) on loans as
interest income. As the frequency or volume of the repayments which trigger these prepayment premiums and prepayment gains (losses)
may fluctuate significantly from period to period, the associated interest income recorded may also fluctuate significantly from
period to period. Interest and fee income are recorded on the accrual basis to the extent we expect to collect such amounts.
Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity
investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is
considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of
cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in
the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not
considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and
recognized as fee income in the period the service has been completed.



Dividend income on preferred equity securities
is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected
to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution
received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine
if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity
investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP
prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the
investment. The frequency and volume of the distributions on common equity securities and LLC and LP investments may fluctuate significantly
from period to period.



Expenses



Our primary operating expenses include the payment
of base management and incentive fees to MC Advisors, under the investment advisory and management agreement (the “Investment Advisory
Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration
agreement (the “Administration Agreement”) and other operating costs. See Note 6 to our consolidated financial statements
and “Related Party Transactions” below for additional information on our Investment Advisory Agreement and Administration
Agreement. Our expenses also include interest expense on our various forms of indebtedness. We bear all other out-of-pocket costs and
expenses of our operations and transactions.



Net gain (loss)



We recognize realized gains or losses on investments,
foreign currency forward contracts and foreign currency and other transactions based on the difference between the net proceeds from the
disposition and the cost basis without regard to unrealized gains or losses previously recognized within net realized gain (loss) on the
consolidated statements of operations. We record current period changes in fair value of investments, foreign currency forward contracts,
foreign currency and other transactions within net change in unrealized gain (loss) on the consolidated statements of operations.



Portfolio and Investment Activity



During the three months ended March 31, 2022, we
invested $5.6 million in three new portfolio companies and $16.0 million in 21 existing portfolio companies and had $36.2 million in aggregate
amount of sales and principal repayments, resulting in net sales and repayments of $14.6 million for the period.



During the three months ended March 31, 2021, we
invested $21.5 million in five new portfolio companies and $22.2 million in 17 existing portfolio companies and had $75.8 million in aggregate
amount of sales and principal repayments, resulting in net sales and repayments of $32.1 million for the period.



The following table shows portfolio yield by security
type:



|                            |  | March 31, 2022                                           |      |   | December 31, 2021                               | 
|--------------------------- |  | -------------------------------------------------------- | ---- | - | ----------------------------------------------- | 
|                            |  | Weighted Average Annualized Contractual Coupon Yield (1) |      |   | Weighted Average Annualized Effective Yield (2) | 
|Senior secured loans        |  |                                                          | 8.6  | % |                                                 | 
|Unitranche secured loans    |  |                                                          | 4.1  |   |                                                 | 
|Junior secured loans        |  |                                                          | 10.0 |   |                                                 | 
|Preferred equity securities |  |                                                          | 2.7  |   |                                                 | 
|Total                       |  |                                                          | 7.9  | % |                                                 | 












|(1) | The weighted average annualized contractual coupon yield at period end is computed by dividing (a) the interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end contractual coupon rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. This exclusion impacts only the junior secured loans and total disclosed above. The weighted average contractual coupon yield including debt investments acquired for no cost in a restructuring on non-accrual status was 9.2% for junior secured loans and 7.9% in total as of March 31, 2022. The weighted average contractual coupon yield including debt investments acquired for no cost in a restructuring on non-accrual status was 9.0% for junior secured loans and 7.9% in total as of December 31, 2021.                                                                                                                                                                                                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | The weighted average annualized effective yield on portfolio investments at period end is computed by dividing (a) interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end effective rate for each investment by (b) the par value of our debt investments (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. This exclusion impacts only the junior secured loans and total disclosed above. The weighted average effective yield including debt investments acquired for no cost in a restructuring on non-accrual status was 9.2% for junior secured loans and 7.9% in total as of March 31, 2022. The weighted average effective yield including debt investments acquired for no cost in a restructuring on non-accrual status was 9.0% for junior secured loans and 7.9% in total as of December 31, 2021. The weighted average annualized effective yield on portfolio investments is a metric on the investment portfolio alone and does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the portfolio or sales load that may be paid by stockholders.





51







The following table shows the composition of our
investment portfolio (in thousands):



|                           |  | March 31, 2022 |         |  | December 31, 2021 | 
|-------------------------- |  | -------------- | ------- |  | ----------------- | 
|Fair Value:                |  |                |         |  |                   | 
|Senior secured loans       |  | $              | 418,798 |  |                   | 
|Unitranche secured loans   |  |                | 34,785  |  |                   | 
|Junior secured loans       |  |                | 19,521  |  |                   | 
|LLC equity interest in SLF |  |                | 40,210  |  |                   | 
|Equity securities          |  |                | 32,675  |  |                   | 
|Total                      |  | $              | 545,989 |  |                   | 



Our portfolio composition and contractual and effective
yields remained relatively consistent with December 31, 2021.



The following table shows our portfolio composition
by industry (in thousands):



|                                          |  | March 31, 2022 |         |  | December 31, 2021 | 
|----------------------------------------- |  | -------------- | ------- |  | ----------------- | 
|Fair Value:                               |  |                |         |  |                   | 
|Aerospace & Defense                       |  | $              | 7,968   |  |                   | 
|Automotive                                |  |                | 20,150  |  |                   | 
|Banking                                   |  |                | 13,196  |  |                   | 
|Beverage, Food & Tobacco                  |  |                | 15,240  |  |                   | 
|Capital Equipment                         |  |                | 13,431  |  |                   | 
|Chemicals, Plastics & Rubber              |  |                | 4,521   |  |                   | 
|Construction & Building                   |  |                | 17,113  |  |                   | 
|Consumer Goods: Durable                   |  |                | 9,893   |  |                   | 
|Consumer Goods: Non-Durable               |  |                | 5,818   |  |                   | 
|Environmental Industries                  |  |                | 10,779  |  |                   | 
|FIRE: Finance                             |  |                | 16,316  |  |                   | 
|FIRE: Real Estate                         |  |                | 76,656  |  |                   | 
|Healthcare & Pharmaceuticals              |  |                | 56,383  |  |                   | 
|High Tech Industries                      |  |                | 45,316  |  |                   | 
|Hotels, Gaming & Leisure                  |  |                | 2,685   |  |                   | 
|Investment Funds & Vehicles               |  |                | 40,210  |  |                   | 
|Media: Advertising, Printing & Publishing |  |                | 17,008  |  |                   | 
|Media: Broadcasting & Subscription        |  |                | 2,529   |  |                   | 
|Media: Diversified & Production           |  |                | 27,979  |  |                   | 
|Retail                                    |  |                | 11,823  |  |                   | 
|Services: Business                        |  |                | 67,282  |  |                   | 
|Services: Consumer                        |  |                | 41,493  |  |                   | 
|Telecommunications                        |  |                | 7,198   |  |                   | 
|Wholesale                                 |  |                | 15,002  |  |                   | 
|Total                                     |  | $              | 545,989 |  |                   | 





52







Portfolio Asset Quality



MC Advisors’ portfolio management staff closely
monitors all credits, with senior portfolio managers covering agented and more complex investments. MC Advisors segregates our capital
markets investments by industry. The MC Advisors’ monitoring process and projections developed by Monroe Capital both have daily,
weekly, monthly and quarterly components and related reports, each to evaluate performance against historical, budget and underwriting
expectations. MC Advisors’ analysts will monitor performance using standard industry software tools to provide consistent disclosure
of performance. When necessary, MC Advisors will update our internal risk ratings, borrowing base criteria and covenant compliance reports.



As part of the monitoring process, MC
Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal proprietary
system that uses the categories listed below, which we refer to as MC Advisors’ investment performance risk rating. For any
investment rated in grades 3, 4 or 5, MC Advisors, through its internal Portfolio Management Group (“PMG”), will
increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results
and material impending events and suggesting recommended actions. The PMG is responsible for oversight and management of any
investments rated in grades 3, 4, or 5. MC Advisors monitors and, when appropriate, changes the investment ratings assigned to each
investment in our portfolio. In connection with our valuation process, MC Advisors reviews these investment performance risk ratings
on a quarterly basis. The investment performance rating system is described as follows:



|InvestmentPerformanceRisk Rating |  | Summary Description                                                                                                                                                                                                                                                                                                     
|-------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Grade 1                          |  | Includes investments exhibiting the least amount of risk in our portfolio. The issuer is performing above expectations or the issuer’s operating trends and risk factors are generally positive.                                                                                                                        
|                                 |  |                                                                                                                                                                                                                                                                                                                         
|Grade 2                          |  | Includes investments exhibiting an acceptable level of risk that is similar to the risk at the time of origination. The issuer is generally performing as expected or the risk factors are neutral to positive.                                                                                                         
|                                 |  |                                                                                                                                                                                                                                                                                                                         
|Grade 3                          |  | Includes investments performing below expectations and indicates that the investment’s risk has increased somewhat since origination. The issuer may be out of compliance with debt covenants; however, scheduled loan payments are generally not past due.                                                             
|                                 |  |                                                                                                                                                                                                                                                                                                                         
|Grade 4                          |  | Includes an issuer performing materially below expectations and indicates that the issuer’s risk has increased materially since origination. In addition to the issuer being generally out of compliance with debt covenants, scheduled loan payments may be past due (but generally not more than six months past due).
|                                 |  |                                                                                                                                                                                                                                                                                                                         
|Grade 5                          |  | Indicates that the issuer is performing substantially below expectations and the investment risk has substantially increased since origination. Most or all of the debt covenants are out of compliance or payments are substantially delinquent. Investments graded 5 are not anticipated to be repaid in full.        



Our investment performance risk ratings do not
constitute any rating of investments by a nationally recognized statistical rating organization or reflect or represent any third-party
assessment of any of our investments.



In the event of a delinquency or a decision to
rate an investment grade 4 or grade 5, the PMG, in consultation with the investment committee, will develop an action plan. Such a plan
may require a meeting with the borrower’s management or the lender group to discuss reasons for the default and the steps management
is undertaking to address the under-performance, as well as amendments and waivers that may be required. In the event of a dramatic deterioration
of a credit, MC Advisors and the PMG will form a team or engage outside advisors to analyze, evaluate and take further steps to preserve
our value in the credit. In this regard, we would expect to explore all options, including in a private equity sponsored investment, assuming
certain responsibilities for the private equity sponsor or a formal sale of the business with oversight of the sale process by us. The
PMG and the investment committee have extensive experience in running debt work-out transactions and bankruptcies.



The following table shows the distribution of our
investments on the 1 to 5 investment performance risk rating scale as of March 31, 2022 (in thousands):



|Investment Performance Risk Rating |  | Investments at
Fair Value |         |  | Percentage of
Total Investments | 
|---------------------------------- |  | ------------------------- | ------- |  | ------------------------------- | 
|1                                  |  | $                         | 1,798   |  |                                 | 
|2                                  |  |                           | 451,845 |  |                                 | 
|3                                  |  |                           | 76,357  |  |                                 | 
|4                                  |  |                           | 15,469  |  |                                 | 
|5                                  |  |                           | 520     |  |                                 | 
|Total                              |  | $                         | 545,989 |  |                                 | 





53







The following table shows the distribution of our
investments on the 1 to 5 investment performance risk rating scale as of December 31, 2021 (in thousands):



|Investment Performance Risk Rating |  | Investments at
Fair Value |         |  | Percentage of
Total Investments | 
|---------------------------------- |  | ------------------------- | ------- |  | ------------------------------- | 
|1                                  |  | $                         | 1,759   |  |                                 | 
|2                                  |  |                           | 465,224 |  |                                 | 
|3                                  |  |                           | 75,942  |  |                                 | 
|4                                  |  |                           | 18,136  |  |                                 | 
|5                                  |  |                           | 632     |  |                                 | 
|Total                              |  | $                         | 561,693 |  |                                 | 



As of both March 31, 2022 and December 31,
2021, we had six borrowers with loans or preferred equity securities on non-accrual status (BLST Operating Company, LLC, Curion
Holdings, LLC, Education Corporation of America, NECB Collections, LLC, Toojay’s Management, LLC and Vinci Brands LLC), and
these investments totaled $12.2 million of fair value, or 2.2% of our total investments at fair value at March 31, 2022 and $14.7 million of fair value, or 2.6% of our total investments at fair value at December 31, 2021.  Loans or preferred equity securities are placed on non-accrual
status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal,
interest or dividends will be collected. Non-accrual loans are restored to accrual status when past due principal, interest, or
dividends are paid, or are expected to be paid, and, in management’s judgment are likely to remain current.



