# EDGAR Filing Document

**Accession Number:** 0001512931
**File Stem:** 0001512931-25-000074
**Filing Date:** 2025-11
**Character Count:** 1073318
**Document Hash:** 702ea59218edbdb08edafad397d80f6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001512931-25-000074.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001512931-25-000074

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 277

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MONROE CAPITAL Corp
- **CENTRAL INDEX KEY:** 0001512931

**ORGANIZATION NAME:**
- **EIN:** 274895840
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00866
- **FILM NUMBER:** 251455086

**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'? mrcc-20250930

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</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: 814-00866**

**MONROE CAPITAL CORPORATION**

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| **Maryland** | **27-4895840** |
| (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, Illinois 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** |
| **Common Stock, par value $0.001 per share** | **MRCC** | **The Nasdaq Global Select Market** |

---

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

As of November 5, 2025, the registrant had 21,666,340 shares of common stock, $0.001 par value, outstanding.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| <u>[PART I. FINANCIAL INFORMATION](#i899c2c4abe3141ecb466b4bcb162028d_10)</u> | <u>[PART I. FINANCIAL INFORMATION](#i899c2c4abe3141ecb466b4bcb162028d_10)</u> | [3](#i899c2c4abe3141ecb466b4bcb162028d_10) |
| <u>[Item 1.](#i899c2c4abe3141ecb466b4bcb162028d_13)</u> | <u>[Consolidated Financial Statements](#i899c2c4abe3141ecb466b4bcb162028d_13)</u> | [3](#i899c2c4abe3141ecb466b4bcb162028d_13) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i899c2c4abe3141ecb466b4bcb162028d_16) September 30, 2025[(unaudited) and](#i899c2c4abe3141ecb466b4bcb162028d_16)December 31, 2024</u> | [3](#i899c2c4abe3141ecb466b4bcb162028d_16) |
|  | <u>[Consolidated Statements of Operations for the](#i899c2c4abe3141ecb466b4bcb162028d_19)three and nine[months ended](#i899c2c4abe3141ecb466b4bcb162028d_19)September 30, 2025[and](#i899c2c4abe3141ecb466b4bcb162028d_19)2024[(unaudited)](#i899c2c4abe3141ecb466b4bcb162028d_19)</u> | [4](#i899c2c4abe3141ecb466b4bcb162028d_19) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the](#i899c2c4abe3141ecb466b4bcb162028d_25)three and nine[months ended](#i899c2c4abe3141ecb466b4bcb162028d_25)September 30, 2025[and](#i899c2c4abe3141ecb466b4bcb162028d_25)2024[(unaudited)](#i899c2c4abe3141ecb466b4bcb162028d_25)</u> | [5](#i899c2c4abe3141ecb466b4bcb162028d_25) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i899c2c4abe3141ecb466b4bcb162028d_31)nine[months ended](#i899c2c4abe3141ecb466b4bcb162028d_31)September 30, 2025[and](#i899c2c4abe3141ecb466b4bcb162028d_31)2024[(unaudited)](#i899c2c4abe3141ecb466b4bcb162028d_31)</u> | [6](#i899c2c4abe3141ecb466b4bcb162028d_31) |
|  | <u>[Consolidated Schedules of Investments as of](#i899c2c4abe3141ecb466b4bcb162028d_37) September 30, 2025[(unaudited) and](#i899c2c4abe3141ecb466b4bcb162028d_37) December 31, 2024</u> | [7](#i899c2c4abe3141ecb466b4bcb162028d_37) |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#i899c2c4abe3141ecb466b4bcb162028d_43)</u> | [35](#i899c2c4abe3141ecb466b4bcb162028d_43) |
| <u>[Item 2.](#i899c2c4abe3141ecb466b4bcb162028d_109)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i899c2c4abe3141ecb466b4bcb162028d_109)</u> | [79](#i899c2c4abe3141ecb466b4bcb162028d_109) |
| <u>[Item 3.](#i899c2c4abe3141ecb466b4bcb162028d_157)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i899c2c4abe3141ecb466b4bcb162028d_157)</u> | [108](#i899c2c4abe3141ecb466b4bcb162028d_157) |
| <u>[Item 4.](#i899c2c4abe3141ecb466b4bcb162028d_160)</u> | <u>[Controls and Procedures](#i899c2c4abe3141ecb466b4bcb162028d_160)</u> | [109](#i899c2c4abe3141ecb466b4bcb162028d_160) |
| <u>[PART II. OTHER INFORMATION](#i899c2c4abe3141ecb466b4bcb162028d_163)</u> | <u>[PART II. OTHER INFORMATION](#i899c2c4abe3141ecb466b4bcb162028d_163)</u> | [110](#i899c2c4abe3141ecb466b4bcb162028d_163) |
| <u>[Item 1.](#i899c2c4abe3141ecb466b4bcb162028d_166)</u> | <u>[Legal Proceedings](#i899c2c4abe3141ecb466b4bcb162028d_166)</u> | [110](#i899c2c4abe3141ecb466b4bcb162028d_166) |
| <u>[Item 1A.](#i899c2c4abe3141ecb466b4bcb162028d_169)</u> | <u>[Risk Factors](#i899c2c4abe3141ecb466b4bcb162028d_169)</u> | [110](#i899c2c4abe3141ecb466b4bcb162028d_169) |
| <u>[Item 2.](#i899c2c4abe3141ecb466b4bcb162028d_172)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i899c2c4abe3141ecb466b4bcb162028d_172)</u> | [113](#i899c2c4abe3141ecb466b4bcb162028d_172) |
| <u>[Item 3.](#i899c2c4abe3141ecb466b4bcb162028d_175)</u> | <u>[Defaults Upon Senior Securities](#i899c2c4abe3141ecb466b4bcb162028d_175)</u> | [113](#i899c2c4abe3141ecb466b4bcb162028d_175) |
| <u>[Item 4.](#i899c2c4abe3141ecb466b4bcb162028d_178)</u> | <u>[Mine Safety Disclosures](#i899c2c4abe3141ecb466b4bcb162028d_178)</u> | [113](#i899c2c4abe3141ecb466b4bcb162028d_178) |
| <u>[Item 5.](#i899c2c4abe3141ecb466b4bcb162028d_181)</u> | <u>[Other Information](#i899c2c4abe3141ecb466b4bcb162028d_181)</u> | [113](#i899c2c4abe3141ecb466b4bcb162028d_181) |
| <u>[Item 6.](#i899c2c4abe3141ecb466b4bcb162028d_184)</u> | <u>[Exhibits](#i899c2c4abe3141ecb466b4bcb162028d_184)</u> | [114](#i899c2c4abe3141ecb466b4bcb162028d_184) |
| <u>[Signatures](#i899c2c4abe3141ecb466b4bcb162028d_187)</u> |  | [115](#i899c2c4abe3141ecb466b4bcb162028d_187) |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**PART I. FINANCIAL INFORMATION**

**ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS**

 **MONROE CAPITAL 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 | $254910 | $343835 |
| &nbsp;&nbsp;Non-controlled affiliate company investments | 77500 | 80483 |
| &nbsp;&nbsp;Controlled affiliate company investments | 28240 | 32730 |
| Total investments, at fair value (amortized cost of $408,331 and $495,797, respectively) | 360650 | 457048 |
| Cash and cash equivalents | 3526 | 9044 |
| Interest and dividend receivable | 23832 | 23511 |
| Other assets | 944 | 1068 |
| &nbsp;&nbsp;**Total assets** | 388952 | 490671 |
| **Liabilities** |  |  |
| Debt | $212800 | $293900 |
| &nbsp;&nbsp;Less: Unamortized debt issuance costs | (1602) | (1925) |
| &nbsp;&nbsp;&nbsp;Total debt, less unamortized debt issuance costs | 211198 | 291975 |
| Interest payable | 1444 | 2903 |
| Base management fees payable | 1652 | 1965 |
| Accounts payable and accrued expenses | 1561 | 2066 |
| Directors' fees payable | 59 |  |
| &nbsp;&nbsp;**Total liabilities** | 215914 | 298909 |
| **Commitments and contingencies (See Note 11)** |  |  |
| **Net Assets** |  |  |
| Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively | $22 | $22 |
| Capital in excess of par value | 297712 | 297712 |
| Accumulated undistributed (overdistributed) earnings | (124696) | (105972) |
| &nbsp;&nbsp;**Total net assets** | $173038 | $191762 |
| &nbsp;&nbsp;**Total liabilities and total net assets** | $388952 | $490671 |
| **Net asset value per share** | $7.99 | $8.85 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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;&nbsp;Interest income | $5463 | $10408 | $20250 | $32211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 1325 | 919 | 3441 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 54 | 114 | 196 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 23 | 694 | 306 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliate company investments | 6865 | 12135 | 24193 | 35940 |
| &nbsp;&nbsp;Non-controlled affiliate company investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 577 | 1202 | 1602 | 3663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 704 | 1402 | 2147 | 4037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 60 | 56 | 177 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled affiliate company investments | 1341 | 2660 | 3926 | 7864 |
| &nbsp;&nbsp;Controlled affiliate company investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income |  | 900 | 1600 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from controlled affiliate company investments |  | 900 | 1600 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 8206 | 15695 | 29719 | 46504 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;Interest and other debt financing expenses | 3913 | 5517 | 12523 | 16804 |
| &nbsp;&nbsp;Base management fees | 1652 | 2006 | 5244 | 6091 |
| &nbsp;&nbsp;Incentive fees |  | 730 |  | 2449 |
| &nbsp;&nbsp;Professional fees | 187 | 239 | 718 | 706 |
| &nbsp;&nbsp;Administrative service fees | 360 | 270 | 1088 | 729 |
| &nbsp;&nbsp;General and administrative expenses | 152 | 270 | 611 | 731 |
| &nbsp;&nbsp;Directors' fees | 59 | 46 | 191 | 195 |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | 6323 | 9078 | 20375 | 27705 |
| &nbsp;&nbsp;**Net investment income before income taxes** | 1883 | 6617 | 9344 | 18799 |
| &nbsp;&nbsp;Income tax expense (benefit), including excise taxes | 70 | 136 | 147 | 289 |
| &nbsp;&nbsp;**Net investment income** | 1813 | 6481 | 9197 | 18510 |
| **Net gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | (2378) | 638 | (2739) | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2378) | 638 | (2739) | 1148 |
| &nbsp;&nbsp;Net change in unrealized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | 458 | (2743) | (4719) | (7072) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate company investments | 337 | 771 | (273) | (962) |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliate company investments | (1367) | (201) | (3940) | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions |  | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) | (572) | (2153) | (8932) | (8239) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net gain (loss)** | (2950) | (1515) | (11671) | (7091) |
| **Net increase (decrease) in net assets resulting from operations** | $(1137) | $4966 | $(2474) | $11419 |
| **Per common share data:** |  |  |  |  |
| Net investment income per share - basic and diluted | $0.08 | $0.30 | $0.43 | $0.85 |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $(0.05) | $0.23 | $(0.11) | $0.53 |
| Weighted average common shares outstanding - basic and diluted | 21666 | 21666 | 21666 | 21666 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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** | 21666 | $22 | $298127 | $(98805) | $199344 |
| Net investment income |  |  |  | 6481 | 6481 |
| Net realized gain (loss) |  |  |  | 638 | 638 |
| Net change in unrealized gain (loss) |  |  |  | (2153) | (2153) |
| Distributions to stockholders |  |  |  | (5417) | (5417) |
| **Balances at September 30, 2024** | 21666 | $22 | $298127 | $(99256) | $198893 |
| **Balances at June 30, 2025** | 21666 | $22 | $297712 | $(118142) | $179592 |
| Net investment income |  |  |  | 1813 | 1813 |
| Net realized gain (loss) |  |  |  | (2378) | (2378) |
| Net change in unrealized gain (loss) |  |  |  | (572) | (572) |
| Distributions to stockholders |  |  |  | (5417) | (5417) |
| **Balances at September 30, 2025** | 21666 | $22 | $297712 | $(124696) | $173038 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** | 21666 | $22 | $298127 | $(94425) | $203724 |
| Net investment income |  |  |  | 18510 | 18510 |
| Net realized gain (loss) |  |  |  | 1148 | 1148 |
| Net change in unrealized gain (loss) |  |  |  | (8239) | (8239) |
| Distributions to stockholders |  |  |  | (16250) | (16250) |
| **Balances at September 30, 2024** | 21666 | $22 | $298127 | $(99256) | $198893 |
| **Balances at December 31, 2024** | 21666 | $22 | $297712 | $(105972) | $191762 |
| Net investment income |  |  |  | 9197 | 9197 |
| Net realized gain (loss) |  |  |  | (2739) | (2739) |
| Net change in unrealized gain (loss) |  |  |  | (8932) | (8932) |
| Distributions to stockholders |  |  |  | (16250) | (16250) |
| **Balances at September 30, 2025** | 21666 | $22 | $297712 | $(124696) | $173038 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 | $(2474) | $11419 |
| 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 | 2739 | (1148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on investments | 8932 | 8259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on foreign currency and other transactions |  | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (6039) | (6911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discounts and amortization of premiums | (602) | (700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (28859) | (71261) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments and sale of investments | 120227 | 86308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1161 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable | (321) | (3981) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 124 | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (1459) | (1727) |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fees payable | (313) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees payable |  | (589) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (505) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees payable | 59 | 46 |
| &nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 92670 | 20467 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 51000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (132100) | (95100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs capitalized | (838) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholder distributions paid | (16250) | (16250) |
| &nbsp;&nbsp;**Net cash provided by (used in) financing activities** | (98188) | (21355) |
| **Net increase (decrease) in cash and cash equivalents** | (5518) | (888) |
| **Cash and cash equivalents, beginning of period** | 9044 | 4958 |
| **Cash and cash equivalents, end of period** | $3526 | $4070 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid during the period | $12712 | $17436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes, including excise taxes during the year | $598 | $373 |
| **Supplemental disclosure of non-cash activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash purchases of investments | $— | $420 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| **Non-Controlled/Non-Affiliate Company Investments** | | | | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Automotive** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (Delayed Draw) | (14)(15)(16) | SF | 8.76% | 12.76% PIK | 6/21/2024 | 12/31/2027 | 569 | $406 | $485 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.76% | 4/24/2018 | 12/30/2025 | 1760 | 1760 | 1760 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.76% | 3/29/2023 | 12/30/2025 | 638 | 638 | 638 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.76% | 12/18/2023 | 12/30/2025 | 1961 | 1961 | 1961 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company (Revolver) | (14) | SF | 7.60% | 11.76% | 3/29/2023 | 12/30/2025 | 691 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC |  | SF | 5.35% | 9.63% | 8/11/2025 | 11/1/2028 | 2567 | 2530 | 2565 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC |  | SF | 5.35% | 9.63% | 8/2/2021 | 11/1/2028 | 6738 | 6688 | 6734 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (Revolver) | (14) | SF | 5.35% | 9.63% | 8/2/2021 | 11/1/2028 | 2222 | 833 | 833 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Panda Acquisition, LLC |  | SF | 8.60% | &nbsp;&nbsp;&nbsp;&nbsp;12.47% PIK | 12/20/2022 | 10/18/2028 | 4961 | 4482 | 4130 | 2.4% |
|  |  |  |  |  |  |  | 22107 | 19298 | 19106 | 11.1% |
| &nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC | (10)(16) | SF | 9.75% | 14.03% | 7/29/2021 | 7/29/2026 | 8100 | 7737 | 3651 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.10% | 1/12/2021 | 1/12/2027 | 2000 | 1990 | 2003 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.10% | 10/12/2021 | 1/12/2027 | 336 | 334 | 336 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.10% | 5/31/2023 | 1/12/2027 | 256 | 254 | 257 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.10% | 11/22/2024 | 1/12/2027 | 201 | 199 | 202 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC (Revolver) | (14) | SF | 6.10% | 10.10% | 1/12/2021 | 1/12/2027 | 323 | 142 | 142 | 0.1% |
|  |  |  |  |  |  |  | 11216 | 10656 | 6591 | 3.8% |
| &nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC |  | SF | 7.11% | 11.28% | 9/9/2022 | 12/17/2026 | 3765 | 3730 | 3741 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC |  | SF | 7.11% | 11.28% | 9/30/2022 | 12/17/2026 | 1080 | 1072 | 1074 | 0.6% |
|  |  |  |  |  |  |  | 4845 | 4802 | 4815 | 2.8% |
| &nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC |  | SF | 7.61% | 10.28% Cash/ 1.50% PIK | 6/18/2018 | 12/31/2026 | 2105 | 2097 | 2118 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC | (17) | SF | 7.50% | 11.78% PIK | 6/18/2018 | 12/31/2026 | 368 | 368 | 336 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC |  | SF | 7.61% | 11.78% | 12/22/2021 | 12/31/2026 | 884 | 877 | 1474 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC (Revolver) | (14) | SF | 9.50% | 13.66% | 6/18/2018 | 12/31/2026 | 548 | 329 | 308 | 0.2% |
|  |  |  |  |  |  |  | 3905 | 3671 | 4236 | 2.5% |
| &nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.16% | 6/30/2023 | 6/29/2029 | 1960 | 1919 | 1980 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.16% | 1/9/2024 | 6/30/2029 | 1100 | 1093 | 1111 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.15% | 6/30/2023 | 6/29/2029 | 313 | 313 | 317 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (Delayed Draw) | (14)(15) | SF | 5.00% | 9.25% | 3/27/2025 | 6/29/2029 | 698 | 174 | 176 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (Revolver) | (14) | SF | 5.00% | 9.16% | 6/30/2023 | 6/29/2029 | 410 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.78% | 4/19/2021 | 4/17/2026 | 1963 | 1958 | 1963 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.78% | 4/19/2021 | 4/17/2026 | 2397 | 2397 | 2397 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.78% | 12/17/2021 | 4/17/2026 | 2151 | 2145 | 2151 | 1.2% |
|  |  |  |  |  |  |  | 10992 | 9999 | 10095 | 5.7% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. |  | SF | 7.90% | 10.20% Cash/ 2.00% PIK | 8/3/2021 | 1/31/2027 | 5345 | $5323 | $4516 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (Revolver) | (14) | SF | 7.85% | 10.07% Cash/ 2.00% PIK | 8/3/2021 | 1/31/2027 | 711 | 374 | 316 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC |  | SF | 6.85% | 11.13% | 8/4/2021 | 8/4/2026 | 2656 | 2645 | 2646 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC (Revolver) | (14) | SF | 6.85% | 11.13% | 8/4/2021 | 8/4/2026 | 284 |  |  | 0.0% |
|  |  |  |  |  |  |  | 8996 | 8342 | 7478 | 4.3% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC |  | SF | 7.75% | 10.61% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 992 | 990 | 877 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC |  | SF | 7.50% | 10.36% Cash/ 1.00% PIK | 9/13/2022 | 4/3/2026 | 2 | 2 | 2 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC (Revolver) | (14) | SF | 7.65% | 10.51% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 105 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (16) | SF | 10.26% | 14.58% PIK | 7/18/2024 | 6/18/2029 | 287 | 287 | 287 | 0.2% |
|  |  |  |  |  |  |  | 1386 | 1279 | 1166 | 0.7% |
| &nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.00% | 9.22% | 8/19/2022 | 8/18/2028 | 3891 | 3864 | 3891 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.00% | 9.22% | 8/19/2022 | 8/18/2028 | 690 | 690 | 690 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.00% | 9.22% | 8/1/2023 | 8/18/2028 | 2070 | 2031 | 2070 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC (Delayed Draw) | (14)(15) | SF | 5.00% | 9.22% | 12/31/2024 | 8/18/2028 | 669 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (Revolver) | (10)(14) | n/a | n/a | 10.00% | 12/24/2020 | 12/24/2026 | 1686 | 1651 | 1651 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liftforward SPV II, LLC | (10) | SF | 10.86% | 15.03% PIK | 11/10/2016 | 3/31/2026 | 338 | 338 | 248 | 0.1% |
|  |  |  |  |  |  |  | 9344 | 8574 | 8550 | 4.9% |
| &nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 5.50% | 9.50% | 7/17/2023 | 7/17/2029 | 2000 | 1957 | 2020 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 5.50% | 9.50% | 10/15/2024 | 7/17/2029 | 261 | 258 | 263 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 5.50% | 9.50% | 12/31/2024 | 7/17/2029 | 1739 | 1717 | 1757 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (Revolver) | (14) | SF | 5.50% | 9.50% | 7/17/2023 | 7/17/2029 | 348 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. |  | SF | 6.60% | 10.88% | 6/30/2021 | 6/30/2026 | 4717 | 4699 | 4651 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. |  | SF | 6.65% | 10.94% | 11/27/2022 | 6/30/2026 | 3911 | 3887 | 3856 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (Revolver) | (14) | SF | 6.65% | 10.94% | 6/30/2021 | 6/30/2026 | 596 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.00% | 11.30% | 2/1/2023 | 2/1/2029 | 5050 | 4961 | 4917 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.00% | 11.30% | 2/6/2024 | 2/1/2029 | 2165 | 2121 | 2108 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.00% | 11.30% | 2/1/2023 | 2/1/2029 | 1007 | 1007 | 980 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (Revolver) | (14) | SF | 7.00% | 11.30% | 2/1/2023 | 2/1/2029 | 833 | 616 | 600 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. |  | SF | 7.15% | 11.15% | 10/4/2022 | 10/4/2028 | 3404 | 3364 | 3051 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (Revolver) | (14) | SF | 7.15% | 11.15% | 10/4/2022 | 10/4/2028 | 438 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 5.50% | 9.79% | 12/31/2020 | 7/8/2027 | 2388 | 2385 | 2370 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 5.50% | 9.68% | 7/8/2022 | 7/8/2027 | 539 | 539 | 535 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 5.50% | 9.68% | 8/21/2023 | 7/8/2027 | 284 | 284 | 281 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (Delayed Draw) | (14)(15) | SF | 5.50% | 9.68% | 2/6/2025 | 7/8/2027 | 4444 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (Revolver) | (14) | SF | 5.50% | 9.79% | 12/31/2020 | 7/8/2027 | 444 |  |  | 0.0% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 6.90% | 7.74% Cash/ 3.38% PIK | 8/15/2025 | 8/16/2029 | 911 | $898 | $911 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 6.90% | 11.20% | 2/16/2022 | 8/16/2029 | 3000 | 2972 | 3000 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 6.90% | 7.82% Cash/ 3.38% PIK | 11/19/2024 | 8/16/2029 | 171 | 169 | 171 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (14)(15) | SF | 6.90% | 7.82% Cash/ 3.38% PIK | 11/19/2024 | 8/16/2029 | 17 | 4 | 4 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (14)(15) | SF | 6.90% | 11.20% | 2/16/2022 | 8/16/2029 | 376 | 329 | 329 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Revolver) | (14) | SF | 6.90% | 11.11% | 2/16/2022 | 8/16/2029 | 429 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vero Biotech Inc. |  | P | 3.75% | 12.25% | 12/29/2023 | 1/2/2029 | 2500 | 2482 | 2464 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. |  | SF | 6.85% | 11.01% PIK | 5/28/2024 | 6/2/2028 | 667 | 667 | 667 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Revolver) | (14) | SF | 6.85% | 11.01% PIK | 10/25/2024 | 6/2/2028 | 870 | 686 | 686 | 0.4% |
|  |  |  |  |  |  |  | 43509 | 36002 | 35621 | 20.6% |
| &nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (Delayed Draw) | (14)(15)(16) | SF | 8.11% | &nbsp;&nbsp;&nbsp;&nbsp;12.39% PIK | 1/2/2024 | 1/2/2027 | 551 | 146 | 331 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. |  | SF | 6.13% | 9.75% Cash/ 0.38% PIK | 8/27/2024 | 8/27/2030 | 2500 | 2468 | 2500 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 6.13% | 9.75% Cash/ 0.38% PIK | 12/30/2024 | 8/27/2026 | 309 | 154 | 154 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 6.13% | 9.75% Cash/ 0.38% PIK | 8/27/2024 | 8/27/2030 | 543 | 65 | 65 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Revolver) | (14) | SF | 5.75% | 9.75% | 8/27/2024 | 8/27/2030 | 217 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC |  | SF | 6.25% | 10.41% | 9/1/2022 | 9/1/2028 | 3000 | 2966 | 3000 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Delayed Draw) | (14)(15) | SF | 6.25% | 10.41% | 9/1/2022 | 9/1/2028 | 874 | 795 | 795 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Revolver) | (14) | SF | 6.25% | 10.41% | 9/1/2022 | 9/1/2028 | 522 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medallia, Inc. |  | SF | 6.60% | 6.47% Cash/ 4.00% PIK | 8/15/2022 | 10/27/2028 | 2297 | 2277 | 1935 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.55% | 12/28/2018 | 12/28/2026 | 9500 | 9500 | 9495 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.55% | 9/12/2022 | 12/28/2026 | 530 | 529 | 530 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.55% | 1/11/2021 | 12/28/2026 | 1326 | 1326 | 1325 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.55% | 2/11/2022 | 12/28/2026 | 884 | 884 | 883 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.55% | 4/5/2023 | 12/28/2026 | 707 | 699 | 707 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.55% | 3/28/2025 | 12/28/2026 | 1455 | 1444 | 1454 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (Revolver) | (14) | SF | 6.26% | 10.26% | 12/28/2018 | 12/28/2026 | 1105 | 954 | 954 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 9.92% | 6/16/2023 | 6/15/2029 | 980 | 959 | 926 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 9.75% | 6/27/2024 | 6/25/2029 | 215 | 213 | 203 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 9.75% | 6/16/2023 | 6/15/2029 | 219 | 219 | 207 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (Revolver) | (14) | SF | 5.75% | 9.75% | 6/16/2023 | 6/15/2029 | 205 | 116 | 110 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp |  | SF | 5.50% | 9.79% | 3/28/2025 | 3/28/2031 | 7700 | 7590 | 7739 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp (Delayed Draw) | (14)(15) | SF | 5.50% | 9.79% | 3/28/2025 | 3/28/2031 | 1540 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp (Revolver) | (14) | SF | 5.50% | 9.79% | 3/28/2025 | 3/28/2031 | 770 |  |  | 0.0% |
|  |  |  |  |  |  |  | 37949 | 33304 | 33313 | 19.2% |
| &nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.10% | 10.38% | 9/9/2024 | 12/31/2026 | 291 | 288 | 292 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.10% | 10.38% | 11/20/2020 | 12/31/2026 | 1428 | 1427 | 1428 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.10% | 10.38% | 11/20/2020 | 12/31/2026 | 639 | 639 | 639 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (Revolver) | (14) | SF | 6.10% | 10.38% | 11/20/2020 | 12/31/2026 | 316 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. |  | SF | 5.86% | 10.14% | 12/22/2021 | 12/22/2026 | 766 | 762 | 759 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (Revolver) | (14) | SF | 5.86% | 10.14% | 12/22/2021 | 12/22/2026 | 122 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. |  | SF | 6.00% | 10.16% | 1/28/2020 | 1/28/2027 | 4211 | 4211 | 4207 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. |  | SF | 6.00% | 10.16% | 8/31/2022 | 1/28/2027 | 1674 | 1674 | 1672 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (Revolver) | (14) | SF | 6.00% | 10.16% | 1/28/2020 | 1/28/2027 | 742 |  |  | 0.0% |
|  |  |  |  |  |  |  | 10189 | 9001 | 8997 | 5.2% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.46% PIK | 2/15/2024 | 1/31/2028 | 304 | $304 | $551 | 0.3% |
|  |  |  |  |  |  |  | 304 | 304 | 551 | 0.3% |
| &nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC |  | SF | 6.10% | 10.10% | 12/31/2021 | 12/31/2027 | 5405 | 5358 | 5405 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (Revolver) | (14) | SF | 6.10% | 10.10% | 12/31/2021 | 12/31/2027 | 652 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 7.75% | 5.30% Cash/ 6.75% PIK | 2/28/2019 | 5/29/2026 | 4333 | 4333 | 4287 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 7.75% | 5.30% Cash/ 6.75% PIK | 9/27/2022 | 5/29/2026 | 1364 | 1364 | 1349 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 7.75% | 5.30% Cash/ 6.75% PIK | 2/28/2019 | 5/29/2026 | 65 | 65 | 64 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 7.75% | 5.30% Cash/ 6.75% PIK | 9/27/2022 | 5/29/2026 | 3611 | 3611 | 3572 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. (Revolver) |  | SF | 6.75% | 11.05% | 2/28/2019 | 5/29/2026 | 500 | 500 | 493 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC |  | SF | 5.85% | 10.01% | 11/3/2022 | 11/3/2027 | 2910 | 2875 | 2903 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC |  | SF | 5.85% | 10.01% | 11/3/2022 | 11/3/2027 | 2373 | 2373 | 2367 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC (Revolver) | (14) | SF | 5.85% | 10.01% | 11/3/2022 | 11/3/2027 | 1038 | 208 | 207 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. |  | SF | 7.10% | 11.39% | 1/12/2023 | 1/12/2028 | 3219 | 3168 | 3251 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. (Revolver) | (14) | SF | 7.10% | 11.38% | 1/12/2023 | 1/12/2028 | 458 | 73 | 73 | 0.0% |
|  |  |  |  |  |  |  | 25928 | 23928 | 23971 | 13.9% |
| &nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BLST Operating Company, LLC | (16) | SF | 7.50% | 1.00% Cash/ 10.89% PIK | 8/28/2020 | 1/31/2026 | 798 | 570 | 230 | 0.1% |
|  |  |  |  |  |  |  | 798 | 570 | 230 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation |  | SF | 5.00% | 9.00% | 4/13/2021 | 4/13/2029 | 2427 | 2431 | 2452 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation (Revolver) | (14) | SF | 5.00% | 9.00% | 4/13/2021 | 4/13/2029 | 335 | 100 | 100 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burroughs, Inc. | (19) | SF | 8.60% | 11.88% Cash/ 1.00% PIK | 12/22/2017 | n/a | 303 | 303 | 303 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. |  | SF | 5.75% | 9.75% | 7/18/2024 | 7/18/2030 | 6000 | 5911 | 6015 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (14)(15) | SF | 5.75% | 9.75% | 7/18/2024 | 7/18/2030 | 556 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (14)(15) | SF | 5.75% | 9.75% | 7/18/2024 | 7/18/2030 | 778 | 306 | 306 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Revolver) | (14) | SF | 5.75% | 9.75% | 7/18/2024 | 7/18/2030 | 667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iCIMS, Inc. |  | SF | 6.25% | 10.57% | 10/24/2022 | 8/18/2028 | 2500 | 2475 | 2441 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 10.94% | 12/9/2022 | 12/11/2028 | 585 | 578 | 583 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 10.94% | 12/9/2022 | 12/11/2028 | 188 | 188 | 187 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 10.94% | 12/9/2022 | 12/11/2028 | 272 | 272 | 270 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC (Revolver) |  | SF | 6.65% | 10.94% | 12/9/2022 | 12/11/2028 | 240 | 240 | 239 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC |  | SF | 6.26% | 10.43% | 8/16/2024 | 8/16/2029 | 1485 | 1460 | 1489 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC (Revolver) | (14) | SF | 6.00% | 10.28% | 8/16/2024 | 8/16/2029 | 318 | 136 | 136 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC | (16) | SF | 7.85% | 7.63% Cash/ 4.50% PIK | 12/8/2022 | 12/8/2027 | 1930 | 1752 | 1564 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC (Revolver) | (14)(16) | SF | 7.85% | 7.63% Cash/ 4.50% PIK | 12/8/2022 | 12/8/2027 | 288 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. |  | SF | 5.85% | 10.01% | 3/1/2024 | 9/30/2027 | 1506 | 1506 | 1496 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. |  | SF | 5.85% | 10.01% | 6/17/2024 | 9/30/2027 | 4850 | 4850 | 4819 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. |  | SF | 5.85% | 10.01% | 6/17/2024 | 9/30/2027 | 1488 | 1488 | 1478 | 0.9% |
|  |  |  |  |  |  |  | 26716 | 23996 | 23878 | 14.0% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.55% | 2/28/2022 | 2/26/2027 | 1548 | $1537 | $1548 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.55% | 2/28/2022 | 2/26/2027 | 1109 | 1109 | 1109 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.55% | 8/3/2022 | 2/26/2027 | 2617 | 2617 | 2617 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.55% | 10/3/2024 | 2/28/2027 | 3159 | 3103 | 3165 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.55% | 5/9/2024 | 2/26/2027 | 2899 | 2899 | 2905 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.43% | 10/3/2024 | 2/28/2027 | 2656 | 2656 | 2662 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (Revolver) |  | SF | 6.11% | 10.39% | 2/28/2022 | 2/26/2027 | 952 | 952 | 952 | 0.6% |
|  |  |  |  |  |  |  | 14940 | 14873 | 14958 | 8.7% |
| &nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC | (19) | P | 12.00% | 17.25% Cash/ 2.00% PIK | 6/10/2022 | n/a | 1344 | 1344 | 1373 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (Revolver) | (14)(19) | P | 12.00% | 17.25% Cash/ 2.00% PIK | 6/10/2022 | n/a | 500 | 128 | 131 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. |  | SF | 5.50% | 9.70% | 4/16/2021 | 4/16/2027 | 3358 | 3331 | 3357 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. |  | SF | 5.50% | 9.70% | 12/19/2023 | 4/16/2027 | 492 | 492 | 492 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. (Revolver) | (14) | SF | 5.50% | 9.70% | 4/16/2021 | 4/16/2027 | 410 | 175 | 175 | 0.1% |
|  |  |  |  |  |  |  | 6104 | 5470 | 5528 | 3.2% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  |  | **239228** | **214069** | **209084** | **121.0%** |
| &nbsp;&nbsp;&nbsp;**Unitranche Secured Loans (6)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC |  | SF | 6.40% | 10.71% | 5/25/2022 | 5/25/2028 | 1900 | 1880 | 1898 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC |  | SF | 6.40% | 10.71% | 5/25/2022 | 5/25/2028 | 285 | 285 | 285 | 0.2% |
|  |  |  |  |  |  |  | 2185 | 2165 | 2183 | 1.3% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Unitranche Secured Loans** |  |  |  |  |  |  | **2185** | **2165** | **2183** | **1.3%** |
| &nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC | (16) | n/a | n/a | 7.50% PIK | 9/30/2024 | 12/31/2027 | 711 | 658 | 540 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC | (16) | n/a | n/a | 5.00% PIK | 9/30/2024 | 12/31/2027 | 3665 | 3390 |  | 0.0% |
|  |  |  |  |  |  |  | 4376 | 4048 | 540 | 0.3% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (16) | SF | 10.26% | 14.58% PIK | 7/18/2024 | 6/18/2029 | 882 | 881 | 643 | 0.4% |
|  |  |  |  |  |  |  | 882 | 881 | 643 | 0.4% |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 7/2/2021 | 10/1/2026 | 7937 | 7937 | 7937 | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 5/16/2023 | 10/1/2026 | 1373 | 1373 | 1373 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 9/25/2023 | 10/1/2026 | 2463 | 2463 | 2463 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 7/26/2024 | 10/1/2026 | 360 | 360 | 360 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 5/8/2024 | 10/1/2026 | 1689 | 1689 | 1689 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 3/18/2025 | 10/1/2026 | 1224 | 1223 | 1223 | 0.8% |
|  |  |  |  |  |  |  | 15046 | 15045 | 15045 | 8.8% |
| &nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP | (16) | n/a | n/a | 9.00% PIK | 8/29/2023 | 1/2/2028 | 161 | 150 | 188 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP | (16) | n/a | n/a | 9.00% PIK  | 7/14/2023 | 1/2/2028 | 165 | 150 | 192 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP | (16) | n/a | n/a | n/a | 3/16/2021 | 3/16/2027 | 370 | 363 |  | 0.0% |
|  |  |  |  |  |  |  | 696 | 663 | 380 | 0.2% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. |  | SF | 6.85% | 11.01% PIK | 10/25/2024 | 6/2/2028 | 5957 | $5908 | $3396 | 2.0% |
|  |  |  |  |  |  |  | 5957 | 5908 | 3396 | 2.0% |
| &nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16)(19) | n/a | n/a | n/a | 5/2/2019 | n/a | 637 | 637 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16)(19) | n/a | n/a | n/a | 11/4/2019 | n/a | 122 | 122 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16)(19) | n/a | n/a | n/a | 5/2/2019 | n/a | 200 | 200 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16)(19) | n/a | n/a | n/a | 5/2/2019 | n/a | 76 | 76 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.57% PIK | 7/31/2023 | 1/31/2028 | 528 | 528 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.57% PIK  | 7/31/2023 | 1/31/2028 | 671 | 671 | 125 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.57% PIK  | 7/31/2023 | 1/31/2028 | 203 | 203 | 38 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.57% PIK  | 9/8/2023 | 1/31/2028 | 353 | 353 | 66 | 0.0% |
|  |  |  |  |  |  |  | 2790 | 2790 | 229 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forman Mills, Inc. | (16) | n/a | n/a | 5.00% PIK  | 4/27/2023 | 6/20/2028 | 1308 | 1308 | 1021 | 0.6% |
|  |  |  |  |  |  |  | 1308 | 1308 | 1021 | 0.6% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Corporation of America | (16)(19) | P | 12.00% | 19.25% PIK | 9/3/2015 | n/a | 833 | 830 | 2208 | 1.3% |
|  |  |  |  |  |  |  | 833 | 830 | 2208 | 1.3% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  |  | **31888** | **31473** | **23462** | **13.7%** |
| &nbsp;&nbsp;**Equity Investments (7) (11) (12)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born to Run, LLC) (242 Class A common units) |  |  |  |  | 6/21/2024 |  |  | 248 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (111,111 Class A shares) | (13) |  |  |  | 8/2/2021 |  |  | 111 | 175 | 0.1% |
|  |  |  |  |  |  |  |  | 359 | 175 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC (1,458 shares of common stock)  | (10)(13) |  |  |  | 7/29/2021 |  |  | 600 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity)  | (10)(13) |  |  |  | 7/28/2021 | 7/28/2031 |  | 362 |  | 0.0% |
|  |  |  |  |  |  |  |  | 962 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC (501,014 Class A-1 units)  | (13) | n/a | n/a | 10.00% PIK | 6/18/2018 |  |  | 501 |  | 0.0% |
|  |  |  |  |  |  |  |  | 501 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (81 Class A units) |  |  |  |  | 8/3/2021 |  |  | 81 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (419 Class B units) |  |  |  |  | 9/5/2025 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 81 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC (1,081,253 units) |  |  |  |  | 6/18/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC (15,882 shares of common stock) |  |  |  |  | 6/18/2024 |  |  | 1616 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1616 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (178 shares of common stock) |  |  |  |  | 6/30/2023 |  |  | 178 | 415 | 0.2% |
|  |  |  |  |  |  |  |  | 178 | 415 | 0.2% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Environmental Industries** | | | | | | | | | | |
| &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;Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 10/19/2021 | 3/17/2028 |  |  | 36 | 0.0% |
|  |  |  |  |  |  |  |  | 67 | 87 | —% |
| &nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (0.3% profit sharing) | (10)(13) |  |  |  | 12/24/2020 |  |  |  | 52 | 0.0% |
|  |  |  |  |  |  |  |  |  | 52 | 0.0% |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Homes for Rent LLC (420,880 Series A preferred units)  | (10)(13) |  |  |  | 3/5/2024 |  |  | 1819 | 1658 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Homes for Rent LLC (warrant to purchase up to 0.9% of the equity)  | (10)(13) |  |  |  | 3/5/2024 | 3/5/2034 |  |  | 555 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC (2,141 preferred units) | (10)(13) |  |  |  | 7/2/2021 |  |  | 2 | 4699 | 2.7% |
|  |  |  |  |  |  |  |  | 1821 | 6912 | 4.0% |
| &nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (35 Class A preferred units) |  | n/a | n/a | 9.00% PIK | 7/17/2023 |  |  | 35 | 35 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (18,841 Class B common units) |  |  |  |  | 7/17/2023 |  |  |  | 10 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (189,922 Class A-1 units) |  |  |  |  | 6/30/2021 |  |  | 206 | 209 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (189,922 Class A-2 units) |  |  |  |  | 6/30/2021 |  |  |  | 41 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (300 Class A units)  | (13) | n/a | n/a | 8.00% PIK  | 3/15/2024 |  |  | 107 | 111 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (300 Class B units) | (13) |  |  |  | 3/15/2024 |  |  |  | 301 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (0.1% shares of the equity) |  |  |  |  | 1/31/2023 |  |  | 505 | 162 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (120,760 Series B units)  | (13) | n/a | n/a | 5.00% PIK | 8/20/2021 |  |  | 816 | 1756 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (106,667 common units)  | (13) |  |  |  | 8/20/2021 |  |  | 153 | 862 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (327,133 common units) |  |  |  |  | 10/4/2022 |  |  | 340 | 33 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vero Biotech Inc. (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 12/29/2023 | 12/29/2033 |  |  | 15 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (111,208 Series A preferred stock) |  |  |  |  | 10/25/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (24,875 Series B preferred stock) |  |  |  |  | 10/25/2024 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 2162 | 3535 | 2.1% |
| &nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (59,211 Class A common units) |  |  |  |  | 1/2/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (110,294 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (59,211 Class A common units) |  |  |  |  | 3/16/2021 |  |  | 4119 | 741 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (110,294 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  | 1380 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (57,588 Class A common units) |  |  |  |  | 8/27/2024 |  |  | 57 | 59 | 0.0% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (130,433 Class A-1 units) |  |  |  |  | 9/1/2022 |  |  | $130 | $168 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (473,082 Class A units) |  | n/a | n/a | 8.00% PIK | 12/28/2018 |  |  | 473 | 1214 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (35,791 Class B units) |  |  |  |  | 5/3/2023 |  |  |  | 45 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recorded Future, Inc. (80,486 Class A units) |  |  |  |  | 7/3/2019 |  |  |  | 14 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (41,860 Series A preferred units) |  |  |  |  | 9/19/2025 |  |  | 42 | 84 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (300,000 common units) |  |  |  |  | 6/15/2023 |  |  | 300 | 85 | 0.0% |
|  |  |  |  |  |  |  |  | 5121 | 3790 | 2.0% |
| &nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equine Network, LLC (108 Class A units)  | (13) |  |  |  | 12/31/2020 |  |  | 111 | 166 | 0.1% |
|  |  |  |  |  |  |  |  | 111 | 166 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) | (10)(18) |  |  |  | 9/18/2015 | 9/18/2025 |  |  | 1583 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (40 preferred units) |  | n/a | n/a | 12.00% PIK | 11/20/2020 |  |  | 40 | 22 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (6 Class X preferred units) |  | n/a | n/a | 12.00% PIK  | 11/14/2024 |  |  | 6 | 6 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (40 Class B common units) |  |  |  |  | 11/20/2020 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (6 Class X common units) |  |  |  |  | 11/14/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (13 Class A-2 units) |  |  |  |  | 6/10/2024 |  |  | 13 | 20 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (81 Class A units) |  |  |  |  | 12/22/2021 |  |  | 81 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (49,479 Class A units) |  | n/a | n/a | 8.00% PIK | 1/28/2020 |  |  | 49 | 100 | 0.1% |
|  |  |  |  |  |  |  |  | 189 | 1731 | 1.0% |
| &nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units) |  |  |  |  | 7/31/2023 |  |  | 1480 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1480 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC (304,538 Class A units) | (13) |  |  |  | 1/4/2019 |  |  | 312 | 381 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (2 Class A units)  | (13) |  |  |  | 12/31/2021 |  |  | 87 | 69 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. (392,157 shares of common units)  |  |  |  |  | 1/12/2023 |  |  | 203 | 133 | 0.1% |
|  |  |  |  |  |  |  |  | 602 | 583 | 0.3% |
| &nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BLST Operating Company, LLC (139,883 Class A units)  | (13) |  |  |  | 8/28/2020 |  |  | 712 |  | 0.0% |
|  |  |  |  |  |  |  |  | 712 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;APCO Worldwide, Inc. (100 Class A voting common stock) |  |  |  |  | 11/1/2017 |  |  | 395 | 826 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC (1,072,940 Class A-2 units) | (13) |  |  |  | 8/16/2024 |  |  | 1238 | 1274 | 0.7% |
|  |  |  |  |  |  |  |  | 1633 | 2100 | 1.2% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Corporation of America - Series G Preferred Stock (8,333 shares) | (16) | n/a | n/a | 12.00% PIK  | 9/3/2015 |  |  | $7492 | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (146,770 Class B common units)  | (13) |  |  |  | 11/15/2023 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (147 Class B preferred units) | (13) |  |  |  | 11/15/2023 |  |  | 151 | 14 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (31 Class A common units)  | (13) | n/a | n/a | 8.00% PIK  | 11/15/2023 |  |  | 31 | 2 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (31,200 Class A preferred units)  | (13) |  |  |  | 11/15/2023 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (36.8 Class A-1 preferred units) | (13) |  |  |  | 4/10/2025 |  |  | 37 | 42 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDIG Parent, LLC (245,958 shares of common stock)  | (13) |  |  |  | 1/4/2021 |  |  | 252 | 184 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDIG Parent, LLC (43,404 Class X common units) | (13) |  |  |  | 6/23/2025 |  |  | 26 | 33 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (17,988 preferred units) |  |  |  |  | 6/27/2023 |  |  | 26 | 34 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (99,807 Class A units) |  |  |  |  | 2/28/2022 |  |  | 103 | 155 | 0.1% |
|  |  |  |  |  |  |  |  | 8118 | 464 | 0.2% |
| &nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 6/10/2022 | 6/10/2032 |  | 42 | 17 | 0.0% |
|  |  |  |  |  |  |  |  | 42 | 17 | —% |
| &nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nearly Natural, Inc. (152,174 Class A units) |  |  |  |  | 12/15/2017 |  |  | 152 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nearly Natural, Inc. (61,087 Class AA units) |  |  |  |  | 8/27/2021 |  |  | 61 | 45 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nearly Natural, Inc. (62,034 Class AAA units) |  |  |  |  | 8/5/2024 |  |  | 62 | 109 | 0.1% |
|  |  |  |  |  |  |  |  | 275 | 154 | 0.1% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equity Investments** |  |  |  |  |  |  |  | **26030** | **20181** | **11.3%** |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Company Investments** |  |  |  |  |  |  |  | $**273737** | $**254910** | **147.3%** |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| **Non-Controlled Affiliate Company Investments (8)** | | | | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;TJ Management HoldCo LLC (Revolver) | (14) | SF | 5.61% | 9.78% | 9/9/2020 | 12/31/2026 | 636 | $175 | $175 | 0.1% |
|  |  |  |  |  |  |  | 636 | 175 | 175 | 0.1% |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.28% PIK | 7/22/2014 | 12/31/2026 | 14020 | 14020 | 8325 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.28% PIK | 7/22/2014 | 12/31/2026 | 6898 | 6899 | 4096 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.28% PIK | 5/24/2017 | 12/31/2026 | 850 | 851 | 505 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.28% PIK | 8/10/2018 | 12/31/2026 | 3125 | 3126 | 1856 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.28% PIK | 3/29/2019 | 12/31/2026 | 5785 | 5785 | 3435 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.28% PIK | 9/30/2019 | 12/31/2026 | 27 | 25 | 15 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.28% PIK | 12/30/2019 | 12/31/2026 | 133 | 132 | 78 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. (Revolver) | (14) | SF | 0.11% | 4.28% PIK | 3/30/2020 | 12/31/2026 | 2500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HFZ Capital Group LLC | (10)(19)(21) | P | 9.46% | 16.71% PIK | 10/20/2017 | n/a | 13242 | 13242 | 13925 | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HFZ Capital Group LLC | (10)(19)(21) | P | 9.46% | 16.71% PIK | 10/20/2017 | n/a | 4758 | 4758 | 5003 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MC Asset Management (Corporate), LLC | (10)(21) | SF | 15.00% | 19.29% PIK | 1/26/2021 | 1/26/2029 | 13685 | 13685 | 13685 | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MC Asset Management (Corporate), LLC | (10)(21) | SF | 15.00% | 19.29% PIK | 4/26/2021 | 1/26/2029 | 4079 | 4079 | 4079 | 2.4% |
|  |  |  |  |  |  |  | 69102 | 66602 | 55002 | 31.8% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NECB Collections, LLC (Revolver) | (14)(16)(19) | L | 11.00% | 16.94% | 6/25/2019 | n/a | 1356 | 1312 | 422 | 0.2% |
|  |  |  |  |  |  |  | 1356 | 1312 | 422 | 0.2% |
| &nbsp;&nbsp;**Total Non-Controlled Affiliate Senior Secured Loans** |  |  |  |  |  |  | **71094** | **68089** | **55599** | **32.1%** |
| &nbsp;&nbsp;**Junior Secured Loans (8)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC | (10) | n/a | n/a | 8.00% PIK | 8/6/2021 | 8/11/2028 | 5850 | 5850 | 5858 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | (10)(14)(15) | n/a | n/a | 8.00% PIK | 10/24/2024 | 10/23/2029 | 2925 | 2110 | 2083 | 1.2% |
|  |  |  |  |  |  |  | 8775 | 7960 | 7941 | 4.6% |
| &nbsp;&nbsp;**Total Non-Controlled Affiliate Company Junior Secured Loans** |  |  |  |  |  |  | **8775** | **7960** | **7941** | **4.6%** |
| &nbsp;&nbsp;**Equity Investments (8) (11) (12)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TJ Management HoldCo LLC (16 shares of common stock)  | (13) |  |  |  | 9/9/2020 |  |  | 1631 | 2742 | 1.6% |
|  |  |  |  |  |  |  |  | 1631 | 2742 | 1.6% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)**  | **Footnotes** | **Index** **(2)** | **Spread** **(2)** | **Interest Rate** | **Acquisition Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. (4,940 shares of common stock) |  |  |  |  | 12/29/2022 |  |  | $— | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MC Asset Management (Corporate), LLC (15.9% of interests)  | (10)(13)(21) |  |  |  | 6/11/2019 |  |  | 793 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC (24.4% of equity commitment) | (10) |  |  |  | 8/6/2021 |  |  | 3900 | 4910 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (13.9% of equity commitment) | (10)(20) |  |  |  | 10/24/2024 |  |  | 1407 | 1477 | 0.9% |
|  |  |  |  |  |  |  |  | 6100 | 6387 | 3.7% |
| &nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascent Midco, LLC (2,032,258 Class A units)  | (13) | n/a | n/a | 8.00% PIK | 2/5/2020 |  |  | 2032 | 1725 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Familia Dental Group Holdings, LLC (1,525 Class A units)  | (13) |  |  |  | 4/8/2016 |  |  | 5224 | 3106 | 1.8% |
|  |  |  |  |  |  |  |  | 7256 | 4831 | 2.8% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NECB Collections, LLC (20.8% of LLC units)  | (13) |  |  |  | 6/21/2019 |  |  | 1458 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1458 |  | 0.0% |
| &nbsp;&nbsp;**Total Non-Controlled Affiliate Equity Investments** |  |  |  |  |  |  |  | **16445** | **13960** | **8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Company Investments** |  |  |  |  |  |  |  | $**92494** | $**77500** | **44.8%** |
| **Controlled Affiliate Company Investments (9)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investment Funds & Vehicles** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) | (10) |  |  |  | 10/31/2017 |  |  | $42100 | $28240 | 16.3% |
| &nbsp;&nbsp;**Total Controlled Affiliate Equity Investments** |  |  |  |  |  |  |  | **42100** | **28240** | **16.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Controlled Affiliate Company Investments** |  |  |  |  |  |  |  | $**42100** | $**28240** | **16.3%** |
| &nbsp;&nbsp;**TOTAL INVESTMENTS** |  |  |  |  |  |  |  | $**408331** | $**360650** | **208.4%** |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**September 30, 2025**

**(unaudited)**

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

**Derivative Instruments**

***Foreign currency forward contracts***

There were no foreign currency forward contracts held as of September 30, 2025.

