Exhibit 14.1





JOINT CODE OF ETHICS
FOR
MONROE CAPITAL CORPORATION
AND
MONROE CAPITAL BDC ADVISORS, LLC



(adopted on October 22, 2012; revised
November 2, 2018; further revised November 1,
2019, effective January 1, 2020)



| | I. | STATEMENT OF GENERAL FIDUCIARY PRINCIPLES
| | -- | -----------------------------------------



This Joint Code of Ethics (the
 “Code”) has been adopted by each of Monroe Capital Corporation (the “Corporation”) and Monroe
Capital BDC Advisors, LLC, the Corporation’s investment advisor (the “Adviser”), in compliance with Rule
17j-1 under the Investment Company Act of 1940 (the “Act”) and Section 204A of the Investment Advisers Act of
1940, as amended (the “Advisers Act”). The purpose of the Code is to establish standards and procedures for
the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the
Corporation may abuse their fiduciary duty to the Corporation, and otherwise to deal with the types of conflict of interest situations
to which Rule 17j-1 is addressed. As it relates to Section 204A of the Advisers Act, the purpose of this Code is to establish procedures
that, taking into consideration the nature of the Adviser’s business, are reasonably designed to prevent misuse of material
non-public information in violation of the federal securities laws by persons associated with the Adviser.



The Code is based on the principle
that the directors and officers of the Corporation and the managers, partners, officers and employees of the Adviser, who provide
services respectively to the Corporation, owe a fiduciary duty to the Corporation to conduct their personal securities transactions
in a manner that does not interfere with the Corporation’s transactions or otherwise take unfair advantage of their relationship
with the Corporation. All directors, managers, partners, officers and employees of the Corporation and the Adviser (“Covered
Personnel”) are expected to adhere to this general principle as well as to comply with all of the specific provisions
of this Code that are applicable to them. Any Covered Personnel who is affiliated with another entity that is a registered investment
advisor is, in addition, expected to comply with the provisions of the code of ethics that has been adopted by such other investment
advisor.



Technical compliance with the
Code will not automatically insulate any Covered Personnel from scrutiny of transactions that show a pattern of compromise or abuse
of the individual’s fiduciary duty to the Corporation. Accordingly, all Covered Personnel must seek to avoid any actual or
potential conflicts between their personal interests and the interests of the Corporation and its shareholders. In sum, all Covered
Personnel shall place the interests of the Corporation before their own personal interests.



All Covered Personnel must read and retain this Code.







Page 1










| | II. | DEFINITIONS
| | --- | -----------



A.       “Access
Person” means any director, officer, general partner or Advisory Person (as defined below) of the Corporation or the
Adviser.



B.       An
 “Advisory Person” of the Corporation or the Adviser means: (i) any director, officer, general partner or employee
of the Corporation or the Adviser, or any company in a Control (as defined below) relationship to the Corporation or the Adviser,
who in connection with his or her regular functions or duties makes, participates in, or obtains information regarding the purchase
or sale of any Covered Security (as defined below) by the Corporation, or whose functions relate to the making of any recommendation
with respect to such purchases or sales; (ii) any natural person in a Control relationship to the Corporation or the Adviser, who
obtains information concerning recommendations made to the Corporation with regard to the purchase or sale of any Covered Security
by the Corporation; and (iii) any other person deemed to be an Advisory Person by the Chief Compliance Officer.



C.       “Automatic
Investment Plan” means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from)
investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes (a) a dividend
reinvestment plan and (b) a written plan for trading securities as contemplated by Rule 10b5-1(c)(1)(i)(A)(3) promulgated under
the Securities Exchange Act of 1934, as amended (the “1934 Act”), and approved by the CCO.



D.       “Beneficial
Ownership” is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the 1934 Act in determining
whether a person is a beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.
This means that Access Persons should generally consider themselves to have Beneficial Ownership in any securities in which each
has a direct pecuniary interest, which includes securities held by family members of Access Persons. In addition, Access Persons
should consider themselves to have Beneficial Ownership in any securities held by other persons where, by reason of any contract,
arrangement, understanding or relationship, such Access Persons have sole or shared voting or investment power.



E.       “Chief
Compliance Officer” means the Chief Compliance Officer of the Corporation (who also may serve as the compliance officer
of the Adviser and/or one or more affiliates of the Adviser).



