# EDGAR Filing Document

**Accession Number:** 0001742313
**File Stem:** 0001742313-25-000080
**Filing Date:** 2025-11
**Character Count:** 865607
**Document Hash:** 3ef42467fbd2dd03f39b75eea65f91c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001742313-25-000080.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001742313-25-000080

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 98

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monroe Capital Income Plus Corp
- **CENTRAL INDEX KEY:** 0001742313

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01301
- **FILM NUMBER:** 251462658

**BUSINESS ADDRESS:**
- **STREET 1:** 155 NORTH WACKER DRIVE
- **STREET 2:** FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 258-8300

**MAIL ADDRESS:**
- **STREET 1:** 155 NORTH WACKER DRIVE
- **STREET 2:** FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'? mcip-20250930

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

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

**For the quarterly period ended September 30, 2025**

**or**

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

**Commission file number: 814-01301**

**MONROE CAPITAL INCOME PLUS CORPORATION**

**(Exact Name of Registrant as Specified in its Charter)**

---

| | |
|:---|:---|
| **Maryland** | **83-0711022** |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **155 North Wacker Drive, 35th Floor**<br>**Chicago, Illinois** | **60606** |
| **(Address of Principal Executive Office)** | **(Zip Code)** |

---

**(312) 258-8300**

**(Registrant's Telephone Number, Including Area Code)**

**311 South Wacker Drive, Suite 6400, Chicago, IL 60606** 

(Former Name, former address and former fiscal year, if changed since last report)

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

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| **None** | **N/A** | **N/A** |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and, (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No □

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer | ⌧ | Smaller reporting company | □ |
| | | Emerging growth company | ⌧ |

---

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

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

As of November 6, 2025, the registrant had 269,714,368 shares of common stock, $0.001 par value, outstanding.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| <u>[PART I. FINANCIAL INFORMATION](#i3c9c0ce1206041659c94e8f92e2bd658_10)</u> | <u>[PART I. FINANCIAL INFORMATION](#i3c9c0ce1206041659c94e8f92e2bd658_10)</u> |  |
| <u>[Item 1.](#i3c9c0ce1206041659c94e8f92e2bd658_13)</u> | <u>[Consolidated Financial Statements](#i3c9c0ce1206041659c94e8f92e2bd658_13)</u> | [3](#i3c9c0ce1206041659c94e8f92e2bd658_13) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i3c9c0ce1206041659c94e8f92e2bd658_16)September 30, 2025[(unaudited) and](#i3c9c0ce1206041659c94e8f92e2bd658_16)December 31, 2024</u> | [3](#i3c9c0ce1206041659c94e8f92e2bd658_16) |
|  | <u>[Consolidated Statements of Operations for the](#i3c9c0ce1206041659c94e8f92e2bd658_19)three and nine[months ended](#i3c9c0ce1206041659c94e8f92e2bd658_19)September 30, 2025[and](#i3c9c0ce1206041659c94e8f92e2bd658_19)2024[(unaudited)](#i3c9c0ce1206041659c94e8f92e2bd658_19)</u> | [4](#i3c9c0ce1206041659c94e8f92e2bd658_19) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the](#i3c9c0ce1206041659c94e8f92e2bd658_25)three and nine[months ended](#i3c9c0ce1206041659c94e8f92e2bd658_25)September 30, 2025[and](#i3c9c0ce1206041659c94e8f92e2bd658_25)2024[(unaudited)](#i3c9c0ce1206041659c94e8f92e2bd658_25)</u> | [5](#i3c9c0ce1206041659c94e8f92e2bd658_25) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i3c9c0ce1206041659c94e8f92e2bd658_28)nine[months ended](#i3c9c0ce1206041659c94e8f92e2bd658_28)September 30, 2025[and](#i3c9c0ce1206041659c94e8f92e2bd658_28)2024[(unaudited)](#i3c9c0ce1206041659c94e8f92e2bd658_28)</u> | [6](#i3c9c0ce1206041659c94e8f92e2bd658_28) |
|  | <u>[Consolidated Schedules of Investments as of](#i3c9c0ce1206041659c94e8f92e2bd658_31)September 30, 2025[(unaudited) and](#i3c9c0ce1206041659c94e8f92e2bd658_31)December 31, 2024</u> | [8](#i3c9c0ce1206041659c94e8f92e2bd658_31) |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#i3c9c0ce1206041659c94e8f92e2bd658_43)</u> | [71](#i3c9c0ce1206041659c94e8f92e2bd658_43) |
| <u>[Item 2.](#i3c9c0ce1206041659c94e8f92e2bd658_88)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i3c9c0ce1206041659c94e8f92e2bd658_88)</u> | [132](#i3c9c0ce1206041659c94e8f92e2bd658_88) |
| <u>[Item 3.](#i3c9c0ce1206041659c94e8f92e2bd658_121)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i3c9c0ce1206041659c94e8f92e2bd658_121)</u> | [168](#i3c9c0ce1206041659c94e8f92e2bd658_121) |
| <u>[Item 4.](#i3c9c0ce1206041659c94e8f92e2bd658_124)</u> | <u>[Controls and Procedures](#i3c9c0ce1206041659c94e8f92e2bd658_124)</u> | [169](#i3c9c0ce1206041659c94e8f92e2bd658_124) |
| <u>[PART II. OTHER INFORMATION](#i3c9c0ce1206041659c94e8f92e2bd658_127)</u> | <u>[PART II. OTHER INFORMATION](#i3c9c0ce1206041659c94e8f92e2bd658_127)</u> | [170](#i3c9c0ce1206041659c94e8f92e2bd658_127) |
| <u>[Item 1.](#i3c9c0ce1206041659c94e8f92e2bd658_130)</u> | <u>[Legal Proceedings](#i3c9c0ce1206041659c94e8f92e2bd658_130)</u> | [170](#i3c9c0ce1206041659c94e8f92e2bd658_130) |
| <u>[Item 1A.](#i3c9c0ce1206041659c94e8f92e2bd658_133)</u> | <u>[Risk Factors](#i3c9c0ce1206041659c94e8f92e2bd658_133)</u> | [170](#i3c9c0ce1206041659c94e8f92e2bd658_133) |
| <u>[Item 2.](#i3c9c0ce1206041659c94e8f92e2bd658_136)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i3c9c0ce1206041659c94e8f92e2bd658_136)</u> | [170](#i3c9c0ce1206041659c94e8f92e2bd658_136) |
| <u>[Item 3.](#i3c9c0ce1206041659c94e8f92e2bd658_139)</u> | <u>[Defaults Upon Senior Securities](#i3c9c0ce1206041659c94e8f92e2bd658_139)</u> | [170](#i3c9c0ce1206041659c94e8f92e2bd658_139) |
| <u>[Item 4.](#i3c9c0ce1206041659c94e8f92e2bd658_142)</u> | <u>[Mine Safety Disclosures](#i3c9c0ce1206041659c94e8f92e2bd658_142)</u> | [170](#i3c9c0ce1206041659c94e8f92e2bd658_142) |
| <u>[Item 5.](#i3c9c0ce1206041659c94e8f92e2bd658_145)</u> | <u>[Other Information](#i3c9c0ce1206041659c94e8f92e2bd658_145)</u> | [171](#i3c9c0ce1206041659c94e8f92e2bd658_145) |
| <u>[Item 6.](#i3c9c0ce1206041659c94e8f92e2bd658_148)</u> | <u>[Exhibits](#i3c9c0ce1206041659c94e8f92e2bd658_148)</u> | [172](#i3c9c0ce1206041659c94e8f92e2bd658_148) |
| <u>[Signatures](#i3c9c0ce1206041659c94e8f92e2bd658_151)</u> | <u>[Signatures](#i3c9c0ce1206041659c94e8f92e2bd658_151)</u> | [173](#i3c9c0ce1206041659c94e8f92e2bd658_151) |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS** 

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(in thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **Assets** | | |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliate company investments | $5109503 | $3863218 |
| &nbsp;&nbsp;Non-controlled affiliate company investments | 288820 | 145755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (amortized cost of: $5,453,387 and $4,002,785, respectively) | 5398323 | 4008973 |
| Cash and cash equivalents | 41532 | 129634 |
| Restricted cash and cash equivalents | 86137 | 124390 |
| Net unrealized gain on foreign currency forward contracts |  | 1501 |
| Interest and dividend receivable | 64087 | 39387 |
| Receivable for unsettled trades | 8869 |  |
| Other assets | 1222 | 1265 |
| &nbsp;&nbsp;**Total assets** | 5600170 | 4305150 |
| **Liabilities** |  |  |
| Debt | 2775533 | 2151713 |
| &nbsp;&nbsp;Less: Unamortized debt issuance costs | (27297) | (23351) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt, less unamortized debt issuance costs | 2748236 | 2128362 |
| Interest payable | 44693 | 21325 |
| Net unrealized loss on foreign currency forward contracts | 1194 |  |
| Payable for unsettled trades | 49600 | 53458 |
| Base management fees payable | 17264 | 12761 |
| Incentive fees payable | 8596 | 9540 |
| Accounts payable and accrued expenses | 25418 | 19977 |
| Directors' fees payable | 37 |  |
| &nbsp;&nbsp;**Total liabilities** | 2895038 | 2245423 |
| **Commitments and contingencies (See Note 11)** |  |  |
| **Net Assets** |  |  |
| Common stock, $0.001 par value, 600,000 and 300,000 shares authorized, 269,714 and 198,704 shares issued and outstanding, respectively | $270 | $199 |
| Capital in excess of par value | 2750745 | 2018583 |
| Accumulated undistributed (overdistributed) earnings | (45883) | 40945 |
| &nbsp;&nbsp;**Total net assets** | $2705132 | $2059727 |
| &nbsp;&nbsp;**Total liabilities and total net assets** | $5600170 | $4305150 |
| **Net asset value per share** | $10.03 | $10.37 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited)**

**(in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliate company investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $128087 | $104063 | $359646 | $274335 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 5210 | 3921 | 12952 | 9777 |
| &nbsp;&nbsp;&nbsp;Dividend income | 508 | 498 | 1617 | 1061 |
| &nbsp;&nbsp;&nbsp;Other income | 497 | 3405 | 1285 | 6065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliate company investments | 134302 | 111887 | 375500 | 291238 |
| &nbsp;&nbsp;Non-controlled affiliate company investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 1659 | 1352 | 5276 | 3651 |
| &nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 1024 | 80 | 2103 | 226 |
| &nbsp;&nbsp;&nbsp;Dividend income | 1692 |  | 2473 |  |
| &nbsp;&nbsp;&nbsp;Other income | 21 |  | 63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled affiliate company investments | 4396 | 1432 | 9915 | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 138698 | 113319 | 385415 | 295115 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;Interest and other debt financing expenses | 48734 | 37754 | 132599 | 95346 |
| &nbsp;&nbsp;Base management fees | 17264 | 11542 | 47208 | 30169 |
| &nbsp;&nbsp;Incentive fees | 8596 | 8312 | 23175 | 21843 |
| &nbsp;&nbsp;Professional fees | 1243 | 749 | 2666 | 1803 |
| &nbsp;&nbsp;Administrative service fees | 1189 | 790 | 3247 | 2039 |
| &nbsp;&nbsp;General and administrative expenses | 1400 | 1337 | 3443 | 3330 |
| &nbsp;&nbsp;Directors' fees | 37 | 38 | 112 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 78463 | 60522 | 212450 | 154643 |
| &nbsp;&nbsp;**Net investment income before income taxes** | 60235 | 52797 | 172965 | 140472 |
| &nbsp;&nbsp;Income taxes, including excise taxes | 63 | 199 | 474 | 673 |
| &nbsp;&nbsp;**Net investment income** | 60172 | 52598 | 172491 | 139799 |
| **Net gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | (2606) | 495 | (4246) | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | (71) | (25) | (1201) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 7 | (220) | 1236 | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2670) | 250 | (4211) | 570 |
| &nbsp;&nbsp;Net change in unrealized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | (50688) | 7619 | (56982) | 22896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliate company investments | (4) | 2383 | (4270) | (7672) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 138 | (1786) | (2695) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 1131 | (2881) | (8895) | (2588) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) | (49423) | 5335 | (72842) | 12531 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net gain (loss)** | (52093) | 5585 | (77053) | 13101 |
| **Net increase (decrease) in net assets resulting from operations** | $8079 | $58183 | $95438 | $152900 |
| **Per common share data:** |  |  |  |  |
| Net investment income per share - basic and diluted | $0.24 | $0.30 | $0.74 | $0.91 |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $0.03 | $0.34 | $0.41 | $0.99 |
| Weighted average common shares outstanding - basic and diluted | 254865 | 172614 | 233574 | 154300 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(unaudited)**

**(in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Capital in excess of<br>par value** | **Accumulated<br>undistributed<br>(overdistributed)<br>earnings** | **Total<br>net assets** |
| | **Number of shares** | **Par<br>value** | **Capital in excess of<br>par value** | **Accumulated<br>undistributed<br>(overdistributed)<br>earnings** | **Total<br>net assets** |
| **Balances at June 30, 2024** | 164976 | $165 | $1670075 | $35238 | $1705478 |
| Net investment income |  |  |  | 52598 | 52598 |
| Net realized gain (loss) |  |  |  | 250 | 250 |
| Net change in unrealized gain (loss) |  |  |  | 5335 | 5335 |
| Issuances of common stock | 15732 | 16 | 162655 |  | 162671 |
| Repurchases of common stock | (1752) | (2) | (18116) |  | (18118) |
| Distributions declared to stockholders |  |  |  | (49259) | (49259) |
| Stock issued in connection with dividend reinvestment plan | 2032 | 2 | 21008 |  | 21010 |
| **Balances at September 30, 2024** | 180988 | $181 | $1835622 | $44162 | $1879965 |
| **Balances at June 30, 2025** | 248420 | $249 | $2533609 | $12408 | $2546266 |
| Net investment income |  |  |  | 60172 | 60172 |
| Net realized gain (loss) |  |  |  | (2670) | (2670) |
| Net change in unrealized gain (loss) |  |  |  | (49423) | (49423) |
| Issuances of common stock | 22257 | 22 | 226786 |  | 226808 |
| Repurchases of common stock | (3773) | (4) | (38447) |  | (38451) |
| Distributions declared to stockholders |  |  |  | (66370) | (66370) |
| Stock issued in connection with dividend reinvestment plan | 2810 | 3 | 28797 |  | 28800 |
| **Balances at September 30, 2025** | 269714 | $270 | $2750745 | $(45883) | $2705132 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Capital in excess of<br>par value** | **Accumulated<br>undistributed<br>(overdistributed)<br>earnings** | **Total<br>net assets** |
| | **Number of shares** | **Par<br>value** | **Capital in excess of<br>par value** | **Accumulated<br>undistributed<br>(overdistributed)<br>earnings** | **Total<br>net assets** |
| **Balances at December 31, 2023** | 127233 | $127 | $1282378 | $20162 | $1302667 |
| Net investment income |  |  |  | 139799 | 139799 |
| Net realized gain (loss) |  |  |  | 570 | 570 |
| Net change in unrealized gain (loss) |  |  |  | 12531 | 12531 |
| Issuances of common stock | 53383 | 54 | 549338 |  | 549392 |
| Repurchases of common stock | (4891) | (5) | (50365) |  | (50370) |
| Distributions declared to stockholders |  |  |  | (128900) | (128900) |
| Stock issued in connection with dividend reinvestment plan | 5263 | 5 | 54271 |  | 54276 |
| **Balances at September 30, 2024** | 180988 | $181 | $1835622 | $44162 | $1879965 |
| **Balances at December 31, 2024** | 198704 | $199 | $2018583 | $40945 | $2059727 |
| Net investment income |  |  |  | 172491 | 172491 |
| Net realized gain (loss) |  |  |  | (4211) | (4211) |
| Net change in unrealized gain (loss) |  |  |  | (72842) | (72842) |
| Issuances of common stock | 69237 | 69 | 713496 |  | 713565 |
| Repurchases of common stock | (5939) | (6) | (60855) |  | (60861) |
| Distributions declared to stockholders |  |  |  | (182266) | (182266) |
| Stock issued in connection with dividend reinvestment plan | 7712 | 8 | 79521 |  | 79529 |
| **Balances at September 30, 2025** | 269714 | $270 | $2750745 | $(45883) | $2705132 |

---

See Notes to Consolidated Financial Statements.

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $95438 | $152900 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 4246 | (719) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency forward contracts | 1201 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency and other transactions | (1236) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on investments | 61252 | (15224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on foreign currency forward contracts | 2695 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on foreign currency and other transactions | 8895 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (15058) | (10010) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discounts and amortization of premiums | (10472) | (7323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (2115976) | (1498871) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments and sale of investments and settlement of forward contracts | 686693 | 400236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 7298 | 6733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable | (24700) | (16759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for unsettled trades | (8869) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 43 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 23368 | 13927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for unsettled trades | (3858) | (57455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fees payable | 4503 | 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees payable | (944) | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 5441 | 7518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees payable | 37 | 38 |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | (1280003) | (1013789) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 2828232 | 2147431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (2213315) | (1512211) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs capitalized | (11244) | (13052) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 713565 | 549392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (60861) | (50370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholder distributions paid | (102737) | (74624) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 1153640 | 1046566 |
| **Net increase (decrease) in cash and restricted cash and cash equivalents** | (126363) | 32777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency exchange rates | 8 | 16 |
| **Cash and restricted cash and cash equivalents, beginning of period** | 254024 | 77755 |
| **Cash and restricted cash and cash equivalents, end of period** | $127669 | $110548 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid during the period | $101933 | $74686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes, including excise taxes, during the period | $1128 | $586 |
| **Supplemental disclosure of non-cash activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock issued in connection with dividend reinvestment plan | $79529 | $54276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash purchases of investments | $— | $(2100) |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS - (continued)**

**(unaudited)**

**(in thousands)**

The following tables provide a reconciliation of cash and restricted cash and cash equivalents 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:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $41532 | $129634 |
| Restricted cash and cash equivalents | 86137 | 124390 |
| Total cash and restricted cash and cash equivalents shown on the Consolidated Statements of Cash Flows | $127669 | $254024 |