**________________________________________________________**

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

<sup>(2)</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"), London Interbank Offered Rate ("LIBOR" or "L") or Prime Rate ("Prime" or "P"), each of which reset daily, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR, LIBOR or Prime, 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)</sup> Except as otherwise noted, all of the Company's portfolio company investments, which as of September 30, 2025 represented 208.4% of the Company's net assets or 92.7% of the Company's total assets, are subject to legal restrictions on sales.

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

<sup>(5)</sup> Percentages are based on net assets of $173,038 as of September 30, 2025.

<sup>(6)</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>(7)</sup> Represents less than 5% ownership of the portfolio company's voting securities.

<sup>(8)</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>(9)</sup> As defined in the 1940 Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as it owns more than 25% of the portfolio company's voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.

<sup>(10)</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 27.9% of the Company's total assets.

<sup>(11)</sup> Investments without an interest rate are non-income producing.

<sup>(12)</sup> Ownership of certain equity investments may occur through a holding company or partnership.

<sup>(13)</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.

<sup>(14)</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.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

**September 30, 2025**

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

<sup>(15)</sup> This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings.

<sup>(16)</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>(17)</sup> This investment represents a note convertible to preferred shares of the borrower.

<sup>(18)</sup> The headquarters of this portfolio company is located in Singapore.

<sup>(19)</sup> This is a demand note with no stated maturity.

<sup>(20)</sup> As of September 30, 2025, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $543.

<sup>(21)</sup> The Company restructured its investments in HFZ Capital Group LLC ("HFZ") and HFZ Member RB portfolio, LLC ("Member RB") during 2021. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC ("Corporate"). As part of the Member RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC ("Industrial"). Corporate owns 100% of the equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition of a "participating interest", as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into two investments. The Company has recorded a portion of the contractual interest based on expected future cash flows.