F.       “Control”
shall have the same meaning as that set forth in Section 2(a)(9) of the Act. This means that Access Persons having the power to
exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official
position with such company. Any person who owns beneficially, either directly or indirectly through one or more controlled companies,
more than 25% of the voting securities of a company shall be presumed to control such company. Any person who does not own beneficially,
either directly or indirectly through one or more controlled companies, more than 25% of the voting securities of a company shall
be presumed not to control such company.



Page 2










G.       “Covered
Security” means a security as defined in Section 2(a)(36) of the Act, which includes: any note, stock, treasury stock,
security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement,
collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust
certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put,
call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities
(including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on
a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,”
or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant
or right to subscribe to or purchase, any of the foregoing.



Except that “Covered Security”
does not include: (i) direct obligations of the Government of the United States; (ii) bankers’ acceptances, bank certificates
of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued
by open-end investment companies registered under the Act. References to a Covered Security in this Code (e.g., a prohibition or
requirement applicable to the purchase or sale of a Covered Security) shall be deemed to refer to and to include any warrant for,
option in, or security immediately convertible into that Covered Security, and shall also include any instrument that has an investment
return or value that is based, in whole or in part, on that Covered Security (collectively, “Derivatives”).
Therefore, except as otherwise specifically provided by this Code: (i) any prohibition or requirement of this Code applicable to
the purchase or sale of a Covered Security shall also be applicable to the purchase or sale of a Derivative relating to that Covered
Security; and (ii) any prohibition or requirement of this Code applicable to the purchase or sale of a Derivative shall also be
applicable to the purchase or sale of a Covered Security relating to that Derivative.



H.       “Independent
Director” means a director of the Corporation who is not an “interested person” of the Corporation within
the meaning of Section 2(a)(19) of the Act.



I.       “Initial
Public Offering” means an offering of securities registered under the Securities Act of 1933, as amended (the “1933
Act”), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections
13 or 15(d) of the 1934 Act.



J.       “Limited
Offering” means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(a)(2) or
Section 4(a)(5) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.



K.       “Security
Held or to be Acquired” by the Corporation means: (i) any Covered Security which, within the most recent 15 days: (a)
is or has been held by the Corporation; or (b) is being or has been considered by the Corporation or the Adviser for purchase by
the Corporation; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.









Page 3










L.“17j-1
Organization” means the Corporation or the Adviser, as the context requires.



| | III. | OBJECTIVE AND GENERAL PROHIBITIONS
| | ---- | ----------------------------------



Covered Personnel may not engage
in any investment transaction under circumstances in which the Covered Personnel benefits from or interferes with the purchase
or sale of investments by the Corporation. In addition, Covered Personnel may not use information concerning the investments or
investment intentions of the Corporation, or their ability to influence such investment intentions, for personal gain or in a manner
detrimental to the interests of the Corporation.



Covered Personnel may not
engage in conduct that is deceitful, fraudulent or manipulative, or that involves false or misleading statements, in
connection with the purchase or sale of investments by the Corporation. In this regard, Covered Personnel should recognize
that Rule 17j-1 makes it unlawful for any affiliated person of the Corporation or any affiliated person of an investment
advisor for the Corporation, in connection with the purchase or sale, directly or indirectly, by the person of a Security
Held or to be Acquired by the Corporation to:



| | · | employ any device, scheme or artifice to defraud the Corporation;
| | - | -----------------------------------------------------------------



| | · | make any untrue statement of a material fact to the Corporation or omit to state to the Corporation
a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | engage in any act, practice or course of business that operates or would
operate as a fraud or deceit upon the Corporation; or
| | - | ------------------------------------------------------------------------------------------------------------------------------



| | · | engage in any manipulative practice with respect to the Corporation.
| | - | --------------------------------------------------------------------



Covered Personnel should also recognize that a violation of
this Code or of Rule 17j-1 may result in the imposition of: (1) sanctions as provided by Section IX below; or (2) administrative,
civil and, in certain cases, criminal fines, sanctions or penalties.



| | IV. | PROHIBITED TRANSACTIONS
| | --- | -----------------------



Other than securities purchased
or acquired by a fund affiliated with the Corporation and pursuant to an exemptive order under Section 57(i) of the Act permitting
certain types of co-investments, an Access Person may not purchase or otherwise acquire direct or indirect Beneficial Ownership
of any Covered Security, and may not sell or otherwise dispose of any Covered Security in which he or she has direct or indirect
Beneficial Ownership, if he or she knows or should know at the time of entering into the transaction that: (1) the Corporation
has purchased or sold the Covered Security within the last 15 calendar days, or is purchasing or selling or intends to purchase
or sell the Covered Security in the next 15 calendar days; or (2) the Adviser has within the last 15 calendar days considered purchasing
or selling the Covered Security for the Corporation or within the next 15 calendar days intends to consider purchasing or selling
the Covered Security for the Corporation.