---

---

| | | |
|:---|:---|:---|
| | **September 30, 2024** | **December 31, 2023** |
| Cash and cash equivalents | $20357 | $17586 |
| Restricted cash and cash equivalents | 90191 | 60169 |
| Total cash and restricted cash and cash equivalents shown on the Consolidated Statements of Cash Flows | $110548 | $77755 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| **Non-Controlled/Non-Affiliate Company Investments** | | | | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Transport Components Acquisition, LLC | (8) | SF | 4.50% | 8.81% | 6/18/2025 | 6/18/2031 | 7000 | $6915 | $7000 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Transport Components Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 4.50% | 8.81% | 6/18/2025 | 6/18/2031 | 5600 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Transport Components Acquisition, LLC (Revolver) | (19) | SF | 4.50% | 8.81% | 6/18/2025 | 6/18/2031 | 2100 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Holdings III Corp. |  | SF | 7.00% | 5.00% Cash/ 6.00% PIK | 11/3/2023 | 3/25/2027 | 164 | 163 | 168 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering Research and Consulting, LLC |  | SF | 5.00% | 9.29% | 8/14/2025 | 8/29/2031 | 7980 | 7822 | 7760 | 0.3% |
|  |  |  |  |  |  |  | 22844 | 14900 | 14928 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burgess Point Purchaser Corporation | (6) | SF | 5.35% | 9.51% | 6/30/2022 | 7/25/2029 | 4863 | 4549 | 4243 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC (1L Standby Letter of Credit Facility) | (11)(21)(27) | SF | 7.00% | 11.32% | 1/24/2025 | 3/30/2027 | 46500 | 45328 | 22971 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC | (7)(8) | SF | 5.35% | 9.63% | 8/2/2021 | 11/1/2028 | 9625 | 9555 | 9620 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC | (8) | SF | 5.35% | 9.63% | 8/11/2025 | 11/1/2028 | 11907 | 11735 | 11901 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (Revolver) | (19) | SF | 5.35% | 9.63% | 8/2/2021 | 11/1/2028 | 3175 | 1190 | 1190 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panda Acquisition, LLC | (6) | SF | 8.60% | 12.47% PIK | 12/20/2022 | 10/18/2028 | 10888 | 9825 | 9064 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Stop, LLC | (11) | SF | 4.85% | 9.16% | 3/26/2024 | 1/26/2029 | 5460 | 5137 | 4487 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Inc. | (6)(8) | SF | 5.10% | 9.10% | 11/3/2023 | 11/17/2028 | 15622 | 14633 | 15335 | 0.6% |
|  |  |  |  |  |  |  | 108040 | 101952 | 78811 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC | (12)(21) | SF | 9.75% | 14.03% | 7/29/2021 | 7/29/2026 | 10125 | 9672 | 4563 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC | (9)(27) | SF | 6.10% | 10.10% | 5/31/2023 | 1/12/2027 | 441 | 437 | 441 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC | (7)(9)(10)(11)(27) | SF | 6.10% | 10.10% | 1/12/2021 | 1/12/2027 | 27375 | 27227 | 27409 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC | (7)(27) | SF | 6.10% | 10.10% | 10/12/2021 | 1/12/2027 | 4253 | 4230 | 4259 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC | (11) | SF | 6.10% | 10.10% | 12/12/2024 | 1/12/2027 | 2509 | 2479 | 2513 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC (Revolver) | (19) | SF | 6.10% | 10.10% | 1/12/2021 | 1/12/2027 | 4234 | 1863 | 1863 | 0.1% |
|  |  |  |  |  |  |  | 48937 | 45908 | 41048 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caputo Cheese Interco Corp. | (8) | SF | 5.00% | 9.28% | 6/30/2025 | 6/30/2030 | 15000 | 14781 | 15045 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caputo Cheese Interco Corp. (Revolver) | (19) | SF | 5.00% | 9.28% | 6/30/2025 | 6/30/2030 | 2500 | 125 | 125 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC | (8) | SF | 6.00% | 10.00% | 12/15/2023 | 12/12/2029 | 4793 | 4703 | 4793 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Izzio Artisan Bakery, LLC | (9)(11) | SF | 6.00% | 10.16% | 9/27/2024 | 9/27/2029 | 14355 | 14116 | 14405 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Izzio Artisan Bakery, LLC | (6)(8) | SF | 6.00% | 10.16% | 9/27/2024 | 9/27/2029 | 10307 | 10307 | 10344 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Izzio Artisan Bakery, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.16% | 8/15/2025 | 9/27/2029 | 31056 | 6199 | 6220 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Max US Bidco Inc. | (34) | SF | 5.00% | 9.00% | 8/1/2025 | 10/2/2030 | 10000 | 9963 | 9790 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nellson Nutraceutical, LLC | (8)(27) | SF | 5.75% | 9.75% | 5/9/2025 | 4/17/2031 | 25000 | 24642 | 25113 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nellson Nutraceutical, LLC | (8) | SF | 5.75% | 9.75% | 4/17/2025 | 4/17/2031 | 7422 | 7315 | 7455 | 0.3% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nellson Nutraceutical, LLC (Delayed Draw) | (19)(20) | SF | 5.75% | 9.75% | 4/17/2025 | 4/17/2031 | 1953 | $— | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nellson Nutraceutical, LLC (Revolver) | (19) | SF | 5.75% | 9.75% | 4/17/2025 | 4/17/2031 | 5078 | 703 | 706 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Baked Goods Holdings, LLC | (8) | SF | 4.75% | 8.75% | 5/1/2025 | 5/1/2031 | 8978 | 8868 | 8995 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Baked Goods Holdings, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.75% | 5/1/2025 | 5/1/2031 | 3750 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Baked Goods Holdings, LLC (Revolver) | (19) | SF | 4.75% | 8.75% | 5/1/2025 | 5/1/2031 | 1250 |  |  | 0.0% |
|  |  |  |  |  |  |  | 141442 | 101722 | 102991 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (12)(21)(22) | SF | 6.40% | 6.40% Cash/ 4.00% PIK | 3/31/2025 | 8/11/2027 | 5403 | 5234 | 5546 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (21) | SF | 6.15% | 6.15% Cash/ 4.00% PIK | 3/31/2025 | 8/11/2027 | 4402 | 4153 | 4519 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automated Industrial Robotics US HoldCo Inc. | (12)(24) | EU | 5.00% | 7.00% | 8/5/2025 | 8/5/2032 | 2924 | 2857 | 2925 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automated Industrial Robotics US HoldCo Inc. | (12)(23) | SN | 5.00% | 9.22% | 8/5/2025 | 8/5/2032 | 5849 | 5728 | 5849 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automated Industrial Robotics US HoldCo Inc. |  | SF | 5.00% | 9.32% | 8/5/2025 | 8/5/2032 | 5778 | 5720 | 5720 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automated Industrial Robotics US HoldCo Inc. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.32% | 8/5/2025 | 8/5/2032 | 11111 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automated Industrial Robotics US HoldCo Inc. (Revolver) | (19) | SF | 5.00% | 9.32% | 8/5/2025 | 8/5/2032 | 4445 | 444 | 440 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. | (6)(8)(9)(10)(11) | SF | 6.25% | 10.41% | 12/22/2023 | 12/21/2029 | 49375 | 48620 | 49375 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. | (6) | SF | 6.25% | 10.41% | 5/8/2024 | 12/21/2029 | 1881 | 1850 | 1881 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. | (27) | SF | 6.25% | 10.41% | 12/21/2023 | 12/21/2029 | 5940 | 5940 | 5940 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. | (8) | SF | 6.25% | 10.29% | 8/29/2025 | 12/21/2029 | 1080 | 1064 | 1080 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. | (8) | SF | 6.25% | 10.41% | 9/26/2025 | 12/21/2029 | 1500 | 1478 | 1500 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. (Revolver) | (19) | SF | 6.25% | 10.41% | 12/22/2023 | 12/21/2029 | 6849 | 3513 | 3513 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC | (6) | SF | 7.11% | 11.28% | 9/9/2022 | 12/17/2026 | 8471 | 8392 | 8418 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC | (6) | SF | 7.11% | 11.28% | 9/30/2022 | 12/17/2026 | 5390 | 5348 | 5356 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC | (6) | SF | 7.11% | 11.28% | 9/9/2022 | 12/17/2026 | 10314 | 10212 | 10249 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleanova US Holdings LLC | (12)(40) | SF | 4.75% | 8.81% | 6/17/2025 | 6/12/2032 | 14286 | 13801 | 14343 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DS Parent, Inc. | (27) | SF | 5.50% | 9.50% | 12/15/2023 | 1/31/2031 | 19750 | 18922 | 18396 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMMEC Buyer | (8) | SF | 5.00% | 9.36% | 9/19/2025 | 8/13/2031 | 8900 | 8769 | 8833 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMMEC Buyer (Delayed Draw) | (19)(20) | SF | 5.00% | 9.36% | 8/13/2025 | 8/13/2031 | 4248 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMMEC Buyer (Revolver) | (19) | SF | 5.00% | 9.36% | 8/13/2025 | 8/13/2031 | 2124 | 212 | 212 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incompass, LLC |  | SF | 7.75% | 11.92% | 12/20/2024 | 11/27/2028 | 2071 | 2034 | 2115 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incompass, LLC | (6)(10) | SF | 7.75% | 11.92% | 11/27/2023 | 11/27/2028 | 23580 | 23170 | 24075 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC | (8) | SF | 7.01% | 11.30% | 8/16/2024 | 6/30/2028 | 2532 | 2486 | 2517 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC | (8)(10)(11) | SF | 7.01% | 11.30% | 6/30/2023 | 6/30/2028 | 15680 | 15436 | 15582 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC | (8) | SF | 7.01% | 11.30% | 5/20/2024 | 6/30/2028 | 8024 | 7878 | 7974 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC | (27) | SF | 7.01% | 11.30% | 6/30/2023 | 6/30/2028 | 5944 | 5944 | 5907 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC | (27) | SF | 7.01% | 11.30% | 5/20/2024 | 6/30/2028 | 5959 | 5959 | 5921 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC | (6) | SF | 7.01% | 11.30% | 8/16/2024 | 6/30/2028 | 3729 | 3729 | 3705 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC | (6) | SF | 6.75% | 11.04% | 8/15/2025 | 6/30/2028 | 1801 | 1776 | 1790 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC (Revolver) | (19) | SF | 7.01% | 11.30% | 6/30/2023 | 6/30/2028 | 3002 | 600 | 597 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tavoron Buyer Corp. | (27) | SF | 5.00% | 9.28% | 2/21/2025 | 1/22/2031 | 7581 | 7478 | 7581 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tavoron Buyer Corp. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.28% | 1/22/2025 | 1/22/2031 | 8026 | 1068 | 1068 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tavoron Buyer Corp. (Revolver) | (12)(19)(22) | SF | 5.00% | 9.28% | 1/22/2025 | 1/22/2031 | 192 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tavoron Buyer Corp. (Revolver) | (19) | SF | 5.00% | 9.28% | 1/22/2025 | 1/22/2031 | 1338 |  |  | 0.0% |
|  |  |  |  |  |  |  | 269479 | 229815 | 232927 | 8.6% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resin Solutions LLC | (8) | SF | 5.00% | 9.15% | 8/15/2025 | 8/15/2031 | 11000 | $10891 | $10890 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resin Solutions LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.15% | 8/15/2025 | 8/15/2031 | 2241 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resin Solutions LLC (Revolver) | (19) | SF | 5.00% | 9.15% | 8/15/2025 | 8/15/2031 | 1222 |  |  | 0.0% |
|  |  |  |  |  |  |  | 14463 | 10891 | 10890 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Restoration Partners Buyer, LLC | (10) | SF | 4.75% | 8.75% | 11/14/2024 | 11/1/2031 | 11967 | 11835 | 11967 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Restoration Partners Buyer, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.75% | 11/1/2024 | 11/1/2031 | 19962 | 16671 | 16671 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Restoration Partners Buyer, LLC (Revolver) | (19) | SF | 4.75% | 8.75% | 11/1/2024 | 11/1/2031 | 3000 | 1280 | 1280 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harlem Acquisition, LLC | (8)(11) | SF | 4.75% | 9.04% | 11/26/2024 | 11/7/2030 | 31840 | 31354 | 32158 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harlem Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 9.05% | 11/7/2024 | 11/7/2030 | 9143 | 2011 | 2032 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harlem Acquisition, LLC (Revolver) | (19) | SF | 4.75% | 9.04% | 11/7/2024 | 11/7/2030 | 6095 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (8)(11) | SF | 5.00% | 9.16% | 6/30/2023 | 6/29/2029 | 25096 | 24566 | 25347 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (10)(11) | SF | 5.00% | 9.16% | 1/9/2024 | 6/30/2029 | 14091 | 13989 | 14232 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (8) | SF | 5.00% | 9.15% | 6/30/2023 | 6/29/2029 | 4013 | 4013 | 4053 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.25% | 3/27/2025 | 6/29/2029 | 8941 | 2231 | 2253 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (Revolver) | (19) | SF | 5.00% | 9.16% | 6/30/2023 | 6/29/2029 | 5253 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mooring Primary, LLC | (8)(27) | SF | 5.25% | 9.53% | 4/24/2025 | 4/1/2031 | 15162 | 14947 | 15207 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mooring Primary, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.53% | 4/1/2025 | 4/1/2031 | 6333 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mooring Primary, LLC (Revolver) | (19) | SF | 5.25% | 9.53% | 4/1/2025 | 4/1/2031 | 6333 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Roofing L.L.C. |  | SF | 9.65% | 11.85% Cash/ 2.00% PIK | 8/31/2020 | 12/31/2026 | 3042 | 3042 | 2750 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Roofing L.L.C. (Revolver) | (19) | SF | 9.65% | 11.65% Cash/ 2.00% PIK | 8/31/2020 | 12/31/2026 | 1226 | 1082 | 978 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC | (7)(8) | SF | 5.61% | 9.78% | 4/19/2021 | 4/17/2026 | 4309 | 4298 | 4309 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC | (8) | SF | 5.61% | 9.78% | 4/19/2021 | 4/17/2026 | 5261 | 5261 | 5261 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC | (7)(8) | SF | 5.61% | 9.78% | 12/17/2021 | 4/17/2026 | 4722 | 4709 | 4722 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Buyer, LLC | (10) | SF | 5.25% | 9.25% | 8/8/2024 | 8/8/2030 | 9925 | 9800 | 9945 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 8/8/2024 | 8/8/2030 | 6000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Buyer, LLC (Revolver) | (19) | SF | 5.25% | 9.41% | 8/8/2024 | 8/8/2030 | 3000 | 200 | 200 | 0.0% |
|  |  |  |  |  |  |  | 204714 | 151289 | 153365 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. | (7) | SF | 7.90% | 10.20% Cash/ 2.00% PIK | 8/3/2021 | 1/31/2027 | 11135 | 11090 | 9409 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (Revolver) | (19) | SF | 7.85% | 10.07% Cash/ 2.00% PIK | 8/3/2021 | 1/31/2027 | 1482 | 779 | 659 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivanti Software, Inc. |  | SF | 5.75% | 10.05% | 5/14/2025 | 6/1/2029 | 2468 | 2445 | 2545 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jumpstart Holdco, Inc. (Revolver) | (19)(21) | SF | 5.50% | 9.33% | 7/16/2025 | 4/19/2028 | 881 | 729 | 729 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC | (7)(8) | SF | 6.85% | 11.13% | 8/4/2021 | 8/4/2026 | 4174 | 4157 | 4159 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC (Revolver) | (19) | SF | 6.85% | 11.13% | 8/4/2021 | 8/4/2026 | 446 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SonicWall US Holdings Inc. | (34) | SF | 5.00% | 9.00% | 10/7/2024 | 5/18/2028 | 15922 | 15849 | 15205 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syniverse Holdings, LLC | (12) | SF | 7.00% | 10.99% | 3/4/2025 | 5/13/2027 | 11903 | 11857 | 11647 | 0.4% |
|  |  |  |  |  |  |  | 48411 | 46906 | 44353 | 1.6% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) | (8)(9) | SF | 6.36% | 10.64% | 5/18/2021 | 5/18/2026 | 13440 | $13394 | $13406 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) | (9) | SF | 6.36% | 10.64% | 12/15/2021 | 5/18/2026 | 2467 | 2458 | 2461 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) | (6) | SF | 6.36% | 10.64% | 8/12/2022 | 5/18/2026 | 6694 | 6666 | 6678 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) | (7) | SF | 6.36% | 10.64% | 8/12/2022 | 5/18/2026 | 2891 | 2891 | 2884 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) | (8) | SF | 6.36% | 10.64% | 3/3/2025 | 5/18/2026 | 2747 | 2728 | 2740 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) (Revolver) | (19) | SF | 6.36% | 10.64% | 5/18/2021 | 5/18/2026 | 2222 | 889 | 887 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelligence Learning Corporation | (6) | SF | 5.75% | 9.75% | 3/15/2024 | 1/18/2030 | 12017 | 11828 | 11552 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelligence Learning Corporation (Revolver) | (19) | SF | 5.75% | 9.75% | 3/15/2024 | 1/18/2030 | 3425 | 514 | 494 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Brands, Inc. | (8) | SF | 5.26% | 9.58% | 4/19/2024 | 8/13/2028 | 14379 | 14188 | 13639 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quirch Foods Holdings, LLC | (34) | SF | 4.86% | 9.05% | 8/28/2025 | 10/27/2027 | 9880 | 9739 | 9718 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC | (6)(7) | SF | 7.75% | 10.61% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 2975 | 2970 | 2630 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC |  | SF | 7.50% | 10.36% Cash/ 1.00% PIK | 9/13/2022 | 4/3/2026 | 5 | 5 | 5 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC (Revolver) | (19) | SF | 7.65% | 10.51% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 315 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (21) | SF | 10.26% | 14.58% PIK | 6/18/2024 | 6/18/2029 | 574 | 574 | 574 | 0.0% |
|  |  |  |  |  |  |  | 74031 | 68844 | 67668 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembly Buyer, LLC | (6)(8) | SF | 4.75% | 9.05% | 6/30/2025 | 6/30/2031 | 16000 | 15842 | 16000 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembly Buyer, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 9.05% | 6/30/2025 | 6/30/2031 | 7111 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembly Buyer, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 9.05% | 7/2/2025 | 6/30/2031 | 853 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assembly Buyer, LLC (Revolver) | (19) | SF | 4.75% | 9.05% | 6/30/2025 | 6/30/2031 | 2667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2B Industrial Products LLC | (6) | SF | 6.90% | 11.10% | 12/6/2022 | 10/7/2026 | 9548 | 9479 | 9409 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2B Industrial Products LLC | (6) | SF | 6.90% | 11.10% | 4/4/2023 | 10/7/2026 | 2210 | 2192 | 2178 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. | (11)(12)(36) | SF | 5.40% | 9.69% | 11/27/2024 | 12/17/2027 | 14014 | 13952 | 14014 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. | (11)(12)(36) | SF | 5.40% | 9.69% | 11/27/2024 | 12/17/2027 | 1476 | 1474 | 1476 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. | (11)(12)(36) | SF | 5.40% | 9.69% | 11/27/2024 | 12/17/2027 | 6658 | 6650 | 6658 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. | (11)(12)(36) | SF | 5.40% | 9.69% | 11/27/2024 | 12/17/2027 | 3586 | 3582 | 3586 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw) | (12)(19)(20)(36) | SF | 5.40% | 9.42% | 11/27/2024 | 12/17/2027 | 6114 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver) | (12)(19)(36) | SF | 5.40% | 9.42% | 11/27/2024 | 12/17/2027 | 4076 | 1929 | 1929 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polychem Acquisition, LLC | (6) | SF | 5.61% | 5.78% Cash/ 4.00% PIK | 4/8/2019 | 8/15/2026 | 1946 | 1946 | 1626 | 0.1% |
|  |  |  |  |  |  |  | 76259 | 57046 | 56876 | 2.1% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNE Interco LLC | (6)(7)(8)(11) | SF | 5.75% | 10.04% | 2/12/2024 | 2/12/2030 | 13825 | $13612 | $13866 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNE Interco LLC (Delayed Draw) | (19)(20) | SF | 5.75% | 9.95% | 2/12/2024 | 2/12/2030 | 5303 | 4419 | 4432 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNE Interco LLC (Revolver) | (19) | SF | 5.75% | 10.04% | 2/12/2024 | 2/12/2030 | 5899 | 787 | 787 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Resource Management Group, LLC |  | SF | 7.61% | 11.89% | 12/30/2024 | 6/28/2030 | 14230 | 14071 | 12779 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Resource Management Group, LLC (Delayed Draw) | (19)(20) | SF | 7.61% | 11.89% | 12/30/2024 | 6/28/2030 | 6944 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (7)(8)(9)(10) | SF | 4.75% | 9.07% | 3/31/2025 | 5/25/2029 | 11594 | 11594 | 11600 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (8) | SF | 4.75% | 9.07% | 4/15/2024 | 5/25/2029 | 3562 | 3508 | 3564 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6)(8) | SF | 4.75% | 8.92% | 4/15/2024 | 5/25/2029 | 12011 | 12011 | 12017 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (8) | SF | 4.75% | 8.92% | 9/12/2023 | 5/25/2029 | 366 | 366 | 366 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (8)(27) | SF | 4.75% | 9.07% | 3/25/2025 | 5/25/2029 | 10132 | 10043 | 10137 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 9.07% | 3/12/2025 | 5/25/2029 | 10157 | 2844 | 2846 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC (Revolver) | (19) | SF | 4.75% | 8.92% | 9/12/2023 | 5/25/2029 | 4874 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. | (7) | SF | 6.50% | 10.50% | 8/11/2021 | 8/11/2027 | 9906 | 9834 | 9596 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. | (11) | SF | 6.50% | 10.50% | 8/11/2021 | 8/11/2027 | 1862 | 1862 | 1804 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. | (27) | SF | 6.50% | 10.50% | 9/17/2024 | 8/11/2027 | 772 | 772 | 748 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. | (27) | SF | 6.50% | 10.50% | 12/28/2023 | 8/11/2027 | 1070 | 1069 | 1037 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. (Revolver) | (19) | SF | 6.50% | 10.50% | 8/11/2021 | 8/11/2027 | 956 |  |  | 0.0% |
|  |  |  |  |  |  |  | 113463 | 86792 | 85579 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Midco, LLC | (8)(9)(10)(12) | SF | 5.00% | 9.04% | 4/11/2024 | 4/11/2029 | 12894 | 12780 | 12894 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Midco, LLC | (8)(12) | SF | 5.00% | 9.32% | 5/30/2025 | 4/11/2029 | 3688 | 3654 | 3688 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Midco, LLC | (12) | SF | 5.00% | 9.00% | 4/11/2024 | 4/11/2029 | 588 | 588 | 588 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Midco, LLC (Delayed Draw) | (12)(19)(20) | SF | 5.00% | 9.00% | 5/30/2025 | 4/11/2029 | 6312 | 297 | 297 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Midco, LLC (Revolver) | (12)(19) | SF | 5.00% | 9.23% | 4/11/2024 | 4/11/2029 | 1293 | 155 | 155 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Band Finance LLC and Anderson Global Luxembourg SCSp | (6)(8)(9) | SF | 5.25% | 9.50% | 9/5/2025 | 8/5/2031 | 36500 | 36048 | 36044 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Band Finance LLC and Anderson Global Luxembourg SCSp (Delayed Draw) | (12)(19)(20)(39) | SF | 5.25% | 9.46% | 8/6/2025 | 8/6/2031 | 13905 | 12566 | 12488 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Band Finance LLC and Anderson Global Luxembourg SCSp (Revolver) | (12)(19)(39) | SF | 5.25% | 9.46% | 8/6/2025 | 8/5/2031 | 5214 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beckway Acquisition, Inc. |  | SF | 4.75% | 8.95% | 8/29/2025 | 8/29/2030 | 8000 | 7881 | 7880 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beckway Acquisition, Inc. (Delayed Draw) | (19)(20) | SF | 4.75% | 8.95% | 8/29/2025 | 8/29/2030 | 5714 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beckway Acquisition, Inc. (Revolver) | (19) | SF | 4.75% | 8.95% | 8/29/2025 | 8/29/2030 | 1429 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bench Walk Lead, LLC | (12) | SF | 10.50% | 14.50% | 6/9/2023 | 6/14/2027 | 31352 | 31330 | 31745 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bench Walk Lead, LLC | (12) | SF | 10.50% | 14.50% | 6/9/2023 | 6/14/2027 | 1854 | 1854 | 1877 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bench Walk Lead, LLC (Delayed Draw) | (12)(19)(20) | n/a | n/a | 15.00% | 1/22/2025 | 1/22/2031 | 8581 | 4181 | 4181 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW 51f, L.P. | (12) | SF | 8.00% | 12.29% | 12/27/2023 | 12/31/2029 | 9000 | 9000 | 9000 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cpex Purchaser, LLC | (6)(7)(9) | SF | 6.00% | 10.12% | 8/26/2022 | 2/28/2030 | 36000 | 35432 | 36108 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cpex Purchaser, LLC | (6) | SF | 5.50% | 9.67% | 3/26/2025 | 2/28/2030 | 6448 | 6387 | 6467 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cpex Purchaser, LLC |  | SF | 6.00% | 10.32% | 9/30/2021 | 2/28/2030 | 4061 | 4061 | 4073 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cpex Purchaser, LLC (Delayed Draw) | (19)(20) | SF | 5.50% | 9.37% | 3/26/2025 | 2/28/2030 | 4320 | 1368 | 1372 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cpex Purchaser, LLC (Revolver) | (19) | SF | 6.00% | 10.16% | 9/30/2021 | 2/28/2030 | 13935 | 8710 | 8710 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC | (7)(8) | SF | 5.00% | 9.22% | 8/19/2022 | 8/18/2028 | 19955 | 19817 | 19955 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC | (6) | SF | 5.00% | 9.22% | 8/19/2022 | 8/18/2028 | 3539 | 3539 | 3539 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC | (6) | SF | 5.00% | 9.22% | 8/1/2023 | 8/18/2028 | 10617 | 10414 | 10617 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.22% | 8/19/2024 | 8/18/2028 | 3430 |  |  | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding III, LLC (Delayed Draw) | (12)(19)(20) | n/a | n/a | 10.00% | 4/29/2022 | 4/28/2028 | 7357 | $3466 | $3470 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (Revolver) | (12)(19) | n/a | n/a | 10.00% | 12/14/2020 | 12/24/2026 | 1748 | 1711 | 1711 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolute Investment Managers, Inc. |  | SF | 6.76% | 10.76% | 6/30/2025 | 10/30/2028 | 18101 | 18065 | 15929 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Intermediate Holdings, LLC | (8)(12) | SF | 6.15% | 10.15% | 12/28/2022 | 12/28/2028 | 2918 | 2873 | 2917 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Intermediate Holdings, LLC (Delayed Draw) | (12)(19)(20) | SF | 6.15% | 10.15% | 12/5/2024 | 12/28/2028 | 3947 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slater Slater Schulman LLP |  | SF | 7.50% | 11.50% | 12/6/2023 | 12/4/2026 | 18373 | 18373 | 18499 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Protection BuyCo, LLC | (10)(27) | SF | 5.00% | 9.29% | 4/1/2025 | 4/1/2031 | 23940 | 23601 | 23988 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Protection BuyCo, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.29% | 4/1/2025 | 4/1/2031 | 4706 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Protection BuyCo, LLC (Revolver) | (19) | SF | 5.00% | 9.29% | 4/1/2025 | 4/1/2031 | 5882 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEAM Public Choices, LLC | (6) | SF | 5.15% | 9.46% | 8/23/2022 | 12/17/2027 | 4435 | 4325 | 4430 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEAM Public Choices, LLC | (11) | SF | 5.26% | 9.57% | 1/25/2024 | 12/17/2027 | 1473 | 1469 | 1472 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tegra118 Wealth Solutions, Inc. | (12) | SF | 4.00% | 8.20% | 3/6/2025 | 2/18/2027 | 1772 | 1768 | 1761 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transnetwork LLC | (11)(27) | SF | 4.75% | 8.75% | 11/20/2023 | 12/29/2030 | 15601 | 15418 | 15588 | 0.6% |
|  |  |  |  |  |  |  | 358882 | 301131 | 301443 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (12)(21)(36) | SF | 6.51% | 10.71% | 9/24/2024 | 3/12/2028 | 757 | 665 | 731 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC | (7)(8) | SF | 5.65% | 9.65% | 12/22/2021 | 12/22/2027 | 7221 | 7158 | 7221 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC | (9) | SF | 5.65% | 9.65% | 12/22/2021 | 12/22/2027 | 2806 | 2806 | 2806 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC (Delayed Draw) | (19)(20) | SF | 5.65% | 9.65% | 3/7/2025 | 12/22/2027 | 768 | 383 | 383 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC (Revolver) | (19) | P | 4.50% | 11.75% | 12/22/2021 | 12/22/2027 | 965 | 225 | 225 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lessen LLC |  | SF | 10.00% | 14.00% | 1/5/2023 | 1/5/2028 | 8665 | 8488 | 8426 | 0.3% |
|  |  |  |  |  |  |  | 21182 | 19725 | 19792 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. | (6)(9) | SF | 5.00% | 9.00% | 6/7/2023 | 6/7/2029 | 9775 | 9604 | 9785 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. | (8) | SF | 5.00% | 9.00% | 6/7/2023 | 6/7/2029 | 3681 | 3681 | 3685 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. | (8) | SF | 5.00% | 9.00% | 1/11/2024 | 6/7/2029 | 8694 | 8694 | 8703 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. | (8) | SF | 5.00% | 9.00% | 10/28/2024 | 6/7/2029 | 5755 | 5755 | 5761 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.00% | 9/4/2025 | 6/7/2029 | 19224 | 2666 | 2669 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.00% | 9/4/2025 | 6/7/2029 | 19231 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. (Revolver) | (19) | SF | 5.00% | 9.00% | 6/7/2023 | 6/7/2029 | 2500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appriss Health, LLC | (7) | SF | 4.85% | 9.02% | 5/6/2021 | 5/6/2028 | 3168 | 3147 | 3166 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appriss Health, LLC (Revolver) | (19) | SF | 4.85% | 9.02% | 5/6/2021 | 5/6/2028 | 433 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. | (7)(9)(11) | SF | 5.50% | 9.50% | 7/17/2023 | 7/17/2029 | 30000 | 29358 | 30300 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. | (27) | SF | 5.50% | 9.50% | 10/15/2024 | 7/17/2029 | 3913 | 3864 | 3952 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. | (11) | SF | 5.50% | 9.50% | 12/31/2024 | 7/17/2029 | 26087 | 25753 | 26348 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (Revolver) | (19) | SF | 5.50% | 9.50% | 7/17/2023 | 7/17/2029 | 5217 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC | (6)(11) | SF | 4.75% | 8.75% | 6/11/2024 | 6/11/2030 | 17820 | 17562 | 17899 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC | (8) | SF | 4.75% | 8.75% | 6/11/2024 | 6/11/2030 | 7695 | 7695 | 7729 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.75% | 4/16/2025 | 6/11/2030 | 10277 | 3637 | 3653 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC (Revolver) | (19) | SF | 4.75% | 8.75% | 6/11/2024 | 6/11/2030 | 9000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. | (6)(7) | SF | 6.60% | 10.88% | 6/30/2021 | 6/30/2026 | 13209 | 13157 | 13024 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. | (6) | SF | 6.65% | 10.94% | 11/27/2022 | 6/30/2026 | 10951 | 10883 | 10797 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (Revolver) | (19) | SF | 6.65% | 10.94% | 6/30/2021 | 6/30/2026 | 1670 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH BMX Buyer, Inc. |  | SF | 4.75% | 8.75% | 6/21/2024 | 6/21/2031 | 8956 | 8840 | 9045 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH BMX Buyer, Inc. (Delayed Draw) | (19)(20) | SF | 4.75% | 8.75% | 6/9/2025 | 6/21/2031 | 7179 |  |  | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH BMX Buyer, Inc. (Delayed Draw) | (19)(20) | SF | 4.75% | 8.88% | 6/21/2024 | 6/21/2031 | 4780 | $4033 | $4073 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Buyer, Inc. | (8) | SF | 4.85% | 9.01% | 8/25/2022 | 3/21/2027 | 9459 | 9374 | 9476 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helping Hands Childrens Services Management, LLC | (8)(10) | SF | 4.50% | 8.79% | 11/5/2024 | 11/5/2030 | 11471 | 11345 | 11471 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helping Hands Childrens Services Management, LLC (Delayed Draw) | (19)(20) | SF | 4.50% | 8.79% | 11/5/2024 | 11/5/2030 | 4600 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helping Hands Childrens Services Management, LLC (Revolver) | (19) | SF | 4.50% | 8.79% | 11/5/2024 | 11/5/2030 | 2300 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.00% | 11.30% | 2/6/2024 | 2/1/2029 | 4331 | 4242 | 4217 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.00% | 11.30% | 2/1/2023 | 2/1/2029 | 10100 | 9921 | 9834 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.00% | 11.30% | 2/1/2023 | 2/1/2029 | 2014 | 2014 | 1961 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (Revolver) | (19) | SF | 7.00% | 11.30% | 2/1/2023 | 2/1/2029 | 1665 | 1232 | 1200 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-It Systems, LLC | (6) | SF | 5.25% | 9.46% | 7/10/2025 | 7/10/2031 | 51239 | 50472 | 50470 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-It Systems, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.46% | 7/10/2025 | 7/10/2031 | 13664 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-It Systems, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.46% | 7/10/2025 | 7/10/2031 | 2733 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Learn-It Systems, LLC (Revolver) | (19) | SF | 5.25% | 9.46% | 7/10/2025 | 7/10/2031 | 6832 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Grove Pharmaceuticals, LLC |  | SF | 8.00% | 8.28% Cash/ 4.00% PIK | 2/27/2025 | 2/27/2031 | 14258 | 14065 | 14284 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Grove Pharmaceuticals, LLC (Delayed Draw) | (19)(20) | SF | 8.00% | 8.28% Cash/ 4.00% PIK | 2/27/2025 | 2/27/2031 | 14000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC | (8)(10)(11)(27) | SF | 5.60% | 9.88% | 5/22/2025 | 8/26/2027 | 64488 | 64488 | 64488 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (Delayed Draw) | (19)(20) | SF | 5.60% | 9.88% | 4/25/2025 | 8/26/2027 | 16546 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (Revolver) | (19) | SF | 5.60% | 9.88% | 4/25/2025 | 8/26/2027 | 7219 | 2888 | 2888 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBPT Acquisition LLC | (27) | SF | 5.00% | 9.29% | 3/17/2025 | 3/1/2030 | 20939 | 20742 | 20860 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBPT Acquisition LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.29% | 3/3/2025 | 3/3/2030 | 8074 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBPT Acquisition LLC (Revolver) | (19) | SF | 5.00% | 9.29% | 3/3/2025 | 3/1/2030 | 2360 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. |  | SF | 7.15% | 11.15% | 10/4/2022 | 10/4/2028 | 14198 | 14036 | 12728 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (Revolver) | (19) | SF | 7.15% | 11.15% | 10/4/2022 | 10/4/2028 | 1825 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC | (27) | SF | 4.50% | 8.50% | 2/21/2025 | 2/13/2032 | 17706 | 17459 | 17839 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAI Middle Tier, LLC (Revolver) | (19) | SF | 4.50% | 8.50% | 2/13/2025 | 2/13/2032 | 3765 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (10) | SF | 4.85% | 9.16% | 3/26/2025 | 12/15/2027 | 905 | 902 | 907 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (10) | SF | 4.75% | 8.95% | 12/15/2023 | 12/15/2027 | 903 | 895 | 903 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (7) | SF | 4.75% | 9.06% | 9/19/2019 | 12/15/2027 | 4515 | 4515 | 4516 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (7) | SF | 4.75% | 9.06% | 12/15/2021 | 12/15/2027 | 4335 | 4307 | 4335 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (7) | SF | 4.75% | 9.06% | 9/19/2019 | 12/15/2027 | 903 | 903 | 903 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (7) | SF | 4.75% | 8.98% | 8/21/2020 | 12/15/2027 | 903 | 903 | 903 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. (Revolver) | (19) | SF | 4.75% | 8.95% | 9/19/2019 | 12/15/2027 | 1092 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ro Health, LLC | (27) | SF | 4.50% | 8.50% | 2/21/2025 | 1/17/2031 | 3723 | 3673 | 3727 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ro Health, LLC (Revolver) | (19) | SF | 5.00% | 9.00% | 1/17/2025 | 1/17/2031 | 1067 | 320 | 320 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ADV Infusion Purchaser, LLC | (8) | SF | 4.75% | 8.96% | 8/15/2025 | 8/14/2031 | 9500 | 9382 | 9381 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ADV Infusion Purchaser, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.96% | 8/15/2025 | 8/14/2031 | 11554 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP ADV Infusion Purchaser, LLC (Revolver) | (19) | SF | 4.75% | 8.96% | 8/15/2025 | 8/14/2031 | 2568 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC | (6)(9) | SF | 5.60% | 9.76% | 10/7/2022 | 10/5/2029 | 9000 | 8821 | 8987 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC |  | SF | 5.60% | 9.88% | 4/1/2024 | 10/5/2029 | 10109 | 9951 | 10094 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC |  | SF | 5.60% | 9.76% | 10/7/2022 | 10/5/2029 | 7908 | 7908 | 7896 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC (Delayed Draw) | (19)(20) | SF | 5.60% | 9.76% | 4/1/2024 | 10/5/2029 | 20495 | 11714 | 11696 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC (Revolver) | (19) | SF | 5.60% | 9.76% | 10/7/2022 | 10/5/2029 | 1442 |  |  | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC | (6)(8)(10)(11) | SF | 6.10% | 10.10% | 12/29/2023 | 6/30/2028 | 21075 | $20796 | $21075 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC |  | SF | 6.10% | 10.10% | 12/29/2023 | 6/30/2028 | 8516 | 8516 | 8516 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC |  | SF | 5.85% | 10.05% | 12/6/2024 | 7/1/2028 | 11828 | 11828 | 11757 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC (Delayed Draw) | (19)(20) | SF | 5.85% | 9.89% | 12/6/2024 | 7/1/2028 | 9899 | 4055 | 4030 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC (Delayed Draw) | (19)(20) | SF | 6.10% | 10.10% | 12/6/2024 | 7/1/2028 | 7925 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC (Revolver) | (19) | SF | 5.85% | 10.17% | 12/6/2024 | 7/1/2028 | 1981 | 495 | 492 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC | (7)(8) | SF | 5.50% | 9.79% | 12/31/2020 | 7/8/2027 | 1910 | 1908 | 1896 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC | (10)(11) | SF | 5.50% | 9.68% | 8/21/2023 | 7/8/2027 | 227 | 227 | 225 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC | (8) | SF | 5.50% | 9.68% | 7/8/2022 | 7/8/2027 | 431 | 431 | 428 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (Delayed Draw) | (19)(20) | SF | 5.50% | 9.68% | 2/6/2025 | 7/8/2027 | 3556 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (Revolver) | (19) | SF | 5.50% | 9.79% | 12/31/2020 | 7/8/2027 | 356 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIP Care Services, LLC | (6) | SF | 5.85% | 10.13% | 7/21/2023 | 12/30/2027 | 149 | 149 | 142 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIP Care Services, LLC | (6)(7) | SF | 5.85% | 10.13% | 12/30/2021 | 12/30/2027 | 4427 | 4401 | 4233 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIP Care Services, LLC (Revolver) | (19) | SF | 5.85% | 10.17% | 12/30/2021 | 12/30/2027 | 760 | 61 | 58 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC | (8)(10)(11) | SF | 6.00% | 10.00% | 4/4/2024 | 4/4/2029 | 28438 | 27944 | 28538 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC | (10) | SF | 6.00% | 10.00% | 4/4/2024 | 4/4/2029 | 7688 | 7688 | 7715 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC | (8) | SF | 6.00% | 10.00% | 4/4/2024 | 4/4/2029 | 6174 | 6174 | 6196 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 12/27/2024 | 4/4/2029 | 11824 | 7453 | 7315 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC (Revolver) | (19) | SF | 6.00% | 10.00% | 4/4/2024 | 4/4/2029 | 1974 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. | (7) | SF | 6.90% | 11.20% | 2/16/2022 | 8/16/2029 | 10000 | 9907 | 10000 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 6.90% | 7.82% Cash/ 3.38% PIK | 11/19/2024 | 8/16/2029 | 571 | 565 | 571 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 6.90% | 7.74% Cash/ 3.38% PIK | 8/15/2025 | 8/16/2029 | 3038 | 2993 | 3038 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (19)(20) | SF | 6.90% | 7.82% Cash/ 3.38% PIK | 11/19/2024 | 8/16/2029 | 57 | 14 | 14 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (19)(20) | SF | 6.90% | 11.20% | 2/16/2022 | 8/16/2029 | 1253 | 1096 | 1096 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Revolver) | (19) | SF | 6.90% | 11.11% | 2/16/2022 | 8/16/2029 | 1429 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Together Women's Health, LLC |  | SF | 4.75% | 8.75% | 8/26/2025 | 8/26/2031 | 8900 | 8790 | 8789 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Together Women's Health, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.75% | 8/26/2025 | 8/26/2031 | 8383 | 1138 | 1138 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Together Women's Health, LLC (Revolver) | (19) | SF | 4.75% | 8.75% | 8/26/2025 | 8/26/2031 | 1552 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vero Biotech Inc. |  | P | 3.75% | 12.25% | 12/29/2023 | 1/2/2029 | 30000 | 29788 | 29568 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WebPT, Inc. | (7) | SF | 6.35% | 10.55% | 8/28/2019 | 1/18/2028 | 4975 | 4973 | 4724 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WebPT, Inc. (Revolver) | (19) | P | 5.25% | 12.50% | 8/28/2019 | 1/18/2028 | 521 | 454 | 431 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xpress Wellness, LLC | (6) | SF | 5.50% | 9.80% | 5/8/2024 | 5/8/2030 | 39700 | 39050 | 38356 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xpress Wellness, LLC (Delayed Draw) | (19)(20) | SF | 5.50% | 9.36% | 5/8/2024 | 5/8/2030 | 12488 | 3938 | 3804 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xpress Wellness, LLC (Revolver) | (19) | SF | 5.50% | 9.80% | 5/8/2024 | 5/8/2030 | 9231 | 4554 | 4400 | 0.2% |
|  |  |  |  |  |  |  | 887159 | 654187 | 655418 | 24.2% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3C Buyer LLC | (8) | SF | 6.60% | 10.89% | 2/28/2025 | 11/20/2028 | 1600 | $1600 | $1600 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3C Buyer LLC | (8) | SF | 5.35% | 9.63% | 2/28/2025 | 11/20/2028 | 814 | 804 | 792 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3C Buyer LLC | (8) | SF | 6.10% | 10.39% | 2/28/2025 | 11/20/2028 | 2930 | 2930 | 2911 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3C Buyer LLC | (8)(9) | SF | 6.10% | 10.39% | 2/28/2025 | 11/20/2028 | 1622 | 1622 | 1612 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3C Buyer LLC (Revolver) | (19) | SF | 6.10% | 10.38% | 2/28/2025 | 11/20/2028 | 2653 | 1429 | 1419 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC | (11) | SF | 4.50% | 8.78% | 1/2/2025 | 1/2/2031 | 13965 | 13778 | 13979 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC |  | SF | 4.50% | 8.66% | 9/5/2025 | 1/2/2031 | 987 | 977 | 988 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC (Delayed Draw) | (19)(20) | SF | 4.50% | 8.68% | 1/2/2025 | 1/2/2031 | 5249 | 440 | 440 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelevation LLC (Revolver) | (19) | SF | 4.50% | 8.67% | 1/2/2025 | 1/2/2031 | 3995 | 666 | 666 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia Inc. | (7) | SF | 6.15% | 10.43% | 11/1/2019 | 11/1/2026 | 15430 | 15425 | 15429 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia Inc. | (10) | SF | 6.15% | 10.43% | 11/11/2023 | 11/1/2026 | 3092 | 3092 | 3092 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia Inc. (Revolver) |  | SF | 7.15% | 11.45% | 11/1/2019 | 11/1/2026 | 588 | 588 | 588 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (Delayed Draw) | (19)(20)(21) | SF | 8.11% | 12.39% PIK | 1/2/2024 | 1/2/2027 | 1471 | 388 | 882 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTRS Holdings Inc. | (9) | SF | 5.50% | 9.50% | 2/24/2025 | 12/15/2028 | 26398 | 26331 | 26398 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTRS Holdings Inc. (Revolver) | (19) | SF | 5.50% | 9.50% | 2/24/2025 | 12/15/2028 | 4510 | 2900 | 2900 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Parent, Inc |  | SF | 4.65% | 8.65% | 4/1/2025 | 11/12/2027 | 9853 | 9679 | 9805 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. | (10) | SF | 5.25% | 9.54% | 12/20/2024 | 12/20/2030 | 16500 | 16278 | 16500 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.53% | 12/20/2024 | 12/20/2030 | 9900 | 233 | 233 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.53% | 12/20/2024 | 12/20/2030 | 9900 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.53% | 12/20/2024 | 12/20/2030 | 759 | 245 | 245 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (Revolver) | (19) | SF | 5.25% | 9.53% | 12/20/2024 | 12/20/2030 | 3300 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud for Good, LLC | (8)(10) | SF | 4.75% | 8.75% | 3/21/2025 | 3/21/2031 | 17413 | 17205 | 17304 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud for Good, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.75% | 3/21/2025 | 3/21/2031 | 12500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud for Good, LLC (Revolver) | (19) | SF | 4.75% | 8.75% | 3/21/2025 | 3/21/2031 | 4000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. | (9) | SF | 6.13% | 9.75% Cash/ 0.38% PIK | 8/27/2024 | 8/27/2030 | 24912 | 24593 | 24912 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 6.13% | 9.75% Cash/ 0.38% PIK | 8/27/2024 | 8/27/2030 | 5416 | 650 | 650 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 6.13% | 9.75% Cash/ 0.38% PIK | 8/27/2024 | 8/27/2026 | 3076 | 1536 | 1536 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Revolver) | (19) | SF | 5.75% | 9.75% | 8/27/2024 | 8/27/2030 | 2166 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC | (7) | SF | 6.25% | 10.41% | 9/1/2022 | 9/1/2028 | 15000 | 14830 | 15000 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 10.41% | 9/1/2022 | 9/1/2028 | 4370 | 3974 | 3974 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Revolver) | (19) | SF | 6.25% | 10.41% | 9/1/2022 | 9/1/2028 | 2609 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, INC. | (10)(27) | SF | 6.50% | 10.83% | 3/26/2025 | 1/22/2031 | 36133 | 35483 | 36314 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Einstein Parent, INC. (Revolver) | (19) | SF | 6.50% | 10.83% | 1/22/2025 | 1/22/2031 | 3738 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortra, LLC | (11) | SF | 3.85% | 8.16% | 12/11/2023 | 11/19/2026 | 14709 | 14458 | 13946 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom U.S. Acquisition Corporation | (8)(9)(10)(27) | SF | 5.75% | 10.04% | 9/27/2024 | 9/27/2030 | 50745 | 49974 | 50763 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom U.S. Acquisition Corporation (Revolver) | (19) | SF | 5.75% | 10.04% | 9/27/2024 | 9/27/2030 | 5100 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fueled Digital Media, LLC |  | SF | 7.61% | 10.89% Cash/ 1.00% PIK | 11/1/2022 | 11/1/2027 | 5657 | 5589 | 5622 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fueled Digital Media, LLC |  | SF | 7.61% | 10.89% Cash/ 1.00% PIK | 11/1/2022 | 11/1/2027 | 498 | 498 | 495 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fueled Digital Media, LLC (Revolver) | (19) | SF | 7.61% | 11.89% | 11/1/2022 | 11/1/2027 | 807 | 726 | 721 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainsight, Inc. | (8) | SF | 6.40% | 10.60% | 4/1/2025 | 7/30/2027 | 27135 | 27033 | 27135 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hostaway Midco Oy | (6)(12)(37) | SF | 5.50% | 9.79% | 2/26/2025 | 2/26/2031 | 25000 | 24662 | 25063 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hostaway Midco Oy (Delayed Draw) | (12)(19)(20)(37) | SF | 5.50% | 9.79% | 2/26/2025 | 2/26/2031 | 5000 |  |  | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hostaway Midco Oy (Revolver) | (12)(19)(37) | SF | 5.50% | 9.79% | 2/26/2025 | 2/26/2031 | 4167 | $— | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jobnimbus Holdings, LLC | (9)(11)(27) | SF | 5.25% | 9.53% | 12/12/2024 | 11/6/2030 | 32000 | 31581 | 32000 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jobnimbus Holdings, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.53% | 11/6/2024 | 11/6/2030 | 7111 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jobnimbus Holdings, LLC (Revolver) | (19) | SF | 5.25% | 9.53% | 11/6/2024 | 11/6/2030 | 5333 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medallia, Inc. | (7) | SF | 6.60% | 6.47% Cash/ 4.00% PIK | 8/15/2022 | 10/27/2028 | 12634 | 12522 | 10644 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. | (6) | SF | 6.15% | 10.46% | 6/24/2025 | 9/30/2027 | 690 | 690 | 690 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. | (6) | SF | 6.15% | 10.46% | 6/24/2025 | 9/30/2027 | 22655 | 22655 | 22655 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. (Revolver) | (19) | SF | 6.15% | 10.46% | 6/24/2025 | 9/30/2027 | 2305 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Critical Group, LLC | (8) | SF | 6.00% | 10.14% | 6/18/2025 | 4/17/2030 | 6987 | 6919 | 6987 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Critical Group, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.14% | 6/18/2025 | 4/17/2030 | 2906 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Critical Group, LLC (Revolver) | (19) | SF | 6.00% | 10.14% | 6/18/2025 | 4/17/2030 | 1211 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasuni Corporation | (9)(11) | SF | 5.00% | 9.07% | 9/10/2024 | 9/10/2030 | 15000 | 14808 | 15150 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasuni Corporation (Revolver) | (19) | SF | 5.00% | 9.07% | 9/10/2024 | 9/10/2030 | 3125 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optomi, LLC | (6)(9) | SF | 5.40% | 9.69% | 12/13/2022 | 12/16/2027 | 5527 | 5443 | 5527 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optomi, LLC | (7)(9) | SF | 5.40% | 9.69% | 12/16/2021 | 12/16/2027 | 13027 | 12915 | 13028 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optomi, LLC (Revolver) | (19) | SF | 5.40% | 9.42% | 12/16/2021 | 12/16/2027 | 3189 | 1488 | 1488 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganized Mobileum AcquisitionCo, LLC | (21) | SF | 6.00% | 5.14% Cash/ 5.00% PIK | 1/13/2025 | 9/12/2029 | 908 | 856 | 839 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (7) | SF | 7.10% | 11.41% | 4/20/2022 | 4/22/2027 | 3703 | 3674 | 3702 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (7) | SF | 7.10% | 11.10% | 4/22/2021 | 4/22/2027 | 8400 | 8345 | 8400 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (7) | SF | 7.10% | 11.30% | 4/22/2021 | 4/22/2027 | 1938 | 1938 | 1938 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (9) | SF | 7.10% | 11.30% | 4/20/2022 | 4/22/2027 | 2488 | 2488 | 2488 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (9) | SF | 7.10% | 11.30% | 2/24/2025 | 4/22/2027 | 457 | 450 | 456 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. (Revolver) |  | SF | 7.10% | 11.30% | 4/22/2021 | 4/22/2027 | 1615 | 1615 | 1615 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signiant Inc. | (11) | SF | 5.00% | 9.29% | 12/23/2024 | 12/23/2030 | 15000 | 14799 | 15000 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signiant Inc. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.29% | 12/23/2024 | 12/23/2030 | 3000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signiant Inc. (Revolver) | (19) | SF | 5.00% | 9.29% | 12/23/2024 | 12/23/2030 | 1875 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. | (7) | SF | 5.75% | 9.92% | 6/16/2023 | 6/15/2029 | 1960 | 1918 | 1852 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 9.75% | 6/27/2024 | 6/25/2029 | 429 | 426 | 406 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 9.75% | 6/16/2023 | 6/15/2029 | 439 | 439 | 415 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (Revolver) | (19) | SF | 5.75% | 9.75% | 6/16/2023 | 6/15/2029 | 409 | 232 | 219 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp | (10)(11)(27) | SF | 5.50% | 9.79% | 3/28/2025 | 3/28/2031 | 65892 | 64949 | 66222 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp (Delayed Draw) | (19)(20) | SF | 5.50% | 9.79% | 3/28/2025 | 3/28/2031 | 13178 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp (Revolver) | (19) | SF | 5.50% | 9.79% | 3/28/2025 | 3/28/2031 | 6589 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. | (7)(9) | SF | 5.25% | 9.47% | 12/9/2022 | 12/9/2030 | 22000 | 21732 | 22000 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.43% | 12/9/2022 | 12/9/2030 | 6947 | 4493 | 4493 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.43% | 11/25/2024 | 12/9/2030 | 1350 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. (Revolver) | (19) | SF | 5.25% | 9.43% | 12/9/2022 | 12/9/2030 | 4316 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corporation | (12)(36) | SF | 5.75% | 6.63% Cash/ 3.13% PIK | 8/23/2024 | 8/22/2031 | 28545 | 28211 | 28830 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corporation (Delayed Draw) | (12)(19)(20)(36) | SF | 2.63% | 6.63% | 8/23/2024 | 8/22/2031 | 4623 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corporation (Revolver) | (12)(19)(36) | n/a | n/a | 5.25% | 8/23/2024 | 8/22/2031 | 4443 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velociti, LLC | (9)(11) | SF | 5.25% | 9.53% | 1/13/2025 | 1/10/2030 | 11970 | 11732 | 11970 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velociti, LLC | (8) | SF | 5.25% | 9.50% | 9/5/2025 | 1/13/2030 | 4295 | 4231 | 4295 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velociti, LLC (Revolver) | (19) | SF | 5.25% | 9.50% | 1/13/2025 | 1/10/2030 | 3790 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watchguard Technologies, Inc. | (6) | SF | 5.25% | 9.41% | 8/17/2022 | 6/29/2029 | 20519 | 19648 | 20545 | 0.8% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZI Intermediate II, Inc. | (6) | SF | 6.50% | 10.81% | 5/13/2024 | 5/13/2030 | 57250 | $56186 | $57050 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZI Intermediate II, Inc. (Revolver) | (19) | SF | 6.50% | 10.81% | 5/13/2024 | 5/13/2030 | 4771 |  |  | 0.0% |
|  |  |  |  |  |  |  | 842466 | 677999 | 684818 | 25.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 Percent Buyer, LLC | (7)(8)(9) | SF | 5.60% | 9.88% | 11/24/2021 | 11/24/2026 | 15581 | 15496 | 15581 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 Percent Buyer, LLC (Revolver) | (19) | SF | 5.60% | 9.82% | 11/24/2021 | 11/24/2026 | 809 | 162 | 162 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Holdings, L.L.C. | (8) | SF | 6.10% | 10.38% | 10/21/2022 | 10/20/2028 | 4875 | 4803 | 4875 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Holdings, L.L.C. (Revolver) | (19) | SF | 6.10% | 10.38% | 10/21/2022 | 10/20/2028 | 909 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CE Intermediate, LLC | (6)(7)(9)(10) | SF | 5.60% | 9.60% | 10/11/2022 | 7/1/2027 | 36231 | 35937 | 36050 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EverService Midco, LLC | (6)(8)(10)(11) | SF | 5.25% | 9.53% | 8/28/2024 | 6/28/2030 | 38826 | 38172 | 38904 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EverService Midco, LLC (Revolver) | (19) | SF | 5.25% | 9.53% | 6/28/2024 | 6/28/2030 | 8919 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EverView AcquisitionCo, Inc. | (9) | SF | 5.25% | 9.42% | 9/3/2025 | 9/3/2031 | 20750 | 20545 | 20543 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EverView AcquisitionCo, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.42% | 9/3/2025 | 9/3/2031 | 6385 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EverView AcquisitionCo, Inc. (Revolver) | (19) | SF | 5.25% | 9.42% | 9/3/2025 | 9/3/2031 | 4788 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Media Holdings, LLC | (8)(10)(27) | SF | 5.00% | 9.29% | 4/17/2025 | 4/17/2031 | 56858 | 56046 | 57236 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Media Holdings, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.29% | 4/17/2025 | 4/17/2031 | 12214 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas Media Holdings, LLC (Revolver) | (19) | SF | 5.00% | 9.33% | 4/17/2025 | 4/17/2031 | 5302 | 530 | 530 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Logic Holdings, Inc. | (6) | SF | 7.50% | 9.29% Cash/ 2.37% PIK | 12/30/2022 | 12/29/2028 | 13971 | 13712 | 13206 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Logic Holdings, Inc. (Revolver) | (19) | SF | 7.50% | 9.29% Cash/ 2.37% PIK | 12/30/2022 | 12/30/2027 | 635 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Narrative Strategies Acquisition, LLC | (8)(27) | SF | 5.25% | 9.53% | 9/19/2025 | 7/1/2030 | 7800 | 7686 | 7683 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Narrative Strategies Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.53% | 7/1/2025 | 7/1/2030 | 3634 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Narrative Strategies Acquisition, LLC (Revolver) | (19) | SF | 5.25% | 9.53% | 7/1/2025 | 7/1/2030 | 1211 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Acquisition, LLC | (6)(8) | SF | 4.75% | 9.07% | 4/17/2025 | 4/17/2032 | 17249 | 17042 | 17379 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 9.07% | 4/17/2025 | 4/17/2032 | 1570 | 288 | 290 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Acquisition, LLC (Revolver) | (19) | SF | 4.75% | 9.07% | 4/17/2025 | 4/17/2032 | 3403 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Really Great Reading Company, Inc. | (8)(9) | SF | 6.10% | 10.39% | 12/9/2022 | 12/9/2028 | 11700 | 11519 | 11627 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Really Great Reading Company, Inc. (Revolver) | (19) | SF | 6.10% | 10.39% | 12/9/2022 | 12/8/2028 | 3200 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevant Industrial, LLC | (8) | SF | 4.75% | 8.75% | 5/16/2025 | 5/16/2031 | 17456 | 17243 | 17456 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevant Industrial, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.75% | 5/16/2025 | 5/16/2031 | 7609 | 418 | 418 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevant Industrial, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.75% | 5/16/2025 | 5/16/2031 | 3804 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevant Industrial, LLC (Revolver) | (19) | P | 3.75% | 11.00% | 5/16/2025 | 5/16/2031 | 3043 | 457 | 457 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC | (6) | SF | 6.10% | 10.38% | 9/9/2024 | 12/31/2026 | 1103 | 1092 | 1108 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC | (7)(9) | SF | 6.10% | 10.38% | 11/20/2020 | 12/31/2026 | 1904 | 1903 | 1904 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC | (8)(9) | SF | 6.10% | 10.38% | 3/28/2022 | 12/31/2026 | 5075 | 5071 | 5075 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC | (8) | SF | 6.10% | 10.38% | 11/20/2020 | 12/31/2026 | 852 | 852 | 852 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (Revolver) | (19) | SF | 6.10% | 10.38% | 11/20/2020 | 12/31/2026 | 789 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHOOK Research, LLC | (8)(9) | SF | 4.75% | 8.91% | 9/19/2025 | 7/31/2030 | 11500 | 11331 | 11327 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHOOK Research, LLC (Revolver) | (19) | SF | 4.75% | 8.91% | 7/31/2025 | 7/31/2030 | 2875 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. | (7) | SF | 5.86% | 10.14% | 12/22/2021 | 12/22/2026 | 3135 | 3119 | 3103 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (Revolver) | (19) | SF | 5.86% | 10.14% | 12/22/2021 | 12/22/2026 | 500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchmath Acquisition LLC | (11) | SF | 5.75% | 10.03% | 2/28/2024 | 2/28/2030 | 9875 | 9719 | 9268 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchmath Acquisition LLC (Revolver) | (19) | SF | 5.75% | 10.03% | 2/28/2024 | 2/28/2030 | 1429 |  |  | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. | (7)(8) | SF | 6.00% | 10.16% | 1/28/2020 | 1/28/2027 | 5541 | $5541 | $5535 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. | (8) | SF | 6.00% | 10.16% | 8/31/2022 | 1/28/2027 | 2202 | 2202 | 2200 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (Revolver) | (19) | SF | 6.00% | 10.16% | 1/28/2020 | 1/28/2027 | 977 |  |  | 0.0% |
|  |  |  |  |  |  |  | 356489 | 280886 | 282769 | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.46% PIK | 2/15/2024 | 1/31/2028 | 228 | 228 | 413 | 0.0% |
|  |  |  |  |  |  |  | 228 | 228 | 413 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC | (8)(9)(10) | SF | 6.11% | 10.28% | 4/8/2025 | 12/4/2027 | 32835 | 32835 | 32539 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC (Delayed Draw) | (19)(20) | SF | 6.11% | 10.27% | 4/8/2025 | 12/4/2027 | 15278 | 183 | 182 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC (Revolver) | (19) | SF | 6.11% | 10.28% | 4/8/2025 | 12/4/2027 | 3972 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC | (7)(8) | SF | 6.10% | 10.10% | 12/31/2021 | 12/31/2027 | 11711 | 11608 | 11711 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (Revolver) | (19) | SF | 6.10% | 10.10% | 12/31/2021 | 12/31/2027 | 1413 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. | (7) | SF | 7.75% | 5.30% Cash/ 6.75% PIK | 2/28/2019 | 5/29/2026 | 1083 | 1083 | 1072 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. | (7) | SF | 7.75% | 5.30% Cash/ 6.75% PIK | 2/28/2019 | 5/29/2026 | 16 | 16 | 16 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. | (7) | SF | 7.75% | 5.30% Cash/ 6.75% PIK | 9/27/2022 | 5/29/2026 | 341 | 341 | 337 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. | (9) | SF | 7.75% | 5.30% Cash/ 6.75% PIK | 9/27/2022 | 5/29/2026 | 903 | 903 | 893 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. (Revolver) |  | SF | 6.75% | 11.05% | 2/28/2019 | 5/29/2026 | 125 | 125 | 123 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC |  | SF | 5.26% | 9.46% | 7/15/2024 | 7/15/2028 | 552 | 514 | 552 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC | (6) | SF | 5.85% | 10.01% | 11/3/2022 | 11/3/2027 | 4850 | 4792 | 4838 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC | (8) | SF | 5.85% | 10.01% | 11/3/2022 | 11/3/2027 | 3955 | 3955 | 3946 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC (Revolver) | (19) | SF | 5.85% | 10.01% | 11/3/2022 | 11/3/2027 | 1731 | 346 | 345 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STATS Intermediate Holdings, LLC |  | SF | 5.51% | 9.72% | 3/26/2024 | 7/10/2026 | 14195 | 14141 | 14142 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC (Delayed Draw) | (19)(20)(21) | SF | 5.76% | 9.82% | 9/11/2025 | 3/30/2029 | 106 | 70 | 71 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchtunes Music Group, LLC |  | SF | 4.75% | 8.75% | 6/30/2025 | 3/30/2029 | 4743 | 4692 | 4688 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USLIVE OPCO, INC. | (6) | SF | 5.50% | 9.67% | 7/2/2025 | 7/2/2030 | 10000 | 9804 | 9800 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USLIVE OPCO, INC. (Revolver) | (19) | SF | 5.50% | 9.67% | 7/2/2025 | 7/2/2030 | 2105 | 632 | 619 | 0.0% |
|  |  |  |  |  |  |  | 109914 | 86040 | 85874 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rita's Franchise Company, LLC | (11) | SF | 4.75% | 9.03% | 12/9/2024 | 11/15/2030 | 14639 | 14480 | 14676 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rita's Franchise Company, LLC (Revolver) | (19) | SF | 4.75% | 9.03% | 11/15/2024 | 11/15/2030 | 1799 |  |  | 0.0% |
|  |  |  |  |  |  |  | 16438 | 14480 | 14676 | 0.5% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A360, Inc. | (11) | SF | 5.50% | 9.79% | 12/19/2024 | 12/19/2030 | 10448 | $10308 | $10448 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A360, Inc. (Delayed Draw) | (19)(20) | SF | 5.50% | 9.67% | 12/19/2024 | 12/19/2030 | 4437 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A360, Inc. (Revolver) | (19) | SF | 5.50% | 9.67% | 12/19/2024 | 12/19/2030 | 2218 | 621 | 621 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelya US Inc | (34) | SF | 5.25% | 9.38% | 9/29/2025 | 10/1/2032 | 8400 | 8232 | 8274 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Exteriors Group Holdco, LLC | (11) | SF | 5.25% | 9.25% | 12/13/2024 | 12/13/2029 | 13895 | 13685 | 13631 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Exteriors Group Holdco, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 12/13/2024 | 12/13/2029 | 10000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Exteriors Group Holdco, LLC (Revolver) | (19) | SF | 5.25% | 9.25% | 12/13/2024 | 12/13/2029 | 1667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC | (27) | SF | 5.25% | 9.25% | 2/21/2025 | 6/30/2030 | 20603 | 20329 | 20908 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC | (27) | SF | 5.25% | 9.25% | 2/21/2025 | 6/30/2030 | 5727 | 5650 | 5812 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC |  | SF | 5.25% | 9.25% | 12/31/2024 | 6/30/2030 | 4063 | 4063 | 4123 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC | (8) | SF | 5.25% | 9.25% | 9/8/2025 | 6/30/2030 | 2523 | 2486 | 2560 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.24% | 7/3/2025 | 6/30/2030 | 4304 | 521 | 529 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC (Revolver) | (19) | SF | 5.75% | 10.05% | 12/31/2024 | 12/8/2029 | 1642 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation | (6)(9) | SF | 5.00% | 9.00% | 4/13/2021 | 4/13/2029 | 5259 | 5234 | 5312 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation (Revolver) | (19) | SF | 5.00% | 9.00% | 4/13/2021 | 4/13/2029 | 726 | 218 | 218 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC | (6)(11) | SF | 6.50% | 10.81% | 10/31/2023 | 10/31/2029 | 20000 | 19625 | 20000 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC | (27) | SF | 6.50% | 10.81% | 10/31/2023 | 10/31/2029 | 8421 | 8421 | 8421 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 10.56% | 8/30/2024 | 10/31/2029 | 18235 | 6291 | 6291 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC (Revolver) | (19) | SF | 6.50% | 10.81% | 10/31/2023 | 10/31/2029 | 3158 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomerang, LLC | (6)(9)(11) | SF | 6.50% | 7.00% Cash/ 3.50% PIK | 12/27/2023 | 12/27/2029 | 16000 | 15751 | 16000 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomerang, LLC (Delayed Draw) | (19)(20) | SF | 6.50% | 7.00% Cash/ 3.50% PIK | 12/27/2023 | 12/27/2029 | 4800 | 1600 | 1600 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomerang, LLC (Revolver) | (19) | SF | 6.00% | 10.00% | 12/27/2023 | 12/27/2029 | 3200 | 1600 | 1600 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buck Design LLC | (10) | SF | 4.50% | 8.78% | 6/11/2025 | 6/2/2031 | 10000 | 9904 | 10000 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buck Design LLC (Delayed Draw) | (19)(20) | SF | 4.50% | 8.52% | 6/2/2025 | 6/2/2031 | 7843 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buck Design LLC (Revolver) | (19) | SF | 4.50% | 8.52% | 6/2/2025 | 6/2/2031 | 3922 | 294 | 294 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. | (9)(11) | SF | 5.75% | 9.75% | 7/18/2024 | 7/18/2030 | 45950 | 45265 | 46065 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (19)(20) | SF | 5.75% | 9.75% | 7/18/2024 | 7/18/2030 | 4255 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (19)(20) | SF | 5.75% | 9.75% | 7/18/2024 | 7/18/2030 | 5956 | 2340 | 2346 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Revolver) | (19) | SF | 5.75% | 9.75% | 7/18/2024 | 7/18/2030 | 5106 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearCapital Holdings, LLC | (6)(8) | SF | 5.00% | 9.00% | 8/6/2025 | 6/30/2032 | 7206 | 7117 | 7116 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearCapital Holdings, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.00% | 7/2/2025 | 6/30/2032 | 3431 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearCapital Holdings, LLC (Revolver) | (19) | SF | 5.00% | 9.00% | 7/2/2025 | 6/30/2032 | 1620 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. | (7)(9)(11) | SF | 6.25% | 10.42% | 9/15/2023 | 9/14/2029 | 36000 | 35342 | 36126 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. | (27) | SF | 6.25% | 10.42% | 9/15/2023 | 9/14/2029 | 6750 | 6750 | 6774 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. | (27) | SF | 6.25% | 10.42% | 3/28/2025 | 9/14/2029 | 18827 | 18651 | 18893 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. (Delayed Draw) | (19)(20) | SF | 6.25% | 10.42% | 3/28/2025 | 9/14/2029 | 5379 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. (Delayed Draw) | (19)(20) | SF | 6.25% | 10.42% | 5/17/2024 | 9/14/2029 | 12000 | 4114 | 4129 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. (Revolver) | (19) | SF | 6.25% | 10.42% | 9/15/2023 | 9/14/2029 | 5625 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Discovery Acquireco, LLC | (6)(9) | SF | 6.00% | 10.20% | 8/29/2023 | 8/29/2029 | 20000 | 19634 | 20200 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Discovery Acquireco, LLC | (6) | SF | 5.25% | 9.45% | 5/3/2024 | 8/29/2029 | 3273 | 3247 | 3256 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Discovery Acquireco, LLC (Revolver) | (19) | SF | 6.00% | 10.20% | 8/29/2023 | 8/29/2029 | 2727 | 1455 | 1455 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. | (7)(12)(36) | SF | 6.85% | 10.85% | 9/21/2021 | 12/29/2028 | 13576 | 13476 | 13525 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. | (7)(12)(36) | SF | 6.85% | 10.85% | 9/21/2021 | 12/29/2028 | 1056 | 1056 | 1052 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. | (12)(36) | SF | 6.85% | 10.85% | 3/28/2024 | 12/29/2028 | 2222 | 2222 | 2214 | 0.1% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. | (12)(36) | SF | 6.85% | 10.85% | 5/4/2023 | 12/29/2028 | 1687 | $1687 | $1681 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. (Delayed Draw) | (12)(19)(20)(36) | SF | 6.85% | 10.85% | 5/12/2025 | 12/29/2028 | 1922 | 1113 | 1108 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. (Revolver) | (12)(19)(36) | SF | 6.85% | 10.85% | 9/21/2021 | 12/29/2028 | 2067 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecotrak, LLC (fka Respida Software Equity CI LP) |  | SF | 6.00% | 10.18% | 9/11/2025 | 9/11/2030 | 7547 | 7398 | 7547 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecotrak, LLC (fka Respida Software Equity CI LP) (Delayed Draw) | (19)(20) | SF | 6.00% | 10.18% | 9/11/2025 | 9/11/2030 | 268 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecotrak, LLC (fka Respida Software Equity CI LP) (Revolver) | (19) | SF | 6.00% | 10.18% | 9/11/2025 | 9/11/2030 | 1132 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edustaff, LLC | (6)(9) | SF | 5.60% | 9.76% | 12/8/2022 | 12/8/2027 | 10844 | 10695 | 10844 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edustaff, LLC (Revolver) | (19) | SF | 5.60% | 9.76% | 12/8/2022 | 12/8/2027 | 2364 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hart Halsey, LLC | (8) | SF | 6.25% | 9.57% Cash/ 1.00% PIK | 6/25/2025 | 6/25/2031 | 7500 | 7426 | 7474 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hart Halsey, LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 9.57% Cash/ 1.00% PIK | 6/25/2025 | 6/25/2031 | 7500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hart Halsey, LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 9.57% Cash/ 1.00% PIK | 6/25/2025 | 6/25/2031 | 5100 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hart Halsey, LLC (Revolver) | (19) | SF | 6.25% | 9.57% Cash/ 1.00% PIK | 6/25/2025 | 6/25/2031 | 2250 | 1500 | 1495 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huckabee Acquisition, LLC | (6)(8)(10) | SF | 5.25% | 9.25% | 1/16/2024 | 1/16/2030 | 29550 | 29088 | 29550 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huckabee Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 1/16/2024 | 1/16/2030 | 6522 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huckabee Acquisition, LLC (Revolver) | (19) | SF | 5.25% | 9.25% | 1/16/2024 | 1/16/2030 | 3913 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iCIMS, Inc. | (7) | SF | 6.25% | 10.57% | 10/24/2022 | 8/18/2028 | 8000 | 7919 | 7810 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. | (34) | SF | 4.50% | 8.63% | 8/25/2025 | 10/30/2031 | 10000 | 10025 | 10003 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC | (6)(8)(10) | SF | 5.25% | 9.25% | 12/27/2023 | 12/27/2029 | 14738 | 14510 | 14767 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC | (11) | SF | 5.25% | 9.41% | 12/9/2024 | 12/27/2029 | 7118 | 7027 | 7132 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC | (8) | SF | 5.25% | 9.41% | 12/27/2023 | 12/27/2029 | 8213 | 8213 | 8230 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 11/19/2024 | 12/27/2029 | 12397 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC (Revolver) | (19) | SF | 5.25% | 9.25% | 12/27/2023 | 12/27/2029 | 3125 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDX Studio, LLC | (11) | SF | 5.00% | 9.16% | 12/9/2024 | 11/13/2030 | 9925 | 9773 | 9869 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDX Studio, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.16% | 11/14/2024 | 11/13/2030 | 799 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDX Studio, LLC (Revolver) | (19) | SF | 5.00% | 9.16% | 11/14/2024 | 11/13/2030 | 2398 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K2 Services Venture LLC | (8) | SF | 4.75% | 8.90% | 9/5/2025 | 9/5/2031 | 13400 | 13234 | 13233 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K2 Services Venture LLC (Revolver) | (19) | P | 3.75% | 11.00% | 9/5/2025 | 9/5/2031 | 3988 | 479 | 473 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC | (6) | SF | 6.65% | 10.94% | 12/9/2022 | 12/11/2028 | 2925 | 2889 | 2913 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC | (8) | SF | 6.65% | 10.94% | 12/9/2022 | 12/11/2028 | 938 | 938 | 935 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 10.94% | 12/9/2022 | 12/11/2028 | 1358 | 1358 | 1352 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC (Revolver) |  | SF | 6.65% | 10.94% | 12/9/2022 | 12/11/2028 | 1200 | 1200 | 1195 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC | (6)(8)(10) | SF | 6.65% | 10.85% | 8/31/2023 | 8/31/2028 | 44100 | 43332 | 44188 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC | (27) | SF | 6.60% | 10.76% | 10/25/2024 | 8/31/2028 | 1591 | 1583 | 1594 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC | (27) | SF | 6.60% | 10.76% | 12/2/2024 | 8/31/2028 | 3540 | 3483 | 3547 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC | (8) | SF | 6.60% | 10.76% | 8/18/2025 | 8/31/2028 | 9218 | 9087 | 9236 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC | (8) | SF | 6.60% | 10.76% | 9/5/2025 | 8/31/2028 | 4208 | 4208 | 4217 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC (Revolver) | (19) | SF | 6.60% | 10.76% | 8/31/2023 | 8/31/2028 | 2308 | 1154 | 1154 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MYOB US Borrower, LLC (fka ETA Australia Holdings III Pty Ltd and MYOB US Borrower LLC) | (12)(25)(35) | BBSW | 5.75% | 9.33% | 6/6/2025 | 5/29/2030 | 26656 | 25791 | 26123 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talent Systems, LLC (fka Moonraker Acquisitionco LLC) | (6) | SF | 5.75% | 9.87% | 9/30/2022 | 8/4/2028 | 6808 | 6735 | 6808 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talent Systems, LLC (fka Moonraker Acquisitionco LLC) (Revolver) | (19) | SF | 5.75% | 9.87% | 9/30/2022 | 8/4/2028 | 933 | 47 | 47 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. | (6)(7)(9) | SF | 5.85% | 10.08% | 11/15/2023 | 11/30/2027 | 13087 | 12939 | 13087 | 0.5% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (Delayed Draw) | (19)(20) | SF | 5.85% | 10.05% | 11/15/2023 | 11/30/2027 | 7406 | $820 | $820 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (Revolver) | (19) | P | 4.75% | 12.00% | 11/15/2023 | 11/30/2027 | 5273 | 835 | 835 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC |  | SF | 6.26% | 10.43% | 8/16/2024 | 8/16/2029 | 7425 | 7300 | 7444 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC (Revolver) | (19) | SF | 6.00% | 10.28% | 8/16/2024 | 8/16/2029 | 1591 | 682 | 682 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onix Networking Corp. |  | SF | 5.25% | 9.25% | 5/9/2025 | 10/2/2029 | 4500 | 4500 | 4500 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onix Networking Corp. | (6)(8) | SF | 5.25% | 9.25% | 10/2/2023 | 10/2/2029 | 14737 | 14517 | 14738 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onix Networking Corp. (Revolver) | (19) | SF | 5.25% | 9.25% | 10/2/2023 | 10/2/2029 | 5000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPOC Acquisition, LLC | (11) | SF | 5.00% | 9.29% | 12/20/2024 | 12/20/2030 | 12935 | 12762 | 12982 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPOC Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.29% | 12/20/2024 | 12/20/2030 | 3009 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPOC Acquisition, LLC (Revolver) | (19) | SF | 5.00% | 9.29% | 12/20/2024 | 12/20/2030 | 1204 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. | (6) | SF | 6.50% | 10.79% | 4/9/2024 | 4/9/2030 | 16369 | 16103 | 16369 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. | (12)(23) | SF | 6.75% | 11.04% | 4/9/2024 | 4/9/2030 | 36304 | 33681 | 36304 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (Delayed Draw) | (19)(20) | SF | 6.50% | 10.81% | 4/9/2024 | 4/9/2030 | 16833 | 6935 | 6935 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (Delayed Draw) | (19)(20) | SF | 6.50% | 10.79% | 4/9/2024 | 4/9/2030 | 1762 | 1019 | 1019 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (Delayed Draw) | (12)(19)(20)(23) | SF | 6.75% | 11.04% | 4/9/2024 | 4/9/2030 | 3563 | 2072 | 2089 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (Revolver) | (19) | SF | 5.75% | 10.05% | 4/9/2024 | 4/9/2030 | 6733 | 2020 | 2020 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Pest Buyer, LLC | (6)(8) | SF | 5.25% | 9.55% | 6/20/2024 | 6/20/2030 | 13895 | 13694 | 13916 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Pest Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.31% | 6/20/2024 | 6/20/2030 | 41883 | 25920 | 25959 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Pest Buyer, LLC (Revolver) | (19) | SF | 5.25% | 9.31% | 6/20/2024 | 6/20/2030 | 8400 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. | (8)(11) | SF | 5.50% | 9.79% | 12/20/2024 | 12/20/2030 | 36239 | 35761 | 36096 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc. (Revolver) | (19) | SF | 5.50% | 9.50% | 2/20/2025 | 12/20/2030 | 4345 | 2983 | 2983 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Accelerate Parent, LLC | (8) | SF | 5.25% | 9.41% | 2/22/2024 | 2/22/2031 | 11727 | 11637 | 11727 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Accelerate Parent, LLC (Revolver) | (19) | SF | 5.25% | 9.41% | 2/22/2024 | 2/22/2031 | 3125 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC | (21) | SF | 7.85% | 7.63% Cash/ 4.50% PIK | 12/8/2022 | 12/8/2027 | 6177 | 5605 | 5006 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC (Revolver) | (19)(21) | SF | 7.85% | 7.63% Cash/ 4.50% PIK | 12/8/2022 | 12/8/2027 | 921 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. | (8) | SF | 5.25% | 9.41% | 8/6/2024 | 8/6/2030 | 7425 | 7295 | 7405 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. | (8) | SF | 5.25% | 9.41% | 8/6/2024 | 8/6/2030 | 7089 | 7089 | 7070 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. | (8) | SF | 5.25% | 9.41% | 3/12/2025 | 8/6/2030 | 5140 | 5044 | 5126 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. (Revolver) | (19) | SF | 5.25% | 9.41% | 8/6/2024 | 8/6/2030 | 2679 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. | (6)(11) | SF | 5.85% | 10.01% | 6/17/2024 | 9/30/2027 | 35969 | 35969 | 35735 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. | (6)(11) | SF | 5.85% | 10.01% | 6/17/2024 | 9/30/2027 | 11167 | 11167 | 11094 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. | (6)(11) | SF | 5.85% | 10.01% | 6/17/2024 | 9/30/2027 | 11031 | 11031 | 10959 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal 88, LLC | (6)(8) | SF | 6.50% | 10.78% | 6/3/2024 | 6/3/2029 | 23265 | 22991 | 23323 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstates Security, LLC | (8) | SF | 4.50% | 8.66% | 8/9/2024 | 8/9/2030 | 19950 | 19694 | 20150 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstates Security, LLC (Delayed Draw) | (19)(20) | SF | 4.50% | 8.66% | 8/9/2024 | 8/9/2030 | 13333 | 6667 | 6733 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc. |  | SF | 4.60% | 8.91% | 3/31/2025 | 2/9/2031 | 3860 | 3651 | 3478 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thryv, Inc. | (12) | SF | 6.75% | 10.91% | 5/15/2024 | 5/1/2029 | 6750 | 6697 | 6792 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIC Bidco Limited | (12)(23)(41) | SN | 5.00% | 8.97% | 6/12/2024 | 6/14/2031 | 15382 | 14432 | 15387 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIC Bidco Limited | (12)(23)(41) | SN | 5.00% | 8.97% | 2/3/2025 | 6/14/2031 | 2098 | 1924 | 2098 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC | (6) | SF | 5.25% | 9.25% | 5/6/2024 | 5/6/2031 | 17914 | 17683 | 17967 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 5/6/2024 | 5/6/2031 | 2311 | 2085 | 2091 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC |  | SF | 5.25% | 9.25% | 5/6/2024 | 5/6/2031 | 7462 | 7462 | 7484 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 11/8/2024 | 5/6/2031 | 6663 | 1315 | 1319 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 11/8/2024 | 5/6/2031 | 3333 |  |  | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Revolver) | (19) | SF | 5.25% | 9.25% | 5/6/2024 | 5/6/2031 | 3509 | $1684 | $1684 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC | (6)(9)(10) | SF | 5.50% | 9.82% | 6/5/2025 | 6/11/2031 | 29333 | 29333 | 29333 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC | (6) | SF | 5.50% | 9.82% | 6/5/2025 | 6/11/2031 | 13333 | 13140 | 13333 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC (Delayed Draw) | (19)(20) | SF | 5.50% | 9.82% | 6/5/2025 | 6/11/2031 | 6667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC (Revolver) | (19) | SF | 5.50% | 9.82% | 6/5/2025 | 6/11/2031 | 2667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPEngine, Inc. | (7)(9) | SF | 6.00% | 10.13% | 8/14/2023 | 8/14/2029 | 16500 | 16138 | 16459 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPEngine, Inc. (Revolver) | (19) | SF | 6.00% | 10.13% | 8/14/2023 | 8/14/2029 | 1650 |  |  | 0.0% |
|  |  |  |  |  |  |  | 1243423 | 981670 | 994849 | 36.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMS Parent, LLC | (8)(27) | SF | 4.86% | 9.03% | 4/8/2024 | 10/25/2028 | 15237 | 15074 | 14399 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (6) | SF | 6.40% | 10.40% | 12/28/2023 | 6/23/2028 | 4913 | 4830 | 4913 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (6)(7) | SF | 6.40% | 10.40% | 7/19/2023 | 6/23/2028 | 4913 | 4835 | 4913 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (6)(8)(10) | SF | 5.90% | 9.90% | 6/24/2022 | 6/23/2028 | 14550 | 14396 | 14405 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (8)(11) | SF | 5.90% | 9.90% | 6/24/2022 | 6/23/2028 | 20696 | 20696 | 20489 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (8) | SF | 5.90% | 9.90% | 6/20/2024 | 6/23/2028 | 8286 | 8286 | 8203 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC (Revolver) | (19) | SF | 5.90% | 9.90% | 6/24/2022 | 6/23/2028 | 4523 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedited Travel, LLC | (7)(8)(9)(10) | SF | 6.61% | 10.89% | 11/8/2023 | 11/8/2028 | 8729 | 8581 | 8729 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedited Travel, LLC (Revolver) | (19) | SF | 6.61% | 10.78% | 11/8/2023 | 11/8/2028 | 1500 | 1250 | 1250 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC | (6)(8) | SF | 6.25% | 10.58% | 4/10/2025 | 4/10/2031 | 18706 | 18528 | 18706 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (Revolver) | (19) | SF | 6.25% | 10.58% | 4/10/2025 | 4/10/2031 | 1103 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Artists Entertainment, LLC | (8)(27) | SF | 5.25% | 9.54% | 3/21/2025 | 3/21/2031 | 22250 | 21938 | 20429 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Artists Entertainment, LLC (Revolver) | (19) | SF | 5.25% | 9.54% | 3/21/2025 | 3/21/2031 | 2225 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC | (8) | SF | 5.50% | 9.50% | 5/13/2025 | 6/29/2029 | 2940 | 2885 | 2925 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC | (8) | SF | 5.50% | 9.50% | 12/17/2024 | 6/29/2029 | 4949 | 4949 | 4924 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC | (8) | SF | 5.50% | 9.50% | 7/16/2024 | 6/29/2029 | 528 | 515 | 525 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC | (8)(9)(10)(11) | SF | 5.50% | 9.50% | 6/30/2023 | 6/29/2029 | 26881 | 26308 | 26747 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC (Revolver) | (19) | SF | 5.50% | 9.50% | 6/30/2023 | 6/29/2029 | 4753 | 3042 | 3027 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC | (10)(11) | SF | 6.00% | 10.00% | 11/15/2023 | 11/15/2030 | 21437 | 21095 | 21051 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC |  | SF | 6.00% | 10.00% | 11/15/2023 | 11/15/2030 | 5388 | 5388 | 5291 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC (Revolver) | (19) | SF | 6.00% | 10.00% | 11/15/2023 | 11/15/2029 | 2727 | 941 | 923 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKissock Investment Holdings, LLC |  | SF | 5.15% | 9.47% | 8/25/2025 | 3/9/2029 | 9974 | 9987 | 9931 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removery, LLC |  | SF | 8.00% | 12.22% | 9/8/2025 | 9/8/2030 | 12000 | 11763 | 11760 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc. | (12)(34) | SF | 6.50% | 9.31% Cash/ 1.50% PIK | 4/1/2025 | 5/30/2027 | 17112 | 16643 | 16474 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel City Wash, LLC | (27) | SF | 5.25% | 9.54% | 2/21/2025 | 2/5/2030 | 13965 | 13714 | 13993 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel City Wash, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.58% | 2/5/2025 | 2/5/2030 | 3158 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel City Wash, LLC (Revolver) | (19) | SF | 5.25% | 9.58% | 2/5/2025 | 2/5/2030 | 1579 | 84 | 84 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Black Tux, LLC | (8)(9)(10) | SF | 6.50% | 10.66% | 12/27/2023 | 12/27/2028 | 9399 | 9353 | 9399 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Black Tux, LLC (Delayed Draw) | (19)(20) | SF | 6.50% | 10.66% | 12/27/2023 | 12/27/2028 | 1902 | 798 | 798 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Black Tux, LLC (Revolver) | (19) | SF | 6.50% | 10.66% | 12/27/2023 | 12/27/2028 | 1944 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC | (12)(24) | SF | 6.50% | 10.79% | 11/20/2024 | 11/20/2030 | 6470 | 5724 | 6145 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC | (12)(24) | SF | 6.50% | 10.79% | 11/20/2024 | 11/20/2030 | 19800 | 17522 | 18807 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC | (11) | SF | 6.25% | 10.54% | 12/13/2024 | 11/20/2030 | 6385 | 6286 | 6057 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC | (11) | SF | 6.25% | 10.54% | 12/13/2024 | 11/20/2030 | 13517 | 13307 | 12823 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 10.54% | 11/20/2024 | 11/20/2030 | 12270 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC (Revolver) | (12)(19)(24) | SF | 6.50% | 10.79% | 11/20/2024 | 11/20/2030 | 2934 | 1568 | 1672 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC (Revolver) | (19) | SF | 6.25% | 10.54% | 11/20/2024 | 11/20/2030 | 5059 | 3372 | 3199 | 0.1% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hertz Corporation | (12) | SF | 3.76% | 8.07% | 6/21/2024 | 6/30/2028 | 8221 | $8096 | $7408 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hertz Corporation | (12) | SF | 3.76% | 8.07% | 6/21/2024 | 6/30/2028 | 1618 | 1593 | 1458 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdco LLC | (10)(11) | SF | 5.00% | 9.29% | 7/16/2024 | 7/1/2030 | 20737 | 20430 | 20603 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdco LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.29% | 7/16/2024 | 7/1/2030 | 7470 | 3720 | 3696 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdco LLC (Revolver) | (19) | SF | 5.00% | 9.29% | 7/16/2024 | 7/1/2030 | 3000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanterra Holdings, LLC | (6) | SF | 4.25% | 8.48% | 8/8/2025 | 8/8/2031 | 10500 | 10396 | 10395 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanterra Holdings, LLC (Delayed Draw) | (19)(20) | SF | 4.25% | 8.48% | 8/8/2025 | 8/8/2031 | 21000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanterra Holdings, LLC (Delayed Draw) | (19)(20) | SF | 4.25% | 8.48% | 8/8/2025 | 8/8/2031 | 21000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanterra Holdings, LLC (Revolver) | (19) | SF | 4.25% | 8.48% | 8/8/2025 | 8/8/2031 | 6300 |  |  | 0.0% |
|  |  |  |  |  |  |  | 434548 | 337893 | 336551 | 12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC | (6) | P | 12.00% | 17.25% Cash/ 2.00% PIK | 6/10/2022 |  | 2687 | 2687 | 2747 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (Revolver) | (19) | P | 12.00% | 17.25% Cash/ 2.00% PIK | 6/10/2022 |  | 1000 | 256 | 262 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) | (21) | SF | 6.00% | 5.17% Cash/ 5.00% PIK | 3/3/2025 | 3/3/2030 | 376 | 366 | 340 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archtop Fiber Intermediate LLC |  | SF | 6.25% | 10.53% | 4/1/2025 | 4/1/2030 | 21993 | 21583 | 21992 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archtop Fiber Intermediate LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 10.53% | 4/1/2025 | 4/1/2030 | 33722 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. | (7) | SF | 5.50% | 9.70% | 12/19/2023 | 4/16/2027 | 1159 | 1159 | 1159 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. | (7) | SF | 5.50% | 9.70% | 4/16/2021 | 4/16/2027 | 7900 | 7838 | 7900 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. (Revolver) | (19) | SF | 5.50% | 9.70% | 4/16/2021 | 4/16/2027 | 963 | 413 | 413 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataOnline Corp. | (8)(27) | SF | 5.35% | 9.51% | 5/30/2025 | 11/13/2026 | 8609 | 8506 | 8609 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataOnline Corp. | (7)(8)(9)(10)(11) | SF | 5.40% | 9.60% | 11/13/2019 | 11/13/2026 | 34401 | 34399 | 34487 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataOnline Corp. (Revolver) | (19) | SF | 5.40% | 9.40% | 11/13/2019 | 11/13/2026 | 3701 | 2591 | 2591 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Finco S.A.R.L. | (8)(21)(38) | SF | 6.00% | 10.00% | 9/30/2025 | 10/6/2029 | 6985 | 6722 | 1842 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB Purchaser, LLC | (8)(10) | SF | 4.75% | 8.97% | 1/3/2024 | 1/3/2030 | 14775 | 14550 | 14775 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB Purchaser, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 8.89% | 1/3/2024 | 1/3/2030 | 12400 | 11600 | 11600 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB Purchaser, LLC (Revolver) | (19) | SF | 4.75% | 8.89% | 1/3/2024 | 1/3/2030 | 2500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patagonia Holdco LLC | (6)(12) | SF | 5.75% | 9.98% | 8/5/2022 | 8/1/2029 | 14550 | 12811 | 11210 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiate Holdco, LLC |  | SF | 5.11% | 7.78% Cash/ 1.50% PIK | 7/31/2025 | 9/25/2029 | 10846 | 9880 | 8744 | 0.3% |
|  |  |  |  |  |  |  | 178567 | 135361 | 128671 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dusk Acquisition II Corporation | (6)(10) | SF | 6.00% | 10.00% | 7/12/2024 | 7/12/2029 | 27443 | 27004 | 27717 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dusk Acquisition II Corporation | (6)(8) | SF | 6.00% | 10.00% | 11/29/2024 | 7/12/2029 | 36898 | 36275 | 37267 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. | (8)(11)(27) | SF | 5.25% | 9.25% | 5/20/2025 | 4/17/2031 | 49932 | 49335 | 50431 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. | (10) | SF | 5.25% | 9.45% | 6/5/2025 | 4/17/2031 | 13217 | 13138 | 13349 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.25% | 4/17/2025 | 4/17/2031 | 17998 | 8099 | 8180 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (Revolver) | (19) | SF | 5.25% | 9.25% | 4/17/2025 | 4/17/2031 | 9936 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiasco Enterprises, LLC | (11) | SF | 6.36% | 10.64% | 5/6/2022 | 5/6/2027 | 6790 | 6743 | 6685 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiasco Enterprises, LLC | (6)(11) | SF | 6.61% | 10.89% | 12/15/2022 | 5/6/2027 | 8190 | 8084 | 8096 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiasco Enterprises, LLC (Revolver) | (19) | SF | 6.61% | 10.89% | 5/6/2022 | 5/6/2027 | 1750 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. | (6)(7)(9) | SF | 5.00% | 9.13% | 11/1/2022 | 11/1/2029 | 16577 | 16287 | 16593 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.16% | 11/1/2022 | 11/1/2029 | 5652 | 4007 | 4011 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Revolver) | (19) | P | 4.00% | 11.25% | 11/1/2022 | 11/1/2029 | 2273 | 1397 | 1397 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC | (7) | SF | 8.10% | 10.38% Cash/ 2.00% PIK | 12/13/2021 | 12/14/2026 | 11481 | 11421 | 9231 | 0.3% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC |  | SF | 8.10% | 10.38% Cash/ 2.00% PIK | 12/13/2021 | 12/14/2026 | 10610 | $10610 | $8531 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC (Revolver) | (19) | SF | 8.10% | 10.38% Cash/ 2.00% PIK | 12/13/2021 | 12/14/2026 | 1335 | 956 | 768 | 0.0% |
|  |  |  |  |  |  |  | 220082 | 193356 | 192256 | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC | (6) | SF | 5.63% | 9.73% | 10/6/2022 | 10/3/2028 | 23210 | 22876 | 22847 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC | (6) | SF | 6.00% | 10.10% | 5/25/2023 | 10/3/2028 | 6517 | 6380 | 6477 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC |  | SF | 5.25% | 9.35% | 7/30/2024 | 10/3/2028 | 1098 | 1086 | 1070 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC (Delayed Draw) | (19)(20) | SF | 5.63% | 9.73% | 7/30/2024 | 10/3/2028 | 959 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC (Revolver) | (19) | SF | 5.63% | 9.73% | 10/6/2022 | 10/3/2028 | 5296 | 3619 | 3619 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings LLC | (6) | SF | 5.10% | 9.27% | 3/10/2021 | 3/10/2028 | 3 | 3 | 3 | 0.0% |
|  |  |  |  |  |  |  | 37083 | 33964 | 34016 | 1.3% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  |  | **5828544** | **4632985** | **4620982** | **170.7%** |
| &nbsp;&nbsp;&nbsp;**Unitranche Secured Loans (13)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gargoyle Enterprises, Inc. (Revolver) | (26) | SF | 12.00% | 16.28% | 11/3/2023 | 11/3/2026 | 1000 | 1000 | 998 | 0.0% |
|  |  |  |  |  |  |  | 1000 | 1000 | 998 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. | (7)(8) | SF | 5.11% | 9.39% | 12/3/2021 | 12/3/2026 | 7048 | 7015 | 7048 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. | (7)(8) | SF | 5.11% | 9.39% | 12/27/2021 | 12/3/2026 | 7772 | 7772 | 7772 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. | (9) | SF | 5.11% | 9.39% | 9/17/2024 | 12/3/2026 | 2346 | 2323 | 2369 | 0.1% |
|  |  |  |  |  |  |  | 17166 | 17110 | 17189 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park County Holdings, LLC |  | SF | 6.75% | 10.91% | 11/29/2023 | 11/29/2029 | 44721 | 44239 | 44721 | 1.7% |
|  |  |  |  |  |  |  | 44721 | 44239 | 44721 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC | (6) | SF | 6.40% | 10.71% | 5/25/2022 | 5/25/2028 | 15000 | 14841 | 14981 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC |  | SF | 6.40% | 10.71% | 5/25/2022 | 5/25/2028 | 2250 | 2250 | 2247 | 0.1% |
|  |  |  |  |  |  |  | 17250 | 17091 | 17228 | 0.7% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Unitranche Secured Loans** |  |  |  |  |  |  | **80137** | **79440** | **80136** | **3.0%** |
| &nbsp;&nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Holdings III Corp. |  | SF | 7.00% | 5.00% Cash/ 6.00% PIK | 11/3/2023 | 5/9/2027 | 1875 | 1874 | 1699 | 0.1% |
|  |  |  |  |  |  |  | 1875 | 1874 | 1699 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC | (8)(11)(21) | SF | 8.76% | 13.07% | 12/11/2023 | 3/30/2028 | 14436 | 13903 | 1299 | 0.0% |
|  |  |  |  |  |  |  | 14436 | 13903 | 1299 | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (12)(21)(22) | SF | 6.40% | 10.40% PIK | 3/31/2025 | 8/11/2027 | 1822 | $1823 | $1885 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (12)(21)(22) | n/a | n/a | 10.25% PIK | 10/30/2024 | 8/11/2027 | 4956 | 4962 | 1018 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (12)(21)(22) | n/a | n/a | n/a | 3/31/2025 | 8/11/2027 | 86 | 83 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (21) | SF | 6.15% | 10.15% PIK | 3/31/2025 | 8/11/2027 | 1484 | 1473 | 1533 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (21) | n/a | n/a | 10.00% PIK | 10/30/2024 | 8/11/2027 | 4038 | 4013 | 829 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (21) | n/a | n/a | n/a | 3/31/2025 | 8/11/2027 | 68 | 69 |  | 0.0% |
|  |  |  |  |  |  |  | 12454 | 12423 | 5265 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivanti Software, Inc. | (34) | SF | 4.75% | 9.05% | 5/13/2025 | 6/1/2029 |  | 64 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jumpstart Holdco, Inc. | (6)(21) | SF | 5.65% | 9.98% | 4/19/2022 | 4/19/2028 | 22854 | 22620 | 10099 | 0.4% |
|  |  |  |  |  |  |  | 22854 | 22684 | 10099 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 Lafayette Mezz LLC (Delayed Draw) | (12)(19)(20) | SF | 9.50% | 13.66% | 7/17/2024 | 2/9/2028 | 20500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 Lafayette Mezz LLC (Delayed Draw) | (12)(19)(20) | SF | 6.35% | 10.51% | 7/17/2024 | 2/9/2028 | 20500 | 14834 | 15024 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jesse Studio Mezz, LLC (Delayed Draw) | (12)(19)(20) | SF | 11.53% | 15.69% | 6/7/2024 | 6/7/2027 | 41930 | 36794 | 37885 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sundy Village West Mezz Borrower, LLC (Delayed Draw) | (12)(19)(20) | SF | 10.25% | 14.47% | 12/21/2023 | 1/15/2027 | 37349 | 27184 | 27717 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sundy Village West Mezz Borrower, LLC (Delayed Draw) | (12)(19)(20) | SF | 11.50% | 15.72% PIK | 12/21/2023 | 1/15/2027 | 14085 | 12616 | 12842 | 0.5% |
|  |  |  |  |  |  |  | 134364 | 91428 | 93468 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (21) | SF | 10.26% | 14.58% PIK | 6/18/2024 | 6/18/2029 | 1763 | 1763 | 1286 | 0.1% |
|  |  |  |  |  |  |  | 1763 | 1763 | 1286 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (12)(21)(36) | SF | 8.26% | 5.82% Cash/ 6.50% PIK | 4/26/2019 | 3/12/2029 | 1892 | 1696 | 951 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (12)(21)(36) | SF | 8.26% | 5.99% Cash/ 6.50% PIK | 4/26/2019 | 3/12/2029 | 647 | 583 | 141 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KT Naples UB LLC | (12) | SF | 12.00% | 17.00% | 4/8/2024 | 4/8/2026 | 14250 | 14250 | 14370 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maltese Diplomat Owner 100 LLC (Delayed Draw) | (12)(19)(20) | SF | 10.97% | 15.19% | 3/11/2025 | 4/9/2028 | 50000 | 47691 | 48077 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RC & CY New Orleans Sole Member, LLC | (12) | SF | 9.00% | 13.19% | 3/20/2025 | 4/10/2028 | 30000 | 29735 | 29989 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 13.25% PIK | 3/18/2025 | 10/1/2026 | 1709 | 1709 | 1709 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 13.25% PIK | 7/26/2024 | 10/1/2026 | 502 | 502 | 502 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 13.25% PIK | 7/2/2021 | 10/1/2026 | 11090 | 11090 | 11090 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 13.25% PIK | 5/16/2023 | 10/1/2026 | 1918 | 1918 | 1918 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 13.25% PIK | 9/25/2023 | 10/1/2026 | 3442 | 3442 | 3442 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 13.25% PIK | 5/8/2024 | 10/1/2026 | 2360 | 2360 | 2360 | 0.1% |
|  |  |  |  |  |  |  | 117810 | 114976 | 114549 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP | (21) | n/a | n/a | n/a | 3/16/2021 | 3/16/2027 | 988 | 968 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP | (21) | n/a | n/a | 9.00% PIK | 8/29/2023 | 1/2/2028 | 430 | 401 | 501 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP | (21) | n/a | n/a | 9.00% PIK | 7/14/2023 | 1/2/2028 | 440 | 401 | 512 | 0.0% |
|  |  |  |  |  |  |  | 1858 | 1770 | 1013 | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21)(28) | n/a | n/a | n/a | 5/2/2019 | n/a | 477 | $477 | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21)(28) | n/a | n/a | n/a | 5/2/2019 | n/a | 150 | 150 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21)(28) | n/a | n/a | n/a | 5/2/2019 | n/a | 57 | 57 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21)(28) | n/a | n/a | n/a | 11/4/2019 | n/a | 92 | 92 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.57% PIK | 7/31/2023 | 1/31/2028 | 503 | 503 | 94 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.57% PIK | 7/31/2023 | 1/31/2028 | 152 | 152 | 28 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.57% PIK | 9/8/2023 | 1/31/2028 | 265 | 265 | 49 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.57% PIK | 7/31/2023 | 1/31/2028 | 396 | 396 |  | 0.0% |
|  |  |  |  |  |  |  | 2092 | 2092 | 171 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC | (6) | SF | 5.76% | 9.96% | 7/15/2024 | 10/15/2028 | 3601 | 3627 | 2970 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC | (21) | SF | 5.76% | 9.76% | 6/30/2025 | 3/30/2029 | 916 | 914 | 910 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC | (21) | SF | 6.76% | 10.76% | 6/30/2025 | 3/30/2029 | 881 | 877 | 869 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC (Revolver) | (21) | SF | 5.76% | 9.83% | 4/11/2025 | 3/30/2029 | 132 | 132 | 132 | 0.0% |
|  |  |  |  |  |  |  | 5530 | 5550 | 4881 | 0.2% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  |  | **315036** | **268463** | **233730** | **8.7%** |
| &nbsp;&nbsp;&nbsp;**Equity Investments (14)(15)(16)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Transport Components Acquisition, LLC (608,696 Class A common units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 7/15/2025 |  |  | 609 | 621 | 0.0% |
|  |  |  |  |  |  |  |  | 609 | 621 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (158,730 Class A shares) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 8/2/2021 |  |  | 159 | 249 | 0.0% |
|  |  |  |  |  |  |  |  | 159 | 249 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC (1,822 shares of common stock) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 7/29/2021 |  | **—** | 750 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 7/28/2021 | 7/28/2031 |  | 453 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1203 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caputo Cheese Interco Corp. (2,777,778 Class A units) |  | n/a | n/a | 8.00% PIK | 6/30/2025 |  |  | 2778 | 2797 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabrosura Foods, LLC et al (171,429 Class A interests) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 10/18/2019 |  |  | 171 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabrosura Foods, LLC et al (7,022 Class AA units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 11/22/2022 |  |  | 10 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabrosura Foods, LLC et al (8,322 Class AAA units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 3/17/2023 |  |  | 8 |  | 0.0% |
|  |  |  |  |  |  |  |  | 2967 | 2797 | 0.1% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC (314,584 Class A preferred units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 8/11/2022 |  |  | $650 | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC (45,874 Series B units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 8/1/2023 |  |  | 46 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC (67,283 Series C preferred units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 12/20/2023 |  |  | 67 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC (325 Series L units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 10/30/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tavoron Buyer Corp. (2,417,450 units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 1/22/2025 |  |  | 2417 | 2739 | 0.1% |
|  |  |  |  |  |  |  |  | 3180 | 2739 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harlem Acquisition, LLC (1,523,811 Class A units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 11/7/2024 |  |  | 1524 | 1622 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (2,275 units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 6/29/2023 |  |  | 2276 | 5317 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mooring Primary, LLC (2,574 preferred units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 4/1/2025 |  |  | 2574 | 2574 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mooring Primary, LLC (2,576 common units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 4/1/2025 |  |  | 3 | 23 | 0.0% |
|  |  |  |  |  |  |  |  | 6377 | 9536 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (169 Class A units) |  |  |  |  | 8/3/2021 |  |  | 169 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (872 Class B units) |  |  |  |  | 9/5/2025 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jumpstart Holdco, Inc. (1,566,667 Class A units) |  |  |  |  | 4/19/2022 |  |  | 1567 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1736 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC (2,162,506 units) |  |  |  |  | 6/18/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC (31,764 shares of common stock) |  |  |  |  | 6/18/2024 |  |  | 3191 |  | 0.0% |
|  |  |  |  |  |  |  |  | 3191 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy: Oil & Gas** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talos Energy Inc. (12,138 shares of common stock) | (6)(12)(29) |  |  |  | 3/4/2024 |  |  | 132 | 116 | 0.0% |
|  |  |  |  |  |  |  |  | 132 | 116 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 10/19/2020 | 3/17/2028 |  | 67 | 51 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Resource Management Group, LLC (warrant to purchase up to 0.1% of the equity) |  |  |  |  | 10/19/2021 | 3/17/2028 |  |  | 36 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StormTrap, LLC (640,000 Class A preferred units) | (17) | n/a | n/a | 8.00% PIK | 3/25/2022 |  |  | 640 | 640 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StormTrap, LLC (640,000 Class A common units) | (17) |  |  |  | 3/25/2022 |  |  |  | 563 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. (878 shares of common stock) |  |  |  |  | 8/11/2021 |  |  | 892 | 939 | 0.1% |
|  |  |  |  |  |  |  |  | 1599 | 2229 | 0.1% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bench Walk Lead, LLC (commitment to purchase up to 3.2% of the equity) | (12)(17) |  |  |  | 6/12/2023 |  |  | $1600 | $1702 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (0.3% profit sharing) | (12)(17) |  |  |  | 12/24/2020 |  |  |  | 54 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity) | (12)(17)(30) |  |  |  | 4/29/2022 |  |  | 575 | 637 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Protection BuyCo, LLC (1,159 common units) | (17) |  |  |  | 4/1/2025 |  |  | 1159 | 1213 | 0.1% |
|  |  |  |  |  |  |  |  | 3334 | 3606 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (2,036,442 Class A preferred shares) | (12)(21)(36) | n/a | n/a | 12.50% PIK  | 9/1/2022 |  |  | 2037 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (1,521 Class F common shares) | (12)(36) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 9/1/2022 |  |  | 1234 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC (284,853 Class A common units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 9/9/2019 |  |  | 420 | 334 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lessen LLC (128,737 preferred units) |  |  |  |  | 1/5/2023 |  |  | 1667 | 511 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Homes for Rent LLC (736,539 Series A preferred units) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 3/5/2024 |  |  | 3183 | 2902 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Homes for Rent LLC (warrant to purchase up to 1.6% of the equity) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 3/5/2024 | 3/5/2034 |  |  | 971 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC (2,992 preferred units) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 7/2/2021 |  |  | 3 | 6567 | 0.3% |
|  |  |  |  |  |  |  |  | 8544 | 11285 | 0.5% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Midco, LLC (725,806 Class A units) | (17) | n/a | n/a | 8.00% PIK | 2/5/2020 |  |  | $726 | $616 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (528 Class A preferred units) |  | n/a | n/a | 9.00% PIK | 7/17/2023 |  |  | 528 | 528 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (282,635 Class B common units) |  |  |  |  | 7/17/2023 |  |  |  | 152 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC (3,781 Class A units) | (17) | n/a | n/a | 8.00% PIK  | 6/11/2024 |  |  | 3782 | 3782 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC (4,011 Class B units) | (17) |  |  |  | 6/11/2024 |  |  |  | 100 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (531,783 Class A-1 units) |  |  |  |  | 6/30/2021 |  |  | 578 | 586 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (531,783 Class A-2 units) |  |  |  |  | 6/30/2021 |  |  |  | 114 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity) | (12) |  |  |  | 12/20/2022 | 12/20/2032 |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolve Biologics Inc. (warrant to purchase up to 1.2% of the equity) | (6)(12) |  |  |  | 1/18/2024 | 1/18/2034 |  |  | 110 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (906 Class A units) | (17) | n/a | n/a | 8.00% PIK  | 3/15/2024 |  |  | 387 | 402 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (906 Class B units) | (17) |  |  |  | 3/15/2024 |  |  |  | 1092 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (0.3% of the equity) |  |  |  |  | 1/31/2023 |  |  | 1010 | 324 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (369,827 Series B units) | (17) | n/a | n/a | 5.00% PIK | 8/20/2021 |  |  | 2498 | 5377 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (326,667 common units) | (17) |  |  |  | 8/20/2021 |  |  | 468 | 2640 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBPT Acquisition LLC (4,421 preferred units) | (44) |  |  |  | 3/3/2025 |  |  | 4421 | 4199 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (1,364,614 common units) |  |  |  |  | 10/4/2022 |  |  | 1418 | 139 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (26,666 common units) |  |  |  |  | 7/30/2024 |  |  | 267 | 565 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vero Biotech Inc. (warrant to purchase up to 2.3% of the equity) |  |  |  |  | 12/29/2023 | 12/29/2033 |  |  | 180 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xpress Wellness, LLC (18,310 Series A units) |  |  |  |  | 5/8/2024 |  |  | 18310 | 12492 | 0.5% |
|  |  |  |  |  |  |  |  | 34393 | 33398 | 1.2% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (157,895 Class A common units) |  |  |  |  | 3/16/2021 |  |  | $10982 | $1975 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (294,118 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  | 3679 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman GP LLC (157,895 Class A common units) |  |  |  |  | 1/2/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman GP LLC (294,118 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (4,177 common units) | (33) |  |  |  | 12/13/2024 |  |  | 4177 | 4202 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud for Good, LLC (5,000,000 common units) |  |  |  |  | 3/21/2025 |  |  | 5000 | 3900 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (573,847 Class A common units) |  |  |  |  | 8/27/2024 |  |  | 574 | 591 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (652,174 Class A-1 units) |  |  |  |  | 9/1/2022 |  |  | 652 | 841 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jobnimbus Holdings, LLC (214,092 common units) |  |  |  |  | 11/6/2024 |  |  | 790 | 871 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optomi, LLC (278 Class A units)  | (17) |  |  |  | 12/16/2021 |  |  | 278 | 569 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recorded Future, Inc. (40,243 Class A units)  |  |  |  |  | 7/3/2019 |  |  |  | 7 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganized Mobileum AcquisitionCo, LLC (42,031 shares of common stock) | (6) |  |  |  | 9/12/2024 |  |  | 1877 | 542 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (600,000 common units) |  |  |  |  | 6/15/2023 |  |  | 600 | 169 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (83,720 Series A preferred units) |  |  |  |  | 9/19/2025 |  |  | 84 | 167 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. (1,621,053 shares of common stock) |  |  |  |  | 12/5/2022 |  |  | 1624 | 2918 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velociti, LLC (6,075,951 units) | (17) |  |  |  | 1/13/2025 |  |  | 6076 | 6441 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZI Intermediate II, Inc. (3,790 shares of common stock) |  |  |  |  | 5/13/2024 |  |  | 3790 | 3859 | 0.2% |
|  |  |  |  |  |  |  |  | 36504 | 30731 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equine Network, LLC (92 Class A units) | (17) |  |  |  | 12/31/2020 |  |  | 95 | 142 | 0.0% |
|  |  |  |  |  |  |  |  | 95 | 142 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 Percent Buyer, LLC (385,027 Class A units) | (17) | n/a | n/a | 8.00% PIK | 11/24/2021 |  |  | 385 | 733 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Holdings, L.L.C. (568,181 Class A units) | (17) |  |  |  | 10/21/2022 |  |  | 568 | 568 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destination Media, Inc. (4,790 shares of common stock) |  |  |  |  | 4/17/2025 |  |  | 4790 | 5285 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. (417 preferred units) |  | n/a | n/a | 8.00% PIK | 12/27/2021 |  |  | 417 | 441 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. (5,067 Class B common units) |  |  |  |  | 12/27/2021 |  |  | 5 | 37 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Really Great Reading Company, Inc. (369 Series A units) |  |  |  |  | 12/9/2022 |  |  | 369 | 142 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevant Industrial, LLC (4,877,048 units) |  |  |  |  | 5/16/2025 |  |  | 4877 | 4877 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (96 preferred units) |  | n/a | n/a | 12.00% PIK | 11/20/2020 |  |  | 96 | 54 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (96 Class B common units) |  |  |  |  | 11/20/2020 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (14 Class X common units) |  |  |  |  | 11/14/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (14 Class X preferred units) |  | n/a | n/a | 12.00% PIK | 11/14/2024 |  |  | 14 | 14 | 0.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHOOK Research, LLC (1,483,871 Class A units) | (17) |  |  |  | 7/31/2025 |  |  | $1484 | $1484 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (52 Class A-2 units) |  |  |  |  | 6/10/2024 |  |  | 52 | 83 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (333 Class A units) |  |  |  |  | 12/22/2021 |  |  | 333 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (65,104 Class A units) |  | n/a | n/a | 8.00% PIK | 1/28/2020 |  |  | 65 | 131 | 0.0% |
|  |  |  |  |  |  |  |  | 13455 | 13849 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC (1,110,000 Class A units) |  |  |  |  | 7/31/2023 |  |  | 1110 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1110 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (5 Class A units)  | (17) |  |  |  | 12/31/2021 |  |  | 189 | 151 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC (50,029 shares of common stock) | (6) |  |  |  | 7/15/2024 |  |  | 1525 | 727 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC (8,812 shares of common stock) |  |  |  |  | 3/31/2025 |  |  | 1205 |  | 0.0% |
|  |  |  |  |  |  |  |  | 2919 | 878 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A360, Inc. (838 common units) |  | n/a | n/a | 13.00% PIK | 12/19/2024 |  |  | 887 | 922 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. (2,250,000 Class A Membership Interest) |  |  |  |  | 9/15/2023 |  |  | 1999 | 2617 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. (18,328 Class C preferred shares) | (12)(36) |  |  |  | 5/12/2025 |  |  | 32 | 56 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. (96,603 Class B preferred shares) | (12)(36) |  |  |  | 9/21/2021 |  |  | 723 | 251 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edustaff, LLC (591 shares of common stock) | (17) |  |  |  | 12/8/2022 |  |  | 591 | 1092 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDX Studio, LLC (799,232 Class A preferred units) | (17) | n/a | n/a | 10.00% PIK  | 11/14/2024 |  |  | 799 | 799 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC (6,191,218 Class A-2 units) | (17) |  |  |  | 8/16/2024 |  |  | 6191 | 6369 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onix Networking Corp. (2,000,000 shares of common stock) |  |  |  |  | 10/2/2023 |  |  | 2000 | 2109 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (1,178,344 Series A preferred units) |  | n/a | n/a | 8.00% PIK  | 4/9/2024 |  |  | 1683 | 1748 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. (3,295 Series A-2 preferred units) |  | n/a | n/a | 10.00% PIK  | 8/6/2024 |  |  | 3295 | 3127 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecotrak, LLC (fka Respida Software Equity CI LP) (15,400,820 Series B Preferred Units) | (17) |  |  |  | 4/9/2024 |  |  | 15251 | 14889 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SingleStore, Inc. ($— of $9,359 equity commitment) |  |  |  |  | 9/26/2025 |  | 9359 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skillsoft Corp. (1,308 Class A shares) | (6)(12)(29) |  |  |  | 6/11/2021 |  |  | 508 | 17 | 0.0% |
|  |  |  |  |  |  |  |  | 33959 | 33996 | 1.3% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (34,944 Class A common units) | (17) |  |  |  | 11/15/2023 |  |  | $— | $1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (35 Class A preferred units) | (17) | n/a | n/a | 8.00% PIK | 11/15/2023 |  |  | 35 | 1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (164,381 Class B common units) | (17) |  |  |  | 11/15/2023 |  |  |  | 6 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (164 Class B preferred units) | (17) |  |  |  | 11/15/2023 |  |  | 169 | 9 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (41 Class A-1 preferred units) | (17) |  |  |  | 4/10/2025 |  |  | 41 | 47 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDIG Parent, LLC (192,908 shares of common stock) | (17) |  |  |  | 1/4/2021 |  |  | 198 | 145 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDIG Parent, LLC (20,049 Class X units) | (17) |  |  |  | 6/23/2025 |  |  | 20 | 26 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Artists Entertainment, LLC ($2,445 of $3,536 equity commitment) | (17)(42) |  |  |  | 3/21/2025 |  |  | 2445 | 2405 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC (314,621 Class A units) | (17) |  |  |  | 6/30/2023 |  |  | 3146 | 3016 | 0.1% |
|  |  |  |  |  |  |  |  | 6054 | 5656 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity) |  |  |  |  | 6/10/2022 | 6/10/2032 |  | 84 | 34 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (28,198 common units) | (6) |  |  |  | 3/3/2025 |  |  | 893 | 100 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (23,212 Class A units) | (6) |  |  |  | 6/28/2024 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 977 | 134 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC (838,077 common units) | (17) |  |  |  | 1/12/2022 |  |  | 1439 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC (46,462 Series A preferred units) | (17) | n/a | n/a | 10.00% PIK  | 12/30/2024 |  |  | 46 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1485 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Moloney, LLC (6,029 Class A preferred units) |  | n/a | n/a | 10.00% PIK | 10/20/2023 |  |  | 3508 | 3508 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Moloney, LLC (6,029 Class B common units) |  |  |  |  | 10/20/2023 |  |  | 996 | 18567 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Moloney, LLC (63 Class G units) |  |  |  |  | 4/4/2024 |  |  |  | 154 | 0.0% |
|  |  |  |  |  |  |  |  | 4504 | 22229 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC (1,566 Class A preferred units) |  |  |  |  | 10/3/2022 |  |  | 1566 | 464 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC (1,566 Class B common units) |  |  |  |  | 10/3/2022 |  |  | 11 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1577 | 464 | 0.0% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equity Investments** |  |  |  |  |  |  |  | **170063** | **174655** | **6.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Company Investments** |  |  |  |  |  |  |  | $**5150951** | $**5109503** | **188.9%** |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| **Non-Controlled Affiliate Company Investments (18)** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Senior Secured Loans** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (Delayed Draw) | (19)(20)(21) | SF | 8.76% | 12.76% PIK | 6/21/2024 | 12/31/2027 | 1463 | $1045 | $1246 | 0.0% |
|  |  |  |  |  |  |  | 1463 | 1045 | 1246 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Metal Solutions, Inc. |  | SF | 5.50% | 9.64% | 9/22/2025 | 9/22/2030 | 6850 | 6714 | 6713 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Metal Solutions, Inc. (Revolver) | (19) | SF | 5.50% | 9.67% | 9/22/2025 | 9/22/2030 | 1737 | 248 | 243 | 0.0% |
|  |  |  |  |  |  |  | 8587 | 6962 | 6956 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baystate Sewage Disposal, LLC |  | SF | 6.00% | 10.28% | 6/30/2025 | 12/31/2030 | 4400 | 4314 | 4400 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baystate Sewage Disposal, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.28% | 6/30/2025 | 12/31/2030 | 1264 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baystate Sewage Disposal, LLC (Revolver) | (19) | SF | 6.00% | 10.28% | 6/30/2025 | 12/31/2030 | 1011 |  |  | 0.0% |
|  |  |  |  |  |  |  | 6675 | 4314 | 4400 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Professional Education, LLC | (11) | SF | 6.36% | 10.64% | 4/25/2024 | 4/25/2029 | 10171 | 10011 | 10201 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Professional Education, LLC |  | SF | 6.36% | 10.64% | 7/17/2025 | 4/25/2029 | 4019 | 3942 | 4032 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Professional Education, LLC (Delayed Draw) | (19)(20) | SF | 6.36% | 10.64% | 7/17/2025 | 4/25/2029 | 7357 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Professional Education, LLC (Revolver) | (19) | SF | 6.36% | 10.64% | 4/25/2024 | 4/25/2029 | 1471 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. |  | SF | 6.85% | 11.01% PIK | 5/28/2024 | 6/2/2028 | 3111 | 3110 | 3110 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Revolver) | (19) | SF | 6.85% | 11.01% PIK | 10/25/2024 | 6/2/2028 | 4058 | 3199 | 3199 | 0.1% |
|  |  |  |  |  |  |  | 30187 | 20262 | 20542 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearlyRated Capital, LLC |  | SF | 6.50% | 10.78% | 4/21/2025 | 4/21/2030 | 1432 | 1405 | 1431 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearlyRated Capital, LLC (Delayed Draw) | (19)(20) | SF | 6.50% | 10.78% | 4/21/2025 | 4/21/2030 | 1077 |  |  | 0.0% |
|  |  |  |  |  |  |  | 2509 | 1405 | 1431 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nastel Technologies, LLC | (7) | SF | 6.11% | 10.39% | 9/21/2022 | 9/21/2027 | 3500 | 3460 | 3500 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nastel Technologies, LLC (Revolver) | (19) | SF | 6.11% | 10.39% | 9/21/2022 | 9/21/2027 | 368 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zodega Landscaping, LLC |  | SF | 7.86% | 12.14% | 10/6/2023 | 10/6/2028 | 12281 | 11926 | 12295 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zodega Landscaping, LLC (Revolver) | (19) | SF | 7.86% | 12.14% | 10/6/2023 | 10/6/2028 | 1984 | 992 | 992 | 0.0% |
|  |  |  |  |  |  |  | 18133 | 16378 | 16787 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YBR OZ ECE, LLC | (8) | SF | 5.61% | 9.89% | 1/23/2025 | 1/23/2030 | 1995 | 1960 | 1993 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YBR OZ ECE, LLC (Delayed Draw) | (19)(20) | SF | 5.61% | 9.77% | 1/23/2025 | 1/23/2030 | 2500 | 450 | 450 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YBR OZ ECE, LLC (Revolver) | (19) | SF | 5.61% | 9.77% | 1/23/2025 | 1/23/2030 | 375 |  |  | 0.0% |
|  |  |  |  |  |  |  | 4870 | 2410 | 2443 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC |  | SF | 8.11% | 12.28% PIK | 7/29/2022 | 7/29/2028 | 5529 | 5483 | 5529 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC |  | SF | 8.11% | 12.28% PIK | 2/15/2024 | 7/29/2028 | 1579 | 1557 | 1579 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC (Revolver) | (19) | SF | 8.11% | 12.28% PIK | 7/29/2022 | 7/29/2028 | 1481 | 822 | 822 | 0.0% |
|  |  |  |  |  |  |  | 8589 | 7862 | 7930 | 0.3% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Senior Secured Loans** |  |  |  |  |  |  | **81013** | **60638** | **61735** | **2.3%** |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Junior Secured Loans** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC | (21) | n/a | n/a | 7.50% PIK | 6/21/2024 | 12/31/2027 | 1829 | $1692 | $1390 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC | (21) | n/a | n/a | 5.00% PIK | 6/21/2024 | 12/31/2027 | 9423 | 8716 |  | 0.0% |
|  |  |  |  |  |  |  | 11252 | 10408 | 1390 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC | (12) | n/a | n/a | 8.00% PIK | 8/6/2021 | 8/11/2028 | 5850 | 5850 | 5858 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC | (12) | n/a | n/a | 8.00% PIK | 3/1/2022 | 8/11/2028 | 4387 | 4387 | 4824 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | (12)(19)(20) | n/a | n/a | 8.00% PIK | 10/24/2024 | 10/23/2029 | 5119 | 3692 | 3645 | 0.1% |
|  |  |  |  |  |  |  | 15356 | 13929 | 14327 | 0.5% |
| &nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. |  | SF | 6.85% | 11.01% PIK | 10/25/2024 | 6/2/2028 | 27802 | 27574 | 15847 | 0.6% |
|  |  |  |  |  |  |  | 27802 | 27574 | 15847 | 0.6% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Junior Secured Loans** |  |  |  |  |  |  | **54410** | **51911** | **31564** | **1.2%** |
| &nbsp;&nbsp;&nbsp;**Equity Investments (15)(16)(18)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MC Aviation Limited (commitment to purchase up to 39.4% of the equity) |  |  |  |  | 9/4/2025 |  |  | 15700 | 15627 | 0.6% |
|  |  |  |  |  |  |  |  | 15700 | 15627 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (622 Class A common units) |  |  |  |  | 6/21/2024 |  |  | 639 |  | 0.0% |
|  |  |  |  |  |  |  |  | 639 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Metal Solutions, Inc. (7,413 Class A units) |  |  |  |  | 9/22/2025 |  |  | 7413 | 7265 | 0.3% |
|  |  |  |  |  |  |  |  | 7413 | 7265 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baystate Sewage Disposal, LLC (8,841,724 Class A-1 preferred units) |  | n/a | n/a | 8.00% PIK  | 6/30/2025 |  |  | 8842 | 8839 | 0.3% |
|  |  |  |  |  |  |  |  | 8842 | 8839 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MC Voyager SPV II LLC ($19,348 of $45,000 equity commitment) | (12)(43) |  |  |  | 3/28/2025 |  |  | 19348 | 19348 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFS Intermediate HoldCo, LLC (53,255 Series B preferred units) | (12)(17) |  |  |  | 5/1/2025 |  |  | 53255 | 57916 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Financial Services, Inc. ($6,902 of $41,855 equity commitment) | (12)(31) |  |  |  | 6/13/2024 |  |  | 6902 | 6902 | 0.2% |
|  |  |  |  |  |  |  |  | 79505 | 84166 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC (13.9% of equity commitments) | (12) |  |  |  | 8/6/2021 |  |  | 3900 | 4910 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC (10.5% of equity commitments) | (12) |  |  |  | 3/1/2022 |  |  | 2925 | 3683 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (24.4% of equity commitments) | (12)(19)(45) |  |  |  | 10/24/2024 |  |  | 2460 | 2584 | 0.1% |
|  |  |  |  |  |  |  |  | 9285 | 11177 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Professional Education, LLC (19,762 Class A units) | (17) |  |  |  | 4/25/2024 |  |  | 19761 | 19688 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (518,970 Series A preferred stock) |  |  |  |  | 10/25/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (116,083 Series B preferred stock) |  |  |  |  | 10/25/2024 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 19761 | 19688 | 0.7% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearlyRated Capital, LLC (7,093,224 Class A units) | (17) |  |  |  | 6/1/2023 |  |  | $7093 | $7093 | 0.3% |
|  |  |  |  |  |  |  |  | 7093 | 7093 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nastel Technologies, LLC (3,408 Class A units) | (17) |  |  |  | 9/21/2022 |  |  | 3408 | 5460 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zodega Landscaping, LLC (146,757 preferred interests) | (32) |  |  |  | 10/6/2023 |  |  | 14676 | 17037 | 0.6% |
|  |  |  |  |  |  |  |  | 18084 | 22497 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YBR OZ ECE, LLC (6,875 Class A units) |  |  |  |  | 1/23/2025 |  |  | 6875 | 6875 | 0.3% |
|  |  |  |  |  |  |  |  | 6875 | 6875 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC (3,042,264 Class A preferred interests) | (17) |  |  |  | 2/15/2024 |  |  | 3042 | 4808 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC (4,455,890 Class B preferred interests) | (17) |  |  |  | 7/11/2025 |  |  | 4456 | 7486 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC (9,191,624 preferred interests) | (17) |  |  |  | 7/29/2022 |  |  | 9192 |  | 0.0% |
|  |  |  |  |  |  |  |  | 16690 | 12294 | 0.5% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Equity Investments** |  |  |  |  |  |  |  | **189887** | **195521** | **7.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Company Investments** |  |  |  |  |  |  |  | $**302436** | $**288820** | **10.7%** |
| **TOTAL INVESTMENTS** |  |  |  |  |  |  |  | $**5453387** | $**5398323** | **199.6%** |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