n/a - not applicable

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| **Non-Controlled/Non-Affiliate Company Investments** | | | | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Automotive** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born to Run, LLC) (Delayed Draw) | (14)(15)(16) | SF | 8.76% | 13.08% PIK | 6/21/2024 | 12/31/2027 | 569 | $407 | $440 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.94% | 4/24/2018 | 12/30/2025 | 1820 | 1820 | 1820 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.94% | 3/29/2023 | 12/30/2025 | 657 | 657 | 657 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.94% | 12/18/2023 | 12/30/2025 | 2019 | 2019 | 2019 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company (Revolver) | (14) | SF | 7.60% | 11.94% | 3/29/2023 | 12/30/2025 | 691 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC |  | SF | 5.90% | 10.49% | 8/2/2021 | 8/2/2027 | 6790 | 6722 | 6749 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (Revolver) | (14) | SF | 5.75% | 10.09% | 8/2/2021 | 8/2/2027 | 1667 | 222 | 221 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Panda Acquisition, LLC |  | SF | 9.35% | 6.55% Cash/ 7.13% PIK | 12/20/2022 | 10/18/2028 | 4514 | 3934 | 3781 | 2.0% |
|  |  |  |  |  |  |  | 18727 | 15781 | 15687 | 8.1% |
| &nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC | (10)(16) | SF | 9.75% | 14.30% | 7/29/2021 | 7/29/2026 | 8100 | 7737 | 4834 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.42% | 1/12/2021 | 1/12/2027 | 2000 | 1984 | 2008 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.43% | 10/12/2021 | 1/12/2027 | 336 | 332 | 337 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.42% | 5/31/2023 | 1/12/2027 | 256 | 252 | 257 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.43% | 11/22/2024 | 1/12/2027 | 201 | 198 | 202 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC (Revolver) | (14) | SF | 6.10% | 10.42% | 1/12/2021 | 1/12/2027 | 323 | 223 | 223 | 0.1% |
|  |  |  |  |  |  |  | 11216 | 10726 | 7861 | 4.0% |
| &nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LVF Holdings, Inc. |  | SF | 5.65% | 9.98% | 6/10/2021 | 6/10/2027 | 1451 | 1437 | 1458 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;LVF Holdings, Inc. |  | SF | 5.65% | 9.98% | 6/10/2021 | 6/10/2027 | 1389 | 1389 | 1396 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;LVF Holdings, Inc. (Revolver) | (14) | SF | 5.65% | 9.98% | 6/10/2021 | 6/10/2027 | 238 | 97 | 97 | 0.1% |
|  |  |  |  |  |  |  | 3078 | 2923 | 2951 | 1.5% |
| &nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC |  | SF | 7.26% | 11.59% | 9/9/2022 | 12/17/2026 | 3795 | 3735 | 3771 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC |  | SF | 7.26% | 11.59% | 9/30/2022 | 12/17/2026 | 1089 | 1074 | 1082 | 0.6% |
|  |  |  |  |  |  |  | 4884 | 4809 | 4853 | 2.6% |
| &nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC |  | SF | 7.61% | 10.46% Cash/ 1.50% PIK | 6/18/2018 | 12/31/2026 | 2081 | 2071 | 2252 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC | (17) | SF | 7.50% | 11.96% PIK | 6/18/2018 | 12/31/2026 | 336 | 336 | 314 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC |  | SF | 7.61% | 11.96% | 12/22/2021 | 12/31/2026 | 884 | 876 | 2298 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC (Revolver) | (14) | SF | 7.61% | 11.96% | 6/18/2018 | 12/31/2026 | 548 |  |  | 0.0% |
|  |  |  |  |  |  |  | 3849 | 3283 | 4864 | 2.5% |
| &nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.36% | 6/30/2023 | 6/29/2029 | 1975 | 1926 | 2014 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.36% | 1/9/2024 | 6/30/2029 | 1109 | 1099 | 1131 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.48% | 6/30/2023 | 6/29/2029 | 317 | 317 | 323 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (Revolver) | (14) | SF | 5.00% | 9.40% | 6/30/2023 | 6/29/2029 | 410 | 37 | 37 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.96% | 4/19/2021 | 4/17/2026 | 1978 | 1967 | 1978 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.96% | 4/19/2021 | 4/17/2026 | 2416 | 2416 | 2416 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.96% | 12/17/2021 | 4/17/2026 | 2168 | 2154 | 2168 | 1.1% |
|  |  |  |  |  |  |  | 10373 | 9916 | 10067 | 5.3% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. |  | SF | 5.90% | 10.47% | 8/3/2021 | 8/3/2026 | 5345 | $5305 | $5171 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (Revolver) | (14) | SF | 5.85% | 10.40% | 8/3/2021 | 8/3/2026 | 1423 | 285 | 275 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC |  | SF | 7.35% | 11.40% Cash/ 0.50% PIK | 8/4/2021 | 8/4/2026 | 2796 | 2773 | 2792 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC (Revolver) | (14) | SF | 7.35% | 11.40% Cash/ 0.50% PIK | 8/4/2021 | 8/4/2026 | 284 |  |  | 0.0% |
|  |  |  |  |  |  |  | 9848 | 8363 | 8238 | 4.3% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC |  | SF | 7.50% | 11.15% Cash/ 0.75% PIK | 5/14/2021 | 4/3/2026 | 987 | 983 | 968 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC |  | SF | 7.25% | 10.88% Cash/ 0.75% PIK | 9/13/2022 | 4/3/2026 | 1 | 1 | 1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC (Revolver) |  | SF | 7.50% | 11.15% Cash/ 0.75% PIK | 5/14/2021 | 4/3/2026 | 89 | 89 | 89 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (16) | SF | 10.26% | 14.89% PIK | 7/18/2024 | 6/18/2029 | 287 | 287 | 273 | 0.1% |
|  |  |  |  |  |  |  | 1364 | 1360 | 1331 | 0.6% |
| &nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avalara, Inc. |  | SF | 6.25% | 10.58% | 10/19/2022 | 10/19/2028 | 4000 | 3928 | 4030 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avalara, Inc. (Revolver) | (14) | SF | 6.25% | 10.58% | 10/19/2022 | 10/19/2028 | 400 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.25% | 9.87% | 8/19/2022 | 8/18/2028 | 2503 | 2469 | 2503 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.25% | 9.87% | 8/19/2022 | 8/18/2028 | 695 | 695 | 695 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.25% | 9.87% | 8/1/2023 | 8/18/2028 | 2086 | 2037 | 2086 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC (Delayed Draw) | (14)(15) | SF | 5.25% | 9.87% | 12/31/2024 | 8/18/2028 | 2086 | 1417 | 1417 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (Revolver) | (10)(14) | n/a | n/a | 10.00% | 12/24/2020 | 12/24/2026 | 2750 | 1689 | 1685 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liftforward SPV II, LLC | (10) | SF | 10.86% | 15.21% PIK | 11/10/2016 | 6/30/2025 | 301 | 301 | 262 | 0.1% |
|  |  |  |  |  |  |  | 14821 | 12536 | 12678 | 6.6% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 6.25% | 10.57% | 7/17/2023 | 7/17/2029 | 2000 | $1950 | $2006 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 6.25% | 10.57% | 10/15/2024 | 7/17/2029 | 261 | 257 | 262 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 6.25% | 10.58% | 12/31/2024 | 7/17/2029 | 1739 | 1713 | 1744 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (Revolver) | (14) | SF | 6.25% | 10.58% | 7/17/2023 | 7/17/2029 | 348 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brickell Bay Acquisition Corp. |  | SF | 6.65% | 11.24% | 2/12/2021 | 2/12/2026 | 1653 | 1635 | 1653 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brickell Bay Acquisition Corp. |  | SF | 6.65% | 11.24% | 5/16/2024 | 2/12/2026 | 854 | 843 | 863 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. |  | SF | 7.60% | 11.65% Cash/ 0.50% PIK | 6/30/2021 | 6/30/2026 | 4845 | 4808 | 4717 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. |  | SF | 7.65% | 11.74% Cash/ 0.50% PIK | 11/27/2022 | 6/30/2026 | 4013 | 3964 | 3907 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (Revolver) | (14) | SF | 7.60% | 11.65% Cash/ 0.50% PIK | 6/30/2021 | 6/30/2026 | 596 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC |  | SF | 5.00% | 9.33% | 3/15/2024 | 3/15/2030 | 3980 | 3890 | 4020 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC |  | SF | 4.00% | 8.33% | 8/19/2024 | 3/15/2030 | 5860 | 5816 | 5919 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (Revolver) | (14) | SF | 4.00% | 8.33% | 3/15/2024 | 3/15/2030 | 750 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;INH Buyer, Inc. | (16) | SF | 7.00% | 4.43% Cash/ 7.00% PIK | 6/30/2021 | 6/28/2028 | 3026 | 3007 | 1514 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) |  | SF | 7.75% | 9.57% Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 4995 | 4886 | 4751 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) |  | SF | 7.75% | 9.57% Cash/ 2.75% PIK | 2/6/2024 | 2/1/2029 | 2142 | 2087 | 2037 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) |  | SF | 7.75% | 9.57% Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 996 | 996 | 947 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver) | (14) | SF | 7.75% | 9.57% Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 823 | 471 | 447 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC |  | SF | 5.60% | 10.15% | 8/20/2021 | 8/26/2027 | 3880 | 3849 | 3880 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC |  | SF | 5.60% | 10.15% | 8/26/2022 | 8/26/2027 | 4625 | 4625 | 4625 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC |  | SF | 5.60% | 10.15% | 8/26/2022 | 8/26/2027 | 5014 | 5014 | 5014 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC |  | SF | 5.60% | 10.19% | 11/27/2024 | 8/26/2027 | 2018 | 1979 | 2018 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (Delayed Draw) | (14)(15) | SF | 5.60% | 10.15% | 11/27/2024 | 8/26/2027 | 649 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (Revolver) | (14) | SF | 5.60% | 10.15% | 8/20/2021 | 8/26/2027 | 2222 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. |  | SF | 7.15% | 11.47% | 10/4/2022 | 10/4/2028 | 3430 | 3381 | 3076 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (Revolver) | (14) | SF | 7.15% | 11.47% | 10/4/2022 | 10/4/2028 | 438 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 7.25% | 11.84% | 12/31/2020 | 7/8/2027 | 2406 | 2395 | 2403 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 7.25% | 11.67% | 7/8/2022 | 7/8/2027 | 2730 | 2730 | 2727 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 7.25% | 11.67% | 8/21/2023 | 7/8/2027 | 1436 | 1436 | 1435 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (Revolver) | (14) | SF | 7.25% | 11.84% | 12/31/2020 | 7/8/2027 | 444 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 6.90% | 11.47% | 2/16/2022 | 2/16/2028 | 3000 | 2964 | 2977 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 7.00% | 8.02% Cash/ 3.38% PIK | 11/19/2024 | 2/16/2028 | 171 | 169 | 170 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (14)(15) | SF | 7.00% | 8.02% Cash/ 3.38% PIK | 11/19/2024 | 2/16/2028 | 7 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (14)(15) | SF | 6.90% | 11.46% | 2/16/2022 | 2/16/2028 | 376 | 245 | 243 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Revolver) | (14) | SF | 6.90% | 11.46% | 2/16/2022 | 2/16/2028 | 429 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vero Biotech Inc. |  | P | 3.75% | 12.25% | 12/29/2023 | 1/2/2029 | 2500 | 2479 | 2456 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Delayed Draw) | (14)(15) | SF | 6.85% | 5.44% Cash/ 5.75% PIK | 5/28/2024 | 6/2/2028 | 847 | 424 | 424 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Revolver) | (14) | SF | 6.85% | 5.44% Cash/ 5.75% PIK | 10/25/2024 | 6/2/2028 | 424 | 330 | 330 | 0.2% |
|  |  |  |  |  |  |  | 75927 | 68343 | 66565 | 34.8% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw) | (14)(15)(16) | SF | 8.11% | 12.67% PIK | 1/2/2024 | 1/2/2027 | 551 | $147 | $331 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. |  | SF | 5.75% | 10.07% | 8/27/2024 | 8/27/2030 | 2500 | 2464 | 2500 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 6.13% | 10.07% Cash/ 0.38% PIK | 12/30/2024 | 8/27/2026 | 309 | 48 | 48 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 5.75% | 10.07% | 8/27/2024 | 8/27/2030 | 543 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 5.75% | 10.07% | 8/27/2024 | 8/27/2030 | 598 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Revolver) | (14) | SF | 5.75% | 10.07% | 8/27/2024 | 8/27/2030 | 217 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC |  | SF | 6.25% | 10.59% | 9/1/2022 | 9/1/2028 | 3000 | 2958 | 3000 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Delayed Draw) | (14)(15) | SF | 6.25% | 10.59% | 9/1/2022 | 9/1/2028 | 874 | 795 | 795 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Revolver) | (14) | SF | 6.25% | 10.59% | 9/1/2022 | 9/1/2028 | 522 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medallia, Inc. |  | SF | 6.60% | 6.93% Cash/ 4.00% PIK | 8/15/2022 | 10/27/2028 | 2229 | 2204 | 2203 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. |  | SF | 7.15% | 11.74% | 2/15/2019 | 9/30/2025 | 6536 | 6534 | 6536 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. |  | SF | 7.15% | 11.74% | 9/22/2021 | 9/30/2025 | 207 | 207 | 207 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mindbody, Inc. (Revolver) | (14) | SF | 7.15% | 11.74% | 2/15/2019 | 9/30/2025 | 667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.76% | 11.35% | 12/28/2018 | 12/28/2026 | 9500 | 9500 | 9500 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.76% | 11.35% | 9/12/2022 | 12/28/2026 | 530 | 529 | 530 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.76% | 11.35% | 1/11/2021 | 12/28/2026 | 1326 | 1326 | 1326 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.76% | 11.35% | 2/11/2022 | 12/28/2026 | 884 | 884 | 884 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.76% | 11.35% | 4/5/2023 | 12/28/2026 | 707 | 694 | 707 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (Revolver) | (14) | SF | 6.50% | 11.09% | 12/28/2018 | 12/28/2026 | 1105 | 561 | 561 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 10.03% | 6/16/2023 | 6/15/2029 | 985 | 961 | 991 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 10.08% | 6/27/2024 | 6/25/2029 | 216 | 214 | 217 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 5.75% | 10.03% | 6/27/2024 | 6/25/2029 | 289 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 10.08% | 6/16/2023 | 6/15/2029 | 221 | 221 | 222 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (Revolver) | (14) | SF | 5.75% | 10.08% | 6/16/2023 | 6/15/2029 | 205 | 20 | 20 | 0.0% |
|  |  |  |  |  |  |  | 34721 | 30267 | 30578 | 16.0% |
| &nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Destination Media, Inc. |  | SF | 6.75% | 11.03% | 6/21/2023 | 6/21/2028 | 985 | 957 | 1005 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Destination Media, Inc. |  | SF | 6.65% | 10.97% | 6/21/2023 | 6/21/2028 | 227 | 227 | 232 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Destination Media, Inc. (Revolver) | (14) | SF | 6.65% | 10.97% | 6/21/2023 | 6/21/2028 | 103 | 21 | 21 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.35% | 10.90% | 9/9/2024 | 12/31/2026 | 294 | 290 | 291 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.35% | 10.90% | 11/20/2020 | 12/31/2026 | 1444 | 1438 | 1428 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.35% | 10.90% | 11/20/2020 | 12/31/2026 | 646 | 646 | 639 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (Revolver) | (14) | SF | 6.35% | 10.90% | 11/20/2020 | 12/31/2026 | 316 | 168 | 168 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. |  | SF | 6.36% | 10.92% | 12/22/2021 | 12/22/2026 | 775 | 768 | 674 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (Revolver) | (14) | SF | 6.36% | 10.92% | 12/22/2021 | 12/22/2026 | 122 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. |  | SF | 5.50% | 9.84% | 1/28/2020 | 1/28/2027 | 4246 | 4245 | 4253 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. |  | SF | 5.50% | 9.84% | 8/31/2022 | 1/28/2027 | 1688 | 1686 | 1690 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (Revolver) | (14) | SF | 5.50% | 9.84% | 1/28/2020 | 1/28/2027 | 742 |  |  | 0.0% |
|  |  |  |  |  |  |  | 11588 | 10446 | 10401 | 5.4% |
| &nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.79% PIK | 2/15/2024 | 1/31/2028 | 304 | 304 | 556 | 0.3% |
|  |  |  |  |  |  |  | 304 | 304 | 556 | 0.3% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Media: Diversified & Production** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC |  | SF | 6.11% | 10.46% | 1/4/2019 | 7/3/2025 | 1880 | $1875 | $1862 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC |  | SF | 6.11% | 10.46% | 6/25/2020 | 7/3/2025 | 458 | 458 | 454 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC |  | SF | 6.11% | 10.46% | 7/1/2021 | 7/3/2025 | 270 | 268 | 268 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC |  | SF | 6.11% | 10.46% | 8/4/2022 | 7/3/2025 | 780 | 780 | 773 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC |  | SF | 6.11% | 10.46% | 12/22/2022 | 7/3/2025 | 394 | 391 | 390 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC (Revolver) |  | SF | 6.11% | 10.46% | 1/4/2019 | 7/3/2025 | 320 | 320 | 317 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonterra, LLC |  | SF | 7.00% | 11.33% | 9/8/2021 | 9/8/2027 | 13437 | 13339 | 13319 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonterra, LLC |  | SF | 7.75% | 12.08% PIK | 9/28/2023 | 9/8/2027 | 2244 | 2223 | 2266 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonterra, LLC (Revolver) | (14) | SF | 7.00% | 11.33% | 9/8/2021 | 9/8/2027 | 1069 | 684 | 678 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC |  | SF | 6.60% | 10.92% | 12/31/2021 | 12/31/2027 | 5835 | 5767 | 5820 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (Revolver) | (14) | SF | 6.60% | 10.92% | 12/31/2021 | 12/31/2027 | 652 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 7.75% | 5.57% Cash/ 6.75% PIK | 2/28/2019 | 11/28/2025 | 4119 | 4118 | 4088 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 7.75% | 5.59% Cash/ 6.75% PIK | 9/27/2022 | 11/28/2025 | 1289 | 1287 | 1279 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 7.75% | 5.57% Cash/ 6.75% PIK | 2/28/2019 | 11/28/2025 | 62 | 62 | 61 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 7.75% | 5.57% Cash/ 6.75% PIK | 9/27/2022 | 11/28/2025 | 3432 | 3432 | 3407 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. (Revolver) |  | SF | 6.75% | 11.32% | 2/28/2019 | 11/28/2025 | 500 | 500 | 500 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC |  | SF | 5.85% | 10.21% | 11/3/2022 | 11/3/2027 | 2933 | 2886 | 2932 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC (Delayed Draw) | (14)(15) | SF | 5.85% | 10.21% | 11/3/2022 | 11/3/2027 | 2390 | 1319 | 1319 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC (Revolver) | (14) | SF | 5.85% | 10.21% | 11/3/2022 | 11/3/2027 | 519 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. |  | SF | 7.10% | 11.69% | 1/12/2023 | 1/12/2028 | 3243 | 3177 | 3276 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. (Revolver) | (14) | SF | 7.10% | 11.65% | 1/12/2023 | 1/12/2028 | 458 | 73 | 73 | 0.0% |
|  |  |  |  |  |  |  | 46284 | 42959 | 43082 | 22.4% |
| &nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BLST Operating Company, LLC |  | SF | 11.17% | 1.00% Cash/ 11.17% PIK | 8/28/2020 | 8/28/2025 | 751 | 514 | 695 | 0.4% |
|  |  |  |  |  |  |  | 751 | 514 | 695 | 0.4% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Services: Business** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation |  | SF | 5.25% | 9.58% | 4/13/2021 | 4/13/2029 | 2446 | $2438 | $2482 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation (Revolver) | (14) | SF | 5.25% | 9.58% | 4/13/2021 | 4/13/2029 | 335 | 128 | 128 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burroughs, Inc. |  | SF | 8.60% | 11.94% Cash/ 1.00% PIK | 12/22/2017 | 1/31/2025 | 4964 | 4964 | 4927 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burroughs, Inc. (Revolver) |  | SF | 8.60% | 11.94% Cash/ 1.00% PIK | 12/22/2017 | 1/31/2025 | 1290 | 1290 | 1290 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. |  | SF | 6.25% | 10.57% | 7/18/2024 | 7/18/2030 | 6000 | 5899 | 6000 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (14)(15) | SF | 6.25% | 10.57% | 7/18/2024 | 7/18/2030 | 556 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (14)(15) | SF | 6.25% | 10.57% | 7/18/2024 | 7/18/2030 | 778 | 306 | 306 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Revolver) | (14) | SF | 6.25% | 10.57% | 7/18/2024 | 7/18/2030 | 667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HS4 Acquisitionco, Inc. |  | SF | 5.85% | 10.19% | 7/9/2019 | 7/9/2025 | 9698 | 9673 | 9698 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HS4 Acquisitionco, Inc. (Revolver) | (14) | SF | 5.85% | 10.19% | 7/9/2019 | 7/9/2025 | 817 | 552 | 552 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;iCIMS, Inc. |  | SF | 6.25% | 10.88% | 10/24/2022 | 8/18/2028 | 2500 | 2469 | 2500 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 11.24% | 12/9/2022 | 12/11/2028 | 590 | 581 | 585 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 11.24% | 12/9/2022 | 12/11/2028 | 189 | 189 | 188 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 11.24% | 12/9/2022 | 12/11/2028 | 274 | 274 | 271 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC (Revolver) | (14) | SF | 6.60% | 10.94% | 12/9/2022 | 12/11/2028 | 240 | 192 | 190 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC |  | SF | 6.26% | 10.76% | 8/16/2024 | 8/16/2029 | 1496 | 1468 | 1498 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC (Revolver) | (14) | SF | 6.26% | 10.76% | 8/16/2024 | 8/16/2029 | 318 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC | (16) | SF | 8.35% | 7.90% Cash/ 5.00% PIK | 12/8/2022 | 12/8/2027 | 2468 | 2391 | 1991 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC (Revolver) | (14)(16) | SF | 8.35% | 7.90% Cash/ 5.00% PIK | 12/8/2022 | 12/8/2027 | 288 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. |  | SF | 5.85% | 10.19% | 3/1/2024 | 9/30/2027 | 1832 | 1832 | 1831 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. |  | SF | 5.85% | 10.19% | 6/17/2024 | 9/30/2027 | 5902 | 5902 | 5896 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. |  | SF | 5.85% | 10.19% | 6/17/2024 | 9/30/2027 | 1810 | 1810 | 1808 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC |  | SF | 6.00% | 10.59% | 6/9/2023 | 6/11/2029 | 3000 | 2929 | 3023 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC (Delayed Draw) | (14)(15) | SF | 6.00% | 10.59% | 6/9/2023 | 6/11/2029 | 667 | 150 | 151 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vhagar Purchaser, LLC (Revolver) | (14) | SF | 6.00% | 10.59% | 6/9/2023 | 6/11/2029 | 333 |  |  | 0.0% |
|  |  |  |  |  |  |  | 49458 | 45437 | 45315 | 23.6% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC |  | SF | 6.76% | 11.35% | 7/14/2022 | 7/14/2028 | 7067 | 7039 | 7041 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC |  | SF | 6.76% | 11.35% | 7/14/2022 | 7/14/2028 | 1498 | 1498 | 1492 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (Revolver) | (14) | SF | 6.76% | 11.35% | 7/14/2022 | 7/14/2028 | 379 | 209 | 208 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.85% | 2/28/2022 | 2/26/2027 | 1560 | 1544 | 1558 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.85% | 2/28/2022 | 2/26/2027 | 1117 | 1117 | 1116 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.85% | 8/3/2022 | 2/26/2027 | 2631 | 2631 | 2627 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.87% | 10/3/2024 | 2/28/2027 | 3183 | 3120 | 3178 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.87% | 5/9/2024 | 2/26/2027 | 2921 | 2921 | 2917 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (Delayed Draw) | (14)(15) | SF | 6.26% | 10.71% | 10/3/2024 | 2/28/2027 | 2665 | 819 | 817 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (Revolver) | (14) | SF | 6.26% | 10.87% | 2/28/2022 | 2/26/2027 | 952 |  |  | 0.0% |
|  |  |  |  |  |  |  | 23973 | 20898 | 20954 | 10.9% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Telecommunications** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (Delayed Draw) | (14)(15) | P | 12.00% | 17.50% Cash/ 2.00% PIK | 6/10/2022 | 6/10/2025 | 1377 | $1313 | $1371 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (Revolver) | (14) | P | 12.00% | 17.50% Cash/ 2.00% PIK | 6/10/2022 | 6/10/2025 | 500 | 126 | 126 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. |  | SF | 5.50% | 10.01% | 4/16/2021 | 4/16/2027 | 3383 | 3344 | 3383 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. |  | SF | 5.50% | 10.01% | 12/19/2023 | 4/16/2027 | 496 | 496 | 497 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. (Revolver) | (14) | SF | 5.50% | 10.02% | 4/16/2021 | 4/16/2027 | 409 | 175 | 175 | 0.1% |
|  |  |  |  |  |  |  | 6165 | 5454 | 5552 | 3.0% |
| &nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. |  | SF | 6.00% | 10.34% | 3/18/2024 | 3/18/2029 | 2978 | 2924 | 2990 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. |  | SF | 6.00% | 10.34% | 3/18/2024 | 3/18/2029 | 1718 | 1702 | 1725 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (Delayed Draw) | (14)(15) | SF | 6.00% | 10.45% | 12/5/2024 | 3/18/2029 | 1153 | 374 | 376 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (Delayed Draw) | (14)(15) | SF | 6.00% | 10.34% | 3/18/2024 | 3/18/2029 | 863 | 482 | 484 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (Revolver) | (14) | SF | 6.00% | 10.34% | 3/18/2024 | 3/18/2029 | 652 | 116 | 116 | 0.2% |
|  |  |  |  |  |  |  | 7364 | 5598 | 5691 | 3.2% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  |  | **334695** | **299917** | **297919** | **155.5%** |
| &nbsp;&nbsp;&nbsp;**Unitranche Secured Loans (6)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC |  | SF | 6.40% | 10.99% | 5/25/2022 | 5/25/2028 | 1900 | 1875 | 1898 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC |  | SF | 6.40% | 10.99% | 5/25/2022 | 5/25/2028 | 285 | 285 | 284 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Onit, Inc. |  | SF | 7.40% | 12.01% | 12/20/2021 | 5/2/2025 | 1680 | 1675 | 1680 | 0.9% |
|  |  |  |  |  |  |  | 3865 | 3835 | 3862 | 2.0% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Unitranche Secured Loans** |  |  |  |  |  |  | **3865** | **3835** | **3862** | **2.0%** |
| &nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born to Run, LLC) | (16) | n/a | n/a | 7.50% PIK | 9/30/2024 | 12/31/2027 | 711 | 658 | 458 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born to Run, LLC) | (16) | n/a | n/a | 5.00% PIK | 9/30/2024 | 12/31/2027 | 3664 | 3390 |  | 0.0% |
|  |  |  |  |  |  |  | 4375 | 4048 | 458 | 0.2% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (16) | SF | 10.26% | 14.89% PIK | 7/18/2024 | 6/18/2029 | 881 | 881 | 699 | 0.4% |
|  |  |  |  |  |  |  | 881 | 881 | 699 | 0.4% |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 7/2/2021 | 10/1/2026 | 7188 | 7188 | 7180 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 5/16/2023 | 10/1/2026 | 1243 | 1243 | 1242 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 9/25/2023 | 10/1/2026 | 2231 | 2231 | 2229 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 7/26/2024 | 10/1/2026 | 326 | 326 | 325 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 8.00% Cash/ 4.00% PIK | 5/8/2024 | 10/1/2026 | 1529 | 1529 | 1528 | 0.8% |
|  |  |  |  |  |  |  | 12517 | 12517 | 12504 | 6.5% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | (16) | n/a | n/a | 9.00% PIK | 8/29/2023 | 1/2/2029 | 161 | $150 | $175 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | (16) | n/a | n/a | 9.00% PIK  | 7/14/2023 | 1/2/2029 | 165 | 150 | 179 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) | (16) | n/a | n/a | n/a | 3/16/2021 | 3/16/2027 | 370 | 363 |  | 0.0% |
|  |  |  |  |  |  |  | 696 | 663 | 354 | 0.2% |
| &nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. |  | SF | 6.85% | 5.44% Cash/ 5.75% PIK | 10/25/2024 | 6/2/2028 | 5651 | 5589 | 4880 | 2.5% |
|  |  |  |  |  |  |  | 5651 | 5589 | 4880 | 2.5% |
| &nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16)(19) | n/a | n/a | n/a | 5/2/2019 | n/a | 637 | 637 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16)(19) | n/a | n/a | n/a | 11/4/2019 | n/a | 122 | 122 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16)(19) | n/a | n/a | n/a | 5/2/2019 | n/a | 200 | 200 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16)(19) | n/a | n/a | n/a | 5/2/2019 | n/a | 76 | 76 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.85% PIK | 7/31/2023 | 1/31/2028 | 528 | 528 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.85% PIK  | 7/31/2023 | 1/31/2028 | 671 | 671 | 328 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.85% PIK  | 7/31/2023 | 1/31/2028 | 203 | 203 | 99 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.85% PIK  | 9/8/2023 | 1/31/2028 | 353 | 353 | 173 | 0.1% |
|  |  |  |  |  |  |  | 2790 | 2790 | 600 | 0.4% |
| &nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forman Mills, Inc. | (16) | n/a | n/a | 5.00% PIK  | 4/27/2023 | 6/20/2028 | 1308 | 1308 | 921 | 0.5% |
|  |  |  |  |  |  |  | 1308 | 1308 | 921 | 0.5% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Corporation of America | (16)(19) | P | 11.00% | 14.00% Cash/ 5.50% PIK | 9/3/2015 | n/a | 833 | 830 | 2330 | 1.2% |
|  |  |  |  |  |  |  | 833 | 830 | 2330 | 1.2% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  |  | **29051** | **28626** | **22746** | **11.9%** |
| &nbsp;&nbsp;**Equity Investments (7) (11) (12)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC (fka Born to Run, LLC) (242 Class A common units) |  |  |  |  | 6/21/2024 |  |  | 248 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (111,111 Class A shares) | (13) |  |  |  | 8/2/2021 |  |  | 111 | 122 | 0.1% |
|  |  |  |  |  |  |  |  | 359 | 122 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC (1,458 shares of common stock)  | (10)(13) |  |  |  | 7/29/2021 |  |  | 600 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC (warrant to purchase up to 0.8% of the equity)  | (10)(13) |  |  |  | 7/28/2021 | 7/28/2031 |  | 363 |  | 0.0% |
|  |  |  |  |  |  |  |  | 963 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC (501,014 Class A-1 units)  | (13) | n/a | n/a | 10.00% PIK | 6/18/2018 |  |  | 501 |  | 0.0% |
|  |  |  |  |  |  |  |  | 501 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (81 Class A units) |  |  |  |  | 8/3/2021 |  |  | 81 | 25 | 0.0% |
|  |  |  |  |  |  |  |  | 81 | 25 | 0.0% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC (1,081,253 units) |  |  |  |  | 6/18/2024 |  |  | $— | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC (15,882 shares of common stock) |  |  |  |  | 6/18/2024 |  |  | 1616 | 437 | 0.2% |
|  |  |  |  |  |  |  |  | 1616 | 437 | 0.2% |
| &nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (178 shares of common stock) |  |  |  |  | 6/30/2023 |  |  | 178 | 267 | 0.1% |
|  |  |  |  |  |  |  |  | 178 | 267 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| &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 | 0.2% |
| &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 | 0.1% |
|  |  |  |  |  |  |  |  | 67 | 520 | 0.3% |
| &nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Binah Capital Group, Inc. (fka PKS Holdings, LLC) (20,600 shares of common stock) | (10)(20) |  |  |  | 3/15/2024 |  |  | 139 | 61 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (0.3% profit sharing) | (10)(13) |  |  |  | 12/24/2020 |  |  |  | 50 | 0.0% |
|  |  |  |  |  |  |  |  | 139 | 111 | 0.0% |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Homes for Rent LLC (255,311 Series A preferred units)  | (10)(13) |  |  |  | 3/5/2024 |  |  | 1114 | 950 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Homes for Rent LLC (warrant to purchase up to 0.7% of the equity)  | (10)(13) |  |  |  | 3/5/2024 | 3/5/2034 |  |  | 443 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC (2,141 preferred units) | (10)(13) |  |  |  | 7/2/2021 |  |  | 2 | 3721 | 1.9% |
|  |  |  |  |  |  |  |  | 1116 | 5114 | 2.6% |
| &nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (35 Class A preferred units) |  | n/a | n/a | 9.00% PIK | 7/17/2023 |  |  | 35 | 35 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (18,841 Class B common units) |  |  |  |  | 7/17/2023 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (189,922 Class A-1 units) |  |  |  |  | 6/30/2021 |  |  | 207 | 139 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (189,922 Class A-2 units) |  |  |  |  | 6/30/2021 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (300 Class A units)  | (13) | n/a | n/a | 8.00% PIK  | 3/15/2024 |  |  | 250 | 232 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (300 Class B units) | (13) |  |  |  | 3/15/2024 |  |  |  | 234 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;INH Buyer, Inc. (1,627,888 A-1 units) |  |  |  |  | 12/16/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;INH Buyer, Inc. (2 preferred stock) |  |  |  |  | 12/16/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.1% shares of the equity) |  |  |  |  | 1/31/2023 |  |  | 505 | 115 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (120,760 Series B units)  | (13) | n/a | n/a | 5.00% PIK | 8/20/2021 |  |  | 816 | 1803 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (106,667 common units)  | (13) |  |  |  | 8/20/2021 |  |  | 153 | 916 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (327,133 common units) |  |  |  |  | 10/4/2022 |  |  | 327 | 67 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vero Biotech Inc. (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 12/29/2023 | 12/29/2033 |  |  | 15 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (111,208 Series A preferred stock) |  |  |  |  | 10/25/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (24,875 Series B preferred stock) |  |  |  |  | 10/25/2024 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  | 2293 | 3556 | 1.8% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (59,211 Class A common units) |  |  |  |  | 1/2/2024 |  |  | $— | $— | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (110,294 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (59,211 Class A common units) |  |  |  |  | 3/16/2021 |  |  | 4119 | 552 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (110,294 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  | 1029 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (57,588 Class A common units) |  |  |  |  | 8/27/2024 |  |  | 58 | 60 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (130,433 Class A-1 units) |  |  |  |  | 9/1/2022 |  |  | 130 | 157 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (473,082 Class A units) |  | n/a | n/a | 8.00% PIK | 12/28/2018 |  |  | 473 | 1165 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (35,791 Class B units) |  |  |  |  | 5/3/2023 |  |  |  | 53 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recorded Future, Inc. (80,486 Class A units) | (22) |  |  |  | 7/3/2019 |  |  | 49 | 186 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (300,000 common units) |  |  |  |  | 6/15/2023 |  |  | 300 | 323 | 0.2% |
|  |  |  |  |  |  |  |  | 5129 | 3525 | 1.8% |
| &nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equine Network, LLC (108 Class A units)  | (13) |  |  |  | 12/31/2020 |  |  | 111 | 144 | 0.1% |
|  |  |  |  |  |  |  |  | 111 | 144 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;InMobi Pte, Ltd. (warrant to purchase up to 2.8% of the equity) | (10)(18) |  |  |  | 9/18/2015 | 9/18/2025 |  |  | 1388 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (40 preferred units) |  | n/a | n/a | 12.00% PIK | 11/20/2020 |  |  | 40 | 26 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (6 Class X preferred units) |  | n/a | n/a | 12.00% PIK  | 11/14/2024 |  |  | 6 | 6 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (40 Class B common units) |  |  |  |  | 11/20/2020 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (6 Class X common units) |  |  |  |  | 11/14/2024 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (13 Class A-2 units) |  |  |  |  | 6/10/2024 |  |  | 13 | 3 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (81 Class A units) |  |  |  |  | 12/22/2021 |  |  | 81 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (49,479 Class A units) |  | n/a | n/a | 8.00% PIK | 1/28/2020 |  |  | 49 | 211 | 0.1% |
|  |  |  |  |  |  |  |  | 189 | 1634 | 0.8% |
| &nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,480,000 Class A units) |  |  |  |  | 7/31/2023 |  |  | 1480 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1480 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Attom Intermediate Holdco, LLC (297,197 Class A units) | (13) |  |  |  | 1/4/2019 |  |  | 305 | 437 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (2 Class A units)  | (13) |  |  |  | 12/31/2021 |  |  | 87 | 46 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. (392,157 shares of common units)  | (23) |  |  |  | 1/12/2023 |  |  | 203 | 152 | 0.1% |
|  |  |  |  |  |  |  |  | 595 | 635 | 0.3% |
| &nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BLST Operating Company, LLC (139,883 Class A units)  | (13) |  |  |  | 8/28/2020 |  |  | 712 | 420 | 0.2% |
|  |  |  |  |  |  |  |  | 712 | 420 | 0.2% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Services: Business** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;APCO Worldwide, Inc. (100 Class A voting common stock) |  |  |  |  | 11/1/2017 |  |  | $395 | $909 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC (1,072,940 Class A-2 units) | (13) |  |  |  | 8/16/2024 |  |  | 1073 | 1089 | 0.6% |
|  |  |  |  |  |  |  |  | 1468 | 1998 | 1.1% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Corporation of America - Series G Preferred Stock (8,333 shares) | (16) | n/a | n/a | 12.00% PIK  | 9/3/2015 |  |  | 7492 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (31,200 Class A common units)  | (13) |  |  |  | 11/15/2023 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (31 Class A preferred units) | (13) | n/a | n/a | 8.00% PIK | 11/15/2023 |  |  | 31 | 14 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (146,770 Class B common units)  | (13) |  |  |  | 11/15/2023 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (147 Class B preferred units)  | (13) |  |  |  | 11/15/2023 |  |  | 151 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDIG Parent, LLC (245,958 shares of common stock)  | (13)(21) |  |  |  | 1/4/2021 |  |  | 251 | 240 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (99,807 Class A units) |  |  |  |  | 2/28/2022 |  |  | 103 | 124 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (17,988 preferred units) |  |  |  |  | 6/27/2023 |  |  | 26 | 29 | 0.0% |
|  |  |  |  |  |  |  |  | 8054 | 407 | 0.2% |
| &nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.2% of the equity) |  |  |  |  | 6/10/2022 | 6/10/2032 |  | 42 | 34 | 0.0% |
|  |  |  |  |  |  |  |  | 42 | 34 | 0.0% |
| &nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Epika Fleet Services, Inc. (7,826 preferred units) |  |  |  |  | 3/18/2024 |  |  | 196 | 199 | 0.1% |
|  |  |  |  |  |  |  |  | 196 | 199 | 0.1% |
| &nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nearly Natural, Inc. (152,174 Class A units) |  |  |  |  | 12/15/2017 |  |  | 153 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nearly Natural, Inc. (61,087 Class AA units) |  |  |  |  | 8/27/2021 |  |  | 61 | 51 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nearly Natural, Inc. (62,034 Class AAA units) |  |  |  |  | 8/5/2024 |  |  | 62 | 109 | 0.1% |
|  |  |  |  |  |  |  |  | 276 | 160 | 0.1% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equity Investments** |  |  |  |  |  |  |  | **25565** | **19308** | **9.8%** |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Company Investments** |  |  |  |  |  |  |  | $**357943** | $**343835** | **179.2%** |
| **Non-Controlled Affiliate Company Investments (8)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Senior Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TJ Management HoldCo LLC (Revolver) | (14) | SF | 5.61% | 10.20% | 9/9/2020 | 9/30/2025 | 1114 |  |  | 0.0% |
|  |  |  |  |  |  |  | 1114 |  |  | 0.0% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.46% PIK | 7/22/2014 | 12/31/2026 | 13555 | $13555 | $8382 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.46% PIK | 7/22/2014 | 12/31/2026 | 6669 | 6669 | 4125 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.46% PIK | 5/24/2017 | 12/31/2026 | 822 | 822 | 508 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.46% PIK | 8/10/2018 | 12/31/2026 | 3021 | 3022 | 1868 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.46% PIK | 3/29/2019 | 12/31/2026 | 5593 | 5593 | 3459 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.46% PIK | 9/30/2019 | 12/31/2026 | 26 | 25 | 16 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.46% PIK | 12/30/2019 | 12/31/2026 | 128 | 128 | 79 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. (Revolver) | (14) | SF | 0.11% | 4.46% PIK | 3/30/2020 | 12/31/2026 | 2500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HFZ Capital Group LLC | (10)(19)(24) | P | 9.46% | 16.96% PIK | 10/20/2017 | n/a | 13242 | 13242 | 13378 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HFZ Capital Group LLC | (10)(19)(24) | P | 9.46% | 16.96% PIK | 10/20/2017 | n/a | 4758 | 4758 | 4807 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;MC Asset Management (Corporate), LLC | (10)(24) | SF | 15.00% | 19.59% PIK | 1/26/2021 | 1/26/2029 | 12517 | 12517 | 12517 | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;MC Asset Management (Corporate), LLC | (10)(24) | SF | 15.00% | 19.59% PIK | 4/26/2021 | 1/26/2029 | 3731 | 3731 | 3731 | 1.9% |
|  |  |  |  |  |  |  | 66562 | 64062 | 52870 | 27.6% |
| &nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mnine Holdings, Inc. |  | SF | 8.26% | 7.58% Cash/ 5.00% PIK | 11/2/2018 | 12/31/2025 | 6592 | 6592 | 6592 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mnine Holdings, Inc. |  | SF | 8.26% | 7.85% Cash/ 5.00% PIK | 7/27/2023 | 12/31/2025 | 58 | 58 | 58 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mnine Holdings, Inc. (Revolver) | (14) | SF | 7.00% | 11.32% | 8/9/2022 | 12/31/2025 | 747 | 133 | 133 | 0.1% |
|  |  |  |  |  |  |  | 7397 | 6783 | 6783 | 3.5% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NECB Collections, LLC (Revolver) | (14)(16)(19) | L | 11.00% | 16.94% | 6/25/2019 | n/a | 1356 | 1312 | 422 | 0.2% |
|  |  |  |  |  |  |  | 1356 | 1312 | 422 | 0.2% |
| &nbsp;&nbsp;**Total Non-Controlled Affiliate Senior Secured Loans** |  |  |  |  |  |  | **76429** | **72157** | **60075** | **31.3%** |
| &nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC | (10) | n/a | n/a | 8.00% | 8/6/2021 | 8/11/2028 | 5850 | 5850 | 5593 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | (10)(14)(15) | n/a | n/a | 8.00% | 10/24/2024 | 10/23/2029 | 2925 | 1295 | 1295 | 0.7% |
|  |  |  |  |  |  |  | 8775 | 7145 | 6888 | 3.6% |
| &nbsp;&nbsp;**Total Non-Controlled Affiliate Company Junior Secured Loans** |  |  |  |  |  |  | **8775** | **7145** | **6888** | **3.6%** |
| &nbsp;&nbsp;**Equity Investments (8) (11) (12)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TJ Management HoldCo LLC (16 shares of common stock)  | (13) |  |  |  | 9/9/2020 |  |  | 1631 | 3076 | 1.6% |
|  |  |  |  |  |  |  |  | 1631 | 3076 | 1.6% |
| &nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. (4,940 shares of common stock) |  |  |  |  | 12/29/2022 |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MC Asset Management (Corporate), LLC (15.9% of interests)  | (10)(13)(24) |  |  |  | 6/11/2019 |  |  | 793 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC (24.4% of equity commitment) | (10) |  |  |  | 8/6/2021 |  |  | 3900 | 4797 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (13.9% of equity commitment) | (10) |  |  |  | 10/24/2024 |  |  | 864 | 864 | 0.5% |
|  |  |  |  |  |  |  |  | 5557 | 5661 | 3.0% |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL 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 Date (3)** | **Maturity** | **Principal** | **Amortized Cost** | **Fair Value (4)** | **% of Net Assets (5)** |
| &nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascent Midco, LLC (2,032,258 Class A units)  | (13) | n/a | n/a | 8.00% PIK | 2/5/2020 |  |  | $2032 | $1760 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Familia Dental Group Holdings, LLC (1,525 Class A units)  | (13) |  |  |  | 4/8/2016 |  |  | 5224 | 3023 | 1.6% |
|  |  |  |  |  |  |  |  | 7256 | 4783 | 2.5% |
| &nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mnine Holdings, Inc. (6,400 Class B units) |  |  |  |  | 6/30/2020 |  |  |  |  | 0.0% |
|  |  |  |  |  |  |  |  |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NECB Collections, LLC (20.8% of LLC units)  | (13) |  |  |  | 6/21/2019 |  |  | 1458 |  | 0.0% |
|  |  |  |  |  |  |  |  | 1458 |  | 0.0% |
| &nbsp;&nbsp;**Total Non-Controlled Affiliate Equity Investments** |  |  |  |  |  |  |  | **15902** | **13520** | **7.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Company Investments** |  |  |  |  |  |  |  | $**95204** | $**80483** | **42.0%** |
| **Controlled Affiliate Company Investments (9)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investment Funds & Vehicles** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MRCC Senior Loan Fund I, LLC (50.0% of the equity interests) | (10) |  |  |  | 10/31/2017 |  |  | $42650 | $32730 | 17.1% |
| &nbsp;&nbsp;**Total Controlled Affiliate Equity Investments** |  |  |  |  |  |  |  | **42650** | **32730** | **17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Controlled Affiliate Company Investments** |  |  |  |  |  |  |  | $**42650** | $**32730** | **17.1%** |
| &nbsp;&nbsp;**TOTAL INVESTMENTS** |  |  |  |  |  |  |  | $**495797** | $**457048** | **238.3%** |

---

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**December 31, 2024**

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

**Derivative Instruments**

***Foreign currency forward contracts***

There were no foreign currency forward contracts held as of December 31, 2024.