Page 4










Every Advisory Person of the
Corporation or the Adviser must obtain approval from the Corporation or the Adviser, as the case may be, before directly or indirectly
acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering, except when such securities
are acquired by a fund affiliated with the Corporation and pursuant to an exemptive order under Section 57(i) of the Act permitting
certain types of co-investments. Such approval must be obtained from the Chief Compliance Officer, unless he or she is the person
seeking such approval, in which case it must be obtained from the President of the 17j-1 Organization. A sample pre-approval request
form is attached hereto as Attachment F, and is available upon request from the CCO or a Compliance Representative.
A record of such approval (or denial) by the CCO and a brief description of the reasoning supporting such decision will be maintained
in accordance with the recordkeeping requirements of the Advisers Act and the Act.



No Access Person shall recommend
any transaction in any Covered Securities by the Corporation without having disclosed to the Chief Compliance Officer his or her
interest, if any, in such Covered Securities or the issuer thereof, including: the Access Person’s Beneficial Ownership of
any Covered Securities of such issuer, except when such securities transactions are to be made by a fund affiliated with the Corporation
and pursuant to an exemptive order under Section 57(i) of the Act permitting certain types of co-investments; any contemplated
transaction by the Access Person in such Covered Securities; any position the Access Person has with such issuer; and any present
or proposed business relationship between such issuer and the Access Person (or a party in which the Access Person has a significant
interest).



All Access Persons are prohibited
from buying or selling shares issued by the Corporation except during an open trading window announced by the Corporation’s
CCO. Except with the express written consent of the Corporation’s CCO, all Access Persons are prohibited from buying or selling
options on, or futures or other derivatives related to, shares issued by the Corporation, and are likewise prohibited from selling
short shares of the Corporation.



A.       Exceptions.



The prohibitions set forth in Sections
III and IV shall not apply to any of the following:



(1)       Purchases
or sales of Covered Securities effected in any account over which the Access Person has no direct or indirect influence or control.



(2)       Purchases
or sales of Covered Securities that are non-volitional on the part of either the Access Person or the Corporation.



(3)       Purchases
that are part of an Automatic Investment Plan.



(4)       Purchases
of Covered Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities,
to the extent such rights were acquired from such issuer, and sales of such rights so acquired.







Page 5










(5)       To
the extent not otherwise restricted by policies of the Corporation or applicable law, securities issued by the Corporation.



| | V. | REPORTS BY ACCESS PERSONS
| | -- | -------------------------



A.       Personal
Securities Holdings Reports.



All Access Persons shall within 10 days of
the date on which they become Access Persons, and thereafter within 30 days after the end of each calendar year, disclose the title,
number of shares and principal amount of all Covered Securities in which they have a Beneficial Ownership as of the date the person
became an Access Person, in the case of such person’s initial report, and as of the last day of the year, as to annual reports.
A form of such report, which is hereinafter called a “Personal Securities Holdings Report,” is attached as Attachment
A. Each Personal Securities Holdings Report must also disclose the name of any broker, dealer or bank with whom the Access
Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the
date the person became an Access Person or as of the last day of the year, as the case may be. Each Personal Securities Holdings
Report shall state the date it is being submitted.



B.       Quarterly
Securities Transaction Reports.



Within 30 days after the end of each calendar
quarter, each Access Person shall make a written report to the Chief Compliance Officer of all transactions occurring in the quarter
in a Covered Security in which he or she had any Beneficial Ownership. A form of such report, which is hereinafter called a “Quarterly
Securities Transaction Report,” is attached as Attachment B.



A Quarterly Securities Transaction Report
shall be in the form of Attachment B or such other form approved by the Chief Compliance Officer and must contain
the following information with respect to each reportable transaction:



(1)       Date
and nature of the transaction (purchase, sale or any other type of acquisition or disposition);



(2)       Title,
interest rate and maturity date (if applicable), number of shares and principal amount of each Covered Security involved and the
price of the Covered Security at which the transaction was effected;



(3)       Name
of the broker, dealer or bank with or through whom the transaction was effected; and



(4)       The
date the report is submitted by the Access Person.



C.       Annual
Holdings Report.



Within 45 days of the end of
each calendar year, each Access Person must complete an Annual Covered Securities certification, in a form designated by the
Chief Compliance Officer, with respect to the holdings of Covered
Securities. A form of such report is attached hereto as Attachment C.