**Derivative Instruments**

***Foreign currency forward contracts***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount <br>to be Purchased** | **Notional Amount <br>to be Sold** | **Notional Amount <br>to be Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized Gain<br>(Loss)** |
| Foreign currency forward contract | $209 | AUD | 324 | Bannockburn Global Forex, LLC | 12/11/2025 | ($5) |
| Foreign currency forward contract | $209 | AUD | 324 | Bannockburn Global Forex, LLC | 3/12/2026 | (5) |
| Foreign currency forward contract | $210 | AUD | 324 | Bannockburn Global Forex, LLC | 6/11/2026 | (5) |
| Foreign currency forward contract | $212 | AUD | 328 | Bannockburn Global Forex, LLC | 9/11/2026 | (5) |
| Foreign currency forward contract | $210 | AUD | 324 | Bannockburn Global Forex, LLC | 12/11/2026 | (4) |
| Foreign currency forward contract | $208 | AUD | 321 | Bannockburn Global Forex, LLC | 3/11/2027 | (4) |
| Foreign currency forward contract | $212 | AUD | 328 | Bannockburn Global Forex, LLC | 6/11/2027 | (4) |
| Foreign currency forward contract | $212 | AUD | 328 | Bannockburn Global Forex, LLC | 9/13/2027 | (4) |
| Foreign currency forward contract | $210 | AUD | 324 | Bannockburn Global Forex, LLC | 12/13/2027 | (4) |
| Foreign currency forward contract | $210 | AUD | 324 | Bannockburn Global Forex, LLC | 3/13/2028 | (4) |
| Foreign currency forward contract | $212 | AUD | 328 | Bannockburn Global Forex, LLC | 6/13/2028 | (4) |
| Foreign currency forward contract | $88 | CAD | 127 | Bannockburn Global Forex, LLC | 10/6/2025 | (3) |
| Foreign currency forward contract | $87 | CAD | 125 | Bannockburn Global Forex, LLC | 1/5/2026 | (3) |
| Foreign currency forward contract | $84 | CAD | 121 | Bannockburn Global Forex, LLC | 4/6/2026 | (3) |
| Foreign currency forward contract | $96 | CAD | 139 | Bannockburn Global Forex, LLC | 7/6/2026 | (4) |
| Foreign currency forward contract | $97 | CAD | 140 | Bannockburn Global Forex, LLC | 10/5/2026 | (4) |
| Foreign currency forward contract | $96 | CAD | 139 | Bannockburn Global Forex, LLC | 1/5/2027 | (4) |
| Foreign currency forward contract | $94 | CAD | 136 | Bannockburn Global Forex, LLC | 4/5/2027 | (4) |
| Foreign currency forward contract | $95 | CAD | 136 | Bannockburn Global Forex, LLC | 7/6/2027 | (4) |
| Foreign currency forward contract | $8831 | CAD | 12777 | Bannockburn Global Forex, LLC | 8/16/2027 | (347) |
| Foreign currency forward contract | $380 | EUR | 362 | Bannockburn Global Forex, LLC | 10/6/2025 | (44) |
| Foreign currency forward contract | $51 | EUR | 45 | Bannockburn Global Forex, LLC | 11/10/2025 | (1) |
| Foreign currency forward contract | $379 | EUR | 360 | Bannockburn Global Forex, LLC | 1/6/2026 | (44) |
| Foreign currency forward contract | $51 | EUR | 43 | Bannockburn Global Forex, LLC | 2/10/2026 | (1) |
| Foreign currency forward contract | $370 | EUR | 351 | Bannockburn Global Forex, LLC | 4/6/2026 | (42) |
| Foreign currency forward contract | $49 | EUR | 43 | Bannockburn Global Forex, LLC | 5/8/2026 | (1) |
| Foreign currency forward contract | $373 | EUR | 354 | Bannockburn Global Forex, LLC | 7/6/2026 | (42) |
| Foreign currency forward contract | $51 | EUR | 44 | Bannockburn Global Forex, LLC | 8/10/2026 | (1) |
| Foreign currency forward contract | $376 | EUR | 356 | Bannockburn Global Forex, LLC | 10/6/2026 | (42) |
| Foreign currency forward contract | $51 | EUR | 44 | Bannockburn Global Forex, LLC | 11/10/2026 | (1) |
| Foreign currency forward contract | $374 | EUR | 354 | Bannockburn Global Forex, LLC | 1/6/2027 | (42) |
| Foreign currency forward contract | $58 | EUR | 50 | Bannockburn Global Forex, LLC | 2/10/2027 | (1) |
| Foreign currency forward contract | $363 | EUR | 343 | Bannockburn Global Forex, LLC | 4/6/2027 | (40) |
| Foreign currency forward contract | $56 | EUR | 49 | Bannockburn Global Forex, LLC | 5/10/2027 | (1) |
| Foreign currency forward contract | $365 | EUR | 345 | Bannockburn Global Forex, LLC | 7/6/2027 | (40) |
| Foreign currency forward contract | $58 | EUR | 50 | Bannockburn Global Forex, LLC | 8/10/2027 | (1) |
| Foreign currency forward contract | $367 | EUR | 347 | Bannockburn Global Forex, LLC | 10/6/2027 | (40) |
| Foreign currency forward contract | $59 | EUR | 51 | Bannockburn Global Forex, LLC | 11/10/2027 | (1) |
| Foreign currency forward contract | $380 | EUR | 359 | Bannockburn Global Forex, LLC | 1/6/2028 | (41) |
| Foreign currency forward contract | $60 | EUR | 52 | Bannockburn Global Forex, LLC | 2/10/2028 | (1) |
| Foreign currency forward contract | $57 | EUR | 49 | Bannockburn Global Forex, LLC | 5/10/2028 | (1) |
| Foreign currency forward contract | $2906 | EUR | 2501 | Bannockburn Global Forex, LLC | 8/10/2028 | (28) |
| Foreign currency forward contract | $82 | GBP | 61 | Bannockburn Global Forex, LLC | 10/3/2025 | (1) |
| Foreign currency forward contract | $333 | GBP | 257 | Bannockburn Global Forex, LLC | 10/6/2025 | (13) |
| Foreign currency forward contract | $129 | GBP | 97 | Bannockburn Global Forex, LLC | 1/5/2026 | (2) |
| Foreign currency forward contract | $329 | GBP | 255 | Bannockburn Global Forex, LLC | 1/6/2026 | (14) |
| Foreign currency forward contract | $124 | GBP | 94 | Bannockburn Global Forex, LLC | 4/3/2026 | (2) |
| Foreign currency forward contract | $317 | GBP | 246 | Bannockburn Global Forex, LLC | 4/7/2026 | (14) |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount <br>to be Purchased** | **Notional Amount <br>to be Sold** | **Notional Amount <br>to be Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized Gain<br>(Loss)** |
| Foreign currency forward contract | $124 | GBP | 93 | Bannockburn Global Forex, LLC | 7/3/2026 | (2) |
| Foreign currency forward contract | $328 | GBP | 254 | Bannockburn Global Forex, LLC | 7/6/2026 | (15) |
| Foreign currency forward contract | $124 | GBP | 94 | Bannockburn Global Forex, LLC | 10/5/2026 | (2) |
| Foreign currency forward contract | $332 | GBP | 259 | Bannockburn Global Forex, LLC | 10/6/2026 | (15) |
| Foreign currency forward contract | $137 | GBP | 104 | Bannockburn Global Forex, LLC | 1/5/2027 | (3) |
| Foreign currency forward contract | $341 | GBP | 266 | Bannockburn Global Forex, LLC | 1/6/2027 | (16) |
| Foreign currency forward contract | $133 | GBP | 101 | Bannockburn Global Forex, LLC | 4/5/2027 | (3) |
| Foreign currency forward contract | $331 | GBP | 258 | Bannockburn Global Forex, LLC | 4/6/2027 | (16) |
| Foreign currency forward contract | $134 | GBP | 102 | Bannockburn Global Forex, LLC | 7/5/2027 | (3) |
| Foreign currency forward contract | $332 | GBP | 259 | Bannockburn Global Forex, LLC | 7/6/2027 | (16) |
| Foreign currency forward contract | $135 | GBP | 103 | Bannockburn Global Forex, LLC | 10/5/2027 | (3) |
| Foreign currency forward contract | $135 | GBP | 103 | Bannockburn Global Forex, LLC | 1/5/2028 | (3) |
| Foreign currency forward contract | $133 | GBP | 102 | Bannockburn Global Forex, LLC | 4/5/2028 | (4) |
| Foreign currency forward contract | $87 | GBP | 66 | Bannockburn Global Forex, LLC | 7/5/2028 | (2) |
| Foreign currency forward contract | $5581 | GBP | 4274 | Bannockburn Global Forex, LLC | 10/4/2028 | (165) |
|  |  |  |  |  |  | $(1194) |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

____________________________________________________

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), Prime Rate ("Prime" or "P"), Bank Bill Swap Rate ("BBSW" or "BB"), Sterling Overnight Index Average Rate ("SONIA" or "SN"), or Euro Interbank Offered Rate ("Euribor" or "EU"), each of which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over SOFR, Prime, BBSW, SONIA, or EU, as applicable, and the current contractual interest rate in effect at September 30, 2025. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Except as otherwise noted, all of the Company's portfolio company investments, which as of September 30, 2025 represented 199.6% of the Company's net assets or 96.4% of the Company's total assets, are subject to legal restrictions on sales.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Percentages are based on net assets of $2,705,132 as of September 30, 2025.

<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV LLC (the "SPV") as collateral for the Company's secured revolving credit facility (the "SPV Credit Facility") with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(7)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the "2022 Issuer") as collateral for the Company's asset-backed securitization (the "2022 ABS"). (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(8)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV II LLC (the "SPV II") as collateral for the Company's senior secured credit facility (the "SPV II Credit Facility") with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(9)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in Monroe Capital Income Plus ABS Funding II, LLC (the "2023 Issuer") as collateral for the Company's asset-backed securitization (the "2023 ABS"). (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(10)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV III LLC (the "SPV III") as collateral for the Company's secured revolving credit facility (the "SPV III Credit Facility") with Goldman Sachs Bank USA. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(11)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV IV LLC (the "SPV IV") as collateral for the Company's secured revolving credit facility (the "SPV IV Credit Facility") with Capital One, National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(12)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This investment is treated as a non-qualifying asset 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 September 30, 2025, non-qualifying assets totaled 12.9% of the Company's total assets.

<sup>(13)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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, is 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.

<sup>(14)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents less than 5% ownership of the portfolio company's voting securities.

<sup>(15)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Ownership of certain equity investments may occur through a holding company or partnership.

<sup>(16)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Investments without an interest rate are non-income producing.

<sup>(17)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**(unaudited)**

**September 30, 2025**

**(in thousands, except for shares and units)**

<sup>(18)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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).

<sup>(19)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this commitment was unfunded at September 30, 2025. As such, interest is earned only on the funded portion of this commitment.

<sup>(20)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.

<sup>(21)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This position was on non-accrual status as of September 30, 2025, 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.

<sup>(22)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.

<sup>(23)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is denominated in Great Britain pounds and is translated into U.S. dollars as of the valuation date.

<sup>(24)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is denominated in Euros and is translated into U.S. dollars as of the valuation date.

<sup>(25)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.

<sup>(26)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 14.2%.

<sup>(27)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV V LLC (the "SPV V") as collateral for the Company's secured revolving credit facility (the "SPV V Credit Facility") with Capital One, National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(28)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This is a demand note with no stated maturity.

<sup>(29)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.

<sup>(30)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $565.

<sup>(31)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34,953 for a total commitment of $41,855.

<sup>(32)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,197.

<sup>(33)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $835.

<sup>(34)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Investment position or portion thereof unsettled as of September 30, 2025.

<sup>(35)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in Australia.

<sup>(36)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in Canada.

<sup>(37)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in Finland.

<sup>(38)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in France.

<sup>(39)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in Cayman Islands.

<sup>(40)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in Ireland.

<sup>(41)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in United Kingdom.

<sup>(42)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,091 for a total commitment of $3,536.

<sup>(43)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $25,652 for a total commitment of $45,000.

<sup>(44)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $884.

<sup>(45)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $951.

n/a - not applicable

See Notes to Consolidated Financial Statements.