Results of Operations



Operating results were as follows (in thousands):



|                                                                                |  | Three months ended March 31, |       
|------------------------------------------------------------------------------- |  | ---------------------------- | ------
|                                                                                |  | 2022                         |       
|Total investment income                                                         |  | $                            | 12,491
|Total expenses, net of base management fee and incentive fee
    waivers        |  |                              | 7,074 
|Net investment income before income taxes                                       |  |                              | 5,417 
|Income taxes, including excise taxes                                            |  |                              | 19    
|Net investment income                                                           |  |                              | 5,398 
|Net realized gain (loss) on investments                                         |  |                              | (103  
|Net realized gain (loss) on extinguishment of debt                              |  |                              | (1,039
|Net realized gain (loss) on foreign currency forward contracts                  |  |                              | 12    
|Net realized gain (loss) on foreign currency and other transactions             |  |                              | (9    
|Net realized gain (loss)                                                        |  |                              | (1,139
|Net change in unrealized gain (loss) on investments                             |  |                              | (3,161
|Net change in unrealized gain (loss) on foreign currency forward contracts      |  |                              | (416  
|Net change in unrealized gain (loss) on foreign currency and other transactions |  |                              | 165   
|Net change in unrealized gain (loss)                                            |  |                              | (3,412
|Net increase (decrease) in net assets resulting from operations                 |  | $                            | 847   



Investment Income



The composition of our investment income was as
follows (in thousands):



|                                                   |  | Three months ended  March 31, |       
|-------------------------------------------------- |  | ----------------------------- | ------
|                                                   |  | 2022                          |       
|Interest income                                    |  | $                             | 9,085 
|PIK interest income                                |  |                               | 1,821 
|Dividend income (1)                                |  |                               | 1,009 
|Fee income                                         |  |                               | —     
|Prepayment gain (loss)                             |  |                               | 198   
|Accretion of discounts and amortization of premium |  |                               | 378   
|Total investment income                            |  | $                             | 12,491










|(1) | Includes PIK dividends of $108 and $62, respectively.
|--- | -----------------------------------------------------



The decrease in investment income of $0.7 million
during the three months ended March 31, 2022, as compared to three months ended March 31, 2021, is primarily the result of the lower fee
income and prepayment gain.





54







Operating Expenses



The composition of our operating expenses was as
follows (in thousands):



|                                                                         |  | Three months ended  March 31, |      
|------------------------------------------------------------------------ |  | ----------------------------- | -----
|                                                                         |  | 2022                          |      
|Interest and other debt financing expenses                               |  | $                             | 3,922
|Base management fees, net of base management fee waivers (1)             |  |                               | 2,288
|Incentive fees, net of incentive fee waivers(2)                          |  |                               | —    
|Professional fees                                                        |  |                               | 280  
|Administrative service fees                                              |  |                               | 330  
|General and administrative expenses                                      |  |                               | 219  
|Directors’ fees                                                          |  |                               | 35   
|Total expenses, net of
    base management fee and incentive fee waivers |  | $                             | 7,074












|(1) | Base management fees for the three months ended March 31, 2022 and 2021 were $2,343 and $2,334, respectively, and MC Advisors elected to voluntarily waive $55 and zero, respectively, of these base management fees.                                                                                                                                                                                                               
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | During the three months ended March 31, 2022 and 2021, MC Advisors waived part one incentive fees
    (based on net investment income) of $408 and $637, respectively. Incentive fees during both the three months ended March 31, 2022
    and 2021 were not limited by  the Incentive Fee Limitation. See Note 6 in our attached consolidated financial statements
    for additional information on the Incentive Fee Limitation.



The composition of our interest and other debt
financing expenses, average outstanding balances and average stated interest rates (i.e. the rate in effect plus spread) were as follows
(in thousands):



|                                                 |  | Three months ended  March 31, |        
|------------------------------------------------ |  | ----------------------------- | -------
|                                                 |  | 2022                          |        
|Interest expense - revolving credit facility     |  | $                             | 1,474  
|Interest expense - 2023 Notes                    |  |                               | —      
|Interest expense - 2026 Notes                    |  |                               | 1,555  
|Interest expense - SBA debentures                |  |                               | 292    
|Amortization of deferred financing costs         |  |                               | 601    
|Total interest and other debt financing expenses |  | $                             | 3,922  
|Average debt outstanding                         |  | $                             | 338,446
|Average stated interest rate                     |  |                               | 3.9    



The decrease in expenses of $0.8 million during
the three months ended March 31, 2022, as compared to the three months ended March 31, 2021, is primarily the result of a decrease in
interest expense as a result of lower average debt outstanding and reductions in the average interest rates on our debt facilities and a decline in management
fees and incentive fees, net of fee waivers.



Income Taxes, Including Excise Taxes



We have elected to be treated as a RIC under Subchapter
M of the Code and operate in a manner so as to qualify for the tax treatment available to RICs. To maintain qualification as a RIC, we
must, among other things, meet certain source-of-income and asset diversification requirements and distribute to stockholders, for each
taxable year, at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the
excess, if any, of realized net short-term capital gains over realized net long-term capital losses.



Depending on the level of taxable income earned
in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year
taxable income into the next year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated
current year annual taxable income may exceed estimated current year dividend distributions, we accrue excise tax, if any, on estimated
excess taxable income as such taxable income is earned. For the three months ended March 31, 2022 and 2021, we recorded a net expense
on the consolidated statements of operations of $19 thousand and $30 thousand, respectively, for U.S. federal excise tax.



Certain of our consolidated subsidiaries are subject
to U.S. federal and state corporate-level income taxes. For both the three months ended March 31, 2022 and 2021, we recorded a net
tax expense of zero on the consolidated statements of operations for these subsidiaries.





55







Net Realized Gain (Loss)



During the three months ended March 31, 2022
and 2021, we had sales or dispositions of investments of $5.8 million and $8.5 million, respectively, resulting in ($0.1) million
and ($0.2) million of net realized gain (loss) on investments, respectively.



During the three months ended March 31, 2022, we
recognized a net loss on extinguishment of debt of $1.0 million, which was due to the repayment of our remaining $56.9 million of SBA
debentures on March 1, 2022 (primarily comprised of the unamortized deferred financing costs at the time of repayment). During the three
months ended March 31, 2021, we recognized a net loss on the extinguishment of debt of $2.8 million, which was due to our $109.0 million
repayment of the 2023 Notes and the repayment of $28.1 million of SBA debentures (primarily comprised of the unamortized deferred financing
costs at the time of repayment).



We may enter into foreign currency forward contracts
to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended March 31, 2022 and 2021, we had $12
thousand and ($38) thousand of net realized gain (loss) on foreign currency forward contracts, respectively. During the three months ended
March 31, 2022 and 2021, we had ($9) thousand and ($14) thousand of net realized gain (loss) on foreign currency and other transactions,
respectively.



Net Change in Unrealized Gain (Loss)



For the three months ended March 31, 2022
and 2021, our investments had ($3.2) million and $4.6 million of net change in unrealized gain (loss), respectively. The net change in
unrealized gain (loss) includes both unrealized gain on investments in our portfolio with mark-to-market gains during the periods and
unrealized loss on investments in our portfolio with mark-to-market losses during the periods.



During the three months ended March 31, 2022, the
net change in unrealized loss on investments was primarily attributable to specific credit performance of one of our underlying portfolio
companies as valuations on the rest of the portfolio remained relatively stable. We estimate approximately $5.1 million of the net unrealized
gain on investments during the three months ended March 31, 2021 was attributable to broad market movements and tightening of credit spreads
in the loan markets. Approximately $3.3 million of these net unrealized gains were attributable to investments held in the portfolio directly,
while approximately $1.8 million of these gains were attributable to our investment in SLF. These increases in value were offset by ($0.5)
million in net unrealized losses attributable to specific credit or fundamental performance of the underlying portfolio companies, a significant
portion of which is as a result of the impact of the COVID-19 pandemic on individual credit performance.



For the three months ended March 31, 2022 and 2021,
our foreign currency forward contracts had ($0.4) million and $0.3 million of net change in unrealized gain (loss), respectively. For
the three months ended March 31, 2022 and 2021, our foreign currency borrowings and cash denominated in foreign currencies had $0.2 million
and ($0.2) million of net change in unrealized gain (loss), respectively.



Net Increase (Decrease) in Net Assets Resulting from Operations



For the three months ended March 31, 2022
and 2021, the net increase (decrease) in net assets resulting from operations was $0.8 million and $7.1 million, respectively. Based
on the weighted average shares of common stock outstanding for the three months ended March 31, 2022 and 2021, our per share net
increase (decrease) in net assets resulting from operations was $0.04 and $0.33, respectively. The $6.3 million decrease during the three
months ended March 31, 2022 as compared to the three months ended March 31, 2021, is primarily the result of net unrealized
mark-to-market losses on investments in the portfolio during the three months ended March 31, 2022, as compared to the three months
ended March 31, 2021, where investments in the portfolio experienced net mark-to-market gains, primarily attributable to broad market
movements and the tightening of credit spreads in the loan markets.



Liquidity and Capital Resources



As of March 31, 2022, we had $7.3 million
in cash,  $188.3 million of total debt outstanding on our revolving credit facility and $130.0 million in 2026 Notes. We had $66.7 million
available for additional borrowings on our revolving credit facility, subject to borrowing base availability. See “Borrowings”
below for additional information.



In accordance with the 1940 Act, we are
permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing.
We were granted exemptive relief from the SEC for permission to exclude the debt of MRCC SBIC guaranteed by the SBA from the asset
coverage test under the 1940 Act during the period the SBA debentures were outstanding. As of March 31, 2022 and December 31, 2021, our asset coverage ratio based on aggregate
borrowings outstanding was 177% and 189%, respectively.





56







Cash Flows



For the three months ended March 31, 2022
and 2021, we experienced a net increase (decrease) in cash and restricted cash of ($10.8) million and ($16.5) million, respectively. For
the three months ended March 31, 2022, operating activities provided $14.2 million, primarily as a result of principal repayments
on and sales of portfolio investments and net investment income, partially offset by purchases of portfolio investments. For the three
months ended March 31, 2021, operating activities provided $33.8 million, primarily as a result of principal repayments on and sales of
portfolio investments and net investment income, partially offset by purchases of portfolio investments. During the three months
ended March 31, 2022, we used $24.9 million in financing activities, primarily as a result of repayments on our SBA debentures and
distributions to stockholders, partially offset by net borrowings on our revolving credit facility. During the three months ended March 31,
2021, we used $50.3 million in financing activities, primarily as a result of net repayments on our revolving credit facility, 2023 Notes
and SBA debentures and distributions to stockholders, partially offset by net proceeds from our 2026 Notes (net of deferred financing
cost payments).



Capital Resources



As a BDC, we distribute substantially all of our
net income to our stockholders and have an ongoing need to raise additional capital for investment purposes. We intend to generate additional
cash primarily from future offerings of securities, future borrowings and cash flows from operations, including income earned from investments
in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be to invest in portfolio companies
and make cash distributions to our stockholders. We may also use available funds to repay outstanding borrowings.



As a BDC, we are generally not permitted to issue
and sell our common stock at a price below net asset value (“NAV”) per share. We may, however, sell our common stock, or warrants,
options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our board of directors
(“Board”), including our independent directors, determines that such sale is in the best interests of us and our stockholders,
and if our stockholders have approved such sales. On June 16, 2021, our stockholders once again voted to allow us to sell or otherwise
issue common stock at a price below net asset value per share for a period of one year, subject to certain limitations. As of both March 31,
2022 and December 31, 2021, we had 21,666,340 shares outstanding.