**________________________________________________________**

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

<sup>(2)</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"), London Interbank Offered Rate ("LIBOR" or "L") or Prime Rate ("Prime" or "P"), each of which reset daily, monthly, quarterly or semiannually. For each such investment, the Company has provided the spread over SOFR, LIBOR or Prime, 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)</sup> Except as otherwise noted, all of the Company's portfolio company investments, which as of December 31, 2024 represented 238.3% of the Company's net assets or 93.1% of the Company's total assets, are subject to legal restrictions on sales.

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

<sup>(5)</sup> Percentages are based on net assets of $191,762 as of December 31, 2024.

<sup>(6)</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>(7)</sup> Represents less than 5% ownership of the portfolio company's voting securities.

<sup>(8)</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>(9)</sup> As defined in the 1940 Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as it owns more than 25% of the portfolio company's voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.

<sup>(10)</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 21.5% of the Company's total assets.

<sup>(11)</sup> Investments without an interest rate are non-income producing.

<sup>(12)</sup> Ownership of certain equity investments may occur through a holding company or partnership.

<sup>(13)</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.

<sup>(14)</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>(15)</sup> This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

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

**December 31, 2024**

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

<sup>(16)</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>(17)</sup> This investment represents a note convertible to preferred shares of the borrower.

<sup>(18)</sup> The headquarters of this portfolio company is located in Singapore.

<sup>(19)</sup> This is a demand note with no stated maturity.

<sup>(20)</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>(21)</sup> As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $43.

<sup>(22)</sup> As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $16.

<sup>(23)</sup> As of December 31, 2024, the Company was party to a subscription agreement with a commitment to fund an equity investment of $189.

<sup>(24)</sup> The Company restructured its investments in HFZ Capital Group LLC ("HFZ") and HFZ Member RB portfolio, LLC ("Member RB") during 2020. As part of the restructuring of HFZ, the Company obtained a 15.9% equity interest in MC Asset Management (Corporate), LLC ("Corporate"). As part of the Member RB restructuring, the Company exchanged its loan in Member RB for a promissory note in MC Asset Management (Industrial), LLC ("Industrial"). Corporate owns 100% of the equity of Industrial. In conjunction with these restructurings, the Company participated $4,758 of principal of its loan to HFZ as an equity contribution to Industrial. This participation did not qualify for sale accounting under ASC Topic 860–Transfers and Servicing because the sale did not meet the definition of a "participating interest", as defined in the guidance, in order for sale treatment to be allowed. As a result, the Company continues to reflect its full investment in HFZ but has split the loan into two investments.

n/a - not applicable

See Notes to Consolidated Financial Statements.

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

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

**Note 1. Organization and Principal Business**

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

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 Agreement and Plan of Merger (the "Merger Agreement") with Horizon Technology Finance Corporation, a Delaware corporation ("HRZN"), HMMS, Inc., a Maryland corporation and wholly owned subsidiary of HRZN ("Merger Sub"), MC Advisors, and Horizon Technology Finance Management LLC, a Delaware limited liability company and investment adviser to HRZN. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, immediately following the Asset Sale (as defined below) and at the effective time of the Merger (the "Effective Time"), Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and as a wholly-owned subsidiary of HRZN and, immediately thereafter, the Company will merge with and into HRZN, with HRZN continuing as the surviving company (collectively, the "Merger").

On August 7, 2025, the Company entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Monroe Capital Income Plus Corporation, a Maryland corporation ("MCIP"), 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"), MCIP will acquire the investment assets of the Company 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. Following the Asset Sale, the Company's assets will be the net cash proceeds from the sale after giving effect to the receipt of proceeds from the Asset Sale, repayment of liabilities, transaction costs and distribution of undistributed net investment income. Pursuant to and subject to the terms and conditions of the Merger Agreement, subsequent to the closing of the Asset Sale, the Company will merge with HRZN. See Note 6 for additional information on the Merger and the Asset Sale.

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**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.

**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 Company's wholly-owned taxable subsidiaries (the "Taxable 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. The Company does not consolidate its non-controlling interest in MRCC Senior Loan Fund I, LLC ("SLF"). See further description of the Company's investment in SLF in Note 3.

**Fair Value of Financial Instruments**

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

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, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**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 both the three and nine months ended September 30, 2025, the Company received return of capital distributions from its equity investments of $696. For the three and nine months ended September 30, 2024, the Company received return of capital distributions from its equity investments of zero and $6, 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 $2,021 and $2,975 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 $86 and $297, respectively. Upfront loan origination and closing fees received for the three and nine months ended September 30, 2024 totaled $344 and $912, 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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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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 | $5844 | $11303 |
| PIK interest income | 2029 | 2321 |
| Dividend income <sup>(1)</sup> | 114 | 1070 |
| Other income | 23 | 694 |
| Prepayment gain (loss) | 43 | 109 |
| Accretion of discounts and amortization of premiums | 153 | 198 |
| &nbsp;&nbsp;Total investment income | $8206 | $15695 |

---

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest income | $20675 | $34815 |
| PIK interest income | 5588 | 6535 |
| Dividend income <sup>(2)</sup> | 1973 | 3099 |
| Other income | 306 | 996 |
| Prepayment gain (loss) | 576 | 359 |
| Accretion of discounts and amortization of premiums | 601 | 700 |
| &nbsp;&nbsp;Total investment income | $29719 | $46504 |

---

**________________________________________________________**

<sup>(1)</sup> During the three months ended September 30, 2025 and 2024, dividend income includes PIK dividends of $93 and $115, respectively.

<sup>(2)</sup> During the nine months ended September 30, 2025 and 2024, dividend income includes PIK dividends of $333 and $344, 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 both September 30, 2025 and December 31, 2024, there were ten borrowers with a debt or preferred equity investment on non-accrual status. The fair value of the Company's investments on non-accrual status totaled $12,542 and $15,723 at September 30, 2025 and December 31, 2024, respectively.

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**Distributions**

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

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

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

**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.

**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 $1,602 and $1,925 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 $411 and $1,161, respectively. Amortization of debt issuance costs for the three and nine months ended September 30, 2024 was $332 and $986, respectively.

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**Offering Costs**

Offering costs include, among other things, fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of debt and equity offerings. Offering costs from equity offerings are charged against the proceeds from the offering within the consolidated statements of changes in net assets. Offering costs from debt offerings are reclassified to unamortized debt issuance costs on the consolidated statements of assets and liabilities as noted above. As of both September 30, 2025 and December 31, 2024, other assets on the consolidated statements of assets and liabilities included $262 of deferred offering costs, respectively, which will be charged against the proceeds from future debt or equity offerings when completed.

**Investments Denominated in Foreign Currency**

As of both September 30, 2025 and December 31, 2024, the Company held no investments denominated in a 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.

**Derivative Instruments**

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

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

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 (benefit) on the consolidated statements of operations of $(44) and $26, 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 $136 and $302, respectively, for U.S. federal excise tax. As of September 30, 2025 and December 31, 2024, the Company had a receivable of $135 and a payable of $316 for U.S. federal excise taxes, respectively. These amounts 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 a net tax expense of $114 and $121, respectively, on the consolidated statements of operations for these subsidiaries. For the three and nine months ended September 30, 2024 the Company recorded a net tax expense (benefit) of zero and $(13), 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.

**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.

**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.

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

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 | $282158 | 69.1% | $372074 | 75.0% |
| &nbsp;&nbsp;Unitranche secured loans | 2165 | 0.5 | 3835 | 0.8 |
| &nbsp;&nbsp;Junior secured loans | 39433 | 9.7 | 35771 | 7.2 |
| &nbsp;&nbsp;LLC equity interest in SLF | 42100 | 10.3 | 42650 | 8.6 |
| &nbsp;&nbsp;Equity investments | 42475 | 10.4 | 41467 | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $408331 | 100.0% | $495797 | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;Senior secured loans | $264683 | 73.4% | $357994 | 78.3% |
| &nbsp;&nbsp;Unitranche secured loans | 2183 | 0.6 | 3862 | 0.8 |
| &nbsp;&nbsp;Junior secured loans | 31403 | 8.7 | 29634 | 6.5 |
| &nbsp;&nbsp;LLC equity interest in SLF | 28240 | 7.8 | 32730 | 7.2 |
| &nbsp;&nbsp;Equity investments | 34141 | 9.5 | 32828 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $360650 | 100.0% | $457048 | 100.0% |

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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;United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | $162127 | 39.7% | $178051 | 35.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 94233 | 23.1 | 103354 | 20.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest |  |  | 3928 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast | 69073 | 16.9 | 116087 | 23.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest | 11618 | 2.8 | 12622 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 71280 | 17.5 | 81755 | 16.5 |
| &nbsp;&nbsp;International <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $408331 | 100.0% | $495797 | 100.0% |

---

**___________________________________________________**

<sup>(1)</sup> Includes one equity investment with no cost basis as of September 30, 2025 and December 31, 2024, respectively.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | $129905 | 36.0% | $152880 | 33.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 85676 | 23.8 | 94766 | 20.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest |  |  | 4030 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast | 64553 | 17.9 | 111115 | 24.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest | 11839 | 3.3 | 13186 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 67094 | 18.6 | 79683 | 17.4 |
| &nbsp;&nbsp;International | 1583 | 0.4 | 1388 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $360650 | 100.0% | $457048 | 100.0% |

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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;Automotive | $23705 | 5.8% | $20188 | 4.1% |
| &nbsp;&nbsp;Banking | 11618 | 2.8 | 11689 | 2.4 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 1806 | 0.4 | 4554 | 0.9 |
| &nbsp;&nbsp;Capital Equipment | 4802 | 1.2 | 4809 | 1.0 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 4172 | 1.0 | 3784 | 0.8 |
| &nbsp;&nbsp;Construction & Building | 10177 | 2.5 | 10094 | 2.0 |
| &nbsp;&nbsp;Consumer Goods: Durable | 8423 | 2.1 | 8444 | 1.7 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 3776 | 0.9 | 3857 | 0.8 |
| &nbsp;&nbsp;Environmental Industries | 67 | 0.0 \* | 67 | 0.0\* |
| &nbsp;&nbsp;FIRE: Finance | 8574 | 2.1 | 12675 | 2.6 |
| &nbsp;&nbsp;FIRE: Real Estate | 97528 | 23.9 | 90397 | 18.2 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 51328 | 12.6 | 83481 | 16.8 |
| &nbsp;&nbsp;High Tech Industries | 39088 | 9.6 | 42841 | 8.6 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 111 | 0.0 \* | 111 | 0.0 \* |
| &nbsp;&nbsp;Investment Funds & Vehicles | 42100 | 10.3 | 42650 | 8.6 |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 9190 | 2.3 | 10636 | 2.1 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 4574 | 1.1 | 4574 | 0.9 |
| &nbsp;&nbsp;Media: Diversified & Production | 24530 | 6.0 | 43554 | 8.8 |
| &nbsp;&nbsp;Retail | 2590 | 0.7 | 2534 | 0.5 |
| &nbsp;&nbsp;Services: Business | 27794 | 6.8 | 50740 | 10.2 |
| &nbsp;&nbsp;Services: Consumer | 26591 | 6.5 | 32552 | 6.6 |
| &nbsp;&nbsp;Telecommunications | 5512 | 1.3 | 5496 | 1.1 |
| &nbsp;&nbsp;Transportation: Cargo |  |  | 5794 | 1.2 |
| &nbsp;&nbsp;Wholesale | 275 | 0.1 | 276 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $408331 | 100.0% | $495797 | 100.0% |

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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;Automotive | $19821 | 5.5% | $16267 | 3.6% |
| &nbsp;&nbsp;Banking | 6591 | 1.9 | 7861 | 1.7 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 2917 | 0.8 | 6027 | 1.3 |
| &nbsp;&nbsp;Capital Equipment | 4815 | 1.3 | 4853 | 1.1 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 4236 | 1.2 | 4864 | 1.1 |
| &nbsp;&nbsp;Construction & Building | 10510 | 2.9 | 10334 | 2.3 |
| &nbsp;&nbsp;Consumer Goods: Durable | 7478 | 2.1 | 8263 | 1.8 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 1809 | 0.5 | 2467 | 0.4 |
| &nbsp;&nbsp;Environmental Industries | 87 | 0.0 \* | 520 | 0.1 |
| &nbsp;&nbsp;FIRE: Finance | 8602 | 2.4 | 12789 | 2.8 |
| &nbsp;&nbsp;FIRE: Real Estate | 91287 | 25.3 | 83037 | 18.2 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 47383 | 13.1 | 79784 | 17.5 |
| &nbsp;&nbsp;High Tech Industries | 37483 | 10.4 | 41240 | 9.0 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 166 | 0.1 | 144 | 0.0 \* |
| &nbsp;&nbsp;Investment Funds & Vehicles | 28240 | 7.8 | 32730 | 7.2 |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 10728 | 3.0 | 12035 | 2.6 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 780 | 0.2 | 1156 | 0.3 |
| &nbsp;&nbsp;Media: Diversified & Production | 24554 | 6.8 | 43717 | 9.6 |
| &nbsp;&nbsp;Retail | 1251 | 0.3 | 2036 | 0.4 |
| &nbsp;&nbsp;Services: Business | 28161 | 7.8 | 51175 | 11.2 |
| &nbsp;&nbsp;Services: Consumer | 18052 | 5.0 | 24113 | 5.3 |
| &nbsp;&nbsp;Telecommunications | 5545 | 1.5 | 5586 | 1.2 |
| &nbsp;&nbsp;Transportation: Cargo |  |  | 5890 | 1.3 |
| &nbsp;&nbsp;Wholesale | 154 | 0.1 | 160 | 0.0\* |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $360650 | 100.0% | $457048 | 100.0% |

---

**_______________________________________________________**

\*Represents an amount less than 0.1%

**MRCC Senior Loan Fund I, LLC**

The Company co-invests with Life Insurance Company of the Southwest ("LSW") in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative from the Company and one representative from LSW. Investments held by SLF are measured at fair value using the same valuation methodologies as described in Note 4. The Company's investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member's interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF. The Company and LSW have agreed to work towards a wind-down of SLF in advance of the Merger and during the quarter began actively selling underlying investments in the portfolio.

SLF's profits and losses are allocated to the Company and LSW in accordance with their respective ownership interests. As of both September 30, 2025 and December 31, 2024, the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of both September 30, 2025 and December 31, 2024, SLF had $100,000 in equity commitments from its members (in the aggregate), of which $85,300 was funded.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

As of both September 30, 2025 and December 31, 2024, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF. As of both September 30, 2025 and December 31, 2024, $42,650 of the Company's LLC equity interest subscriptions to SLF had been called and contributed. For the three and nine months ended September 30, 2025, the Company received a $550 return of capital distribution from its equity investment in SLF. As of September 30, 2025 and December 31, 2024, the Company's investment in SLF had an amortized cost of $42,100 and $42,650, and a fair value of $28,240 and $32,730, respectively. As part of the continued wind down of SLF, on October 31, 2025, the Company received an additional $14,450 return of capital from its equity investment in SLF.

For the three months ended September 30, 2025, the Company received no dividend income from its LLC equity interest in SLF. For the nine months ended September 30, 2025, the Company received $1,600 of dividend income from its LLC equity interest in SLF. For the three and nine months ended September 30, 2024 the Company received $900 and $2,700, respectively, of dividend income from its LLC equity interest in SLF.

On September 18, 2025, SLF fully repaid its senior secured revolving credit facility (as amended, the "SLF Credit Facility") with Capital One, N.A. The facility was held through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC ("SLF SPV"). As of December 31, 2024, the aggregate commitment and principal amounts outstanding was $38,214. Borrowings on the SLF Credit Facility bore interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031. As of December 31, 2024, the SLF Credit Facility was accruing a weighted average interest rate of 6.9%.

SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC ("MC Management"), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three and nine months ended September 30, 2025, SLF incurred $52 and $157 of allocable expenses, respectively. For the three and nine months ended September 30, 2024, SLF incurred $37 and $120 of allocable expenses, respectively. There are no agreements or understandings by which the Company guarantees any SLF obligations.

As of September 30, 2025 and December 31, 2024, SLF had total assets at fair value of $56,710 and $104,159, respectively. As of both September 30, 2025 and December 31, 2024, SLF had four portfolio company investments on non-accrual status with a fair value of $1,976 and $5,184, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which the Company may invest directly. Additionally, as of September 30, 2025 and December 31, 2024, SLF had $220 and $1,591, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.

Below is a summary of SLF's portfolio, followed by a listing of the individual investments in SLF's portfolio as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Secured loans <sup>(1)</sup> | 24567 | 101624 |
| Weighted average current interest rate on secured loans <sup>(2)</sup> | 8.9% | 9.3% |
| Number of portfolio company investments in SLF | 14 | 36 |
| Largest portfolio company investment <sup>(1)</sup> | 4817 | 4900 |
| Total of five largest portfolio company investments <sup>(1)</sup> | 17745 | 23901 |

---

**________________________________________________________**

<sup>(1)</sup> Represents outstanding principal amount, excluding unfunded commitments.

<sup>(2)</sup> Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**MRCC SENIOR LOAN FUND I, LLC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| **Non-Controlled/Non-Affiliate Company Investments** | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.85% | 5.10% Cash/ 6.75% PIK | 2/26/2027 | 3223 | $3101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.85% | 5.10% Cash/ 6.75% PIK | 2/26/2027 | 140 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. (Revolver) |  | SF | 7.85% | 4.03% Cash/ 7.85% PIK | 2/26/2027 | 325 | 312 |
|  |  |  |  |  |  | 3688 | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 4.90% | 9.10% | 12/1/2027 | 1333 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 4.90% | 9.21% | 12/1/2027 | 381 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC (Revolver) | (4) | SF | 4.90% | 9.05% | 12/1/2027 | 132 | 51 |
|  |  |  |  |  |  | 1846 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Chemical Holding Company LLC | (5) | SF | 7.11% | 11.28% | 10/3/2025 | 1135 | 423 |
|  |  |  |  |  |  | 1135 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polychem Acquisition, LLC |  | SF | 5.61% | 5.78% Cash/ 4.00% PIK | 8/15/2026 | 2919 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVHC Holding Corp |  | SF | 6.40% | 9.64% Cash/ 0.75% PIK | 2/17/2027 | 1887 | 1869 |
|  |  |  |  |  |  | 4806 | 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (Delayed Draw) | (4) | SF | 8.00% | 12.00% | 2/20/2029 | 381 | 240 |
|  |  |  |  |  |  | 381 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) | (5) | SF | 6.00% | 5.17% Cash/ 5.00% PIK | 3/3/2030 | 640 | 579 |
|  |  |  |  |  |  | 640 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Purchaser, LLC |  | SF | 6.01% | 10.01% | 5/7/2027 | 4817 | 4799 |
|  |  |  |  |  |  | 4817 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  | **17313** | **15637** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. | (5) | SF | 6.65% | 10.94% | 9/30/2027 | 784 | 609 |
|  |  |  |  |  |  | 784 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC |  | SF | 5.76% | 9.96% | 10/15/2028 | 4434 | 3656 |
|  |  |  |  |  |  | 4434 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. | (5) | SF | 6.68% | 10.96% | 11/30/2028 | 1042 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. |  | SF | 8.00% | 7.20% Cash/ 5.00% PIK | 8/20/2029 | 1216 | 1190 |
|  |  |  |  |  |  | 2258 | 1555 |
| **Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  | **7476** | **5820** |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**MRCC SENIOR LOAN FUND I, LLC**

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

**September 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Securities (6) (7) (8)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RugsUSA Intermediate, LLC (44,170 Class A Units) |  |  |  |  |  |  | 310 |
|  |  |  |  |  |  |  | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyventive Lender Holding Company LLC (0.84% of the equity) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (1,199 Class F common shares)  | (3) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cano Health, Inc. (79,030 shares of common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 6/28/2029 |  |  |
|  |  |  |  |  |  |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. (51,370 Class A units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (2,252 Class A common shares)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (518 Class A preferred shares)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 613 |
|  |  |  |  |  |  |  | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks Parent LLC (fka Sandvine Corporation) (40 shares of Class A units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equities** |  |  |  |  |  |  | **1294** |
| **TOTAL INVESTMENTS** |  |  |  |  |  |  | $**22751** |

---

**________________________________________________________**

<sup>(1)</sup> All investments are U.S. companies unless otherwise noted.

<sup>(2)</sup> The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF") which resets daily, monthly, quarterly or semiannually. The Company has provided the spread over SOFR and the current contractual rate of interest in effect at September 30, 2025. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a Payment-in-Kind ("PIK") provision.

<sup>(3)</sup> The headquarters of this portfolio company is located in Canada.

<sup>(4)</sup> All or a portion of this commitment was unfunded as of September 30, 2025. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.

<sup>(5)</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.

<sup>(6)</sup> Represents less than 5% ownership of the portfolio company's voting securities.

<sup>(7)</sup> Ownership of certain equity investments may occur through a holding company partnership.