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| **Non-Controlled/Non-Affiliate Company Investments** | | | | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Holdings III Corp. |  | SF | 7.00% | 5.33% Cash/ 6.00% PIK | 11/3/2023 | 3/25/2027 | 157 | $155 | $156 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keel Platform, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.58% | 1/24/2024 | 1/19/2031 | 1647 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keel Platform, LLC | (8) | SF | 5.25% | 9.58% | 1/24/2024 | 1/19/2031 | 7896 | 7795 | 7856 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Holdings, Inc. (Integrated Polymer Solutions) | (11) | SF | 5.85% | 10.18% | 9/3/2024 | 12/31/2027 | 5686 | 5633 | 5686 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Holdings, Inc. (Integrated Polymer Solutions) | (7)(9) | SF | 5.85% | 10.18% | 7/25/2019 | 12/31/2027 | 1895 | 1890 | 1895 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Holdings, Inc. (Integrated Polymer Solutions) | (7)(9) | SF | 5.85% | 10.18% | 12/24/2019 | 12/31/2027 | 989 | 986 | 989 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Holdings, Inc. (Integrated Polymer Solutions) | (7)(9) | SF | 5.85% | 10.18% | 2/17/2021 | 12/31/2027 | 1711 | 1711 | 1711 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Holdings, Inc. (Integrated Polymer Solutions) | (7)(9) | SF | 5.85% | 10.18% | 6/15/2021 | 12/31/2027 | 1003 | 993 | 1003 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Holdings, Inc. (Integrated Polymer Solutions) | (7)(9) | SF | 5.85% | 10.18% | 8/10/2021 | 12/31/2027 | 979 | 976 | 979 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Holdings, Inc. (Integrated Polymer Solutions) | (6)(7)(9) | SF | 5.85% | 10.18% | 12/8/2023 | 12/31/2027 | 2181 | 2181 | 2181 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) | (19) | SF | 5.85% | 10.18% | 7/25/2019 | 12/31/2027 | 2316 |  |  | 0.0% |
|  |  |  |  |  |  |  | 26460 | 22320 | 22456 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burgess Point Purchaser Corporation | (6) | SF | 5.35% | 9.68% | 6/30/2022 | 7/25/2029 | 4900 | 4535 | 4395 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC | (7)(8) | SF | 5.90% | 10.49% | 8/2/2021 | 8/2/2027 | 9700 | 9602 | 9642 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (Revolver) | (19) | SF | 5.75% | 10.09% | 8/2/2021 | 8/2/2027 | 2381 | 317 | 316 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panda Acquisition, LLC | (6) | SF | 9.35% | 6.55% Cash/ 7.13% PIK | 12/20/2022 | 10/18/2028 | 10032 | 8741 | 8402 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Stop, LLC | (11) | SF | 4.85% | 9.36% | 3/26/2024 | 1/26/2027 | 5503 | 5116 | 5244 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Inc. | (6)(8)(35) | SF | 5.10% | 9.43% | 11/3/2023 | 11/17/2028 | 13122 | 11991 | 12774 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC |  | SF | 5.75% | 10.27% | 2/22/2024 | 2/13/2031 | 9793 | 9707 | 9861 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC (Delayed Draw) | (19)(20) | SF | 5.75% | 10.27% | 2/22/2024 | 2/13/2031 | 1067 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truck-Lite Co., LLC (Revolver) | (19) | SF | 5.75% | 10.27% | 2/22/2024 | 2/13/2031 | 1067 |  |  | 0.0% |
|  |  |  |  |  |  |  | 57565 | 50009 | 50634 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC | (12)(21) | SF | 9.75% | 14.30% | 7/29/2021 | 7/29/2026 | 10125 | 9672 | 6042 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC | (9) | SF | 6.10% | 10.42% | 5/31/2023 | 1/12/2027 | 441 | 434 | 443 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC | (7)(9)(10)(11) | SF | 6.10% | 10.42% | 1/12/2021 | 1/12/2027 | 27375 | 27137 | 27478 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC | (7) | SF | 6.10% | 10.43% | 10/12/2021 | 1/12/2027 | 4253 | 4216 | 4269 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC | (11) | SF | 6.10% | 10.43% | 12/12/2024 | 1/12/2027 | 2509 | 2462 | 2519 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC (Revolver) | (19) | SF | 6.10% | 10.42% | 1/12/2021 | 1/12/2027 | 4234 | 2921 | 2921 | 0.2% |
|  |  |  |  |  |  |  | 48937 | 46842 | 43672 | 2.1% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC | (8) | SF | 6.00% | 10.45% | 12/15/2023 | 12/12/2029 | 4829 | $4725 | $4865 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demakes Borrower, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.45% | 12/15/2023 | 12/12/2029 | 1372 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Izzio Artisan Bakery, LLC | (9)(11) | SF | 6.00% | 10.34% | 9/27/2024 | 9/27/2029 | 14464 | 14186 | 14464 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Izzio Artisan Bakery, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.34% | 9/27/2024 | 9/27/2029 | 10357 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVF Holdings, Inc. | (6) | SF | 5.65% | 9.98% | 6/10/2021 | 6/10/2027 | 3386 | 3353 | 3403 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVF Holdings, Inc. | (6) | SF | 5.65% | 9.98% | 6/10/2021 | 6/10/2027 | 3241 | 3241 | 3257 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVF Holdings, Inc. (Revolver) | (19) | SF | 5.65% | 9.98% | 6/10/2021 | 6/10/2027 | 554 | 225 | 225 | 0.0% |
|  |  |  |  |  |  |  | 38203 | 25730 | 26214 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (12)(22) | SF | 6.40% | 6.72% Cash/ 4.00% PIK | 10/30/2024 | 8/11/2027 | 5228 | 5408 | 5228 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC |  | SF | 6.15% | 6.47% Cash/ 4.00% PIK | 10/30/2024 | 8/11/2027 | 4402 | 4367 | 4402 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. | (6)(8)(9)(10)(11) | SF | 6.00% | 10.34% | 12/22/2023 | 12/21/2029 | 49750 | 48881 | 50098 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. | (6) | SF | 6.00% | 10.34% | 5/8/2024 | 12/21/2029 | 1895 | 1860 | 1909 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. |  | SF | 6.00% | 10.34% | 12/21/2023 | 12/21/2029 | 5985 | 5985 | 6027 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLP Buyer, Inc. (Revolver) | (19) | SF | 6.00% | 10.34% | 12/22/2023 | 12/21/2029 | 6849 | 1427 | 1427 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC | (6) | SF | 7.26% | 11.59% | 9/9/2022 | 12/17/2026 | 8538 | 8403 | 8485 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC | (6) | SF | 7.26% | 11.59% | 9/30/2022 | 12/17/2026 | 5433 | 5360 | 5399 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC | (6) | SF | 7.26% | 11.59% | 9/9/2022 | 12/17/2026 | 10396 | 10231 | 10331 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DS Parent, Inc. |  | SF | 5.50% | 9.83% | 12/15/2023 | 1/31/2031 | 19900 | 18977 | 18947 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incompass, LLC |  | SF | 7.75% | 12.12% | 12/20/2024 | 11/27/2028 | 2087 | 2045 | 2159 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incompass, LLC | (6)(8)(10) | SF | 7.75% | 12.25% | 11/27/2023 | 11/27/2028 | 23760 | 23262 | 24580 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) |  | SF | 7.01% | 11.60% | 8/16/2024 | 6/30/2028 | 2552 | 2493 | 2532 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) | (8)(10)(11) | SF | 7.01% | 11.60% | 6/30/2023 | 6/30/2028 | 15800 | 15496 | 15682 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) |  | SF | 7.01% | 11.60% | 5/20/2024 | 6/30/2028 | 8105 | 7924 | 8044 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) |  | SF | 7.01% | 11.60% | 6/30/2023 | 6/30/2028 | 6004 | 6004 | 5959 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) |  | SF | 6.86% | 11.42% | 5/20/2024 | 6/30/2028 | 6004 | 6004 | 5959 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) (Delayed Draw) | (19)(20) | SF | 6.75% | 11.30% | 8/16/2024 | 6/30/2028 | 3752 | 3152 | 3128 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) (Revolver) | (19) | SF | 7.01% | 11.60% | 6/30/2023 | 6/30/2028 | 3002 | 600 | 596 | 0.0% |
|  |  |  |  |  |  |  | 189442 | 177879 | 180892 | 8.8% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Restoration Partners Buyer, LLC | (10) | SF | 4.75% | 9.08% | 11/14/2024 | 11/1/2031 | 12000 | $11853 | $11850 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Restoration Partners Buyer, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 9.97% | 11/1/2024 | 11/1/2031 | 20000 | 6755 | 6713 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardian Restoration Partners Buyer, LLC (Revolver) | (19) | SF | 4.75% | 9.08% | 11/1/2024 | 11/1/2031 | 3000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harlem Acquisition, LLC | (11) | SF | 5.25% | 9.77% | 11/26/2024 | 11/7/2030 | 32000 | 31452 | 31440 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harlem Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.77% | 11/7/2024 | 11/7/2030 | 9143 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harlem Acquisition, LLC (Revolver) | (19) | SF | 5.25% | 9.77% | 11/7/2024 | 11/7/2030 | 6095 | 488 | 479 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (8)(11) | SF | 5.00% | 9.36% | 6/30/2023 | 6/29/2029 | 25288 | 24667 | 25794 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (10)(11) | SF | 5.00% | 9.36% | 1/9/2024 | 6/30/2029 | 14198 | 14078 | 14482 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.48% | 6/30/2023 | 6/29/2029 | 4054 | 4054 | 4135 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (Revolver) | (19) | SF | 5.00% | 9.40% | 6/30/2023 | 6/29/2029 | 5253 | 478 | 478 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Roofing L.L.C. | (8) | SF | 8.65% | 12.17% Cash/ 1.00% PIK | 8/31/2020 | 8/29/2025 | 3037 | 3036 | 3034 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premier Roofing L.L.C. (Revolver) | (19) | SF | 8.65% | 12.17% Cash/ 1.00% PIK | 8/31/2020 | 8/29/2025 | 1214 | 1070 | 1069 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCFIII Owl Buyer LLC | (7)(8) | SF | 5.61% | 9.96% | 4/19/2021 | 4/17/2026 | 4343 | 4318 | 4343 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCFIII Owl Buyer LLC | (8) | SF | 5.61% | 9.96% | 4/19/2021 | 4/17/2026 | 5303 | 5303 | 5303 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCFIII Owl Buyer LLC | (7)(8) | SF | 5.61% | 9.96% | 12/17/2021 | 4/17/2026 | 4759 | 4729 | 4759 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Buyer, LLC | (10) | SF | 5.25% | 9.57% | 8/8/2024 | 8/8/2030 | 9975 | 9832 | 9950 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.57% | 8/8/2024 | 8/8/2030 | 6000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water Buyer, LLC (Revolver) | (19) | SF | 5.25% | 9.57% | 8/8/2024 | 8/8/2030 | 3000 |  |  | 0.0% |
|  |  |  |  |  |  |  | 168662 | 122113 | 123829 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8th Avenue Food & Provisions, Inc. | (12)(35) | SF | 3.75% | 8.08% | 10/23/2024 | 10/1/2025 | 3000 | 2970 | 2947 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8th Avenue Food & Provisions, Inc. | (12)(35) | SF | 3.75% | 8.08% | 10/7/2024 | 10/1/2025 | 2000 | 1960 | 1963 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. | (7)(8) | SF | 5.90% | 10.47% | 8/3/2021 | 8/3/2026 | 11135 | 11052 | 10773 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (Revolver) | (19) | SF | 5.85% | 10.40% | 8/3/2021 | 8/3/2026 | 2964 | 593 | 574 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivanti Software, Inc. | (35) | SF | 4.25% | 0.0858 | 10/7/2024 | 12/1/2027 | 19107 | 15848 | 15365 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC | (7) | SF | 7.35% | 11.40% Cash/ 0.50% PIK | 8/4/2021 | 8/4/2026 | 4393 | 4358 | 4387 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC (Revolver) | (19) | SF | 7.35% | 11.40% Cash/ 0.50% PIK | 8/4/2021 | 8/4/2026 | 446 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SonicWall US Holdings Inc. | (35) | SF | 5.00% | 0.0933 | 10/7/2024 | 5/18/2028 | 5985 | 5955 | 5985 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syniverse Holdings, LLC | (12) | SF | 7.00% | 0.1133 | 10/8/2024 | 5/13/2027 | 6982 | 6951 | 7026 | 0.3% |
|  |  |  |  |  |  |  | 56012 | 49687 | 49020 | 2.4% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Natural Resources, LLC | (8)(9) | SF | 6.36% | 10.92% | 5/18/2021 | 5/18/2026 | 13545 | $13451 | $13531 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Natural Resources, LLC | (9) | SF | 6.36% | 10.92% | 12/15/2021 | 5/18/2026 | 2486 | 2468 | 2484 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Natural Resources, LLC | (6) | SF | 6.36% | 10.92% | 8/12/2022 | 5/18/2026 | 6746 | 6688 | 6739 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Natural Resources, LLC | (7) | SF | 6.36% | 10.92% | 8/12/2022 | 5/18/2026 | 2913 | 2913 | 2910 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Natural Resources, LLC (Revolver) | (19) | SF | 6.36% | 10.92% | 5/18/2021 | 5/18/2026 | 2222 | 1778 | 1776 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelligence Learning Corporation | (6)(8) | SF | 5.75% | 10.08% | 3/15/2024 | 1/18/2030 | 12109 | 11889 | 12109 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelligence Learning Corporation (Revolver) | (19) | P | 4.75% | 12.25% | 3/15/2024 | 1/18/2030 | 3425 | 205 | 205 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Brands, Inc. |  | SF | 5.43% | 10.58% | 4/19/2024 | 8/13/2028 | 3055 | 2908 | 3037 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC | (6)(7) | SF | 7.50% | 11.15% Cash/ 0.75% PIK | 5/14/2021 | 4/3/2026 | 2961 | 2950 | 2905 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC |  | SF | 7.25% | 10.88% Cash/ 0.75% PIK | 9/13/2022 | 4/3/2026 | 3 | 3 | 3 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC (Revolver) |  | SF | 7.50% | 11.15% Cash/ 0.75% PIK | 5/14/2021 | 4/3/2026 | 268 | 268 | 268 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (21) | SF | 10.26% | 14.89% PIK | 6/18/2024 | 6/18/2029 | 574 | 574 | 546 | 0.0% |
|  |  |  |  |  |  |  | 50307 | 46095 | 46513 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2B Industrial Products LLC | (6) | SF | 6.90% | 11.41% | 12/6/2022 | 10/7/2026 | 9623 | 9501 | 9469 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2B Industrial Products LLC | (6) | SF | 6.90% | 11.41% | 4/4/2023 | 10/7/2026 | 2227 | 2196 | 2191 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. | (12)(37) | SF | 5.60% | 10.19% | 11/27/2024 | 12/17/2027 | 14120 | 14037 | 14120 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. | (12)(37) | SF | 5.60% | 10.19% | 11/27/2024 | 12/17/2027 | 6708 | 6673 | 6767 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. | (12)(37) | SF | 5.60% | 10.19% | 11/27/2024 | 12/17/2027 | 3613 | 3594 | 3645 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. | (12)(37) | SF | 5.60% | 10.19% | 11/27/2024 | 12/17/2027 | 1487 | 1479 | 1487 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw) | (12)(19)(20)(37) | SF | 5.65% | 10.00% | 11/27/2024 | 12/17/2027 | 6114 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver) | (12)(19)(37) | SF | 5.65% | 10.00% | 11/27/2024 | 12/17/2027 | 4076 | 815 | 815 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polychem Acquisition, LLC | (6) | SF | 5.26% | 9.85% | 4/8/2019 | 3/17/2025 | 1885 | 1885 | 1642 | 0.1% |
|  |  |  |  |  |  |  | 49853 | 40180 | 40136 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNE Interco LLC | (6)(7)(8)(11) | SF | 5.75% | 10.34% | 2/12/2024 | 2/12/2030 | 13930 | 13684 | 13916 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNE Interco LLC (Delayed Draw) | (19)(20) | SF | 5.75% | 10.27% | 2/12/2024 | 2/12/2030 | 5303 | 4419 | 4415 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNE Interco LLC (Revolver) | (19) | SF | 5.75% | 10.34% | 2/12/2024 | 2/12/2030 | 5899 | 787 | 786 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Resource Management Group, LLC |  | SF | 5.36% | 9.71% | 12/30/2024 | 6/28/2030 | 15000 | 14813 | 15000 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Resource Management Group, LLC (Delayed Draw) | (19)(20) | SF | 5.36% | 9.71% | 12/30/2024 | 6/28/2030 | 6944 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC |  | SF | 5.65% | 10.31% | 4/15/2024 | 5/25/2029 | 3589 | 3524 | 3603 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (7)(8)(9)(10) | SF | 5.65% | 10.31% | 4/15/2024 | 5/25/2029 | 11682 | 11682 | 11729 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC |  | SF | 5.65% | 10.12% | 9/12/2023 | 5/25/2029 | 369 | 369 | 370 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC (Delayed Draw) | (19)(20) | SF | 5.65% | 10.12% | 4/15/2024 | 5/25/2029 | 12054 | 2604 | 2614 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC (Revolver) | (19) | SF | 5.65% | 10.14% | 9/12/2023 | 5/25/2029 | 4874 | 609 | 609 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. | (7) | SF | 6.50% | 10.83% | 8/11/2021 | 8/11/2027 | 9136 | 9038 | 9136 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. | (11) | SF | 6.50% | 10.83% | 8/11/2021 | 8/11/2027 | 1717 | 1717 | 1717 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. |  | SF | 6.50% | 10.83% | 9/17/2024 | 8/11/2027 | 712 | 712 | 712 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. |  | SF | 6.50% | 10.83% | 12/28/2023 | 8/11/2027 | 987 | 987 | 987 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. (Revolver) | (19) | SF | 6.50% | 10.83% | 8/11/2021 | 8/11/2027 | 956 |  |  | 0.0% |
|  |  |  |  |  |  |  | 93152 | 64945 | 65594 | 3.2% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalara, Inc. | (7) | SF | 6.25% | 10.58% | 10/19/2022 | 10/19/2028 | 10000 | $9820 | $10075 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avalara, Inc. (Revolver) | (19) | SF | 6.25% | 10.58% | 10/19/2022 | 10/19/2028 | 1000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Midco, LLC | (9)(12) | SF | 5.00% | 9.33% | 4/11/2024 | 4/11/2029 | 11503 | 11365 | 11503 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Midco, LLC (Delayed Draw) | (12)(19)(20) | SF | 5.00% | 9.33% | 4/11/2024 | 4/11/2029 | 2131 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Midco, LLC (Revolver) | (12)(19) | SF | 5.00% | 9.33% | 4/11/2024 | 4/11/2029 | 1293 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bench Walk Lead, LLC | (12) | SF | 9.50% | 13.83% | 6/9/2023 | 6/14/2027 | 28256 | 28185 | 28256 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bench Walk Lead, LLC | (12) | SF | 9.50% | 13.83% | 6/9/2023 | 6/14/2027 | 1671 | 1671 | 1671 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW 51f, L.P. | (12) | SF | 8.00% | 12.59% | 12/27/2023 | 12/31/2029 | 9000 | 9000 | 9000 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cpex Purchaser, LLC | (7)(9) | SF | 6.00% | 10.34% | 8/26/2022 | 2/28/2030 | 36000 | 35353 | 36216 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cpex Purchaser, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.34% | 9/30/2021 | 2/28/2030 | 4061 | 2155 | 2168 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cpex Purchaser, LLC (Revolver) | (19) | SF | 6.00% | 10.34% | 9/30/2021 | 2/28/2030 | 10452 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC | (7) | SF | 5.25% | 9.87% | 8/19/2022 | 8/18/2028 | 12837 | 12663 | 12837 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC | (6) | SF | 5.25% | 9.87% | 8/19/2022 | 8/18/2028 | 3566 | 3566 | 3566 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC | (6) | SF | 5.25% | 9.87% | 8/1/2023 | 8/18/2028 | 10698 | 10445 | 10698 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.87% | 8/19/2024 | 8/18/2028 | 10699 | 7270 | 7270 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding III, LLC (Delayed Draw) | (12)(19)(20) | n/a | n/a | 10.00% | 4/29/2022 | 4/28/2028 | 7425 | 2591 | 2572 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (Revolver) | (12)(19) | n/a | n/a | 10.00% | 12/14/2020 | 12/24/2026 | 2850 | 1751 | 1746 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceana Australian Fixed Income Trust | (6)(12)(25)(36) | SF | 8.25% | 12.80% | 6/8/2023 | 4/1/2026 | 29272 | 31770 | 29528 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceana Australian Fixed Income Trust | (12)(25)(36) | SF | 8.25% | 12.80% | 12/27/2023 | 4/1/2026 | 13600 | 15048 | 13719 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Intermediate Holdings, LLC | (8)(12) | SF | 6.25% | 10.50% | 12/28/2022 | 12/28/2028 | 2940 | 2887 | 2940 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Intermediate Holdings, LLC (Delayed Draw) | (12)(19)(20) | SF | 6.25% | 10.50% | 12/5/2024 | 12/28/2028 | 3947 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slater Slater Schulman LLP |  | SF | 7.50% | 11.82% | 12/6/2023 | 12/4/2026 | 20774 | 20774 | 20774 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEAM Public Choices, LLC | (6) | SF | 5.10% | 9.46% | 8/23/2022 | 12/17/2027 | 4469 | 4327 | 4499 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEAM Public Choices, LLC | (11) | SF | 5.11% | 9.47% | 1/25/2024 | 12/17/2027 | 1485 | 1478 | 1495 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transnetwork LLC | (11) | SF | 4.75% | 9.08% | 11/20/2023 | 12/29/2030 | 15720 | 15516 | 15838 | 0.8% |
|  |  |  |  |  |  |  | 255649 | 227635 | 226371 | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 N. Michigan Mezz, LLC | (6)(12) | n/a | n/a | 7.25% Cash/ 13.55% PIK | 7/15/2020 | 7/15/2025 | 1000 | 1000 | 1000 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (12)(21)(37) | SF | 6.36% | 10.70% | 9/24/2024 | 3/12/2028 | 762 | 726 | 768 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC | (7)(8) | SF | 5.65% | 9.97% | 12/22/2021 | 12/22/2027 | 7278 | 7196 | 7278 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC | (9) | SF | 5.65% | 9.98% | 12/22/2021 | 12/22/2027 | 2828 | 2828 | 2828 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC (Revolver) | (19) | SF | 5.65% | 9.97% | 12/22/2021 | 12/22/2027 | 965 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lessen LLC |  | SF | 8.50% | 5.75% Cash/ 7.08% PIK | 1/5/2023 | 1/5/2028 | 8671 | 8457 | 8487 | 0.4% |
|  |  |  |  |  |  |  | 21504 | 20207 | 20361 | 1.0% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. | (6)(9) | SF | 5.00% | 9.33% | 6/7/2023 | 6/7/2029 | 9850 | $9649 | $9830 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. |  | SF | 5.00% | 9.33% | 6/7/2023 | 6/7/2029 | 3709 | 3709 | 3702 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.33% | 1/11/2024 | 12/27/2025 | 8731 | 2004 | 2000 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.33% | 10/28/2024 | 6/7/2029 | 5769 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Animal Dermatology Group, Inc. (Revolver) | (19) | SF | 5.00% | 9.33% | 6/7/2023 | 6/7/2029 | 2500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appriss Health, LLC | (7) | SF | 7.25% | 12.08% | 5/6/2021 | 5/6/2027 | 6354 | 6293 | 6354 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appriss Health, LLC (Revolver) | (19) | SF | 7.25% | 12.08% | 5/6/2021 | 5/6/2027 | 433 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. | (7)(9)(11) | SF | 6.25% | 10.57% | 7/17/2023 | 7/17/2029 | 30000 | 29253 | 30087 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 6.25% | 10.57% | 10/15/2024 | 7/17/2029 | 3913 | 3856 | 3924 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. | (11) | SF | 6.25% | 10.58% | 12/31/2024 | 7/17/2029 | 26087 | 25696 | 26163 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (Revolver) | (19) | SF | 6.25% | 10.58% | 7/17/2023 | 7/17/2029 | 5217 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brickell Bay Acquisition Corp. | (7)(8) | SF | 6.65% | 11.24% | 2/12/2021 | 2/12/2026 | 2479 | 2453 | 2479 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brickell Bay Acquisition Corp. | (6) | SF | 6.65% | 11.24% | 5/16/2024 | 2/12/2026 | 6830 | 6738 | 6898 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC | (6)(11) | SF | 5.00% | 9.32% | 6/11/2024 | 6/11/2030 | 17955 | 17663 | 18135 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.32% | 6/11/2024 | 6/11/2030 | 7714 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC (Revolver) | (19) | SF | 5.00% | 9.32% | 6/11/2024 | 6/11/2030 | 5400 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. | (6)(7) | SF | 7.60% | 11.65% Cash/ 0.50% PIK | 6/30/2021 | 6/30/2026 | 13566 | 13463 | 13206 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. | (6) | SF | 7.65% | 11.74% Cash/ 0.50% PIK | 11/27/2022 | 6/30/2026 | 11236 | 11100 | 10938 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (Revolver) | (19) | SF | 7.60% | 11.65% Cash/ 0.50% PIK | 6/30/2021 | 6/30/2026 | 1670 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH BMX Buyer, Inc. |  | SF | 5.25% | 9.58% | 6/21/2024 | 6/21/2031 | 9024 | 8895 | 9145 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FH BMX Buyer, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.58% | 6/21/2024 | 6/21/2031 | 4800 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC | (9) | SF | 4.00% | 8.33% | 8/19/2024 | 3/15/2030 | 21244 | 21084 | 21456 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC | (6)(7)(11) | SF | 5.00% | 9.33% | 3/15/2024 | 3/15/2030 | 14428 | 14100 | 14572 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (Revolver) | (19) | SF | 4.00% | 8.33% | 3/15/2024 | 3/15/2030 | 2719 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Buyer, Inc. | (8) | SF | 4.85% | 9.21% | 8/25/2022 | 6/19/2026 | 9540 | 9371 | 9611 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helping Hands Childrens Services Management, LLC |  | SF | 4.50% | 9.05% | 11/5/2024 | 11/5/2030 | 11500 | 11357 | 11356 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helping Hands Childrens Services Management, LLC (Delayed Draw) | (19)(20) | SF | 4.50% | 9.05% | 11/5/2024 | 11/5/2030 | 4600 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helping Hands Childrens Services Management, LLC (Revolver) | (19) | SF | 4.50% | 9.05% | 11/5/2024 | 11/5/2030 | 2300 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INH Buyer, Inc. | (21) | SF | 7.00% | 4.43% Cash/ 7.00% PIK | 6/30/2021 | 6/28/2028 | 5042 | 5011 | 2524 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.75% | 9.57% Cash/ 2.75% PIK | 2/6/2024 | 2/1/2029 | 4283 | 4175 | 4074 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.75% | 9.57% Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 9989 | 9772 | 9502 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.75% | 9.57% Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 1992 | 1992 | 1895 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (Revolver) | (19) | SF | 7.75% | 9.57% Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 1645 | 941 | 895 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC | (6) | SF | 5.60% | 10.15% | 8/20/2021 | 8/26/2027 | 11883 | 11788 | 11883 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC | (6) | SF | 5.60% | 10.15% | 8/26/2022 | 8/26/2027 | 14163 | 14163 | 14163 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC | (11) | SF | 5.60% | 10.15% | 8/26/2022 | 8/26/2027 | 15355 | 15355 | 15355 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC |  | SF | 5.60% | 10.19% | 11/27/2024 | 8/26/2027 | 6179 | 6060 | 6179 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (Delayed Draw) | (19)(20) | SF | 5.60% | 10.15% | 11/27/2024 | 8/26/2027 | 1987 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (Revolver) | (19) | SF | 5.60% | 10.15% | 8/20/2021 | 8/26/2027 | 6806 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. | (6)(8) | SF | 7.15% | 11.47% | 10/4/2022 | 10/4/2028 | 14308 | 14105 | 12832 | 0.6% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (Revolver) | (19) | SF | 7.15% | 11.47% | 10/4/2022 | 10/4/2028 | 1825 | $— | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (10) | SF | 5.00% | 9.51% | 12/15/2023 | 12/15/2027 | 910 | 899 | 909 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (7) | SF | 5.00% | 9.59% | 9/19/2019 | 12/15/2027 | 4550 | 4548 | 4543 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (7) | SF | 5.00% | 9.59% | 12/15/2021 | 12/15/2027 | 4368 | 4331 | 4361 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (7) | SF | 5.00% | 9.59% | 9/19/2019 | 12/15/2027 | 910 | 910 | 909 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. | (7) | SF | 5.00% | 9.41% | 8/21/2020 | 12/15/2027 | 910 | 910 | 909 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QF Holdings, Inc. (Revolver) | (19) | SF | 5.00% | 9.51% | 9/19/2019 | 12/15/2027 | 1092 | 473 | 472 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC | (6)(9) | SF | 5.60% | 9.96% | 10/7/2022 | 10/5/2029 | 9070 | 8861 | 9083 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC |  | SF | 5.60% | 10.15% | 4/1/2024 | 10/5/2029 | 10186 | 10002 | 10201 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC |  | SF | 5.60% | 9.96% | 10/7/2022 | 10/5/2029 | 7968 | 7968 | 7980 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC (Delayed Draw) | (19)(20) | SF | 5.60% | 10.00% | 4/1/2024 | 10/5/2029 | 20526 | 208 | 209 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCP Eye Care Holdco, LLC (Revolver) | (19) | SF | 5.60% | 9.96% | 10/7/2022 | 10/5/2029 | 1442 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC | (6)(8)(10)(11) | SF | 6.10% | 10.46% | 12/29/2023 | 6/30/2028 | 21236 | 20886 | 21236 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC (Delayed Draw) | (19)(20) | SF | 6.10% | 10.37% | 12/29/2023 | 6/30/2028 | 8562 | 2821 | 2821 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC (Delayed Draw) | (19)(20) | SF | 6.10% | 10.46% | 12/6/2024 | 7/1/2028 | 9906 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC (Delayed Draw) | (19)(20) | SF | 6.10% | 10.46% | 12/6/2024 | 7/1/2028 | 11887 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC (Delayed Draw) | (19)(20) | SF | 6.10% | 10.46% | 12/6/2024 | 7/1/2028 | 7925 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SDG Mgmt Company, LLC (Revolver) | (19) | SF | 6.10% | 10.46% | 12/6/2024 | 7/1/2028 | 1981 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC | (7)(8) | SF | 7.25% | 11.84% | 12/31/2020 | 7/8/2027 | 1925 | 1916 | 1923 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC | (10)(11) | SF | 7.25% | 11.67% | 8/21/2023 | 7/8/2027 | 1149 | 1149 | 1148 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC | (8) | SF | 7.25% | 11.67% | 7/8/2022 | 7/8/2027 | 2184 | 2184 | 2181 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (Revolver) | (19) | SF | 7.25% | 11.84% | 12/31/2020 | 7/8/2027 | 356 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIP Care Services, LLC | (6) | SF | 5.85% | 10.40% | 7/21/2023 | 12/30/2026 | 150 | 150 | 145 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIP Care Services, LLC | (6)(7) | SF | 5.85% | 10.40% | 12/30/2021 | 12/30/2026 | 3696 | 3661 | 3580 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIP Care Services, LLC (Revolver) |  | SF | 5.85% | 10.40% | 12/30/2021 | 12/30/2026 | 760 | 760 | 736 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC | (11) | SF | 6.00% | 10.33% | 4/4/2024 | 4/4/2029 | 28654 | 28065 | 28669 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC |  | SF | 6.00% | 10.33% | 4/4/2024 | 4/4/2029 | 7747 | 7747 | 7751 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.33% | 4/4/2024 | 4/4/2029 | 6219 | 5346 | 5349 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.33% | 12/27/2024 | 4/4/2029 | 11842 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Smilist DSO, LLC (Revolver) | (19) | SF | 6.00% | 10.33% | 4/4/2024 | 4/4/2029 | 1974 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. | (7) | SF | 6.90% | 11.47% | 2/16/2022 | 2/16/2028 | 10000 | 9880 | 9925 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 7.00% | 8.02% Cash/ 3.38% PIK | 11/19/2024 | 2/16/2028 | 571 | 563 | 567 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (19)(20) | SF | 7.00% | 8.02% Cash/ 3.38% PIK | 11/19/2024 | 2/16/2028 | 23 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (19)(20) | SF | 6.90% | 11.46% | 2/16/2022 | 2/16/2028 | 1253 | 817 | 811 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Revolver) | (19) | SF | 6.90% | 11.46% | 2/16/2022 | 2/16/2028 | 1429 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vero Biotech Inc. |  | P | 3.75% | 12.25% | 12/29/2023 | 1/2/2029 | 30000 | 29748 | 29471 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WebPT, Inc. | (7) | SF | 6.35% | 10.86% | 8/28/2019 | 1/18/2028 | 5000 | 5000 | 5000 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WebPT, Inc. (Revolver) | (19) | P | 5.25% | 12.75% | 8/28/2019 | 1/18/2028 | 521 | 275 | 275 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xpress Wellness, LLC | (6)(8) | SF | 5.25% | 9.82% | 5/8/2024 | 5/8/2030 | 40000 | 39247 | 40112 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xpress Wellness, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.59% | 5/8/2024 | 5/8/2030 | 12500 | 450 | 451 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xpress Wellness, LLC (Revolver) | (19) | SF | 5.25% | 9.82% | 5/8/2024 | 5/8/2030 | 9231 | 6462 | 6462 | 0.3% |
|  |  |  |  |  |  |  | 645638 | 486283 | 487347 | 23.7% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia Inc. | (7) | SF | 7.15% | 11.73% | 11/1/2019 | 10/31/2025 | 15429 | $15360 | $15429 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia Inc. | (10) | SF | 7.15% | 11.73% | 11/11/2023 | 10/31/2025 | 3092 | 3092 | 3092 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquia Inc. (Revolver) | (19) | SF | 7.15% | 11.75% | 11/1/2019 | 10/31/2025 | 588 | 329 | 329 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc. | (11) | SF | 5.00% | 9.33% | 1/30/2024 | 1/30/2031 | 8693 | 8622 | 8736 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc. (Delayed Draw) | (19)(20) | SF | 5.00% | 9.32% | 1/30/2024 | 1/30/2031 | 539 | 142 | 143 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptean, Inc. (Revolver) | (19) | SF | 5.00% | 9.33% | 1/30/2024 | 1/30/2031 | 728 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw) | (19)(20)(21) | SF | 8.11% | 12.67% PIK | 1/2/2024 | 1/2/2027 | 1471 | 392 | 882 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aston US Finco, LLC | (12)(35)(40) | SF | 4.36% | 8.72% | 10/30/2024 | 10/9/2026 | 9475 | 9252 | 9148 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTRS Holdings Inc. | (9) | SF | 7.25% | 11.61% | 12/16/2022 | 12/15/2028 | 10000 | 9776 | 10000 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTRS Holdings Inc. |  | SF | 7.25% | 11.61% | 12/16/2022 | 12/15/2028 | 842 | 842 | 842 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTRS Holdings Inc. (Revolver) | (19) | SF | 7.25% | 11.76% | 12/16/2022 | 12/15/2028 | 1067 | 400 | 400 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. |  | SF | 5.50% | 9.37% Cash/ 0.50% PIK | 12/20/2024 | 12/20/2030 | 16500 | 16252 | 16252 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.50% | 9.37% Cash/ 0.50% PIK | 12/20/2024 | 12/20/2030 | 9900 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.50% | 9.37% Cash/ 0.50% PIK | 12/20/2024 | 12/20/2030 | 9900 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.50% | 9.37% Cash/ 0.50% PIK | 12/20/2024 | 12/20/2030 | 759 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (Revolver) | (19) | SF | 5.50% | 9.37% Cash/ 0.50% PIK | 12/20/2024 | 12/20/2030 | 3300 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. | (9) | SF | 5.75% | 10.07% | 8/27/2024 | 8/27/2030 | 24912 | 24551 | 24912 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.75% | 10.07% | 8/27/2024 | 8/27/2030 | 5416 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 6.13% | 10.07% Cash/ 0.38% PIK | 8/27/2024 | 8/27/2026 | 3076 | 481 | 481 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.75% | 10.07% | 8/27/2024 | 8/27/2030 | 5957 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Revolver) | (19) | SF | 5.75% | 10.07% | 8/27/2024 | 8/27/2030 | 2166 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC | (7) | SF | 6.25% | 10.59% | 9/1/2022 | 9/1/2028 | 15000 | 14790 | 15000 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 10.59% | 9/1/2022 | 9/1/2028 | 4370 | 3974 | 3974 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Revolver) | (19) | SF | 6.25% | 10.59% | 9/1/2022 | 9/1/2028 | 2609 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortra, LLC | (11) | SF | 4.10% | 8.69% | 12/11/2023 | 11/30/2026 | 14826 | 14413 | 13109 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom U.S. Acquisition Corporation | (9)(10) | SF | 5.75% | 10.39% | 9/27/2024 | 9/27/2030 | 51000 | 50138 | 51439 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom U.S. Acquisition Corporation (Revolver) | (19) | SF | 5.75% | 10.39% | 9/27/2024 | 9/27/2030 | 5100 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fueled Digital Media, LLC |  | SF | 6.61% | 10.67% Cash/ 0.50% PIK | 11/1/2022 | 11/1/2027 | 5671 | 5581 | 5402 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fueled Digital Media, LLC |  | SF | 6.61% | 10.67% Cash/ 0.50% PIK | 11/1/2022 | 11/1/2027 | 500 | 500 | 476 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fueled Digital Media, LLC (Revolver) | (19) | SF | 6.11% | 10.67% | 11/1/2022 | 11/1/2027 | 807 | 726 | 692 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jobnimbus Holdings, LLC | (9)(11) | SF | 5.25% | 9.80% | 12/12/2024 | 11/6/2030 | 32000 | 31530 | 31520 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jobnimbus Holdings, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.80% | 11/6/2024 | 11/6/2030 | 7111 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jobnimbus Holdings, LLC (Revolver) | (19) | SF | 5.25% | 9.80% | 11/6/2024 | 11/6/2030 | 5333 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medallia, Inc. | (7) | SF | 6.60% | 6.93% Cash/ 4.00% PIK | 8/15/2022 | 10/27/2028 | 12258 | 12120 | 12117 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. | (7) | SF | 7.15% | 11.74% | 2/15/2019 | 9/30/2025 | 1867 | 1867 | 1867 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. | (7) | SF | 7.15% | 11.74% | 9/22/2021 | 9/30/2025 | 2270 | 2270 | 2270 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. (Revolver) | (19) | SF | 7.15% | 11.74% | 2/15/2019 | 9/30/2025 | 190 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasuni Corporation | (9)(11) | SF | 5.75% | 10.18% | 9/10/2024 | 9/10/2030 | 15000 | 14787 | 15062 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasuni Corporation (Revolver) | (19) | SF | 5.75% | 10.18% | 9/10/2024 | 9/10/2030 | 3125 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oranje Holdco, Inc. | (6) | SF | 7.25% | 11.82% | 4/20/2024 | 2/1/2029 | 29053 | 29053 | 29053 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oranje Holdco, Inc. | (6)(9) | SF | 7.75% | 12.32% | 2/1/2023 | 2/1/2029 | 14000 | 13734 | 14140 | 0.7% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oranje Holdco, Inc. (Revolver) | (19) | SF | 7.75% | 12.32% | 2/1/2023 | 2/1/2029 | 1750 | $— | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optomi, LLC | (6)(9) | SF | 5.40% | 9.99% | 12/13/2022 | 12/16/2027 | 5569 | 5460 | 5590 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optomi, LLC | (7)(9) | SF | 5.40% | 9.99% | 12/16/2021 | 12/16/2027 | 13129 | 12983 | 13178 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optomi, LLC (Revolver) | (19) | SF | 5.40% | 9.72% | 12/16/2021 | 12/16/2027 | 3189 | 850 | 850 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganized Mobileum AcquisitionCo, LLC (fka Matrix Parent, Inc.) | (6)(21) | SF | 6.00% | 5.45% Cash/ 5.00% PIK | 7/25/2024 | 9/12/2029 | 913 | 899 | 888 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (7) | SF | 7.10% | 11.69% | 4/20/2022 | 4/22/2027 | 3703 | 3662 | 3702 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (7) | SF | 7.10% | 11.35% | 4/22/2021 | 4/22/2027 | 8400 | 8320 | 8400 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (7) | SF | 7.10% | 11.62% | 4/22/2021 | 4/22/2027 | 1938 | 1938 | 1938 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. | (9) | SF | 7.10% | 11.62% | 4/20/2022 | 4/22/2027 | 2488 | 2488 | 2488 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securly, Inc. (Revolver) | (19) | SF | 7.10% | 11.62% | 4/22/2021 | 4/22/2027 | 1615 | 969 | 969 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signiant Inc. | (11) | SF | 5.25% | 9.59% | 12/23/2024 | 12/23/2030 | 15000 | 14776 | 14775 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signiant Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.59% | 12/23/2024 | 12/23/2030 | 3000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signiant Inc. (Revolver) | (19) | SF | 5.25% | 9.59% | 12/23/2024 | 12/23/2030 | 1875 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. | (7) | SF | 5.75% | 10.03% | 6/16/2023 | 6/15/2029 | 1970 | 1922 | 1982 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 10.08% | 6/27/2024 | 6/25/2029 | 432 | 428 | 434 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 10.08% | 6/16/2023 | 6/15/2029 | 441 | 441 | 444 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 5.75% | 10.03% | 6/27/2024 | 6/25/2029 | 578 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (Revolver) | (19) | SF | 5.75% | 10.08% | 6/16/2023 | 6/15/2029 | 409 | 41 | 41 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. | (7)(9) | SF | 5.25% | 10.51% | 12/9/2022 | 12/9/2030 | 22000 | 21679 | 22000 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.80% | 12/9/2022 | 12/9/2030 | 6947 | 3393 | 3393 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.80% | 11/25/2024 | 12/8/2028 | 1350 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. (Revolver) | (19) | SF | 5.25% | 9.80% | 12/9/2022 | 12/9/2030 | 4316 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corporation | (12)(37) | SF | 6.00% | 7.08% Cash/ 3.25% PIK | 8/23/2024 | 8/22/2031 | 26426 | 26056 | 26428 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corporation (Delayed Draw) | (12)(16)(19)(20)(37) | n/a | n/a | n/a | 8/23/2024 | 8/22/2031 | 6085 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varicent Intermediate Holdings Corporation (Revolver) | (12)(19)(37) | n/a | n/a | 5.50% | 8/23/2024 | 8/22/2031 | 4443 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watchguard Technologies, Inc. | (6) | SF | 5.25% | 9.61% | 8/17/2022 | 6/29/2029 | 20678 | 19659 | 20532 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZI Intermediate II, Inc. | (6) | SF | 7.00% | 11.59% | 5/13/2024 | 5/13/2030 | 57250 | 56048 | 57078 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZI Intermediate II, Inc. (Revolver) | (19) | SF | 7.00% | 11.59% | 5/13/2024 | 5/13/2030 | 4771 |  |  | 0.0% |
|  |  |  |  |  |  |  | 576565 | 466986 | 471877 | 22.9% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 Percent Buyer, LLC | (7)(8)(9) | SF | 5.60% | 10.15% | 11/24/2021 | 11/24/2026 | 15581 | $15444 | $15581 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 Percent Buyer, LLC (Revolver) | (19) | SF | 5.60% | 10.15% | 11/24/2021 | 11/24/2026 | 809 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Holdings, L.L.C. | (8) | SF | 5.85% | 10.40% | 10/21/2022 | 10/20/2028 | 4912 | 4825 | 4912 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Holdings, L.L.C. (Revolver) | (19) | SF | 5.85% | 10.40% | 10/21/2022 | 10/20/2028 | 909 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CE Intermediate, LLC | (6)(7)(9)(10) | SF | 5.60% | 9.93% | 10/11/2022 | 7/1/2027 | 37740 | 37314 | 37740 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destination Media, Inc. | (8)(10) | SF | 6.75% | 11.03% | 6/21/2023 | 6/21/2028 | 6403 | 6220 | 6531 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destination Media, Inc. |  | SF | 6.65% | 10.97% | 6/21/2023 | 6/21/2028 | 1476 | 1476 | 1506 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Destination Media, Inc. (Revolver) | (19) | SF | 6.65% | 10.97% | 6/21/2023 | 6/21/2028 | 670 | 134 | 134 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EverService Midco, LLC | (6)(8)(10)(11) | SF | 5.25% | 9.80% | 8/28/2024 | 6/28/2030 | 54863 | 53826 | 54725 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EverService Midco, LLC (Revolver) | (19) | SF | 5.25% | 9.80% | 6/28/2024 | 6/28/2030 | 8919 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Logic Holdings, Inc. | (6) | SF | 7.50% | 9.47% Cash/ 2.37% PIK | 12/30/2022 | 12/29/2028 | 13829 | 13521 | 13425 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Logic Holdings, Inc. (Revolver) | (19) | SF | 7.50% | 9.47% Cash/ 2.37% PIK | 12/30/2022 | 12/30/2027 | 635 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Really Great Reading Company, Inc. | (8)(9) | SF | 5.85% | 10.44% | 12/9/2022 | 12/9/2028 | 11790 | 11574 | 11790 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Really Great Reading Company, Inc. (Revolver) | (19) | SF | 5.85% | 10.44% | 12/9/2022 | 12/8/2028 | 3200 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.35% | 10.90% | 9/9/2024 | 12/31/2026 | 1115 | 1097 | 1102 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC | (7)(9) | SF | 6.35% | 10.90% | 11/20/2020 | 12/31/2026 | 1925 | 1917 | 1904 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC | (8)(9) | SF | 6.35% | 10.90% | 3/28/2022 | 12/31/2026 | 5132 | 5102 | 5075 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC | (8) | SF | 6.35% | 10.90% | 11/20/2020 | 12/31/2026 | 861 | 861 | 852 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (Revolver) | (19) | SF | 6.35% | 10.90% | 11/20/2020 | 12/31/2026 | 789 | 421 | 421 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. | (7) | SF | 6.36% | 10.92% | 12/22/2021 | 12/22/2026 | 3169 | 3143 | 2757 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (Revolver) | (19) | SF | 6.36% | 10.92% | 12/22/2021 | 12/22/2026 | 500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchmath Acquisition LLC | (11) | SF | 5.75% | 10.30% | 2/28/2024 | 2/28/2030 | 9950 | 9772 | 9516 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchmath Acquisition LLC (Revolver) | (19) | SF | 5.75% | 10.30% | 2/28/2024 | 2/28/2030 | 1429 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. | (7)(8) | SF | 5.50% | 9.84% | 1/28/2020 | 1/28/2027 | 5587 | 5586 | 5596 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. | (8) | SF | 5.50% | 9.84% | 8/31/2022 | 1/28/2027 | 2221 | 2219 | 2224 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (Revolver) | (19) | SF | 5.50% | 9.84% | 1/28/2020 | 1/28/2027 | 977 |  |  | 0.0% |
|  |  |  |  |  |  |  | 195391 | 174452 | 175791 | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.79% <br>PIK | 2/15/2024 | 1/31/2028 | 228 | 228 | 417 | 0.0% |
|  |  |  |  |  |  |  | 228 | 228 | 417 | 0.0% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC | (7)(9) | SF | 7.00% | 11.33% | 9/8/2021 | 9/8/2027 | 19042 | $18901 | $18875 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC |  | SF | 7.75% | 12.08% PIK | 9/28/2023 | 9/8/2027 | 3070 | 3042 | 3101 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonterra LLC (Revolver) | (19) | SF | 7.00% | 11.33% | 9/8/2021 | 9/8/2027 | 1814 | 1161 | 1151 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC | (7)(8) | SF | 6.60% | 10.92% | 12/31/2021 | 12/31/2027 | 12642 | 12495 | 12611 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (Revolver) | (19) | SF | 6.60% | 10.92% | 12/31/2021 | 12/31/2027 | 1413 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. | (7) | SF | 7.75% | 5.57% Cash/ 6.75% PIK | 2/28/2019 | 11/28/2025 | 1030 | 1030 | 1022 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. | (7) | SF | 7.75% | 5.57% Cash/ 6.75% PIK | 2/28/2019 | 11/28/2025 | 15 | 15 | 15 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. | (7) | SF | 7.75% | 5.59% Cash/ 6.75% PIK | 9/27/2022 | 11/28/2025 | 322 | 322 | 320 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. | (9) | SF | 7.75% | 5.57% Cash/ 6.75% PIK | 9/27/2022 | 11/28/2025 | 858 | 858 | 852 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. (Revolver) |  | SF | 6.75% | 11.32% | 2/28/2019 | 11/28/2025 | 125 | 125 | 125 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC |  | SF | 5.26% | 9.79% | 7/15/2024 | 7/15/2028 | 556 | 509 | 559 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC | (6) | SF | 5.85% | 10.21% | 11/3/2022 | 11/3/2027 | 4888 | 4809 | 4888 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC (Delayed Draw) | (19)(20) | SF | 5.85% | 10.21% | 11/3/2022 | 11/3/2027 | 3983 | 2198 | 2198 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC (Revolver) | (19) | SF | 5.85% | 10.21% | 11/3/2022 | 11/3/2027 | 865 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STATS Intermediate Holdings, LLC |  | SF | 5.51% | 10.03% | 3/26/2024 | 7/10/2026 | 14308 | 14191 | 14152 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC | (21) | SF | 9.76% | 11.34% Cash/ 2.75% PIK | 9/27/2024 | 3/31/2025 | 132 | 132 | 175 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC | (21) | SF | 9.76% | 11.34% Cash/ 2.75% PIK | 12/10/2024 | 3/31/2025 | 132 | 132 | 175 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC | (21) | SF | 9.76% | 14.09% PIK | 12/10/2024 | 3/31/2025 | 44 | 44 | 58 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC | (21) | SF | 9.76% | 14.09% PIK | 12/10/2024 | 3/31/2025 | 44 | 44 | 58 | 0.0% |
|  |  |  |  |  |  |  | 65283 | 60008 | 60335 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rita's Franchise Company, LLC | (11) | SF | 5.00% | 9.61% | 12/9/2024 | 11/15/2030 | 14750 | 14570 | 14566 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rita's Franchise Company, LLC (Revolver) | (19) | SF | 5.00% | 9.61% | 11/15/2024 | 11/15/2030 | 1799 |  |  | 0.0% |
|  |  |  |  |  |  |  | 16549 | 14570 | 14566 | 0.7% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A360, Inc. | (11) | SF | 5.50% | 9.87% | 12/19/2024 | 12/19/2030 | 10500 | $10344 | $10343 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A360, Inc. (Delayed Draw) | (19)(20) | SF | 5.50% | 9.87% | 12/19/2024 | 12/19/2030 | 4437 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A360, Inc. (Revolver) | (19) | SF | 5.50% | 9.87% | 12/19/2024 | 12/19/2030 | 2218 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Exteriors Group Holdco, LLC |  | SF | 5.00% | 9.40% | 12/13/2024 | 12/13/2029 | 14000 | 13758 | 13755 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Exteriors Group Holdco, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.40% | 12/13/2024 | 12/13/2029 | 10000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Exteriors Group Holdco, LLC (Revolver) | (19) | SF | 5.00% | 9.40% | 12/13/2024 | 12/13/2029 | 1667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC |  | SF | 5.75% | 10.08% | 12/31/2024 | 6/30/2030 | 24679 | 24309 | 24309 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC (Delayed Draw) | (19)(20) | SF | 5.75% | 10.08% | 12/31/2024 | 6/30/2030 | 3794 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambient Enterprises Holdco, LLC (Revolver) | (19) | SF | 5.75% | 10.08% | 12/31/2024 | 12/8/2029 | 1528 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation | (6)(9) | SF | 5.25% | 9.58% | 4/13/2021 | 4/13/2029 | 5299 | 5262 | 5377 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation (Revolver) | (19) | SF | 5.25% | 9.58% | 4/13/2021 | 4/13/2029 | 726 | 278 | 278 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC | (6)(11) | SF | 6.50% | 11.09% | 10/31/2023 | 10/31/2029 | 20000 | 19567 | 20200 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC |  | SF | 6.50% | 11.09% | 10/31/2023 | 10/31/2029 | 8421 | 8421 | 8505 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 10.69% | 8/30/2024 | 10/31/2029 | 18235 | 4255 | 4255 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG III, LLC (Revolver) | (19) | SF | 6.50% | 11.09% | 10/31/2023 | 10/31/2029 | 3158 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomerang, LLC | (6)(9)(11) | SF | 6.00% | 10.33% | 12/27/2023 | 12/27/2029 | 16000 | 15717 | 15989 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomerang, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.33% | 12/27/2023 | 12/27/2029 | 4800 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloomerang, LLC (Revolver) | (19) | SF | 6.00% | 10.52% | 12/27/2023 | 12/27/2029 | 3200 | 240 | 240 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. | (9)(11) | SF | 6.25% | 10.57% | 7/18/2024 | 7/18/2030 | 45950 | 45178 | 45950 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (19)(20) | SF | 6.25% | 10.57% | 7/18/2024 | 7/18/2030 | 4255 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (19)(20) | SF | 6.25% | 10.57% | 7/18/2024 | 7/18/2030 | 5956 | 2340 | 2340 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Revolver) | (19) | SF | 6.25% | 10.57% | 7/18/2024 | 7/18/2030 | 5106 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. | (7)(9)(11) | SF | 6.00% | 10.28% | 9/15/2023 | 9/14/2029 | 36000 | 35245 | 36306 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. |  | SF | 6.00% | 10.28% | 9/15/2023 | 9/14/2029 | 6750 | 6750 | 6807 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. (Delayed Draw) | (19)(20) | SF | 6.00% | 10.28% | 5/17/2024 | 9/14/2029 | 12000 | 1714 | 1729 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. (Revolver) | (19) | SF | 6.00% | 10.28% | 9/15/2023 | 9/14/2029 | 5625 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Discovery Acquireco, LLC | (6)(9) | SF | 6.25% | 10.76% | 8/29/2023 | 8/29/2029 | 20000 | 19577 | 20400 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Discovery Acquireco, LLC | (6) | SF | 5.50% | 10.01% | 5/3/2024 | 8/29/2029 | 3273 | 3242 | 3273 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Discovery Acquireco, LLC (Revolver) | (19) | SF | 6.25% | 10.76% | 8/29/2023 | 8/29/2029 | 2727 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. | (7)(12)(37) | SF | 7.10% | 11.42% | 9/21/2021 | 9/21/2027 | 16535 | 16371 | 16535 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. | (7)(12)(37) | SF | 7.10% | 11.42% | 9/21/2021 | 9/21/2027 | 1291 | 1291 | 1291 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. | (12)(37) | SF | 7.10% | 11.42% | 5/4/2023 | 9/21/2027 | 2063 | 2063 | 2063 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. (Delayed Draw) | (12)(19)(20)(37) | SF | 7.10% | 11.42% | 3/28/2024 | 9/21/2027 | 2718 | 2149 | 2149 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. (Revolver) | (12)(19)(37) | SF | 7.10% | 11.42% | 9/21/2021 | 9/21/2027 | 2067 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edustaff, LLC | (6)(9) | SF | 5.60% | 9.94% | 12/8/2022 | 12/8/2027 | 11773 | 11560 | 11773 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edustaff, LLC (Revolver) | (19) | SF | 5.60% | 9.94% | 12/8/2022 | 12/8/2027 | 2364 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huckabee Acquisition, LLC | (6)(8)(10) | SF | 5.25% | 9.58% | 1/16/2024 | 1/16/2030 | 29775 | 29238 | 29775 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huckabee Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.58% | 1/16/2024 | 1/16/2030 | 6522 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huckabee Acquisition, LLC (Revolver) | (19) | SF | 5.25% | 9.58% | 1/16/2024 | 1/16/2030 | 3913 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS4 Acquisitionco, Inc. | (7) | SF | 5.85% | 10.19% | 7/9/2019 | 7/9/2025 | 3860 | 3850 | 3860 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS4 Acquisitionco, Inc. | (7) | SF | 5.85% | 10.19% | 10/6/2021 | 7/9/2025 | 4194 | 4194 | 4194 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HS4 Acquisitionco, Inc. (Revolver) | (19) | SF | 5.85% | 10.19% | 7/9/2019 | 7/9/2025 | 325 | 220 | 220 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iCIMS, Inc. | (7) | SF | 6.25% | 10.88% | 10/24/2022 | 8/18/2028 | 8000 | 7900 | 8000 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC | (6)(8)(10) | SF | 5.50% | 9.82% | 12/27/2023 | 12/27/2029 | 14850 | 14589 | 14828 | 0.7% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC | (11) | SF | 5.50% | 9.84% | 12/9/2024 | 12/27/2029 | 7172 | $7067 | $7161 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC |  | SF | 5.50% | 9.84% | 12/27/2023 | 12/27/2029 | 8276 | 8276 | 8263 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC (Delayed Draw) | (19)(20) | SF | 5.50% | 9.82% | 11/19/2024 | 12/27/2029 | 12397 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate BidCo, LLC (Revolver) | (19) | SF | 5.50% | 9.82% | 12/27/2023 | 12/27/2029 | 3125 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDX Studio, LLC | (11) | SF | 5.25% | 9.59% | 12/9/2024 | 11/13/2030 | 10000 | 9828 | 9825 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDX Studio, LLC (Delayed Draw) | (19)(20) | SF | 5.25% | 9.59% | 11/14/2024 | 11/13/2030 | 799 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDX Studio, LLC (Revolver) | (19) | SF | 5.25% | 9.59% | 11/14/2024 | 11/13/2030 | 2398 | 320 | 314 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC | (6) | SF | 6.65% | 11.24% | 12/9/2022 | 12/11/2028 | 2948 | 2905 | 2924 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC | (8) | SF | 6.65% | 11.24% | 12/9/2022 | 12/11/2028 | 946 | 946 | 938 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 11.24% | 12/9/2022 | 12/11/2028 | 1368 | 1368 | 1357 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC (Revolver) | (19) | SF | 6.60% | 10.94% | 12/9/2022 | 12/11/2028 | 1200 | 960 | 952 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC | (6)(8)(10) | SF | 7.15% | 11.67% | 8/31/2023 | 8/31/2028 | 44438 | 43490 | 44660 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC |  | SF | 7.10% | 11.44% | 10/25/2024 | 8/31/2028 | 1603 | 1592 | 1611 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC |  | SF | 7.10% | 11.44% | 12/2/2024 | 8/31/2028 | 3567 | 3497 | 3585 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milrose Consultants, LLC (Revolver) | (19) | SF | 7.10% | 11.44% | 8/31/2023 | 8/31/2028 | 2308 | 462 | 462 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonraker Acquisitionco LLC | (6) | SF | 5.75% | 10.20% | 9/30/2022 | 8/4/2028 | 6860 | 6767 | 6860 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moonraker Acquisitionco LLC (Revolver) | (19) | SF | 5.75% | 10.20% | 9/30/2022 | 8/4/2028 | 933 | 280 | 280 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. | (6)(7)(9) | SF | 5.85% | 10.37% | 11/15/2023 | 11/30/2027 | 13199 | 13003 | 13245 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (Delayed Draw) | (19)(20) | SF | 5.85% | 10.20% | 11/15/2023 | 11/30/2027 | 7412 | 827 | 830 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (Revolver) | (19) | P | 4.75% | 12.25% | 11/15/2023 | 11/30/2027 | 5273 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC |  | SF | 6.26% | 10.76% | 8/16/2024 | 8/16/2029 | 7481 | 7341 | 7489 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC (Revolver) | (19) | SF | 6.26% | 10.76% | 8/16/2024 | 8/16/2029 | 1591 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onix Networking Corp. | (6)(8) | SF | 5.75% | 10.08% | 10/2/2023 | 10/2/2029 | 14850 | 14591 | 14850 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onix Networking Corp. (Revolver) | (19) | SF | 5.75% | 10.08% | 10/2/2023 | 10/2/2029 | 5000 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPOC Acquisition, LLC | (11) | SF | 5.00% | 9.35% | 12/20/2024 | 12/20/2030 | 13000 | 12806 | 12805 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPOC Acquisition, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.35% | 12/20/2024 | 12/20/2030 | 3009 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPOC Acquisition, LLC (Revolver) | (19) | SF | 5.00% | 9.35% | 12/20/2024 | 12/20/2030 | 1204 | 120 | 119 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. | (6) | SF | 6.25% | 10.84% | 4/9/2024 | 4/9/2030 | 16369 | 16067 | 16451 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. | (12)(23) | SF | 6.50% | 11.09% | 4/9/2024 | 4/9/2030 | 33793 | 33598 | 33962 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (Delayed Draw) | (19)(20) | SF | 6.25% | 10.57% | 4/9/2024 | 4/9/2030 | 16833 | 2895 | 2910 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (Delayed Draw) | (19)(20) | SF | 6.25% | 10.57% | 4/9/2024 | 4/9/2030 | 1762 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (Delayed Draw) | (12)(19)(20)(23) | SF | 6.25% | 10.57% | 4/9/2024 | 4/9/2030 | 3317 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (Revolver) | (19) | SF | 6.25% | 10.57% | 4/9/2024 | 4/9/2030 | 6733 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Pest Buyer, LLC | (6)(8) | SF | 4.75% | 9.32% | 6/20/2024 | 6/20/2030 | 14000 | 13771 | 13958 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Pest Buyer, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 9.14% | 6/20/2024 | 6/20/2030 | 42000 | 13146 | 13107 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PC Pest Buyer, LLC (Revolver) | (19) | SF | 4.75% | 9.14% | 6/20/2024 | 6/20/2030 | 8400 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc | (11) | SF | 5.50% | 9.85% | 12/20/2024 | 12/20/2030 | 50558 | 49806 | 49799 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRGX Global, Inc (Revolver) | (19) | SF | 5.50% | 9.85% | 12/20/2024 | 12/20/2030 | 3024 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Accelerate Parent, LLC |  | SF | 5.25% | 9.61% | 2/22/2024 | 2/22/2031 | 11816 | 11711 | 11816 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Accelerate Parent, LLC (Revolver) | (19) | SF | 5.25% | 9.61% | 2/22/2024 | 2/22/2031 | 3125 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC | (21) | SF | 8.35% | 7.90% Cash/ 5.00% PIK | 12/8/2022 | 12/8/2027 | 7896 | 7652 | 6372 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC (Revolver) | (19)(21) | SF | 8.35% | 7.90% Cash/ 5.00% PIK | 12/8/2022 | 12/8/2027 | 921 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. |  | SF | 5.25% | 9.59% | 8/6/2024 | 8/6/2030 | 7481 | 7336 | 7481 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. (Delayed Draw) | (19)(20) | SF | 5.25% | 9.59% | 8/6/2024 | 8/6/2030 | 7143 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. (Revolver) | (19) | SF | 5.25% | 9.59% | 8/6/2024 | 8/6/2030 | 2679 |  |  | 0.0% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. | (6)(11) | SF | 5.85% | 10.19% | 6/17/2024 | 9/30/2027 | 43767 | $43767 | $43723 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. | (6)(11) | SF | 5.85% | 10.19% | 6/17/2024 | 9/30/2027 | 13588 | 13588 | 13575 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. | (6)(11) | SF | 5.85% | 10.19% | 6/17/2024 | 9/30/2027 | 13424 | 13424 | 13411 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signal 88, LLC | (6) | SF | 6.50% | 11.05% | 6/3/2024 | 6/3/2029 | 23441 | 23116 | 23529 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstates Security, LLC |  | SF | 5.00% | 9.34% | 8/9/2024 | 8/9/2030 | 20000 | 19712 | 20400 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunstates Security, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.34% | 8/9/2024 | 8/9/2030 | 13333 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symplr Software, Inc. |  | SF | 4.60% | 9.19% | 10/30/2024 | 2/9/2031 | 3900 | 3628 | 3580 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teneo Holdings LLC | (11)(35) | SF | 4.75% | 9.11% | 10/18/2024 | 3/13/2031 | 8194 | 8124 | 8280 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thryv, Inc. | (12) | SF | 6.75% | 11.11% | 5/15/2024 | 5/1/2029 | 7750 | 7677 | 7895 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIC Bidco Limited | (12)(23)(40) | SN | 5.00% | 9.70% | 6/12/2024 | 6/14/2031 | 14318 | 14414 | 14289 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC | (6) | SF | 5.00% | 9.45% | 5/6/2024 | 5/6/2031 | 18050 | 17793 | 18005 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.40% | 5/6/2024 | 5/6/2031 | 2316 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.40% | 5/6/2024 | 5/6/2031 | 3088 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.40% | 5/6/2024 | 5/6/2031 | 7515 | 4651 | 4639 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.40% | 11/8/2024 | 5/6/2031 | 6667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.40% | 11/8/2024 | 5/6/2031 | 3333 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valkyrie Buyer, LLC (Revolver) | (19) | SF | 5.00% | 9.40% | 5/6/2024 | 5/6/2031 | 3509 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC | (9) | SF | 6.00% | 10.59% | 6/9/2023 | 6/11/2029 | 10000 | 9762 | 10075 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC (Delayed Draw) | (19)(20) | SF | 6.00% | 10.59% | 6/9/2023 | 6/11/2029 | 2222 | 500 | 504 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC (Revolver) | (19) | SF | 6.00% | 10.59% | 6/9/2023 | 6/11/2029 | 1111 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPEngine, Inc. | (7)(9) | SF | 6.50% | 10.90% | 8/14/2023 | 8/14/2029 | 16500 | 16085 | 16640 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPEngine, Inc. (Revolver) | (19) | SF | 6.50% | 10.90% | 8/14/2023 | 8/14/2029 | 1650 |  |  | 0.0% |
|  |  |  |  |  |  |  | 1068437 | 798291 | 807675 | 39.2% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMS Parent, LLC |  | SF | 5.11% | 9.47% | 4/8/2024 | 10/25/2028 | 11106 | $10975 | $10943 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (6) | SF | 6.40% | 10.72% | 12/28/2023 | 6/23/2028 | 4950 | 4848 | 4977 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (6)(7) | SF | 6.40% | 10.72% | 7/19/2023 | 6/23/2028 | 4950 | 4854 | 4977 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (6)(8)(10) | SF | 5.90% | 10.22% | 6/24/2022 | 6/23/2028 | 14663 | 14471 | 14531 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC | (11) | SF | 5.90% | 10.22% | 6/24/2022 | 6/23/2028 | 20853 | 20853 | 20666 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC (Delayed Draw) | (19)(20) | SF | 5.90% | 10.22% | 6/20/2024 | 6/23/2028 | 8323 | 2323 | 2302 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Holdings, LLC (Revolver) | (19) | SF | 5.90% | 10.22% | 6/24/2022 | 6/23/2028 | 4523 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedited Travel, LLC | (7)(8)(9)(10) | SF | 6.61% | 11.17% | 11/8/2023 | 11/8/2028 | 11973 | 11726 | 11973 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedited Travel, LLC (Revolver) | (19) | SF | 6.61% | 11.17% | 11/8/2023 | 11/8/2028 | 1500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC |  | SF | 6.76% | 11.35% | 7/14/2022 | 7/14/2028 | 9985 | 9945 | 9948 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC |  | SF | 6.76% | 11.35% | 7/14/2022 | 7/14/2028 | 2116 | 2116 | 2108 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (Revolver) | (19) | SF | 6.76% | 11.35% | 7/14/2022 | 7/14/2028 | 536 | 295 | 294 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC |  | SF | 5.50% | 9.85% | 12/17/2024 | 6/29/2029 | 4986 | 4986 | 4946 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC |  | SF | 5.50% | 9.82% | 7/16/2024 | 6/30/2029 | 532 | 517 | 528 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC | (8)(9)(10)(11) | SF | 5.50% | 9.82% | 6/30/2023 | 6/30/2029 | 27088 | 26412 | 26871 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC (Revolver) | (19) | SF | 5.50% | 9.82% | 6/30/2023 | 6/30/2029 | 4753 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC | (10)(11) | SF | 6.00% | 10.33% | 11/15/2023 | 11/15/2030 | 21600 | 21214 | 21773 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC |  | SF | 6.00% | 10.33% | 11/15/2023 | 11/15/2030 | 5429 | 5429 | 5472 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mammoth Holdings, LLC (Revolver) | (19) | SF | 6.00% | 10.33% | 11/15/2023 | 11/15/2029 | 2727 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc. | (12)(35) | SF | 6.50% | 9.33% Cash/ 1.50% PIK | 10/15/2024 | 5/30/2027 | 8462 | 7681 | 8121 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell Investments US Institutional Holdco, Inc. (Revolver) | (12)(19)(35) | SF | 6.00% | 10.33% | 10/7/2024 | 2/28/2028 | 1240 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Black Tux, LLC | (8)(9)(10) | SF | 6.50% | 10.84% | 12/27/2023 | 12/27/2028 | 10395 | 10332 | 10437 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Black Tux, LLC (Delayed Draw) | (19)(20) | SF | 6.50% | 10.84% | 12/27/2023 | 12/27/2028 | 1944 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Black Tux, LLC (Revolver) | (19) | SF | 6.50% | 10.84% | 12/27/2023 | 12/27/2028 | 1944 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC | (12)(24) | SF | 6.50% | 11.11% | 11/20/2024 | 11/20/2030 | 5738 | 5742 | 5637 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC | (12)(24) | SF | 6.50% | 11.11% | 11/20/2024 | 11/20/2030 | 17559 | 17573 | 17252 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC | (11) | SF | 6.25% | 10.86% | 12/13/2024 | 11/20/2030 | 6417 | 6307 | 6305 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC | (11) | SF | 6.25% | 10.86% | 12/13/2024 | 11/20/2030 | 13585 | 13351 | 13348 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC (Delayed Draw) | (19)(20) | SF | 6.25% | 10.86% | 11/20/2024 | 11/20/2030 | 12270 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC (Revolver) | (12)(19)(24) | SF | 6.25% | 10.86% | 11/20/2024 | 11/20/2030 | 2589 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gersh Agency, LLC (Revolver) | (19) | SF | 6.25% | 10.86% | 11/20/2024 | 11/20/2030 | 5059 | 1297 | 1274 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hertz Corporation | (12) | SF | 3.61% | 7.97% | 6/21/2024 | 6/30/2028 | 8285 | 8128 | 7491 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hertz Corporation | (12) | SF | 3.61% | 7.97% | 6/21/2024 | 6/30/2028 | 1618 | 1587 | 1463 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdco LLC | (11) | SF | 5.00% | 9.59% | 7/16/2024 | 7/1/2030 | 20895 | 20544 | 20832 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdco LLC (Delayed Draw) | (19)(20) | SF | 5.00% | 9.48% | 7/16/2024 | 7/1/2030 | 7496 | 2996 | 2987 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdco LLC (Revolver) | (19) | SF | 5.00% | 9.48% | 7/16/2024 | 7/1/2030 | 3000 |  |  | 0.0% |
|  |  |  |  |  |  |  | 291089 | 236502 | 237456 | 11.5% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (Delayed Draw) | (6)(19)(20) | P | 12.00% | 17.50% Cash/ 2.00% PIK | 6/10/2022 | 6/10/2025 | 2754 | $2625 | $2742 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (Revolver) | (19) | P | 12.00% | 17.50% Cash/ 2.00% PIK | 6/10/2022 | 6/10/2025 | 1000 | 252 | 252 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. | (7) | SF | 5.50% | 10.01% | 12/19/2023 | 4/16/2027 | 1167 | 1167 | 1170 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. | (7) | SF | 5.50% | 10.01% | 4/16/2021 | 4/16/2027 | 7960 | 7868 | 7960 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. (Revolver) | (19) | SF | 5.50% | 10.02% | 4/16/2021 | 4/16/2027 | 963 | 413 | 413 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commscope, Inc | (12)(35) | SF | 3.25% | 7.58% | 10/24/2024 | 4/4/2026 | 3088 | 3018 | 3053 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataOnline Corp. | (7)(8)(9)(10)(11) | SF | 5.40% | 9.92% | 11/13/2019 | 11/13/2026 | 34675 | 34622 | 34762 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataOnline Corp. (Revolver) | (19) | SF | 5.40% | 9.80% | 11/13/2019 | 11/13/2026 | 3701 | 555 | 555 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOS Finco S.A.R.L. | (8)(12)(39) | SF | 6.00% | 10.28% | 8/3/2022 | 8/20/2027 | 7078 | 6992 | 4820 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB Purchaser, LLC | (8)(10) | SF | 4.75% | 9.34% | 1/3/2024 | 1/3/2030 | 14887 | 14628 | 14887 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB Purchaser, LLC (Delayed Draw) | (19)(20) | SF | 4.75% | 9.23% | 1/3/2024 | 1/3/2030 | 12461 | 6211 | 6211 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MB Purchaser, LLC (Revolver) | (19) | SF | 4.75% | 9.23% | 1/3/2024 | 1/3/2030 | 2500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patagonia Holdco LLC | (6)(12) | SF | 5.75% | 10.27% | 8/5/2022 | 8/1/2029 | 14663 | 12655 | 13130 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiate Holdco, LLC | (35) | SF | 3.25% | 7.58% | 10/24/2024 | 10/30/2026 | 12500 | 11040 | 10965 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (6)(21) | SF | 9.00% | 13.25% | 10/2/2024 | 10/3/2025 | 216 | 215 | 217 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (6)(21) | SF | 9.00% | 13.25% | 10/2/2024 | 10/3/2025 | 43 | 43 | 43 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation (Delayed Draw) | (6)(19)(20)(21) | SF | 9.00% | 13.25% | 10/2/2024 | 10/3/2025 | 86 |  |  | 0.0% |
|  |  |  |  |  |  |  | 119742 | 102304 | 101180 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dusk Acquisition II Corporation | (10) | SF | 6.00% | 10.33% | 7/12/2024 | 7/12/2029 | 27651 | 27133 | 27651 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dusk Acquisition II Corporation |  | SF | 6.00% | 10.33% | 11/29/2024 | 7/12/2029 | 37177 | 36443 | 37177 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. | (6)(8) | SF | 6.00% | 10.34% | 3/18/2024 | 3/18/2029 | 16873 | 16571 | 16943 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. | (11) | SF | 6.00% | 10.34% | 3/18/2024 | 3/18/2029 | 9734 | 9646 | 9775 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (Delayed Draw) | (19)(20) | SF | 6.00% | 10.34% | 3/18/2024 | 3/18/2029 | 4890 | 2733 | 2744 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (Delayed Draw) | (19)(20) | SF | 6.00% | 10.45% | 12/5/2024 | 3/18/2029 | 6533 | 2120 | 2128 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (Revolver) | (19) | SF | 6.00% | 10.34% | 3/18/2024 | 3/18/2029 | 3696 | 656 | 656 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiasco Enterprises, LLC |  | SF | 6.61% | 11.17% | 5/6/2022 | 5/6/2027 | 6843 | 6775 | 6702 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiasco Enterprises, LLC | (6) | SF | 6.61% | 11.17% | 12/15/2022 | 5/6/2027 | 8253 | 8102 | 8084 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiasco Enterprises, LLC (Revolver) | (19) | SF | 6.61% | 11.17% | 5/6/2022 | 5/6/2027 | 1750 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. | (6)(7)(9) | SF | 6.25% | 10.58% | 11/1/2022 | 11/1/2029 | 16705 | 16342 | 16705 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Delayed Draw) | (19)(20) | SF | 6.25% | 10.82% | 11/1/2022 | 11/1/2029 | 5673 | 1679 | 1679 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Revolver) | (19) | SF | 5.00% | 9.33% | 11/1/2022 | 11/1/2029 | 2273 | 772 | 772 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC | (7) | SF | 8.10% | 10.65% Cash/ 2.00% PIK | 12/13/2021 | 12/14/2026 | 10927 | 10829 | 10125 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC |  | SF | 8.10% | 10.65% Cash/ 2.00% PIK | 12/13/2021 | 12/14/2026 | 10098 | 10098 | 9356 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC (Revolver) | (19) | SF | 8.10% | 10.65% Cash/ 2.00% PIK | 12/13/2021 | 12/14/2026 | 1284 | 905 | 838 | 0.1% |
|  |  |  |  |  |  |  | 170360 | 150804 | 151335 | 7.3% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC | (6)(8) | SF | 5.63% | 10.05% | 10/6/2022 | 10/3/2028 | 23389 | $22976 | $23389 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC | (6) | SF | 6.00% | 10.43% | 5/25/2023 | 10/3/2028 | 6567 | 6405 | 6567 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC |  | SF | 5.25% | 9.68% | 7/30/2024 | 10/3/2028 | 1106 | 1091 | 1106 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC (Delayed Draw) | (19)(20) | SF | 5.63% | 10.05% | 7/30/2024 | 10/3/2028 | 959 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC (Revolver) | (19) | SF | 5.63% | 10.06% | 10/6/2022 | 10/3/2028 | 5296 | 2825 | 2825 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings LLC | (8) | SF | 5.00% | 9.36% | 10/31/2024 | 10/1/2031 | 9975 | 9828 | 9972 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings LLC | (6) | SF | 5.10% | 9.46% | 3/10/2021 | 3/10/2028 | 2888 | 2840 | 2885 | 0.2% |
|  |  |  |  |  |  |  | 50180 | 45965 | 46744 | 2.3% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  |  | **4255208** | **3430035** | **3450415** | **167.5%** |
| &nbsp;&nbsp;&nbsp;**Unitranche Secured Loans (13)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gargoyle Enterprises, Inc. (Revolver) | (26) | SF | 12.00% | 16.53% | 11/3/2023 | 11/3/2026 | 1000 | 1000 | 997 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver) | (19)(27) | SF | 10.00% | 12.34% Cash/ 2.00% PIK | 12/8/2023 | 12/8/2026 | 338 | 204 | 203 | 0.0% |
|  |  |  |  |  |  |  | 1338 | 1204 | 1200 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inversiones DP6 (BVI) Numero Dos, Ltd. | (12)(38) | n/a | n/a | 9.00% Cash/ 4.75% PIK | 10/14/2022 | 10/14/2026 | 27231 | 27231 | 27468 | 1.3% |
|  |  |  |  |  |  |  | 27231 | 27231 | 27468 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jumpstart Holdco, Inc. | (6) | SF | 5.65% | 10.27% | 4/19/2022 | 4/19/2028 | 22971 | 22689 | 21467 | 1.0% |
|  |  |  |  |  |  |  | 22971 | 22689 | 21467 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. | (7)(8) | SF | 5.11% | 9.67% | 12/3/2021 | 12/3/2026 | 9203 | 9132 | 9203 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. | (7)(8) | SF | 5.11% | 9.67% | 12/27/2021 | 12/3/2026 | 7772 | 7772 | 7772 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. | (9) | SF | 5.11% | 9.67% | 9/17/2024 | 12/3/2026 | 2346 | 2306 | 2393 | 0.1% |
|  |  |  |  |  |  |  | 19321 | 19210 | 19368 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park County Holdings, LLC |  | SF | 6.75% | 11.09% | 11/29/2023 | 11/29/2029 | 45000 | 44428 | 45000 | 2.2% |
|  |  |  |  |  |  |  | 45000 | 44428 | 45000 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC | (6) | SF | 6.40% | 10.99% | 5/25/2022 | 5/25/2028 | 15000 | 14800 | 14981 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC |  | SF | 6.40% | 10.99% | 5/25/2022 | 5/25/2028 | 2250 | 2250 | 2247 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onit, Inc. | (6) | SF | 7.40% | 12.01% | 12/20/2021 | 5/2/2025 | 16800 | 16755 | 16800 | 0.8% |
|  |  |  |  |  |  |  | 34050 | 33805 | 34028 | 1.7% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Unitranche Secured Loans** |  |  |  |  |  |  | **149911** | **148567** | **148531** | **7.2%** |
| &nbsp;&nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Holdings III Corp. |  | SF | 7.00% | 5.36% Cash/ 6.00% PIK | 11/3/2023 | 5/9/2027 | 1792 | 1790 | 1398 | 0.1% |
|  |  |  |  |  |  |  | 1792 | 1790 | 1398 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group, LLC | (8)(11) | SF | 8.76% | 13.35% | 12/11/2023 | 3/30/2028 | 14436 | 14003 | 13137 | 0.6% |
|  |  |  |  |  |  |  | 14436 | 14003 | 13137 | 0.6% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (12)(22) | SF | 6.40% | 10.72% PIK | 10/30/2024 | 8/11/2027 | 1763 | $1823 | $1674 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (12)(22) | n/a | n/a | 10.25% | 10/30/2024 | 8/11/2027 | 4796 | 4962 | 2037 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (12)(16)(22) | n/a | n/a | n/a | 12/30/2024 | 8/11/2027 | 83 | 83 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC |  | SF | 6.15% | 10.47% PIK | 10/30/2024 | 8/11/2027 | 1484 | 1473 | 1409 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC |  | n/a | n/a | 10.00% | 10/30/2024 | 8/11/2027 | 4038 | 4013 | 1715 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC | (16) | n/a | n/a | n/a | 12/30/2024 | 8/11/2027 | 68 | 68 |  | 0.0% |
|  |  |  |  |  |  |  | 12232 | 12422 | 6835 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 Lafayette Mezz LLC (Delayed Draw) | (12)(19)(20) | SF | 8.74% | 13.59% | 7/17/2024 | 2/9/2028 | 20500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 Lafayette Mezz LLC (Delayed Draw) | (12)(19)(20) | SF | 8.74% | 13.59% | 7/17/2024 | 2/9/2028 | 20500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jesse Studio Mezz, LLC (Delayed Draw) | (12)(19)(20) | SF | 9.00% | 13.55% | 6/7/2024 | 6/7/2027 | 41930 | 34097 | 34404 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sundy Village West Mezz Borrower, LLC (Delayed Draw) | (12)(19)(20) | SF | 10.00% | 14.48% | 12/21/2023 | 1/15/2027 | 37349 | 27184 | 27772 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sundy Village West Mezz Borrower, LLC (Delayed Draw) | (12)(19)(20) | SF | 11.25% | 15.73% PIK | 12/21/2023 | 1/15/2027 | 13212 | 3573 | 3598 | 0.2% |
|  |  |  |  |  |  |  | 133491 | 64854 | 65774 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (21) | SF | 10.26% | 14.89% PIK | 6/18/2024 | 6/18/2029 | 1763 | 1763 | 1397 | 0.1% |
|  |  |  |  |  |  |  | 1763 | 1763 | 1397 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (12)(21)(37) | SF | 8.26% | 6.15% Cash/ 6.50% PIK | 4/26/2019 | 3/12/2029 | 1892 | 1790 | 1495 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (12)(21)(37) | SF | 8.26% | 6.15% Cash/ 6.50% PIK | 4/26/2019 | 3/12/2029 | 647 | 612 | 380 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KT Naples UB LLC (Delayed Draw) | (12)(19)(20) | SF | 12.00% | 17.00% | 4/8/2024 | 4/8/2026 | 14250 | 9598 | 9629 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 7/26/2024 | 10/1/2026 | 455 | 455 | 455 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 7/2/2021 | 10/1/2026 | 10044 | 10044 | 10033 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 5/16/2023 | 10/1/2026 | 1737 | 1737 | 1736 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 9/25/2023 | 10/1/2026 | 3117 | 3117 | 3114 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (12) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 5/8/2024 | 10/1/2026 | 2137 | 2137 | 2135 | 0.1% |
|  |  |  |  |  |  |  | 34279 | 29490 | 28977 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc. |  | SF | 5.26% | 8.28% Cash/ 1.50% PIK | 5/30/2024 | 1/31/2029 | 17327 | 16722 | 17166 | 0.8% |
|  |  |  |  |  |  |  | 17327 | 16722 | 17166 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | (21) | n/a | n/a | n/a | 3/16/2021 | 3/16/2027 | 988 | 968 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | (21) | n/a | n/a | 9.00% PIK | 8/29/2023 | 1/2/2029 | 430 | 401 | 468 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | (21) | n/a | n/a | 9.00% PIK | 7/14/2023 | 1/2/2029 | 440 | 401 | 478 | 0.0% |
|  |  |  |  |  |  |  | 1858 | 1770 | 946 | 0.0% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21)(28) | n/a | n/a | n/a | 5/2/2019 | n/a | 477 | $477 | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21)(28) | n/a | n/a | n/a | 5/2/2019 | n/a | 150 | 150 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21)(28) | n/a | n/a | n/a | 5/2/2019 | n/a | 57 | 57 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21)(28) | n/a | n/a | n/a | 11/4/2019 | n/a | 92 | 92 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.85% PIK | 7/31/2023 | 1/31/2028 | 503 | 503 | 246 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.85% PIK | 7/31/2023 | 1/31/2028 | 152 | 152 | 74 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.85% PIK | 9/8/2023 | 1/31/2028 | 265 | 265 | 130 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (21) | SF | 8.26% | 12.85% PIK | 7/31/2023 | 1/31/2028 | 396 | 396 |  | 0.0% |
|  |  |  |  |  |  |  | 2092 | 2092 | 450 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC | (6) | SF | 5.76% | 10.29% | 7/15/2024 | 10/15/2028 | 3629 | 3658 | 3396 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC | (21) | SF | 9.76% | 11.34% Cash/ 2.75% PIK | 8/26/2019 | 3/31/2025 | 1825 | 1825 | 1212 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC | (21) | SF | 9.76% | 11.34% Cash/ 2.75% PIK | 3/7/2022 | 3/31/2025 | 494 | 492 | 328 | 0.0% |
|  |  |  |  |  |  |  | 5948 | 5975 | 4936 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (6)(21) | n/a | n/a | 2.00% | 3/8/2021 | 6/28/2027 | 929 | 924 | 221 | 0.0% |
|  |  |  |  |  |  |  | 929 | 924 | 221 | 0.0% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  |  | **226147** | **151805** | **141237** | **6.9%** |
| &nbsp;&nbsp;&nbsp;**Equity Investments (14)(15)(16)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (158,730 Class A shares) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 8/2/2021 |  |  | 159 | 174 | 0.0% |
|  |  |  |  |  |  |  |  | 159 | 174 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC (1,822 shares of common stock) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 7/29/2021 |  | **—** | 750 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 7/28/2021 | 7/28/2031 |  | 453 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1203 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabrosura Foods, LLC et al (171,429 Class A interests) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 10/18/2019 |  |  | 171 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabrosura Foods, LLC et al (7,022 Class AA units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 11/22/2022 |  |  | 10 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabrosura Foods, LLC et al (8,322 Class AAA units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 3/17/2023 |  |  | 8 |  | 0.0% |
|  |  |  |  |  |  |  |  | 189 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC (314,584 Class A preferred units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 8/11/2022 |  |  | 650 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC (45,874 Series B units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 8/1/2023 |  |  | 46 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC (67,283 Series C preferred units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 12/20/2023 |  |  | 67 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adept AG Holdings, LLC (325 Series L units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 10/30/2024 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 763 |  | 0.0% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harlem Acquisition, LLC (1,523,811 Class A units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 11/7/2024 |  |  | $1524 | $1524 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (2,275 units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 6/29/2023 |  |  | 2275 | 3413 | 0.1% |
|  |  |  |  |  |  |  |  | 3799 | 4937 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (169 Class A units) |  |  |  |  | 8/3/2021 |  |  | 169 | 52 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jumpstart Holdco, Inc. (1,566,667 Class A units) |  |  |  |  | 4/19/2022 |  |  | 1567 | 754 | 0.0% |
|  |  |  |  |  |  |  |  | 1736 | 806 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC (2,162,506 units) |  |  |  |  | 6/18/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC (31,764 shares of common stock) |  |  |  |  | 6/18/2024 |  |  | 3192 | 874 | 0.0% |
|  |  |  |  |  |  |  |  | 3192 | 874 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy: Oil & Gas** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talos Energy Inc. (12,138 shares of common stock) | (6)(12)(29) |  |  |  | 3/4/2024 |  |  | 132 | 118 | 0.0% |
|  |  |  |  |  |  |  |  | 132 | 118 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 10/19/2020 | 3/17/2028 |  | 67 | 306 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 10/19/2021 | 3/17/2028 |  |  | 214 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StormTrap, LLC (640,000 Class A preferred units) | (17) | n/a | n/a | 8.00% PIK | 3/25/2022 |  |  | 640 | 640 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StormTrap, LLC (640,000 Class A common units) | (17) |  |  |  | 3/25/2022 |  |  |  | 407 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volt Bidco, Inc. (878 shares of common stock) |  |  |  |  | 8/11/2021 |  |  | 891 | 1092 | 0.2% |
|  |  |  |  |  |  |  |  | 1598 | 2659 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bench Walk Lead, LLC (commitment to purchase up to 3.2% of the equity) | (12)(17) |  |  |  | 6/12/2023 |  |  | 1600 | 1638 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (0.3% profit sharing) | (12)(17) |  |  |  | 12/24/2020 |  |  |  | 52 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity) | (12)(17)(30) |  |  |  | 4/29/2022 |  |  | 443 | 443 | 0.0% |
|  |  |  |  |  |  |  |  | 2043 | 2133 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (2,036,442 Class A preferred shares) | (12)(21)(37) | n/a | n/a | 12.50% PIK | 9/1/2022 |  |  | 2036 | 774 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (1,521 Class F common shares) | (12)(37) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 9/1/2022 |  |  | 1234 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InsideRE, LLC (284,853 Class A common units) | (17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 9/9/2019 |  |  | 420 | 412 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lessen LLC (128,737 preferred units) |  |  |  |  | 1/5/2023 |  |  | 1667 | 1407 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Homes for Rent LLC (446,794 Series A preferred units) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 3/5/2024 |  |  | 1950 | 1663 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential Homes for Rent LLC (warrant to purchase up to 1.2% of the equity) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 3/5/2024 | 3/5/2034 |  |  | 777 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC (2,992 preferred units) | (12)(17) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 7/2/2021 |  |  | 3 | 5200 | 0.3% |
|  |  |  |  |  |  |  |  | 7310 | 10233 | 0.5% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascent Midco, LLC (725,806 Class A units) | (17) | n/a | n/a | 8.00% PIK | 2/5/2020 |  |  | $726 | $629 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (528 Class A preferred units) |  | n/a | n/a | 9.00% PIK | 7/17/2023 |  |  | 528 | 528 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (282,635 Class B common units) |  |  |  |  | 7/17/2023 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC (3,600 Class A units) | (17) | n/a | n/a | 8.00% PIK  | 6/11/2024 |  |  | 3600 | 3600 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caravel Autism Health, LLC (4,011 Class B units) | (17) |  |  |  | 6/11/2024 |  |  |  | 521 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (531,783 Class A-1 units) |  |  |  |  | 6/30/2021 |  |  | 578 | 390 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (531,783 Class A-2 units) |  |  |  |  | 6/30/2021 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity) | (12) |  |  |  | 12/20/2022 | 12/20/2032 |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evolve Biologics Inc. (warrant to purchase up to 1.2% of the equity) | (6)(12) |  |  |  | 1/18/2024 | 1/18/2034 |  |  | 111 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (906 Class A units) | (17) | n/a | n/a | 8.00% PIK  | 3/15/2024 |  |  | 906 | 841 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (906 Class B units) | (17) |  |  |  | 3/15/2024 |  |  |  | 849 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INH Buyer, Inc. (2,713,147 A-1 units) |  |  |  |  | 12/16/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INH Buyer, Inc. (3 preferred stock) |  |  |  |  | 12/16/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (0.3% of the equity) |  |  |  |  | 1/31/2023 |  |  | 1010 | 229 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (369,827 Series B units) | (17) | n/a | n/a | 5.00% PIK | 8/20/2021 |  |  | 2498 | 5523 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (326,667 common units) | (17) |  |  |  | 8/20/2021 |  |  | 468 | 2805 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (1,364,614 common units) |  |  |  |  | 10/4/2022 |  |  | 1366 | 278 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (26,666 common units) |  |  |  |  | 7/30/2024 |  |  | 267 | 637 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vero Biotech Inc. (warrant to purchase up to 2.3% of the equity) |  |  |  |  | 12/29/2023 | 12/29/2033 |  |  | 182 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xpress Wellness, LLC (18,310 Series A units) |  |  |  |  | 5/8/2024 |  |  | 18310 | 18535 | 0.9% |
|  |  |  |  |  |  |  |  | 30257 | 35658 | 1.7% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (157,895 Class A common units) |  |  |  |  | 3/16/2021 |  |  | $10982 | $1474 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (294,118 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  | 2745 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (157,895 Class A common units) |  |  |  |  | 1/2/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (294,118 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Data Holdings, Inc. (4,177 common units) | (34) |  |  |  | 12/13/2024 |  |  | 4178 | 4178 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (573,847 Class A common units) |  |  |  |  | 8/27/2024 |  |  | 574 | 597 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (652,174 Class A-1 units) |  |  |  |  | 9/1/2022 |  |  | 652 | 783 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jobnimbus Holdings, LLC (214,092 common units) |  |  |  |  | 11/6/2024 |  |  | 790 | 790 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optomi, LLC (278 Class A units)  | (17) |  |  |  | 12/16/2021 |  |  | 278 | 529 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recorded Future, Inc. (40,243 Class A units)  | (31) |  |  |  | 7/3/2019 |  |  | 25 | 93 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganized Mobileum AcquisitionCo, LLC (fka Matrix Parent, Inc.) (37,185 shares of common stock) | (6) |  |  |  | 9/12/2024 |  |  | 1877 | 735 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (600,000 common units) |  |  |  |  | 6/15/2023 |  |  | 600 | 645 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unanet, Inc. (1,621,053 shares of common stock) |  |  |  |  | 12/5/2022 |  |  | 1622 | 2804 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZI Intermediate II, Inc. (3,790 shares of common stock) |  |  |  |  | 5/13/2024 |  |  | 3790 | 3920 | 0.2% |
|  |  |  |  |  |  |  |  | 25368 | 19293 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equine Network, LLC (92 Class A units) | (17) |  |  |  | 12/31/2020 |  |  | 95 | 123 | 0.0% |
|  |  |  |  |  |  |  |  | 95 | 123 | 0.0% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 Percent Buyer, LLC (385,027 Class A units) | (17) | n/a | n/a | 8.00% PIK | 11/24/2021 |  |  | $385 | $948 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Holdings, L.L.C. (568,181 Class A units) | (17) |  |  |  | 10/21/2022 |  |  | 568 | 568 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. (417 preferred units) |  | n/a | n/a | 8.00% PIK | 12/27/2021 |  |  | 417 | 532 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Engen, Inc. (5,067 Class B common units) |  |  |  |  | 12/27/2021 |  |  | 5 | 1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Really Great Reading Company, Inc. (369 Series A units) |  |  |  |  | 12/9/2022 |  |  | 369 | 329 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (96 preferred units) |  | n/a | n/a | 12.00% PIK | 11/20/2020 |  |  | 96 | 63 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (96 Class B common units) |  |  |  |  | 11/20/2020 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (14 Class X common units) |  |  |  |  | 11/14/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (14 Class X preferred units) |  | n/a | n/a | 12.00% PIK | 11/14/2024 |  |  | 14 | 14 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (52 Class A-2 units) |  |  |  |  | 6/10/2024 |  |  | 52 | 12 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (333 Class A units) |  |  |  |  | 12/22/2021 |  |  | 333 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (65,104 Class A units) |  | n/a | n/a | 8.00% PIK | 1/28/2020 |  |  | 65 | 278 | 0.0% |
|  |  |  |  |  |  |  |  | 2304 | 2745 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC (1,110,000 Class A units) |  |  |  |  | 7/31/2023 |  |  | 1110 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1110 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (5 Class A units)  | (17) |  |  |  | 12/31/2021 |  |  | 188 | 100 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC (50,029 shares of common stock) | (6) |  |  |  | 7/15/2024 |  |  | 1525 | 888 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 9/27/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Streamland Media MidCo LLC (warrant to purchase up to 0.1% of the equity) |  |  |  |  | 12/10/2024 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 1713 | 988 | 0.1% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A360, Inc. (838 common units) |  | n/a | n/a | 13.00% PIK | 12/19/2024 |  |  | $888 | $888 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argano, LLC (62,574 common units) | (17) |  |  |  | 6/10/2021 |  |  | 317 | 533 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosmos Bidco, Inc. (2,250,000 Class A Membership Interest) |  |  |  |  | 9/15/2023 |  |  | 2250 | 2780 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares) | (12)(37) |  |  |  | 9/21/2021 |  |  | 723 | 714 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edustaff, LLC (591 shares of common stock) | (17) |  |  |  | 12/8/2022 |  |  | 591 | 1025 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDX Studio, LLC (799,232 Class A preferred units) | (17) | n/a | n/a | 10.00% PIK  | 11/14/2024 |  |  | 800 | 800 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC (5,364,700 Class A-2 units) | (17) |  |  |  | 8/16/2024 |  |  | 5365 | 5447 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onix Networking Corp. (2,000,000 shares of common stock) |  |  |  |  | 10/2/2023 |  |  | 2000 | 1802 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkhub, Inc. (1,049,936 Series A preferred units) |  | n/a | n/a | 8.00% PIK  | 4/9/2024 |  |  | 1500 | 1502 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Exterior Services Buyer, Inc. (2,206 Series A-2 preferred units) |  | n/a | n/a | 10.00% PIK  | 8/6/2024 |  |  | 2206 | 2176 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Respida Software Equity CI LP (5,000,000 Series B Preferred Units) | (17) |  |  |  | 4/9/2024 |  |  | 4850 | 5039 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skillsoft Corp. (1,308 Class A shares) | (6)(12)(29) |  |  |  | 6/11/2021 |  |  | 508 | 31 | 0.0% |
|  |  |  |  |  |  |  |  | 21998 | 22737 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (34,944 Class A common units) | (17) |  |  |  | 11/15/2023 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (35 Class A preferred units) | (17) | n/a | n/a | 8.00% PIK | 11/15/2023 |  |  | 35 | 15 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (164,381 Class B common units) | (17) |  |  |  | 11/15/2023 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (164 Class B preferred units) | (17) |  |  |  | 11/15/2023 |  |  | 169 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDIG Parent, LLC (192,908 shares of common stock) | (17)(41) |  |  |  | 1/4/2021 |  |  | 197 | 188 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light Wave Dental Management, LLC (314,621 Class A units) | (17) |  |  |  | 6/30/2023 |  |  | 3147 | 2829 | 0.1% |
|  |  |  |  |  |  |  |  | 3548 | 3032 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity) |  |  |  |  | 6/10/2022 | 6/10/2032 |  | 84 | 68 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation (23,212 Class A units) | (6) |  |  |  | 6/28/2024 |  | 23 |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 84 | 68 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (44,348 preferred units) |  |  |  |  | 3/18/2024 |  |  | 1109 | 1129 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC (838,077 common units) | (17) |  |  |  | 1/12/2022 |  |  | 1439 | 288 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RS Acquisition, LLC (46,462 Series A preferred units) | (17) | n/a | n/a | 10.00% PIK  | 12/30/2024 |  |  | 46 | 47 | 0.0% |
|  |  |  |  |  |  |  |  | 2594 | 1464 | 0.1% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Moloney, LLC (6,029 Class A preferred units) |  | n/a | n/a | 10.00% PIK | 10/20/2023 |  |  | $3509 | $3509 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Moloney, LLC (6,029 Class B common units) |  |  |  |  | 10/20/2023 |  |  | 996 | 10189 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Moloney, LLC (63 Class G units) |  |  |  |  | 4/4/2024 |  |  |  | 66 | 0.0% |
|  |  |  |  |  |  |  |  | 4505 | 13764 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC (1,566 Class A preferred units) |  |  |  |  | 10/3/2022 |  |  | 1566 | 1229 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF & P Holdings Company, LLC (1,566 Class B common units) |  |  |  |  | 10/3/2022 |  |  | 10 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1576 | 1229 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equity Investments** |  |  |  |  |  |  |  | **117276** | **123035** | **6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Company Investments** |  |  |  |  |  |  |  | $**3847683** | $**3863218** | **187.6%** |
| **Non-Controlled Affiliate Company Investments (18)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Senior Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born to Run, LLC) (Delayed Draw) | (19)(20)(21) | SF | 8.76% | 13.08% PIK | 6/21/2024 | 12/31/2027 | 1463 | 1046 | 1131 | 0.0% |
|  |  |  |  |  |  |  | 1463 | 1046 | 1131 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Professional Education, LLC | (11) | SF | 6.36% | 10.92% | 4/25/2024 | 4/25/2029 | 10249 | 10061 | 10244 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Professional Education, LLC (Revolver) | (19) | SF | 6.25% | 10.80% | 4/25/2024 | 4/25/2029 | 1471 | 1145 | 1145 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Delayed Draw) | (19)(20) | SF | 6.85% | 5.44% Cash/ 5.75% PIK | 5/28/2024 | 6/2/2028 | 3954 | 1980 | 1980 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Revolver) | (19) | SF | 6.85% | 5.44% Cash/ 5.75% PIK | 10/25/2024 | 6/2/2028 | 1977 | 1539 | 1539 | 0.1% |
|  |  |  |  |  |  |  | 17651 | 14725 | 14908 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nastel Technologies, LLC | (7) | SF | 6.61% | 11.17% | 9/21/2022 | 9/21/2027 | 3500 | 3451 | 3478 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nastel Technologies, LLC (Revolver) | (19) | SF | 6.61% | 11.17% | 9/21/2022 | 9/21/2027 | 368 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zodega Landscaping, LLC | (6) | SF | 7.86% | 12.42% | 10/6/2023 | 10/6/2028 | 12375 | 11944 | 12431 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zodega Landscaping, LLC (Revolver) | (19) | SF | 7.86% | 12.42% | 10/6/2023 | 10/6/2028 | 1984 | 992 | 992 | 0.0% |
|  |  |  |  |  |  |  | 18227 | 16387 | 16901 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC |  | SF | 8.11% | 8.46% Cash/ 4.00% PIK | 7/29/2022 | 7/29/2027 | 5261 | 5200 | 5261 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC |  | SF | 8.11% | 8.46% Cash/ 4.00% PIK | 2/15/2024 | 7/29/2027 | 1503 | 1478 | 1503 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC (Revolver) | (19) | SF | 8.11% | 8.46% Cash/ 4.00% PIK | 7/29/2022 | 7/29/2027 | 1511 | 998 | 998 | 0.0% |
|  |  |  |  |  |  |  | 8275 | 7676 | 7762 | 0.4% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Senior Secured Loans** |  |  |  |  |  |  | **45616** | **39834** | **40702** | **1.9%** |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Junior Secured Loans** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born to Run, LLC) | (21) | n/a | n/a | 7.50% PIK | 6/21/2024 | 12/31/2027 | 1829 | $1692 | $1177 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born to Run, LLC) | (21) | n/a | n/a | 5.00% PIK | 6/21/2024 | 12/31/2027 | 9423 | 8716 |  | 0.0% |
|  |  |  |  |  |  |  | 11252 | 10408 | 1177 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC | (12) | n/a | n/a | 8.00% | 8/6/2021 | 8/11/2028 | 5850 | 5850 | 5593 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC | (12) | n/a | n/a | 8.00% | 3/1/2022 | 8/11/2028 | 4387 | 4387 | 4631 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | (12)(19)(20) | n/a | n/a | 8.00% | 10/24/2024 | 10/23/2029 | 5119 | 2267 | 2267 | 0.1% |
|  |  |  |  |  |  |  | 15356 | 12504 | 12491 | 0.6% |
| &nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. |  | SF | 6.85% | 5.44% Cash/ 5.75% PIK | 10/25/2024 | 6/2/2028 | 26371 | 26085 | 22772 | 1.1% |
|  |  |  |  |  |  |  | 26371 | 26085 | 22772 | 1.1% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Junior Secured Loans** |  |  |  |  |  |  | **52979** | **48997** | **36440** | **1.8%** |
| &nbsp;&nbsp;&nbsp;**Equity Investments (15)(16)(18)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born To Run, LLC) (659 Class A common units) |  |  |  |  | 6/21/2024 |  |  | 639 |  | 0.0% |
|  |  |  |  |  |  |  |  | 639 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triad Financial Services, Inc. ($4,803 of $41,855 equity commitment) | (12)(32) |  |  |  | 6/13/2024 |  |  | 4803 | 4803 | 0.2% |
|  |  |  |  |  |  |  |  | 4803 | 4803 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC (13.9% of equity commitments) | (12) |  |  |  | 8/6/2021 |  |  | 3900 | 4797 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC (10.5% of equity commitments) | (12) |  |  |  | 3/1/2022 |  |  | 2925 | 3597 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (24.4% of equity commitments) | (12) |  |  |  | 10/24/2024 |  |  | 1510 | 1510 | 0.1% |
|  |  |  |  |  |  |  |  | 8335 | 9904 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summit Professional Education, LLC (16,676 Class A units) | (17) |  |  |  | 4/25/2024 |  |  | 16676 | 16676 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (518,970 Series A preferred stock) |  |  |  |  | 10/25/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (116,083 Series B preferred stock) |  |  |  |  | 10/25/2024 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 16676 | 16676 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearlyRated Capital, LLC (5,500,000 Class A units) | (17) |  |  |  | 6/1/2023 |  |  | 5500 | 5500 | 0.3% |
|  |  |  |  |  |  |  |  | 5500 | 5500 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nastel Technologies, LLC (3,408 Class A units) | (17) |  |  |  | 9/21/2022 |  |  | 3408 | 4611 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zodega Landscaping, LLC (146,757 preferred interests) | (33) |  |  |  | 10/6/2023 |  |  | 14676 | 15130 | 0.7% |
|  |  |  |  |  |  |  |  | 18084 | 19741 | 0.9% |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index (2)** | **Spread (2)** | **Interest Rate** | **Acquisition<br>Date (3)** | **Maturity** | **Principal** | **Amortized<br>Cost** | **Fair Value (4)** | **% of Net** <br>**Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SheerTrans Solutions, LLC (12,233,889 preferred interests) | (17) |  |  |  | 7/29/2022 |  |  | $12234 | $11989 | 0.6% |
|  |  |  |  |  |  |  |  | 12234 | 11989 | 0.6% |
| &nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Equity Investments** |  |  |  |  |  |  |  | **66271** | **68613** | **3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Company Investments** |  |  |  |  |  |  |  | $**155102** | $**145755** | **7.0%** |
| **TOTAL INVESTMENTS** |  |  |  |  |  |  |  | $**4002785** | $**4008973** | **194.6%** |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