On June 24, 2015, our stockholders approved
a proposal to authorize us to issue warrants, options or rights to subscribe to, convert to, or purchase our common stock in one or more
offerings. This is a standing authorization and does not require annual re-approval by our stockholders.



Stock Issuances:On May 12, 2017, we
entered into at-the-market (“ATM”) equity distribution agreements with each of JMP Securities LLC (“JMP”) and
FBR Capital Markets & Co. (“FBR”) (the “ATM Program”) through which we can sell, by means of ATM offerings,
from time to time, up to $50.0 million of our common stock. On May 8, 2020, we entered into an amendment to the ATM Program to extend
its term. All other material terms of the ATM Program remain unchanged. There were no stock issuances through the ATM Program during the
three months ended March 31, 2022 and 2021.



Borrowings



Revolving Credit Facility: We have a $255.0
million revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits
us, under certain circumstances to increase the size of the facility up to $400.0 million (subject to maintaining 150% asset coverage,
as defined by the 1940 Act). The revolving credit facility is secured by a lien on all of our assets, including cash on hand, but excluding
the assets of our wholly-owned subsidiary, MRCC SBIC, prior to its dissolution. We may make draws under the revolving credit facility to make or purchase additional
investments through March 1, 2023 and for general working capital purposes until March 1, 2024, the maturity date of the revolving
credit facility.



Our ability to borrow under the revolving credit
facility is subject to availability under the borrowing base, which permits us to borrow up to 72.5% of the fair market value of our portfolio
company investments depending on the type of investment we hold and whether the investment is quoted. Our ability to borrow is also subject
to certain concentration limits, and continued compliance with the representations, warranties and covenants given by us under the facility.
The revolving credit facility contains certain financial and restrictive covenants, including, but not limited to, our maintenance of:
(1) minimum consolidated total net assets at least equal to $150.0 million plus 65% of the net proceeds to us from sales of our equity
securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness
of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. The revolving credit facility also requires us
to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse
the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions
regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation
and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain our relationship with MC Advisors. If
we incur an event of default under the revolving credit facility and fail to remedy such default under any applicable grace period, if
any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect our
liquidity, financial condition, results of operations and cash flows.





57







Our revolving credit facility also imposes certain
conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under the DRIP are
not limited by the revolving credit facility. Distributions in cash or property other than common stock are generally limited to 115%
of the amount of distributions required to maintain our status as a RIC.



As of March 31, 2022, we had U.S. dollar
borrowings of $188.3 million. As of December 31, 2021, we had U.S. dollar borrowings of $146.4 million and non-U.S. dollar
borrowings denominated in Great Britain pounds of £3.4 million ($4.6 million in U.S. dollars) under the revolving credit
facility. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of
exchange between the U.S. dollar and the respective foreign currency. These movements are beyond our control and cannot be
predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance
sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on
foreign currency and other transactions on our consolidated statements of operations and totaled $0.2 million and ($0.2) million for
the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022, we repaid
borrowings denominated in Great Britain pounds of £3.4 million. As a result of this repayment, we recognized a realized gain
(loss) on foreign currency and other transactions on our consolidated statements of operations of ($11) thousand for the three
months ended March 31, 2022. There were no repayments of foreign currency borrowings for the three months ended March 31, 2021.



Borrowings under the revolving credit facility
bear interest, at our election, at an annual rate of LIBOR (one-month, three-month or six-month at our discretion based on the term of
the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of the prime interest rate, the federal funds
rate plus 0.5% or LIBOR plus 1.0%, with a LIBOR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving
credit facility, we are required to pay a commitment fee and certain conditional fees based on usage of the expanded borrowing base and
usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the revolving credit facility
if the unused portion of the facility is less than 35% of the then available maximum borrowing or a commitment fee of 1.0% per annum on
any unused portion of the revolving credit facility if the unused portion of the facility is greater than or equal to 35% of the then
available maximum borrowing. As of both March 31, 2022 and December 31, 2021, the outstanding borrowings were accruing at a
weighted average interest rate of 3.1%.



2026 Notes: As of both March 31, 2022 and
December 31, 2021, we had $130.0 million in aggregate principal amount of senior unsecured notes (the “2026 Notes”) outstanding
that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and
August 15. We may redeem the 2026 Notes in whole or in part at any time or from time to time at our option at par plus a “make-whole”
premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing
and future unsecured indebtedness.



SBA Debentures: On March 1, 2022, MRCC SBIC
fully repaid its outstanding SBA debentures utilizing a borrowing on our revolving credit facility and the restricted cash at MRCC SBIC.
This repayment was accounted for as a debt extinguishment in accordance with ASC Subtopic 470-50, Debt – Modifications and Extinguishment
(“ASC 470-50”), which resulted in a realized loss of $1.0 million (primarily comprised of the unamortized deferred financing
costs at the time of the repayment) recorded in net gain (loss) on extinguishment of debt on our consolidated statements of operations.
MRCC SBIC received approval from the SBA to surrender its SBIC license and on March 31, 2022, MRCC SBIC was dissolved.



As of March 31, 2022 and December 31,
2021, MRCC SBIC had zero and $57.6 million, respectively, in leverageable capital and the following SBA debentures outstanding
(in thousands):



|Maturity Date  |  | Interest Rate |     |   | March 31, 2022 |   |   | December 31, 2021 | 
|-------------- |  | ------------- | --- | - | -------------- | - | - | ----------------- | 
|September 2024 |  |               | 3.4 | % |                | $ | — |                   | 
|March 2025     |  |               | 3.3 | % |                |   | — |                   | 
|March 2025     |  |               | 2.9 | % |                |   | — |                   | 
|September 2027 |  |               | 3.2 | % |                |   | — |                   | 
|Total          |  |               |     |   |                | $ | — |                   | 





58







Distributions



Our Board will determine the timing and amount,
if any, of our distributions. We intend to pay distributions on a quarterly basis. In order to avoid corporate-level tax on the income
we distribute as a RIC, we must distribute to our stockholders at least 90% of our ordinary income and realized net short-term capital
gains in excess of realized net long-term capital losses, if any, on an annual basis out of the assets legally available for such distributions.
In addition, we also intend to distribute any realized net capital gains (i.e., realized net long-term capital gains in excess of realized
net short-term capital losses) at least annually out of the assets legally available for such distributions. Distributions to stockholders
for the three months ended March 31, 2022 and 2021, totaled $5.4 million ($0.25 per share) and $5.3 million ($0.25 per share), respectively.
The tax character of such distributions is determined at the end of the fiscal year. However, if the character of such distributions were
determined as of March 31, 2022 and 2021, no portion of these distributions would have been characterized as a tax return of capital to
stockholders.



In October 2012, we adopted an “opt
out” dividend reinvestment plan (“DRIP”) for our common stockholders. When we declare a distribution, our stockholders’
cash distributions will automatically be reinvested in additional shares of our common stock unless a stockholder specifically “opts
out” of our DRIP. If a stockholder opts out, that stockholder will receive cash distributions. Although distributions paid in the
form of additional shares of our common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash
distributions, stockholders participating in our DRIP will not receive any corresponding cash distributions with which to pay any such
applicable taxes.



MRCC Senior Loan Fund I, LLC



We co-invest with LSW in senior secured loans through
SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available
debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be
approved by the SLF investment committee, consisting of one representative of each of us and LSW. SLF may cease making new investments
upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course
of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described below. Our investment
is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the
board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.



SLF’s profits and losses are allocated to
us and LSW in accordance with the respective ownership interests. As of both March 31, 2022 and December 31, 2021, we and LSW
each owned 50.0% of the LLC equity interests of SLF. As of both March 31, 2022 and December 31, 2021, SLF had $100.0 million
in equity commitments from its members (in the aggregate), of which $84.3 million was funded.



As of both March 31, 2022 and December 31,
2021, we have committed to fund $50.0 million of LLC equity interest subscriptions to SLF. As of both March 31, 2022 and December 31,
2021, $42.2 million of our LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions
subject to recall.



For the three months ended March 31, 2022
and 2021, we received $0.9 million and $1.2 million of dividend income from our LLC equity interest in SLF, respectively.



SLF has a senior secured revolving credit facility
(as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund
I Financing SPV, LLC (“SLF SPV”), The SLF Credit Facility allows SLF SPV to borrow up to $175.0 million, subject to leverage
and borrowing base restrictions  borrowings on the SLF Credit Facility bear interest at an annual rate of LIBOR (three-month) plus
2.10%.



SLF does not pay any fees to MC Advisors or its
affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”),
pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management
for its allocable share of overhead and other expenses incurred by MC Management. For the three months ended March 31, 2022 and 2021,
SLF incurred $51 thousand and $58 thousand of allocable expenses, respectively. There are no agreements or understandings by which we
guarantee any SLF obligations.



As of March 31, 2022 and December 31,
2021, SLF had total assets at fair value of $202.1 million and $194.6 million, respectively. As of both March 31, 2022 and December
31, 2021, SLF had one portfolio company investment on non-accrual status with a fair value of $1.1 million and $1.1 million, respectively.
The portfolio companies in SLF are in industries and geographies similar to those in which we may invest directly. Additionally, as of
March 31, 2022 and December 31, 2021, SLF had $3.7 million and $2.1 million, respectively, in outstanding commitments to fund
investments under undrawn revolvers and delayed draw commitments.



Below is a summary of SLF’s portfolio, followed
by a listing of the individual investments in SLF’s portfolio as of March 31, 2022 and December 31, 2021:



|                                                                   |  | As of          |        
|------------------------------------------------------------------ |  | -------------- | -------
|                                                                   |  | March 31, 2022 |        
|Senior secured loans (1)                                           |  |                | 201,312
|Weighted average current interest rate on senior secured loans (2) |  |                | 6.0    
|Number of portfolio company investments  in SLF                    |  |                | 61     
|Largest portfolio company investment (1)                           |  |                | 6,703  
|Total of five largest portfolio company investments (1)            |  |                | 26,915 












|(1) | Represents outstanding principal amount, excluding unfunded commitments. Principal amounts in thousands.                                                   
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Computed as the (a) annual stated interest rate on accruing senior secured loans divided by (b) total senior secured loans at outstanding principal amount.





59







MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

March 31, 2022
(in thousands)