<sup>(8)</sup> Investments without an interest rate are non-income producing.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**MRCC SENIOR LOAN FUND I, LLC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| **Non-Controlled/Non-Affiliate Company Investments** | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.65% | 9.98% Cash/ 2.00% PIK | 2/26/2027 | 3145 | $3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.60% | 9.96% Cash/ 2.00% PIK | 2/26/2027 | 137 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. (Revolver) | (4) | SF | 7.65% | 10.01% Cash/ 2.00% PIK | 2/26/2027 | 319 |  |
|  |  |  |  |  |  | 3601 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 4.90% | 9.41% | 12/1/2027 | 1344 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 4.90% | 9.49% | 12/1/2027 | 384 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC (Revolver) | (4) | SF | 4.90% | 9.41% | 12/1/2027 | 132 | 44 |
|  |  |  |  |  |  | 1860 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SW Ingredients Holdings, LLC |  | SF | 5.60% | 9.96% | 7/8/2027 | 3506 | 3503 |
|  |  |  |  |  |  | 3506 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC |  | SF | 5.51% | 9.84% | 1/7/2028 | 2032 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC |  | SF | 5.51% | 9.84% | 1/7/2028 | 445 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC (Revolver) | (4) | P | 4.25% | 11.75% | 1/7/2028 | 296 | 20 |
|  |  |  |  |  |  | 2773 | 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Chemical Holding Company LLC |  | SF | 7.11% | 11.47% | 10/3/2025 | 1137 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJC Spartech Acquisition Corp. |  | SF | 4.75% | 9.41% | 5/5/2028 | 4167 | 3026 |
|  |  |  |  |  |  | 5304 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Runner Buyer INC. |  | SF | 5.61% | 10.11% | 10/23/2028 | 2910 | 1382 |
|  |  |  |  |  |  | 2910 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PH Beauty Holdings III, INC. |  | SF | 5.00% | 10.17% | 9/26/2025 | 2342 | 2333 |
|  |  |  |  |  |  | 2342 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polychem Acquisition, LLC |  | SF | 5.26% | 9.85% | 3/17/2025 | 2828 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVHC Holding Corp |  | SF | 6.90% | 10.43% Cash/ 0.75% PIK | 2/17/2027 | 1891 | 1869 |
|  |  |  |  |  |  | 4719 | 4332 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy: Oil & Gas** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offen, Inc. |  | SF | 5.11% | 9.47% | 6/22/2026 | 2249 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offen, Inc. |  | SF | 5.11% | 9.47% | 6/22/2026 | 850 | 835 |
|  |  |  |  |  |  | 3099 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEAM Public Choices, LLC |  | SF | 5.11% | 9.47% | 12/17/2027 | 2895 | 2914 |
|  |  |  |  |  |  | 2895 | 2914 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 6.36% | 10.70% | 3/12/2028 | 601 | 606 |
|  |  |  |  |  |  | 601 | 606 |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**MRCC SENIOR LOAN FUND I, LLC**

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

**December 31, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings, Inc. |  | SF | 4.61% | 8.97% | 12/15/2028 | 1791 | $1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natus Medical Incorporated |  | SF | 5.60% | 9.96% | 7/20/2029 | 4900 | 4827 |
|  |  |  |  |  |  | 6691 | 6632 |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corel Inc. | (3) | SF | 5.10% | 9.61% | 7/2/2026 | 3200 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightbox Intermediate, L.P. |  | SF | 5.11% | 9.44% | 5/11/2026 | 4725 | 4725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TGG TS Acquisition Company |  | SF | 6.61% | 10.97% | 12/12/2025 | 2445 | 2460 |
|  |  |  |  |  |  | 10370 | 9891 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. |  | SF | 5.25% | 9.58% | 4/27/2029 | 4309 | 4301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. (Revolver) | (4) | SF | 5.25% | 9.58% | 4/28/2028 | 625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco, LLC |  | SF | 5.75% | 10.18% | 6/5/2026 | 2227 | 2227 |
|  |  |  |  |  |  | 7161 | 6528 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STATS Intermediate Holdings, LLC |  | SF | 5.51% | 10.03% | 7/10/2026 | 4750 | 4698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA TT Buyer, LLC |  | SF | 4.75% | 9.08% | 3/30/2029 | 3267 | 3281 |
|  |  |  |  |  |  | 8017 | 7979 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC |  | SF | 5.75% | 10.08% | 4/14/2028 | 3186 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC |  | SF | 5.75% | 10.26% | 4/14/2028 | 229 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretariat Advisors LLC |  | SF | 4.86% | 9.22% | 12/29/2028 | 1659 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretariat Advisors LLC |  | SF | 4.86% | 9.22% | 12/29/2028 | 265 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (Delayed Draw) | (4) | SF | 8.00% | 12.35% | 2/20/2029 | 381 | 241 |
|  |  |  |  |  |  | 5720 | 5504 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laseraway Intermediate Holdings II, LLC |  | SF | 5.75% | 10.66% | 10/14/2027 | 2156 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKissock Investment Holdings, LLC |  | SF | 5.00% | 9.80% | 3/9/2029 | 2431 | 2420 |
|  |  |  |  |  |  | 4587 | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavenir Systems, Inc. |  | SF | 5.01% | 9.53% | 8/18/2028 | 1621 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (5) | SF | 9.00% | 13.25% | 10/3/2025 | 72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (5) | SF | 9.00% | 13.25% | 10/3/2025 | 372 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation (Delayed Draw) | (4)(5) | SF | 9.00% | 13.25% | 10/3/2025 | 144 |  |
|  |  |  |  |  |  | 2209 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Purchaser, LLC |  | SF | 5.86% | 10.22% | 5/7/2027 | 4854 | 4836 |
|  |  |  |  |  |  | 4854 | 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HALO Buyer, Inc. |  | SF | 4.60% | 8.96% | 6/30/2025 | 4672 | 4456 |
|  |  |  |  |  |  | 4672 | 4456 |
| **Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  | **87891** | **81207** |
| &nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. | (5) | SF | 6.65% | 11.24% | 9/30/2027 | 790 | 622 |
|  |  |  |  |  |  | 790 | 622 |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**MRCC SENIOR LOAN FUND I, LLC**

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

**December 31, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc. |  | SF | 5.26% | 8.28% Cash/ 1.50% PIK | 1/31/2029 | 4252 | $4213 |
|  |  |  |  |  |  | 4252 | 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 8.26% | 6.15% Cash/ 6.50% PIK | 3/12/2029 | 1492 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 8.26% | 6.15% Cash/ 6.50% PIK | 3/12/2029 | 510 | 299 |
|  |  |  |  |  |  | 2002 | 1477 |
| &nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC |  | SF | 5.76% | 10.29% | 10/15/2028 | 4467 | 4181 |
|  |  |  |  |  |  | 4467 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. | (5) | SF | 6.68% | 11.11% | 11/30/2028 | 1042 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. |  | SF | 8.00% | 7.52% Cash/ 5.00% PIK | 8/20/2029 | 1171 | 1160 |
|  |  |  |  |  |  | 2213 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (5) | n/a | n/a | 2.00% | 6/28/2027 | 1602 | 381 |
|  |  |  |  |  |  | 1602 | 381 |
| **Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  | **15326** | **13076** |
| &nbsp;&nbsp;**Equity Investments** **(6)(7)(8)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)  |  |  |  |  |  |  | 86 |
|  |  |  |  |  |  |  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyventive Lender Holding Company LLC (0.84% of the equity) |  |  |  |  |  |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (1,605,312 Class A preferred shares)  | (3)(5) | n/a | n/a | 12.50% PIK | n/a |  | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (1,199 Class F common shares)  | (3) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  |
|  |  |  |  |  |  |  | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cano Health, Inc. (79,030 shares of common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 6/28/2029 |  | 2 |
|  |  |  |  |  |  |  | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC (61,590 shares of common units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 1093 |
|  |  |  |  |  |  |  | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (2,252 Class A common shares)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (518 Class A preferred shares)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. (51,370 Class A units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 613 |
|  |  |  |  |  |  |  | 1185 |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**MRCC SENIOR LOAN FUND I, LLC**

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

**December 31, 2024**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation (40 shares of Class A units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | $**—** |
| **Total Non-Controlled/Non-Affiliate Equities** |  |  |  |  |  |  | **3668** |
| **TOTAL INVESTMENTS** |  |  |  |  |  |  | $**97951** |

---

**________________________________________________________**

<sup>(1)</sup> All investments are U.S. companies unless otherwise noted.

<sup>(2)</sup> The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF") or Prime ("P") which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a Payment-in-Kind ("PIK") provision.

<sup>(3)</sup> The headquarters of this portfolio company is located in Canada.

<sup>(4)</sup> All or a portion of this commitment was unfunded as of December 31, 2024. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.

<sup>(5)</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.

<sup>(6)</sup> Represents less than 5% ownership of the portfolio company's voting securities.

<sup>(7)</sup> Ownership of certain equity investments may occur through a holding company partnership.

<sup>(8)</sup> Investments without an interest rate are non-income producing.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

Below is certain summarized financial information for SLF as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **Assets** | | |
| Investments, at fair value | $22751 | $97951 |
| Cash and cash equivalents | 14840 | 1488 |
| Restricted cash and cash equivalents |  | 3673 |
| Receivable for unsettled trades | 18130 |  |
| Interest receivable | 981 | 1047 |
| Other assets | 8 |  |
| &nbsp;&nbsp;**Total assets** | $56710 | $104159 |
| **Liabilities** |  |  |
| Revolving credit facility | $— | $38214 |
| Less: Unamortized debt issuance costs |  |  |
| &nbsp;&nbsp;Total debt, less unamortized debt issuance costs |  | 38214 |
| Interest payable |  | 272 |
| Accounts payable and accrued expenses | 227 | 212 |
| &nbsp;&nbsp;**Total liabilities** | 227 | 38698 |
| **Members' capital** | 56483 | 65461 |
| &nbsp;&nbsp;**Total liabilities and members' capital** | $56710 | $104159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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:** |  |  |  |  |
| Interest income | $1320 | $2975 | $5373 | $10345 |
| &nbsp;&nbsp;**Total investment income** | 1320 | 2975 | 5373 | 10345 |
| **Expenses:** |  |  |  |  |
| Interest and other debt financing expenses | 121 | 1159 | 976 | 4204 |
| Professional fees and other expenses | 104 | 120 | 401 | 477 |
| &nbsp;&nbsp;**Total expenses** | 225 | 1279 | 1377 | 4681 |
| **Net investment income** | 1095 | 1696 | 3996 | 5664 |
| **Net gain (loss):** |  |  |  |  |
| Net realized gain (loss) | (11289) |  | (11207) | 82 |
| Net change in unrealized gain (loss) | 7462 | (298) | 2533 | (794) |
| &nbsp;&nbsp;**Net gain (loss)** | (3827) | (298) | (8674) | (712) |
| **Net increase (decrease) in members' capital** | $(2732) | $1398 | $(4678) | $4952 |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**Note 4. Fair Value Measurements**

**Investments**

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

ASC Topic 820 establishes a 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;

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

&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 Company 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 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.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

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 would be categorized as Level 2 in the fair value hierarchy. As of both September 30, 2025 and December 31, 2024 there were no foreign currency forward contracts outstanding.

**Fair Value Disclosures**

The following tables present fair value measurements of investments, 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** |
| **September 30, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Senior secured loans | $— | $— | $264683 | $264683 |
| Unitranche secured loans |  |  | 2183 | 2183 |
| Junior secured loans |  |  | 31403 | 31403 |
| Equity investments |  |  | 34141 | 34141 |
| Investments measured at NAV <sup>(1) (2)</sup> |  |  |  | 28240 |
| &nbsp;&nbsp;Total investments | $— | $— | $332410 | $360650 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
| **December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Senior secured loans | $— | $— | $357994 | $357994 |
| Unitranche secured loans |  |  | 3862 | 3862 |
| Junior secured loans |  |  | 29634 | 29634 |
| Equity investments | 61 |  | 32767 | 32828 |
| Investments measured at NAV <sup>(1) (2)</sup> |  |  |  | 32730 |
| &nbsp;&nbsp;Total investments | $61 | $— | $424257 | $457048 |

---

**________________________________________________________**

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

<sup>(2)</sup> Represents the Company's investment in LLC equity interests in SLF. The fair value of this investment has been determined using the NAV of the Company's ownership interest in SLF's members' capital.

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 4.28% to 19.29% at September 30, 2025 and 4.46% to 19.59% at December 31, 2024. The maturity dates on the loans outstanding at September 30, 2025 range between December 2025 and March 2031.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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 Level 3 <br>investments** |
| Balance as of June 30, 2025 | $270096 | $2183 | $31678 | $33586 | $337543 |
| Net realized gain (loss) on investments | (352) |  | (2029) | 3 | (2378) |
| Net change in unrealized gain (loss) on investments | (1810) | (1) | 2100 | 506 | 795 |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 10288 | 1 | 631 | 207 | 11127 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (13535) |  | (978) | (164) | (14677) |
| Reclassifications <sup>(3)</sup> |  |  |  |  |  |
| Balance as of September 30, 2025 | $264687 | $2183 | $31402 | $34138 | $332410 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| | **Senior<br>secured loans** | **Unitranche <br>secured loans** | **Junior <br>secured loans** | **Equity <br>investments** | **Total Level 3 <br>investments** |
| Balance as of December 31, 2024 | $357994 | $3862 | $29634 | $32767 | $424257 |
| Net realized gain (loss) on investments | (688) |  | (2029) | 32 | (2685) |
| Net change in unrealized gain (loss) on investments | (5487) | (10) | 208 | 219 | (5070) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 30276 | 7 | 3661 | 1556 | 35500 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (116502) | (1676) | (978) | (436) | (119592) |
| Reclassifications <sup>(3)</sup> | (906) |  | 906 |  |  |
| Balance as of September 30, 2025 | $264687 | $2183 | $31402 | $34138 | $332410 |

---

**________________________________________________________**

<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.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

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

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 Level 3 <br>investments** |
| Balance as of June 30, 2024 | $389942 | $3860 | $28688 | $30000 | $452490 |
| Net realized gain (loss) on investments | 1 |  |  | 637 | 638 |
| Net change in unrealized gain (loss) on investments | (2398) | (3) | 357 | 240 | (1804) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 25097 | 5 | 1160 | 1633 | 27895 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (37292) |  | (8) | (1024) | (38324) |
| Balance as of September 30, 2024 | $375350 | $3862 | $30197 | $31486 | $440895 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| | **Senior<br>secured loans** | **Unitranche <br>secured loans** | **Junior <br>secured loans** | **Equity <br>investments** | **Total Level 3 <br>investments** |
| Balance as of December 31, 2023 | $388882 | $13877 | $26594 | $25654 | $455007 |
| Net realized gain (loss) on investments | 51 |  |  | 641 | 692 |
| Net change in unrealized gain (loss) on investments | (3740) | (105) | (821) | (2780) | (7446) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 71110 | 127 | 3800 | 3681 | 78718 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (74397) | (10037) | (273) | (1034) | (85741) |
| Reclassifications <sup>(3)</sup> | (6556) |  | 897 | 5659 |  |
| Transfers in (out) of Level 3 <sup>(4)</sup> |  |  |  | (335) | (335) |
| Balance as of September 30, 2024 | $375350 | $3862 | $30197 | $31486 | $440895 |

---

**________________________________________________________**

<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 due to a restructuring.

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 $(1,366) and $(5,830), 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 $(1,737) and $(6,293), 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. During the three and nine months ended September 30, 2025 and the three months ended September 30, 2024, there were no investments transferred between Levels 1, 2 and 3. There was one transfer from Level 3 to Level 1 as a result of a restructuring during the nine months ended September 30, 2024.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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.

The following tables present 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 Technique** | **Unobservable<br>Input** | **Weighted Average Mean** <sup>(1)</sup> | **Range**  | **Range**  |
| | **Fair Value** | **Valuation Technique** | **Unobservable<br>Input** | **Weighted Average Mean** <sup>(1)</sup> | **Minimum**  | **Maximum**  |
| **Assets:** | | | | | | |
| Senior secured loans | $170329 | Discounted cash flow | EBITDA multiples | 11.4x | 5.3x | 35.8x |
|  |  |  | Market yields | 12.3% | 7.5% | 24.0% |
| Senior secured loans | 61285 | Discounted cash flow | Revenue multiples | 7.0x | 0.8x | 10.8x |
|  |  |  | Market yields | 9.8% | 6.4% | 18.0% |
| Senior secured loans | 18310 | Enterprise value | Book value multiples | 1.3x | 1.3x | 1.3x |
| Senior secured loans | 6876 | Enterprise value | Revenue multiples | 1.8x | 0.3x | 5.3x |
| Senior secured loans | 4321 | Liquidation | Probability weighting of alternative outcomes | 45.4% | 32.2% | 73.6% |
| Senior secured loans | 3562 | Enterprise value | EBITDA multiples | 6.8x | 5.5x | 12.0x |
| Unitranche secured loans | 2183 | Discounted cash flow | Revenue multiples | 6.0x | 6.0x | 6.0x |
|  |  |  | Market yields | 13.2% | 13.2% | 13.2% |
| Junior secured loans | 22987 | Discounted cash flow | Market yields | 13.3% | 13.3% | 13.3% |
| Junior secured loans | 4267 | Enterprise value | Revenue multiples | 4.4x | 0.8x | 5.3x |
| Junior secured loans | 2208 | Liquidation | Probability weighting of alternative outcomes | 265.0% | 265.0% | 265.0% |
| Junior secured loans | 1021 | Discounted cash flow | Revenue multiples | 0.2x | 0.2x | 0.2x |
|  |  |  | Market yields | 19.5% | 19.5% | 19.5% |
| Junior secured loans | 920 | Enterprise value | EBITDA multiples | 9.1x | 7.0x | 12.0x |
| Equity securities | 23282 | Enterprise value | EBITDA multiples | 9.3x | 6.5x | 16.5x |
| Equity securities | 9117 | Enterprise value | Revenue multiples | 2.6x | 0.4x | 10.8x |
| Equity securities | 1742 | Option pricing model | Volatility | 66.8% | 24.0% | 70.0% |
| &nbsp;&nbsp;Total Level 3 Assets | $**332410** |  |  |  |  |  |

---

**________________________________________________________**

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

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

The following tables present 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 Technique** | **Unobservable<br>Input** | **Weighted Average Mean** <sup>(1)</sup> | **Range**  | **Range**  |
| | **Fair Value** | | **Valuation Technique** | **Unobservable<br>Input** | **Weighted Average Mean** <sup>(1)</sup> | **Minimum**  | **Maximum**  |
| **Assets:** | | | | | | | |
| Senior secured loans | $211778 |  | Discounted cash flow | EBITDA multiples | 11.4x | 4.8x | 35.9x |
|  |  |  |  | Market yields | 12.6% | 8.8% | 21.8% |
| Senior secured loans | 106963 |  | Discounted cash flow | Revenue multiples | 6.4x | 1.2x | 13.0x |
|  |  |  |  | Market yields | 10.5% | 8.5% | 14.0% |
| Senior secured loans | 18437 |  | Enterprise value | Book value multiples | 1.4x | 1.4x | 1.4x |
| Senior secured loans | 9823 |  | Enterprise value | Revenue multiples | 2.9x | 0.3x | 5.3x |
| Senior secured loans | 5518 |  | Liquidation | Probability weighting of alternative outcomes | 58.9% | 32.2% | 87.2% |
| Senior secured loans | 4507 |  | Enterprise value | EBITDA multiples | 10.1x | 6.5x | 13.0x |
| Unitranche secured loans | 3862 |  | Discounted cash flow | Revenue multiples | 6.3x | 6.3x | 6.3x |
|  |  |  |  | Market yields | 13.9% | 13.9% | 13.9% |
| Junior secured loans | 19392 |  | Discounted cash flow | Market yields | 12.6% | 12.6% | 12.6% |
| Junior secured loans | 6292 |  | Enterprise value | Revenue multiples | 4.3x | 0.3x | 5.3x |
| Junior secured loans | 2330 |  | Liquidation | Probability weighting of alternative outcomes | 279.6% | 279.6% | 279.6% |
| Junior secured loans | 921 |  | Discounted cash flow | Revenue multiples | 0.2x | 0.2x | 0.2x |
|  |  |  |  | Market yields | 18.5% | 18.5% | 18.5% |
| Equity investments | 19560 |  | Enterprise value | EBITDA multiples | 8.9x | 6.3x | 16.0x |
| Equity investments | 10427 |  | Enterprise value | Revenue multiples | 2.2x | 0.4x | 11.0x |
| Equity investments | 1923 |  | Option pricing model | Volatility | 55.2% | 24.0% | 65.0% |
| &nbsp;&nbsp;Total Level 3 Assets | $**421733** | <sup>(2)</sup> |  |  |  |  |  |

---

**________________________________________________________**

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

<sup>(2)</sup> Excludes investments of $2,524 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**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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 cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Carrying Value**<sup>(1)</sup> | **Fair Value** | **Carrying Value**<sup>(1)</sup> | **Fair Value** |
| Revolving Credit Facility | $81499 | $81499 | $162872 | $162872 |
| 2026 Notes | 129699 | 128747 | 129103 | 124161 |
| &nbsp;&nbsp;Total Debt | $211198 | $210246 | $291975 | $287033 |

---

**________________________________________________________**

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

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

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Level 1 | $— | $— |
| Level 2 |  |  |
| Level 3 | 210246 | 287033 |
| &nbsp;&nbsp;Total Debt | $210246 | $287033 |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

**Note 5. Transactions with Affiliate Companies**

An affiliate 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, 2024** | **Transfers<br> in (out)** | **Purchases<br> (cost)** | **Sales and<br>paydowns<br>(cost)** | **PIK<br>interest capitalized<br>(cost)** | **Discount<br>accretion** | **Net realized<br>gain (loss)** | **Net change in**<br>**unrealized**<br>**gain (loss)** | **Fair value at<br>September 30, 2025** |
| **Non-Controlled affiliate company investments:** | | | | | | | | | |
| &nbsp;&nbsp;American Community Homes, Inc. | $8382 | $— | $— | $— | $465 | $— | $— | $(522) | $8325 |
| &nbsp;&nbsp;American Community Homes, Inc. | 4125 |  |  |  | 230 |  |  | (259) | 4096 |
| &nbsp;&nbsp;American Community Homes, Inc. | 508 |  |  |  | 29 |  |  | (32) | 505 |
| &nbsp;&nbsp;American Community Homes, Inc. | 1868 |  |  |  | 104 |  |  | (116) | 1856 |
| &nbsp;&nbsp;American Community Homes, Inc. | 3459 |  |  |  | 192 |  |  | (216) | 3435 |
| &nbsp;&nbsp;American Community Homes, Inc. | 16 |  |  |  |  |  |  | (1) | 15 |
| &nbsp;&nbsp;American Community Homes, Inc. | 79 |  |  |  | 4 |  |  | (5) | 78 |
| &nbsp;&nbsp;American Community Homes, Inc. (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. (4,940 shares of common stock) |  |  |  |  |  |  |  |  |  |
|  | 18437 |  |  |  | 1024 |  |  | (1151) | 18310 |
| &nbsp;&nbsp;Ascent Midco, LLC (2,032,258 Class A units) | 1760 |  |  |  |  |  |  | (35) | 1725 |
|  | 1760 |  |  |  |  |  |  | (35) | 1725 |
| &nbsp;&nbsp;Familia Dental Group Holdings, LLC (1,525 Class A units) | 3023 |  |  |  |  |  |  | 83 | 3106 |
|  | 3023 |  |  |  |  |  |  | 83 | 3106 |
| &nbsp;&nbsp;HFZ Capital Group LLC | 13378 |  |  |  |  |  |  | 547 | 13925 |
| &nbsp;&nbsp;HFZ Capital Group LLC | 4807 |  |  |  |  |  |  | 196 | 5003 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 12517 |  |  |  | 1168 |  |  |  | 13685 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 3731 |  |  |  | 348 |  |  |  | 4079 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (15.9% of interests) |  |  |  |  |  |  |  |  |  |
|  | 34433 |  |  |  | 1516 |  |  | 743 | 36692 |
| &nbsp;&nbsp;Mnine Holdings, Inc. | 6592 |  |  | (6674) | 82 |  |  |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. | 58 |  |  | (59) | 1 |  |  |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. (Revolver) | 133 |  | 288 | (421) |  |  |  |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. (6,400 Class B units) |  |  |  |  |  |  |  |  |  |
|  | 6783 |  | 288 | (7154) | 83 |  |  |  |  |
| &nbsp;&nbsp;NECB Collections, LLC (Revolver) | 422 |  |  |  |  |  |  |  | 422 |
| &nbsp;&nbsp;NECB Collections, LLC, LLC (20.8% of LLC units)  |  |  |  |  |  |  |  |  |  |
|  | 422 |  |  |  |  |  |  |  | 422 |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value at<br>December 31, 2024** | **Transfers<br> in (out)** | **Purchases<br> (cost)** | **Sales and<br>paydowns<br>(cost)** | **PIK<br>interest capitalized<br>(cost)** | **Discount<br>accretion** | **Net realized<br>gain (loss)** | **Net change in**<br>**unrealized**<br>**gain (loss)** | **Fair value at<br>September 30, 2025** |
| &nbsp;&nbsp;SFR Holdco, LLC | $5593 | $— | $— | $— | $— | $— | $— | $265 | $5858 |
| &nbsp;&nbsp;SFR Holdco, LLC (24.4% of equity commitment) | 4797 |  |  |  |  |  |  | 113 | 4910 |
|  | 10390 |  |  |  |  |  |  | 378 | 10768 |
| &nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | 1295 |  | 815 |  |  |  |  | (27) | 2083 |
| &nbsp;&nbsp;SFR Holdco 2, LLC (13.9% of equity commitment) | 864 |  | 543 |  |  |  |  | 70 | 1477 |
|  | 2159 |  | 1358 |  |  |  |  | 43 | 3560 |
| &nbsp;&nbsp;TJ Management HoldCo, LLC (Revolver) |  |  | 175 |  |  |  |  |  | 175 |
| &nbsp;&nbsp;TJ Management HoldCo, LLC (16 shares of common stock) | 3076 |  |  |  |  |  |  | (334) | 2742 |
|  | 3076 |  | 175 |  |  |  |  | (334) | 2917 |
| **Total non-controlled affiliate company investments** | $**80483** | $**—** | $**1821** | $**(7154)** | $**2623** | $**—** | $**—** | $**(273)** | $**77500** |
| **Controlled affiliate company investments:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRCC Senior Loan Fund I, LLC | $32730 | $— | $— | $(550) | $— | $— | $— | $(3940) | $28240 |
|  | 32730 |  |  | (550) |  |  |  | (3940) | 28240 |
| **Total controlled affiliate company investments** | $**32730** | $**—** | $**—** | $**(550)** | $**—** | $**—** | $**—** | $**(3940)** | $**28240** |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value at<br>December 31, 2023** | **Transfers<br> in (out)** | **Purchases<br> (cost)** | **Sales and<br>paydowns<br>(cost)** | **PIK<br>interest<br>(cost)** | **Discount<br>accretion** | **Net realized<br>gain (loss)** | **Net change in**<br>**unrealized**<br>**gain (loss)** | **Fair value at<br>September 30, 2024** |
| **Non-Controlled affiliate company investments:** | | | | | | | | | |
| &nbsp;&nbsp;American Community Homes, Inc. | $8110 | $— | $— | $— | $743 | $— | $— | $(443) | $8410 |
| &nbsp;&nbsp;American Community Homes, Inc. | 3990 |  |  |  | 365 |  |  | (218) | 4137 |
| &nbsp;&nbsp;American Community Homes, Inc. | 491 |  |  |  | 46 |  |  | (27) | 510 |
| &nbsp;&nbsp;American Community Homes, Inc. | 1808 |  |  |  | 166 |  |  | (100) | 1874 |
| &nbsp;&nbsp;American Community Homes, Inc. | 3347 |  |  |  | 306 |  |  | (183) | 3470 |
| &nbsp;&nbsp;American Community Homes, Inc. | 16 |  |  |  |  |  |  |  | 16 |
| &nbsp;&nbsp;American Community Homes, Inc. | 77 |  |  |  | 7 |  |  | (4) | 80 |
| &nbsp;&nbsp;American Community Homes, Inc. (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. (4,940 shares of common stock) |  |  |  |  |  |  |  |  |  |
|  | 17839 |  |  |  | 1633 |  |  | (975) | 18497 |
| &nbsp;&nbsp;Ascent Midco, LLC (2,032,258 Class A units) | 1932 |  |  |  |  |  |  | (36) | 1896 |
|  | 1932 |  |  |  |  |  |  | (36) | 1896 |
| &nbsp;&nbsp;Familia Dental Group Holdings, LLC (1,304 Class A units) | 2226 |  | 671 |  |  |  |  | 23 | 2920 |
|  | 2226 |  | 671 |  |  |  |  | 23 | 2920 |
| &nbsp;&nbsp;HFZ Capital Group, LLC | 17233 |  |  |  |  |  |  | 783 | 18016 |
| &nbsp;&nbsp;HFZ Capital Group, LLC | 6191 |  |  |  |  |  |  | 282 | 6473 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 10237 |  |  |  | 1662 |  |  |  | 11899 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 3051 |  |  |  | 496 |  |  |  | 3547 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (15.9% of interest) | 1045 |  |  |  |  |  |  | (1045) |  |
|  | 37757 |  |  |  | 2158 |  |  | 20 | 39935 |
| &nbsp;&nbsp;Mnine Holdings, Inc. | 6187 |  |  |  | 244 |  |  | (60) | 6371 |
| &nbsp;&nbsp;Mnine Holdings, Inc. | 55 |  |  |  | 2 |  |  | (1) | 56 |
| &nbsp;&nbsp;Mnine Holdings, Inc. (Revolver) | 658 |  | 37 | (703) |  |  |  | 8 |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. (6,400 Class B units) |  |  |  |  |  |  |  |  |  |
|  | 6900 |  | 37 | (703) | 246 |  |  | (53) | 6427 |
| &nbsp;&nbsp;NECB Collections, LLC (Revolver) | 424 |  |  |  |  |  |  | (2) | 422 |
| &nbsp;&nbsp;NECB Collections, LLC, LLC (20.8% of LLC units) |  |  |  |  |  |  |  |  |  |
|  | 424 |  |  |  |  |  |  | (2) | 422 |
| &nbsp;&nbsp;Second Avenue SFR Holdings II LLC (Revolver) <sup>(2)</sup> | 3323 |  |  | (1487) |  |  |  | 37 | 1873 |
|  | 3323 |  |  | (1487) |  |  |  | 37 | 1873 |