**Derivative Instruments**

***Foreign currency forward contracts***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Notional Amount <br>to be Purchased** | **Notional Amount <br>to be Sold** | **Notional Amount <br>to be Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized Gain<br>(Loss)** |
| Foreign currency forward contract | $372 | AUD | 568 | Bannockburn Global Forex, LLC | 1/17/2025 | $20 |
| Foreign currency forward contract | $365 | AUD | 560 | Bannockburn Global Forex, LLC | 2/18/2025 | 20 |
| Foreign currency forward contract | $331 | AUD | 506 | Bannockburn Global Forex, LLC | 3/18/2025 | 17 |
| Foreign currency forward contract | $365 | AUD | 560 | Bannockburn Global Forex, LLC | 4/16/2025 | 19 |
| Foreign currency forward contract | $353 | AUD | 542 | Bannockburn Global Forex, LLC | 5/16/2025 | 17 |
| Foreign currency forward contract | $364 | AUD | 560 | Bannockburn Global Forex, LLC | 6/18/2025 | 18 |
| Foreign currency forward contract | $372 | AUD | 557 | Bannockburn Global Forex, LLC | 7/16/2025 | 28 |
| Foreign currency forward contract | $373 | AUD | 559 | Bannockburn Global Forex, LLC | 8/18/2025 | 27 |
| Foreign currency forward contract | $372 | AUD | 557 | Bannockburn Global Forex, LLC | 9/16/2025 | 27 |
| Foreign currency forward contract | $359 | AUD | 539 | Bannockburn Global Forex, LLC | 10/17/2025 | 26 |
| Foreign currency forward contract | $371 | AUD | 557 | Bannockburn Global Forex, LLC | 11/18/2025 | 26 |
| Foreign currency forward contract | $358 | AUD | 539 | Bannockburn Global Forex, LLC | 12/16/2025 | 25 |
| Foreign currency forward contract | $370 | AUD | 556 | Bannockburn Global Forex, LLC | 1/20/2026 | 25 |
| Foreign currency forward contract | $367 | AUD | 554 | Bannockburn Global Forex, LLC | 2/17/2026 | 25 |
| Foreign currency forward contract | $331 | AUD | 500 | Bannockburn Global Forex, LLC | 3/17/2026 | 22 |
| Foreign currency forward contract | $30584 | AUD | 47858 | Bannockburn Global Forex, LLC | 4/20/2026 | 970 |
| Foreign currency forward contract | $396 | GBP | 305 | Bannockburn Global Forex, LLC | 1/6/2025 | 14 |
| Foreign currency forward contract | $350 | GBP | 270 | Bannockburn Global Forex, LLC | 4/4/2025 | 12 |
| Foreign currency forward contract | $334 | GBP | 258 | Bannockburn Global Forex, LLC | 7/7/2025 | 11 |
| Foreign currency forward contract | $333 | GBP | 257 | Bannockburn Global Forex, LLC | 10/6/2025 | 10 |
| Foreign currency forward contract | $329 | GBP | 255 | Bannockburn Global Forex, LLC | 1/6/2026 | 10 |
| Foreign currency forward contract | $317 | GBP | 246 | Bannockburn Global Forex, LLC | 4/7/2026 | 9 |
| Foreign currency forward contract | $328 | GBP | 254 | Bannockburn Global Forex, LLC | 7/6/2026 | 9 |
| Foreign currency forward contract | $332 | GBP | 259 | Bannockburn Global Forex, LLC | 10/6/2026 | 9 |
| Foreign currency forward contract | $341 | GBP | 266 | Bannockburn Global Forex, LLC | 1/6/2027 | 9 |
| Foreign currency forward contract | $331 | GBP | 258 | Bannockburn Global Forex, LLC | 4/6/2027 | 8 |
| Foreign currency forward contract | $332 | GBP | 259 | Bannockburn Global Forex, LLC | 7/6/2027 | 8 |
| Foreign currency forward contract | $148 | EUR | 141 | Bannockburn Global Forex, LLC | 1/7/2025 | 2 |
| Foreign currency forward contract | $348 | EUR | 332 | Bannockburn Global Forex, LLC | 4/4/2025 | 4 |
| Foreign currency forward contract | $369 | EUR | 352 | Bannockburn Global Forex, LLC | 7/7/2025 | 5 |
| Foreign currency forward contract | $380 | EUR | 362 | Bannockburn Global Forex, LLC | 10/6/2025 | 5 |
| Foreign currency forward contract | $379 | EUR | 360 | Bannockburn Global Forex, LLC | 1/6/2026 | 6 |
| Foreign currency forward contract | $370 | EUR | 351 | Bannockburn Global Forex, LLC | 4/6/2026 | 6 |
| Foreign currency forward contract | $373 | EUR | 354 | Bannockburn Global Forex, LLC | 7/6/2026 | 6 |
| Foreign currency forward contract | $376 | EUR | 356 | Bannockburn Global Forex, LLC | 10/6/2026 | 7 |
| Foreign currency forward contract | $374 | EUR | 354 | Bannockburn Global Forex, LLC | 1/6/2027 | 7 |
| Foreign currency forward contract | $363 | EUR | 343 | Bannockburn Global Forex, LLC | 4/6/2027 | 7 |
| Foreign currency forward contract | $365 | EUR | 345 | Bannockburn Global Forex, LLC | 7/6/2027 | 8 |
| Foreign currency forward contract | $367 | EUR | 347 | Bannockburn Global Forex, LLC | 10/6/2027 | 8 |
| Foreign currency forward contract | $380 | EUR | 359 | Bannockburn Global Forex, LLC | 1/6/2028 | 9 |
|  |  |  |  |  |  | $1501 |

---

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

____________________________________________________

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the "1940 Act"), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), Prime Rate ("Prime" or "P"), or Sterling Overnight Index Average Rate ("SONIA" or "SN"), each of which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over SOFR, Prime, or SONIA, as applicable, and the current contractual interest rate in effect at December 31, 2024. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind ("PIK") provision.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Except as otherwise noted, all of the Company's portfolio company investments, which as of December 31, 2024 represented 194.6% of the Company's net assets or 93.1% of the Company's total assets, are subject to legal restrictions on sales.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Percentages are based on net assets of $2,059,727 as of December 31, 2024.

<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV LLC (the "SPV") as collateral for the Company's secured revolving credit facility (the "SPV Credit Facility") with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(7)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the "2022 Issuer") as collateral for the Company's asset-backed securitization (the "2022 ABS"). (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(8)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV II LLC (the "SPV II") as collateral for the Company's senior secured term credit facility (the "SPV II Credit Facility") with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(9)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in Monroe Capital Income Plus ABS Funding II, LLC (the "2023 Issuer") as collateral for the Company's asset-backed securitization (the "2023 ABS"). (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(10)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV III LLC (the "SPV III") as collateral for the Company's secured revolving credit facility (the "SPV III Credit Facility") with Goldman Sachs Bank USA. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(11)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security was held in MC Income Plus Financing SPV IV LLC (the "SPV IV") as collateral for the Company's secured revolving credit facility (the "SPV IV Credit Facility") with Capital One, National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

<sup>(12)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This investment is treated as a non-qualifying asset 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, 2024, non-qualifying assets totaled 11.4% of the Company's total assets.

<sup>(13)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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, is 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.

<sup>(14)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Represents less than 5% ownership of the portfolio company's voting securities.

<sup>(15)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Ownership of certain equity investments may occur through a holding company or partnership.

<sup>(16)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Investments without an interest rate are non-income producing.

<sup>(17)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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.

------

**MONROE CAPITAL INCOME PLUS CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)**

**December 31, 2024**

**(in thousands, except for shares and units)**

<sup>(18)&nbsp;&nbsp;&nbsp;&nbsp;</sup>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).

<sup>(19)&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this commitment was unfunded at December 31, 2024. As such, interest is earned only on the funded portion of this commitment.

<sup>(20)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.

<sup>(21)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This position was on non-accrual status as of December 31, 2024, 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.

<sup>(22)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.

<sup>(23)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is denominated in Great Britain pounds and is translated into U.S. dollars as of the valuation date.

<sup>(24)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is denominated in Euros and is translated into U.S. dollars as of the valuation date.

<sup>(25)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.

<sup>(26)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 18.1%.

<sup>(27)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 15.1%.

<sup>(28)&nbsp;&nbsp;&nbsp;&nbsp;</sup>This is a demand note with no stated maturity.

<sup>(29)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.

<sup>(30)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $697.

<sup>(31)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.

<sup>(32)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $37,052 for a total commitment of $41,855.

<sup>(33)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,197.

<sup>(34)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $835.

<sup>(35)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Investment position or portion thereof unsettled as of December 31, 2024.

<sup>(36)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in Australia.

<sup>(37)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in Canada.

<sup>(38)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in Costa Rica.

<sup>(39)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in France.

<sup>(40)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The headquarters of this portfolio company is located in United Kingdom.

<sup>(41)&nbsp;&nbsp;&nbsp;&nbsp;</sup>As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.

n/a - not applicable

See Notes to Consolidated Financial Statements.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Note 1. Organization and Principal Business**

Monroe Capital Income Plus Corporation (together with its subsidiaries, the "Company") is a Maryland corporation that was formed as an externally managed, closed-end, non-diversified investment company. The Company is a specialty finance company organized to maximize the total return to the Company's stockholders in the form of current income and capital appreciation through a variety of investments. The Company is managed by Monroe Capital BDC Advisors, LLC ("MC Advisors"). The Company 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, 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"). The Company currently qualifies and intends to qualify annually to be treated as a RIC for U.S. federal income tax purposes.

The Company may conduct private offerings, subject to approval by the Company's Board of Directors (the "Board"). The Company is conducting its second best efforts, continuous private offering of its common stock to "accredited investors" in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") pursuant to Regulation D under the Securities Act and to non-U.S. persons pursuant to Regulation S under the Securities Act. At each closing, an investor purchases shares of the Company's common stock pursuant to a subscription agreement entered into with the Company. See Note 10 for additional information on the Company's share activity.

On March 12, 2019, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV LLC (the "SPV"), for purposes of entering into a senior secured revolving credit facility (the "SPV Credit Facility") with KeyBank National Association. See Note 7 for additional information on the SPV Credit Facility.

On April 7, 2022, the Company created a wholly-owned subsidiary, Monroe Capital Income Plus ABS Funding, LLC (the "2022 Issuer"), for purposes of completing an asset-backed securitization (the "2022 ABS") and issuing secured notes through a private placement. See Note 7 for additional information on the 2022 ABS.

On December 20, 2022, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV II LLC (the "SPV II"), for purposes of entering into a senior secured term credit facility (the "SPV II Credit Facility") with KeyBank National Association. See Note 7 for additional information on the SPV II Credit Facility.

On September 15, 2023, the Company created a wholly-owned subsidiary, Monroe Capital Income Plus ABS Funding II, LLC (the "2023 Issuer"), for purposes of completing an asset-backed securitization (the "2023 ABS") and issuing secured notes through a private placement. See Note 7 for additional information on the 2023 ABS.

On January 24, 2024, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV III LLC (the "SPV III"), for purposes of entering into a senior secured revolving credit facility (the "SPV III Credit Facility") with Goldman Sachs Bank USA. See Note 7 for additional information on the SPV III Credit Facility.

On May 31, 2024, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV IV LLC (the "SPV IV"), for purposes of entering into a senior secured revolving credit facility (the "SPV IV Credit Facility") with Capital One, National Association. See Note 7 for additional information on the SPV IV Credit Facility.

On January 9, 2025, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV V LLC (the "SPV V"), for purposes of entering into a senior secured revolving credit facility (the "SPV V Credit Facility") with Capital One, National Association. See Note 7 for additional information on the SPV V Credit Facility.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

On October 21, 2024, certain affiliates, including but not limited to Monroe Capital Management Advisors, LLC ("MC Management"), Monroe Capital Investment Holdings, L.P. (the parent of MC Advisors), and Monroe Capital Intermediate Holdings, LLC (any such affiliate, collectively, "Monroe"), entered into an equity purchase agreement, pursuant to which Momentum US Bidco LLC, an affiliate of Wendel SE (collectively, with its affiliates, "Wendel"), agreed to acquire a 75% interest in Monroe, which would constitute a change of control of MC Advisors (the "Adviser Change in Control"). The Adviser Change in Control became effective on March 31, 2025. See Note 6 for additional information.

On August 7, 2025, the Company entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Monroe Capital Corporation, a Maryland corporation ("MRCC"), and MC Advisors, pursuant to which, subject to the satisfaction or waiver of the closing conditions set forth in the Asset Purchase Agreement, on the closing date of the transactions contemplated by the Asset Purchase Agreement (the "Closing Date"), the Company will acquire the investment assets of MRCC at fair value, as determined shortly before the Closing Date, for cash (the "Asset Sale"). Under the Asset Purchase Agreement, the Asset Sale is contingent upon, and will become effective immediately prior to the effectiveness of, the Merger, as defined in Note 6. See Note 6 for additional information on the Merger and the Asset Sale.

**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 current period presentation.

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

**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 a portfolio company in which it has invested 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 its wholly-owned subsidiaries, including the SPV, SPV II, SPV III, SPV IV, SPV V, the 2022 Issuer, the 2023 Issuer (the "Non-Taxable Subsidiaries") and the Company's wholly-owned taxable subsidiaries (the "Taxable Subsidiaries", and together with the Non-Taxable Subsidiaries, the "Subsidiaries") 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 of the Code. 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.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**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.

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 and cash equivalents, restricted cash and cash equivalents, 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 recorded as other income in the period the service is completed.

Dividend income on preferred equity investments 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 investments 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 and nine months ended September 30, 2025, the Company received return of capital distributions from its equity investments of $519 and $770, respectively. For the three and nine months ended September 30, 2024, the Company received return of capital distributions from its equity investments of zero and $16, 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 income accrued from PIK provisions 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 amortized into interest income over the contractual life of the respective investment using the effective interest method. Unamortized discounts and loan origination fees totaled $59,682 and $60,656 as of September 30, 2025 and December 31, 2024, respectively. Upfront loan origination and closing fees received for the three and nine months ended September 30, 2025 totaled $7,703 and $33,787, respectively. Upfront loan origination and closing fees received for the three and nine months ended September 30, 2024 totaled $8,726 and $32,195, respectively. Upon the prepayment of a loan or debt investment, any unamortized premium or discount or loan origination fees are recorded as interest income.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

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

---

| | | |
|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | **2024** |
| Interest income | $126062 | $101733 |
| PIK interest income | 6234 | 4001 |
| Dividend income <sup>(1)</sup> | 2200 | 498 |
| Other income | 518 | 3405 |
| Prepayment gain (loss) | 983 | 1448 |
| Accretion of discounts and amortization of premiums | 2701 | 2234 |
| Total investment income | $138698 | $113319 |

---

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest income | $350188 | $266721 |
| PIK interest income | 15055 | 10003 |
| Dividend income <sup>(2)</sup> | 4090 | 1061 |
| Other income | 1348 | 6065 |
| Prepayment gain (loss) | 4262 | 3942 |
| Accretion of discounts and amortization of premiums | 10472 | 7323 |
| Total investment income | $385415 | $295115 |

---

_________________________________________

<sup>(1)</sup> During the three months ended September 30, 2025 and 2024, dividend income includes PIK dividends of $599 and $431, respectively.

<sup>(2)</sup> During the nine months ended September 30, 2025 and 2024, dividend income includes PIK dividends of $1,495 and $975, 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 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.

*Non-accrual:* Debt or preferred equity investments 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 debt or preferred equity investments 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 Company may make exceptions to this policy and partially record interest if the loan has sufficient collateral value or is in process of collection and there is the expectation of collection of principal and a portion of the contractual interest. As of September 30, 2025 and December 31, 2024, there were 14 and 11 borrowers, respectively, with a debt or preferred equity investment on non-accrual status. The fair value of the Company's investments on non-accrual status totaled $73,798 and $28,676 at September 30, 2025 and December 31, 2024, respectively.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Distributions**

Historically, distributions have been declared by the Board each calendar quarter. Beginning in October 2025, the Company expects that the Board will declare monthly distributions. Stockholder distributions, if any, will be determined by the Board and are generally based upon the Company's earnings estimated by management. Any distribution to stockholders is declared out of assets legally available for distribution. 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.

The Company has adopted a dividend reinvestment plan ("DRIP") that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. When the Company declares a dividend or distribution, the Company's stockholders' cash distributions will only be reinvested in additional shares of the Company's common stock if a stockholder specifically "opts in" to the DRIP at least ten (10) days prior to the record date fixed by the Board. Shares issued under the DRIP were issued at a price per share equal to the net asset value ("NAV") per share as of the last day of the Company's fiscal quarter immediately preceding the date that the distribution was declared. See Note 9 and Note 14 for additional information on the Company's distributions and Second Amended and Restated DRIP, as defined below.

**Segment Reporting**

In accordance with ASC Topic 280 *– Segment Reporting*, the Company has determined that it has a single reporting segment and operating unit structure. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 13 for additional information on the Company's segment accounting policies.

**Cash and Cash Equivalents**

Cash and cash equivalents, including cash denominated in foreign currencies, primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. The Company deposits its cash and cash equivalents in a financial institution and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation ("FDIC") insurance limit. The Company's deposits are held in high-quality financial institutions. As of September 30, 2025, the Company held cash denominated in foreign currencies of AUD 601 ($397 in U.S. Dollars), CAD 92 ($66 in U.S. Dollars), EUR 430 ($505 in U.S. Dollars) and GBP 16 ($21 in U.S. Dollars). As of December 31, 2024, the Company held cash denominated in foreign currency of EUR 14 ($14 in U.S. Dollars) and GBP 294 ($368 in U.S. Dollars).

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Restricted Cash and Cash Equivalents**

Restricted cash and cash equivalents includes amounts held within the Non-Taxable Subsidiaries. Cash and cash equivalents held within the Non-Taxable Subsidiaries is generally restricted to use for the originations of new investments, the repayment of outstanding debt and the related payment of interest expense and the quarterly release of earnings to the Company. Restricted cash and cash equivalents consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less, and are subject to credit risk to the extent those balances exceed FDIC limitations. As of September 30, 2025 and December 31, 2024, restricted cash and cash equivalents consisted of the following:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Restricted cash and cash equivalents:** | | |
| &nbsp;&nbsp;SPV | $17293 | $28847 |
| &nbsp;&nbsp;SPV II | 11552 | 20764 |
| &nbsp;&nbsp;SPV III | 8594 | 3375 |
| &nbsp;&nbsp;SPV IV | 14653 | 36974 |
| &nbsp;&nbsp;SPV V | 8588 |  |
| &nbsp;&nbsp;2022 Issuer | 13047 | 25102 |
| &nbsp;&nbsp;2023 Issuer | 12410 | 9328 |
| Total restricted cash and cash equivalents | $86137 | $124390 |

---

**Debt Issuance Costs**

Debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. As of September 30, 2025 and December 31, 2024, the Company had unamortized debt issuance costs of $27,297 and $23,351, 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 debt issuance costs for the three and nine months ended September 30, 2025 was $2,156 and $7,298, respectively. Amortization of debt issuance costs for the three and nine months ended September 30, 2024 was $2,508 and $6,733, respectively.

**Investments Denominated in Foreign Currency**

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.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Derivative Instruments**

The Company has entered and may continue to 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 is 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, and intends to qualify annually, as a RIC under Subchapter M of the Code. As long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders.

To qualify as a RIC under Subchapter M of the Code, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of the amount by which the Company's capital gain exceeds the Company's capital loss (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay U.S. federal income tax and a 4% nondeductible U.S. federal excise tax on this income. For the three and nine months ended September 30, 2025, the Company recorded a net expense on the consolidated statements of operations of $63 and $446, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2024, the Company recorded a net expense on the consolidated statements of operations of $199 and $569, respectively, for U.S. federal excise tax. As of September 30, 2025 and December 31, 2024, the Company recorded an accrual for U.S. federal excise taxes of $396 and $1,050, respectively, which were included in accounts payable and accrued expenses on the 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 the three and nine months ended September 30, 2025, the Company recorded net tax expenses of zero and $28, respectively, on the consolidated statements of operations for these subsidiaries. For the three and nine months ended September 30, 2024, the Company recorded net tax expenses of zero and $104, respectively, on the consolidated statements of operations for these subsidiaries. As of both September 30, 2025 and December 31, 2024, there were no payables for corporate-level income taxes.

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 September 30, 2025. The Company's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**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 nine months ended September 30, 2025, except as disclosed in Note 14.

**Recent Accounting Pronouncements**

In December 2023, the FASB issued ASU 2023-09, *Income Taxes* (Topic 740) ("ASU 2023-09"), which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for annual reporting periods beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently evaluating the impact of adopting ASU 2023-09; however, the Company does not expect a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures* ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its consolidated financial statements.

**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) as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Amortized Cost:** | | | | |
| &nbsp;&nbsp;Senior secured loans | $4693623 | 86.1% | $3469869 | 86.7% |
| &nbsp;&nbsp;Unitranche secured loans | 79440 | 1.4 | 148567 | 3.7 |
| &nbsp;&nbsp;Junior secured loans | 320374 | 5.9 | 200802 | 5.0 |
| &nbsp;&nbsp;Equity investments | 359950 | 6.6 | 183547 | 4.6 |
| &nbsp;&nbsp;&nbsp;Total | $5453387 | 100.0% | $4002785 | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;Senior secured loans | $4682717 | 86.7% | $3491117 | 87.1% |
| &nbsp;&nbsp;Unitranche secured loans | 80136 | 1.5 | 148531 | 3.7 |
| &nbsp;&nbsp;Junior secured loans | 265294 | 4.9 | 177677 | 4.4 |
| &nbsp;&nbsp;Equity investments | 370176 | 6.9 | 191648 | 4.8 |
| &nbsp;&nbsp;&nbsp;Total | $5398323 | 100.0% | $4008973 | 100.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

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) as of September 30, 2025 and December 31, 2024. 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Amortized Cost:** | | | | |
| &nbsp;&nbsp;&nbsp;United States: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | $969681 | 17.8% | $697246 | 17.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 1385328 | 25.4 | 919569 | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest | 123488 | 2.3 | 81085 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast | 1304808 | 23.9 | 985353 | 24.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest | 563456 | 10.3 | 489467 | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 888358 | 16.3 | 643709 | 16.1 |
| &nbsp;&nbsp;&nbsp;International | 218268 | 4.0 | 186356 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $5453387 | 100.0% | $4002785 | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;&nbsp;United States: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | $915725 | 17.0% | $689362 | 17.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 1391835 | 25.8 | 920544 | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest | 125572 | 2.3 | 83285 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast | 1333599 | 24.7 | 1006155 | 25.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest | 548436 | 10.2 | 494694 | 12.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 871565 | 16.1 | 636530 | 15.9 |
| &nbsp;&nbsp;International | 211591 | 3.9 | 178403 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $5398323 | 100.0% | $4008973 | 100.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

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) as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Amortized Cost:** | | | | |
| &nbsp;&nbsp;Aerospace & Defense | $33083 | 0.6% | $24110 | 0.6% |
| &nbsp;&nbsp;Automotive | 128106 | 2.3 | 76264 | 1.9 |
| &nbsp;&nbsp;Banking | 47111 | 0.9 | 48045 | 1.2 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 105689 | 1.9 | 27123 | 0.7 |
| &nbsp;&nbsp;Capital Equipment | 245418 | 4.5 | 191064 | 4.8 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 10891 | 0.2 |  |  |
| &nbsp;&nbsp;Construction & Building | 249094 | 4.6 | 217997 | 5.4 |
| &nbsp;&nbsp;Consumer Goods: Durable | 85701 | 1.6 | 74112 | 1.8 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 73798 | 1.3 | 51050 | 1.3 |
| &nbsp;&nbsp;Containers, Packaging & Glass | 57046 | 1.0 | 40180 | 1.0 |
| &nbsp;&nbsp;Energy: Oil & Gas | 132 | 0.0 \* | 132 | 0.0 \* |
| &nbsp;&nbsp;Environmental Industries | 101547 | 1.9 | 66543 | 1.7 |
| &nbsp;&nbsp;FIRE: Finance | 383970 | 7.0 | 234481 | 5.9 |
| &nbsp;&nbsp;FIRE: Real Estate | 166459 | 3.1 | 77846 | 1.9 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 756177 | 13.9 | 590748 | 14.7 |
| &nbsp;&nbsp;High Tech Industries | 724771 | 13.3 | 499624 | 12.5 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 95 | 0.0 \* | 95 | 0.0 \* |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 311451 | 5.7 | 195966 | 4.9 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 3430 | 0.1 | 3430 | 0.1 |
| &nbsp;&nbsp;Media: Diversified & Production | 138748 | 2.5 | 112124 | 2.8 |
| &nbsp;&nbsp;Retail | 14480 | 0.2 | 14570 | 0.4 |
| &nbsp;&nbsp;Services: Business | 1067182 | 19.6 | 888565 | 22.2 |
| &nbsp;&nbsp;Services: Consumer | 353232 | 6.5 | 240050 | 6.0 |
| &nbsp;&nbsp;Telecommunications | 136338 | 2.5 | 103312 | 2.6 |
| &nbsp;&nbsp;Transportation: Cargo | 219393 | 4.0 | 173308 | 4.3 |
| &nbsp;&nbsp;Utilities: Electric | 4504 | 0.1 | 4505 | 0.1 |
| &nbsp;&nbsp;Wholesale | 35541 | 0.7 | 47541 | 1.2 |
| &nbsp;&nbsp;&nbsp;Total | $5453387 | 100.0% | $4002785 | 100.0% |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;Aerospace & Defense | $32875 | 0.6% | $23854 | 0.6% |
| &nbsp;&nbsp;Automotive | 82995 | 1.5 | 66253 | 1.7 |
| &nbsp;&nbsp;Banking | 41048 | 0.8 | 43672 | 1.1 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 106786 | 2.0 | 27414 | 0.7 |
| &nbsp;&nbsp;Capital Equipment | 240931 | 4.5 | 187727 | 4.7 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 10890 | 0.2 |  |  |
| &nbsp;&nbsp;Construction & Building | 256369 | 4.7 | 222008 | 5.5 |
| &nbsp;&nbsp;Consumer Goods: Durable | 68673 | 1.3 | 71293 | 1.8 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 68954 | 1.3 | 48784 | 1.2 |
| &nbsp;&nbsp;Containers, Packaging & Glass | 56876 | 1.1 | 40136 | 1.0 |
| &nbsp;&nbsp;Energy: Oil & Gas | 116 | 0.0 \* | 118 | 0.0 \* |
| &nbsp;&nbsp;Environmental Industries | 101047 | 1.9 | 68253 | 1.7 |
| &nbsp;&nbsp;FIRE: Finance | 389215 | 7.2 | 233307 | 5.8 |
| &nbsp;&nbsp;FIRE: Real Estate | 171130 | 3.2 | 81966 | 2.1 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 744893 | 13.8 | 594527 | 14.8 |
| &nbsp;&nbsp;High Tech Industries | 725086 | 13.4 | 497616 | 12.4 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 142 | 0.0 \* | 123 | 0.0 \* |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 313807 | 5.8 | 197904 | 4.9 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 584 | 0.0 \* | 867 | 0.0 \* |
| &nbsp;&nbsp;Media: Diversified & Production | 136354 | 2.5 | 111259 | 2.8 |
| &nbsp;&nbsp;Retail | 14676 | 0.3 | 14566 | 0.4 |
| &nbsp;&nbsp;Services: Business | 1085357 | 20.1 | 901082 | 22.5 |
| &nbsp;&nbsp;Services: Consumer | 351525 | 6.5 | 240488 | 6.0 |
| &nbsp;&nbsp;Telecommunications | 128805 | 2.4 | 101469 | 2.5 |
| &nbsp;&nbsp;Transportation: Cargo | 212480 | 3.9 | 172550 | 4.3 |
| &nbsp;&nbsp;Utilities: Electric | 22229 | 0.4 | 13764 | 0.3 |
| &nbsp;&nbsp;Wholesale | 34480 | 0.6 | 47973 | 1.2 |
| &nbsp;&nbsp;&nbsp;Total | $5398323 | 100.0% | $4008973 | 100.0% |

---

**_______________________________________________________**

\*Represents an amount less than 0.1%.

**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.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

ASC Topic 820 establishes a hierarchical 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The Board has designated MC Advisors as the Company's valuation designee (the "Valuation Designee"). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of the Company's investments, based on input of the Valuation Designee's management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Valuation Designee engages independent valuation firms to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Valuation Designee will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 in a particular quarter, the investment will be valued by the Valuation Designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation conclusions are approved by the valuation committee of the Valuation Designee; and

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.

The accompanying consolidated schedules of investments held by the Company consist primarily of private debt instruments ("Level 3 debt"). The Valuation Designee 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 Valuation Designee 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 Valuation Designee generally considers the Company's 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 Valuation Designee 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 Valuation Designee 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 Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, 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 the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee 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 investments, the Valuation Designee 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 Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

As of September 30, 2025, the Valuation Designee 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 and the Valuation Designee 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.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**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 as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|<br>**September 30, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior secured loans | $— | $— | $4682717 | $4682717 |
| &nbsp;&nbsp;&nbsp;Unitranche secured loans |  |  | 80136 | 80136 |
| &nbsp;&nbsp;&nbsp;Junior secured loans |  |  | 265294 | 265294 |
| &nbsp;&nbsp;&nbsp;Equity investments | 133 |  | 370043 | 370176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value: | $133 | $— | $5398190 | $5398323 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts asset (liability) | $— | $(1194) | $— | $(1194) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|<br>**December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Senior secured loans | $— | $— | $3491117 | $3491117 |
| &nbsp;&nbsp;&nbsp;Unitranche secured loans |  |  | 148531 | 148531 |
| &nbsp;&nbsp;&nbsp;Junior secured loans |  |  | 177677 | 177677 |
| &nbsp;&nbsp;&nbsp;Equity investments | 149 |  | 191499 | 191648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value: | $149 | $— | $4008824 | $4008973 |
| &nbsp;&nbsp;&nbsp;Foreign currency forward contracts asset (liability) | $— | $1501 | $— | $1501 |

---

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 status, the contractual interest rates on the loans in the Company's investment portfolio ranged from 5.25% to 19.25% at September 30, 2025 and 5.50% to 20.80% at December 31, 2024. The maturity dates on the loans outstanding at September 30, 2025 range between April 2026 and October 2032.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

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 and nine months ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| | **Senior <br>secured loans** | **Unitranche <br>secured loans** | **Junior <br>secured loans** | **Equity <br>investments** | **Total<br>investments** |
| Balance as of June 30, 2025 | $4397867 | $99179 | $256158 | $334324 | $5087528 |
| Net realized gain (loss) on investments | 306 |  | (3083) | 171 | (2606) |
| Net change in unrealized gain (loss) on investments | (31258) | (293) | (16272) | (2878) | (50701) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 507261 | 37 | 19274 | 39448 | 566020 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (190489) | (2145) | (8395) | (1022) | (202051) |
| Reclassifications <sup>(3)</sup> | (970) | (16642) | 17612 |  |  |
| Balance as of September 30, 2025 | $4682717 | $80136 | $265294 | $370043 | $5398190 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| | **Senior<br>secured loans** | **Unitranche <br>secured loans** | **Junior <br>secured loans** | **Equity <br>investments** | **Total<br>investments** |
| Balance as of December 31, 2024 | $3491117 | $148531 | $177677 | $191499 | $4008824 |
| Net realized gain (loss) on investments | (1685) |  | (3142) | 581 | (4246) |
| Net change in unrealized gain (loss) on investments | (37037) | (5245) | (21092) | 2138 | (61236) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 1848799 | 447 | 115721 | 176539 | 2141506 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (601785) | (46955) | (35106) | (2812) | (686658) |
| Reclassifications <sup>(3)</sup> | (16692) | (16642) | 31236 | 2098 |  |
| Balance as of September 30, 2025 | $4682717 | $80136 | $265294 | $370043 | $5398190 |

---

_________________________________________

<sup>(1)</sup> Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.

<sup>(2)</sup> Represents net proceeds from investments sold and principal paydowns received.

<sup>(3)</sup> Represents non-cash reclassification of investment type due to a restructuring.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

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 and nine months ended September 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| | **Senior <br>secured loans** | **Unitranche<br>secured loans** | **Junior <br>secured loans** | **Equity <br>investments** | **Total <br>investments** |
| Balance as of June 30, 2024 | $2906171 | $168253 | $154998 | $157553 | $3386975 |
| Net realized gain (loss) on investments | 342 |  |  | 153 | 495 |
| Net change in unrealized gain (loss) on investments | (713) | 2486 | 2550 | 5970 | 10293 |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 422547 | 3425 | 3037 | 13457 | 442466 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (173211) | (5956) | (240) | (768) | (180175) |
| Reclassifications <sup>(3)</sup> | (3808) |  | 405 | 3403 |  |
| Balance as of September 30, 2024 | $3151328 | $168208 | $160750 | $179768 | $3660054 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| | **Senior <br>secured loans** | **Unitranche <br>secured loans** | **Junior <br>secured loans** | **Equity <br>investments** | **Total <br>investments** |
| Balance as of December 31, 2023 | $2171243 | $184853 | $87986 | $84062 | $2528144 |
| Net realized gain (loss) on investments | 563 |  |  | 156 | 719 |
| Net change in unrealized gain (loss) on investments | 10102 | 2560 | (873) | 3716 | 15505 |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 1371221 | 7098 | 65204 | 72681 | 1516204 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (372092) | (26303) | (587) | (1403) | (400385) |
| Reclassifications <sup>(3)</sup> | (29709) |  | 9020 | 20689 |  |
| Transfers in (out) of Level 3 <sup>(4)</sup> |  |  |  | (133) | (133) |
| Balance as of September 30, 2024 | $3151328 | $168208 | $160750 | $179768 | $3660054 |

---

_________________________________________

<sup>(1)</sup> Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.

<sup>(2)</sup> Represents net proceeds from investments sold and principal paydowns received.

<sup>(3)</sup> Represents non-cash reclassification of investment type due to a restructuring.

<sup>(4)</sup> Represents non-cash transfers between fair value categories.

The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2025, attributable to Level 3 investments still held at September 30, 2025, was $(53,442) and $(62,782), respectively. The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2024, attributable to Level 3 investments still held at September 30, 2024, was $16,806 and $10,096, 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 for the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2024, zero and one investment transferred from Level 3 to Level 1 as a result of a restructuring, respectively.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**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 Valuation Designee.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value** | | **Valuation<br>Technique** | **Unobservable<br>Input** | **Weighted**<br>**Average**<br>**Mean** <sup>(1)</sup> | **Range** | **Range** |
| | **Fair Value** | | **Valuation<br>Technique** | **Unobservable<br>Input** | **Weighted**<br>**Average**<br>**Mean** <sup>(1)</sup> | **Minimum** | **Maximum** |
| **Assets:** | | | | | | | |
| Senior secured loans | $3031614 |  | Discounted cash flow | EBITDA multiples | 11.3x | 4.5x | 35.8x |
|  |  |  |  | Market yields | 9.6% | 7.0% | 24.0% |
| Senior secured loans | 1137243 |  | Discounted cash flow | Revenue multiples | 7.1x | 0.7x | 14.3x |
|  |  |  |  | Market yields | 9.4% | 6.4% | 24.5% |
| Senior secured loans | 35054 |  | Enterprise value | EBITDA multiples | 7.1x | 5.5x | 12.0x |
| Senior secured loans | 32429 |  | Enterprise value | Revenue multiples | 2.5x | 0.4x | 5.3x |
| Senior secured loans | 4563 |  | Liquidation | Probability weighting of alternative outcomes | 45.1% | 45.1% | 45.1% |
| Unitranche secured loans | 62908 |  | Discounted cash flow | EBITDA multiples | 11.1x | 10.0x | 11.5x |
|  |  |  |  | Market yields | 9.9% | 8.5% | 10.5% |
| Unitranche secured loans | 17228 |  | Discounted cash flow | Revenue multiples | 6.0x | 6.0x | 6.0x |
|  |  |  |  | Market yields | 13.2% | 13.2% | 13.2% |
| Junior secured loans | 226581 |  | Discounted cash flow | EBITDA multiples | 8.00x | 7.50x | 9.00x |
|  |  |  |  | Market yields | 14.6% | 11.0% | 17.6% |
| Junior secured loans | 17304 |  | Enterprise value | Revenue multiples | 4.9x | 0.8x | 5.3x |
| Junior secured loans | 14349 |  | Enterprise value | EBITDA multiples | 8.5x | 7.0x | 12.0x |
| Equity securities | 292316 |  | Enterprise value | EBITDA multiples | 10.4x | 5.5x | 17.3x |
| Equity securities | 69959 |  | Enterprise value | Revenue multiples | 4.0x | 0.4x | 12.0x |
| Equity securities | 6398 |  | Option pricing model | Volatility | 51.2% | 24.0% | 65.0% |
| &nbsp;&nbsp;&nbsp;Total Level 3 Assets | $4947946 | (2) |  |  |  |  |  |

---

_________________________________________

<sup>(1)</sup> The weighted average mean of unobservable inputs is based on the fair value of investments.

<sup>(2)</sup> Excludes investments of $450,244 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value** | | **Valuation<br>Technique** | **Unobservable<br>Input** | **Weighted**<br>**Average**<br>**Mean** <sup>(1)</sup> | **Range** | **Range** |
| | **Fair Value** | | **Valuation<br>Technique** | **Unobservable<br>Input** | **Weighted**<br>**Average**<br>**Mean** <sup>(1)</sup> | **Minimum** | **Maximum** |
| **Assets:** | | | | | | | |
| Senior secured loans | $2224530 |  | Discounted cash flow | EBITDA multiples | 11.1x | 5.3x | 35.9x |
|  |  |  |  | Market yields | 10.4% | 8.2% | 21.8% |
| Senior secured loans | 931531 |  | Discounted cash flow | Revenue multiples | 7.6x | 1.0x | 18.0x |
|  |  |  |  | Market yields | 10.6% | 8.5% | 25.5% |
| Senior secured loans | 17392 |  | Enterprise value | EBITDA multiples | 10.1x | 6.5x | 13.0x |
| Senior secured loans | 15818 |  | Enterprise value | Revenue multiples | 1.6x | 0.3x | 5.3x |
| Senior secured loans | 6042 |  | Liquidation | Probability weighting of alternative outcomes | 59.7% | 59.7% | 59.7% |
| Unitranche secured loans | 114503 |  | Discounted cash flow | EBITDA multiples | 10.2x | 8.0x | 11.3x |
|  |  |  |  | Market yields | 12.0% | 9.2% | 16.2% |
| Unitranche secured loans | 34028 |  | Discounted cash flow | Revenue multiples | 6.3x | 6.3x | 6.3x |
|  |  |  |  | Market yields | 13.9% | 13.9% | 13.9% |
| Junior secured loans | 108449 |  | Discounted cash flow | Market yields | 14.8% | 12.6% | 17.7% |
| Junior secured loans | 26886 |  | Enterprise value | Revenue multiples | 4.6x | 0.3x | 5.3x |
| Junior secured loans | 3752 |  | Enterprise value | EBITDA multiples | 7.0x | 7.0x | 7.0x |
| Equity investments | 127944 |  | Enterprise value | EBITDA multiples | 11.3x | 3.6x | 20.5x |
| Equity investments | 51219 |  | Enterprise value | Revenue multiples | 3.6x | 0.4x | 11.0x |
| Equity investments | 9065 |  | Option pricing model | Volatility | 46.4% | 24.0% | 65.0% |
| &nbsp;&nbsp;&nbsp;Total Level 3 Assets | $3671159 | (2) |  |  |  |  |  |

---

_________________________________________

<sup>(1)</sup> The weighted average mean of unobservable inputs is based on the fair value of investments.

<sup>(2)</sup> Excludes investments of $337,665 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

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 includes 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 Valuation Designee 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 Valuation Designee 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 and restricted cash and cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.

Fair value is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. The following table presents the carrying values and fair values of the Company's debt as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying Value**<sup>(1)</sup> | **Fair Value** | **Carrying Value**<sup>(1)</sup> | **Fair Value** |
| Revolving Credit Facility<sup>(2)</sup> | $359510 | $359510 | $474756 | $474756 |
| SPV Credit Facility | 87210 | 87210 | 239889 | 239889 |
| SPV II Credit Facility | 522402 | 522402 | 194574 | 194574 |
| SPV III Credit Facility | 185409 | 185409 | 73722 | 73722 |
| SPV IV Credit Facility | 316309 | 316309 | 245185 | 245185 |
| SPV V Credit Facility | 229175 | 229175 |  |  |
| 2022 ABS | 239339 | 238711 | 293393 | 287178 |
| 2023 ABS | 207041 | 210314 | 206369 | 209100 |
| 2028 Notes | 198529 | 202344 | 198178 | 200545 |
| 2029 Notes | 202573 | 203862 | 202296 | 202585 |
| July 2028 Notes | 41544 | 41544 |  |  |
| July 2030 Notes | 159195 | 159195 |  |  |
| &nbsp;&nbsp;&nbsp;Total Debt | $2748236 | $2755985 | $2128362 | $2127534 |

---

_____________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Represents the principal amount outstanding, less unamortized debt issuance costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Amounts include borrowings denominated in foreign currencies converted at the period end exchange rate.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The below table presents fair value measurements of the Company's debt obligations according to the fair value hierarchy as of as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Level 1 | $— | $— |
| Level 2 |  |  |
| Level 3 | 2755985 | 2127534 |
| &nbsp;&nbsp;&nbsp;Total Debt | $2755985 | $2127534 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Note 5. Transactions with Affiliate 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 for each investment. Transactions related to the Company's investments with affiliates for the nine months ended September 30, 2025 and 2024 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value at <br>December 31,<br>2024** | **Transfers**<br>**in (out)** <sup>(1)</sup> | **Purchases<br>(cost)** | **Sales and<br>paydowns<br>(cost)** | **PIK<br>interest<br>capitalized<br>(cost)** | **Discount<br>accretion** | **Net<br>realized<br>gain (loss)** | **Net <br>change in unrealized<br>gain (loss)** | **Fair value at <br>September 30, 2025** |
| **Non-controlled affiliate company investment:** | | | | | | | | | |
| &nbsp;&nbsp;Baystate Sewage Disposal, LLC | $— | $— | $4312 | $— | $— | $2 | $— | $86 | $4400 |
| &nbsp;&nbsp;Baystate Sewage Disposal, LLC (Delayed Draw) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Baystate Sewage Disposal, LLC (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Baystate Sewage Disposal, LLC (8,841,724 Class A-1 preferred units) |  |  | 8842 |  |  |  |  | (3) | 8839 |
|  |  |  | 13154 |  |  | 2 |  | 83 | 13239 |
| &nbsp;&nbsp;BTR Opco LLC | 1177 |  |  |  |  |  |  | 213 | 1390 |
| &nbsp;&nbsp;BTR Opco LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BTR Opco LLC (Delayed Draw) | 1131 |  |  | (1) |  |  |  | 116 | 1246 |
| &nbsp;&nbsp;BTR Opco LLC (622 Class A common units) |  |  |  |  |  |  |  |  |  |
|  | 2308 |  |  | (1) |  |  |  | 329 | 2636 |
| &nbsp;&nbsp;ClearlyRated Capital, LLC |  |  | 1407 | (4) |  | 2 |  | 26 | 1431 |
| &nbsp;&nbsp;ClearlyRated Capital, LLC (Delayed Draw) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ClearlyRated Capital, LLC (7,093,224 Class A units) | 5500 |  | 1593 |  |  |  |  |  | 7093 |
|  | 5500 |  | 3000 | (4) |  | 2 |  | 26 | 8524 |
| &nbsp;&nbsp;Engineered Metal Solutions, Inc. |  |  | 6713 |  |  | 1 |  | (1) | 6713 |
| &nbsp;&nbsp;Engineered Metal Solutions, Inc. (Revolver) |  |  | 248 |  |  |  |  | (5) | 243 |
| &nbsp;&nbsp;Engineered Metal Solutions, Inc. (7,413 Class A units) |  |  | 7414 |  | (1) | 1 |  | (149) | 7265 |
|  |  |  | 14375 |  | (1) | 2 |  | (155) | 14221 |
| &nbsp;&nbsp;MC Aviation Limited (commitment to purchase up to 39.4% of the equity) |  |  | 15700 |  |  |  |  | (73) | 15627 |
|  |  |  | 15700 |  |  |  |  | (73) | 15627 |
| &nbsp;&nbsp;MC Voyager SPV II LLC ($19,348 of $45,000 equity commitment) |  |  | 19348 |  |  |  |  |  | 19348 |
|  |  |  | 19348 |  |  |  |  |  | 19348 |
| &nbsp;&nbsp;Nastel Technologies, LLC | 3478 |  |  |  |  | 9 |  | 13 | 3500 |
| &nbsp;&nbsp;Nastel Technologies, LLC (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Nastel Technologies, LLC (3,408 Class A units) | 4611 |  |  |  |  |  |  | 849 | 5460 |
|  | 8089 |  |  |  |  | 9 |  | 862 | 8960 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value at <br>December 31,<br>2024** | **Transfers**<br>**in (out)** <sup>(1)</sup> | **Purchases<br>(cost)** | **Sales and<br>paydowns<br>(cost)** | **PIK<br>interest<br>capitalized<br>(cost)** | **Discount<br>accretion** | **Net<br>realized<br>gain (loss)** | **Net <br>change in unrealized<br>gain (loss)** | **Fair value at <br>September 30, 2025** |
| &nbsp;&nbsp;NFS Intermediate HoldCo, LLC (53,255 Series B preferred units) | $— | $— | $53255 | $— | $— | $— | $— | $4661 | $57916 |
|  |  |  | 53255 |  |  |  |  | 4661 | 57916 |
| &nbsp;&nbsp;SFR Holdco, LLC | 5593 |  |  |  |  |  |  | 265 | 5858 |
| &nbsp;&nbsp;SFR Holdco, LLC | 4631 |  |  |  |  |  |  | 193 | 4824 |
| &nbsp;&nbsp;SFR Holdco, LLC (13.9% of equity commitments) | 4797 |  |  |  |  |  |  | 113 | 4910 |
| &nbsp;&nbsp;SFR Holdco, LLC (10.5% of equity commitments) | 3597 |  |  |  |  |  |  | 86 | 3683 |
|  | 18618 |  |  |  |  |  |  | 657 | 19275 |
| &nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | 2267 |  | 1425 |  |  |  |  | (47) | 3645 |
| &nbsp;&nbsp;SFR Holdco 2, LLC (24.4% of equity commitments) | 1510 |  | 950 |  |  |  |  | 124 | 2584 |
|  | 3777 |  | 2375 |  |  |  |  | 77 | 6229 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC | 5261 |  |  | (38) | 306 | 15 |  | (15) | 5529 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC | 1503 |  |  | (12) | 87 | 4 |  | (3) | 1579 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC (Revolver) | 998 |  | 806 | (1017) | 35 |  |  |  | 822 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC (3,042,264 Class A preferred interests) |  | 3042 |  |  |  |  |  | 1766 | 4808 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC (4,455,890 Class B preferred interests) |  | 1879 | 2577 |  |  |  |  | 3030 | 7486 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC (9,191,624 preferred interests) | 11989 | (4921) | 1879 |  |  |  |  | (8947) |  |
|  | 19751 |  | 5262 | (1067) | 428 | 19 |  | (4169) | 20224 |
| &nbsp;&nbsp;Summit Professional Education, LLC | 10244 |  |  | (76) |  | 26 |  | 7 | 10201 |
| &nbsp;&nbsp;Summit Professional Education, LLC |  |  | 3939 |  |  | 3 |  | 90 | 4032 |
| &nbsp;&nbsp;Summit Professional Education, LLC (Delayed Draw) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Summit Professional Education, LLC (Revolver) | 1145 |  | 735 | (1880) |  |  |  |  |  |
| &nbsp;&nbsp;Summit Professional Education, LLC (19,762 Class A units) | 16676 |  | 3085 |  |  |  |  | (73) | 19688 |
|  | 28065 |  | 7759 | (1956) |  | 29 |  | 24 | 33921 |
| &nbsp;&nbsp;Triad Financial Services, Inc. ($6,902 of $41,855 equity commitment) | 4803 |  | 2099 |  |  |  |  |  | 6902 |
|  | 4803 |  | 2099 |  |  |  |  |  | 6902 |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. | 22772 |  |  |  | 1431 | 58 |  | (8414) | 15847 |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Delayed Draw) | 1980 |  | 990 |  | 140 |  |  |  | 3110 |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Revolver) | 1539 |  | 1555 |  | 105 |  |  |  | 3199 |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. (518,970 Series A preferred stock) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. (116,083 Series B preferred stock) |  |  |  |  |  |  |  |  |  |
|  | 26291 |  | 2545 |  | 1676 | 58 |  | (8414) | 22156 |
| &nbsp;&nbsp;YBR OZ ECE, LLC |  |  | 1961 | (5) |  | 4 |  | 33 | 1993 |
| &nbsp;&nbsp;YBR OZ ECE, LLC (Delayed Draw) |  |  | 450 |  |  |  |  |  | 450 |
| &nbsp;&nbsp;YBR OZ ECE, LLC (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;YBR OZ ECE, LLC (6,875 Class A units) |  |  | 6875 |  |  |  |  |  | 6875 |
|  |  |  | 9286 | (5) |  | 4 |  | 33 | 9318 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value at <br>December 31,<br>2024** | **Transfers**<br>**in (out)** <sup>(1)</sup> | **Purchases<br>(cost)** | **Sales and<br>paydowns<br>(cost)** | **PIK<br>interest<br>capitalized<br>(cost)** | **Discount<br>accretion** | **Net<br>realized<br>gain (loss)** | **Net <br>change in unrealized<br>gain (loss)** | **Fair value at <br>September 30, 2025** |
| &nbsp;&nbsp;Zodega Landscaping, LLC | $12431 | $— | $— | $(90) | $— | $72 | $— | $(118) | $12295 |
| &nbsp;&nbsp;Zodega Landscaping, LLC (Revolver) | 992 |  |  |  |  |  |  |  | 992 |
| &nbsp;&nbsp;Zodega Landscaping, LLC (146,757 preferred interests) | 15130 |  |  |  |  |  |  | 1907 | 17037 |
|  | 28553 |  |  | (90) |  | 72 |  | 1789 | 30324 |
| **Total non-controlled affiliate company investments** | $**145755** | $**—** | $**148158** | $**(3123)** | $**2103** | $**197** | $**—** | $**(4270)** | $**288820** |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value at <br>December 31,<br>2023** | **Transfers**<br>**in (out)** <sup>(1)</sup> | **Purchases<br>(cost)** | **Sales and <br>paydowns<br>(cost)** | **PIK <br>interest<br>capitalized<br> (cost)** | **Discount<br>accretion** | **Net <br>realized<br>gain (loss)** | **Net <br>change in unrealized<br>gain (loss)** | **Fair value at <br>September 30, 2024** |
| **Non-controlled affiliate company investment:** | | | | | | | | | |
| &nbsp;&nbsp;ClearlyRated Capital, LLC (5,500,000 Class A units) | $5500 | $— | $— | $— | $— | $— | $— | $— | $5500 |
|  | 5500 |  |  |  |  |  |  |  | 5500 |
| &nbsp;&nbsp;BTR Opco LLC (fka Born To Run, LLC) |  |  | 1080 | (34) |  |  |  | 47 | 1093 |
| &nbsp;&nbsp;BTR Opco LLC (fka Born To Run, LLC) |  | 1611 | 81 |  |  |  |  | 176 | 1868 |
| &nbsp;&nbsp;BTR Opco LLC (fka Born To Run, LLC) |  | 8300 | 418 | (2) |  |  |  | (8657) | 59 |
| &nbsp;&nbsp;BTR Opco LLC (fka Born To Run, LLC) (659 Class A common units) |  | 677 |  |  |  |  |  | (677) |  |
|  |  | 10588 | 1579 | (36) |  |  |  | (9111) | 3020 |
| &nbsp;&nbsp;Nastel Technologies, LLC | 3500 |  |  |  |  | 7 |  | (29) | 3478 |
| &nbsp;&nbsp;Nastel Technologies, LLC (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Nastel Technologies, LLC (3,408 Class A units) | 4226 |  |  |  |  |  |  | 307 | 4533 |
|  | 7726 |  |  |  |  | 7 |  | 278 | 8011 |
| &nbsp;&nbsp;Second Avenue SFR Holdings II LLC (Revolver) <sup>(2)</sup> | 3323 |  |  | (1487) |  |  |  | 37 | 1873 |
|  | 3323 |  |  | (1487) |  |  |  | 37 | 1873 |
| &nbsp;&nbsp;SFR Holdco, LLC | 6557 |  |  |  |  |  |  | (1076) | 5481 |
| &nbsp;&nbsp;SFR Holdco, LLC (Delayed draw junior secured loan) | 4917 |  |  |  |  |  |  | (352) | 4565 |
| &nbsp;&nbsp;SFR Holdco, LLC (13.9% of equity commitments)  | 4371 |  |  |  |  |  |  | 231 | 4602 |
| &nbsp;&nbsp;SFR Holdco, LLC (10.5% of equity commitments) | 3278 |  |  |  |  |  |  | 174 | 3452 |
|  | 19123 |  |  |  |  |  |  | (1023) | 18100 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC | 5101 |  |  | (26) | 159 | 13 |  | (14) | 5233 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC |  |  | 1436 | (8) | 38 | 3 |  | 25 | 1494 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC (Revolver) | 959 |  |  |  | 29 |  |  |  | 988 |
| &nbsp;&nbsp;SheerTrans Solutions, LLC (12,233,889 preferred interests) | 9192 |  | 3042 |  |  |  |  | 734 | 12968 |
|  | 15252 |  | 4478 | (34) | 226 | 16 |  | 745 | 20683 |
| &nbsp;&nbsp;Summit Professional Education, LLC |  |  | 10094 | (24) |  | 9 |  | 265 | 10344 |
| &nbsp;&nbsp;Summit Professional Education, LLC (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Summit Professional Education, LLC (16,676 Class A units) |  |  | 16676 |  |  |  |  | 331 | 17007 |
|  |  |  | 26770 | (24) |  | 9 |  | 596 | 27351 |
| &nbsp;&nbsp;Triad Financial Services, Inc ($4,803 of $41,855 equity commitment) |  |  | 4803 |  |  |  |  |  | 4803 |
|  |  |  | 4803 |  |  |  |  |  | 4803 |
| &nbsp;&nbsp;Zodega Landscaping, LLC | 11969 |  |  | (89) |  | 60 |  | 516 | 12456 |
| &nbsp;&nbsp;Zodega Landscaping, LLC (Revolver) |  |  | 992 |  |  |  |  |  | 992 |
| &nbsp;&nbsp;Zodega Landscaping, LLC (124,206 preferred interests) | 12421 |  |  |  |  |  |  | 290 | 12711 |
|  | 24390 |  | 992 | (89) |  | 60 |  | 806 | 26159 |
| **Total non-controlled affiliate company investments** | $**75314** | $**10588** | $**38622** | $**(1670)** | $**226** | $**92** | $**—** | $**(7672)** | $**115500** |

---

________________________________________

<sup>(1)</sup> Transfers in (out) may include increases (decreases) in the cost basis of investments resulting from the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category as a result of a restructuring.

<sup>(2)</sup> Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>**Portfolio Company** | **Interest <br>Income** | **Dividend Income** | **Other Income** | **Interest <br>Income** | **Dividend Income** | **Other Income** |
| **Non-controlled affiliate company investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Baystate Sewage Disposal, LLC | $119 | $— | $— | n/a | n/a | n/a |
| &nbsp;&nbsp;Baystate Sewage Disposal, LLC (Delayed Draw) | 2 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Baystate Sewage Disposal, LLC (Revolver) | 1 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Baystate Sewage Disposal, LLC (Class A-1 preferred units) |  | 180 |  | n/a | n/a | n/a |
|  | 122 | 180 |  |  |  |  |
| &nbsp;&nbsp;BTR Opco LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;BTR Opco LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;BTR Opco LLC (Delayed Draw) |  |  |  |  |  |  |
| &nbsp;&nbsp;BTR Opco LLC (Class A units) |  |  |  |  |  |  |
| &nbsp;&nbsp;ClearlyRated Capital, LLC | 73 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;ClearlyRated Capital, LLC (Delayed Draw) | 2 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;ClearlyRated Capital, LLC (Class A units) |  |  |  |  |  |  |
|  | 75 |  |  |  |  |  |
| &nbsp;&nbsp;Engineered Metal Solutions, Inc. | 17 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Engineered Metal Solutions, Inc. (Revolver) |  |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Engineered Metal Solutions, Inc. (Class A units) |  |  |  | n/a | n/a | n/a |
|  | 17 |  |  |  |  |  |
| &nbsp;&nbsp;MC Aviation Limited (Equity Commitment) |  |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;MC Voyager SPV II LLC (Equity commitment) |  |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Nastel Technologies, LLC | 291 |  |  | 326 |  |  |
| &nbsp;&nbsp;Nastel Technologies, LLC (Revolver) | 1 |  |  |  |  |  |
| &nbsp;&nbsp;Nastel Technologies, LLC (Class A units) |  |  |  |  |  |  |
|  | 292 |  |  | 326 |  |  |
| &nbsp;&nbsp;NFS Intermediate HoldCo, LLC (Series B preferred units) |  | 2293 |  | n/a | n/a | n/a |
|  |  | 2293 |  |  |  |  |
| &nbsp;&nbsp;Second Avenue SFR Holdings II LLC (Revolver) <sup>(1)</sup> | n/a | n/a | n/a | 283 |  |  |
|  |  |  |  | 283 |  |  |
| &nbsp;&nbsp;SFR Holdco, LLC | 444 |  |  | 351 |  |  |
| &nbsp;&nbsp;SFR Holdco, LLC | 308 |  |  | 264 |  |  |
| &nbsp;&nbsp;SFR Holdco, LLC (LLC interest) |  |  |  |  |  |  |
| &nbsp;&nbsp;SFR Holdco, LLC (LLC interest) |  |  |  |  |  |  |
|  | 752 |  |  | 615 |  |  |
| &nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | 208 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;SFR Holdco 2, LLC (LLC interest) |  |  |  | n/a | n/a | n/a |
|  | 208 |  |  |  |  |  |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>**Portfolio Company** | **Interest <br>Income** | **Dividend Income** | **Other Income** | **Interest <br>Income** | **Dividend Income** | **Other Income** |
| &nbsp;&nbsp;SheerTrans Solutions, LLC | $520 | $— | $26 | $540 | $— | $— |
| &nbsp;&nbsp;SheerTrans Solutions, LLC | 146 |  | 8 | 129 |  |  |
| &nbsp;&nbsp;SheerTrans Solutions, LLC (Revolver) | 75 |  | 8 | 101 |  |  |
| &nbsp;&nbsp;SheerTrans Solutions, LLC (Preferred interests) |  |  |  |  |  |  |
|  | 741 |  | 42 | 770 |  |  |
| &nbsp;&nbsp;Summit Professional Education, LLC | 93 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Summit Professional Education, LLC | 855 |  |  | 540 |  |  |
| &nbsp;&nbsp;Summit Professional Education, LLC (Delayed Draw) | 8 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Summit Professional Education, LLC (Revolver) | 34 |  |  | 3 |  |  |
| &nbsp;&nbsp;Summit Professional Education, LLC (Class A units) |  |  |  |  |  |  |
|  | 990 |  |  | 543 |  |  |
| &nbsp;&nbsp;Triad Financial Services, Inc. (Equity commitment) |  |  |  |  |  |  |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. | 2340 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Delayed Draw) | 219 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Revolver) | 160 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Series A preferred stock) |  |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Series B preferred stock) |  |  |  | n/a | n/a | n/a |
|  | 2719 |  |  |  |  |  |
| &nbsp;&nbsp;YBR OZ ECE, LLC | 146 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;YBR OZ ECE, LLC (Delayed Draw) | 9 |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;YBR OZ ECE, LLC (Revolver) |  |  |  | n/a | n/a | n/a |
| &nbsp;&nbsp;YBR OZ ECE, LLC (Class A units) |  |  |  | n/a | n/a | n/a |
|  | 155 |  |  |  |  |  |
| &nbsp;&nbsp;Zodega Landscaping, LLC | 1213 |  | 18 | 1312 |  |  |
| &nbsp;&nbsp;Zodega Landscaping, LLC (Revolver) | 95 |  | 3 | 28 |  |  |
| &nbsp;&nbsp;Zodega Landscaping, LLC (Preferred interests) |  |  |  |  |  |  |
|  | 1308 |  | 21 | 1340 |  |  |
| **Total non-controlled affiliate company investments** | $**7379** | $**2473** | $**63** | $**3877** | $**—** | $**—** |

---

_________________________________________

<sup>(1)</sup> Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Note 6. Transactions with Related Parties**

On March 31, 2025, in connection with the change of control transaction in which an affiliate of Wendel SE acquired 75% of the outstanding equity interests in certain affiliates of Monroe Capital LLC, including MC Advisors (the "Wendel Transaction"), the Company entered into the Amended and Restated Investment Advisory and Management Agreement with MC Advisors (the "Amended Investment Advisory Agreement"). The terms of the Amended Investment Advisory Agreement, including the fee structure and services to be provided, remain unchanged from the previous investment advisory and management agreement, dated December 5, 2018 (the "Original Investment Advisory Agreement"). The Original Investment Advisory Agreement terminated pursuant to its terms as a result of the Wendel Transaction in accordance with the requirements of the 1940 Act. Under the terms of the Amended Investment Advisory Agreement, MC Advisors, subject to the overall supervision of the Board, continues to provide investment advisory services to the Company.