|Portfolio Company (a)                                             |  |  | Spread
Above
 Index (b) |  |  | Interest Rate (b) |                        |     | Maturity |  |            | Principal |  |  | Fair Value | 
|----------------------------------------------------------------- |  |  | ----------------------- |  |  | ----------------- | ---------------------- | --- | -------- |  | ---------- | --------- |  |  | ---------- | 
|Non-Controlled/Non-Affiliate Company Investments                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Senior Secured Loans                                              |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Aerospace & Defense                                               |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Bromford Industries Limited (c)                                   |  |  | P+4.25%                 |  |  |                   | 7.75                   | %   |          |  | 11/5/2025  |           |  |  | 2,744      | 
|Bromford Industries Limited (c)                                   |  |  | P+4.25%                 |  |  |                   | 7.75                   | %   |          |  | 11/5/2025  |           |  |  | 1,829      | 
|Trident Maritime Systems, Inc.                                    |  |  | L+5.50%                 |  |  |                   | 6.51                   | %   |          |  | 2/26/2027  |           |  |  | 2,460      | 
|Trident Maritime Systems, Inc. (Revolver) (d)                     |  |  | L+5.50%                 |  |  |                   | 6.50                   | %   |          |  | 2/26/2027  |           |  |  | 265        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 7,298      | 
|Automotive                                                        |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Accelerate Auto Works Intermediate, LLC                           |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 12/1/2027  |           |  |  | 1,451      | 
|Accelerate Auto Works Intermediate, LLC (Delayed Draw) (d)        |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 12/1/2027  |           |  |  | 388        | 
|Accelerate
Auto Works Intermediate, LLC (Revolver) (d)            |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 12/1/2027  |           |  |  | 132        | 
|Truck-Lite Co., LLC                                               |  |  | L+6.25%                 |  |  |                   | 7.26                   | %   |          |  | 12/14/2026 |           |  |  | 1,704      | 
|Truck-Lite Co., LLC                                               |  |  | L+6.25%                 |  |  |                   | 7.26                   | %   |          |  | 12/14/2026 |           |  |  | 253        | 
|Wheel Pros, Inc.                                                  |  |  | L+4.50%                 |  |  |                   | 5.25                   | %   |          |  | 5/11/2028  |           |  |  | 1,947      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 5,875      | 
|Beverage, Food & Tobacco                                          |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|CBC Restaurant Corp.                                              |  |  | n/a                     |  |  |                   | 5.00% PIK              | (e) |          |  | 12/30/2022 |           |  |  | 1,116      | 
|SW Ingredients Holdings, LLC                                      |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 7/3/2025   |           |  |  | 3,609      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 4,725      | 
|Capital Equipment                                                 |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Analogic Corporation                                              |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 6/24/2024  |           |  |  | 4,739      | 
|DS Parent, Inc.                                                   |  |  | L+5.75%                 |  |  |                   | 6.76                   | %   |          |  | 12/8/2028  |           |  |  | 2,963      | 
|MacQueen Equipment, LLC                                           |  |  | L+5.25%                 |  |  |                   | 6.26                   | %   |          |  | 1/7/2028   |           |  |  | 2,112      | 
|MacQueen
Equipment, LLC (Delayed Draw) (d)                        |  |  | L+5.25%                 |  |  |                   | 6.26                   | %   |          |  | 1/7/2028   |           |  |  | 592        | 
|MacQueen
Equipment, LLC (Revolver) (d)                            |  |  | L+5.25%                 |  |  |                   | 6.26                   | %   |          |  | 1/7/2028   |           |  |  | 296        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 10,702     | 
|Chemicals, Plastics & Rubber                                      |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Polymer Solutions Group                                           |  |  | L+7.00%                 |  |  |                   | 8.00                   | %   |          |  | 1/3/2023   |           |  |  | 1,168      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 1,168      | 
|Construction & Building                                           |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|The Cook & Boardman Group LLC                                     |  |  | L+5.75%                 |  |  |                   | 6.75                   | %   |          |  | 10/20/2025 |           |  |  | 2,902      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 2,902      | 
|Consumer Goods: Durable                                           |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|International Textile Group, Inc.                                 |  |  | L+5.00%                 |  |  |                   | 5.21                   | %   |          |  | 5/1/2024   |           |  |  | 1,699      | 
|Runner Buyer INC.,                                                |  |  | L+5.50%                 |  |  |                   | 6.25                   | %   |          |  | 10/23/2028 |           |  |  | 3,000      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 4,699      | 
|Consumer Goods: Non-Durable                                       |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|PH Beauty Holdings III, INC                                       |  |  | L+5.00%                 |  |  |                   | 5.51                   | %   |          |  | 9/26/2025  |           |  |  | 2,411      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 2,411      | 
|Containers, Packaging & Glass                                     |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Liqui-Box Holdings, Inc.                                          |  |  | L+4.50%                 |  |  |                   | 5.50                   | %   |          |  | 2/26/2027  |           |  |  | 4,257      | 
|Polychem Acquisition, LLC                                         |  |  | L+5.00%                 |  |  |                   | 6.50                   | %   |          |  | 3/17/2025  |           |  |  | 2,910      | 
|Port Townsend Holdings Company, Inc. and Crown Corrugated Company |  |  | L+6.75%                 |  |  |                   | 5.75% Cash/ 
2.00% PIK |     |          |  | 4/3/2024   |           |  |  | 4,820      | 
|PVHC Holding Corp                                                 |  |  | L+4.75%                 |  |  |                   | 5.76                   | %   |          |  | 8/5/2024   |           |  |  | 3,209      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 15,196     | 
|Energy: Oil & Gas                                                 |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Drilling Info Holdings, Inc.                                      |  |  | L+4.25%                 |  |  |                   | 4.71                   | %   |          |  | 7/30/2025  |           |  |  | 4,504      | 
|Offen, Inc.                                                       |  |  | L+5.00%                 |  |  |                   | 5.46                   | %   |          |  | 6/22/2026  |           |  |  | 2,249      | 
|Offen, Inc.                                                       |  |  | L+5.00%                 |  |  |                   | 5.46                   | %   |          |  | 6/22/2026  |           |  |  | 874        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 7,627      | 
|FIRE: Finance                                                     |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Harbour Benefit Holdings, Inc.                                    |  |  | L+5.25%                 |  |  |                   | 6.26                   | %   |          |  | 12/13/2024 |           |  |  | 2,936      | 
|Harbour Benefit Holdings, Inc.                                    |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 12/13/2024 |           |  |  | 65         | 
|Minotaur Acquisition, Inc.                                        |  |  | L+4.75%                 |  |  |                   | 5.21                   | %   |          |  | 3/27/2026  |           |  |  | 4,895      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 7,896      | 
|FIRE: Real Estate                                                 |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Avison Young (USA) Inc. (c)                                       |  |  | L+5.75%                 |  |  |                   | 6.76                   | %   |          |  | 1/30/2026  |           |  |  | 4,837      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 4,837      | 
|Healthcare & Pharmaceuticals                                      |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Cano Health, LLC                                                  |  |  | SF+4.00%                |  |  |                   | 4.51                   | %   |          |  | 11/23/2027 |           |  |  | 1,985      | 
|HAH Group Holding Company, LLC (f)                                |  |  | SF+5.00%                |  |  |                   | 6.00                   | %   |          |  | 10/29/2027 |           |  |  | 3,000      | 
|LSCS Holdings, Inc.                                               |  |  | L+4.50%                 |  |  |                   | 5.00                   | %   |          |  | 12/15/2028 |           |  |  | 1,842      | 
|Paragon Healthcare, Inc.                                          |  |  | SF+5.75%                |  |  |                   | 6.75                   | %   |          |  | 1/19/2028  |           |  |  | 2,082      | 
|Paragon Healthcare, Inc. (Delayed Draw) (d)                       |  |  | SF+5.75%                |  |  |                   | 6.75                   | %   |          |  | 1/19/2028  |           |  |  | 429        | 
|Paragon Healthcare, Inc. (Revolver) (d)                           |  |  | SF+5.75%                |  |  |                   | 6.75                   | %   |          |  | 1/19/2028  |           |  |  | 490        | 
|Radiology Partners, Inc.                                          |  |  | L+4.25%                 |  |  |                   | 4.70                   | %   |          |  | 7/9/2025   |           |  |  | 4,760      | 
|TEAM Public Choices, LLC                                          |  |  | L+5.00%                 |  |  |                   | 6.01                   | %   |          |  | 12/17/2027 |           |  |  | 2,977      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 17,565     | 
|High Tech Industries                                              |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Corel Inc. (c)                                                    |  |  | L+5.00%                 |  |  |                   | 5.51                   | %   |          |  | 7/2/2026   |           |  |  | 3,750      | 
|Lightbox Intermediate, L.P.                                       |  |  | L+5.00%                 |  |  |                   | 6.01                   | %   |          |  | 5/11/2026  |           |  |  | 4,863      | 
|LW Buyer, LLC                                                     |  |  | L+5.00%                 |  |  |                   | 5.15                   | %   |          |  | 12/30/2024 |           |  |  | 4,863      | 
|TGG TS Acquisition Company                                        |  |  | L+6.50%                 |  |  |                   | 6.96                   | %   |          |  | 12/12/2025 |           |  |  | 3,435      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 16,911     | 
|Hotels, Gaming & Leisure                                          |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Excel Fitness Holdings, Inc.                                      |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 10/7/2025  |           |  |  | 4,154      | 
|North Haven Spartan US Holdco, LLC                                |  |  | L+5.00%                 |  |  |                   | 6.00                   | %   |          |  | 6/6/2025   |           |  |  | 2,291      | 
|Tait LLC                                                          |  |  | L+5.00%                 |  |  |                   | 5.22                   | %   |          |  | 3/28/2025  |           |  |  | 4,114      | 
|Tait LLC (Revolver)                                               |  |  | P+4.00%                 |  |  |                   | 7.50                   | %   |          |  | 3/28/2025  |           |  |  | 769        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 11,328     | 
|Media: Advertising, Printing & Publishing                         |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Cadent, LLC                                                       |  |  | L+5.00%                 |  |  |                   | 6.00                   | %   |          |  | 9/11/2023  |           |  |  | 4,339      | 
|Cadent, LLC (Revolver) (d)                                        |  |  | L+5.00%                 |  |  |                   | 6.00                   | %   |          |  | 9/11/2023  |           |  |  | 167        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 4,506      | 
|Media: Diversified & Production                                   |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Research Now Group, Inc. and Survey Sampling International, LLC   |  |  | L+5.50%                 |  |  |                   | 6.50                   | %   |          |  | 12/20/2024 |           |  |  | 6,702      | 
|STATS Intermediate Holdings, LLC                                  |  |  | L+5.25%                 |  |  |                   | 5.72                   | %   |          |  | 7/10/2026  |           |  |  | 4,888      | 
|The Octave Music Group, Inc.                                      |  |  | L+6.00%                 |  |  |                   | 7.00                   | %   |          |  | 5/29/2025  |           |  |  | 2,814      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 14,404     | 
|Services: Business                                                |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|AQ Carver Buyer, Inc.                                             |  |  | L+5.00%                 |  |  |                   | 6.01                   | %   |          |  | 9/23/2025  |           |  |  | 4,875      | 
|CHA Holdings, Inc                                                 |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 4/10/2025  |           |  |  | 1,975      | 
|CHA Holdings, Inc                                                 |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 4/10/2025  |           |  |  | 416        | 
|Eliassen Group LLC                                                |  |  | L+4.25%                 |  |  |                   | 4.71                   | %   |          |  | 11/5/2024  |           |  |  | 3,951      | 
|Engage2Excel, Inc.                                                |  |  | L+7.25%                 |  |  |                   | 8.25                   | %   |          |  | 3/7/2023   |           |  |  | 4,315      | 
|Engage2Excel, Inc.                                                |  |  | L+7.25%                 |  |  |                   | 8.25                   | %   |          |  | 3/7/2023   |           |  |  | 779        | 
|Engage2Excel, Inc. (Revolver) (d)                                 |  |  | L+7.25%                 |  |  |                   | 8.25                   | %   |          |  | 3/7/2023   |           |  |  | 557        | 
|Orbit Purchaser LLC                                               |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 10/21/2024 |           |  |  | 2,425      | 
|Orbit Purchaser LLC                                               |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 10/21/2024 |           |  |  | 1,873      | 
|Orbit Purchaser LLC                                               |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 10/21/2024 |           |  |  | 548        | 
|Output Services Group, Inc.                                       |  |  | L+4.50%                 |  |  |                   | 5.50                   | %   |          |  | 3/27/2024  |           |  |  | 4,802      | 
|Secretariat Advisors LLC                                          |  |  | L+4.75%                 |  |  |                   | 5.76                   | %   |          |  | 12/29/2028 |           |  |  | 1,706      | 
|Secretariat Advisors LLC (Delayed Draw) (d)                       |  |  | L+4.75%                 |  |  |                   | 5.76                   | %   |          |  | 12/29/2028 |           |  |  | 270        | 
|SIRVA Worldwide Inc.                                              |  |  | L+5.50%                 |  |  |                   | 5.96                   | %   |          |  | 8/4/2025   |           |  |  | 1,838      | 
|Teneo Holdings LLC                                                |  |  | SF+5.25%                |  |  |                   | 6.25                   | %   |          |  | 7/11/2025  |           |  |  | 4,875      | 
|The Kleinfelder Group, Inc.                                       |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 11/29/2024 |           |  |  | 2,381      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 37,586     | 
|Services: Consumer                                                |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|360Holdco, Inc.                                                   |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 8/2/2025   |           |  |  | 2,162      | 
|360Holdco, Inc. (Delayed Draw) (d)                                |  |  | L+4.75%                 |  |  |                   | 5.75                   | %   |          |  | 8/2/2025   |           |  |  | 827        | 
|Laseraway Intermediate Holdings II, LLC                           |  |  | L+5.75%                 |  |  |                   | 6.50                   | %   |          |  | 10/14/2027 |           |  |  | 2,217      | 
|McKissock Investment Holdings, LLC                                |  |  | SF+5.00%                |  |  |                   | 5.95                   | %   |          |  | 3/9/2029   |           |  |  | 2,500      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 7,706      | 
|Telecommunications                                                |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Intermedia Holdings, Inc.                                         |  |  | L+6.00%                 |  |  |                   | 7.00                   | %   |          |  | 7/21/2025  |           |  |  | 1,774      | 
|Mavenir Systems, Inc.                                             |  |  | L+4.75%                 |  |  |                   | 5.25                   | %   |          |  | 8/18/2028  |           |  |  | 1,667      | 
|Sandvine Corporation                                              |  |  | L+4.50%                 |  |  |                   | 4.96                   | %   |          |  | 10/31/2025 |           |  |  | 2,000      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 5,441      | 
|Transportation: Cargo                                             |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Keystone Purchaser, LLC                                           |  |  | L+6.25%                 |  |  |                   | 7.25                   | %   |          |  | 5/7/2027   |           |  |  | 2,992      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 2,992      | 
|Utilities: Oil & Gas                                              |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)            |  |  | L+4.25%                 |  |  |                   | 5.25                   | %   |          |  | 10/1/2025  |           |  |  | 1,691      | 
|Dresser Utility Solutions, LLC (fka NGS US Finco, LLC)            |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 10/1/2025  |           |  |  | 247        | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 1,938      | 
|Wholesale                                                         |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|BMC Acquisition, Inc.                                             |  |  | L+5.25%                 |  |  |                   | 6.25                   | %   |          |  | 12/30/2024 |           |  |  | 4,486      | 
|HALO Buyer, Inc.                                                  |  |  | L+4.50%                 |  |  |                   | 5.51                   | %   |          |  | 6/30/2025  |           |  |  | 4,812      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  | 9,298      | 
|                                                                  |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 
|TOTAL INVESTMENTS                                                 |  |  |                         |  |  |                   |                        |     |          |  |            |           |  |  |            | 