---

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair value at<br>December 31, 2023** | **Transfers<br> in (out)** | **Purchases<br> (cost)** | **Sales and<br>paydowns<br>(cost)** | **PIK<br>interest<br>(cost)** | **Discount<br>accretion** | **Net realized<br>gain (loss)** | **Net change in**<br>**unrealized**<br>**gain (loss)** | **Fair value at<br>September 30, 2024** |
| &nbsp;&nbsp;SFR Holdco, LLC (Junior secured loan) | $5539 | $— | $— | $— | $— | $— | $— | $(58) | $5481 |
| &nbsp;&nbsp;SFR Holdco, LLC (24.4% of equity commitments) | 4372 |  |  |  |  |  |  | 230 | 4602 |
|  | 9911 |  |  |  |  |  |  | 172 | 10083 |
| &nbsp;&nbsp;TJ Management HoldCo, LLC (Revolver) |  |  | 955 |  |  |  |  | (1) | 954 |
| &nbsp;&nbsp;TJ Management HoldCo, LLC (16 shares of common stock) | 3229 |  |  |  |  |  |  | (147) | 3082 |
|  | 3229 |  | 955 |  |  |  |  | (148) | 4036 |
| **Total non-controlled affiliate company investments** | $**83541** | $**—** | $**1663** | $**(2190)** | $**4037** | $**—** | $**—** | $**(962)** | $**86089** |
| **Controlled affiliate company investments:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRCC Senior Loan Fund I, LLC | $33122 | $— | $— | $— | $— | $— | $— | $(225) | $32897 |
|  | 33122 |  |  |  |  |  |  | (225) | 32897 |
| **Total controlled affiliate company investments** | $**33122** | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** | $**(225)** | $**32897** |

---

**________________________________________________________**

<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.

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Portfolio Company** | **Interest<br>Income** | **Dividend<br>Income** | **Other Income** | **Interest<br>Income** | **Dividend<br>Income** | **Other Income** |
| **Non-controlled affiliate company investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | $463 | $— | $— | $735 | $— | $— |
| &nbsp;&nbsp;American Community Homes, Inc. | 228 |  |  | 361 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | 28 |  |  | 46 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | 104 |  |  | 163 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | 191 |  |  | 305 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. |  |  |  | 2 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | 3 |  |  | 6 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. (Revolver) | 6 |  |  |  |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. (Common Stock) |  |  |  |  |  |  |
|  | 1023 |  |  | 1618 |  |  |
| &nbsp;&nbsp;Ascent Midco, LLC (Class A units)  |  | 177 |  |  | 164 |  |
|  |  | 177 |  |  | 164 |  |
| &nbsp;&nbsp;Familia Dental Group Holdings, LLC (Class A units) |  |  |  |  |  |  |
| &nbsp;&nbsp;HFZ Capital Group LLC | 804 |  |  | 1834 |  |  |
| &nbsp;&nbsp;HFZ Capital Group LLC | 288 |  |  | 638 |  |  |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 821 |  |  | 1752 |  |  |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (Delayed Draw) | 244 |  |  | 523 |  |  |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (LLC interests) |  |  |  |  |  |  |
|  | 2157 |  |  | 4747 |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. |  |  |  | 656 |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. |  |  |  | 5 |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. (Revolver) |  |  |  | 10 |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. (Class B units) |  |  |  |  |  |  |
|  |  |  |  | 671 |  |  |
| &nbsp;&nbsp;NECB Collections, LLC (Revolver) |  |  |  |  |  |  |
| &nbsp;&nbsp;NECB Collections, LLC (LLC units)  |  |  |  |  |  |  |
| &nbsp;&nbsp;Second Avenue SFR Holdings II LLC (Revolver) <sup>(1)</sup> | n/a | n/a | n/a | 283 |  |  |
|  | n/a | n/a | n/a | 283 |  |  |
| &nbsp;&nbsp;SFR Holdco, LLC (Delayed Draw) | 444 |  |  | 352 |  |  |
| &nbsp;&nbsp;SFR Holdco, LLC (Equity Commitment) |  |  |  |  |  |  |
|  | 444 |  |  | 352 |  |  |

---

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Portfolio Company** | **Interest<br>Income** | **Dividend<br>Income** | **Other Income** | **Interest<br>Income** | **Dividend<br>Income** | **Other Income** |
| &nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | $119 | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;SFR Holdco 2, LLC (Equity Commitment) |  |  |  |  |  |  |
|  | 119 |  |  |  |  |  |
| &nbsp;&nbsp;TJ Management HoldCo LLC (Revolver) | 6 |  |  | 29 |  |  |
| &nbsp;&nbsp;TJ Management HoldCo LLC (Common Stock)  |  |  |  |  |  |  |
|  | 6 |  |  | 29 |  |  |
| **Total non-controlled affiliate company investments** | $**3749** | $**177** | $**—** | $**7700** | $**164** | $**—** |
| **Controlled affiliate company investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;MRCC Senior Loan Fund I, LLC | $— | $1600 | $— | $— | $2700 | $— |
|  |  | 1600 |  |  | 2700 |  |
| **Total controlled affiliate company investments** | $**—** | $**1600** | $**—** | $**—** | $**2700** | $**—** |

---

_________________________________________

<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.

**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 Second 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 November 4, 2019 (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. The cost of both the base management fee and the incentive fee are borne by the Company's stockholders, unless such fees are waived by MC Advisors.

The base management fee is calculated initially at an annual rate equal to 1.75% of average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage); provided, however, the base management fee is calculated at an annual rate equal to 1.00% of the Company's average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage) that exceeds the product of (i) 200% and (ii) the Company's average net assets. This has the effect of reducing the Company's base management fee rate on assets in excess of regulatory leverage of 1:1 debt to equity to 1.00% per annum. The base management fee is payable quarterly in arrears.

Base management fees for the three and nine months ended September 30, 2025 were $1,652 and $5,244, respectively. Base management fees for the three and nine months ended September 30, 2024 were $2,006 and $6,091, respectively.

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of "pre-incentive fee net investment income" for the immediately preceding quarter, subject to a 2% (8% annualized) preferred return, or "hurdle," and a "catch up" feature. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of pre-incentive fee net investment income will be payable except to the extent that 20% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters (the "Incentive Fee Limitation"). Therefore, any ordinary income incentive fee that is payable in a calendar quarter will be limited to the lesser of (1) 20% of the amount by which pre-incentive fee net investment income for such calendar quarter exceeds the 2% hurdle, subject to the "catch-up" provision, and (2) (x) 20% of the cumulative net increase in net assets resulting from operations for the then current and 11 preceding calendar quarters minus (y) the cumulative incentive fees accrued and/or paid for the 11 preceding calendar quarters. For the foregoing purpose, the "cumulative net increase in net assets resulting from operations" is the sum of pre-incentive fee net investment income, realized gains and losses and unrealized gains and losses for the then current and 11 preceding calendar quarters.

The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year in an amount equal to 20% of realized capital gains, if any, on a cumulative basis from inception through the end of the year, computed net of all realized capital losses on a cumulative basis and unrealized depreciation, less the aggregate amount of any previously paid capital gain incentive fees.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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> | $— | $1442 | $251 | $4192 |
| Part two incentive fees <sup>(2)</sup> |  |  |  |  |
| Incentive Fee Limitation |  | (712) | (251) | (1743) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total incentive fees | $— | $730 | $— | $2449 |

---

**________________________________________________________**

<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 20% of the sum of net realized gain (loss) plus net unrealized gain (loss).

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

The Company has entered into an administration agreement with MC Management (the "Administration Agreement"), under which the Company reimburses MC Management, subject to the review and approval of the Board, for its allocable portion of overhead and other expenses, including the costs of furnishing the Company with office facilities and equipment and providing clerical, bookkeeping, record-keeping and other administrative services at such facilities, and the Company's allocable portion of the cost of the chief financial officer and chief compliance officer and their respective staffs. To the extent that MC Management outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit to MC Management. For the three and nine months ended September 30, 2025, the Company incurred $699 and $2,417, 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 $360, and $1,088, 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 $779 and $2,166, 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 $270, and $729, 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, $365 and $284, 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 both September 30, 2025 and December 31, 2024, the Company had accounts payable to members of the Board of $59 and zero, respectively, representing accrued and unpaid fees for their services.

*Merger Agreement with Horizon Technology Finance Corporation*

On August 7, 2025, the Company entered into the Merger Agreement with HRZN, HMMS, Inc., a Maryland corporation and wholly owned subsidiary of HRZN ("Merger Sub"), MC Advisors, and Horizon Technology Finance Management LLC, a Delaware limited liability company and investment adviser to HRZN. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, immediately following the Asset Sale (as defined below) and at Effective Time, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and as a wholly-owned subsidiary of HRZN and, immediately thereafter, the Company will merge with and into HRZN, with HRZN continuing as the surviving company (collectively, the "Merger"). The boards of directors of both the Company and HRZN, 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 Merger Agreement and the transactions contemplated therein. The parties to the Merger Agreement intend the Merger to be treated as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended.

At the Effective Time, each share of the Company's common stock issued and outstanding immediately prior to the Effective Time, except for shares, if any, owned by HRZN or any of its consolidated subsidiaries, shall be converted into the right to receive a number of shares of common stock, par value $0.001 per share, of HRZN ("HRZN Common Stock") equal to the Exchange Ratio (as defined below) in connection with the closing of the Merger.

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

As of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Effective Time (such date, the "Determination Date"), each of the Company and HRZN will deliver to the other a calculation of its net asset value ("NAV") as of such date (such calculation with respect to the Company, the "Closing MRCC Net Asset Value" and such calculation with respect to HRZN, the "Closing HRZN Net Asset Value"), in each case using a pre-agreed set of assumptions, methodologies and adjustments. Based on such calculations, the parties will calculate the "MRCC Per Share NAV", which will be equal to (i) the Closing MRCC Net Asset Value divided by (ii) the number of shares of the Company's common stock issued and outstanding as of the Determination Date, and the "HRZN Per Share NAV", which will be equal to (A) the Closing HRZN Net Asset Value divided by (B) the number of shares of HRZN Common Stock issued and outstanding as of the Determination Date.

The "Exchange Ratio" will be the quotient (rounded to the fourth nearest decimal) of: (A) the MRCC Per Share NAV, *divided by* (B) the HRZN Per Share NAV. The Exchange Ratio shall be appropriately adjusted to reflect any stock increase, decrease or exchange or if a distribution is authorized and declared between the Determination Date and the Effective Time, in each case, to provide the stockholders of the Company and HRZN the same economic effect as contemplated by the Merger Agreement prior to such event. No fractional shares of HRZN common stock will be issued, and holders of the Company's common stock will receive cash in lieu of fractional shares.

The Merger Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of each of HRZN's and the Company's businesses during the period prior to the closing of the Merger. HRZN and the Company have agreed to convene and hold stockholder meetings for the purpose of obtaining the approvals required of HRZN's and the Company's stockholders, respectively, and have agreed to recommend that the stockholders approve the applicable proposals.

Consummation of the Merger, which is currently anticipated to occur during the first quarter of 2026, is subject to certain closing conditions, including (1) requisite approvals of HRZN stockholders and the Company's stockholders, (2) the absence of certain legal impediments to the consummation of the Merger, (3) effectiveness of the registration statement for the HRZN Common Stock to be issued as consideration in the Merger, (4) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement, (5) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), and (6) consummation of the Asset Sale (as defined below) immediately prior to the Merger.

*Asset Purchase Agreement with Monroe Capital Income Plus Corporation*

On August 7, 2025, the Company entered into the Asset Purchase Agreement with MCIP 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"), MCIP will acquire the investment assets of the Company 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. The boards of directors of both the Company and MCIP, 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 Asset Purchase Agreement and the transactions contemplated therein.

As of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Closing Date, the Company will deliver to MCIP a calculation of fair value of the Purchased Assets (as defined in the Asset Purchase Agreement) as of such date (such calculation, the "Closing MRCC Asset Value"), using a pre-agreed set of assumptions, methodologies and adjustments. At the Closing Date, MCIP shall pay, or cause to be paid, an amount in cash equal to the Closing MRCC Asset Value to the Company (or its designee) by wire transfer of immediately available funds to such account or accounts as directed in writing by the Company.

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

The Asset Purchase Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of the Company's business during the period prior to the closing of the Asset Sale. In addition, during that period, the Company has agreed to convene and hold a stockholder meeting for the purpose of obtaining the approval required of the Company's stockholders in connection with the Asset Sale and the Merger and has agreed to recommend that the stockholders approve such proposals.

Consummation of the Asset Sale, which is currently anticipated to occur during the first quarter of 2026, is subject to certain closing conditions, including (1) requisite approvals of the Company's stockholders, (2) the absence of certain legal impediments to the consummation of the Asset Sale, (3) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Asset 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 (other than the condition precedent with respect to the Asset Sale).

Following the Asset Sale, the Company's only assets will be the net cash proceeds from the sale after giving effect to the receipt of proceeds from the Asset Sale, repayment of liabilities, transaction costs and distribution of undistributed net investment income. Pursuant to and subject to the terms and conditions of the Merger Agreement, subsequent to the closing of the Asset Sale, the Company will merge with HRZN.

**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 181% and 165%, respectively.

*Revolving Credit Facility*: The Company has a revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits the Company, under certain circumstances, to increase the size of the facility up to $400,000. The revolving credit facility is secured by a lien on all of the Company's assets, including cash on hand. The Company may make draws under the revolving credit facility to make or purchase additional investments through December 27, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility. On February 27, 2025 and September 26, 2025, the Company amended its revolving credit facility to provide additional flexibility for the Company to refinance the 2026 Notes, including, among other things, by modifying the borrowing base treatment of the 2026 Notes and allowing for new indebtedness to be incurred to refinance the 2026 Notes. The size, applicable margin and other significant terms of the revolving credit facility remain unchanged. On August 20, 2025, the Company reduced its commitment of the Revolving Credit Facility from $255,000 to $175,000.

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<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

The Company's ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits the Company to borrow up to 72.5% of the fair market value of its portfolio company investments depending on the type of investment the Company holds and whether the investment is quoted. The Company's ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by the Company under the facility. The revolving credit facility contains certain financial covenants, including, but not limited to, the Company's maintenance of: (1) minimum consolidated total net assets at least equal to $150,000 plus 65% of the net proceeds to the Company from sales of its equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. Additionally, the revolving credit facility contains provisions for inclusion of a portion of the 2026 Notes the definition of indebtedness requiring borrowing base coverage. This required inclusion is $20.0 million through January 15, 2026, with an increase in the required inclusion level leading up to the maturity of the 2026 Notes. The revolving credit facility also requires the Company to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain the Company's relationship with MC Advisors. If the Company incurs an event of default under the revolving credit facility and fails to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect the Company's liquidity, financial condition, results of operations and cash flows.

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

As of September 30, 2025 and December 31, 2024, the Company had U.S. dollar borrowings of $82,800 and $163,900, respectively, and no borrowings denominated in a foreign currency as of either date. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond the control of the Company and cannot be predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on the Company's consolidated statements of operations.

Borrowings under the revolving credit facility bear interest, at the Company's election, at an annual rate of SOFR (one-month or three-month at the Company's discretion based on the term of the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of 1.5%, the prime interest rate, the federal funds rate plus 0.5% or SOFR plus 1.0%, with a SOFR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, the Company is required to pay a commitment fee and certain conditional fees based on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is greater than 35% of the then available maximum borrowing or a commitment fee of 1.0% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is less than or equal to 35% of the then available maximum borrowing. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.9% and 7.1%.

2026 *Notes:* As of both September 30, 2025 and December 31, 2024, the Company had $130,000 in aggregate principal amount of senior unsecured notes outstanding that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. The Company may redeem the 2026 Notes in whole or in part at any time or from time to time at the Company's option at par plus a "make-whole" premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of the Company's existing and future unsecured indebtedness.

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

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

---

| | | |
|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** |
| | **2025** | **2024** |
| Interest expense - revolving credit facility | $1947 | $3630 |
| Interest expense - 2026 Notes | 1555 | 1555 |
| Amortization of debt issuance costs | 411 | 332 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | $3913 | $5517 |
| Average debt outstanding | $211642 | $300217 |
| Average stated interest rate | 6.6% | 6.8% |

---

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest expense - revolving credit facility | $6697 | $11153 |
| Interest expense - 2026 Notes | 4665 | 4665 |
| Amortization of debt issuance costs | 1161 | 986 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | $12523 | $16804 |
| Average debt outstanding | $238955 | $308327 |
| Average stated interest rate | 6.4% | 6.8% |

---

**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 Company held no foreign currency forward contracts. 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.

For both the three and nine months ended September 30, 2025 and 2024, the Company recognized no net realized or unrealized gain (loss) on foreign currency forward contracts, as none were outstanding during those periods.

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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 during the three and nine months ended September 30, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date<br>Declared** | **Record<br>Date** | **Payment<br>Date** | **Amount<br>Per<br>Share** | **Cash<br>Distribution** | **DRIP Shares<br>Repurchased<br>in the Open<br>Market** | **Cost of<br>DRIP Shares<br>Repurchased** |
| **Nine months ended September 30, 2025:** | **Nine months ended September 30, 2025:** | **Nine months ended September 30, 2025:** | | | | |
| March 3, 2025 | March 14, 2025 | March 31, 2025 | $0.25 | $5417 | 19025 | $148 |
| June 4, 2025 | June 16, 2025 | June 30, 2025 | $0.25 | $5416 | 35753 | 235 |
| September 10, 2025 | September 22, 2025 | September 30, 2025 | $0.25 | $5417 | 33303 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared | &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared |  | $0.75 | $16250 | 88081 | $618 |
| **Nine months ended September 30, 2024:** | **Nine months ended September 30, 2024:** | **Nine months ended September 30, 2024:** |  |  |  |  |
| March 5, 2024 | March 15, 2024 | March 29, 2024 | $0.25 | $5417 | 18219 | $134 |
| June 3, 2024 | June 17, 2024 | June 28, 2024 | $0.25 | $5416 | 18516 | 140 |
| September 3, 2024 | September 16, 2024 | September 30, 2024 | $0.25 | $5417 | 18786 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared | &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared |  | $0.75 | $16250 | 55521 | $428 |

---

**Note 10. Stock Issuances and Repurchases**

*Stock Issuances:* On May 12, 2017, the Company entered into at-the-market ("ATM") equity distribution agreements with each of JMP Securities LLC ("JMP") and FBR Capital Markets & Co. ("FBR") (the "ATM Program") through which the Company could sell, by means of ATM offerings, from time to time, up to $50,000 of the Company's common stock. On May 8, 2020, the Company entered into an amendment to the ATM Program to extend its term. All other material terms of the ATM Program remain unchanged. There were no stock issuances through the ATM Program during the nine months ended September 30, 2025 and 2024.