The Company pays MC Advisors a fee for its services under the Amended Investment Advisory Agreement consisting of two components – a base management fee and an incentive fee as reduced by a fee waiver letter from April 18, 2022. 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.

On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management and incentive fees payable by the Company to MC Advisors under the Original Investment Advisory Agreement pursuant to a fee waiver letter. The base management fee waiver took effect beginning April 1, 2022 and the incentive fee waivers took effect beginning January 1, 2022. The fee waiver letter agreement remains in effect and continues to apply to the base management and incentive fees payable under the Amended Investment Advisory Agreement.

The base management fee is calculated at an annual rate of 1.25% of average total assets (reduced from 1.50% pursuant to the fee waiver letter agreement described above), which includes assets financed using leverage. Following any future quotation or listing of the Company's securities on a national securities exchange (an "Exchange Listing") or any future quotation or listing of its securities on any other public trading market, the base management fee will be calculated at an annual rate of 1.75% of average invested assets (calculated as total assets excluding cash). The base management fee is payable in arrears.

Base management fees for the three and nine months ended September 30, 2025 were $17,264 and $47,208, respectively. Base management fees for the three and nine months ended September 30, 2024 were $11,542 and $30,169, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears based on the Company's pre-incentive fee net investment income for the preceding quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee), any expenses payable under the administration agreement (the "Administration Agreement") between the Company and MC Management and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income will include, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash. MC Advisors is not under any obligation to reimburse the Company for any part of the incentive fee it receives that was based on accrued interest that the Company never actually receives.

Pre-incentive fee net investment income does not include any realized capital gains or losses or unrealized capital gains or losses. If any distributions from portfolio companies are characterized as a return of capital, such returns of capital would affect the capital gains incentive fee to the extent a gain or loss is realized. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where it incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if it has incurred a loss in that quarter due to realized and unrealized capital losses.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed "hurdle rate" of 1.50% per quarter (6% annually).

Prior to an Exchange Listing, the Company shall pay MC Advisors an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6% annually);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the Company's pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing. This portion of the Company's pre-incentive fee net investment income is referred to as the "catch-up" provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to an Exchange Listing, 12.5% of the amount of the Company's pre-incentive fee net investment income (a reduction from 15.0% of the amount of the Company's pre-incentive fee net income), if any, that exceeds 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter, and following an Exchange Listing, 20% of the amount of the Company's pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.

These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Amended Investment Advisory Agreement, as of the termination date), and equals 12.5% (reduced from 15.0% effective January 1, 2022 pursuant to the fee waiver letter) of the Company's realized capital gains as of the end of the fiscal year. In determining the capital gains incentive fee payable to MC Advisors, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since the Company's inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the Company's portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the amortized cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the amortized cost of such investment since the Company's inception. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the amortized cost of such investment. At the end of the applicable year, the amount of capital gains that will serve as the basis for the calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to the Company's portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year equals 12.5% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of the Company's portfolio in all prior years.

While the Amended 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, the Company includes 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 the Company's 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.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The composition of the Company's incentive fees for the three and nine months ended September 30, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Part one incentive fees <sup>(1)</sup> | $8596 | $7614 | $24458 | $20205 |
| Part two incentive fees <sup>(2)</sup> |  | 698 | (1283) | 1638 |
| &nbsp;&nbsp;Total incentive fees | $8596 | $8312 | $23175 | $21843 |

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_________________________________________

<sup>(1)</sup> Based on pre-incentive fee net investment income.

<sup>(2)</sup> Based upon net realized and unrealized gains and losses, or capital gains and losses. 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 12.5% of the sum of net realized gain (loss) plus net unrealized gain (loss).

Under the Administration Agreement, 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 and nine months ended September 30, 2025, the Company incurred $3,832 and $9,356, 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 $1,189 and $3,247, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. For the three and nine months ended September 30, 2024, the Company incurred $2,876 and $7,172, 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 $790 and $2,039, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of September 30, 2025 and December 31, 2024, $1,261 and $805, 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 September 30, 2025 and December 31, 2024, the Company had accounts payable to members of the Board of $37 and zero, respectively, representing accrued and unpaid fees for their services.

*Asset Purchase Agreement:* On August 7, 2025, the Company entered into an Asset Purchase Agreement (the "Purchase Agreement") with Monroe Capital Corporation ("MRCC"; NASDAQ: MRCC), and MC Advisors, an investment adviser to the Company and MRCC. Pursuant to the Purchase Agreement on the Closing Date (as defined in the Purchase Agreement) the Company agreed to acquire the investment assets of MRCC at fair value, as determined shortly before the Closing Date, for cash (the "Asset Purchase").

Following the Closing Date, which is currently anticipated to occur during the first quarter of 2026, MRCC will merge with and into Horizon Technology Finance Corporation ("HRZN"; NASDAQ: HRZN), subject to the receipt of certain shareholder approvals and the satisfaction of other closing conditions (the "Merger").

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The Purchase Agreement contains certain representations, warranties and covenants of the parties that are customary for agreements of its type. Consummation of the Asset Purchase, which is currently subject to certain closing conditions, including (1) requisite approvals of MRCC stockholders, (2) the absence of certain legal impediments to the consummation of the Asset Purchase, (3) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Purchase Agreement, (4) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), and (5) the satisfaction or waiver of the closing conditions in the merger agreement between MRCC and HRZN (other than the condition precedent with respect to the Asset Purchase).

Both the Asset Purchase and Merger are structured to comply with the safe harbor provision of Rule 17a-8 of the Investment Company Act of 1940, as amended. The boards of directors of both MRCC and the Company, including each of their respective independent directors (in each case, on the recommendation of a special committee of each such board comprised solely of certain independent directors of the applicable board), have approved the Purchase Agreement and the transactions contemplated therein.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**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. As of September 30, 2025 and December 31, 2024, the Company's asset coverage ratio based on aggregate borrowings outstanding was 197% and 196%, respectively.

The Company's outstanding debt as of September 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Aggregate**<br>**Principal** <br>**Amount** <br>**Committed** <sup>(1)</sup> | **Principal<br>Amount<br>Outstanding** | **Carrying Value** <sup>(2)</sup> | **Unamortized Debt Issuance Costs** |
| Revolving Credit Facility <sup>(3)</sup> | $785000 | $365194 | $359510 | $5684 |
| SPV Credit Facility | 450000 | 89900 | 87210 | 2690 |
| SPV II Credit Facility | 690000 | 527400 | 522402 | 4998 |
| SPV III Credit Facility | 200000 | 187000 | 185409 | 1591 |
| SPV IV Credit Facility | 350000 | 319000 | 316309 | 2691 |
| SPV V Credit Facility | 250000 | 231600 | 229175 | 2425 |
| 2022 ABS <sup>(4)</sup> | 239339 | 239339 | 239339 |  |
| 2023 ABS <sup>(5)</sup> | 209100 | 209100 | 207041 | 2059 |
| 2028 Notes | 200000 | 200000 | 198529 | 1471 |
| 2029 Notes | 204000 | 204000 | 202573 | 1427 |
| July 2028 Notes | 42000 | 42000 | 41544 | 456 |
| July 2030 Notes | 161000 | 161000 | 159195 | 1805 |
| &nbsp;&nbsp;Total | $3780439 | $2775533 | $2748236 | $27297 |

---

_________________________________________

<sup>(1)</sup> Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

<sup>(2)</sup> Represents the principal amount outstanding, less unamortized debt issuance costs.

<sup>(3)</sup> Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.

<sup>(4)</sup> As of September 30, 2025, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $28,255 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

<sup>(5)</sup> As of September 30, 2025, the 2023 Subordinated Notes (as defined below) totaling $45,900 are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The Company's outstanding debt as of December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Aggregate**<br>**Principal** <br>**Amount** <br>**Committed** <sup>(1)</sup> | **Principal<br>Amount<br>Outstanding** | **Carrying Value** <sup>(2)</sup> | **Unamortized Debt Issuance Costs** |
| Revolving Credit Facility <sup>(3)</sup> | $652500 | $481106 | $474756 | $6350 |
| SPV Credit Facility | 450000 | 243300 | 239889 | 3411 |
| SPV II Credit Facility | 195998 | 195998 | 194574 | 1424 |
| SPV III Credit Facility | 100000 | 75000 | 73722 | 1278 |
| SPV IV Credit Facility | 350000 | 248600 | 245185 | 3415 |
| 2022 ABS <sup>(4)</sup> | 294609 | 294609 | 293393 | 1216 |
| 2023 ABS <sup>(5)</sup> | 209100 | 209100 | 206369 | 2731 |
| 2028 Notes | 200000 | 200000 | 198178 | 1822 |
| 2029 Notes | 204000 | 204000 | 202296 | 1704 |
| &nbsp;&nbsp;Total | 2656207 | 2151713 | 2128362 | 23351 |

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_________________________________________

<sup>(1)</sup> Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

<sup>(2)</sup> Represents the principal amount outstanding, less unamortized debt issuance costs.

<sup>(3)</sup> Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.

<sup>(4)</sup> As of December 31, 2024, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $34,780 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

<sup>(5)</sup> As of December 31, 2024, the 2023 Subordinated Notes (as defined below) totaling $45,900 are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

***Credit Facilities***

*Revolving Credit Facility*

On October 20, 2023, the Company entered into a senior secured revolving credit facility (the "Revolving Credit Facility") pursuant to a Senior Secured Revolving Credit Agreement (the "Revolving Credit Agreement"), as amended from time to time, with ING Capital, LLC, as administrative agent and joint lead arranger. The initial principal amount of the Revolving Credit Facility was $295,000, subject to availability under the borrowing base, which is based on the Company's portfolio investments and other outstanding indebtedness, with an accordion provision permitting increases to the total facility amount up to $800,000, subject to the satisfaction of certain conditions. Through various amendments to the Revolving Credit Agreement, the Company has increased the facility amount multiple times under the accordion to $785,000 of aggregate commitments as of September 30, 2025.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

As of September 30, 2025 and December 31, 2024, the Company had outstanding U.S. dollar borrowings under the Revolving Credit Facility of $256,500 and $396,100, respectively, and non-U.S. dollar borrowings denominated in Australian dollars of AUD 40,000 ($26,453 in U.S. dollars) and AUD 21,978 ($13,599 in U.S. dollars), respectively, and Great Britain pounds of £40,000 ($53,785 in U.S. dollars) and £38,440 ($48,111 in U.S. dollars), respectively, and Euros of €24,250 ($28,456 in U.S. dollars) and €22,500 ($23,296 in U.S. dollars), respectively. The 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. The borrowings denominated in 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 $1,144 and $(8,903) for the three and nine months ended September 30, 2025, respectively, and $(2,998) and $(2,703) for the three and nine months ended September 30, 2024, respectively.

Advances under the Revolving Credit Facility initially bear interest at a per annum rate equal to, (a) in the case of any U.S. dollar advances, (i) 1.25% per annum (or, at any time the Rating Condition is satisfied, 1.15% per annum) plus an "alternate base rate" (as described in the Revolving Credit Agreement) or (ii) 2.25% per annum (or, at any time the Rating Condition is satisfied, 2.15% per annum) plus Term SOFR, (b) in the case of any foreign currency advances (other than Pounds Sterling), 2.25% per annum (or, at any time the Rating Condition is satisfied, 2.15% per annum) plus the applicable benchmark rate and (c) in the case of any Pounds Sterling advances, 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the Daily Simple Risk Free Rate, in each case, depending on the nature of the advances being requested under the Revolving Credit Facility. The "Rating Condition" shall be satisfied at any time the Company maintains a public credit rating of at least BBB- from S&P Global Ratings (or equivalent rating from Moody's Investors Service, Inc. or Fitch, Inc.). As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.2% and 7.0%, respectively.

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced varies depending upon the types of assets in the Company's portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

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 Revolving Credit Facility. The Revolving Credit Facility contains certain financial covenants, including, but not limited to, the Company's maintenance of: (1) minimum consolidated total net assets of the greater of (a) $500,000 and (b) an amount equal to the sum of (i) $1,063,400 plus (ii) an amount equal to 65% of the difference of (x) the net proceeds to the Company from sales of its equity securities during each quarter following October 31, 2024 and (y) the amount paid or distributed to purchase or redeem its common stock in connection with a tender offer during such quarter; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; (3) a senior debt coverage ratio of at least 2 to 1; and (4) minimum net worth equal to or greater than $500,000. 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 Revolving Credit Facility. The Revolving Credit Facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions, 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 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.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The Revolving Credit Facility is guaranteed by certain subsidiary guarantors (primarily the Taxable Subsidiaries). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, making distributions, contributions and investments and for such other uses as permitted under the Revolving Credit Agreement.

The period during which the Company may borrow under the Revolving Credit Facility expires on October 31, 2028, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by October 31, 2029. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and the subsidiary guarantors, subject to certain exceptions.

***SPV Credit Facilities***

*SPV Credit Facility* 

The Company has a $450,000 SPV Credit Facility with KeyBank National Association, as agent, through the Company's wholly-owned subsidiary, the SPV. The Company's ability to borrow under the SPV Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 72% of the principal balance of its portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. The Company entered into an amendment to the SPV Credit Facility on July 15, 2024 to, among other things, reduce the interest rate applicable to the borrowings to SOFR plus 2.40%, remove the SOFR credit spread adjustment as a component of pricing thereunder, and extend both the reinvestment period and the maturity date of the SPV Credit Facility. Under the terms of the amended SPV Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the SPV Credit Facility through July 16, 2027. The maturity date of the SPV Credit Facility is July 16, 2029. Distributions from the SPV to the Company are limited by the terms of the SPV Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of September 30, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the SPV as collateral for the SPV Credit Facility was $765,246 and $722,845, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

During the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR (one or three month, at the SPV's option and subject to a SOFR minimum of 0.50%) plus a margin ranging from 2.40% to a maximum of 2.70%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR plus 3.00%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are greater than 60% of the facility amount. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.7% and 7.0%, respectively.

Borrowing under the SPV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

*SPV II Credit Facility* 

On December 20, 2022, the Company entered into the SPV II Credit Facility with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, SPV II. The SPV II Credit Facility initially allowed SPV II to borrow an aggregate principal amount of $100,000, and included an accordion feature, which allowed the Company, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with the consent of one or more increasing or additional lenders. On August 6, 2025, the Company entered into an amendment (the "SPV II Amendment") to the SPV II Credit Facility. The SPV II Amendment amended the SPV II Credit Facility to, among other things, (i) increase the total facility amount to up to $690,000; (ii) add an unused fee rate of 0.35%; (iii) implement a reinvestment period through August 6, 2027; (iv) extend the maturity date to August 6, 2028; and (v) reduce the applicable interest rate from SOFR plus 2.40% to SOFR plus 2.05% per annum during the reinvestment period and SOFR plus 3.25% per annum after the reinvestment period. As of September 30, 2025 and December 31, 2024, the fair value of the Company's investments held in SPV II as collateral for the SPV II Credit Facility was $784,749 and $307,517, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the SPV II Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.05% per annum during the reinvestment period, and 3.25% per annum after the reinvestment period. The SPV II Credit Facility matures on August 6, 2028, unless sooner terminated in accordance with its terms. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.3% and 6.9%, respectively.

Under the terms of the SPV II Credit Facility, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest principal proceeds during the reinvestment period. During the amortization period, pursuant to a monthly waterfall, principal proceeds must be applied to prepay the SPV II Credit Facility. The SPV II Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV II Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.

Borrowing under the SPV II Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

*SPV III Credit Facility*

On March 28, 2024, the Company entered into the SPV III Credit Facility with Goldman Sachs Bank USA, as administrative agent, through a special purpose wholly-owned subsidiary, SPV III. The SPV III Credit Facility initially allowed the Company, through SPV III, to borrow an aggregate principal amount of $100,000, and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $250,000 upon request to the administrative agent and with consent of the lenders. On March 7, 2025, the Company increased the facility amount pursuant to the accordion feature of the SPV III Credit Facility to $200,000. The Company's ability to borrow under the SPV III Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 70% of the principal balance of its portfolio company investments, depending on the type of investment. Under the terms of the SPV III Credit Facility, the SPV III is permitted to reinvest available cash and make new borrowings under the SPV III Credit Facility through April 5, 2027. The maturity date of the SPV III Credit Facility is April 5, 2029, unless sooner terminated in accordance with its terms. As of September 30, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the SPV III as collateral for the SPV III Credit Facility was $382,944 and $142,151, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the SPV III Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 1.00%) plus an applicable margin rate of 1.95% per annum. In addition to the stated interest rate on borrowings, the SPV III is required to pay an unused commitment fee of (i) 0.75% per annum on any unused portion of the SPV III Credit Facility through September 5, 2024 and (ii) 0.50% per annum on any unused portion of the SPV III Credit Facility after September 5, 2024. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.1% and 7.3%, respectively.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

Borrowing under the SPV III Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

*SPV IV Credit Facility* 

On July 11, 2024, the Company entered into the SPV IV Credit Facility with Capital One, National Association ("CONA") as administrative agent, as amended from time to time, through a special purpose wholly-owned subsidiary, SPV IV.

The SPV IV Credit Facility allows the Company, through SPV IV, to borrow an aggregate principal amount of up to $350,000 and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $450,000 upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV IV Credit Facility, SPV IV is permitted to reinvest available cash and make new borrowings under the SPV IV Credit Facility through July 11, 2027. The SPV IV Credit Facility matures on July 11, 2029, unless terminated earlier at the election of the Company, subject to the payment of a customary prepayment fee, or at the election of the administrative agent following the occurrence of an event of default thereunder. Borrowings under the SPV IV Credit Facility bear interest at SOFR plus an applicable margin rate of 2.15% per annum. Advances under the SPV IV Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV IV Credit Facility of up to 75%. Undrawn capacity under the SPV IV Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV IV Credit Facility. As of September 30, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the SPV IV as collateral for the SPV IV Credit Facility was $560,940 and $513,208, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

The SPV IV Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV IV Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV IV. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.2% and 6.5%, respectively.

Borrowings under the SPV IV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

*SPV V Credit Facility* 

On February 21, 2025, the Company entered the SPV V Credit Facility with CONA as administrative agent, through a special purpose wholly-owned subsidiary, SPV V.

The SPV V Credit Facility allows the Company, through SPV V, to borrow an aggregate principal amount of up to $250,000 and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $350,000 upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV V Credit Facility, SPV V is permitted to reinvest available cash and make new borrowings under the SPV V Credit Facility through February 21, 2028. The SPV V Credit Facility matures on February 21, 2030, unless terminated earlier at the Company's election, subject to the payment of a customary prepayment fee, or at the election of CONA following the occurrence of an event of default thereunder. Borrowings under the SPV V Credit Facility bear interest at SOFR plus an applicable margin rate of 2.15% per annum. Advances under the SPV V Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV V Credit Facility of up to 75%. Undrawn capacity under the SPV V Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV V Credit Facility. As of September 30, 2025, the fair value of investments of the Company that were held in the SPV V as collateral for the SPV V Credit Facility was $381,552, and these investments are identified on the accompanying consolidated schedules of investments.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The SPV V Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV V Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV V. As of September 30, 2025, the outstanding borrowings were accruing at a weighted average interest rate of 6.2%.

Borrowing under the SPV V Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

***Asset-Backed Securitizations***

*2022 Asset-Backed Securitization* 

On April 7, 2022, the Company completed a $425,000 asset-backed securitization (the "2022 ABS"). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261,375 of Class A Senior Secured Notes, which bear interest at 4.05% (the "2022 Class A Notes"), $44,625 of Class B Senior Secured Notes, which bear interest at 5.15% (the "2022 Class B Notes") and $36,125 of Class C Senior Secured Notes, which bear interest at 7.75% (the "2022 Class C Notes" and collectively with the 2022 Class A Notes and the 2022 Class B Notes, the "2022 Secured Notes"), and $82,875 of Subordinated Notes, which do not bear interest (the "2022 Subordinated Notes" and, together with the 2022 Secured Notes, the "2022 Notes"). The Company retained all of the 2022 Class C Notes and the 2022 Subordinated Notes. The 2022 Class A Notes and the 2022 Class B Notes are included as debt on the Company's consolidated statements of assets and liabilities. As of both September 30, 2025 and December 31, 2024, the 2022 Class C Notes and the 2022 Subordinated Notes were eliminated in consolidation.

Through April 22, 2024, the 2022 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with the Company's investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing the Company to maintain the initial leverage in the 2022 ABS. Subsequent to April 22, 2024, the 2022 ABS is required to use principal collections repay the 2022 Notes. The 2022 Notes are due on April 30, 2032.

As of September 30, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the 2022 Issuer as collateral was $333,845 and $396,560, respectively, and these investments are identified on the consolidated schedule of investments. As of both September 30, 2025 and December 31, 2024, the 2022 Class A Notes were accruing at a weighted average interest rate of 4.1%. As of both September 30, 2025 and December 31, 2024, the 2022 Class B Notes were accruing at a weighted average interest rate of 5.2%.

Distributions from the 2022 Issuer to the Company are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the 2022 Secured Notes and the distribution of remaining net interest income to the holders of the 2022 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

*2023 Asset-Backed Securitization*

On September 15, 2023, the Company completed a $251,169 asset-backed securitization (the "2023 ABS"). The notes offered in the 2023 ABS were executed through a private placement and were issued by the 2023 Issuer, a wholly-owned subsidiary of the Company, and were secured by a diversified portfolio of middle market loans and recurring revenue loans. Through November 20, 2024, the 2023 ABS consisted of $160,750 of Class A Senior Secured Notes, which bore interest at Term SOFR plus 3.50% (the "2023 Class A Notes"), $25,100 of Class B Senior Secured Notes, which bore interest at 11.16% (the "2023 Class B Notes" and collectively with the 2023 Class A Notes, the "2023 Secured Notes"), and $65,319 of Subordinated Notes, which do not bear interest (the "2023 Subordinated Notes" and, together with the 2023 Secured Notes, the "2023 Notes").

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

On November 21, 2024, the Company and the 2023 Issuer amended the 2023 ABS to, among other things, (a) refinance the issued 2023 Class A Notes by redeeming in full the $160,750 of 2023 Class A Notes and issuing new Class A Senior Secured Notes in an aggregate principal amount of $163,200 which bear interest at Term SOFR plus 2.35% (the "2023 Class A-R Notes"), (b) refinance the issued 2023 Class B Notes by redeeming in full the $25,100 of 2023 Class B Notes and issuing new Class B Senior Secured Notes in an aggregate principal amount of $25,500 which bear interest at 8.81% (the "2023 Class B-R Notes"), (c) issue new Class C Senior Secured Notes in an aggregate principal amount of $20,400 which bear interest at 11.95% (the "2023 Class C-R Notes" and collectively with the 2023 Class A-R Notes and 2023 Class B-R Notes, the "2023-R Secured Notes"), (d) reduce the outstanding principal balance of the 2023 Subordinated Notes from $65,319 to $45,900, and (e) extend the maturity dates of the 2023-R Secured Notes and the 2023 Subordinated Notes to November 22, 2035 (the Subordinated Notes, together with the 2023-R Secured Notes, the "2023-R Notes"). The 2023-R Secured Notes were issued through a private placement and the Company continued to retain all of the 2023 Subordinated Notes for the purpose of satisfying the risk retention requirements pursuant to a subordinated note purchase agreement entered into as of the original closing date. The 2023 Secured Notes and the 2023-R Secured Notes are included as debt on the consolidated statements of assets and liabilities. As of both September 30, 2025 and December 31, 2024, the 2023 Subordinated Notes were eliminated in consolidation.

As of September 30, 2025 and December 31, 2024, the 2023 Class A-R Notes were accruing at a weighted average interest rate of 6.7% and 6.9%, respectively. As of both September 30, 2025 and December 31, 2024, the 2023 Class B-R Notes were accruing at a weighted average interest rate of 8.8%. As of both September 30, 2025 and December 31, 2024, the 2023 Class C-R Notes were accruing at a weighted average interest rate of 12.0%.

Through November 21, 2026, the 2023 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2023 Issuer, in accordance with the Company's investment strategy and subject to customary conditions set forth in the documents governing the 2023 ABS, allowing the Company to maintain the initial leverage in the 2023 ABS. The 2023 Notes are due on November 22, 2035.

As of September 30, 2025 and December 31, 2024, the fair value of investments of the Company that were held in the 2023 Issuer as collateral was $250,275 and $251,846, respectively, and these investments are identified on the consolidated schedule of investments.

Distributions from the 2023 Issuer to the Company are limited by the terms of the indenture governing the 2023 ABS, which generally allows for the payment of interest on the 2023 Secured Notes and the distribution of remaining net interest income to the holders of the 2023 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

***Unsecured Notes***

The Company issued unsecured notes, as further described below: 2028 Notes, 2029 Notes, July 2028 Notes, and July 2030 Notes, (each as defined below), which are collectively referred to herein as the "Unsecured Notes."

*2028 Notes*

On November 15, 2023, the Company entered into a note purchase agreement (the "2028 Note Purchase Agreement") governing the issuance of $100,000 in aggregate principal amount of unsecured notes (the "Series A Notes"), due November 15, 2028, with a fixed interest rate of 9.42% per year and $100,000 in aggregate principal amount of unsecured notes (the "Series B Notes"), due December 13, 2028, with a fixed interest rate of 9.42% per year (collectively, the "2028 Notes"), to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act") in a private placement. The 2028 Notes are guaranteed by various subsidiaries of the Company.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

Interest on the 2028 Notes is due semiannually on May 15 and November 15 each year, beginning on May 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of both September 30, 2025 and December 31, 2024, the Company had $100,000 in aggregate principal amount of Series A Notes outstanding and $100,000 in aggregate principal amount of Series B Notes outstanding.

The 2028 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company's regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, as amended, a minimum net worth of $660,865 and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The 2028 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

The 2028 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The 2028 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of both September 30, 2025 and December 31, 2024, the Series A Notes and the Series B Notes were accruing at a weighted average interest rate of 9.4%.

*2029 Notes*

On July 24, 2024, the Company entered into a note purchase agreement (the "2029 Note Purchase Agreement") governing the issuance of $156,000 in aggregate principal amount of unsecured notes (the "Series C Notes"), due July 24, 2029, with a fixed interest rate of 7.47% per year and $48,000 in aggregate principal amount of unsecured notes (the "Series D Notes"), due September 18, 2029, with a fixed interest rate of 7.47% per year (collectively, the "2029 Notes"), to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the Series C Notes occurred on July 24, 2024, and the closing for the Series D Notes occurred on September 18, 2024. The 2029 Notes are guaranteed by various subsidiaries of the Company.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

Interest on the 2029 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2024. The 2029 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option, upon notice, in an amount not less than 10% of the aggregate principal amount of 2029 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the 2029 Note Purchase Agreement) applicable to 2029 Notes determined for the prepayment date with respect to such principal amount. In addition, the Company is obligated to offer to prepay 100% of the principal amount of 2029 Notes, together with interest on such 2029 Notes accrued to, but excluding, the date of prepayment. The 2029 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of both September 30, 2025 and December 31, 2024, the Company had $156,000 in aggregate principal amount of Series C Notes outstanding and $48,000 in aggregate principal amount of Series D Notes outstanding.

The 2029 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company's regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500,000 and (B) an amount equal to the sum of (i) $660,865 plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the 2029 Note Purchase Agreement) by the Company and its subsidiaries during each quarter after October 20, 2023 (other than the proceeds of sales of Equity Interests by and among the Company and its subsidiaries) and (y) the amount paid or distributed by the Company to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2029 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at the interest rate per annum which is 1.50% above the stated rate of the 2029 Note from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured

Debt Ratio Event is no longer continuing. In the event that a Below Investment Grade Event and a Secured Debt Ratio Event are both continuing at the same time, the 2029 Notes will bear interest at a fixed rate per annum which is 2.00%above the stated rate of the 2029 Notes from the date on which both such events first simultaneously existed until the date on which either or both events is no longer continuing.

The 2029 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

The 2029 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of both September 30, 2025 and December 31, 2024, the Series C Notes and the Series D Notes were accruing at a weighted average interest rate of 7.5%.

*July 2028 Notes*

On July 10, 2025, the Company entered into a Note Purchase Agreement (the "July 2028 Note Purchase Agreement") governing the issuance of $42,000 in aggregate principal amount of Series E unsecured notes (the "July 2028 Notes"), due July 10, 2028, with a fixed interest rate of 6.20% per year, to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the July 2028 Notes occurred on July 10, 2025. The July 2028 Notes are guaranteed by various subsidiaries of the Company.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

Interest on the July 2028 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2025. The July 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option, upon notice, in an amount not less than 10% of the aggregate principal amount of July 2028 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the July 2028 Note Purchase Agreement) applicable to July 2028 Notes determined for the prepayment date with respect to such principal amount. In addition, the Company is obligated to offer to prepay 100% of the principal amount of July 2028 Notes, together with interest on such July 2028 Notes accrued to, but excluding, the date of prepayment. The July 2028 Notes are general unsecured obligations of the company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of September 30, 2025, the Company had $42,000 in aggregate principal amount of July 2028 Notes outstanding.

The July 2028 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company's regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500,000 and (B) an amount equal to the sum of (i) $1,063,400 plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the July 2028 Note Purchase Agreement) by the Company and its subsidiaries during each quarter after October 29, 2024 (other than the proceeds of sales of Equity Interests by and among the Company and its subsidiaries) and (y) the amount paid or distributed by the Company to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the July 2028 Note Purchase Agreement) occurs, the July 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the July 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the July 2028 Note Purchase Agreement) occurs, the July 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the July 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the July 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the July 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The July 2028 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

The July 2028 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The July 2028 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of September 30, 2025 the July 2028 Notes were accruing at a weighted average interest rate of 6.2%.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

*July 2030 Notes*

On July 10, 2025, the Company entered into a Note Purchase Agreement (the "July 2030 Note Purchase Agreement") governing the issuance of $161,000 in aggregate principal amount of Series F Notes (the "July 2030 Notes"), due July 10, 2030, with a fixed interest rate of 6.57% per year, to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the July 2030 Notes occurred on July 10, 2025. The July 2030 Notes are guaranteed by various subsidiaries of the Company.

Interest on the July 2030 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2025. The July 2030 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option, upon notice, in an amount not less than 10% of the aggregate principal amount of July 2030 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the July 2030 Note Purchase Agreement) applicable to July 2030 Notes determined for the prepayment date with respect to such principal amount. In addition, the Company is obligated to offer to prepay 100% of the principal amount of July 2030 Notes, together with interest on such July 2030 Notes accrued to, but excluding, the date of prepayment. The July 2030 Notes are general unsecured obligations of the company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of September 30, 2025, the Company had $161,000 in aggregate principal amount of July 2030 Notes outstanding.

The July 2030 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company's regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500,000 and (B) an amount equal to the sum of (i) $1,063,400 plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the July 2030 Note Purchase Agreement) by the Company and its subsidiaries during each quarter after October 29, 2024 (other than the proceeds of sales of Equity Interests by and among the Company and its subsidiaries) and (y) the amount paid or distributed by the Company to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the July 2030 Note Purchase Agreement) occurs, the July 2030 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the July 2030 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the July 2030 Note Purchase Agreement) occurs, the July 2030 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the July 2030 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the July 2030 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the July 2030 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The July 2030 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

The July 2030 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The July 2030 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of September 30, 2025 the July 2030 Notes were accruing at a weighted average interest rate of 6.6%.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

*Components of Interest Expense* 

The components of the Company's interest and other debt financing expenses, average debt outstanding and average stated interest rate (i.e., the rate in effect plus spread) for the three and nine months ended September 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | **2024** |
| Interest expense - Revolving Credit Facility | 6107 | 4898 |
| Interest expense - SPV Credit Facility | 4295 | 7534 |
| Interest expense - SPV II Credit Facility | 5886 | 4473 |
| Interest expense - SPV III Credit Facility | 3137 | 1322 |
| Interest expense - SPV IV Credit Facility | 5346 | 2478 |
| Interest expense - SPV V Credit Facility | 3828 |  |
| Interest expense - 2022 ABS | 2541 | 3221 |
| Interest expense - 2023 ABS | 3952 | 4312 |
| Interest expense - 2028 Notes | 4710 | 4710 |
| Interest expense - 2029 Notes | 3810 | 2298 |
| Interest expense - July 2028 Notes | 586 |  |
| Interest expense - July 2030 Notes | 2380 |  |
| Amortization of debt issuance costs | 2156 | 2508 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | 48734 | 37754 |
| Average debt outstanding | 2703365 | 1852615 |
| Average stated interest rate | 6.8% | 7.6% |

---

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest expense - Revolving Credit Facility | 23111 | 16029 |
| Interest expense - SPV Credit Facility | 12442 | 18210 |
| Interest expense - SPV II Credit Facility | 11912 | 10605 |
| Interest expense - SPV III Credit Facility | 7474 | 2310 |
| Interest expense - SPV IV Credit Facility | 15283 | 2478 |
| Interest expense - SPV V Credit Facility | 6533 |  |
| Interest expense - 2022 ABS | 8250 | 9663 |
| Interest expense - 2023 ABS | 11770 | 12890 |
| Interest expense - 2028 Notes | 14130 | 14130 |
| Interest expense - 2029 Notes | 11430 | 2298 |
| Interest expense - July 2028 Notes | 586 |  |
| Interest expense - July 2030 Notes | 2380 |  |
| Amortization of debt issuance costs | 7298 | 6733 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | 132599 | 95346 |
| Average debt outstanding | 2428495 | 1542805 |
| Average stated interest rate | 6.9% | 7.7% |

---

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**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 principal and interest cash flows from the Company's investments denominated in foreign currencies. As of both September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** | **Notional Amount<br>to be Sold** | **Notional Amount<br>to be Sold** | **Settlement<br>Date** | **Gross Amount of Unrealized Gain** | **Gross Amount of Unrealized Loss** | **Balance Sheet location of Net Amounts** |
| Foreign currency forward contract | AUD | 324 | 12/11/2025 | $— | $(5) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 324 | 3/12/2026 |  | (5) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 324 | 6/11/2026 |  | (5) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 328 | 9/11/2026 |  | (5) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 324 | 12/11/2026 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 321 | 3/11/2027 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 328 | 6/11/2027 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 328 | 9/13/2027 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 324 | 12/13/2027 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 324 | 3/13/2028 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 328 | 6/13/2028 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 127 | 10/6/2025 |  | (3) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 125 | 1/5/2026 |  | (3) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 121 | 4/6/2026 |  | (3) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 139 | 7/6/2026 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 140 | 10/5/2026 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 139 | 1/5/2027 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 136 | 4/5/2027 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 136 | 7/6/2027 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | CAD | 12777 | 8/16/2027 |  | (347) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 362 | 10/6/2025 |  | (44) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 45 | 11/10/2025 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 360 | 1/6/2026 |  | (44) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 43 | 2/10/2026 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 351 | 4/6/2026 |  | (42) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 43 | 5/8/2026 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 354 | 7/6/2026 |  | (42) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 44 | 8/10/2026 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 356 | 10/6/2026 |  | (42) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 44 | 11/10/2026 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 354 | 1/6/2027 |  | (42) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 50 | 2/10/2027 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 343 | 4/6/2027 |  | (40) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 49 | 5/10/2027 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 345 | 7/6/2027 |  | (40) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 50 | 8/10/2027 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 347 | 10/6/2027 |  | (40) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 51 | 11/10/2027 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 359 | 1/6/2028 |  | (41) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 52 | 2/10/2028 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 49 | 5/10/2028 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 2501 | 8/10/2028 |  | (28) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 61 | 10/3/2025 |  | (1) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 257 | 10/6/2025 |  | (13) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 97 | 1/5/2026 |  | (2) | Net unrealized loss on foreign currency forward contracts |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Description** | **Notional Amount<br>to be Sold** | **Notional Amount<br>to be Sold** | **Settlement<br>Date** | **Gross Amount of Unrealized Gain** | **Gross Amount of Unrealized Loss** | **Balance Sheet location of Net Amounts** |
| Foreign currency forward contract | GBP | 255 | 1/6/2026 |  | (14) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 94 | 4/3/2026 |  | (2) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 246 | 4/7/2026 |  | (14) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 93 | 7/3/2026 |  | (2) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 254 | 7/6/2026 |  | (15) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 94 | 10/5/2026 |  | (2) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 259 | 10/6/2026 |  | (15) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 104 | 1/5/2027 |  | (3) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 266 | 1/6/2027 |  | (16) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 101 | 4/5/2027 |  | (3) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 258 | 4/6/2027 |  | (16) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 102 | 7/5/2027 |  | (3) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 259 | 7/6/2027 |  | (16) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 103 | 10/5/2027 |  | (3) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 103 | 1/5/2028 |  | (3) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 102 | 4/5/2028 |  | (4) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 66 | 7/5/2028 |  | (2) | Net unrealized loss on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 4274 | 10/4/2028 |  | (165) | Net unrealized loss on foreign currency forward contracts |
|  |  |  |  | $— | $(1194) |  |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Description** | **Notional Amount to be Sold** | **Notional Amount to be Sold** | **Settlement Date** | **Gross Amount of Unrealized Gain** | **Gross Amount of Unrealized Loss** | **Balance Sheet location of Net Amounts** |
| Foreign currency forward contract | AUD | 568 | 1/17/2025 | $20 | $— | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 560 | 2/18/2025 | 20 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 506 | 3/18/2025 | 17 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 560 | 4/16/2025 | 19 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 542 | 5/16/2025 | 17 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 560 | 6/18/2025 | 18 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 557 | 7/16/2025 | 28 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 559 | 8/18/2025 | 27 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 557 | 9/16/2025 | 27 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 539 | 10/17/2025 | 26 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 557 | 11/18/2025 | 26 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 539 | 12/16/2025 | 25 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 556 | 1/20/2026 | 25 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 554 | 2/17/2026 | 25 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 500 | 3/17/2026 | 22 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | AUD | 47858 | 4/20/2026 | 970 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 305 | 1/6/2025 | 14 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 270 | 4/4/2025 | 12 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 258 | 7/7/2025 | 11 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 257 | 10/6/2025 | 10 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 255 | 1/6/2026 | 10 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 246 | 4/7/2026 | 9 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 254 | 7/6/2026 | 9 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 259 | 10/6/2026 | 9 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 266 | 1/6/2027 | 9 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 258 | 4/6/2027 | 8 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | GBP | 259 | 7/6/2027 | 8 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 141 | 1/7/2025 | 2 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 332 | 4/4/2025 | 4 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 352 | 7/7/2025 | 5 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 362 | 10/6/2025 | 5 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 360 | 1/6/2026 | 6 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 351 | 4/6/2026 | 6 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 354 | 7/6/2026 | 6 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 356 | 10/6/2026 | 7 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 354 | 1/6/2027 | 7 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 343 | 4/6/2027 | 7 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 345 | 7/6/2027 | 8 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 347 | 10/6/2027 | 8 |  | Net unrealized gain on foreign currency forward contracts |
| Foreign currency forward contract | EUR | 359 | 1/6/2028 | 9 |  | Net unrealized gain on foreign currency forward contracts |
|  |  |  |  | $1501 | $— |  |

---

For the three and nine months ended September 30, 2025, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $138 and $(2,695), respectively. For the three and nine months ended September 30, 2025, the Company recognized net realized gain (loss) on foreign currency forward contracts of $(71) and $(1,201), respectively.

For the three and nine months ended September 30, 2024, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $(1,786) and $(105), respectively. For the three and nine months ended September 30, 2024, the Company recognized net realized gain (loss) on foreign currency forward contracts of $(25) and $(23), respectively.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Note 9. Distributions**

The Company's distributions to stockholders are recorded on the applicable record date. The following table summarizes the distributions declared and paid during the nine months ended September 30, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date<br>Declared** | **Record <br>Date** | **Payment** <br>**Date** <sup>(1)</sup> | **Dividend<br>Type** | **Amount <br>Per <br>Share** | **Distribution<br>Declared** |
| **Nine months ended September 30, 2025:** | | | | | |
| January 9, 2025 | January 15, 2025 | March 31, 2025 | Regular | $0.09 | $17883 |
| January 9, 2025 | February 14, 2025 | March 31, 2025 | Regular | 0.09 | 17883 |
| January 9, 2025 | March 14, 2025 | March 31, 2025 | Regular | 0.09 | 17884 |
| April 7, 2025 | April 15, 2025 | June 30, 2025 | Regular | 0.09 | 21291 |
| April 7, 2025 | May 15, 2025 | June 30, 2025 | Regular | 0.09 | 21291 |
| April 7, 2025 | June 16, 2025 | June 30, 2025 | Regular | 0.08 | 19664 |
| July 3, 2025 | July 15, 2025 | September 26, 2025 | Regular | 0.09 | 22358 |
| July 3, 2025 | August 15, 2025 | September 26, 2025 | Regular | 0.09 | 22358 |
| July 3, 2025 | September 15, 2025 | September 26, 2025 | Regular | 0.08 | 21654 |
| &nbsp;&nbsp;Total distributions declared |  |  |  | $0.79 | $182266 |
| **Nine months ended September 30, 2024:** |  |  |  |  |  |
| January 4, 2024 | January 16, 2024 | March 29, 2024 | Regular | $0.09 | $11451 |
| January 4, 2024 | February 15, 2024 | March 29, 2024 | Regular | 0.09 | 11451 |
| January 4, 2024 | March 14, 2024 | March 29, 2024 | Regular | 0.09 | 11451 |
| April 5, 2024 | April 15, 2024 | June 28, 2024 | Regular | 0.09 | 13726 |
| April 5, 2024 | April 15, 2024 | June 28, 2024 | Supplemental | 0.02 | 3050 |
| April 5, 2024 | May 15, 2024 | June 28, 2024 | Regular | 0.09 | 13726 |
| April 5, 2024 | June 17, 2024 | June 28, 2024 | Regular | 0.09 | 14786 |
| July 5, 2024 | July 15, 2024 | September 30, 2024 | Regular | 0.09 | 14848 |
| July 5, 2024 | July 15, 2024 | September 30, 2024 | Supplemental | 0.02 | 3299 |
| July 5, 2024 | August 15, 2024 | September 30, 2024 | Regular | 0.09 | 14848 |
| July 5, 2024 | September 16, 2024 | September 30, 2024 | Regular | 0.09 | 16264 |
| &nbsp;&nbsp;Total distributions declared |  |  |  | $0.85 | $128900 |

---

_________________________________________

<sup>(1)</sup> The portion of the Company's distribution that is to be reinvested pursuant to the DRIP is issued to the Company's stockholders on the payment date.

The following tables summarize the Company's distributions reinvested during the nine months ended September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Payment Date** | **NAV<br>Per Share** | **DRIP<br>Shares<br>Issued** | **DRIP<br>Shares<br>Value** |
| **Nine months ended September 30, 2025:** | | | |
| March 31, 2025 | $10.37 | 2292918 | $23777 |
| June 30, 2025 | $10.33 | 2609084 | 26952 |
| September 26, 2025 | $10.25 | 2809773 | 28800 |
| &nbsp;&nbsp;Total distributions reinvested |  | 7711775 | $79529 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
| **Payment Date** | **NAV<br>Per Share** | **DRIP<br>Shares<br>Issued** | **DRIP<br>Shares<br>Value** |
| **Nine months ended September 30, 2024:** | | | |
| March 29, 2024 | $10.24 | 1406628 | $14404 |
| June 28, 2024 | $10.34 | 1824171 | 18862 |
| September 30, 2024 | $10.34 | 2031890 | 21010 |
| Total distributions reinvested |  | 5262689 | $54276 |

---

**Note 10. Stock Issuances and Share Repurchase Program**

***Stock Issuances***

As of September 30, 2025, the total number of shares of all classes of capital stock that the Company has the authority to issue was 600,000,000 shares of common stock, par value $0.001 per share.

The following tables summarize the issuance of shares during the nine months ended September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Price<br>Per Share** | **Shares Issued** | **Proceeds** |
| **Nine months ended September 30, 2025:** | | | |
| March 20, 2025 | $10.37 | 36340819 | $376854 |
| May 19, 2025 | 10.33 | 10639149 | 109903 |
| September 2, 2025 | 10.19 | 22257960 | 226808 |
| &nbsp;&nbsp;Total |  | 69237928 | $713565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Price<br>Per Share** | **Shares Issued** | **Proceeds** |
| **Nine months ended September 30, 2024:** | | | |
| March 15, 2024 | $10.24 | 25864010 | $264847 |
| May 16, 2024 | 10.34 | 11786647 | 121874 |
| August 16, 2024 | 10.34 | 15732189 | 162671 |
| &nbsp;&nbsp;Total |  | 53382846 | $549392 |

---

During the nine months ended September 30, 2025 and 2024, the Company also issued 7,711,775 and 5,262,689 shares, with an aggregate value of $79,529 and $54,276, respectively, under the DRIP as disclosed in Note 9.

***Share Repurchase Program***

During 2022, the Company commenced a quarterly share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the "Share Repurchase Program"), subject to the discretion of the Board. Any such repurchases are subject to approval by the Board, in its discretion, and the availability of cash to fund such repurchases. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company's best interest and the best interest of the Company's stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers pursuant to tender offers in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the 1940 Act and subject to compliance with applicable covenants and restrictions under the Company's financing arrangements. All shares repurchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

The Company has adopted a DRIP that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. When the Company declares a dividend or distribution, the Company's stockholders' cash distributions will only be reinvested in additional shares of the Company's common stock if a stockholder specifically "opts in" to the DRIP at least ten (10) days prior to the record date fixed by the Board. Shares issued under the DRIP were issued at a price per share equal to the NAV per share as of the last day of the Company's fiscal quarter immediately preceding the date that the distribution was declared. See Note 14 for additional information on the Company's distributions and Second Amended and Restated DRIP, as defined below.

The following tables summarize the total shares repurchased that were validly tendered and not withdrawn in tender offers under the Share Repurchase Program during the nine months ended September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Price <br>Per Share** | **Shares <br>Repurchased** | **Total Cost** |
| **Nine months ended September 30, 2025:** | | | |
| March 28, 2025 | $10.37 | 774968 | $8037 |
| May 28, 2025 | $10.33 | 1391450 | 14373 |
| September 19, 2025 | $10.19 | 3773412 | 38451 |
| &nbsp;&nbsp;&nbsp;Total |  | 5939830 | $60861 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Price <br>Per Share** | **Shares <br>Repurchased** | **Total Cost** |
| **Nine months ended September 30, 2024:** | | | |
| March 28, 2024 | $10.24 | 1996254 | $20442 |
| June 27, 2024 | $10.34 | 1142195 | 11810 |
| September 27, 2024 | $10.34 | 1752160 | 18118 |
| &nbsp;&nbsp;Total |  | 4890609 | $50370 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Note 11. Commitments and Contingencies**

*Commitments:* As of September 30, 2025 and December 31, 2024, the Company had $1,272,687 and $896,624, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements. Management believes that the Company's available cash balances and/or ability to draw on existing credit facilities or raise additional leverage facilities provide sufficient funds to cover its unfunded commitments as of September 30, 2025.

The table below presents outstanding commitments to fund investments in current portfolio companies as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| 3C Buyer LLC (Revolver) | $1224 | n/a |
| 601 Lafayette Mezz LLC (Delayed Draw) | 20500 | 20500 |
| 601 Lafayette Mezz LLC (Delayed Draw) | 5666 | 20500 |
| 95 Percent Buyer, LLC (Revolver) | 647 | 809 |
| A360, Inc. (Delayed Draw) | 4437 | 4437 |
| A360, Inc. (Revolver) | 1597 | 2218 |
| Accelevation LLC (Delayed Draw) | 4809 | n/a |
| Accelevation LLC (Revolver) | 3329 | n/a |
| Acquia Inc. (Revolver) | n/a | 259 |
| Air Transport Components Acquisition, LLC (Delayed Draw) | 5600 | n/a |
| Air Transport Components Acquisition, LLC (Revolver) | 2100 | n/a |
| Aligned Exteriors Group Holdco, LLC (Delayed Draw) | 10000 | 10000 |
| Aligned Exteriors Group Holdco, LLC (Revolver) | 1667 | 1667 |
| Ambient Enterprises Holdco, LLC (Delayed Draw) | 3783 | n/a |
| Ambient Enterprises Holdco, LLC (Delayed Draw) | n/a | $3794 |
| Ambient Enterprises Holdco, LLC (Revolver) | 1642 | 1528 |
| American Broadband and Telecommunications Company LLC (Delayed Draw) | n/a | 107 |
| American Broadband and Telecommunications Company LLC (Revolver) | 744 | 748 |
| Animal Dermatology Group, Inc. (Delayed Draw) | 16558 | n/a |
| Animal Dermatology Group, Inc. (Delayed Draw) | 19231 | n/a |
| Animal Dermatology Group, Inc. (Delayed Draw) | n/a | 6727 |
| Animal Dermatology Group, Inc. (Delayed Draw) | n/a | 5769 |
| Animal Dermatology Group, Inc. (Revolver) | 2500 | 2500 |
| AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (Delayed Draw) | n/a | 86 |
| Appriss Health, LLC (Revolver) | 433 | 433 |
| Aptean, Inc. (Delayed Draw) | n/a | 397 |
| Aptean, Inc. (Revolver) | n/a | 728 |
| Aras Corporation (Revolver) | 508 | 448 |
| Arax Midco, LLC (Delayed Draw) | n/a | 2131 |
| Arax Midco, LLC (Delayed Draw) | 6015 | n/a |
| Arax Midco, LLC (Revolver) | 1138 | 1293 |
| Archtop Fiber Intermediate LLC (Delayed Draw) | 33722 | n/a |
| Arcserve Cayman Opco LP (Delayed Draw) | 1029 | 1029 |
| ASG III, LLC (Delayed Draw) | 11944 | 13980 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| ASG III, LLC (Revolver) | $3158 | $3158 |
| Assembly Buyer, LLC (Delayed Draw) | 853 | n/a |
| Assembly Buyer, LLC (Delayed Draw) | 7111 | n/a |
| Assembly Buyer, LLC (Revolver) | 2667 | n/a |
| Attom Intermediate Holdco, LLC (Delayed Draw) | 15094 | n/a |
| Attom Intermediate Holdco, LLC (Revolver) | 3972 | n/a |
| Automated Industrial Robotics US HoldCo Inc. (Delayed Draw) | 11111 | n/a |
| Automated Industrial Robotics US HoldCo Inc. (Revolver) | 4000 | n/a |
| Band Finance LLC and Anderson Global Luxembourg SCSp (Delayed Draw) | 1339 | n/a |
| Band Finance LLC and Anderson Global Luxembourg SCSp (Revolver) | 5214 | n/a |
| Avalara, Inc. (Revolver) | n/a | 1000 |
| Baystate Sewage Disposal, LLC (Delayed Draw) | 1264 | n/a |
| Baystate Sewage Disposal, LLC (Revolver) | 1011 | n/a |
| Beckway Acquisition, Inc. (Delayed Draw) | 5714 | n/a |
| Beckway Acquisition, Inc. (Revolver) | 1429 | n/a |
| Bench Walk Lead, LLC (Delayed Draw) | 4400 | n/a |
| Bloomerang, LLC (Delayed Draw) | 3200 | 4800 |
| Bloomerang, LLC (Revolver) | 1600 | 2960 |
| BLP Buyer, Inc. (Revolver) | 3337 | 5422 |
| Bluesight, Inc. (Revolver) | 5217 | 5217 |
| Bonterra LLC (Revolver) | n/a | 653 |
| BTR Opco LLC (Delayed Draw) | 383 | 383 |
| BTRS Holdings Inc. (Revolver) | n/a | 667 |
| BTRS Holdings Inc. (Revolver) | 1611 | n/a |
| Buck Design LLC (Delayed Draw) | 7843 | n/a |
| Buck Design LLC (Revolver) | 3627 | n/a |
| Calabrio, Inc. (Revolver) | 551 | 551 |
| Calienger Holdings, L.L.C. (Revolver) | 909 | 909 |
| Caputo Cheese Interco Corp. (Revolver) | 2375 | n/a |
| Caravel Autism Health, LLC (Delayed Draw) | 6639 | n/a |
| Caravel Autism Health, LLC (Delayed Draw) | n/a | 7714 |
| Caravel Autism Health, LLC (Revolver) | 9000 | 5400 |
| Catalyst Data Holdings, Inc. (Delayed Draw) | 9900 | 9900 |
| Catalyst Data Holdings, Inc. (Delayed Draw) | 514 | 759 |
| Catalyst Data Holdings, Inc. (Delayed Draw) | 9667 | 9900 |
| Catalyst Data Holdings, Inc. (Revolver) | 3300 | 3300 |
| Catalyst Data Holdings, Inc. (Equity Commitment) | 835 | 835 |
| Cdata Software, Inc. (Delayed Draw) | 3616 | 3616 |
| Cdata Software, Inc. (Delayed Draw) | 4255 | 4255 |
| Cdata Software, Inc. (Revolver) | 5106 | 5106 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| Chess.com, LLC (Revolver) | $1413 | $1413 |
| ClearCapital Holdings, LLC (Delayed Draw) | 3431 | n/a |
| ClearCapital Holdings, LLC (Revolver) | 1620 | n/a |
| ClearlyRated Capital, LLC (Delayed Draw) | 1077 | n/a |
| Cloud for Good, LLC (Delayed Draw) | 12500 | n/a |
| Cloud for Good, LLC (Revolver) | 4000 | n/a |
| Clydesdale Holdings, LLC (Delayed Draw) | n/a | 6000 |
| Clydesdale Holdings, LLC (Revolver) | 4523 | 4523 |
| Cohere Beauty, Phoenix LLC (fka Arizona Natural Resources, LLC) (Revolver) | 1333 | 444 |
| Cosmos Bidco, Inc. (Delayed Draw) | 7886 | 10286 |
| Cosmos Bidco, Inc. (Delayed Draw) | 5379 | n/a |
| Cosmos Bidco, Inc. (Revolver) | 5625 | 5625 |
| Cpex Purchaser, LLC (Delayed Draw) | n/a | 1906 |
| Cpex Purchaser, LLC (Delayed Draw) | 2952 | n/a |
| Cpex Purchaser, LLC (Revolver) | 5226 | 10452 |
| DataOnline Corp. (Revolver) | 1110 | 3146 |
| Demakes Borrower, LLC (Delayed Draw) | n/a | 1372 |
| Destination Media, Inc. (Revolver) | n/a | 536 |
| Dorado Acquisition, Inc. (Revolver) | 1670 | 1670 |
| Douglas Holdings, Inc. (Delayed Draw) | 1540 | 2595 |
| Douglas Holdings, Inc. (Delayed Draw) | n/a | 5957 |
| Douglas Holdings, Inc. (Delayed Draw) | 4766 | 5416 |
| Douglas Holdings, Inc. (Revolver) | 2166 | 2166 |
| Drawbridge Partners, LLC (Delayed Draw) | 396 | 396 |
| Drawbridge Partners, LLC (Revolver) | 2609 | 2609 |
| ecMarket Inc. and Conexiom US Inc. (Delayed Draw) | 809 | n/a |
| ecMarket Inc. and Conexiom US Inc. (Delayed Draw) | n/a | 569 |
| ecMarket Inc. and Conexiom US Inc. (Revolver) | 2067 | 2067 |
| Ecotrak, LLC (fka Respida Software Equity CI LP) (Delayed Draw) | 268 | n/a |
| Ecotrak, LLC (fka Respida Software Equity CI LP) (Revolver) | 1132 | n/a |
| E-Discovery Acquireco, LLC (Revolver) | 1273 | 2727 |
| Edustaff, LLC (Revolver) | 2364 | 2364 |
| Einstein Parent, INC. (Revolver) | 3738 | n/a |
| Engineered Metal Solutions, Inc. (Revolver) | 1489 | n/a |
| Epika Fleet Services, Inc. (Delayed Draw) | n/a | 4413 |
| Epika Fleet Services, Inc. (Delayed Draw) | n/a | 2158 |
| Epika Fleet Services, Inc. (Delayed Draw) | 9899 | n/a |
| Epika Fleet Services, Inc. (Revolver) | 9936 | n/a |
| Epika Fleet Services, Inc. (Revolver) | n/a | 3040 |
| EverService Midco, LLC (Revolver) | 8919 | 8919 |
| EverView AcquisitionCo, Inc. (Delayed Draw) | 6385 | n/a |
| EverView AcquisitionCo, Inc. (Revolver) | 4788 | n/a |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| Excelligence Learning Corporation (Revolver) | $2911 | $3219 |
| Expedited Travel, LLC (Revolver) | 250 | 1500 |
| Express Wash Acquisition Company, LLC (Revolver) | 1103 | n/a |
| Express Wash Acquisition Company, LLC (Revolver) | n/a | 241 |
| FH BMX Buyer, Inc. (Delayed Draw) | 747 | 4800 |
| FH BMX Buyer, Inc. (Delayed Draw) | 7179 | n/a |
| Fiasco Enterprises, LLC (Revolver) | 1750 | 1750 |
| Forest Buyer, LLC (Revolver) | n/a | 2719 |
| Freedom U.S. Acquisition Corporation (Revolver) | 5100 | 5100 |
| Fueled Digital Media, LLC (Revolver) | 81 | 81 |
| Gas Media Holdings, LLC (Delayed Draw) | 12214 | n/a |
| Gas Media Holdings, LLC (Revolver) | 4772 | n/a |
| GC Champion Acquisition LLC (Delayed Draw) | 3430 | 3430 |
| Guardian Restoration Partners Buyer, LLC (Delayed Draw) | 3291 | 13245 |
| Guardian Restoration Partners Buyer, LLC (Revolver) | 1720 | 3000 |
| Harlem Acquisition, LLC (Delayed Draw) | 7131 | 9143 |
| Harlem Acquisition, LLC (Revolver) | 6095 | 5608 |
| Hart Halsey, LLC (Delayed Draw) | 5100 | n/a |
| Hart Halsey, LLC (Delayed Draw) | 7500 | n/a |
| Hart Halsey, LLC (Revolver) | 750 | n/a |
| Helping Hands Childrens Services Management, LLC (Delayed Draw) | 4600 | 4600 |
| Helping Hands Childrens Services Management, LLC (Revolver) | 2300 | 2300 |
| HS4 Acquisitionco, Inc. (Revolver) | n/a | 106 |
| Hostaway Midco Oy (Delayed Draw) | 5000 | n/a |
| Hostaway Midco Oy (Revolver) | 4167 | n/a |
| Huckabee Acquisition, LLC (Delayed Draw) | 6522 | 6522 |
| Huckabee Acquisition, LLC (Revolver) | 3913 | 3913 |
| IDIG Parent, LLC (Common Stock) | n/a | 34 |
| IF & P Holdings Company, LLC (Delayed Draw) | 959 | 959 |
| IF & P Holdings Company, LLC (Revolver) | 1677 | 2471 |
| IMMEC Buyer (Delayed Draw) | 4248 | n/a |
| IMMEC Buyer (Revolver) | 1912 | n/a |
| Independence Buyer, Inc. (Revolver) | 703 | 2371 |
| Innovative Artists Entertainment, LLC (Revolver) | 2225 | n/a |
| Innovative Artists Entertainment, LLC (Equity Commitment) | 1091 | n/a |
| InsideRE, LLC (Delayed Draw) | 385 | n/a |
| InsideRE, LLC (Revolver) | 740 | 965 |
| Interstate BidCo, LLC (Delayed Draw) | 12397 | 12397 |
| Interstate BidCo, LLC (Revolver) | 3125 | 3125 |
| Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw) | 6114 | 6114 |
| Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver) | 2147 | 3261 |
| Izzio Artisan Bakery, LLC (Delayed Draw) | 24857 | n/a |
| Izzio Artisan Bakery, LLC (Delayed Draw) | n/a | 10357 |
| J2 BWA Funding III, LLC (Delayed Draw) | 3891 | 4834 |
| J2 BWA Funding III, LLC (Equity Commitment) | $565 | $697 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| J2 BWA Funding LLC (Revolver) | 37 | 1099 |
| JDX Studio, LLC (Delayed Draw) | 799 | 799 |
| JDX Studio, LLC (Revolver) | 2398 | 2078 |
| Jesse Studio Mezz, LLC (Delayed Draw) | 5136 | 7833 |
| Jobnimbus Holdings, LLC (Delayed Draw) | 7111 | 7111 |
| Jobnimbus Holdings, LLC (Revolver) | 5333 | 5333 |
| Jumpstart Holdco, Inc. (Revolver) | 153 | n/a |
| K2 Services Venture LLC (Revolver) | 3510 | n/a |
| Keel Platform, LLC (Delayed Draw) | n/a | 1647 |
| Kingsley Gate Partners, LLC (Revolver) | n/a | 240 |
| KL Moon Acquisition, LLC (Revolver) | 434 | 705 |
| Learn-It Systems, LLC (Delayed Draw) | 13664 | n/a |
| Learn-It Systems, LLC (Delayed Draw) | 2733 | n/a |
| Learn-It Systems, LLC (Revolver) | 6832 | n/a |
| KT Naples UB LLC (Delayed Draw) | n/a | 4652 |
| Lifted Trucks Holdings, LLC (Revolver) | 1984 | 2063 |
| Light Wave Dental Management, LLC (Revolver) | 1711 | 4753 |
| Long Grove Pharmaceuticals, LLC (Delayed Draw) | 14000 | n/a |
| LVF Holdings, Inc. (Revolver) | n/a | 329 |
| Madison Logic Holdings, Inc. (Revolver) | 635 | 635 |
| Maltese Diplomat Owner 100 LLC (Delayed Draw) | 2309 | n/a |
| Mammoth Holdings, LLC (Revolver) | 1786 | 2727 |
| MB Purchaser, LLC (Delayed Draw) | 800 | 6250 |
| MB Purchaser, LLC (Revolver) | 2500 | 2500 |
| MC Voyager SPV II LLC (Equity Commitment) | 25652 | n/a |
| MEI Buyer LLC (Delayed Draw) | 6710 | n/a |
| MEI Buyer LLC (Revolver) | 5253 | 4775 |
| Milrose Consultants, LLC (Revolver) | 1154 | 1846 |
| Mindbody, Inc. (Revolver) | 2305 | n/a |
| Mindbody, Inc. (Revolver) | n/a | 190 |
| Mission Critical Group, LLC (Delayed Draw) | 2906 | n/a |
| Mission Critical Group, LLC (Revolver) | 1211 | n/a |
| Mooring Primary, LLC (Delayed Draw) | 6333 | n/a |
| Mooring Primary, LLC (Revolver) | 6333 | n/a |
| Narrative Strategies Acquisition, LLC (Delayed Draw) | 3634 | n/a |
| Narrative Strategies Acquisition, LLC (Revolver) | 1211 | n/a |
| Nastel Technologies, LLC (Revolver) | 368 | 368 |
| Nasuni Corporation (Revolver) | $3125 | $3125 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| NationsBenefits, LLC (Delayed Draw) | n/a | 1987 |
| NationsBenefits, LLC (Delayed Draw) | 16546 | n/a |
| NationsBenefits, LLC (Revolver) | 4331 | n/a |
| NationsBenefits, LLC (Revolver) | n/a | 6806 |
| NBPT Acquisition LLC (Delayed Draw) | 8074 | n/a |
| NBPT Acquisition LLC (Revolver) | 2360 | n/a |
| NBPT Acquisition LLC (Equity Commitment) | 884 | n/a |
| Nellson Nutraceutical, LLC (Delayed Draw) | 1953 | n/a |
| Nellson Nutraceutical, LLC (Revolver) | 4375 | n/a |
| NFM & J, L.P. (Delayed Draw) | 6585 | 6585 |
| NFM & J, L.P. (Revolver) | 4438 | 5273 |
| Northeast Contracting Company, LLC (Revolver) | 909 | 1591 |
| NQ PE Project Colosseum Midco Inc. (Revolver) | 1825 | 1825 |
| Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver) | n/a | 133 |
| Onix Networking Corp. (Revolver) | 5000 | 5000 |
| OPOC Acquisition, LLC (Delayed Draw) | 3009 | 3009 |
| OPOC Acquisition, LLC (Revolver) | 1204 | 1083 |
| Optomi, LLC (Revolver) | 1701 | 2339 |
| Oranje Holdco, Inc. (Revolver) | n/a | 1750 |
| OWL Acquisition, LLC (Delayed Draw) | 1283 | n/a |
| OWL Acquisition, LLC (Revolver) | 3403 | n/a |
| PAI Middle Tier, LLC (Revolver) | 3765 | n/a |
| Parkhub, Inc. (Delayed Draw) | 743 | 1762 |
| Parkhub, Inc. (Delayed Draw) | 1475 | 3317 |
| Parkhub, Inc. (Delayed Draw) | 9898 | 13938 |
| Parkhub, Inc. (Revolver) | 4713 | 6733 |
| PC Pest Buyer, LLC (Delayed Draw) | 15962 | 28854 |
| PC Pest Buyer, LLC (Revolver) | 8400 | 8400 |
| PNE Interco LLC (Delayed Draw) | 884 | 884 |
| PNE Interco LLC (Revolver) | 5112 | 5112 |
| PrecisionX Group, LLC (Delayed Draw) | n/a | 600 |
| PrecisionX Group, LLC (Revolver) | 2402 | 2401 |
| Premier Roofing L.L.C. (Revolver) | 144 | 144 |
| PRGX Global, Inc. (Revolver) | 1361 | n/a |
| PRGX Global, Inc (Revolver) | n/a | 3024 |
| Project Accelerate Parent, LLC (Revolver) | 3125 | 3125 |
| Prototek LLC (Revolver) | 921 | 921 |
| QF Holdings, Inc. (Revolver) | 1092 | 619 |
| Quest Resource Management Group, LLC (Delayed Draw) | 6944 | 6944 |
| Rampart Exterior Services Buyer, Inc. (Delayed Draw) | n/a | 7143 |
| Rampart Exterior Services Buyer, Inc. (Revolver) | $2679 | $2679 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| Randys Holdings, Inc. (Delayed Draw) | 1645 | 3994 |
| Randys Holdings, Inc. (Revolver) | 876 | 1501 |
| Really Great Reading Company, Inc. (Revolver) | 3200 | 3200 |
| Recorded Future, Inc. (Class A units) | n/a | 8 |
| Recycled Plastics Industries, LLC (Revolver) | 446 | 446 |
| Relevant Industrial, LLC (Delayed Draw) | 7190 | n/a |
| Relevant Industrial, LLC (Delayed Draw) | 3804 | n/a |
| Relevant Industrial, LLC (Revolver) | 2587 | n/a |
| Relevate Health Group, LLC (Revolver) | 789 | 368 |
| Resin Solutions LLC (Delayed Draw) | 2241 | n/a |
| Resin Solutions LLC (Revolver) | 1222 | n/a |
| Rita's Franchise Company, LLC (Revolver) | 1799 | 1799 |
| Ro Health, LLC (Revolver) | 747 | n/a |
| RS Acquisition, LLC (Revolver) | 379 | 379 |
| Russell Investments US Institutional Holdco, Inc. (Revolver) | n/a | 1240 |
| Russell Investments US Institutional Holdco, Inc. (Revolver) | 11554 | n/a |
| Russell Investments US Institutional Holdco, Inc. (Revolver) | 2568 | n/a |
| SCP Baked Goods Holdings, LLC (Delayed Draw) | 3750 | n/a |
| SCP Baked Goods Holdings, LLC (Revolver) | 1250 | n/a |
| SCP Intermediate Holdings, LLC (Delayed Draw) | 3947 | 3947 |
| SCP Eye Care Holdco, LLC (Delayed Draw) | 8782 | 20318 |
| SCP Eye Care Holdco, LLC (Revolver) | 1442 | 1442 |
| SDG Mgmt Company, LLC (Delayed Draw) | 5845 | 9906 |
| SDG Mgmt Company, LLC (Delayed Draw) | n/a | 11887 |
| SDG Mgmt Company, LLC (Delayed Draw) | 7925 | 7925 |
| SDG Mgmt Company, LLC (Delayed Draw) | n/a | 5741 |
| SDG Mgmt Company, LLC (Revolver) | 1486 | 1981 |
| Second Avenue SFR Holdings II LLC (Revolver) | n/a | 2316 |
| Securly, Inc. (Revolver) | n/a | 646 |
| Seran BioScience, LLC (Delayed Draw) | 3556 | n/a |
| Seran BioScience, LLC (Revolver) | 356 | 356 |
| SFR Holdco 2, LLC (Delayed Draw) | 1427 | 2852 |
| SFR Holdco 2, LLC (Equity Commitment) | 951 | 1901 |
| SheerTrans Solutions, LLC (Revolver) | 659 | 513 |
| SHOOK Research, LLC (Revolver) | 2875 | n/a |
| Signiant Inc. (Delayed Draw) | 3000 | 3000 |
| Signiant Inc. (Revolver) | 1875 | 1875 |
| SingleStore, Inc. (Equity Commitment) | 9359 | n/a |
| SIP Care Services, LLC (Revolver) | 699 | n/a |
| Sparq Holdings, Inc. (Delayed Draw) | n/a | 578 |
| Sparq Holdings, Inc. (Revolver) | 177 | 368 |
| Spherix Global Inc. (Revolver) | 500 | 500 |
| Sports Operating Holdings II, LLC (Delayed Draw) | n/a | 1785 |
| Sports Operating Holdings II, LLC (Revolver) | 1385 | 865 |
| StarCompliance MidCo, LLC (Revolver) | $2371 | $1313 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| Streamland Media MidCo LLC (Delayed Draw) | 35 | n/a |
| Summit Professional Education, LLC (Delayed Draw) | 7357 | n/a |
| Steel City Wash, LLC (Delayed Draw) | 3158 | n/a |
| Steel City Wash, LLC (Revolver) | 1495 | n/a |
| Streamland Media MidCo LLC (Revolver) | n/a | n/a |
| Summit Professional Education, LLC (Revolver) | 1471 | 326 |
| Sundy Village West Mezz Borrower, LLC (Delayed Draw) | 1469 | 9639 |
| Sundy Village West Mezz Borrower, LLC (Delayed Draw) | 10166 | 10166 |
| Sunstates Security, LLC (Delayed Draw) | 6667 | 13333 |
| Talent Systems, LLC (fka Moonraker Acquisitionco LLC) (Revolver) | 887 | 653 |
| Tavoron Buyer Corp. (Delayed Draw) | 6958 | n/a |
| Tavoron Buyer Corp. (Revolver) | 192 | n/a |
| Tavoron Buyer Corp. (Revolver) | 1338 | n/a |
| Tax Protection BuyCo, LLC (Delayed Draw) | 4706 | n/a |
| Tax Protection BuyCo, LLC (Revolver) | 5882 | n/a |
| The Black Tux, LLC (Delayed Draw) | 1104 | 1944 |
| The Black Tux, LLC (Revolver) | 1944 | 1944 |
| The Gersh Agency, LLC (Delayed Draw) | 12270 | 12270 |
| The Gersh Agency, LLC (Revolver) | 1173 | 2589 |
| The Gersh Agency, LLC (Revolver) | 1686 | 3762 |
| The Kyjen Company, LLC (Revolver) | 315 | n/a |
| The Smilist DSO, LLC (Delayed Draw) | n/a | 872 |
| The Smilist DSO, LLC (Delayed Draw) | 4371 | 11842 |
| The Smilist DSO, LLC (Revolver) | 1974 | 1974 |
| TigerConnect, Inc. (Delayed Draw) | 43 | 23 |
| TigerConnect, Inc. (Delayed Draw) | 157 | 436 |
| TigerConnect, Inc. (Revolver) | 1429 | 1429 |
| Tiugo Group Holdings Corp (Delayed Draw) | 13178 | n/a |
| Tiugo Group Holdings Corp (Revolver) | 6589 | n/a |
| Together Women's Health, LLC (Delayed Draw) | 7244 | n/a |
| Together Women's Health, LLC (Revolver) | 1552 | n/a |
| Touchmath Acquisition LLC (Revolver) | 1429 | 1429 |
| Triad Financial Services, Inc. (Equity Commitment) | 34953 | 37053 |
| Trilon Group, LLC (Delayed Draw) | n/a | 9450 |
| Trilon Group, LLC (Delayed Draw) | 7313 | n/a |
| Trilon Group, LLC (Revolver) | 4874 | 4265 |
| Truck-Lite Co., LLC (Delayed Draw) | n/a | 1067 |
| Truck-Lite Co., LLC (Revolver) | n/a | 1067 |
| Ultra Clean Holdco LLC (Delayed Draw) | 3750 | 4500 |
| Ultra Clean Holdco LLC (Revolver) | 3000 | 3000 |
| Unanet, Inc. (Delayed Draw) | 1350 | 1350 |
| Unanet, Inc. (Delayed Draw) | 2455 | 3555 |
| Unanet, Inc. (Revolver) | $4316 | $4316 |