|(a) | All investments are U.S. companies unless otherwise noted.                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | The majority of investments bear interest at a rate that may be determined by reference to the
    London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate ("SOFR" or
    "SF") or Prime ("P") which reset daily, monthly, quarterly or semiannually. We have provided the spread over
    LIBOR, SOFR or Prime and the current contractual rate of interest in effect at March 31, 2022. Certain investments are subject to a
    LIBOR, SOFR or Prime interest rate floor.
|(c) | This is an international company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|(d) | All or a portion of this commitment was unfunded as of March 31, 2022. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.                                                                                                                                                                                                                                                                                                     
|(e) | This position was on non-accrual status as of March 31, 2022, meaning that we have ceased accruing interest income on the position.                                                                                                                                                                                                                                                                                                                                                                  
|(f) | Investment position or portion thereof unsettled at March 31, 2022.                                                                                                                                                                                                                                                                                                                                                                                                                                  





60







MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2021

(in thousands)



|Portfolio Company (a)                                             |  | Spread
Above
Index (b) |  | Interest Rate (b) |                       |     | Maturity |            | Principal |  |        | Fair Value | 
|----------------------------------------------------------------- |  | ---------------------- |  | ----------------- | --------------------- | --- | -------- | ---------- | --------- |  | ------ | ---------- | 
|Non-Controlled/Non-Affiliate Company Investments                  |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Senior Secured Loans                                              |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Aerospace & Defense                                               |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Bromford Industries Limited (c)                                   |  | P+4.25%                |  |                   | 7.50                  | %   |          | 11/5/2025  |           |  | 2,744  |            | 
|Bromford Industries Limited (c)                                   |  | P+4.25%                |  |                   | 7.50                  | %   |          | 11/5/2025  |           |  | 1,829  |            | 
|Trident Maritime Systems, Inc.                                    |  | L+5.50%                |  |                   | 6.50                  | %   |          | 2/26/2027  |           |  | 2,467  |            | 
|Trident Maritime Systems, Inc. (Revolver) (d)                     |  | L+5.50%                |  |                   | 6.50                  | %   |          | 2/26/2027  |           |  | 265    |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 7,305  |            | 
|Automotive                                                        |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Accelerate Auto Works Intermediate, LLC                           |  | L+4.75%                |  |                   | 5.75                  | %   |          | 12/1/2027  |           |  | 1,454  |            | 
|Accelerate Auto Works Intermediate, LLC (Delayed
    Draw) (d)    |  | L+4.75%                |  |                   | 5.75                  | %   |          | 12/1/2027  |           |  | 388    |            | 
|Accelerate Auto Works Intermediate,
LLC (Revolver) (d)            |  | L+4.75%                |  |                   | 5.75                  | %   |          | 12/1/2027  |           |  | 132    |            | 
|Truck-Lite Co., LLC                                               |  | L+6.25%                |  |                   | 7.25                  | %   |          | 12/14/2026 |           |  | 1,709  |            | 
|Truck-Lite Co., LLC                                               |  | L+6.25%                |  |                   | 7.25                  | %   |          | 12/14/2026 |           |  | 253    |            | 
|Wheel Pros, Inc.                                                  |  | L+4.50%                |  |                   | 5.25                  | %   |          | 5/11/2028  |           |  | 1,952  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 5,888  |            | 
|Beverage, Food & Tobacco                                          |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|CBC Restaurant Corp.                                              |  | n/a                    |  |                   | 5.00% PIK             | (f) |          | 12/30/2022 |           |  | 1,116  |            | 
|SW Ingredients Holdings, LLC                                      |  | L+4.75%                |  |                   | 5.75                  | %   |          | 7/3/2025   |           |  | 3,619  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 4,735  |            | 
|Capital Equipment                                                 |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Analogic Corporation                                              |  | L+5.25%                |  |                   | 6.25                  | %   |          | 6/24/2024  |           |  | 4,752  |            | 
|DS Parent, Inc. (e)                                               |  | L+5.75%                |  |                   | 6.50                  | %   |          | 12/8/2028  |           |  | 3,000  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 7,752  |            | 
|Chemicals, Plastics & Rubber                                      |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Polymer Solutions Group                                           |  | L+7.00%                |  |                   | 8.00                  | %   |          | 1/3/2023   |           |  | 1,178  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 1,178  |            | 
|Construction & Building                                           |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|The Cook & Boardman Group LLC                                     |  | L+5.75%                |  |                   | 6.75                  | %   |          | 10/20/2025 |           |  | 2,910  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 2,910  |            | 
|Consumer Goods: Durable                                           |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|International Textile Group, Inc.                                 |  | L+5.00%                |  |                   | 5.13                  | %   |          | 5/1/2024   |           |  | 1,711  |            | 
|Runner Buyer Inc. (e)                                             |  | L+5.50%                |  |                   | 6.25                  | %   |          | 10/23/2028 |           |  | 3,000  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 4,711  |            | 
|Consumer Goods: Non-Durable                                       |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|PH Beauty Holdings III, INC                                       |  | L+5.00%                |  |                   | 5.18                  | %   |          | 9/26/2025  |           |  | 2,418  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 2,418  |            | 
|Containers, Packaging & Glass                                     |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Liqui-Box Holdings, Inc.                                          |  | L+4.50%                |  |                   | 5.50                  | %   |          | 2/26/2027  |           |  | 4,268  |            | 
|Polychem Acquisition, LLC                                         |  | L+5.00%                |  |                   | 5.50                  | %   |          | 3/17/2025  |           |  | 2,918  |            | 
|Port Townsend Holdings Company, Inc. and Crown Corrugated Company |  | L+6.75%                |  |                   | 5.75% Cash/ 2.00% PIK |     |          | 4/3/2024   |           |  | 4,751  |            | 
|PVHC Holding Corp                                                 |  | L+4.75%                |  |                   | 5.75                  | %   |          | 8/5/2024   |           |  | 3,217  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 15,154 |            | 
|Energy: Oil & Gas                                                 |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Drilling Info Holdings, Inc.                                      |  | L+4.25%                |  |                   | 4.35                  | %   |          | 7/30/2025  |           |  | 4,516  |            | 
|Offen, Inc.                                                       |  | L+5.00%                |  |                   | 5.10                  | %   |          | 6/22/2026  |           |  | 2,388  |            | 
|Offen, Inc.                                                       |  | L+5.00%                |  |                   | 5.10                  | %   |          | 6/22/2026  |           |  | 876    |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 7,780  |            | 
|FIRE: Finance                                                     |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Harbour Benefit Holdings, Inc.                                    |  | L+5.25%                |  |                   | 6.25                  | %   |          | 12/13/2024 |           |  | 2,948  |            | 
|Harbour Benefit Holdings, Inc.                                    |  | L+5.25%                |  |                   | 6.25                  | %   |          | 12/13/2024 |           |  | 66     |            | 
|Minotaur Acquisition, Inc. (e)                                    |  | L+4.75%                |  |                   | 4.85                  | %   |          | 3/27/2026  |           |  | 4,912  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 7,926  |            | 
|FIRE: Real Estate                                                 |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Avison Young (USA) Inc. (c)                                       |  | L+5.75%                |  |                   | 5.97                  | %   |          | 1/30/2026  |           |  | 4,850  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 4,850  |            | 
|Healthcare & Pharmaceuticals                                      |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Cano Health, LLC (e)                                              |  | SF+4.00%               |  |                   | 4.51                  | %   |          | 11/23/2027 |           |  | 1,995  |            | 
|LSCS Holdings, Inc. (e)                                           |  | L+4.50%                |  |                   | 5.00                  | %   |          | 12/15/2028 |           |  | 1,846  |            | 
|Radiology Partners, Inc.                                          |  | L+4.25%                |  |                   | 4.35                  | %   |          | 7/9/2025   |           |  | 4,760  |            | 
|TEAM Public Choices, LLC (e)                                      |  | L+5.00%                |  |                   | 6.00                  | %   |          | 12/17/2027 |           |  | 2,992  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 11,593 |            | 
|High Tech Industries                                              |  |                        |  |                   |                       |     |          |            |           |  |        |            | 
|Corel Inc. (c)                                                    |  | L+5.00%                |  |                   | 5.18                  | %   |          | 7/2/2026   |           |  | 3,800  |            | 
|Lightbox Intermediate, L.P.                                       |  | L+5.00%                |  |                   | 5.13                  | %   |          | 5/11/2026  |           |  | 4,875  |            | 
|LW Buyer, LLC                                                     |  | L+5.00%                |  |                   | 5.14                  | %   |          | 12/30/2024 |           |  | 4,875  |            | 
|TGG TS Acquisition Company                                        |  | L+6.50%                |  |                   | 6.60                  | %   |          | 12/12/2025 |           |  | 3,435  |            | 
|                                                                  |  |                        |  |                   |                       |     |          |            |           |  | 16,985 |            | 