Page 6












D.       Independent
Directors.



Notwithstanding the reporting requirements
set forth in this Section V, an Independent Director who would be required to make a report under this Section V solely by reason
of being a director of the Corporation is not required to file a Personal Securities Holdings Report upon becoming a director of
the Corporation or an annual Personal Securities Holdings Report. Such an Independent Director also need not file a Quarterly Securities
Transaction Report unless such director knew or, in the ordinary course of fulfilling his or her official duties as a director
of the Corporation, should have known that during the 15-day period immediately preceding or after the date of the transaction
in a Covered Security by the director such Covered Security is or was purchased or sold by the Corporation or the Corporation or
the Adviser considered purchasing or selling such Covered Security.



E.       Access
Persons of the Adviser.



An Access Person of the Adviser
need not make a Quarterly Securities Transaction Report if all of the information in the report would duplicate information required
to be recorded pursuant to Rules 204-2(a)(12) or (13) under the Advisers Act.



F.       Brokerage
Accounts and Statements.



Access Persons, except Independent Directors, shall:



(1)       within
ten days after the end of each calendar quarter, identify the name of the broker, dealer or bank with whom the Access Person established
an account in which any securities were held during the quarter for the direct or indirect benefit of the Access Person and identify
any new account(s) and the date the account(s) were established. This information shall be included on the appropriate Quarterly
Securities Transaction Report.



(2)       instruct
the brokers, dealers or banks with whom they maintain such an account to provide duplicate account statements to the Chief Compliance
Officer. Upon request, the Chief Compliance Officer can provide a copy of a form request letter to direct duplicate account statements.



(3)       on
an annual basis, certify that they have complied with the requirements of (1) and (2) above.



G.       Form
of Reports.



A Quarterly Securities Transaction Report
may consist of broker statements or other statements that provide a list of all personal Covered Securities holdings and transactions
in the time period covered by the report and contain the information required in a Quarterly Securities Transaction Report.







Page 7










H.       Responsibility
to Report.



It is the responsibility of each
Access Person to take the initiative to comply with the requirements of this Section V. Any effort by the Corporation or by the
Adviser and its affiliates, to facilitate the reporting process does not change or alter that responsibility. A person need not
make a report hereunder with respect to transactions effected for, and Covered Securities held in, any account over which the person
has no direct or indirect influence or control.



I.       Where
to File Reports.



All Quarterly Securities Transaction
Reports and Personal Securities Holdings Reports must be filed with the Chief Compliance Officer.



J.       Disclaimers.



Any report required by this Section
V may contain a statement that the report will not be construed as an admission that the person making the report has any direct
or indirect Beneficial Ownership in the Covered Security to which the report relates.



| | VI. | ADDITIONAL PROHIBITIONS
| | --- | -----------------------



A.       Confidentiality
of the Corporation’s Transactions.



Until disclosed in a public report
to shareholders or to the Securities and Exchange Commission (the “SEC”) in the normal course, all information
concerning the securities “being considered for purchase or sale” by the Corporation shall be kept confidential by
all Covered Personnel and disclosed by them only on a “need to know” basis. It shall be the responsibility of the Chief
Compliance Officer to report any inadequacy found in this regard to the directors of the Corporation.



B.       Outside
Business Activities and Directorships.



Access Persons may not engage in
any outside business activities that may give rise to conflicts of interest or jeopardize the integrity or reputation of the Corporation.
Similarly, no such outside business activities may be inconsistent with the interests of the Corporation. All directorships of
public or private companies held by Access Persons shall be reported to the Chief Compliance Officer. Upon request, the Chief Compliance
Officer can provide an Outside Business Activity report form that may be used to notify of such activity.



C.       Gratuities.



Covered Personnel shall not, directly
or indirectly, take, accept or receive gifts or other consideration in merchandise, services or otherwise of more than nominal
value from any person, firm, corporation, association or other entity other than such person’s employer that does business,
or proposes to do business, with the Corporation.







Page 8










| | VII. | PROHIBITION AGAINST INSIDER TRADING
| | ---- | -----------------------------------



This Section VII is intended
to satisfy the requirements of Section 204A of the Advisers Act, which is applicable to the Adviser and requires that the Adviser
establish and enforce procedures designed to prevent the misuse of material, non-public information by its associated persons.
It applies to all Advisory Persons. Trading securities while in possession of material, non-public information, or improperly communicating
that information to others, may expose an Advisory Person to severe penalties. Criminal sanctions may include a fine of up to $1,000,000
and/or ten years imprisonment. The SEC can recover the profits gained or losses avoided through the violative trading, a penalty
of up to three times the illicit windfall, and an order permanently barring an Advisory Person from the securities industry. Finally,
an Advisory Person may be sued by investors seeking to recover damages for insider trading violations.