---

------

<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **September 30, 2025** | **December 31, 2024** |
| USLIVE OPCO, INC. (Revolver) | 1474 | n/a |
| Valkyrie Buyer, LLC (Delayed Draw) | n/a | 2864 |
| Valkyrie Buyer, LLC (Delayed Draw) | n/a | 3088 |
| Valkyrie Buyer, LLC (Delayed Draw) | 5348 | 6667 |
| Valkyrie Buyer, LLC (Delayed Draw) | 3333 | 3333 |
| Valkyrie Buyer, LLC (Delayed Draw) | 226 | 2316 |
| Valkyrie Buyer, LLC (Revolver) | 1825 | 3509 |
| Vanterra Holdings, LLC (Delayed Draw) | 21000 | n/a |
| Vanterra Holdings, LLC (Delayed Draw) | 21000 | n/a |
| Vanterra Holdings, LLC (Revolver) | 6300 | n/a |
| Varicent Intermediate Holdings Corporation (Delayed Draw) | 4623 | 6085 |
| Varicent Intermediate Holdings Corporation (Revolver) | 4443 | 4443 |
| Velociti, LLC (Revolver) | 3789 | n/a |
| Vhagar Purchaser, LLC (Delayed Draw) | n/a | 1722 |
| Vhagar Purchaser, LLC (Delayed Draw) | 6667 | n/a |
| Vhagar Purchaser, LLC (Revolver) | 2667 | n/a |
| Vhagar Purchaser, LLC (Revolver) | n/a | 1111 |
| Volt Bidco, Inc. (Revolver) | 956 | 956 |
| Water Buyer, LLC (Delayed Draw) | 6000 | 6000 |
| Water Buyer, LLC (Revolver) | 2800 | 3000 |
| WebPT, Inc. (Revolver) | 67 | 246 |
| Whistler Parent Holdings III, Inc. (Delayed Draw) | n/a | 1973 |
| Whistler Parent Holdings III, Inc. (Revolver) | 860 | 438 |
| WPEngine, Inc. (Revolver) | 1650 | 1650 |
| XanEdu Publishing, Inc. (Revolver) | 977 | 977 |
| Xpress Wellness, LLC (Delayed Draw) | 8550 | 12050 |
| Xpress Wellness, LLC (Revolver) | 4677 | 2769 |
| YBR OZ ECE, LLC (Delayed Draw) | 2050 | n/a |
| YBR OZ ECE, LLC (Revolver) | 375 | n/a |
| ZI Intermediate II, Inc. (Revolver) | 4771 | 4771 |
| Zodega Landscaping, LLC (Revolver) | 992 | 992 |
| Zodega Landscaping, LLC (Preferred interests) | 1197 | 1197 |
| &nbsp;&nbsp;**Total Unfunded Portfolio Company Commitments** | $1272687 | $896624 |

---

*Indemnification:* In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. 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 indemnification provisions 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.

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**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

*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 are financial highlights for the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2024** |
| **Per share data:** | | |
| Net asset value at beginning of period | $10.37 | $10.24 |
| Net investment income <sup>(1)</sup> | 0.74 | 0.91 |
| Net gain (loss) <sup>(1)</sup> | (0.33) | 0.08 |
| Net increase (decrease) in net assets resulting from operations <sup>(1)</sup> | 0.41 | 0.99 |
| Stockholder distributions declared <sup>(2)</sup> | (0.79) | (0.85) |
| Other <sup>(3)</sup> | 0.04 | 0.01 |
| Net asset value at end of period | $10.03 | $10.39 |
| Total return based on average net asset value <sup>(4)</sup> | 4.32% | 10.06% |
| **Ratio/Supplemental data:** |  |  |
| Net assets at end of period | $2705132 | $1879965 |
| Shares outstanding at end of period | 269714368 | 180987700 |
| Portfolio turnover <sup>(5)</sup> | 14.44% | 12.92% |
| Ratio of total investment income to average net assets <sup>(6)</sup> | 21.13% | 24.39% |
| Ratio of expenses to average net assets <sup>(6)</sup> | 11.35% | 12.38% |
| Ratio of net investment income to average net assets <sup>(6)</sup> | 9.78% | 12.01% |

---

_________________________________________

<sup>(1)</sup> The per share data was derived by using the weighted average shares outstanding during the periods presented.

<sup>(2)</sup> The per share data for distributions reflects the actual amount of distributions declared during the period. 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 September 30, 2025 and 2024, 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.

<sup>(3)</sup> Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

<sup>(4)</sup> Total return is calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company's dividend reinvestment plan during the period. Return calculation is not annualized.

<sup>(5)</sup> Ratio is not annualized.

<sup>(6)</sup> Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.

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**MONROE CAPITAL INCOME PLUS CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**(in thousands, except share and per share data)**

**Note 13. Segment Reporting**

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company's Chief Executive Officer and Chief Financial Officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase (decrease) in net assets resulting from operations ("net income") and net investment income. In addition to numerous other factors and metrics, the CODM utilizes net income and net investment income as the key metrics in determining the amount of dividends to be distributed to the Company's stockholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as "total assets" and the significant segment expenses are listed on the accompanying consolidated statements of operations.

**Note 14. Subsequent Events**

The Company has evaluated subsequent events through November 7, 2025, the date on which the consolidated financial statements were issued.

*Change in Transfer Agent:* On November 4, 2025, the Company and Ultimus entered into a transfer agent agreement (the "Transfer Agent Agreement"), pursuant to which Ultimus was appointed to provide transfer agent services on behalf of the Company and serve as plan administrator under the Company's dividend reinvestment plan. Either party can terminate the Transfer Agent Agreement at the end of the Initial Term (as defined in the Transfer Agent Agreement) or a Renewal Term (as defined in the Transfer Agent Agreement) by providing written notice of termination to the other party at least 90 days prior to the end of the Initial Term or then-current Renewal Term.

*Second Amended and Restated DRIP:* On November 4, 2025, the Board approved the second amended and restated dividend reinvestment plan (the "Second Amended and Restated DRIP"), which amended the price per share used for distributions reinvested to be the most recent NAV per share as of the most recent effective date on which shares are issued to the Company's investors in a closing of a private offering immediately preceding the payment date of such distribution. Additionally, the Second Amended and Restated DRIP appointed Ultimus Fund Solutions, LLC ("Ultimus") as the Plan Administrator (as defined in the Second Amended and Restated DRIP). The Second Amended and Restated DRIP became effective on November 4, 2025.

*Stock Issuances:* On October 1, 2025, the Company sold 7,273,996 shares for an aggregate consideration of $72,958. The Company received proceeds of $73,444 effective November 3, 2025 relating to the issuance of shares.

*Distributions:* On October 28, 2025, the Company made a distribution of $22,117, $9,895 of which was reinvested pursuant to the DRIP at a NAV per share of $10.25.

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**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 Income Plus 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; and Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates. 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, 2024, filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2025. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consummation of the transaction contemplated by the Asset Purchase Agreement with MRCC (as defined below);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political and regulatory conditions that contribute to uncertainty and market volatility including the impact of a prolonged U.S. government shutdown as well as the legislative, regulatory, trade (including tariffs) and other policies associated with the current U.S. administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the ongoing military conflict in the Middle East and Europe and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of increased competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changing interest rates and elevated inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of borrowed money to finance a portion of our investments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of future new and changing legislation and regulation on our business and our portfolio companies.

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 on Form 10-Q 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 this Quarterly Report on Form 10-Q.

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 on Form 10-Q 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 Form 10-Q on information available to us on the date of this Quarterly Report on Form 10-Q, 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 on Form 10-Q, 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 Income Plus 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 Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). We currently qualify and intend to continue to qualify annually to be treated as a RIC for U.S. federal income tax purposes.

As an emerging growth company, we intend to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act") for complying with new or revised accounting standards.

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We are a specialty finance company that is focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We seek to provide investors with attractive risk-adjusted returns and downside protection associated with investing in asset based and secured corporate private credit opportunities in a manner that is decoupled from public markets' volatility. We seek to provide attractive risk-adjusted returns and downside protection by investing primarily in secured private credit transactions and assets, targeting investments that have significant downside protection through a focus on asset coverage. We expect to invest primarily in: (i) senior secured and junior secured and unsecured loans, notes, bonds, preferred equity (including preferred partnership equity), convertible debt and other securities; (ii) unitranche secured loans (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) and securities; (iii) asset-based loans and securities; (iv) small business loans and leases; (v) structured debt and structured equity; (vi) syndicated loans; (vii) securitized debt and subordinated notes of collateralized loan obligations facilities, asset-backed securities and other securitized products and warehouse loan facilities; (viii) opportunities to acquire illiquid investments from other third-party funds as a result of liquidity constraints resulting from investor redemptions and market dislocations; and (ix) capital investments in the secondary markets. As of September 30, 2025, our portfolio included approximately 86.7% senior secured loans, 1.5% unitranche secured loans, 4.9% junior secured loans and 6.9% equity investments, compared to December 31, 2024, when our portfolio included approximately 87.1% senior secured loans, 3.7% unitranche secured loans, 4.4% junior secured loans and 4.8% equity investments. The companies in which we invest may be leveraged, often as a result of leveraged buyouts 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.

We use Monroe Capital's extensive leveraged finance origination infrastructure and broad expertise in sourcing loans to invest in senior secured, unitranche secured and junior secured debt of middle-market companies. Our investment size will vary proportionately with the size of our capital base. We believe that our focus on lending to lower middle-market companies offers several advantages as compared to lending to larger companies, including more attractive economics, lower leverage, more comprehensive and restrictive covenants, more expansive events of default, relatively small debt facilities that provide us with enhanced influence over our borrowers, direct access to borrower management and improved information flow.

*Asset Purchase Agreement:* On August 7, 2025, we entered into an Asset Purchase Agreement (the "Purchase Agreement") with Monroe Capital Corporation ("MRCC"; NASDAQ: MRCC), and MC Advisors, our and MRCC's investment adviser. Pursuant to the Purchase Agreement on the Closing Date (as defined in the Purchase Agreement) we agreed to acquire the investment assets of MRCC at fair value, as determined shortly before the Closing Date, for cash (the "Asset Purchase").

Following the Closing Date, which is currently anticipated to occur during the first quarter of 2026, MRCC will merge with and into Horizon Technology Finance Corporation ("HRZN"; NASDAQ: HRZN), subject to the receipt of certain shareholder approvals and the satisfaction of other closing conditions (the "Merger").

The Purchase Agreement contains certain representations, warranties and covenants of the parties that are customary for agreements of its type. Consummation of the Asset Purchase, which is currently subject to certain closing conditions, including (1) requisite approvals of MRCC stockholders, (2) the absence of certain legal impediments to the consummation of the Asset Purchase, (3) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Purchase Agreement, (4) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), and (5) the satisfaction or waiver of the closing conditions in the merger agreement between MRCC and HRZN (other than the condition precedent with respect to the Asset Purchase).

Both the Asset Purchase and Merger are structured to comply with the safe harbor provision of Rule 17a-8 of the Investment Company Act of 1940, as amended. Both our and MRCC's boards of directors, including each of their respective independent directors (in each case, on the recommendation of a special committee of each such board comprised solely of certain independent directors of the applicable board), have approved the Purchase Agreement and the transactions contemplated therein.

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***Stock Issuances and Share Repurchase Program***

*Stock Issuances:* We are currently conducting our second best efforts, continuous private offering of our common stock to "accredited investors" in reliance on an exemption from the registration requirements of the Securities Act (the "Second Private Offering"). At each closing an investor purchases shares of our common stock pursuant to a subscription agreement entered into with us. At each closing, investors are required to fund their full subscription to purchase shares of our common stock.

The following table summarizes the issuance of shares of our common stock pursuant to the Second Private Offering (in thousands except shares and per share data) during the nine months ended September 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| **Date** | **NAV Per<br>Share** | **Shares Issued** | **Proceeds** |
| **Nine months ended September 30, 2025:** | | | |
| March 20, 2025 | $10.37 | 36340819 | $376854 |
| May 19, 2025 | $10.33 | 10639149 | 109903 |
| September 2, 2025 | $10.19 | 22257960 | 226808 |
| &nbsp;&nbsp;&nbsp;Total |  | 69237928 | $713565 |

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| | | | |
|:---|:---|:---|:---|
| **Date** | **NAV Per<br>Share** | **Shares Issued** | **Proceeds** |
| **Nine months ended September 30, 2024:** | | | |
| March 15, 2024 | $10.24 | 25864010 | $264847 |
| May 16, 2024 | $10.34 | 11786647 | 121874 |
| August 16, 2024 | $10.34 | 15732189 | 162671 |
| &nbsp;&nbsp;&nbsp;Total |  | 53382846 | $549392 |

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*Share Repurchase Program:* During 2022, we commenced a quarterly share repurchase program in which we intend to repurchase, in each quarter, up to 5% of our shares of common stock outstanding as of the close of the previous calendar quarter (the "Share Repurchase Program"), subject to the discretion of our board of directors (the "Board") and the availability of cash to fund such repurchases. Our Board may amend, suspend or terminate the Share Repurchase Program if it deems such action to be in our best interest and the best interest of our stockholders.

We have adopted a dividend reinvestment plan ("DRIP") that provides for the reinvestment of dividends and other distributions on behalf of our stockholders that elect to participate in such plan. When we declare a dividend or distribution, our stockholders' cash distributions will only be reinvested in additional shares of our common stock if a stockholder specifically "opts in" to the DRIP at least ten (10) days prior to the record date fixed by the Board. Shares issued under the DRIP were issued at a price per share equal to the net asset value ("NAV") per share as of the last day of our fiscal quarter immediately preceding the date that the distribution was declared. See *Recent Developments* for additional information on our distributions and Second Amended and Restated DRIP, as defined below.

The following tables summarize the total shares repurchased that were validly tendered and not withdrawn in tender offers under the Share Repurchase Program (in thousands except shares and per share data) during the nine months ended September 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Price <br>Per Share** | **Shares <br>Repurchased** | **Total Cost** |
| **Nine months ended September 30, 2025:** | | | |
| March 28, 2025 | $10.37 | 774968 | $8037 |
| May 28, 2025 | $10.33 | 1391450 | 14373 |
| September 19, 2025 | $10.19 | 3773412 | 38451 |
| &nbsp;&nbsp;&nbsp;Total |  | 5939830 | $60861 |

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Price <br>Per Share** | **Shares <br>Repurchased** | **Total Cost** |
| **Nine months ended September 30, 2024:** | | | |
| March 28, 2024 | $10.24 | 1996254 | $20442 |
| June 27, 2024 | $10.34 | 1142195 | 11810 |
| September 27, 2024 | $10.34 | 1752160 | 18118 |
| &nbsp;&nbsp;&nbsp;Total |  | 4890609 | $50370 |

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***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 that 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 is 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 recorded as other income in the period the service is completed.

Dividend income on preferred equity investments 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 investments 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 investments 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 Amended and Restated Investment Advisory and Management Agreement entered into on March 31, 2025 (the "Amended Investment Advisory Agreement"), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement entered into on December 5, 2018 (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 Amended Investment Advisory Agreement and Administration Agreement. Our expenses also include interest expense on indebtedness. We bear all other out-of-pocket costs and expenses of our operations and transactions.

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***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 September 30, 2025, we invested $326.0 million in 24 new portfolio companies, $231.1 million in 80 existing portfolio companies and had $202.1 million in aggregate amount of sales and principal repayments, resulting in a net increase in investments of $355.0 million for the period.

During the nine months ended September 30, 2025, we invested $1,256.8 million in 69 new portfolio companies, $859.2 million in 136 existing portfolio companies and had $686.7 million in aggregate amount of sales and principal repayments, resulting in a net increase in investments of $1,429.3 million for the period.

During the three months ended September 30, 2024, we invested $291.3 million in 13 new portfolio companies, $147.0 million in 72 existing portfolio companies and had $180.2 million in aggregate amount of sales and principal repayments, resulting in a net increase in investments of $258.1 million for the period.

During the nine months ended September 30, 2024, we invested $1,017.6 million in 46 new portfolio companies, $483.4 million in 111 existing portfolio companies and had $400.4 million in aggregate amount of sales and principal repayments, resulting in a net increase in investments of $1,100.6 million for the period.

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The following table shows portfolio yield by investment type as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Weighted Average**<br>**Annualized**<br>**Contractual**<br>**Coupon**<br>**Yield** <sup>(1)</sup>  | **Weighted**<br>**Average**<br>**Annualized**<br>**Effective**<br>**Yield** <sup>(2)</sup>  | **Weighted Average**<br>**Annualized**<br>**Contractual**<br>**Coupon**<br>**Yield** <sup>(1)</sup>  | **Weighted** <br>**Average** <br>**Annualized** <br>**Effective** <br>**Yield** <sup>(2)</sup>  |
| Senior secured loans | 9.8% | 9.8% | 10.4% | 10.4% |
| Unitranche secured loans | 10.6 | 11.4 | 11.4 | 11.9 |
| Junior secured loans | 10.7 | 10.7 | 11.0 | 11.0 |
| Equity investments | 8.9 | 8.9 | 9.1 | 9.1 |
| &nbsp;&nbsp;&nbsp;Total | 9.8% | 9.8% | 10.4% | 10.5% |

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<sup>(1)</sup> 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 and the cost basis of our preferred equity investments.

<sup>(2)</sup> 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 and the cost basis of our preferred equity investments. 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 investment portfolio or sales load that may be paid by stockholders.

The following table shows the composition of our investment portfolio at fair value and as percentage of our total investments at fair value (in thousands) as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;&nbsp;Senior secured loans | $4682717 | 86.7% | $3491117 | 87.1% |
| &nbsp;&nbsp;&nbsp;Unitranche secured loans | 80136 | 1.5 | 148531 | 3.7 |
| &nbsp;&nbsp;&nbsp;Junior secured loans | 265294 | 4.9 | 177677 | 4.4 |
| &nbsp;&nbsp;&nbsp;Equity investments | 370176 | 6.9 | 191648 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $5398323 | 100.0% | $4008973 | 100.0% |

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Our portfolio composition at September 30, 2025 remained relatively consistent with our portfolio at December 31, 2024, with changes resulting primarily from investments in new and existing portfolio companies, offset by sales and principal repayments. As of September 30, 2025, our yields decreased compared to December 31, 2024, primarily due to lower spreads on new investments and declining base rates.

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The following table shows our portfolio composition by industry at fair value and as percentage of our total investments at fair value (in thousands) as of September 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;Aerospace & Defense | $32875 | 0.6% | $23854 | 0.6% |
| &nbsp;&nbsp;Automotive | 82995 | 1.5 | 66253 | 1.7 |
| &nbsp;&nbsp;Banking | 41048 | 0.8 | 43672 | 1.1 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 106786 | 2.0 | 27414 | 0.7 |
| &nbsp;&nbsp;Capital Equipment | 240931 | 4.5 | 187727 | 4.7 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 10890 | 0.2 |  |  |
| &nbsp;&nbsp;Construction & Building | 256369 | 4.7 | 222008 | 5.5 |
| &nbsp;&nbsp;Consumer Goods: Durable | 68673 | 1.3 | 71293 | 1.8 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 68954 | 1.3 | 48784 | 1.2 |
| &nbsp;&nbsp;Containers, Packaging & Glass | 56876 | 1.1 | 40136 | 1.0 |
| &nbsp;&nbsp;Energy: Oil & Gas | 116 | 0.0 \* | 118 | 0.0 \* |
| &nbsp;&nbsp;Environmental Industries | 101047 | 1.9 | 68253 | 1.7 |
| &nbsp;&nbsp;FIRE: Finance | 389215 | 7.2 | 233307 | 5.8 |
| &nbsp;&nbsp;FIRE: Real Estate | 171130 | 3.2 | 81966 | 2.1 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 744893 | 13.8 | 594527 | 14.8 |
| &nbsp;&nbsp;High Tech Industries | 725086 | 13.4 | 497616 | 12.4 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 142 | 0.0 \* | 123 | 0.0 \* |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 313807 | 5.8 | 197904 | 4.9 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 584 | 0.0 \* | 867 | 0.0 \* |
| &nbsp;&nbsp;Media: Diversified & Production | 136354 | 2.5 | 111259 | 2.8 |
| &nbsp;&nbsp;Retail | 14676 | 0.3 | 14566 | 0.4 |
| &nbsp;&nbsp;Services: Business | 1085357 | 20.1 | 901082 | 22.5 |
| &nbsp;&nbsp;Services: Consumer | 351525 | 6.5 | 240488 | 6.0 |
| &nbsp;&nbsp;Telecommunications | 128805 | 2.4 | 101469 | 2.5 |
| &nbsp;&nbsp;Transportation: Cargo | 212480 | 3.9 | 172550 | 4.3 |
| &nbsp;&nbsp;Utilities: Electric | 22229 | 0.4 | 13764 | 0.3 |
| &nbsp;&nbsp;Wholesale | 34480 | 0.6 | 47973 | 1.2 |
| &nbsp;&nbsp;&nbsp;Total | $5398323 | 100.0% | $4008973 | 100.0% |

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**________________________________________________________**

\*Represents an amount less than 0.1%.

**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.

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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 risk rating system is described as follows:

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| | |
|:---|:---|
| **Investment**<br>**Performance**<br>**Risk 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.

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The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of September 30, 2025 (in thousands):

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| | | |
|:---|:---|:---|
| **Investment Performance Risk Rating** | **Investments at<br>Fair Value** | **Percentage of <br>Total Investments** |
| 1 | $— | —% |
| 2 | 5037473 | 93.3 |
| 3 | 280640 | 5.2 |
| 4 | 79626 | 1.5 |
| 5 | 584 | 0.0 \* |
| Total | $5398323 | 100.0% |

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**________________________________________________________**

\*Represents an amount less than 0.1%.

The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of December 31, 2024 (in thousands):

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| | | |
|:---|:---|:---|
| **Investment Performance Risk Rating** | **Investments at<br>Fair Value** | **Percentage of <br>Total Investments** |
| 1 | $— | —% |
| 2 | 3691716 | 92.1 |
| 3 | 282635 | 7.1 |
| 4 | 33755 | 0.8 |
| 5 | 867 | 0.0 \* |
| Total | $4008973 | 100.0% |

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**________________________________________________________**

\*Represents an amount less than 0.1%.

As of September 30, 2025, there were 14 borrowers with debt or preferred equity investments on non-accrual status and these investments totaled $73.8 million at fair value, or 1.4% of our total investments at fair value at September 30, 2025. As of December 31, 2024, there were 11 borrowers with debt or preferred equity investments on non-accrual status and these investments totaled $28.7 million at fair value, or 0.7% of our total investments at fair value at December 31, 2024.

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**Results of Operations**

Operating results for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | **2024** |
| Total investment income | $138698 | $113319 |
| Total operating expenses | 78463 | 60522 |
| &nbsp;&nbsp;Net investment income before income taxes | 60235 | 52797 |
| Income taxes, including excise taxes | 63 | 199 |
| &nbsp;&nbsp;Net investment income | 60172 | 52598 |
| Net realized gain (loss) on investments | (2606) | 495 |
| Net realized gain (loss) on foreign currency forward contracts | (71) | (25) |
| Net realized gain (loss) on foreign currency and other transactions | 7 | (220) |
| &nbsp;&nbsp;Net realized gain (loss) | (2670) | 250 |
| Net change in unrealized gain (loss) on investments | (50692) | 10002 |
| Net change in unrealized gain (loss) on foreign currency forward contracts | 138 | (1786) |
| Net unrealized gain (loss) on foreign currency and other transactions | 1131 | (2881) |
| &nbsp;&nbsp;Net change in unrealized gain (loss) | (49423) | 5335 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $8079 | $58183 |

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| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Total investment income | $385415 | $295115 |
| Total operating expenses | 212450 | 154643 |
| &nbsp;&nbsp;Net investment income before income taxes | 172965 | 140472 |
| Income taxes, including excise taxes | 474 | 673 |
| &nbsp;&nbsp;Net investment income | 172491 | 139799 |
| Net realized gain (loss) on investments | (4246) | 719 |
| Net realized gain (loss) on foreign currency forward contracts | (1201) | (23) |
| Net realized gain (loss) on foreign currency and other transactions | 1236 | (126) |
| &nbsp;&nbsp;Net realized gain (loss) | (4211) | 570 |
| Net change in unrealized gain (loss) on investments | (61252) | 15224 |
| Net change in unrealized gain (loss) on foreign currency forward contracts | (2695) | (105) |
| Net unrealized gain (loss) on foreign currency and other transactions | (8895) | (2588) |
| &nbsp;&nbsp;Net change in unrealized gain (loss) | (72842) | 12531 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $95438 | $152900 |

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***Investment Income***

The composition of our investment income for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | **2024** |
| Interest income | $126062 | $101733 |
| PIK interest income | 6234 | 4001 |
| Dividend income <sup>(1)</sup> | 2200 | 498 |
| Other income | 518 | 3405 |
| Prepayment gain (loss) | 983 | 1448 |
| Accretion of discounts and amortization of premiums | 2701 | 2234 |
| Total investment income | $138698 | $113319 |

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| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest income | $350188 | $266721 |
| PIK interest income | 15055 | 10003 |
| Dividend income <sup>(2)</sup> | 4090 | 1061 |
| Other income | 1348 | 6065 |
| Prepayment gain (loss) | 4262 | 3942 |
| Accretion of discounts and amortization of premiums | 10472 | 7323 |
| Total investment income | $385415 | $295115 |

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<sup>(1)</sup> During the three months ended September 30, 2025 and 2024, dividend income includes PIK dividends of $599 and $431, respectively.

<sup>(2)</sup> During the nine months ended September 30, 2025 and 2024, dividend income includes PIK dividends of $1,495 and $975, respectively.

Total investment income increased by $25.4 million and $90.3 million during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively, primarily due to an increase in interest income due to the increase in average invested assets, partially offset by lower effective rates driven by the declines in base rates.

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***Operating Expenses***

The composition of our operating expenses for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | **2024** |
| Interest and other debt financing expenses | $48734 | $37754 |
| Base management fees | 17264 | 11542 |
| Incentive fees <sup>(1)</sup> | 8596 | 8312 |
| Professional fees | 1243 | 749 |
| Administrative service fees | 1189 | 790 |
| General and administrative expenses | 1400 | 1337 |
| Directors' fees | 37 | 38 |
| &nbsp;&nbsp;Total operating expenses | $78463 | $60522 |

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| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest and other debt financing expenses | $132599 | $95346 |
| Base management fees | 47208 | 30169 |
| Incentive fees <sup>(2)</sup> | 23175 | 21843 |
| Professional fees | 2666 | 1803 |
| Administrative service fees | 3247 | 2039 |
| General and administrative expenses | 3443 | 3330 |
| Directors' fees | 112 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $212450 | $154643 |

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<sup>(1)</sup> Incentive fees for the three months ended September 30, 2025 and 2024 were $8,596 and $8,312, comprised of part one incentive fees of $8,596 and $7,614, and part two capital gains incentive fees of zero and $698, respectively.

<sup>(2)</sup> Incentive fees for the nine months ended September 30, 2025 and 2024 were $23,175 and $21,843, respectively. These amounts consisted of part one incentive fees of $24,458 and $20,205, and part two capital gains incentive fees, which included a reversal of previously accrued fees of $1,283 in 2025 and accrued fees of $1,638 in 2024. See Note 6 to our consolidated financial statements and *"Capital Gains Incentive Fee"* for additional information.

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The composition of our interest and other debt financing expenses, average debt outstanding and average stated interest rate (i.e., the rate in effect plus spread) for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | **2024** |
| Interest expense - Revolving Credit Facility | 6107 | 4898 |
| Interest expense - SPV Credit Facility | 4295 | 7534 |
| Interest expense - SPV II Credit Facility | 5886 | 4473 |
| Interest expense - SPV III Credit Facility | 3137 | 1322 |
| Interest expense - SPV IV Credit Facility | 5346 | 2478 |
| Interest expense - SPV V Credit Facility | 3828 |  |
| Interest expense - 2022 ABS | 2541 | 3221 |
| Interest expense - 2023 ABS | 3952 | 4312 |
| Interest expense - 2028 Notes | 4710 | 4710 |
| Interest expense - 2029 Notes | 3810 | 2298 |
| Interest expense - July 2028 Notes | 586 |  |
| Interest expense - July 2030 Notes | 2380 |  |
| Amortization of debt issuance costs | 2156 | 2508 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | 48734 | 37754 |
| Average debt outstanding | 2703365 | 1852615 |
| Average stated interest rate | 6.8% | 7.6% |

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| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest expense - Revolving Credit Facility | 23111 | 16029 |
| Interest expense - SPV Credit Facility | 12442 | 18210 |
| Interest expense - SPV II Credit Facility | 11912 | 10605 |
| Interest expense - SPV III Credit Facility | 7474 | 2310 |
| Interest expense - SPV IV Credit Facility | 15283 | 2478 |
| Interest expense - SPV V Credit Facility | 6533 |  |
| Interest expense - 2022 ABS | 8250 | 9663 |
| Interest expense - 2023 ABS | 11770 | 12890 |
| Interest expense - 2028 Notes | 14130 | 14130 |
| Interest expense - 2029 Notes | 11430 | 2298 |
| Interest expense - July 2028 Notes | 586 |  |
| Interest expense - July 2030 Notes | 2380 |  |
| Amortization of debt issuance costs | 7298 | 6733 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | 132599 | 95346 |
| Average debt outstanding | 2428495 | 1542805 |
| Average stated interest rate | 6.9% | 7.7% |

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Total operating expenses increased by $17.9 million and $57.8 million during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily due to an increase in interest and other debt financing expenses from higher average borrowings outstanding to support portfolio growth, partially offset by lower cost of debt driven by a reduced interest rate environment. Additionally, increases in base management fees from higher invested assets contributed to the increase in operating expenses.

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***Income Taxes, Including Excise Taxes***

We have elected to be treated, currently qualify and intend to continue to qualify annually, as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the U.S. federal income 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 U.S. federal income tax at corporate rates and 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 and nine months ended September 30, 2025, we recorded a net expense on the consolidated statements of operations of $0.1 million and $0.4 million, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2024, we recorded a net expense on the consolidated statements of operations of $0.2 million and $0.6 million, 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 the three and nine months ended September 30, 2025, we recorded a net tax expense of zero and $28 thousand, respectively, on the consolidated statements of operations for these subsidiaries. For the three and nine months ended September 30, 2024, we recorded a net tax expense of zero and $0.1 million, respectively, on the consolidated statements of operations for these subsidiaries.

***Net Realized Gain (Loss)***

During the three months ended September 30, 2025 and 2024, sales or dispositions of investments resulted in $(2.6) million and $0.5 million of net realized gain (loss) on investments, respectively. During the nine months ended September 30, 2025 and 2024, sales or dispositions of investments resulted in $(4.2) million and $0.7 million of net realized gain (loss) on investments, respectively.

We have entered and may continue to enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended September 30, 2025 and 2024, we had $(0.1) million and $(25) thousand of net realized gain (loss) on foreign currency forward contracts, respectively. During the nine months ended September 30, 2025 and 2024, we had $(1.2) million and $(23) thousand of net realized gain (loss) on foreign currency forward contracts, respectively. During the three months ended September 30, 2025 and 2024, we had $7 thousand and $(0.2) million of net realized gain (loss) on foreign currency and other transactions, respectively. During the nine months ended September 30, 2025 and 2024, we had $1.2 million and $(0.1) million of net realized gain (loss) on foreign currency and other transactions, respectively.

***Net Change in Unrealized Gain (Loss)***

For the three months ended September 30, 2025 and 2024, our investments had $(50.7) million and $10.0 million of net change in unrealized gain (loss), respectively. For the nine months ended September 30, 2025 and 2024, our investments had $(61.3) million and $15.2 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 and nine months ended September 30, 2025, the net change in unrealized loss on investments was primarily driven by mark-to-market losses from certain portfolio companies that have underlying credit performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale that were still held as of September 30, 2025. These declines in fair value were partially offset by net unrealized gains attributable to broad market movements and improvements in fundamental performance at our portfolio companies.

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During the three and nine months ended September 30, 2024, the net change in unrealized gain on investments was primarily attributable to broad market movements and improvements in fundamental performance at many of our portfolio companies, partially offset by net unrealized losses attributable to certain portfolio companies that have underlying credit performance concerns that were still held as of September 30, 2024.

For the three months ended September 30, 2025 and 2024, our foreign currency forward contracts had $0.1 million and $(1.8) million of net change in unrealized gain (loss), respectively. For the nine months ended September 30, 2025 and 2024, our foreign currency forward contracts had $(2.7) million and $(0.1) million of net change in unrealized gain (loss), respectively.

For the three months ended September 30, 2025 and 2024, our foreign currency and other transactions had $1.1 million and $(2.9) million of net change in unrealized gain (loss), respectively. For the nine months ended September 30, 2025 and 2024, our foreign currency and other transactions had $(8.9) million and $(2.6) million of net change in unrealized gain (loss), respectively. Net unrealized gains (losses) on foreign currency and other transactions primarily relate to our foreign currency borrowings.

***Net Increase (Decrease) in Net Assets Resulting from Operations***

For the three months ended September 30, 2025 and 2024, the net increase (decrease) in net assets resulting from operations was $8.1 million and $58.2 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended September 30, 2025 and 2024, our per share net increase (decrease) in net assets resulting from operations was $0.03 and $0.34, respectively.

For the nine months ended September 30, 2025 and 2024, the net increase (decrease) in net assets resulting from operations was $95.4 million and $152.9 million, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2025 and 2024, our per share net increase (decrease) in net assets resulting from operations was $0.41 and $0.99, respectively.

**Liquidity and Capital Resources**

We generate cash primarily from (i) the net proceeds of private offerings, (ii) cash flows from our operations, and (iii) borrowings under our existing leverage facilities and any financing arrangements we may enter into in the future. These financings may come in the form of borrowings from banks and issuances of senior securities. Our primary uses of cash are for (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying MC Advisors and reimbursements to MC Management), (iii) debt service of any borrowings, (iv) share repurchases under our share repurchase program and (v) cash distributions to our stockholders.

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As of September 30, 2025, we had $41.5 million in cash and cash equivalents and $86.1 million in restricted cash and cash equivalents. Restricted cash and cash equivalents includes amounts held within our wholly-owned financing subsidiaries and is generally restricted to use for the origination of new investments, the repayment of outstanding debt and the related payment of interest expense and the quarterly release of our earnings. As of September 30, 2025, restricted cash and cash equivalents at each wholly-owned financing subsidiary and debt outstanding consisted of the following:

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| | | |
|:---|:---|:---|
| | **Restricted cash and cash equivalents** | **Debt outstanding** |
| Revolving Credit Facility | n/a | $365194 |
| MC Income Plus Financing SPV LLC ("SPV") | $17293 | 89900 |
| MC Income Plus Financing SPV II LLC ("SPV II") | 11552 | 527400 |
| MC Income Plus Financing SPV III LLC ("SPV III") | 8594 | 187000 |
| MC Income Plus Financing SPV IV LLC ("SPV IV") | 14653 | 319000 |
| MC Income Plus Financing SPV V LLC ("SPV V") | 8588 | 231600 |
| Monroe Capital Income Plus ABS Funding, LLC ("2022 Issuer") | 13047 | 239339 |
| Monroe Capital Income Plus ABS Funding II, LLC ("2023 Issuer") | 12410 | 209100 |
| 2028 Notes | n/a | 200000 |
| 2029 Notes | n/a | 204000 |
| July 2028 Notes | n/a | 42000 |
| July 2030 Notes | n/a | 161000 |
| Total | $86137 | $2775533 |

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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. As of September 30, 2025 and December 31, 2024, our asset coverage ratio based on aggregate borrowings outstanding was 197% and 196%, respectively.

***Cash Flows***

For the nine months ended September 30, 2025, we experienced a net increase (decrease) in cash and restricted cash and cash equivalents of $(126.4) million. For the nine months ended September 30, 2025, operating activities used $1.3 billion, primarily as a result of purchases of portfolio investments, partially offset by proceeds from principal payments and sale of investments and settlement of forward contracts and net investment income. For the nine months ended September 30, 2025, financing activities provided $1.2 billion, primarily as a result of net borrowings on our debt facilities and the proceeds from issuances of common stock, partially offset by distributions to stockholders and repurchases of common stock.

For the nine months ended September 30, 2024, we experienced a net increase (decrease) in cash and restricted cash and cash equivalents of $32.8 million. For the nine months ended September 30, 2024, operating activities used $1.0 billion, primarily as a result of purchases of portfolio investments, partially offset by proceeds from principal payments and sale of investments and settlement of forward contracts and net investment income. For the nine months ended September 30, 2024, financing activities provided $1.0 billion, primarily as a result of net borrowings on our debt facilities and the proceeds from issuances of common stock, partially offset by distributions to stockholders and repurchases of common stock.

***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, including our current Second Private Offering and any subsequent offerings, 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, fund share repurchases under our share repurchase program and make cash distributions to our stockholders. We may also use available funds to repay outstanding borrowings.

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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, 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. As of September 30, 2025 and December 31, 2024, we had 269,714,368 and 198,704,495 shares outstanding, respectively.

***Distributions***

Historically, distributions have been declared by the Board each calendar quarter. Beginning in October 2025, we expect that the Board will declare monthly distributions. Stockholder distributions, if any, will be determined by the Board and are generally based upon our earnings estimated by management. Any distribution to stockholders is declared out of assets legally available for distribution. Net realized capital gains, if any, are generally distributed at least annually.

The determination of the tax attributes for our distributions is made annually, based upon our 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. Distributions to stockholders for the three and nine months ended September 30, 2025 totaled $66.4 million ($0.26 per share) and $182.3 million ($0.79 per share), respectively. Distributions to stockholders for the three and nine months ended September 30, 2024 totaled $49.3 million (0.29 per share) and $128.9 million ($0.85 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 September 30, 2025 and 2024, no portion of these distributions would have been characterized as a return of capital to stockholders.

We have adopted a dividend reinvestment plan (the "DRIP") that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. As a result, if we declare a dividend or distribution, our stockholders' cash distributions will only be reinvested in additional shares of our common stock if a stockholder specifically "opts in" to the DRIP at least ten (10) days prior to the record date fixed by our Board. Shares issued under the DRIP were issued at a price per share equal to the NAV per share as of the last day of our fiscal quarter immediately preceding the date that the distribution was declared. On August 23, 2024, the Board approved the Amended and Restated Dividend Reinvestment Plan (the "Amended and Restated DRIP") solely to appoint a new transfer agent as the Plan Administrator (as defined in the Amended and Restated DRIP). The Amended and Restated DRIP became effective on November 1, 2024. See *Recent Developments* for additional information on our distributions and the Second Amended and Restated DRIP, as defined below.

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***Borrowings***

Our outstanding debt as of September 30, 2025 was as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Aggregate**<br>**Principal** <br>**Amount** <br>**Committed** <sup>(1)</sup> | **Principal<br>Amount<br>Outstanding** | **Carrying Value** <sup>(2)</sup> | **Unamortized Debt Issuance Costs** |
| Revolving Credit Facility <sup>(3)</sup> | $785000 | $365194 | $359510 | $5684 |
| SPV Credit Facility | 450000 | 89900 | 87210 | 2690 |
| SPV II Credit Facility | 690000 | 527400 | 522402 | 4998 |
| SPV III Credit Facility | 200000 | 187000 | 185409 | 1591 |
| SPV IV Credit Facility | 350000 | 319000 | 316309 | 2691 |
| SPV V Credit Facility | 250000 | 231600 | 229175 | 2425 |
| 2022 ABS <sup>(4)</sup> | 239339 | 239339 | 239339 |  |
| 2023 ABS <sup>(5)</sup> | 209100 | 209100 | 207041 | 2059 |
| 2028 Notes | 200000 | 200000 | 198529 | 1471 |
| 2029 Notes | 204000 | 204000 | 202573 | 1427 |
| July 2028 Notes | 42000 | 42000 | 41544 | 456 |
| July 2030 Notes | 161000 | 161000 | 159195 | 1805 |
| &nbsp;&nbsp;Total | $3780439 | $2775533 | $2748236 | $27297 |

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<sup>(1)</sup> Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

<sup>(2)</sup> Represents the principal amount outstanding, less unamortized debt issuance costs.

<sup>(3)</sup> Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.

<sup>(4)</sup> As of September 30, 2025, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $28.3 million and $82.9 million, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

<sup>(5)</sup> As of September 30, 2025, the 2023 Subordinated Notes (as defined below) totaling $45.9 million, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

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Our outstanding debt as of December 31, 2024 was as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate**<br>**Principal** <br>**Amount** <br>**Committed** <sup>(1)</sup> | **Principal<br>Amount<br>Outstanding** | **Carrying Value** <sup>(2)</sup> | **Unamortized Debt Issuance Costs** |
| Revolving Credit Facility <sup>(3)</sup> | $652500 | $481106 | $474756 | $6350 |
| SPV Credit Facility | 450000 | 243300 | 239889 | 3411 |
| SPV II Credit Facility | 195998 | 195998 | 194574 | 1424 |
| SPV III Credit Facility | 100000 | 75000 | 73722 | 1278 |
| SPV IV Credit Facility | 350000 | 248600 | 245185 | 3415 |
| 2022 ABS <sup>(4)</sup> | 294609 | 294609 | 293393 | 1216 |
| 2023 ABS <sup>(5)</sup> | 209100 | 209100 | 206369 | 2731 |
| 2028 Notes | 200000 | 200000 | 198178 | 1822 |
| 2029 Notes | 204000 | 204000 | 202296 | 1704 |
| &nbsp;&nbsp;Total | $2656207 | $2151713 | $2128362 | $23351 |

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<sup>(1)</sup> Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

<sup>(2)</sup> Represents the principal amount outstanding, less unamortized debt issuance costs.

<sup>(3)</sup> Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.

<sup>(4)</sup> As of December 31, 2024, the 2022 Class C Notes and 2022 Subordinated Notes (each as defined below) totaling $34.8 million and $82.9 million, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

<sup>(5)</sup> As of December 31, 2024, the 2023 Subordinated Notes (as defined below) totaling $45.9 million are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

***Credit Facilities***

*Revolving Credit Facility*

On October 20, 2023, we entered into a senior secured revolving credit facility (the "Revolving Credit Facility") pursuant to a Senior Secured Revolving Credit Agreement (the "Revolving Credit Agreement"), as amended from time to time, with ING Capital, LLC, as administrative agent and joint lead arranger. The initial principal amount of the Revolving Credit Facility was $295.0 million, subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, with an accordion provision permitting increases to the total facility amount up to $800.0 million, subject to the satisfaction of certain conditions. Through various amendments to the Revolving Credit Agreement, we have increased the facility amount multiple times under the accordion to $785.0 million of aggregate commitments as of September 30, 2025.

As of September 30, 2025 and December 31, 2024, we had outstanding U.S. dollar borrowings under the Revolving Credit Facility of $256.5 million and $396.1 million, respectively, and non-U.S. dollar borrowings denominated in Australian dollars of AUD 40.0 million ($26.5 million in U.S. dollars) and AUD 22.0 million ($13.6 million in U.S. dollars), respectively, and Great Britain pounds of £40.0 million ($53.8 million in U.S. dollars) and £38.4 million ($48.1 million in U.S. dollars), respectively, and Euros of €24.3 million ($28.5 million in U.S. dollars) and €22.5 million ($23.3 million in U.S. dollars), respectively. The 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. The borrowings denominated in 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 $1.1 million and $(8.9) million for the three and nine months ended September 30, 2025, respectively, and $(3.0) million and $(2.7) million for the three and nine months ended September 30, 2024, respectively.

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Advances under the Revolving Credit Facility initially bear interest at a per annum rate equal to, (a) in the case of any U.S. dollar advances, (i) 1.25% per annum (or, at any time the Rating Condition is satisfied, 1.15% per annum) plus an "alternate base rate" (as described in the Revolving Credit Agreement) or (ii) 2.25% per annum (or, at any time the Rating Condition is satisfied, 2.15% per annum) plus Term SOFR, (b) in the case of any foreign currency advances (other than Pounds Sterling), 2.25% per annum (or, at any time the Rating Condition is satisfied, 2.15% per annum) plus the applicable benchmark rate and (c) in the case of any Pounds Sterling advances, 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the Daily Simple Risk Free Rate, in each case, depending on the nature of the advances being requested under the Revolving Credit Facility. The "Rating Condition" shall be satisfied at any time we maintain a public credit rating of at least BBB- from S&P Global Ratings (or equivalent rating from Moody's Investors Service, Inc. or Fitch, Inc.). As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.2% and 7.0%, respectively.

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced varies depending upon the types of assets in our portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

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 its 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 Revolving Credit Facility. The Revolving Credit Facility contains certain financial covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets of the greater of (a) $500.0 million and (b) an amount equal to the sum of (i) $1.1 billion plus (ii) an amount equal to 65% of the difference of (x) the net proceeds to us from sales of our equity securities during each quarter following October 31, 2024 and (y) the amount paid or distributed to purchase or redeem our common stock in connection with a tender offer during such quarter; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; (3) a senior debt coverage ratio of at least 2 to 1; and (4) minimum net worth equal to or greater than $500.0 million. 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 Revolving Credit Facility. The Revolving Credit Facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions, 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.

The 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.

The Revolving Credit Facility is guaranteed by certain subsidiary guarantors (primarily the Taxable Subsidiaries). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, making distributions, contributions and investments and for such other uses as permitted under the Revolving Credit Agreement.

The period during which we may borrow under the Revolving Credit Facility expires on October 31, 2028, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by October 31, 2029. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and the subsidiary guarantors, subject to certain exceptions.

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***SPV Credit Facilities***

*SPV Credit Facility*

We have a $450.0 million senior secured revolving credit facility (the "SPV Credit Facility") with KeyBank National Association, as agent, through our wholly-owned subsidiary, the SPV. Our ability to borrow under the SPV Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 72% of the principal balance of our portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. We entered into an amendment to the SPV Credit Facility on July 15, 2024 to, among other things, reduce the interest rate applicable to the borrowings to SOFR plus 2.40%, remove the SOFR credit spread adjustment as a component of pricing thereunder, and extend both the reinvestment period and the maturity date of the SPV Credit Facility. Under the terms of the amended SPV Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the SPV Credit Facility through July 16, 2027. The maturity date of the SPV Credit Facility is July 16, 2029. Distributions from the SPV to us are limited by the terms of the SPV Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of September 30, 2025 and December 31, 2024, the fair value of our investments that were held in the SPV as collateral for the SPV Credit Facility was $765.2 million and $722.8 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

During the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR (one or three month, at the SPV's option and subject to a SOFR minimum of 0.50%) plus a margin ranging from 2.40% to a maximum of 2.70%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR plus 3.00%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are greater than 60% of the facility amount. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.7% and 7.0%, respectively.

Borrowing under the SPV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

*SPV II Credit Facility*

On December 20, 2022, we entered into a senior secured term credit facility (the "SPV II Credit Facility") with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, SPV II. The SPV II Credit Facility initially allowed SPV II to borrow an aggregate principal amount of $100.0 million, and included an accordion feature, which allowed us, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with the consent of one or more increasing or additional lenders. On August 6, 2025, we entered into an amendment (the "SPV II Amendment") to the SPV II Credit Facility. The SPV II Amendment amended the SPV II Credit Facility to, among other things, (i) increase the total facility amount to up to $690.0 million; (ii) add an unused fee rate of 0.35%; (iii) implement a reinvestment period through August 6, 2027; (iv) extend the maturity date to August 6, 2028; and (v) reduce the applicable interest rate from SOFR plus 2.40% to SOFR plus 2.05% per annum during the reinvestment period and SOFR plus 3.25% per annum after the reinvestment period. As of September 30, 2025 and December 31, 2024, the fair value of our investments held in SPV II as collateral for the SPV II Credit Facility was $784.7 million and $307.5 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the SPV II Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.05% per annum during the reinvestment period and 3.25% per annum after the reinvestment period. The SPV II Credit Facility matures on August 6, 2028, unless sooner terminated in accordance with its terms. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.3% and 6.9%, respectively.

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Under the terms of the SPV II Credit Facility, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest principal proceeds during the reinvestment period. During the amortization period, pursuant to a monthly waterfall, principal proceeds must be applied to prepay the SPV II Credit Facility. The SPV II Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV II Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.

Borrowing under the SPV II Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

*SPV III Credit Facility*

On March 28, 2024, we entered into a senior secured revolving credit facility (the "SPV III Credit Facility") with Goldman Sachs Bank USA, as administrative agent, through a special purpose wholly-owned subsidiary, SPV III. The SPV III Credit Facility initially allowed SPV III to borrow an aggregate principal amount of $100.0 million, and includes an accordion feature which allows us, under certain circumstances, to increase the total size of the facility to $250.0 million upon request to the administrative agent and with consent of the lenders. On March 7, 2025, we amended the SPV III Credit Facility to increase facility amount pursuant to the accordion feature of the SPV III Credit Facility to $200.0 million. Our ability to borrow under the SPV III Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 70% of the principal balance of its portfolio company investments depending on the type of investment. Under the terms of the SPV III Credit Facility, the SPV III is permitted to reinvest available cash and make new borrowings under the SPV III Credit Facility through April 5, 2027. The maturity date of the SPV III Credit Facility is April 5, 2029, unless sooner terminated in accordance with its terms. As of September 30, 2025 and December 31, 2024, the fair value of investments that were held in the SPV III as collateral for the SPV III Credit Facility was $382.9 million and $142.2 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the SPV III Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 1.00%) plus an applicable margin rate of 1.95% per annum. In addition to the stated interest rate on borrowings, the SPV III is required to pay an unused commitment fee of (i) 0.75% per annum on any unused portion of the SPV III Credit Facility through September 5, 2024 and (ii) 0.50% per annum on any unused portion of the SPV III Credit Facility after September 5, 2024. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.1% and 7.3%, respectively.

Borrowing under the SPV III Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

*SPV IV Credit Facility* 

On July 11, 2024, we entered into a senior secured revolving credit facility (the "SPV IV Credit Facility") with Capital One, National Association ("CONA") as administrative agent, as amended from time to time, through a special purpose wholly-owned subsidiary, SPV IV.

The SPV IV Credit Facility allows us, through SPV IV, to borrow an aggregate principal amount of up to $350.0 million, and includes an accordion feature which allows us, under certain circumstances, to increase the total size of the facility to $450.0 million upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV IV Credit Facility, SPV IV is permitted to reinvest available cash and make new borrowings under the SPV IV Credit Facility through July 11, 2027. The SPV IV Credit Facility matures on July 11, 2029, unless terminated earlier at our election, subject to the payment of a customary prepayment fee, or at the election of the administrative agent following the occurrence of an event of default thereunder. Borrowings under the SPV IV Credit Facility bear interest at SOFR plus an applicable margin rate of 2.15% per annum. Advances under the SPV IV Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV IV Credit Facility of up to 75%. Undrawn capacity under the SPV IV Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV IV Credit Facility. As of September 30, 2025 and December 31, 2024, the fair value of investments that were held in the SPV IV as collateral for the SPV IV Credit Facility was $560.9 million and $513.2 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

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The SPV IV Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV IV Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV IV. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.2% and 6.5%, respectively.

Borrowings under the SPV IV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

*SPV V Credit Facility* 

On February 21, 2025, we entered into a senior secured revolving credit facility (the "SPV V Credit Facility") with CONA, through a special purpose wholly-owned subsidiary, SPV V.

The SPV V Credit Facility allows us, through SPV V, to borrow an aggregate principal amount of up to $250.0 million and includes an accordion feature which allows us, under certain circumstances, to increase the total size of the facility to $350.0 million upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV V Credit Facility, SPV V is permitted to reinvest available cash and make new borrowings under the SPV V Credit Facility through February 21, 2028. The SPV V Credit Facility matures on February 21, 2030, unless terminated earlier at our election, subject to the payment of a customary prepayment fee, or at the election of CONA following the occurrence of an event of default thereunder. Borrowings under the SPV V Credit Facility bear interest at SOFR plus an applicable margin rate of 2.15% per annum. Advances under the SPV V Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV V Credit Facility of up to 75%. Undrawn capacity under the SPV V Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV V Credit Facility. As of September 30, 2025, the fair value of our investments that were held in the SPV V as collateral for the SPV V Credit Facility was $381.6 million, and these investments are identified on the accompanying consolidated schedules of investments.

The SPV V Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV V Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV V. As of September 30, 2025, the outstanding borrowings were accruing at a weighted average interest rate of 6.2%.

Borrowing under the SPV V Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

***Asset Backed Securitizations***

*2022 Asset-Backed Securitization*

On April 7, 2022, we completed a $425.0 million asset-backed securitization (the "2022 ABS"). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261.4 million of Class A Senior Secured Notes, which bear interest at 4.05% (the "2022 Class A Notes"), $44.6 million of Class B Senior Secured Notes, which bear interest at 5.15% (the "2022 Class B Notes") and $36.1 million of Class C Senior Secured Notes, which bear interest at 7.75% (the "2022 Class C Notes" and collectively with the 2022 Class A Notes and the 2022 Class B Notes, the "2022 Secured Notes"), and $82.9 million of Subordinated Notes, which do not bear interest (the "2022 Subordinated Notes" and, together with the 2022 Secured Notes, the "2022 Notes"). We retained all of the 2022 Class C Notes and the 2022 Subordinated Notes. The 2022 Class A Notes and the 2022 Class B Notes are included as debt on the accompanying consolidated statements of assets and liabilities. As of both September 30, 2025 and December 31, 2024, the 2022 Class C Notes and the 2022 Subordinated Notes were eliminated in consolidation.

Through April 22, 2024, the 2022 Issuer was permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing us to maintain the initial leverage in the 2022 ABS. Subsequent to April 22, 2024, the 2022 ABS is required to use principal collections repay the 2022 Notes. The 2022 Notes are due on April 30, 2032.

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As of September 30, 2025 and December 31, 2024, the fair value of our investments held in the 2022 Issuer as collateral was $333.8 million and $396.6 million, respectively, and these investments are identified on the accompanying consolidated schedule of investments. As of both September 30, 2025 and December 31, 2024, the 2022 Class A Notes were accruing at a weighted average interest rate of 4.1%. As of both September 30, 2025 and December 31, 2024, the 2022 Class B Notes were accruing at a weighted average interest rate of 5.2%.

Distributions from the 2022 Issuer to us are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the 2022 Secured Notes and the distribution of remaining net interest income to the holders of the 2022 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

*2023 Asset-Backed Securitization*

On September 15, 2023, we completed a $251.2 million asset-backed securitization (the "2023 ABS"). The notes offered in the 2023 ABS were executed through a private placement and were issued by the 2023 Issuer, a wholly-owned subsidiary, and were secured by a diversified portfolio of middle market loans and recurring revenue loans. Through November 20, 2024, the 2023 ABS consisted of $160.8 million of Class A Senior Secured Notes, which bore interest at Term SOFR plus 3.50% (the "2023 Class A Notes"), $25.1 million of Class B Senior Secured Notes, which bore interest at 11.16% (the "2023 Class B Notes" and collectively with the 2023 Class A Notes, the "2023 Secured Notes"), and $65.3 million of Subordinated Notes, which do not bear interest (the "2023 Subordinated Notes" and, together with the 2023 Secured Notes, the "2023 Notes").

On November 21, 2024, we and the 2023 Issuer amended the 2023 ABS to, among other things, (a) refinance the issued 2023 Class A Notes by redeeming in full the $160.8 million of 2023 Class A Notes and issuing new Class A Senior Secured Notes in an aggregate principal amount of $163.2 million which bear interest at Term SOFR plus 2.35% (the "2023 Class A-R Notes"), (b) refinance the issued 2023 Class B Notes by redeeming in full the $25.1 million of 2023 Class B Notes and issuing new Class B Senior Secured Notes in an aggregate principal amount of $25.5 million which bear interest at 8.81% (the "2023 Class B-R Notes"), (c) issue new Class C Senior Secured Notes in an aggregate principal amount of $20.4 million which bear interest at 11.95% (the "2023 Class C-R Notes" and collectively with the 2023 Class A-R Notes and 2023 Class B-R Notes, the "2023-R Secured Notes"), (d) reduce the outstanding principal balance of the 2023 Subordinated Notes from $65.3 million to $45.9 million, and (e) extend the maturity dates of the 2023-R Secured Notes and the 2023 Subordinated Notes to November 22, 2035 (the Subordinated Notes, together with the 2023-R Secured Notes, the "2023-R Notes"). The 2023-R Secured Notes were issued through a private placement and we continued to retain all of the 2023 Subordinated Notes for the purpose of satisfying the risk retention requirements pursuant to a subordinated note purchase agreement entered into as of the original closing date. The 2023 Secured Notes and the 2023-R Secured Notes are included as debt on the consolidated statements of assets and liabilities. As of both September 30, 2025 and December 31, 2024, the 2023 Subordinated Notes were eliminated in consolidation.

As of September 30, 2025 and December 31, 2024, the 2023 Class A-R Notes were accruing at a weighted average interest rate of 6.7% and 6.9%, respectively. As of both September 30, 2025 and December 31, 2024, the 2023 Class B-R Notes were accruing at a weighted average interest rate of 8.8%. As of both September 30, 2025 and December 31, 2024, the 2023 Class C-R Notes were accruing at a weighted average interest rate of 12.0%.

Through November 21, 2026, the 2023 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2023 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2023 ABS, allowing us to maintain the initial leverage in the 2023 ABS. The 2023 Notes are due on November 22, 2035.

As of September 30, 2025 and December 31, 2024, the fair value of investments that were held in the 2023 Issuer as collateral was $250.3 million and $251.8 million, respectively, and these investments are identified on the consolidated schedule of investments.

Distributions from the 2023 Issuer to us are limited by the terms of the indenture governing the 2023 ABS, which generally allows for the payment of interest on the 2023 Secured Notes and the distribution of remaining net interest income to the holders of the 2023 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

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***Unsecured Notes***

We issued unsecured notes, as further described below: 2028 Notes, 2029 Notes, July 2028 Notes, and July 2030 Notes, (each as defined below), which are collectively referred to herein as the "Unsecured Notes."