61







MRCC SENIOR LOAN FUND I, LLC

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

December 31, 2021

(in thousands)



|Portfolio Company (a)                                           |  | Spread
Above
Index (b) |  | Interest Rate (b) |                       |   | Maturity |            | Principal |  |        | Fair Value | 
|--------------------------------------------------------------- |  | ---------------------- |  | ----------------- | --------------------- | - | -------- | ---------- | --------- |  | ------ | ---------- | 
|Hotels, Gaming & Leisure                                        |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|Excel Fitness Holdings, Inc.                                    |  | L+5.25%                |  |                   | 6.25                  | % |          | 10/7/2025  |           |  | 4,165  |            | 
|North Haven Spartan US Holdco, LLC                              |  | L+5.00%                |  |                   | 6.00                  | % |          | 6/6/2025   |           |  | 2,297  |            | 
|Tait LLC                                                        |  | L+5.00%                |  |                   | 5.14                  | % |          | 3/28/2025  |           |  | 4,125  |            | 
|Tait LLC (Revolver)                                             |  | P+4.00%                |  |                   | 7.25                  | % |          | 3/28/2025  |           |  | 769    |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 11,356 |            | 
|Media: Advertising, Printing & Publishing                       |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|Cadent, LLC                                                     |  | L+5.00%                |  |                   | 6.00                  | % |          | 9/11/2023  |           |  | 4,339  |            | 
|Cadent, LLC (Revolver) (d)                                      |  | L+5.00%                |  |                   | 6.00                  | % |          | 9/11/2023  |           |  | 167    |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 4,506  |            | 
|Media: Diversified & Production                                 |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|Research Now Group, Inc. and Survey Sampling International, LLC |  | L+5.50%                |  |                   | 6.50                  | % |          | 12/20/2024 |           |  | 6,720  |            | 
|STATS Intermediate Holdings, LLC                                |  | L+5.25%                |  |                   | 5.41                  | % |          | 7/10/2026  |           |  | 4,900  |            | 
|The Octave Music Group, Inc.                                    |  | L+6.00%                |  |                   | 7.00                  | % |          | 5/29/2025  |           |  | 3,866  |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 15,486 |            | 
|Services: Business                                              |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|AQ Carver Buyer, Inc.                                           |  | L+5.00%                |  |                   | 6.00                  | % |          | 9/23/2025  |           |  | 4,888  |            | 
|CHA Holdings, Inc                                               |  | L+4.50%                |  |                   | 5.50                  | % |          | 4/10/2025  |           |  | 1,980  |            | 
|CHA Holdings, Inc                                               |  | L+4.50%                |  |                   | 5.50                  | % |          | 4/10/2025  |           |  | 418    |            | 
|Eliassen Group LLC                                              |  | L+4.25%                |  |                   | 4.35                  | % |          | 11/5/2024  |           |  | 3,956  |            | 
|Engage2Excel, Inc.                                              |  | L+8.00%                |  |                   | 7.00% Cash/ 2.00% PIK |   |          | 3/7/2023   |           |  | 4,326  |            | 
|Engage2Excel, Inc.                                              |  | L+8.00%                |  |                   | 7.00% Cash/ 2.00% PIK |   |          | 3/7/2023   |           |  | 781    |            | 
|Engage2Excel, Inc. (Revolver) (d)                               |  | L+8.00%                |  |                   | 7.00% Cash/ 2.00% PIK |   |          | 3/7/2023   |           |  | 555    |            | 
|Orbit Purchaser LLC                                             |  | L+4.50%                |  |                   | 5.50                  | % |          | 10/21/2024 |           |  | 2,431  |            | 
|Orbit Purchaser LLC                                             |  | L+4.50%                |  |                   | 5.50                  | % |          | 10/21/2024 |           |  | 1,877  |            | 
|Orbit Purchaser LLC                                             |  | L+4.50%                |  |                   | 5.50                  | % |          | 10/21/2024 |           |  | 549    |            | 
|Output Services Group, Inc.                                     |  | L+4.50%                |  |                   | 5.50                  | % |          | 3/27/2024  |           |  | 4,815  |            | 
|Secretariat Advisors LLC (e)                                    |  | L+4.75%                |  |                   | 5.50                  | % |          | 12/29/2028 |           |  | 1,710  |            | 
|Secretariat Advisors LLC (d) (e)                                |  | L+4.75%                |  |                   | 5.50                  | % |          | 12/29/2028 |           |  | 270    |            | 
|SIRVA Worldwide Inc.                                            |  | L+5.50%                |  |                   | 5.60                  | % |          | 8/4/2025   |           |  | 1,850  |            | 
|Teneo Holdings LLC                                              |  | L+5.25%                |  |                   | 6.25                  | % |          | 7/11/2025  |           |  | 4,888  |            | 
|The Kleinfelder Group, Inc.                                     |  | L+5.25%                |  |                   | 6.25                  | % |          | 11/29/2024 |           |  | 2,387  |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 37,681 |            | 
|Services: Consumer                                              |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|360Holdco, Inc.                                                 |  | L+4.75%                |  |                   | 5.75                  | % |          | 8/2/2025   |           |  | 2,168  |            | 
|360Holdco, Inc. (Delayed Draw) (d)                              |  | L+4.75%                |  |                   | 5.75                  | % |          | 8/2/2025   |           |  | 827    |            | 
|Laseraway Intermediate Holdings II, LLC                         |  | L+5.75%                |  |                   | 6.50                  | % |          | 10/14/2027 |           |  | 2,222  |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 5,217  |            | 
|Telecommunications                                              |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|Intermedia Holdings, Inc.                                       |  | L+6.00%                |  |                   | 7.00                  | % |          | 7/21/2025  |           |  | 1,778  |            | 
|Mavenir Systems, Inc.                                           |  | L+4.75%                |  |                   | 5.25                  | % |          | 8/18/2028  |           |  | 1,667  |            | 
|Sandvine Corporation                                            |  | L+4.50%                |  |                   | 4.60                  | % |          | 10/31/2025 |           |  | 2,000  |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 5,445  |            | 
|Transportation: Cargo                                           |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|Keystone Purchaser, LLC (e)                                     |  | L+6.25%                |  |                   | 7.25                  | % |          | 5/7/2027   |           |  | 3,000  |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 3,000  |            | 
|Utilities: Oil & Gas                                            |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|NGS US Finco, LLC                                               |  | L+4.25%                |  |                   | 5.25                  | % |          | 10/1/2025  |           |  | 1,695  |            | 
|NGS US Finco, LLC                                               |  | L+5.25%                |  |                   | 6.25                  | % |          | 10/1/2025  |           |  | 248    |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 1,943  |            | 
|Wholesale                                                       |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|BMC Acquisition, Inc.                                           |  | L+5.25%                |  |                   | 6.25                  | % |          | 12/30/2024 |           |  | 4,486  |            | 
|HALO Buyer, Inc.                                                |  | L+4.50%                |  |                   | 5.50                  | % |          | 6/30/2025  |           |  | 4,824  |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  | 9,310  |            | 
|                                                                |  |                        |  |                   |                       |   |          |            |           |  |        |            | 
|TOTAL INVESTMENTS                                               |  |                        |  |                   |                       |   |          |            |           |  |        |            | 










|(a) | All investments are U.S. companies unless otherwise noted.                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | The majority of investments bear interest at a rate that may be determined by reference to the
    London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate ("SOFR" or
    "SF") or Prime ("P") which reset daily, monthly, quarterly or semiannually. We have provided the spread over
    LIBOR, SOFR or Prime and the current contractual rate of interest in effect at December 31, 2021. Certain investments are subject to
    a LIBOR, SOFR or Prime interest rate floor.
|(c) | This is an international company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|(d) | All or a portion of this commitment was unfunded as of December 31, 2021. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.                                                                                                                                                                                                                                                                                                     
|(e) | Investment position or portion thereof unsettled at December 31, 2021.                                                                                                                                                                                                                                                                                                                                                                                                                                  
|(f) | This position was on non-accrual status as of December 31, 2021, meaning that we have ceased accruing interest income on the position.                                                                                                                                                                                                                                                                                                                                                                  





62







Below is certain summarized financial information
for SLF as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and 2021 (in thousands):



|                                                      |  | March 31, 2022 |         |   | December 31, 2021 |  
|----------------------------------------------------- |  | -------------- | ------- | - | ----------------- | -
|                                                      |  | (unaudited)    |         |   |                   |  
|Assets                                                |  |                |         |   |                   |  
|Investments, at fair value                            |  | $              | 195,254 |   |                   | $
|Cash                                                  |  |                | 111     |   |                   |  
|Restricted cash                                       |  |                | 5,900   |   |                   |  
|Interest receivable                                   |  |                | 773     |   |                   |  
|Other assets                                          |  |                | 24      |   |                   |  
|Total assets                                          |  |                | 202,062 |   |                   |  
|Liabilities                                           |  |                |         |   |                   |  
|Revolving credit facility                             |  |                | 120,114 |   |                   |  
|Less: Unamortized deferred financing costs            |  |                | (2,121  | ) |                   |  
|Total debt, less unamortized deferred financing costs |  |                | 117,993 |   |                   |  
|Payable for open trades                               |  |                | 2,895   |   |                   |  
|Interest payable                                      |  |                | 299     |   |                   |  
|Accounts payable and accrued expenses                 |  |                | 455     |   |                   |  
|Total liabilities                                     |  |                | 121,642 |   |                   |  
|Members’ capital                                      |  |                | 80,420  |   |                   |  
|Total liabilities and members’ capital                |  | $              | 202,062 |   |                   | $



|                                            |  | Three months ended March 31, |       
|------------------------------------------- |  | ---------------------------- | ------
|                                            |  | 2022                         |       
|                                            |  | (unaudited)                  |       
|Investment income:                          |  |                              |       
|Interest income                             |  | $                            | 3,133 
|Total investment income                     |  |                              | 3,133 
|Expenses:                                   |  |                              |       
|Interest and other debt financing expenses  |  |                              | 981   
|Professional fees                           |  |                              | 172   
|Total expenses                              |  |                              | 1,153 
|Net investment income (loss)                |  |                              | 1,980 
|Net gain (loss):                            |  |                              |       
|Net change in unrealized gain (loss)        |  |                              | (2,010
|Net gain (loss)                             |  |                              | (2,010
|Net increase (decrease) in members’ capital |  | $                            | (30   



Related Party Transactions



We have a number of business relationships with
affiliated or related parties, including the following:



| | · | We have an Investment Advisory Agreement with MC Advisors, an investment advisor registered with the SEC, to manage our investing activities. We pay MC Advisors a fee for its services under the Investment Advisory Agreement consisting of two components - a base management fee and an incentive fee. See Note 6 to our consolidated financial statements and “Significant Accounting Estimates and Critical Accounting Policies - Capital Gains Incentive Fee” for additional information.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | We have an Administration Agreement with MC Management to provide us with the office facilities and administrative services necessary to conduct our day-to-day operations. See Note 6 to our consolidated financial statements for additional information.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | SLF has an administration agreement with MC Management to provide SLF with certain loan servicing and administrative functions. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. See Note 3 to our consolidated financial statements and “Liquidity and Capital Resources - MRCC Senior Loan Fund I, LLC” for additional information.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





63







| | · | Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the President and Chief Executive Officer of MC Management. Aaron D. Peck, our Chief Financial Officer and Chief Investment Officer, serves as a director on our Board and is also a managing director of MC Management.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | We have a license agreement with Monroe Capital LLC, under which Monroe Capital LLC has agreed to grant us a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in our business.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In addition, we have adopted a formal code of ethics
that governs the conduct of MC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the
duties imposed by both the 1940 Act and Maryland General Corporation Law.



Commitments and Contingencies and Off-Balance Sheet Arrangements



Commitments and Contingencies



As of March 31, 2022 and December 31,
2021, we had outstanding commitments to fund investments under undrawn revolvers, capital expenditure loans, delayed draw commitments
and subscription agreements, excluding unfunded commitments in SLF, totaling $54.4 million and $55.5 million, respectively. As of both
March 31, 2021 and December 31, 2021, we had unfunded commitments to SLF of $7.8 million that may be contributed primarily
for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization
from one of our representatives on SLF’s board of managers. Additionally, we have entered into certain contracts with other parties
that contain a variety of indemnifications. Our maximum exposure under these arrangements is unknown. However, we have not experienced
claims or losses pursuant to these contracts and believe the risk of loss related to such indemnifications to be remote.



Off-Balance Sheet Arrangements



Other than contractual commitments and other legal
contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.



Market Trends



We have identified the following general trends
that may affect our business:



Target Market: We believe that small and
middle-market companies in the United States with annual revenues between $10.0 million and $2.5 billion represent a significant growth
segment of the U.S. economy and often require substantial capital investments to grow. Middle-market companies have generated a significant
number of investment opportunities for investment funds managed or advised by Monroe Capital, and we believe that this market segment
will continue to produce significant investment opportunities for us.



Specialized Lending Requirements: We believe
that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on
the experience of our management team, lending to U.S. middle-market companies (1) is generally more labor intensive than lending
to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies, (2) requires
due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and (3) may also
require more extensive ongoing monitoring by the lender.



Demand for Debt Capital: We believe there
is a large pool of uninvested private equity capital for middle-market companies. We expect private equity firms will seek to leverage
their investments by combining equity capital with senior secured loans and mezzanine debt from other sources, such as us.