A.       No
Advisory Person may trade a security, either personally or on behalf of any other person or account (including any fund), while
in possession of material, non-public information concerning that security or the issuer thereof, nor may any Advisory Person communicate
material, non-public information to others in violation of the law.



B.       Information
is “material” where there is a substantial likelihood that a reasonable investor would consider it important in making
his or her investment decisions. Generally, this includes any information the disclosure of which will have a substantial effect
on the price of a security. No simple test exists to determine when information is material; assessments of materiality involve
a highly fact-specific inquiry. For this reason, an Advisory Person should direct any questions about whether information is material
to the Chief Compliance Officer. Material information often relates to a company’s results and operations, including, for
example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition
proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Material information
may also relate to the market for a company’s securities. Information about a significant order to purchase or sell Securities
may, in some contexts, be material. Pre-publication information regarding reports in the financial press may also be material.



C.       Information
is “public” when it has been disseminated broadly to investors in the marketplace. For example, information is public
after it has become available to the general public through a public filing with the SEC or some other government agency, the Dow
Jones “tape” or The Wall Street Journal or some other publication of general circulation, and after sufficient time
has passed so that the information has been disseminated widely.



D.       An
Advisory Person, before executing any trade for himself or herself, or others, including the Corporation, or other accounts managed
by the Adviser or by a stockholder of the Adviser, or any affiliate of the stockholder (“Client Accounts”),
must determine whether he or she has material, non-public information. Any Advisory Person who believes he or she is in possession
of material, non-public information must take the following steps:



(1)       Report
the information and proposed trade immediately to the Chief Compliance Officer.







Page 9










(2)       Do
not purchase or sell the securities on behalf of anyone, including Client Accounts.



(3)       Do
not communicate the information to any person, other than to the Chief Compliance Officer.



After the Chief Compliance Officer has reviewed the
issue, the Chief Compliance Officer will determine whether the information is material and non-public and, if so, what action the
Advisory Person should take. An Advisory Person must consult with the Chief Compliance Officer before taking any further action.
This degree of caution will protect the Advisory Person and the Adviser.



E.       To
detect and prevent insider trading from occurring, the Chief Compliance Officer shall prepare and maintain a “Restricted
List” in order to monitor and prevent the occurrence of insider trading in certain securities that Access Persons are
prohibited or restricted from trading. The Chief Compliance Officer manages, maintains and updates the Restricted List to actually
restrict trading (no buying, no selling, no shorting, no trading, etc.) in the securities of specific issuers for personal accounts
and on behalf of Adviser’s clients. Before executing any trade for himself or herself, Advisory Persons are required to determine
whether the transaction involves a security on the Restricted List. Advisory Persons are prohibited from trading any security which
appears on the Restricted List, except that, with prior approval, an Advisory Person may sell securities which were not on the
Restricted List when acquired (or which were acquired at a time when the Advisory Person was not subject to such restrictions).
The Restricted List must be maintained strictly confidential and not disclosed to anyone outside of the Adviser and the Corporation.



F.       Contacts
with public companies will sometimes be a part of an Adviser’s research efforts. Persons providing investment advisory
services to the Corporation may make investment decisions on the basis of conclusions formed through such contacts and
analysis of publicly available information. Difficult legal issues arise, however, when, in the course of these contacts, an
Advisory Person becomes aware of material, non-public information. This could happen, for example, if a company’s chief
financial officer prematurely discloses quarterly results to an analyst, or an investor relations representative makes
selective disclosure of adverse news to a handful of investors. In such situations, the Adviser must make a judgment as to
its further conduct. To protect yourself, clients and the Adviser, you should contact the Chief Compliance Officer
immediately if you believe that you may have received material, non-public information.



| | VIII. | ANNUAL CERTIFICATION
| | ----- | --------------------



A.       Access
Persons.



Access Persons who are directors,
managers, officers or employees of the Corporation or the Adviser shall be required to certify annually that they have read this
Code and that they understand it and recognize that they are subject to it. Further, such Access Persons shall be required to certify
annually that they have complied with the requirements of this Code. A copy of the form annual acknowledgement is attached hereto
as Attachment C.