*2028 Notes*

On November 15, 2023, we entered into a note purchase agreement (the "2028 Note Purchase Agreement") governing the issuance of $100.0 million in aggregate principal amount of unsecured notes (the "Series A Notes"), due November 15, 2028, with a fixed interest rate of 9.42% per year and $100.0 million in aggregate principal amount of unsecured notes (the "Series B Notes"), due December 13, 2028, with a fixed interest rate of 9.42% per year (collectively, the "2028 Notes"), to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act") in a private placement. The 2028 Notes are guaranteed by our various subsidiaries.

Interest on the 2028 Notes is due semiannually on May 15 and November 15 each year, beginning on May 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2028 Notes are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of both September 30, 2025 and December 31, 2024, we had $100.0 million in aggregate principal amount of Series A Notes outstanding and $100.0 million in aggregate principal amount of Series B Notes outstanding.

The 2028 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, as amended, a minimum net worth of $660.9 million and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The 2028 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under our other indebtedness, certain judgments and orders and certain events of bankruptcy.

The 2028 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The 2028 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of both September 30, 2025 and December 31, 2024, the Series A Notes and the Series B Notes were accruing at a weighted average interest rate of 9.4%.

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*2029 Notes*

On July 24, 2024, we entered into a note purchase agreement (the "2029 Note Purchase Agreement") governing the issuance of $156.0 million in aggregate principal amount of unsecured notes (the "Series C Notes"), due July 24, 2029, with a fixed interest rate of 7.47% per year and $48.0 million in aggregate principal amount of unsecured notes (the "Series D Notes"), due September 18, 2029, with a fixed interest rate of 7.47% per year (collectively, the "2029 Notes"), to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the Series C Notes occurred on July 24, 2024, and the closing for the Series D Notes occurred on September 18, 2024. The 2029 Notes are guaranteed by our various subsidiaries.

Interest on the 2029 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2024. The 2029 Notes may be redeemed in whole or in part at any time or from time to time at our option, upon notice, in an amount not less than 10% of the aggregate principal amount of 2029 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the 2029 Note Purchase Agreement) applicable to 2029 Notes determined for the prepayment date with respect to such principal amount. In addition, we are obligated to offer to prepay 100% of the principal amount of 2029 Notes, together with interest on such 2029 Notes accrued to, but excluding, the date of prepayment. The 2029 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of both September 30, 2025 and December 31, 2024, we had $156.0 million in aggregate principal amount of Series C Notes outstanding and $48.0 million in aggregate principal amount of Series D Notes outstanding.

The 2029 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500.0 million and (B) an amount equal to the sum of (i) $660.9 million plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the 2029 Note Purchase Agreement) by us and our subsidiaries during each quarter after October 20, 2023 (other than the proceeds of sales of Equity Interests by and among us and our subsidiaries) and (y) the amount paid or distributed by us to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2029 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at the interest rate per annum which is 1.50% above the stated rate of the 2029 Note from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured

Debt Ratio Event is no longer continuing. In the event that a Below Investment Grade Event and a Secured Debt Ratio Event are both continuing at the same time, the 2029 Notes will bear interest at a fixed rate per annum which is 2.00%above the stated rate of the 2029 Notes from the date on which both such events first simultaneously existed until the date on which either or both events is no longer continuing.

The 2029 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under our other indebtedness, certain judgments and orders and certain events of bankruptcy.

The 2029 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of both September 30, 2025 and December 31, 2024, the Series C Notes and the Series D Notes were accruing at a weighted average interest rate of 7.5%.

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*July 2028 Notes*

On July 10, 2025, we entered into a Note Purchase Agreement (the "July 2028 Note Purchase Agreement") governing the issuance of $42.0 million in aggregate principal amount of Series E unsecured notes (the "July 2028 Notes"), due July 10, 2028, with a fixed interest rate of 6.20% per year, to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the July 2028 Notes occurred on July 10, 2025. The July 2028 Notes are guaranteed by our various subsidiaries.

Interest on the July 2028 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2025. The July 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option, upon notice, in an amount not less than 10% of the aggregate principal amount of July 2028 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the July 2028 Note Purchase Agreement) applicable to July 2028 Notes determined for the prepayment date with respect to such principal amount. In addition, we are obligated to offer to prepay 100% of the principal amount of July 2028 Notes, together with interest on such July 2028 Notes accrued to, but excluding, the date of prepayment. The July 2028 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of September 30, 2025, the Company had $42.0 million in aggregate principal amount of July 2028 Notes outstanding.

The July 2028 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500.0 million and (B) an amount equal to the sum of (i) $1.1 billion plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the July 2028 Note Purchase Agreement) by us and our subsidiaries during each quarter after October 29, 2024 (other than the proceeds of sales of Equity Interests by and among us and our subsidiaries) and (y) the amount paid or distributed by us to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the July 2028 Note Purchase Agreement) occurs, the July 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the July 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the July 2028 Note Purchase Agreement) occurs, the July 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the July 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the July 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the July 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The July 2028 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under our other indebtedness, certain judgments and orders and certain events of bankruptcy.

The July 2028 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The July 2028 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of September 30, 2025 the July 2028 Notes were accruing at a weighted average interest rate of 6.20%.

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*July 2030 Notes*

On July 10, 2025, we entered into a Note Purchase Agreement (the "July 2030 Note Purchase Agreement") governing the issuance of $161.0 million aggregate principal amount of Series F Notes (the "July 2030 Notes"), due July 10, 2030, with a fixed interest rate of 6.57% per year, to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the July 2030 Notes occurred on July 10, 2025. The July 2030 Notes are guaranteed by our various subsidiaries.

Interest on the July 2030 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2025. The July 2030 Notes may be redeemed in whole or in part at any time or from time to time at our option, upon notice, in an amount not less than 10% of the aggregate principal amount of 2030 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the July 2030 Note Purchase Agreement) applicable to July 2030 Notes determined for the prepayment date with respect to such principal amount. In addition, we are obligated to offer to prepay 100% of the principal amount of July 2030 Notes, together with interest on such July 2030 Notes accrued to, but excluding, the date of prepayment. The July 2030 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of September 30, 2025, the Company had $161.0 million in aggregate principal amount of July 2030 Notes outstanding.

The July 2030 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500.0 million and (B) an amount equal to the sum of (i) $1.1 billion plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the 2030 Note Purchase Agreement) by us and our subsidiaries during each quarter after October 29, 2024 (other than the proceeds of sales of Equity Interests by and among us and our subsidiaries) and (y) the amount paid or distributed by us to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the July 2030 Note Purchase Agreement) occurs, the July 2030 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the July 2030 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the July 2030 Note Purchase Agreement) occurs, the July 2030 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the July 2030 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the July 2030 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the July 2030 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The July 2030 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under our other indebtedness, certain judgments and orders and certain events of bankruptcy.

The July 2030 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The July 2030 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of September 30, 2025 the July 2030 Notes were accruing at a weighted average interest rate of 6.6%.

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***Related Party Transactions***

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 31, 2025, in connection with the change of control transaction where an affiliate of Wendel SE, acquired 75% of the outstanding equity interests of certain affiliates of Monroe Capital, including MC Advisors (the "Wendel Transaction"), we entered into the Amended Investment Advisory Agreement with MC Advisors. The Amended Investment Advisory Agreement was approved by our stockholders at a meeting of stockholders held on February 21, 2025. The terms of the Amended Investment Advisory Agreement, including the fee structure and services to be provided, remained the same as the terms of the former investment advisory and management agreement between us and MC Advisors, dated December 5, 2018 (the "Original Investment Advisory Agreement"). The Original Investment Advisory Agreement terminated pursuant to its terms as a result of the Wendel Transaction in accordance with the requirements of the 1940 Act. Under the terms of the Amended Investment Advisory Agreement, MC Advisors, subject to the overall supervision of the Board, continues to provide investment advisory services to us. We pay MC Advisors a fee for its services under the Amended 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board, is also a manager of MC Advisors and the Chairman and Chief Executive Officer of MC Management. Lewis W. Solimene, Jr., our Chief Financial Officer and Chief Investment Officer, is also a managing director of MC Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 the Maryland General Corporation Law.

**Commitments and Contingencies and Off-Balance Sheet Arrangements**

*Commitments and Contingencies:* As of September 30, 2025 and December 31, 2024, we had outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements totaling $1.3 billion and $896.6 million, respectively. We believe that our available cash balances and/or ability to draw on existing credit facilities or raise additional leverage facilities provide sufficient funds to cover our unfunded commitments as of September 30, 2025. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnification provisions. Our maximum exposure under these arrangements is unknown. However, as of September 30, 2025, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnification provisions 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.

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**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.

*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.

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*Market Environment:* We believe middle market investments are attractive in volatile market environments such as the current market environment where there is uncertainty around the overall direction of the economy and interest rates. Directly originated middle market loans have demonstrated the ability to outperform competing markets through varying economic cycles including downturns and prior periods of monetary policy tightening. Through the global financial crisis, the higher interest rate environment in 2005-2006, market bottom in 2008 and the subsequent recovery period, as well as throughout the COVID-19 pandemic, these investments have historically generated considerable yield premium with more favorable capital structures for lenders, resulting in higher returns when compared to the market for U.S. high yield bonds and U.S. traded loans. <sup>(1)</sup> Middle market direct lending also offers a natural hedge to higher interest rates with floating rate structures that benefit from higher interest rates, while providing broad diversification in an environment where there is a risk of increased default rate activity. We believe that direct lending volumes will continue outpacing syndicated loan transaction volumes due to capital requirements and liquidity constraints faced by banks. Throughout 2025, the overall middle market has experienced spread compression and a modest increase in leverage attachment points; however, interest coverage ratios have increased well above 2024 levels, indicating that the earnings power of borrowers continue to sufficiently satisfy their debt service obligations with increased cushion. M&A activity has eased since the fourth quarter of 2024; however, market fundamentals support increased deal activity through the remainder of 2025 and into 2026. Through the first three quarters of 2025, new money volumes have accounted for a larger share of overall direct lending volumes relative to the first three quarters of 2024. This dynamic has been primarily driven by a rise in refinancing activity, as borrowers often will seek to lower their cost of capital in an environment where spreads have compressed.<sup>(2)</sup> Loan documentation and structures, more notably in the lower middle market, continue to be lender favorable due to market uncertainty stemming from the potential tariffs implemented by the current U.S. administration and concurrent market volatility. We believe this makes for an attractive opportunity for middle market direct lenders to selectively deploy capital in assets that have relatively attractive pricing and lower risk structures, resulting in an attractive vintage with strong risk-adjusted returns. That said, we note that a softening macroeconomic environment and ongoing impact of elevated interest rates could result in increased default rates. If default rates become more prevalent, we would expect to experience decreased net interest income, lower yields and increased risk of credit loss. However, we believe that our portfolio is well insulated from the potential risks associated with tariffs and lingering inflation. Further, Monroe Capital's scale, product suite, diversification, and strong historical recovery rate track record will continue to allow us to find attractive investment opportunities and navigate this uncertain market environment.

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<sup>(1)</sup> Private Credit total return performance measured by the Cliffwater Direct Lending Index total return, US high yield measured by the ICE BofA US High Yield Index, Leveraged Loans by Morningstar LSTA US Leveraged Loan Index – August 2025.

<sup>(2)</sup> LSEG LPC's 3Q25 Sponsored Middle Market Private Deals Analysis – October 2025.

**Recent Developments**

*Change in Transfer Agent:* On November 4, 2025, we entered into a transfer agent agreement (the "Transfer Agent Agreement") with Ultimus, pursuant to which Ultimus was appointed to provide transfer agent services on our behalf and serve as plan administrator under our dividend reinvestment plan. Either party can terminate the Transfer Agent Agreement at the end of the Initial Term (as defined in the Transfer Agent Agreement) or a Renewal Term (as defined in the Transfer Agent Agreement) by providing written notice of termination to the other party at least 90 days prior to the end of the Initial Term or then-current Renewal Term.

*Second Amended and Restated DRIP:* On November 4, 2025, the Board approved the second amended and restated dividend reinvestment plan (the "Second Amended and Restated DRIP"), which amended the price per share used for distributions reinvested to be the most recent NAV per share as of the most recent effective date on which shares are issued to our investors in a closing of a private offering immediately preceding the payment date of such distribution. Additionally, the Second Amended and Restated DRIP appointed Ultimus Fund Solutions, LLC ("Ultimus") as the Plan Administrator (as defined in the Second Amended and Restated DRIP). The Second Amended and Restated DRIP became effective on November 4, 2025.

*Stock Issuances:* On October 1, 2025, we sold 7,273,996 shares for an aggregate consideration of $73.0 million. We received proceeds of $73.4 million effective November 3, 2025 relating to the issuance of shares.

*Distributions:* On October 28, 2025, the Company made a distribution of $22.1 million, $9.9 million of which was reinvested pursuant to the DRIP at a NAV per share of $10.25.

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**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 investments 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 investments if we have reason to doubt our ability to collect such interest. We may make exceptions to this policy and partially record interest if the loan has sufficient collateral value or is in process of collection and there is the expectation of collection of principal and a portion of the contractual 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 investment, any unamortized premium or discount or loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt investments 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 recorded as other income in the period the service is completed.

Dividend income on preferred equity investments 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 investments 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***

Pursuant to SEC Rule 2a-5 under the 1940 Act, the Board has designated MC Advisors as our valuation designee (the "Valuation Designee"). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of our investments, based on input of the Valuation Designee's management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.

Under the valuation policy, the Valuation Designee values investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America ("GAAP") to determine the fair value of the security. Debt and equity investments 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 the Valuation Designee. 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 Valuation Designee using a documented valuation policy and a consistently applied valuation process. Such determination of fair values may involve subjective judgments and estimates. 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. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Valuation Designee engages independent valuation firms to conduct independent appraisals of a selection of investments for which market quotations are not readily available. We will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 in a particular quarter, the investment will be valued by the Valuation Designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation conclusions are approved by the valuation committee of the Valuation Designee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.

The Valuation Designee generally uses 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, the Valuation Designee 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. The Valuation Designee generally considers 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, the Valuation Designee 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 debt instrument is not performing, as defined above, the Valuation Designee 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, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, 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 the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee 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.

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In addition, for certain investments, the Valuation Designee 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 we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.

As of September 30, 2025, our Valuation Designee 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 change in fair value resulting from foreign currency exchange rate fluctuations from the changes in the fair values of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on investments 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 Amended 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 Amended Investment Advisory Agreement). This fee equals 12.5% (reduced from 15.0% as a result of MC Advisors April 18, 2022 agreement to permanently waive a portion of the incentive fees starting on January 1, 2022) 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 Amended 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 and nine months ended September 30, 2025, we reversed previously accrued capital gains incentive fees of zero and $1.3 million, respectively, based on unrealized losses on our portfolio during the period. During both the three and nine months ended September 30, 2025, zero was payable to MC Advisors as a result of realized gains during the period. During the three and nine months ended September 30, 2024, we accrued capital gains incentive fees of $0.7 million and $1.6 million, respectively, based on the performance of our portfolio. During the three and nine months ended September 30, 2024, $31 thousand and $71 thousand, respectively, was payable to MC Advisors as a result of realized gains. The remainder was based on unrealized appreciation, none of which was payable to MC Advisors under the Investment Advisory Agreement.

***New Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09*, Income Taxes (Topic 740)* ("ASU 2023-09"), which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for annual reporting periods beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently evaluating the impact of adopting ASU 2023-09; however, we do not expect a material impact on our consolidated financial statements.

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In November 2024, the FASB issued ASU 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures* ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. We are currently assessing the impact of this guidance; however, we do not expect a material impact on the accompanying consolidated financial statements.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk and inflation and supply chain risk. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; legislative reform; local, regional, national or global political, social or economic instability, including related to elevated inflation; levels and uncertainty resulting from tariffs and trade policy changes; and interest rate fluctuations.

***Valuation Risk***

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5 of the 1940 Act), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Valuation Designee in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. 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 fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

In accordance with Rule 2a-5 under the 1940 Act, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.

***Interest Rate Risk***

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 SOFR 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 that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our Revolving Credit Facility, SPV Credit Facility, SPV II Credit Facility, SPV III Credit Facility, SPV IV Credit Facility, SPV V Credit Facility and 2023 Class A-R Notes have a floating interest rate provision, whereas our 2022 Secured Notes, 2023 Class B-R Notes, 2023 Class C-R Notes, and Unsecured 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. In a low interest rate environment, we may be negatively impacted if the difference between the total interest income earned on our interest earning assets and the total interest expense incurred on our interest bearing liabilities is compressed.

Assuming that the consolidated statement of assets and liabilities as of September 30, 2025 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):

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| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Increase<br>(decrease) in<br>interest income** | **Increase<br>(decrease) in<br>interest expense** | **Net increase<br>(decrease) in net<br>investment income** |
| Down 300 basis points | $(140655) | $(49551) | $(91104) |
| Down 200 basis points | (95181) | (33034) | (62147) |
| Down 100 basis points | (48353) | (16517) | (31836) |
| Up 100 basis points | 49249 | 16517 | 32732 |
| Up 200 basis points | 98498 | 33034 | 65464 |
| Up 300 basis points | 147747 | 49551 | 98196 |

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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 our floating rate credit facilities 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.

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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.

***Currency Risk***

We may also have exposure to foreign currencies (currently Australian dollars (AUD), Canadian dollars (CAD), Euros (EUR), and Great Britain pounds (GBP)) related to certain investments and borrowings through our Revolving Credit Facility. 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 September 30, 2025, we had foreign currency forward contracts in place for AUD 3.6 million, CAD 13.8 million, EUR 6.6 million and GBP 7.4 million associated with future principal and interest payments on certain investments.

***Inflation and Supply Chain Risk***

U.S. inflation rates have fluctuated in recent periods and remain well above historical levels over the past several decades. Inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies' operations. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies' profit margins and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation.

**ITEM 4. CONTROLS AND PROCEDURES**

*Disclosure 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 this 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 our periodic reports.

*Changes in Internal Control Over Financial Reporting*

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 quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

We are subject to certain legal proceedings, from time to time, in the ordinary course of business. From time to time, we, our executive officers, directors and our investment adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in our portfolio companies and may, as a result, incur significant costs and expenses in connection with such litigation. We and our investment adviser are also subject to extensive regulation, which may result in regulatory proceedings or investigations against us or our investment adviser, respectively. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, neither us nor our investment adviser expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

**Item 1A. Risk Factors**

You should carefully consider information contained in this quarterly report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. There have been no material changes known to us during the quarter ended September 30, 2025 to the risk factors discussed in "Risk Factors" in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. The risks and uncertainties described in our annual report on Form 10-K are not the only ones we may face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the risks listed in our annual report on Form 10-K actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment.

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

On September 2, 2025, we issued 22,257,960 shares of our common stock, par value $0.01 per share, at a price of $10.19 per share for proceeds of $226.8 million.

The sale of shares of our common stock was made pursuant to subscription agreements entered into by us, on the one hand, and each of our investors, on the other hand. The issuance and sale of the shares of our common stock is exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D or Regulation S thereunder, as applicable.

Except as previously reported by us in this Item 2 or on our current reports on Form 8-K, we did not sell any securities during the period covered by this Form 10-Q that were not registered under the Securities Act.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**Item 5. Other Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rule 10b5-1 Trading Plans*

During the quarter ended September 30, 2025, no director or executive officer of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any "non-Rule 10b5-1 trading arrangement." The Company has adopted insider trading policies and procedures governing the purchase, sale and disposition of the Company's securities by directors and executive officers of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

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**Item 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 3.1 | <u>[Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/1742313/000114420418040791/tv499037_ex3-1.htm)</u> <sup>(1)</sup> |
| 3.2 | <u>[Articles of Amendment and Restatement](https://www.sec.gov/Archives/edgar/data/1742313/000114420418063644/tv508633_ex3-1.htm)</u> <sup>(2)</sup> |
| 3.3 | <u>[Articles of Amendment](https://www.sec.gov/Archives/edgar/data/1742313/000174231325000064/mcip-articlesofamendmentsh.htm)</u> <sup>(4)</sup> |
| 3.4 | <u>[Amended and Restated Bylaws](https://www.sec.gov/Archives/edgar/data/1742313/000110465922053807/tm2214085d1_ex3-1.htm)</u> <sup>(3)</sup> |
| 10.1 | <u>[Third Amendment to Credit Agreement, dated as of August 6, 2025, by and among the Company, as collateral manager and equity holder, MC Income Plus Financing SPV II LLC, as borrower, the lenders party thereto, KeyBank National Association, as administrative agent and the lead arranger, and U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian](https://www.sec.gov/Archives/edgar/data/1742313/000110465925076836/tm2523226d1_ex10-1.htm)</u> <sup>(5)</sup> |
| 10.2 | <u>[Transfer Agent Agreement between the Company and](mcip-20250930x10xqexx102.htm)[Ultimus Fund Solutions, LLC](mcip-20250930x10xqexx102.htm)[, as transfer agent](mcip-20250930x10xqexx102.htm)[\*](mcip-20250930x10xqexx102.htm)</u> |
| 10.3 | <u>[Second](mcip-20250930x10xqexx103.htm)[Amended and Restated Dividend Reinvestment Plan of Monroe Capital Income Plus Corporation](mcip-20250930x10xqexx103.htm)[\*](mcip-20250930x10xqexx103.htm)</u> |
| 10.4 | <u>[Note Purchase Agreement, dated July 10, 2025 by and among Monroe Capital Income Plus Corporation and the purchasers party thereto](https://www.sec.gov/Archives/edgar/data/1742313/000174231325000057/ex101-monroexnpa.htm)</u> <sup>(6)</sup> |
| 10.5 | <u>[Asset Purchase Agreement, by and among Monroe Capital Corporation, Monroe Capital Income Plus Corporation and Monroe Capital BDC Advisors, LLC, dated as of August 7, 2025](https://www.sec.gov/Archives/edgar/data/1742313/000110465925075516/tm2522907d1_ex2-1.htm)</u> <sup>(7)</sup> |
| 31.1 | <u>[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\*](mcip-20250930x10xqexx311.htm)</u> |
| 31.2 | <u>[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](mcip-20250930x10xqexx312.htm)\*</u> |
| 32.1 | <u>[Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](mcip-20250930x10xqexx321.htm)\*</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |

---

_________________________________________

\*Filed herewith

<sup>(1)</sup> Previously filed as an exhibit to amendment no. 1 to the registration Statement on Form 10 (File No. 000-55941) filed with the SEC on July 30, 2018.

<sup>(2)</sup> Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on December 7, 2018.

<sup>(3)</sup> Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on April 29, 2022.

<sup>(4)</sup> Previously filed as Exhibit 3.3 to the quarterly report on Form 10-Q filed with the SEC on August 8, 2025.

<sup>(5)</sup> Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on August 12, 2025.

<sup>(6)</sup> Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on July 16, 2025.

<sup>(7)</sup> Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on August 8, 2025.

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<u>[**Table of Contents**](#i3c9c0ce1206041659c94e8f92e2bd658_4)</u>

**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: November 7, 2025 | By | /s/ Theodore L. Koenig |
|  |  | Theodore L. Koenig<br>Chairman, Chief Executive Officer and Director<br>*(Principal Executive Officer)*<br>Monroe Capital Income Plus Corporation |
| Date: November 7, 2025 | By | /s/ Lewis W. Solimene, Jr. |
|  |  | Lewis W. Solimene, Jr.<br>Chief Financial Officer and Chief Investment Officer<br>*(Principal Financial and Accounting Officer)*<br>Monroe Capital Income Plus Corporation |

---

## Exhibit 10.2

**<u>TRANSFER AGENT SERVICES AGREEMENT</u>**

This Transfer Agent Services Agreement (the "**Agreement**") dated November 4, 2025 (the "**Agreement Effective Date**"), is between **Monroe Capital Income Plus Corporation** (the "**BDC**"), a Maryland corporation, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The BDC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and desires that Ultimus perform certain transfer agent services. Monroe Capital Management Advisors, LLC is the administrator of the BDC (the "**Administrator**") and Monroe Capital BDC Advisors, LLC is the investment adviser of the BDC (the "**Adviser**"). Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1. Retention of Ultimus**

The BDC retains Ultimus to act as the service provider for the services set forth in the Transfer Agent Services Addendum (collectively, the "**Services**"), which Transfer Agent Services Addendum is incorporated by reference into this Agreement. Ultimus accepts such appointment and agrees to perform the Services and fulfill its obligations on the terms and conditions set forth in this Agreement and in accordance with Section 17A of the Securities Exchange Act of 1934, as amended (the "**1934 Act**"), and the rules and regulations thereunder, and any other federal or state laws applicable to Ultimus' acting as a transfer agent.

**2. Allocation of Charges and Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.***Ultimus shall furnish at its own expense the executive, supervisory, and clerical personnel necessary to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.***The BDC acknowledges and agrees that, except as provided in Section 2.1, Ultimus shall not be responsible to pay any expenses of the Adviser or the BDC, including, without limitation: organization costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, information statements, proxy statements and related materials; all expenses incurred in connection with issuing and redeeming shares; the costs of custodial services; the cost of initial and ongoing registration or qualification of the shares under federal and state securities laws; fees and reimbursable expenses of officers who are not affiliated persons of Ultimus; insurance premiums; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of the Adviser to the BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**3. Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***The BDC shall pay for the Services to be provided by Ultimus under this Agreement in accordance with, and in the manner set forth in, the Transfer Agent Services Fee Letter attached to the Transfer Agent Services Addendum (the "**Fee Letter**"), which may be amended from time to time by mutual consent of the parties thereto. The Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***[Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***If the Agreement Effective Date (as defined below) occurs subsequent to the first day of a month, Ultimus' compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the Fee Letter. If this Agreement terminates before the last day of a month, Ultimus' compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***In the event that the U.S. Securities and Exchange Commission (the "**SEC**"), Financial Industry Regulatory Authority, Inc. ("**FINRA**"), or any other regulator or self-regulatory authority with competent jurisdiction over the BDC adopts regulations and requirements relating to the payment of fees to service providers or which would result in any material increases in costs to provide the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order to comply with such requirements and provide for the renegotiation of the Fee Letter as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***In the event that any fees are disputed, the BDC shall, on or before the due date, pay all undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which it is disputing in good faith. Payment for such disputed fees shall be due within 30 business days after the day on which Ultimus provides to the BDC documentation which, in the BDC's reasonable judgment, supports that the disputed charges were incurred in accordance with this Agreement and furtherance of the Services provided by Ultimus under this Agreement.

**4. Reimbursement of Expenses**

In addition to paying Ultimus the fees described in the Fee Letter, the BDC agrees to reimburse Ultimus for its actual, reasonable and documented reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.***Subject to the prior written confirmation by a duly authorized officer of the BDC, reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the BDC's board of directors (the "**Board**") or any committee thereof and shareholders' meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.***All freight and other delivery charges incurred by Ultimus in delivering materials on behalf of the BDC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.***[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.***[Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.***The cost of electronic or other methods of storing records and materials as legally required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.***Subject to the prior written confirmation by a duly authorized officer of the BDC, all fees and expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by the BDC;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.***Any expenses Ultimus shall incur at the direction of an officer of the BDC thereunto duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of the BDC for certain purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.***A reasonable allocation of the costs associated with the preparation of Ultimus' Service Organization Control 1 Reports ("**SOC 1 Reports**").

**5. Maintenance of Books and Records; Record Retention**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.***Ultimus shall maintain and keep current the accounts, books, records and other documents relating to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.Ownership of Records***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.*Ultimus agrees that all such books, records, and other data (except computer programs and procedures) developed to perform the Services (collectively, "**Client Records**") shall be the property of the BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.*Ultimus agrees to provide the Client Records to the BDC, at the expense of the BDC, upon request, and to make such books and records available for inspection by the BDC, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.*Ultimus agrees to furnish to the BDC, at the expense of the BDC, all Client Records in the electronic or other medium in which such material is then maintained by Ultimus as soon as practicable after any termination of this Agreement. Unless otherwise required by applicable law, rules, or regulations, Ultimus shall promptly turn over to the BDC, or upon the written request of the BDC, destroy the Client Records maintained by Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule, or regulation to maintain any Client Records, it will provide the BDC with copies as soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.***Ultimus agrees to keep confidential all Client Records, except when requested to divulge such information by duly constituted authorities or court process.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.***If Ultimus is requested or required to divulge such information by duly constituted authorities or court process, Ultimus shall, unless prohibited by law, promptly notify the BDC of such request(s) so that the BDC may seek, at the expense of the BDC, an appropriate protective order.

**6. Subcontracting**

Ultimus may, at its sole expense, subcontract with any entity or person concerning the provision of the Services in accordance with the terms of this Agreement; provided, however, that Ultimus provides advance written notice of such subcontracting to the BDC and that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible for all acts of a subcontractor. Ultimus shall obtain the prior written consent of the BDC before engaging any subcontractor that will provide more than a limited amount of the Services to be provided by Ultimus.

**7. Effective Date**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.***This Agreement shall become effective as of the Agreement Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.***The Transfer Agent Services Addendum (the "**Services Addendum**") shall become effective as of the Agreement Effective Date.

**8. Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party as provided under this Section 8, for a period of two years from the Agreement Effective Date (the "**Initial Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.Renewal Terms.*** Subject to Section 8.3.C., immediately following the Initial Term this Agreement shall automatically renew for successive one-year periods (a "**Renewal Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.Termination for Good Cause.* Except as set forth in this Section 8.3, during the Initial Term or a Renewal Term, a party (the "**Terminating Party**") may only terminate the Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a material breach of this Agreement by the Non-Terminating Party that has not been cured or remedied to the reasonable satisfaction of the Terminating Party within 30 days after the Non-Terminating Party receives written notice of such breach from the Terminating Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the Non-Terminating Party takes a position regarding compliance with Federal Securities Laws (as defined under Rule 38a-1 under the Investment Company Act) that the Terminating Party reasonably disagrees with and that has a material impact on the provisions of, or manner of provision of the Services, the

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Terminating Party provides 30 days' prior written notice of such disagreement, and the parties fail to come to agreement on the position within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)a final and unappealable judicial, regulatory, or administrative ruling or order in which the Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)(a) an order, judgment or decree has been entered under the bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction adjudicating the party insolvent; or (b) the party has petitioned or applied to any tribunal for, or consented to, the appointment of, or taking possession by, a trustee, receiver, liquidator or similar official, of the party, or commenced a voluntary case under the Bankruptcy Code; or (c) any such petition or application has been filed, or any such proceedings commenced, against the party and either (i) the party approved thereof, consented thereto or acquiesced therein or (ii) such petition application or proceeding remains undismissed for 60 days after the filing or commencement thereof; or (d) any order for relief has been entered against the party under the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.Out-of-Scope Termination.* If the BDC demands services that are beyond the scope of this Agreement and/or the BDC's investment strategy, structure, holdings, or other aspects of the BDC's operations deviate in any material respect from the BDC's representation to Ultimus of such aspects during the initial due diligence and onboarding stage, such that Ultimus is (or will be) required to employ resources, whether in the form of additional man hours, investment or otherwise, materially beyond what was originally anticipated by Ultimus (collectively, the "**Out-of-Scope Services**"), and the parties cannot agree on appropriate terms relating to such Out-of-Scope Services, Ultimus may terminate this Agreement upon not less than 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.End-of-Term Termination.* A party can terminate this Agreement at the end of the Initial Term or a Renewal Term by providing written notice of termination to the other party at least 90 days prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.Early Termination.* Any termination by the BDC other than termination under Section 8.3.A-C is deemed an "**Early Termination.**" If the BDC provides a notice of early termination, the BDC is subject to an "**Early Termination Fee**" equal to the pro rated fee amount due to Ultimus through the end of the then-current term as calculated in the Fee Letter, including the repayment of any negotiated discounts provided by Ultimus during the term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.Final Payment*.*** Any undisputed, unpaid compensation, reimbursement of expenses, or Early Termination Fee is due to Ultimus within 30 calendar days of the termination date provided in the notice of termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.No Waiver.*** Failure by either party to terminate this Agreement for a particular cause shall not constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.

**9. Additional Classes of Shares**

In the event that the BDC establishes one or more classes of shares after the Agreement Effective Date, each such class of shares shall become, upon written request of the BDC, a class of shares of the BDC under this Agreement and shall be added to the Fee Letter as appropriate.

**10. Standard of Care; Limits of Liability; Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance of its duties and act in good faith and with reasonable care in performing the Services or its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.Limits of Liability***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.*Ultimus shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)performing Services or duties pursuant to any oral, written, or electric instruction, notice, request, record, order, document, report, resolution, certificate, consent, data, authorization, instrument, or item of any kind (excluding, for purposes of this paragraph, this Agreement) that Ultimus reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of the BDC (other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative of the BDC for certain purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)operating under its own initiative, in good faith and in accordance with the standard of care set forth herein, in performing its duties or the Services; provided, however, that Ultimus shall remain liable for any Losses arising out of its acts or omissions under this Agreement to the extent such Losses arise out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Ultimus' or any Ultimus affiliate's use of valuation information provided by the BDC's approved third-party pricing service(s) or the investment adviser(s) to the BDC for the purpose of valuing the BDC's portfolio holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)any default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever resulting from Ultimus' inability to perform any Services or obligations hereunder for so long as such performance is prevented by events

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beyond Ultimus' commercially reasonable control (provided that Ultimus shall take all commercially reasonable steps to minimize service interruptions for any period that any interruption continues beyond its commercially reasonable control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)any error, action or omission by the BDC or other past or current service provider (not including Ultimus) except to the extent such service provider is controlled by Ultimus or was acting as a subcontractor to Ultimus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)any failure to properly register the BDC's shares in accordance with the Securities Act of 1933, as amended, or any state blue sky laws, to the extent such registration is required under such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.*Ultimus may apply to the BDC at any time for instructions and may consult with counsel for the BDC and with accountants and other experts with respect to any matter arising in connection with Ultimus' duties or the Services. Ultimus shall not be liable or accountable for any action taken or omitted by it, in good faith and in accordance with the standard of care set forth herein, in accordance with such instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.*A copy of the BDC's articles of amendment and restatement are on file with the Secretary of State (or equivalent authority) of the state in which the BDC is organized, and notice is hereby given that is the BDC's organizational documents are executed on behalf of the BDC and not the shareholders individually and that the obligations of this instrument are not binding upon any of the officers or shareholders individually but are binding only upon the assets and property of the BDC, and Ultimus shall look only to the assets of the BDC for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.*Ultimus shall not be held to have notice of any change of authority of any officer, agent, representative or employee of the BDC, the BDC's investment adviser or any of the BDC's other service providers until receipt of written notice thereof from the BDC (as applicable). As used in this Agreement, the term "**investment adviser**" includes all sub-advisers or persons performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.*Without limiting the standard of care set forth in Section 10.1 of this Agreement and the indemnification provisions in Section 10.3 of this Agreement, the BDC acknowledges that it has and retains primary responsibility for oversight of all applicable compliance matters relating to the BDC, including, but not limited to, compliance with the Investment Company Act, the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code**"), the Sarbanes Oxley Act of 2002 and the policies and limitations of the BDC relating to the portfolio investments as set forth in the BDC's confidential private placement memorandum (as amended or supplemented from time to time) and SEC filings, as applicable. Ultimus' monitoring and other functions hereunder shall not relieve the BDC of its primary day-to-day responsibility for overseeing such compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.*To the maximum extent permitted by law, the BDC agrees to limit Ultimus' liability for the BDC's Losses (as defined below) to an amount that shall not exceed the total compensation received by Ultimus under this Agreement during the most recent rolling 12-month period or the actual time period this Agreement has been in effect if less than 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.***In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third parties for use in delivering Ultimus' Services to the BDC and Ultimus shall have no duty to independently verify and confirm the accuracy of third party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.Indemnification***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.*Each party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the other party, including its directors, trustees, managers, officers, employees, and other agents (collectively, the "**Indemnitees**" and each an "**Indemnitee**"), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation/assessment expenses) (collectively, "**Losses**") arising out of (1) the Indemnifying Party's failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees' own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities thereunder; (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement; and (4) the Indemnifying Party's willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.*Notwithstanding the foregoing provisions, the BDC shall indemnify Ultimus for Ultimus' Losses arising from circumstances under Section 10.2.A(1), 10.2(A)(2) and 10.2(A)(6) above; provided, however, that the BDC shall not have any obligation to indemnify Ultimus hereunder for any Losses that arise out of Ultimus' willful misfeasance, bad faith or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.*Upon receipt of notice of any investigations, action, claim or proceeding for which either party may be required to indemnify the other, the Indemnitee shall promptly notify the Indemnifying Party in writing of the commencement thereof, and shall keep the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely notify the Indemnifying Party shall not relieve the Indemnifying Party of its indemnification

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obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.*The Indemnifying Party shall have the option to participate with the Indemnitee in the defense of such claim or to defend against said claim in its own name or in the name of the Indemnitee. If the Indemnifying Party elects (by written notice to the Indemnitee) to assume the defense, such defense shall be conducted by counsel chosen by such Indemnifying Party (and approved by the Indemnitee, such approval not to be unreasonably withheld), and the Indemnitee(s) shall bear the fees and expenses of any additional outside counsel separately retained by them subsequent to the receipt of notice of the Indemnifying Party's election. If (i) the Indemnifying Party does not elect to assume the defense of any such suit, or (ii) the Indemnitee does not, in the exercise of reasonable judgment, approve of counsel chosen by the Indemnifying Party, or (iii) there is a conflict of interest between the Indemnifying Party and any Indemnitee, in each case the Indemnifying Party will reimburse the Indemnitee named as defendant in such suit, for the reasonable fees and expenses of any outside counsel retained by them (for avoidance of doubt, provided that the Indemnifying Party shall not in such event be responsible hereunder for the fees and expenses of more than one separate outside counsel selected to defend the Indemnitee(s)). The Indemnifying Party shall not settle any pending or threatened claim or proceeding related to or arising out of this Agreement (whether or not the Indemnitee is a party to such claim or proceeding) except with the Indemnifying Party's prior written consent. Unless otherwise agreed by the parties herein, such settlement shall include a provision unconditionally releasing the Indemnitee(s) from, and holding the Indemnitee(s) harmless against, all liability in respect of claims by any releasing party related to or arising out of this Agreement. If for any reason the indemnification described in this Section 10 is unavailable to the Indemnitee or is insufficient to hold it harmless, then the Indemnifying Party shall contribute the amount paid or payable to the Indemnitee(s) as a result of such Losses in an equitable proportion based upon relevant equitable considerations, including relative faults and benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.***The provisions of this Section 10 shall survive termination of this Agreement.

**11. Force Majeure.**

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

**12. Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.Joint Representations.*** Each party represents and warrants for itself, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*It is a corporation, partnership, trust, limited liability company, or other entity duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*To the extent required by Applicable Law (defined below), it is duly registered with all appropriate regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*For the duties and responsibilities under this Agreement, it is currently in compliance with, and will continue to comply with all applicable federal and state laws, including, without limitation, federal and state securities laws, statutes, ordinances, regulations, rules, and interpretations of the SEC, as well as all other applicable self-regulatory organizations, in each case applicable to the provision of the Services including, for the avoidance of doubt, all laws and regulations governing the offering and sale or issuance of BDC securities in each jurisdiction where the BDC is offering and selling or issuing securities (collectively, "**Applicable Law**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*It has duly authorized the execution and delivery of this Agreement and the performance of the transactions, duties, and responsibilities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)*This Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)*Whenever, in the course of performing its duties under this Agreement, it determines that a violation of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage of time could occur, it shall promptly notify the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.Representations of Ultimus.*** Ultimus represents and warrants, to the BDC which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*It is duly qualified to carry on its business in the State of Ohio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*It is empowered under applicable laws and by its organizational and governing documents, as amended from time to time, to enter into and perform the services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*It is registered as a transfer agent to the extent required under the 1934 Act and will continue to be so registered during the term of this Agreement. Ultimus will promptly notify the BDC in the event of any material change in its status as a registered transfer agent; and if Ultimus fails to be so registered by the SEC or any successor agency of the SEC, or any additional agency to the extent the existing Services as they apply to the current BDC become subject to additional regulatory oversight by an agency other than the SEC, Ultimus shall register as a transfer agent for such Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)*It has and will continue to have and maintain the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)*To the best of its knowledge, no legal or administrative proceedings have been instituted or threatened which would impair Ultimus' ability to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)*Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of Ultimus or any law or regulation applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.3.Representations of the BDC.*** The BDC represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*as of the Agreement Effective Date, the BDC has authority to issue 600,000,000 shares of stock, initially consisting of 600,000,000 shares of common stock, $0.001 par value per share; a majority of the entire Board, without any action by the stockholders of the BDC, may amend the BDC's charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the BDC has authority to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*It shall cause the investment adviser(s) and sub-advisers, prime broker, custodian, legal counsel, independent accountants, and other service providers and agents, past or present, for the BDC to reasonably cooperate with Ultimus and to provide it with such information, documents, and advice relating to the BDC as reasonably requested by Ultimus, in order to enable Ultimus to perform its duties and obligations under this Agreement. To the extent the BDC is unable to supply Ultimus with all of the information necessary for Ultimus to perform the Services, Ultimus will not be able to fully perform the Services and will not be responsible for such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*The BDC's charter and bylaws, as amended from time to time, are true and accurate and will remain true and accurate at all times during the term of this Agreement in conformance with applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*Any officer of the BDC identified in writing by the BDC to Ultimus shall be considered an individual who is authorized to provide Ultimus with instructions and requests on behalf of the BDC (an "**Authorized Person**") (unless such authority is limited in a writing from the BDC and communicated to Ultimus) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Ultimus the names of the Authorized Persons from time to time.

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**13. Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.Notice of Termination.*** A party shall promptly notify the other party should any of the notifying party's insurance coverage be canceled or reduced. Such notification shall include the date of change and the reasons therefore.

**14. Information Provided by the BDC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the BDC will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*copies of the BDC's organizational documents and of any amendments thereto, certified by the proper official of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*certified copies of resolutions of the Board covering the approval of this Agreement, authorization of a specified officer of the BDC to execute and deliver this Agreement and authorization for specified officers of the BDC to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*a list of all the officers of the BDC, together with specimen signatures of those officers who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*an accurate, current list of shareholders of each existing series of the BDC, if applicable, showing each shareholder's address of record, number of shares owned and whether such shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)*copies of the current plan of distribution adopted by the BDC under Rule 12b-1 under the Investment Company Act for the BDC, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)*copies of the current investment advisory agreement and current investment sub-advisory agreement(s), if applicable, for the BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)*copies of the current underwriting agreement for the BDC, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)*contact information for the BDC's service providers, including, but not limited to, the BDC's administrator, adviser, custodian, independent accountants, legal counsel, underwriter and chief compliance officer; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)*a copy of procedures adopted by the BDC in accordance with Rule 38a-1 under the Investment Company Act, to the extent adopted as of such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.After the Agreement Effective Date.*** After the Agreement Effective Date, the BDC will furnish to Ultimus any amendments to the items listed in Section 14.1.

**15. Compliance with Law**

The BDC assumes full responsibility for the preparation, contents, and distribution of each private placement memorandum or prospectus of the BDC and further agrees to comply with all applicable requirements of the Federal Securities Laws (as defined under Rule 38a-1 under the Investment Company Act) and any other laws, rules and regulations of governmental authorities having jurisdiction over the BDC, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16. Privacy and Confidentiality; Security Information Program**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that either party discloses (a "**Disclosing Party**") to the other party (a "**Receiving Party**"), whether in writing, electronically, or orally and in any form (tangible or intangible), that is confidential, proprietary, or relates to portfolio companies, investments, the BDC's operations and performance, clients or shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*any information concerning technology, such as systems, source code, databases, hardware, software, programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*any information not contained in the public filings of the BDC concerning research activities and investments, portfolio composition, portfolio management techniques, plans, customers, clients, shareholders, strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*any unpublished financial information, including information concerning performance or valuations of portfolio companies, revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*Customer Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally or marked appropriately. Confidential Information that is not Customer Information (as defined below) shall not include any information that is widely known and publicly available when provided or thereafter becomes widely known and publicly available other than through a breach of this Agreement by the Receiving Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive property of the BDC. "**Customer Information**" shall mean all non-public personal information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board Regulation P) (collectively, the "**GLB Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.Treatment of Confidential Information***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*Each party agrees that at all times during and after the terms of this Agreement, it shall use, handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether in effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*Without limiting the foregoing, the Receiving Party shall apply to any Confidential Information at least the same degree of reasonable care used for its own confidential and proprietary information to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*Each party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and permit use of Confidential Information solely for the purposes of this Agreement or as otherwise provided for in this Agreement, and consistent therewith, may disclose or provide access to its responsible employees or agents who have a need to know and are under adequate confidentiality agreements or arrangements and make copies of Confidential Information to the extent reasonably necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Notwithstanding the foregoing, the Receiving Party may release Confidential Information as required by any regulatory authority, by judicial or administrative process or otherwise by applicable law or if approved in writing by the Disclosing Party, which approval shall not be unreasonably withheld and may not be withheld where the Receiving Party is reasonably expected to be exposed to civil or criminal liability or proceedings for failure to release such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use and will cooperate with the Disclosing Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.[Reserved.]***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.5.Severability.*** This provision and the obligations under this Section 16 shall survive termination of this Agreement.

**17.**[Reserved]

**18. Non-Exclusivity**

The Services rendered by Ultimus to the BDC are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a director, officer or employee of the BDC, or persons who are otherwise affiliated persons of the BDC to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19. Non-Solicitation**

During the period this Agreement is in effect and for a period of twelve (12) months thereafter, no party shall, without the prior written consent of the affected party, hire, solicit, induce, directly or through a third party, whether as a full–time or part–time employee, or as a consultant or otherwise, any employee, officer or consultant from the affected party. Notwithstanding the foregoing, nothing in this Agreement shall preclude any party or any such affiliate from (A) making generalized searches for employees by use of general advertisements in the media (including trade media) or recruitment efforts by a recruitment agency that are not targeted specifically at employees of the affected party or (B) responding to any employee of the affected party who contacts the hiring party or any such affiliate regarding his or her own employment with the hiring party or such affiliate on his or her own initiative without any direct solicitation by the hiring party or such affiliate other than any generalized search or ordinary course practice referred to in clause (A) above.

**20. Arbitration** 

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in New York, New York, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

**21. Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

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***If to the BDC:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe Capital Income Plus Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 North Wacker Drive, Floor 35

Chicago, IL 60606

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: Legal@monroecap.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***If to Ultimus:***

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: legal@ultimusfundsolutions.com

**22. General Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.1.Entire Agreement/Incorporation by Reference.*** This Agreement and its addenda, schedules, exhibits, and other documents related hereto (which are incorporated by reference herein), together with that certain side letter by and between the BDC and Ultimus dated November 4, 2025 (as may be amended or modified from time to time, and including any agreements, addenda, schedules, exhibits, and other documents referenced therein, the "**Side Letter**"), and any other document that may be delivered in connection herewith and signed by both parties hereto, sets forth the entire understanding among the parties relating to the subject matter hereof, any and all prior correspondence, conversations, and memoranda or other writings relating to the Services are hereby superseded and replaced without any effect hereon. References to "this Agreement" herein shall, unless the context otherwise indicates, refer to the Agreement including its addenda, schedules, exhibits, and other documents (including, without limitation, the Side Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.2.Conflicts.*** In the event of any conflict between this Agreement and any appendices or addenda hereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.3.Amendments.*** The parties may only amend, modify or waive all or part of this Agreement by written amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.4.Assignments.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*Except as provided in this Section 22.4, this Agreement and the rights and duties hereunder shall not be assignable by either of the parties except by the specific written consent of the non-assigning party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*The terms and provisions of this Agreement shall become automatically applicable to any investment company that is the successor to a party because of reorganization, recapitalization, or change of domicile of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*Unless this Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may, to the extent permitted by law and in its sole discretion, assign all its rights and interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially all of its business, provided that Ultimus provides the BDC at least 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.5.Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of New York and the applicable provisions of the Investment Company Act. To the extent that the applicable laws of the state of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.6.Headings.*** Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.7.Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.8.Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

Monroe Capital Income Plus Corporation

Transfer Agent Services Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 17 of 18

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The parties duly executed this Agreement as of November 4, 2025.

---

| | |
|:---|:---|
| | **Monroe Capital Income Plus Corporation** |
| <br>By: | <br>/s/ Theodore L. Koenig |
| Name: | Theodore L. Koenig |
| Title: | CEO |

---

---

| | |
|:---|:---|
| | **Ultimus Fund Solutions, LLC** |
| <br>By: | <br>/s/ Gary Tenkman |
| Name: | Gary Tenkman |
| Title: | Chief Executive Officer |

---

Monroe Capital Income Plus Corporation

Transfer Agent Services Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 18 of 18

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**<u>Transfer Agent Services Addendum</u>**

**for**

**Monroe Capital Income Plus Corporation** 

This Transfer Agent Services Addendum (this "**Addendum**"), dated November 4, 2025, is between **Monroe Capital Income Plus Corporation** (the "**BDC**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Transfer Agent Services Agreement dated November 4, 2025 (the "**Agreement**").

**1. <u>Transfer Agent Services</u>.** With respect to the Transfer Agent Services, Ultimus shall provide the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process Investor Subscriptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receipt and sorting of incoming mail

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creation of electronic images for all paper received

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitor and receive subscription documents (and/or transfer documents) from investors and subscription document platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review subscription documents (and/or transfer documents) for completeness (including, without limitation, for Shareholder's ERISA/non-ERISA status as outlined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain required investor demographic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive subscription funds and match to subscription document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Set up account information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain, monitor, and reconcile DDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain appropriate approvals and transfer money to the trading account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide good-order, pending wire, pending sub-docs / transfer docs reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record of the total number of shares of the BDC which are authorized, based upon data provided to it by the BDC, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund trading, settlement and clearing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• NSCC Fund/SERV, DCCS, Networking and Profile interfaces and services (AIP if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process purchase and redemption/repurchase orders (including carrier omnibus purchase and redemption orders)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IRA purchases, transfers, withdrawals and roll-overs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investor statements and trade confirmations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identity theft monitoring and prevention

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Call center and shareholder correspondence (in accordance with procedures agreed to by the BDC and Ultimus)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Online access to transfer agency reports, assets and activity

Monroe Capital Income Plus Corporation

Transfer Agent Services Addendum&nbsp;&nbsp;&nbsp;&nbsp; Page 1 of 6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manage direct shareholder accounts, provide and maintain self-service options for shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Handle electronic servicing of investors, servicing of corporate actions and other intermediary services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Internet Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide and maintain a web portal for the fund sponsor, investors, and FAs to access account information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allow investors to sign up for electronic document delivery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Send emails to investors notifying them when statements or regulatory documents are available online

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the ability to post fund documents on the portal for access by investors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Send emails to investors when documents have been posted online.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade support for qualified retirement plans, and retail investors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receive and respond to investor/FA/Rep inquiries by telephone, mail, or email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue accrual and collection services, as needed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Information and Reporting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend Distribution Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• including acting as service agent and processing income dividend and capital gains distributions, including the purchase of new shares or otherwise in connection with the BDC's dividend reinvestment plan, and through appropriate application of backup withholding, non-resident alien withholding and Foreign Account Tax Compliance Act ("**FATCA**") withholding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comprehensive review of AML, CIP, and infraction list account information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounting and Regulatory reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timely and accurate reporting of shareholder 1099s (as applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tender offer tracking, reporting and execution

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Shareholder Information Services</u>.** 

Ultimus shall provide the BDC with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;2.1.&nbsp;&nbsp;&nbsp;&nbsp;make information available to shareholder servicing unit and other remote access units regarding trade date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;2.2.&nbsp;&nbsp;&nbsp;&nbsp;produce detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;2.3.&nbsp;&nbsp;&nbsp;&nbsp;provide mailing labels for distribution of financial reports, prospectuses/private placement memorandums, proxy statements or marketing material to current shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.&nbsp;&nbsp;&nbsp;&nbsp;provide cost basis reporting to shareholders on BDC shares, as required;

Monroe Capital Income Plus Corporation

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;prepare an annual list of shareholders (in a format to be agreed upon); and

&nbsp;&nbsp;&nbsp;&nbsp;2.6.&nbsp;&nbsp;&nbsp;&nbsp;respond as appropriate to all inquiries and communications from shareholders and financial intermediaries relating to shareholder accounts.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance Reporting.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1.&nbsp;&nbsp;&nbsp;&nbsp;*AML Reporting*. Ultimus agrees to (i) provide anti-money laundering screening for the BDC's direct investors domiciled in the United States, which shall include initial comparison of investor information against OFAC and other watch lists (and including screening of any 10% underlying beneficial owner of a Shareholder) and providing the BDC with any exceptions in accordance with Ultimus' AML policies and procedures; and (ii) perform customer identification for these shareholders, in each case in accordance with the written procedures developed by Ultimus and adopted or approved by the Board and with applicable law and regulations. Ultimus shall also: (i) systematically compare updates against investor name for each update of the OFAC list; (ii) periodically monitor existing investors in accordance with Ultimus' AML policies and procedures; (iii) as agreed with the BDC, support AML screening for new and existing "high risk" Shareholders, as applicable (which shall include, without limitation, providing a periodic written report to the BDC with respect to any such "high risk" Shareholder); (iv) file Suspicious Activity Reports, if any, with the appropriate reporting authorities; (v) provide AML certification report upon request; and (vi) perform adverse media reviews on all shareholders based on Ultimus' BSA standards including ongoing monitoring for all shareholders.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. &nbsp;&nbsp;&nbsp;&nbsp;*ERISA/IRA Reporting*. Ultimus agrees to document and report final, aggregate ERISA totals per class in the BDC at any closing date, transfer date, repurchase date, redemption or change to DRIP election (each, an "ERISA Calculation Date"). Such report shall include total shares held by ERISA investors per class and total shares per class of the BDC outstanding as of the applicable ERISA Calculation Date. Ultimus shall also provide an estimated calculation of the aggregate ERISA totals per class in the BDC within four (4) Business Days prior to any ERISA Calculation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.&nbsp;&nbsp;&nbsp;&nbsp;*Regulatory Reporting*. Ultimus agrees to provide reports to the federal and applicable state authorities, including the SEC, and to the BDC's auditors. Applicable state authorities are those governmental agencies located in states in which the BDC is registered to sell shares.

&nbsp;&nbsp;&nbsp;&nbsp;3.4.&nbsp;&nbsp;&nbsp;&nbsp;*IRS Reporting*. Ultimus will prepare and distribute appropriate Internal Revenue Service ("**IRS**") forms for shareholder income and capital gains (including the calculation of qualified income), sale of fund shares, distributions from retirement accounts and education savings accounts, fair market value reporting on IRAs, contributions, rollovers and conversions to IRAs and education savings accounts and required minimum distribution notifications and issue tax withholding reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;*On boarding of Foreign Investors*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review account opening documents, including tax certifications Form W-9 and original W-8, for FATCA-specified U.S. indicia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remediate missing or invalid tax certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject account to the relevant type of IRS withholding (FATCA, non-resident alien ("NRA"), or backup) based upon the IRS Form W-8/W-9 tax certification provided by the investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transmit copy of new account documents for NRA and Foreign entities to the BDC to complete its AML/W-8 comparison.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;*<u>Support and Maintenance of Existing Foreign Investor Accounts.</u>*

Monroe Capital Income Plus Corporation

Transfer Agent Services Addendum&nbsp;&nbsp;&nbsp;&nbsp; Page 3 of 6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act as Withholding Agent:

oMaintain constructive receipt of the tax certifications original IRS Form W-8 and relevant documentary evidence for audit and compliance reviews.

oOngoing review of FATCA Global Intermediary Identification Number (GIIN) against list of Foreign Financial Institutions (FFIs) on the IRS web site.

oComplete FA TCA/NRA and back up withholding deposits to the IRS by the required due date.

oComplete and file Tax Forms 1042 and 945.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitor and remediate for "Change of Circumstance" and/or expiration of Form W-8 certification:

oNotify and solicit the investor for a new and compliant Form W-8 as required.

oNotify the BDC of change of circumstance to complete its AML comparison review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the BDC with reports and other documentation as requested.

 **4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dealer/Load Processing</u>.** 

Ultimus will, and will use commercially reasonable efforts to coordinate with any managing dealer for the BDC to:

&nbsp;&nbsp;&nbsp;&nbsp;4.1.&nbsp;&nbsp;&nbsp;&nbsp;provide reports for tracking rights of accumulation and purchases made under a letter of intent;

&nbsp;&nbsp;&nbsp;&nbsp;4.2.&nbsp;&nbsp;&nbsp;&nbsp;account for separation of shareholder investments from transaction sale charges for purchase of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;4.3.&nbsp;&nbsp;&nbsp;&nbsp;calculate fees due under Rule 12b-1 plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;4.4.&nbsp;&nbsp;&nbsp;&nbsp;track sales and commission statistics by dealer and provide for payment of commissions on direct shareholder purchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;calculate and track any sales charge and/or underwriting compensation caps applicable (whether by law or regulation or in connection with conditions of regulatory exemptive relief applicable to the BDC, including, without limitation, any caps imposed by FINRA) to the BDC's offering issuance and sale of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;4.6.&nbsp;&nbsp;&nbsp;&nbsp;apply appropriate Front End Sales Load ("**FESL**") breakpoint and Contingent Deferred Sales Charges ("**CDSCs**") automatically during trade processing.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Shareholder Account Maintenance</u>.** 

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;5.1.&nbsp;&nbsp;&nbsp;&nbsp;maintain all shareholder records for each account in the BDC;

&nbsp;&nbsp;&nbsp;&nbsp;5.2.&nbsp;&nbsp;&nbsp;&nbsp;as dividend disbursing agent, on or before the payment date of any dividend or distribution, notify the BDC's custodian of the estimated amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders any funds to which they are entitled by reason of any dividend or distribution and in the case of shareholders entitled to receive additional shares of the by reason of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and mail to such shareholders a confirmation statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;5.3.&nbsp;&nbsp;&nbsp;&nbsp;issue customer statements on a scheduled cycle, and provide duplicate second and third-party copies if required;

&nbsp;&nbsp;&nbsp;&nbsp;5.4.&nbsp;&nbsp;&nbsp;&nbsp;record shareholder account information changes; and

Monroe Capital Income Plus Corporation

Transfer Agent Services Addendum&nbsp;&nbsp;&nbsp;&nbsp; Page 4 of 6

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&nbsp;&nbsp;&nbsp;&nbsp;5.5.&nbsp;&nbsp;&nbsp;&nbsp;maintain account documentation files for each shareholder.

**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>National Securities Clearing Corporation Processing</u>.** 

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;6.1.&nbsp;&nbsp;&nbsp;&nbsp;process accounts through Networking and the purchase, redemption, repurchase, transfer and exchange of shares in such accounts through Fund/SERV (Networking and Fund/SERV being programs operated by the National Securities Clearing Corporation (the "**NSCC**") on behalf of NSCC's participants, including the BDC), in accordance with, instructions transmitted to and received by Ultimus by transmission from NSCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of authorized persons, as hereinafter defined on the dealer file maintained by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;6.2.&nbsp;&nbsp;&nbsp;&nbsp;issue instructions to the BDC's custodian for the settlement of transactions between the BDC and NSCC (acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;6.3.&nbsp;&nbsp;&nbsp;&nbsp;provide account and transaction information from the affected Fund's records on an appropriate computer system in accordance with NSCC's Networking and Fund/SERV rules for those broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;6.4.&nbsp;&nbsp;&nbsp;&nbsp;maintain shareholder accounts through Networking.

***Signatures are located on the next page.***

Monroe Capital Income Plus Corporation

Transfer Agent Services Addendum&nbsp;&nbsp;&nbsp;&nbsp; Page 5 of 6

------

The parties duly executed this Transfer Agent Services Addendum as of November 4, 2025.

---

| | |
|:---|:---|
| | **Monroe Capital Income Plus Corporation** |
| <br>By: | <br>/s/ Theodore L. Koenig |
| Name: | Theodore L. Koenig |
| Title: | CEO |

---

---

| | |
|:---|:---|
| | **Ultimus Fund Solutions, LLC** |
| <br>By: | <br>/s/ Gary Tenkman |
| Name: | Gary Tenkman |
| Title: | Chief Executive Officer |

---

Monroe Capital Income Plus Corporation

Transfer Agent Services Addendum&nbsp;&nbsp;&nbsp;&nbsp; Page 6 of 6

------

**<u>Transfer Agent Services Fee Letter</u>**

**for**

**Monroe Capital Income Plus Corporation**

(intentionally omitted)

## Exhibit 10.3

**SECOND AMENDED AND RESTATED DIVIDEND REINVESTMENT PLAN**

**OF** 

**MONROE CAPITAL INCOME PLUS CORPORATION**

Effective as of November 4, 2025

Monroe Capital Income Plus Corporation., a Maryland corporation (the "***Company***"*),* hereby adopts the following plan (the "***Plan***"*)* with respect to distributions declared by its Board of Directors the Company's common shares, par value $0.001 per share ("***Shares***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Unless a stockholder specifically elects to have any portion of its distributions reinvested by the Company in the Shares pursuant to paragraph 3 below, all distributions hereafter declared by the Company's Board of Directors (the "***Board of Directors***") shall be paid in cash to each stockholder, and no action shall be required on such stockholder's part to receive such cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Such distributions shall be payable on such date or dates (each, a "***Payment Date***") as may be fixed from time to time by the Board of Directors to stockholders of record at the close of business on the record date(s) established by the Board of Directors for the distribution involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.To exercise the option of having its distributions reinvested in Shares, a stockholder shall notify the Company and Ultimus Fund Solutions, LLC, (referred to as the *"****Plan Administrator****"),* in writing (using the form of notice set forth as an appendix to the Subscription Agreement signed by such stockholder or any other form of notice as distributed to such stockholder by the Company) so that such notice is received by the Plan Administrator no later than ten (10) days prior to the record date fixed by the Board of Directors for the first distribution such stockholder wishes to have its distribution reinvested in Shares. Such election shall remain in effect until the stockholder shall notify the Plan Administrator in writing of such stockholder's desire to change its election, which notice shall be delivered to the Plan Administrator no later than so that such notice is received by the Plan Administrator no later than ten (10) days prior to the record date fixed by the Board of Directors for the first distribution such stockholder wishes to change its election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Company intends to use primarily newly issued shares to implement the Plan. The number of Shares to be issued to a stockholder that has elected to have its distributions reinvested in accordance with paragraph 3 (each, a "***Participant***") shall be determined by dividing the total dollar amount of the distribution payable to such Participant as set forth by the Company's Board of Directors by the net asset value per share as of the most recent effective date on which the Shares are issued to the Company's investors in a closing of a private offering by the Company (each a "***Closing Date***") immediately preceding the Payment Date of such distribution; provided that the number of Shares to be issued to a Participant pursuant to the foregoing shall not include fractional Shares. Shares issued pursuant to the Plan in connection with any distribution shall be issued to each Participant on the Payment Date. All Shares issued pursuant to the Plan shall be issued in non-certificated form and shall be credited to such Participant on the books and records of the Company. Cash payable to a Participant in lieu of fractional Shares pursuant to paragraph 3 shall be paid contemporaneously with the issuance of such Shares in connection with such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Plan Administrator will confirm to each Participant each issuance of Shares made to such Participant pursuant to the Plan as soon as practicable following the date of such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Plan Administrator's service fee, if any, and expenses for administering the Plan will be paid for by the Company. There will be no brokerage charges or other charges to stockholders who participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Plan may be terminated by the Company upon notice in writing mailed to each Participant at least 30 days prior to the effectiveness of such termination.

53825086.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.These terms and conditions may be amended or supplemented by the Company at any time. Any such amendment or supplement may include an appointment by the Plan Administrator in its place and stead of a successor agent under the terms and conditions agreed upon by the Company, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator as agreed to by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The Plan Administrator will at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.These terms and conditions shall be governed by the laws of the State of Maryland without regard to the conflicts of law principles thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.

53825086.5

## Exhibit 31.1

**Exhibit 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**

I, Theodore L. Koenig, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Monroe Capital Income Plus Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 7, 2025

---

| |
|:---|
| /s/ Theodore L. Koenig |
| Theodore L. Koenig<br>Chairman, Chief Executive Officer and Director<br>*(Principal Executive Officer)*<br>Monroe Capital Income Plus Corporation |

---

## Exhibit 31.2

**Exhibit 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**

I, Lewis W. Solimene, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Monroe Capital Income Plus Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 7, 2025

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| |
|:---|
| /s/ Lewis W. Solimene, Jr. |
| Lewis W. Solimene, Jr.<br>Chief Financial Officer and Chief Investment Officer<br>*(Principal Financial and Accounting Officer)*<br>Monroe Capital Income Plus Corporation |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Monroe Capital Income Plus Corporation (the "Company") for the quarterly period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Theodore L. Koenig, Chief Executive Officer of the Company, and I, Lewis W. Solimene, Jr., Chief Financial Officer of the Company, each certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 7, 2025

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| |
|:---|
| /s/ Theodore L. Koenig |
| Theodore L. Koenig<br>Chairman, Chief Executive Officer and Director<br>*(Principal Executive Officer)*<br>Monroe Capital Income Plus Corporation |
| /s/ Lewis W. Solimene, Jr. |
| Lewis W. Solimene, Jr.<br>Chief Financial Officer and Chief Investment Officer<br>*(Principal Financial and Accounting Officer)*<br>Monroe Capital Income Plus Corporation |

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