Competition from Other Lenders: We believe
that many traditional bank lenders, in recent years, de-emphasized their service and product offerings to middle-market businesses in
favor of lending to large corporate clients and managing capital market transactions. In addition, many commercial banks face significant
balance sheet constraints as they seek to build capital and meet future regulatory capital requirements. These factors may result in opportunities
for alternative funding sources to middle-market companies and therefore drive increased new investment opportunities for us. Conversely,
there has been a significant amount of capital raised over the past several years dedicated to middle market lending which has increased
competitive pressure in the BDC and investment company marketplace for senior and subordinated debt, which in turn could result in lower
yields and weaker financial covenants for new assets.





64







Pricing and Deal Structures: We believe
that the volatility in global markets over the last several years and current macroeconomic issues including changes in bank regulations
for middle-market banks has reduced access to, and availability of, debt capital to middle-market companies, causing a reduction in competition
and generally more favorable capital structures and deal terms. Sizable recent capital raises in the private debt marketplace have created
significantly increased competition over the last few years, reducing available pricing and creating less favorable capital structures;
however, we believe that current market conditions for our target market may continue to create favorable opportunities to invest at attractive
risk-adjusted returns.



Market Environment: We believe middle market
investments are attractive in uncertain market environments such as the current market environment following the COVID-19 outbreak that
began in late 2019 and early 2020, and that these investments have historically generated considerable yield premia with more favorable
capital structures for lenders when compared to the market for large corporate loans.(1)On the other hand, we believe that
the increased competition for direct lending to middle market businesses could result in less favorable pricing terms for our potential
investments. If pricing, terms and structures weaken, we would expect to experience decreased net interest income, lower yields and increased
risk of credit loss. However, we believe that Monroe Capital’s scale, product suite, entrenched relationships and strong market
position will continue to allow us to find investment opportunities with attractive risk-adjusted returns.










|(1) | Standard & Poor’s “LCD Middle Market Review Q4 2021” – New-issue first-lien yield-to-maturity. Middle Market loans have, on average, generated higher yields in comparison to large corporate loans based on data starting in the fourth quarter of 2005.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Significant Accounting Estimates and Critical Accounting Policies



Revenue Recognition



We record interest and fee income on an accrual
basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, we do not accrue
PIK interest if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable
interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original
issue discount and market discount or premium are capitalized, and then we amortize such amounts using the effective interest method as
interest income over the life of the investment. Upon the prepayment of a loan or debt security, any unamortized premium or discount or
loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when
we receive such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred
equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered
a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan,
the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or
using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement
because a service was provided, and the fee is payment for that service, the fee is deemed earned and recognized as fee income in the
period the service has been completed.



Dividend income on preferred equity securities
is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected
to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution
received from LLC and LP investments is evaluated to determine if the distribution should be recorded as dividend income or a return of
capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient
accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of
capital are recorded as a reduction in the cost basis of the investment.



Valuation of Portfolio Investments



As a BDC, we generally invest in illiquid securities
including debt and, to a lesser extent, equity securities of middle-market companies. Under procedures established by our Board, we value
investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, we determine
whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America to
determine the fair value of the security. Debt and equity securities that are not publicly traded or whose market prices are not readily
available or whose market prices are not regularly updated are valued at fair value as determined in good faith by our Board. Such determination
of fair values may involve subjective judgments and estimates. Investments purchased within 60 days of maturity are valued at cost plus
accreted discount, or minus amortized premium, which approximates fair value.



Our Board is ultimately and solely
responsible for determining the fair value of the portfolio investments that are not publicly traded, whose market prices are not
readily available on a quarterly basis in good faith or in any other situation where portfolio investments require a fair value
determination. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we
expect to value many of our portfolio investments at fair value as determined in good faith by our Board using a documented
valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of
investments that do not have a readily available market value, the fair value of our investments may differ significantly from the
values that would have been used had a readily available market value existed for such investments, and the differences could be
material.





65







With respect to investments for which market quotations
are not readily available, our Board undertakes a multi-step valuation process each quarter, as described below:



| | · | the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of MC Advisors responsible for the credit monitoring of the portfolio investment;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | our Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of investments for which market quotations are not readily available. We will consult with independent valuation firm(s) relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available, the investment will be valued by the MC Advisors investment professional responsible for the credit monitoring;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | preliminary valuation conclusions are then documented and discussed with the investment committee of MC Advisors;
| | - | -----------------------------------------------------------------------------------------------------------------



| | · | the audit committee of our Board reviews the preliminary valuations of MC Advisors and of the independent valuation firm(s) and MC Advisors adjusts or further supplements the valuation recommendations to reflect any comments provided by the audit committee; and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | our Board discusses these valuations and determines the fair value of each investment in the portfolio in good faith, based on the input of MC Advisors, the independent valuation firm(s) and the audit committee.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



We generally use the income approach to determine
fair value for loans where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit
quality or a debt investment is in workout status, we may consider other factors in determining the fair value, including the value attributable
to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis.
This liquidation analysis may also include probability weighting of alternative outcomes. We generally consider our debt to be performing
if the borrower is not in default, the borrower is remitting payments in a timely manner, the loan is in covenant compliance and the loan
is otherwise not deemed to be impaired. In determining the fair value of the performing debt, we consider fluctuations in current interest
rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions
and other relevant factors, both qualitative and quantitative. In the event that a debt instrument is not performing, as defined above,
we will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value
of the debt instrument.



Under the income approach, discounted cash flow
models are utilized to determine the present value of the future cash flow streams of our debt investments, based on future interest and
principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, we also consider
the following factors: applicable market yields and leverage levels, credit quality, prepayment penalties, the nature and realizable value
of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit
markets that generally may affect the price at which similar investments may be made.



Under the market approach, the enterprise value
methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value
and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which we derive a
single estimate of enterprise value. In estimating the enterprise value of a portfolio company, we analyze various factors consistent
with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected
financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and
realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer
companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income
taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.



In addition, for certain debt investments, we may
base our valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest
price that we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. We
generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.





66







As of March 31, 2022, our Board
determined, in good faith, the fair value of our investment portfolio in accordance with GAAP and our valuation procedures based on
the facts and circumstances known by us at that time, or reasonably expected to be known at that time.



Net Realized Gain or Loss and Net Change in Unrealized Gain or
Loss



We measure realized gain or loss by the difference
between the net proceeds from the sale and the amortized cost basis of the investment, without regard to unrealized gain or loss previously
recognized. Net change in unrealized gain or loss reflects the change in portfolio investment values during the reporting period, including
any reversal of previously recorded unrealized gain or loss, when gain or loss is realized. Additionally, we do not isolate the portion
of the change in fair value resulting from foreign currency exchange rate fluctuations from the changes in fair values of the underlying
investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on our consolidated statements of operations.
The impact resulting from changes in foreign exchange rates on the revolving credit facility borrowings is included in net change in unrealized
gain (loss) on foreign currency and other transactions.



Capital Gains Incentive Fee



Pursuant to the terms of the Investment Advisory
Agreement with MC Advisors, the incentive fee on capital gains earned on liquidated investments of our portfolio is determined and payable
in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee equals 20% of our
incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable
period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any
previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such
fee as if it were due and payable as of the end of such period.



While the Investment Advisory Agreement with MC
Advisors neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant
to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, we include
unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual
reflects the incentive fees that would be payable to MC Advisors if our entire portfolio was liquidated at its fair value as of the balance
sheet date even though MC Advisors is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are
actually realized.



During the three months ended March 31, 2022
and 2021, we did not have any further reductions in accrued capital gains incentive fees as they were already at zero, primarily as a
result of accumulated realized and unrealized losses on the portfolio.



New Accounting Pronouncements



In March 2020, the FASB issued ASU 2020-04,
Reference Rate Reform(“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for
applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.
The standard is effective as of March 12, 2020 through December 31, 2022. We did not utilize the optional expedients and exceptions
provided by ASU 2020-04 during the three months ended March 31, 2022.





67







ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK



We are subject to financial market risks, including
changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the economic effects of the COVID-19
outbreak and the Russian invasion of Ukraine have introduced significant volatility in the financial markets, and the effects of
this volatility could materially impact our market risks. For additional information concerning the COVID-19 pandemic and the Russian
invasion of Ukraine and their potential impact on our business and our operating results, see Part II – Other Information, Item
1A. Risk Factors, “Risks Relating to Our Business and Structure – The COVID-19 pandemic has caused severe disruptions in the
global economy, which has had, and may continue to have, a negative impact on our portfolio companies and our business and operations”
and “The Russian invasion of Ukraine may have a material adverse impact on us and our portfolio companies.”



The majority of the loans in our portfolio have
floating interest rates, and we expect that our loans in the future may also have floating interest rates. These loans are usually based
on a floating LIBOR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current
market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors which will
effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our revolving credit facility has
a floating interest rate provision, whereas our SBA debentures and the 2026 Notes have fixed interest rates until maturity. We expect
that other credit facilities into which we may enter in the future may also have floating interest rate provisions.



Assuming that the consolidated statement of assets
and liabilities as of March 31, 2022 was to remain constant and that we took no actions to alter our existing interest rate sensitivity,
the following table shows the annualized impact of hypothetical base rate changes in interest rates (in thousands):



|                         |  | Increase  
(decrease) in |        |  | Increase  
(decrease) in |   |       | Net increase  
(decrease) in net | 
|------------------------ |  | ------------------------ | ------ |  | ------------------------ | - | ----- | -------------------------------- | 
|Change in Interest Rates |  | interest income          |        |  | interest expense         |   |       | investment income                | 
|Down 25 basis points     |  | $                        | (58)   |  |                          | $ | —     |                                  | 
|Up 100 basis points      |  |                          | 1,706  |  |                          |   | 1,793 |                                  | 
|Up 200 basis points      |  |                          | 5,937  |  |                          |   | 3,676 |                                  | 
|Up 300 basis points      |  |                          | 10,193 |  |                          |   | 5,559 |                                  | 



Although we believe that this analysis is indicative
of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and
composition of the assets in our portfolio and other business developments, including borrowing under the credit facility or other borrowings
that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual
results would not differ materially from the analysis above.



We may in the future hedge against interest rate
fluctuations by using standard hedging instruments such as futures, options and forward contracts to the extent permitted under the 1940
Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also
limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest
rates or interest rate floors.



We may also have exposure to foreign currencies
(currently the Great Britain pound and Australian dollar) related to certain investments. Such investments are translated into U.S. dollars
based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations
in exchange rates, we may borrow in foreign currency under our revolving credit facility to finance such investments or we may enter into
foreign currency forward contracts. As of March 31, 2022, we had foreign currency forward contracts in place for £0.1
million and AUD 18.7 million associated with future principal and interest payments on certain investments.



ITEM 4. CONTROLS AND PROCEDURES



In accordance with Rules 13a-15(b) and
15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with
the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure
controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation,
our management, including the Chief Executive Officer and Chief Financial Officer, concluded that, at the end of the period covered by
our Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective and provided reasonable assurance that information
required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified
in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding
the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it
will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s
periodic reports.



No change occurred in our internal control over
financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended
March 31, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.





68







PART II



OTHER INFORMATION



Item 1. Legal Proceedings



Neither we, our subsidiaries nor our investment
adviser are currently subject to any material legal proceedings.



Item 1A. Risk Factors



In addition to the other information set forth
in this report, you should carefully consider the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31,
2021 filed with the SEC on March 2, 2022, which could materially affect our business, financial condition and/or operating results.
The risks described in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently
known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or
operating results. Other than as set forth below, there have been no material changes during the three months ended March 31, 2022
to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021.



The Russian invasion of Ukraine may have a material adverse impact
on us and our portfolio companies.



On February 24, 2022, the President of Russia,
Vladimir Putin, announced a military invasion of Ukraine. In response, countries worldwide, including the United States, have imposed
sanctions against Russia on certain businesses and individuals, including, but not limited to, those in the banking, import and export
sectors. This invasion has led, is currently leading, and for an unknown period of time will continue to lead to disruptions in local,
regional, national, and global markets and economies affected thereby. These disruptions caused by the invasion have included, and may
continue to include, political, social, and economic disruptions and uncertainties that may affect our business operations or the business
operations of our portfolio companies.