Page 10










B.       Board
Review.



No less frequently than annually,
the Corporation and the Adviser must furnish to the Corporation’s board of directors, and the respective board must consider,
a written report that: (1) describes any issues arising under this Code or procedures since the last report to the board, including,
but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to material
violations; and (2) certifies that the Corporation or the Adviser, as applicable, has adopted procedures reasonably necessary to
prevent Access Persons from violating the Code.



| | IX. | SANCTIONS
| | --- | ---------



Any violation of this Code shall be
subject to the imposition of such sanctions by the 17j-1 Organization as may be deemed appropriate under the circumstances to achieve
the purposes of Rule 17j-1 and this Code. The sanctions to be imposed shall be determined by the board of directors, including
a majority of the Independent Directors; provided, however, that with respect to violations by persons who are directors,
managers, officers or employees of the Adviser (or of a company that controls the Adviser), the sanctions to be imposed shall be
determined by the Adviser (or the controlling person thereof). Sanctions may include, but are not limited to, suspension or termination
of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by
the Corporation and the more advantageous price paid or received by the offending person.



| | X. | ADMINISTRATION AND CONSTRUCTION
| | -- | -------------------------------



A.       The
administration of this Code shall be the responsibility of the Chief Compliance Officer.



B.       The
duties of the Chief Compliance Officer are as follows:



(1)       Continuous
maintenance of a current list of the names of all Access Persons with an appropriate description of their title or employment,
including a notation of any directorships held by Access Persons who are officers or employees of the Adviser or of any company
that controls the Adviser, and informing all Access Persons of their reporting obligations hereunder;



(2)       On
an annual basis, providing all Covered Personnel a copy of this Code and informing such persons of their duties and obligations
hereunder including any supplemental training that may be required from time to time;



(3)       Maintaining
or supervising the maintenance of all records and reports required by this Code;



(4)       Reviewing
all Personal Securities Holdings Reports and Quarterly Securities Transaction Reports;







Page 11










(5)       Preparing
listings of all transactions effected by Access Persons who are subject to the requirement to file Quarterly Securities Transaction
Reports and reviewing such transactions against a listing of all transactions effected by the Corporation;



(6)       Issuance,
either personally or with the assistance of counsel as may be appropriate, of any interpretation of this Code that may appear consistent
with the objectives of Rule 17j-1 and this Code;



(7)       Conduct
such inspections or investigations as shall reasonably be required to detect and report, with recommendations, any apparent violations
of this Code to the board of directors of the Corporation; and



(8)       Submission
of a written report to the board of directors of the Corporation no less frequently than annually, that describes any issues arising
under the Code since the last such report, including but not limited to the information described in this Section X.B.



C.       The
Chief Financial Officer shall maintain and cause to be maintained in an easily accessible place at the principal place of business
of the 17j-1 Organization, the following records and must make these records available to the SEC at any time and from time to
time for reasonable periodic, special or other examinations:



(1)       A
copy of all codes of ethics adopted by the Corporation or the Adviser and its affiliates, as the case may be, pursuant to Rule
17j-1 that have been in effect at any time during the past five years;



(2)       A
record of each violation of such codes of ethics and of any action taken as a result of such violation for at least five years
after the end of the fiscal year in which the violation occurs;



(3)       A
copy of each report made by an Access Person for at least two years after the end of the fiscal year in which the report is made,
and for an additional three years in a place that need not be easily accessible;



(4)       A
copy of each report made by the Chief Compliance Officer to the board of directors of the Corporation for two years from the end
of the fiscal year of the Corporation in which such report is made or issued and for an additional three years in a place that
need not be easily accessible;



(5)       A
list of all persons who are, or within the past five years have been, required to make reports pursuant to Rule 17j-1 and this
Code of Ethics, or who are or were responsible for reviewing such reports;



(6)       A
copy of each report required by Section X.B. for at least two years after the end of the fiscal year in which it is made, and for
an additional three years in a place that need not be easily accessible; and









Page 12










(7)       A
record of any decision, and the reasons supporting the decision, to approve the purchase by an Advisory Person of securities in
an Initial Public Offering or Limited Offering for at least five years after the end of the fiscal year in which the approval is
granted.



D.       This
Code may not be amended or modified except in a written form that is specifically approved by majority vote of the Independent
Directors.



This Joint Code of Ethics, originally adopted
in its amended form on October 22, 2012, is annually reviewed and approved by the Board of Directors of the Corporation and the
Board of Managers of the Adviser, including a majority, respectively, of the Independent Directors of the Corporation. The most
recent annual review occurred on November 1, 2019.











Page 13