The COVID-19 pandemic has caused severe disruptions in the global
economy, which has had, and may continue to have, a negative impact on our portfolio companies and our business and operations.



In late 2019 and early 2020, COVID-19 emerged in
China and spread rapidly to across the world, including to the United States. This outbreak has led and for an unknown period of time
will continue to lead to disruptions in local, regional, national and global markets and economies affected thereby. With respect to the
U.S. credit markets (in particular for middle market loans), this outbreak has resulted in, and until fully resolved is likely to continue
to result in, the following among other things: (i) government imposition of various forms of “stay at home” orders and
the closing of “non-essential” businesses, resulting in significant disruption to the businesses of many middle-market loan
borrowers including supply chains, demand and practical aspects of their operations, as well as in lay-offs of employees, and, while these
effects are hoped to be temporary, some effects could be persistent or even permanent; (ii) increased draws by borrowers on revolving
lines of credit; (iii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased
defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; (iv) volatility
and disruption of these markets including greater volatility in pricing and spreads and difficulty in valuing loans during periods of
increased volatility, and liquidity issues; and (v) rapidly evolving proposals and/or actions by state and federal governments to
address problems being experienced by the markets and by businesses and the economy in general that will not necessarily adequately address
the problems facing the loan market and middle market businesses. This outbreak is having, and any future outbreaks could have, an adverse
impact on our portfolio companies and us and on the markets and the economy in general, and that impact could be material. Such effects
will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter. It is impossible to determine
the scope of the COVID-19 pandemic, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last,
the effect any governmental actions will have or the full potential impact on us, MC Advisors and our portfolio companies.



The COVID-19 pandemic (including the preventative
measures taken in response thereto) has to date (i) created significant business disruption issues for certain of our portfolio companies,
and (ii) adversely impacted the value and performance of certain of our portfolio companies. The COVID-19 pandemic is continuing
as of the filing date of this Quarterly Report, and its extended duration may have further adverse impacts on our portfolio companies
after March 31, 2022, including for the reasons described below. As a result of this disruption and the pressures on their liquidity,
certain of our portfolio companies have been, or may continue to be, incentivized to draw on most, if not all, of the unfunded portion
of any revolving or delayed draw term loans made by us, subject to availability under the terms of such loans.



The effects described above on our portfolio companies
have, for certain of our portfolio companies to date, impacted their ability to make payments on their loans on a timely basis and in
some cases have required us to amend certain terms, including payment terms. In addition, an extended duration of the COVID-19 pandemic
may impact the ability of our portfolio companies to continue making their loan payments on a timely basis or meeting their loan covenants.
The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake similar
amendment actions with respect to other of our investments or to restructure our investments. The amendment or restructuring of our investments
may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any
existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a
portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance,
which would generally be due upon repayment of the outstanding principal.





69







As a result of the COVID-19 pandemic, collateral
for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could
decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan
collateral and guarantor net worth could result in increased costs and reduced income, which would have a material adverse effect on our
business, financial condition or results of operations.



The COVID-19 pandemic has adversely impacted the
fair value of certain of our investments as of March 31, 2022 and the values assigned as of this date may differ materially from
the values that we may ultimately realize with respect to our investments. Our Board approved the fair value of our investment portfolio
as of March 31, 2022 and these valuations were determined in good faith in accordance with our valuation policy based on information
known or knowable as of the valuation date. As a result, the long term impacts of the COVID-19 pandemic may not yet be fully reflected
in the valuation of our investments and the fair value of our portfolio investments may be further negatively impacted after March 31,
2022 by circumstances and events that are not yet known, including the complete or continuing impact of the COVID-19 pandemic and the
resulting measures taken in response thereto. In addition, write downs in the value of our investments have reduced, and any additional
write downs may further reduce, our net asset value (and, as a result, our asset coverage calculation). Accordingly, we may continue to
incur additional net unrealized losses or may incur realized losses after March 31, 2022, which could have a material adverse effect
on our business, financial condition and results of operations.



The volatility and disruption to the global economy
from the COVID-19 pandemic has affected, and may continue to affect, the pace of our investment activity, which may have a material adverse
impact on our results of operations. Such volatility and disruption have also led to the increased credit spreads in the private debt
capital markets.



Further, from an operational perspective, MC Advisors’
investment professionals are currently partially working remotely. An extended period of remote work arrangements could strain our business
continuity plans, introduce operational risk, including but not limited to cybersecurity risks, and impair our ability to manage our business.
In addition, we are highly dependent on third party service providers for certain communication and information systems. As a result,
we rely upon the successful implementation and execution of the business continuity planning of such providers in the current environment.
If one or more of these third parties to whom we outsource certain critical business activities experience operational failures as a result
of the impacts from the spread of COVID-19, or claim that they cannot perform due to a force majeure, it may have a material adverse effect
on our business, financial condition, results of operations, liquidity and cash flows.



The 1940 Act allows us to incur additional leverage, which could
increase the risk of investing in us.



The 1940 Act generally prohibits us from incurring
indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount
of debt may not exceed half of the value of our total assets). However, under the Small Business Credit Availability Act (the “SBCAA”),
which became law in March 2018, BDCs have the ability to elect to become subject to a lower asset coverage requirement of 150% (i.e.,
the amount of debt may not exceed two-thirds of the value of our total assets), subject to the receipt of the requisite board or stockholder
approvals under the SBCAA and satisfaction of certain other conditions.



On June 20, 2018, our stockholders approved
the application of the modified asset coverage requirements, as approved by our board of directors on March 27, 2018, and we became
subject to the 150% minimum asset coverage ratio, effective June 21, 2018.



Leverage is generally considered a speculative
investment technique and may increase the risk of investing in our securities. Leverage magnifies the potential for loss on investments
in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, you will experience increased
risks of investing in our securities. If the value of our assets increases, then leveraging would cause the net asset value attributable
to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases,
leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged our business. Similarly,
any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more
than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it
would have had we not borrowed. Such a decline could negatively affect our ability to pay distributions, scheduled debt payments or other
payments related to our securities. The effects of leverage would cause any decrease in net asset value for any losses to be greater than
any increase in net asset value for any corresponding gains. If we incur additional leverage, you will experience increased risks of investing
in our common stock.





70







We maintain a revolving credit facility and use other borrowed
funds to make investments or fund our business operations, which exposes us to risks typically associated with leverage and increases
the risk of investing in us.



We maintain a revolving credit facility, have issued
debt securities and may borrow money, including through the issuance of additional debt securities or preferred stock, to leverage our
capital structure, which is generally considered a speculative investment technique. As a result:



| | · | our common stock is exposed to an increased risk of loss because a decrease in the value of our investments would have a greater negative impact on the value of our common stock than if we did not use leverage;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | if we do not appropriately match the assets and liabilities of our business, adverse changes in interest rates could reduce or eliminate the incremental income we make with the proceeds of any leverage;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | our ability to pay distributions on our common stock may be restricted if our asset coverage ratio, as provided in the 1940 Act, is not at least 150% and any amounts used to service indebtedness or preferred stock would not be available for such distributions;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | any credit facility is subject to periodic renewal by its lenders, whose continued participation cannot be guaranteed;
| | - | ----------------------------------------------------------------------------------------------------------------------



| | · | our revolving credit facility with ING Capital LLC, as agent, is, and any other credit facility we may enter into would be, subject to various financial and operating covenants, including that our portfolio of investments satisfies certain eligibility and concentration limits as well as valuation methodologies;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | such securities would be governed by an indenture or other instrument containing covenants restricting our operating flexibility;
| | - | ---------------------------------------------------------------------------------------------------------------------------------



| | · | we bear the cost of issuing and paying interest or distributions on such securities, which costs are entirely borne by our common stockholders; and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | · | any convertible or exchangeable securities that we issue may have rights, preferences and privileges more favorable than those of our common stock.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------



The following table illustrates the effect of leverage
on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below
are hypothetical and actual returns may be higher or lower than those appearing in the table below.



|                                                  |  | Assumed Return on Our Portfolio
(Net of Expenses) (1) |       
|------------------------------------------------- |  | ----------------------------------------------------- | ------
|                                                  |  | -10%                                                  |       
|Corresponding return to common stockholder (2)(3) |  |                                                       | -28.81










|(1) | The assumed return on our portfolio is required by regulation of the SEC to assist investors in understanding the effects of leverage and is not a prediction of, and does not represent, our projected or actual performance.                                                                                                                                                                                                                                                
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Assumes $590.5 million in total assets, $341.0 million in debt outstanding, of which $281.0 million is senior securities outstanding, $249.5 million in net assets and an average cost of funds of 3.77%, which was the weighted average interest rate of borrowing on our revolving credit facility, SBA debentures and 2026 Notes as of December 31, 2021. The interest rate on our revolving credit facility is a variable rate. Actual interest payments may be different.
|(3) | In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our December 31, 2021 total portfolio assets of at least 2.17%.                                                                                                                                                                                                                                                                                                      



We are subject to risks associated with our revolving credit
facility and the terms of our revolving credit facility may contractually limit our ability to incur additional indebtedness.



Our revolving credit facility, as amended, imposes
certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under our
dividend reinvestment plan are not limited by the revolving credit facility. Distributions in cash or property other than our common stock
are generally limited to 115% of the amount of distributions required to maintain our ability to be subject to taxation as a RIC. We are
required under the revolving credit facility to maintain our ability to be subject to taxation as a RIC.



The revolving credit facility requires us to comply
with certain financial and operational covenants, including asset coverage ratios and a minimum net worth. For example, the revolving
credit facility requires that we maintain an asset coverage ratio of at least 1.5 to 1 and a senior debt coverage ratio of at least 2
to 1 at all times. We may divert cash to pay the lenders in amounts sufficient to cause these tests to be satisfied. Our compliance with
these covenants depends on many factors, some of which, such as market conditions, are beyond our control.



Our ability to sell our investments is also limited
under the revolving credit facility. Under the revolving credit facility, the sale of any portfolio investment may not cause our covered
debt amount to exceed our borrowing base. As a result, there may be times or circumstances during which we are unable to sell investments,
pay distributions or take other actions that might be in our best interests.



Availability of borrowings under the revolving
credit facility is linked to the valuation of the collateral pursuant to a borrowing base mechanism. As such, declines in the fair market
value of our investments which are collateral to the revolving credit facility may reduce availability under our revolving credit facility.





71







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



None.



Item 3. Defaults Upon Senior Securities



None.



Item 4. Mine Safety Disclosures



None.



Item 5. Other Information



None.





72







Item 6. Exhibits



|Exhibit |  |                                                                                                                                                                                                                                                                       
|------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  |  | Description of Document                                                                                                                                                                                                                                               
|        |  |                                                                                                                                                                                                                                                                       
|3.1     |  | Amended and Restated Articles of Incorporation of Monroe Capital Corporation (Incorporated by reference to Exhibit (a)(1) of the Registrant’s Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)
|        |  |                                                                                                                                                                                                                                                                       
|3.2     |  | Bylaws of Monroe Capital Corporation (Incorporated by reference to Exhibit (b)(1) of the Registrant’s Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)                                        
|        |  |                                                                                                                                                                                                                                                                       
|31.1    |  | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)                                                                        
|        |  |                                                                                                                                                                                                                                                                       
|31.2    |  | Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)                                                                        
|        |  |                                                                                                                                                                                                                                                                       
|32.1    |  | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)                                                                                                                               





73







SIGNATURES



Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



|Date: May 3, 2022 | By | /s/ Theodore L. Koenig                                        
|----------------- | -- | --------------------------------------------------------------
|                  |    | Theodore L. Koenig                                            
|                  |    | Chairman, Chief Executive Officer and Director                
|                  |    | (Principal Executive Officer)                                 
|                  |    | Monroe Capital Corporation                                    
|                  |    |                                                               
|Date: May 3, 2022 | By | /s/ Aaron D. Peck                                             
|                  |    | Aaron D. Peck                                                 
|                  |    | Chief Financial Officer, Chief Investment Officer and Director
|                  |    | (Principal Financial and Accounting Officer)                  
|                  |    | Monroe Capital Corporation                                    



74