**Note 11. Commitments and Contingencies**

*Commitments*: As of September 30, 2025 and December 31, 2024, the Company had $26,956 and $38,509, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements, excluding unfunded commitments in SLF. As described in Note 3, the Company had unfunded commitments of $7,350, to SLF as of both September 30, 2025 and December 31, 2024, that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of the Company's representatives on SLF's board of managers. Management believes that the Company's available cash balances and/or ability to draw on the revolving credit facility provide sufficient funds to cover its unfunded commitments as of 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** |
| American Broadband and Telecommunications Company LLC (Revolver) | $372 | $374 |
| American Broadband and Telecommunications Company LLC (Delayed Draw) | n/a | 54 |
| American Community Homes, Inc. (Revolver) | 2500 | 2500 |
| Aras Corporation (Revolver) | 234 | 207 |

---

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
| Arcserve Cayman Opco LP (Delayed Draw) | 386 | 386 |
| Avalara, Inc. (Revolver) | n/a | 400 |
| Bluesight, Inc. (Revolver) | 348 | 348 |
| Bonterra, LLC (Revolver) | n/a | 385 |
| BTR Opco LLC (Delayed Draw) | 149 | 149 |
| Calabrio, Inc. (Revolver) | 234 | 234 |
| Cdata Software, Inc. (Delayed Draw) | 556 | 556 |
| Cdata Software, Inc. (Delayed Draw) | 472 | 472 |
| Cdata Software, Inc. (Revolver) | 667 | 667 |
| Chess.com, LLC (Revolver) | 652 | 652 |
| Destination Media, Inc. (Revolver) | n/a | 82 |
| Dorado Acquisition, Inc. (Revolver) | 596 | 596 |
| Douglas Holdings, Inc. (Delayed Draw) | 478 | 543 |
| Douglas Holdings, Inc. (Delayed Draw) | 155 | 260 |
| Douglas Holdings, Inc. (Delayed Draw) | n/a | 598 |
| Douglas Holdings, Inc. (Revolver) | 217 | 217 |
| Drawbridge Partners, LLC (Revolver) | 522 | 522 |
| Drawbridge Partners, LLC (Delayed Draw) | 79 | 79 |
| Epika Fleet Services, Inc. (Delayed Draw) | n/a | 381 |
| Epika Fleet Services, Inc. (Delayed Draw) | n/a | 779 |
| Epika Fleet Services, Inc. (Revolver) | n/a | 536 |
| Express Wash Acquisition Company, LLC (Revolver) | n/a | 171 |
| Forest Buyer, LLC (Revolver) | n/a | 750 |
| GC Champion Acquisition LLC (Delayed Draw) | 669 | 669 |
| Hastings Manufacturing Company (Revolver) | 691 | 691 |
| HS4 Acquisitionco, Inc. (Revolver) | n/a | 266 |
| IDIG Parent, LLC (Common stock) | n/a | 43 |
| Independence Buyer, Inc. (Revolver) | 337 | 1138 |
| J2 BWA Funding LLC (Revolver) | 35 | 1061 |
| Kar Wash Holdings, LLC (Delayed Draw) | n/a | 1846 |
| Kar Wash Holdings, LLC (Revolver) | n/a | 952 |
| Kingsley Gate Partners, LLC (Revolver) | n/a | 48 |
| KL Moon Acquisition, LLC (Revolver) | 217 | 352 |
| The Kyjen Company, LLC (Revolver) | 105 | n/a |
| Lifted Trucks Holdings, LLC (Revolver) | 1389 | 1444 |
| LVF Holdings, Inc. (Revolver) | n/a | 141 |
| MEI Buyer LLC (Delayed Draw) | 524 | n/a |
| MEI Buyer LLC (Revolver) | 410 | 373 |
| Mindbody, Inc. (Revolver) | n/a | 667 |
| Mnine Holdings, Inc. (Revolver) | n/a | 613 |
| NationsBenefits, LLC (Delayed Draw) | n/a | 649 |
| NationsBenefits, LLC (Revolver) | n/a | 2222 |
| NECB Collections, LLC (Revolver) | 45 | 45 |

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
| Northeast Contracting Company, LLC (Revolver) | 182 | 318 |
| NQ PE Project Colosseum Midco Inc. (Revolver) | 438 | 438 |
| Planful, Inc. (Revolver) | 150 | 543 |
| Prototek LLC (Revolver) | 288 | 288 |
| Recorded Future, Inc. (Class A units) | n/a | 16 |
| Recycled Plastics Industries, LLC (Revolver) | 284 | 284 |
| Relevate Health Group, LLC (Revolver) | 316 | 147 |
| Seran BioScience, LLC (Delayed Draw) | 4444 | n/a |
| Seran BioScience, LLC (Revolver) | 444 | 444 |
| SFR Holdco 2, LLC (Delayed Draw) | 815 | 1630 |
| SFR Holdco 2, LLC (Equity Commitment) | 543 | 1086 |
| Sparq Holdings, Inc. (Delayed Draw) | n/a | 289 |
| Sparq Holdings, Inc. (Revolver) | 89 | 184 |
| Spherix Global Inc. (Revolver) | 122 | 122 |
| Sports Operating Holdings II, LLC (Delayed Draw) | n/a | 1071 |
| Sports Operating Holdings II, LLC (Revolver) | 831 | 519 |
| StarCompliance MidCo, LLC (Revolver) | 181 | 100 |
| TigerConnect, Inc. (Delayed Draw) | 13 | 7 |
| TigerConnect, Inc. (Delayed Draw) | 47 | 131 |
| TigerConnect, Inc. (Revolver) | 429 | 429 |
| Tiugo Group Holdings Corp (Delayed Draw) | 1540 | n/a |
| Tiugo Group Holdings Corp (Revolver) | 770 | n/a |
| TJ Management HoldCo LLC (Revolver) | 461 | 1114 |
| V10 Entertainment, Inc. (Revolver) | 385 | 385 |
| V10 Entertainment, Inc. (Common units) | n/a | 189 |
| Valudor Products LLC (Revolver) | 219 | 548 |
| Vhagar Purchaser, LLC (Delayed Draw) | n/a | 517 |
| Vhagar Purchaser, LLC (Revolver) | n/a | 333 |
| Whistler Parent Holdings III, Inc. (Delayed Draw) | n/a | 423 |
| Whistler Parent Holdings III, Inc. (Revolver) | 184 | 94 |
| XanEdu Publishing, Inc. (Revolver) | 742 | 742 |
|  | $26956 | $38509 |

---

*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 CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(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 | $8.85 | $9.40 |
| Net investment income <sup>(1)</sup> | 0.43 | 0.85 |
| Net gain (loss) <sup>(1)</sup> | (0.54) | (0.32) |
| Net increase (decrease) in net assets resulting from operations <sup>(1)</sup> | (0.11) | 0.53 |
| Stockholder distributions - income <sup>(2)</sup> | (0.75) | (0.75) |
| Net asset value at end of period | $7.99 | $9.18 |
| Net assets at end of period | $173038 | $198893 |
| Shares outstanding at end of period | 21666340 | 21666340 |
| Per share market value at end of period | $7.02 | $8.08 |
| Total return based on market value <sup>(3)</sup> | (8.38)% | 25.78% |
| Total return based on average net asset value <sup>(4)</sup> | 0.15% | 7.48% |
| **Ratio/Supplemental data:** |  |  |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 6.72% | 12.72% |
| Ratio of total expenses to average net assets <sup>(5)</sup> | 14.99% | 18.21% |
| Portfolio turnover <sup>(6)</sup> | 7.14% | 14.61% |
| Ratio of total investment income to average net assets <sup>(5)</sup> | 21.71% | 30.93% |
| Ratio of interest and other debt financing expenses to average net assets <sup>(5)</sup> | 9.15% | 11.18% |
| Ratio of total expenses (excluding incentive fees) to average net assets <sup>(5)</sup> | 14.99% | 16.99% |
| Ratio of incentive fees to average net assets <sup>(6)</sup> | n/a | 1.22% |

---

**________________________________________________________**

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

<sup>(2)</sup> 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> Total return based on market value is calculated assuming a purchase of common shares at the market value on the first day and a sale at the market value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company's DRIP. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized.

<sup>(4)</sup> Total return based on average net asset value is calculated as the change in net asset value per share during the period, divided by the beginning net asset value per share. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company's DRIP. Return calculations are not annualized.

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**MONROE CAPITAL CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (continued)**

**(unaudited)**

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

<sup>(5)</sup> Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.

<sup>(6)</sup> Ratios are not annualized.

**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.

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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 Corporation and its consolidated subsidiaries; MC Advisors refers to Monroe Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management Advisors, LLC, our administrator and a Delaware limited liability company; Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates; and SLF refers to MRCC Senior Loan Fund I, LLC, an unconsolidated Delaware limited liability company, in which we co-invest with Life Insurance Company of the Southwest ("LSW") primarily in senior secured loans. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in our annual report on Form 10-K (the "Annual Report") for the year ended December 31, 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 transactions contemplated by the Merger Agreement with HRZN and the Asset Purchase Agreement with MCIP (each 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;

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

&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 involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in "*Part I-Item 1A. Risk Factors"* in our Annual Report and "*Part II-Item 1A. Risk Factors"* in this Quarterly Report.

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

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

**Overview**

Monroe Capital Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company ("RIC") under 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.

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 provide customized financing solutions focused primarily on senior secured, junior secured and unitranche secured (a combination of senior secured and junior secured debt in the same facility in which we syndicate a "first out" portion of the loan to an investor and retain a "last out" portion of the loan) debt and, to a lesser extent, unsecured subordinated debt and equity, including equity co-investments in preferred and common stock, and warrants.

Our shares are currently listed on the Nasdaq Global Select Market under the symbol "MRCC".

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Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through investment in senior secured, unitranche secured and junior secured debt and, to a lesser extent, unsecured subordinated debt and equity investments. We seek to use our extensive leveraged finance origination infrastructure and broad expertise in sourcing loans to invest in primarily senior secured, unitranche secured and junior secured debt of middle-market companies. Our investments will generally range between $2.0 million and $35.0 million each, although this investment size may vary proportionately with the size of our capital base. As of September 30, 2025, our portfolio included approximately 73.4% senior secured loans, 0.6% unitranche secured loans, 8.7% junior secured loans and 17.3% equity investments, compared to December 31, 2024, when our portfolio included approximately 78.3% senior secured loans, 0.8% unitranche secured loans, 6.5% junior secured loans and 14.4% equity investments. The companies in which we invest may be leveraged, often as a result of leveraged buy-outs or other recapitalization transactions, and, in certain cases, will not be rated by national ratings agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor's system) from the national rating agencies.

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

*Merger Agreement with Horizon Technology Finance Corporation*

On August 7, 2025, we entered into an Agreement and Plan of Merger (the "Merger Agreement") with Horizon Technology Finance Corporation, a Delaware corporation ("HRZN"), HMMS, Inc., a Maryland corporation and wholly owned subsidiary of HRZN ("Merger Sub"), MC Advisors, and Horizon Technology Finance Management LLC, a Delaware limited liability company and investment adviser to HRZN. The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, immediately following the Asset Sale (as defined below) and at the effective time of the Merger, Merger Sub will merge with and into us, with us continuing as the surviving company and as a wholly-owned subsidiary of HRZN and, immediately thereafter, we will merge with and into HRZN, with HRZN continuing as the surviving company (collectively, the "Merger"). See "Note 6. Transaction with Related Parties—Merger Agreement with Horizon Technology Finance Corporation" in the notes to our interim consolidated financial statements in this Quarterly Report on Form 10-Q for a description of the terms of the Merger Agreement and the transactions contemplated by the Merger Agreement.

*Asset Purchase Agreement with Monroe Capital Income Plus Corporation*

On August 7, 2025, we entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Monroe Capital Income Plus Corporation, a Maryland corporation ("MCIP"), 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"), MCIP will acquire our investment assets at fair value, as determined shortly before the Closing Date, for cash (the "Asset Sale" and together with the Merger, the "Transactions"). Under the Asset Purchase Agreement, the Asset Sale is contingent upon, and will become effective immediately prior to the effectiveness of, the Merger.

Following the Asset Sale, our only assets will be the net cash proceeds from the sale after giving effect to the receipt of proceeds from the Asset Sale, repayment of liabilities, transaction costs and distribution of undistributed net investment income. Pursuant to and subject to the terms and conditions of the Merger Agreement, subsequent to the closing of the Asset Sale, we will merge with HRZN. See "Note 6. Transactions with Related Parties—Asset Purchase Agreement with Monroe Capital Income Plus Corporation" in the notes to our interim consolidated financial statements in this Quarterly Report on Form 10-Q for a description of the terms of the Asset Purchase Agreement and the transactions contemplated by the Asset Purchase Agreement.

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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 which trigger these prepayment premiums and prepayment gains (losses) may fluctuate significantly from period to period, the associated interest income recorded may also fluctuate significantly from period to period. Interest and other 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 Second Amended and Restated Investment Advisory and Management Agreement (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 (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.

***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 did not make investments in any new portfolio companies and we invested $9.0 million in 17 existing portfolio companies and had $15.2 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $6.2 million for the period.

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During the nine months ended September 30, 2025, we invested $7.6 million in one new portfolio company and $21.3 million in 59 existing portfolio companies and had $120.2 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $91.3 million for the period.

During the three months ended September 30, 2024, we invested $11.1 million in three new portfolio companies and we invested $14.7 million in 30 existing portfolio companies and had $38.3 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $12.5 million for the period.

During the nine months ended September 30, 2024, we invested $27.6 million in six new portfolio companies and $44.1 million in 51 existing portfolio companies and had $86.3 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $14.6 million for the period.

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 | 10.4% | 9.1% | 10.7% | 10.7% |
| Unitranche secured loans | 10.7 | 12.2 | 11.4 | 14.5 |
| Junior secured loans | 8.3 | 8.3 | 7.5 | 7.5 |
| Equity investments | 2.8 | 2.8 | 2.8 | 2.8 |
| &nbsp;&nbsp;Total | 9.9% | 8.8% | 10.2% | 10.2% |

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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 (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. As of both September 30, 2025 and December 31, 2024, there were no loans excluded from the weighted average contractual coupon yield.

<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 (excluding debt investments acquired for no cost in a restructuring on non-accrual status) and the cost basis of our preferred equity investments. We exclude loans acquired for no cost in a restructuring on non-accrual status within this metric as management believes this disclosure provides a better indication of return on invested capital. As of both September 30, 2025 and December 31, 2024, there were no loans excluded from the weighted average effective yield. The weighted average annualized effective yield on portfolio investments is a metric on the investment portfolio alone and does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the portfolio or sales load that may be paid by stockholders.

The following table shows the composition of our investment portfolio at fair value as a 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;Senior secured loans | $264683 | 73.4% | $357994 | 78.3% |
| &nbsp;&nbsp;Unitranche secured loans | 2183 | 0.6 | 3862 | 0.8 |
| &nbsp;&nbsp;Junior secured loans | 31403 | 8.7 | 29634 | 6.5 |
| &nbsp;&nbsp;LLC equity interest in SLF | 28240 | 7.8 | 32730 | 7.2 |
| &nbsp;&nbsp;Equity investments | 34141 | 9.5 | 32828 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $360650 | 100.0% | $457048 | 100.0% |

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Our portfolio composition remained relatively consistent with our portfolio at December 31, 2024, with changes resulting primarily from sales, principal repayments and payoffs. As of September 30, 2025, our effective yield decreased compared to December 31, 2024, primarily due to lower spreads on certain assets and the payoff of certain higher yielding assets during the nine months ended September 30, 2025.

The following table shows our portfolio composition by industry at fair value and as a 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;Automotive | $19821 | 5.5% | $16267 | 3.6% |
| &nbsp;&nbsp;Banking | 6591 | 1.9 | 7861 | 1.7 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 2917 | 0.8 | 6027 | 1.3 |
| &nbsp;&nbsp;Capital Equipment | 4815 | 1.3 | 4853 | 1.1 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 4236 | 1.2 | 4864 | 1.1 |
| &nbsp;&nbsp;Construction & Building | 10510 | 2.9 | 10334 | 2.3 |
| &nbsp;&nbsp;Consumer Goods: Durable | 7478 | 2.1 | 8263 | 1.8 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 1809 | 0.5 | 2467 | 0.4 |
| &nbsp;&nbsp;Environmental Industries | 87 | 0.0 \* | 520 | 0.1 |
| &nbsp;&nbsp;FIRE: Finance | 8602 | 2.4 | 12789 | 2.8 |
| &nbsp;&nbsp;FIRE: Real Estate | 91287 | 25.3 | 83037 | 18.2 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 47383 | 13.1 | 79784 | 17.5 |
| &nbsp;&nbsp;High Tech Industries | 37483 | 10.4 | 41240 | 9.0 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 166 | 0.0 \* | 144 | 0.0 \* |
| &nbsp;&nbsp;Investment Funds & Vehicles | 28240 | 7.8 | 32730 | 7.2 |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 10728 | 3.0 | 12035 | 2.6 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 780 | 0.2 | 1156 | 0.3 |
| &nbsp;&nbsp;Media: Diversified & Production | 24554 | 6.8 | 43717 | 9.6 |
| &nbsp;&nbsp;Retail | 1251 | 0.3 | 2036 | 0.4 |
| &nbsp;&nbsp;Services: Business | 28161 | 7.8 | 51175 | 11.2 |
| &nbsp;&nbsp;Services: Consumer | 18052 | 5.0 | 24113 | 5.3 |
| &nbsp;&nbsp;Telecommunications | 5545 | 1.5 | 5586 | 1.2 |
| &nbsp;&nbsp;Transportation: Cargo |  |  | 5890 | 1.3 |
| &nbsp;&nbsp;Wholesale | 154 | 0.0 \* | 160 | 0.0\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $360650 | 99.8% | $457048 | 100.0% |

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\*Represents an amount less than 0.1%

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**Portfolio Asset Quality**

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

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

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| | |
|:---|:---|
| **Investment**<br>**Performance**<br>**Risk Rating** | **Summary Description** |
| &nbsp;&nbsp;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. |
| &nbsp;&nbsp;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. |
| &nbsp;&nbsp;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. |
| &nbsp;&nbsp;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). |
| &nbsp;&nbsp;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. |

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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 | 286534 | 79.5 |
| 3 | 56348 | 15.6 |
| 4 | 13337 | 3.7 |
| 5 | 4431 | 1.2 |
| &nbsp;&nbsp;Total | $360650 | 100.0% |

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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 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 | 370573 | 81.0 |
| 3 | 65711 | 14.4 |
| 4 | 15935 | 3.5 |
| 5 | 4829 | 1.1 |
| &nbsp;&nbsp;Total | $457048 | 100.0% |

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As of both September 30, 2025and December 31, 2024, there were ten borrowers with debt or preferred equity investments on non-accrual status. Investments on non-accrual status totaled $12.5 million at fair value, or 3.5% of our total investments at fair value at September 30, 2025 and $15.7 million at fair value, or 3.4% of our total investments at fair value at December 31, 2024.

**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 | $8206 | $15695 |
| Total operating expenses | 6323 | 9078 |
| &nbsp;&nbsp;Net investment income before income taxes | 1883 | 6617 |
| Income tax expense (benefit), including excise taxes | 70 | 136 |
| &nbsp;&nbsp;Net investment income | 1813 | 6481 |
| Net realized gain (loss) on investments | (2378) | 638 |
| &nbsp;&nbsp;Net realized gain (loss) | (2378) | 638 |
| Net change in unrealized gain (loss) on investments | (572) | (2173) |
| Net change in unrealized gain (loss) on foreign currency and other transactions |  | 20 |
| &nbsp;&nbsp;Net change in unrealized gain (loss) | (572) | (2153) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(1137) | $4966 |

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| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Total investment income | $29719 | $46504 |
| Total operating expenses | 20375 | 27705 |
| &nbsp;&nbsp;Net investment income before income taxes | 9344 | 18799 |
| Income taxes expense (benefit), including excise taxes | 147 | 289 |
| &nbsp;&nbsp;Net investment income | 9197 | 18510 |
| Net realized gain (loss) on investments | (2739) | 1148 |
| &nbsp;&nbsp;Net realized gain (loss) | (2739) | 1148 |
| Net change in unrealized gain (loss) on investments | (8932) | (8259) |
| Net change in unrealized gain (loss) on foreign currency and other transactions |  | 20 |
| &nbsp;&nbsp;Net change in unrealized gain (loss) | (8932) | (8239) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(2474) | $11419 |

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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 | $5844 | $11303 |
| PIK interest income | 2029 | 2321 |
| Dividend income <sup>(1)</sup> | 114 | 1070 |
| Other income | 23 | 694 |
| Prepayment gain (loss) | 43 | 109 |
| Accretion of discounts and amortization of premiums | 153 | 198 |
| &nbsp;&nbsp;Total investment income | $8206 | $15695 |

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| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest income | $20675 | $34815 |
| PIK interest income | 5588 | 6535 |
| Dividend income <sup>(2)</sup> | 1973 | 3099 |
| Other income | 306 | 996 |
| Prepayment gain (loss) | 576 | 359 |
| Accretion of discounts and amortization of premiums | 601 | 700 |
| &nbsp;&nbsp;Total investment income | $29719 | $46504 |

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**________________________________________________________**

<sup>(1)</sup> During the three months ended September 30, 2025 and 2024, dividend income includes PIK dividends of $93 and $115, respectively.

<sup>(2)</sup> During the nine months ended September 30, 2025 and 2024, dividend income includes PIK dividends of $333 and $344, respectively.

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Total investment income decreased by $7.5 million and $16.8 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 lower interest income, PIK interest income and dividend income. The reduction in interest and PIK interest income was primarily driven by a decrease in average invested assets and lower effective rates. The reduction in dividend income was primarily driven by declines in dividend income from the Company's investment in SLF.

***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 | $3913 | $5517 |
| Base management fees | 1652 | 2006 |
| Incentive fees <sup>(1)</sup> |  | 730 |
| Professional fees | 187 | 239 |
| Administrative service fees | 360 | 270 |
| General and administrative expenses | 152 | 270 |
| Directors' fees | 59 | 46 |
| &nbsp;&nbsp;Total operating expenses | $6323 | $9078 |

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| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest and other debt financing expenses | $12523 | $16804 |
| Base management fees | 5244 | 6091 |
| Incentive fees <sup>(1)</sup> |  | 2449 |
| Professional fees | 718 | 706 |
| Administrative service fees | 1088 | 729 |
| General and administrative expenses | 611 | 731 |
| Directors' fees | 191 | 195 |
| &nbsp;&nbsp;Total operating expenses | $20375 | $27705 |

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**________________________________________________________**

<sup>(1)</sup> There were no incentive fees during the three months ended September 30, 2025. Incentive fees during the nine months ended September 30, 2025 were limited by $0.3 million, due to the Incentive Fee Limitation. Incentive fees during the three and nine months ended September 30, 2024 were limited by $0.7 million and $1.7 million, due to the Incentive Fee Limitation. See Note 6 in our attached consolidated financial statements for additional information on the Incentive Fee Limitation.

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The composition of our interest and other debt financing expenses, average outstanding balances and average stated interest rates (i.e., the rate in effect plus spread) 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 | $1947 | $3630 |
| Interest expense - 2026 Notes | 1555 | 1555 |
| Amortization of debt issuance costs | 411 | 332 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | $3913 | $5517 |
| Average debt outstanding | $211642 | $300217 |
| Average stated interest rate | 6.6% | 6.8% |

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| | | |
|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** |
| Interest expense - revolving credit facility | $6697 | $11153 |
| Interest expense - 2026 Notes | 4665 | 4665 |
| Amortization of debt issuance costs | 1161 | 986 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | $12523 | $16804 |
| Average debt outstanding | $238955 | $308327 |
| Average stated interest rate | 6.4% | 6.8% |

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Total operating expenses decreased by $2.8 and $7.3 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 a decrease in interest and other debt financing expenses from lower average debt outstanding and a reduced interest rate environment. Additionally, decreases in incentive fees resulting from lower pre-incentive fee net investment income and base management fees resulting from lower invested assets contributed to the decrease in operating expenses.

***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 (benefit) on the consolidated statements of operations of $(44) thousand and $26 thousand, 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 $0.1 million and $0.3 million, respectively, for U.S. federal excise tax.

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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 on the consolidated statements of operations of $0.1 million and $0.1 million for these subsidiaries, respectively. For the three and nine months ended September 30, 2024, we recorded a net tax expense (benefit) on the consolidated statements of operations of zero and $(13) thousand for these subsidiaries, respectively.

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

During the three months ended September 30, 2025 and 2024, we recorded sales or dispositions on investments resulting in $(2.4) million and $0.6 million of net realized gain (loss) on investments, respectively. During the nine months ended September 30, 2025 and 2024, we recorded sales or dispositions on investments resulting in $(2.7) million and $1.1 million of net realized gain (loss) on investments, respectively. The net realized losses for the three and nine months ended September 30, 2025 were primarily related to the realization of the previously recorded unrealized losses on our investment in INH Buyer. The net realized gains during the three and nine months ended September 30, 2024 were primarily related to the realization of our investments in Seran BioScience, LLC and AdTheorent, Inc.

***Net Change in Unrealized Gain (Loss)***

For the three months ended September 30, 2025 and 2024 our investments had $(0.6) million and $(2.2) million of net change in unrealized gain (loss), respectively. For the nine months ended September 30, 2025 and 2024, our investments had $(8.9) million and $(8.3) 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 the result of 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, partially offset by the reversal of previously unrealized losses on the realization of INH Buyer. Unrealized losses on our equity investment in SLF also contributed to the overall decline. The decrease in value at SLF was driven by net losses on SLF's investments, which are loans to middle-market borrowers.

During the three and nine months ended September 30, 2024, the net change in unrealized loss on investments was primarily attributable to unrealized mark-to-market losses attributable to certain portfolio companies that have underlying credit performance concerns that were still held as of September 30, 2024, partially offset by net unrealized gains on the remainder of the portfolio.

For both the three and nine months ended September 30, 2025 there were no foreign currency forward contracts held or net change in unrealized gain (loss) on foreign currency and other transactions.

For both the three and nine months ended September 30, 2024 there were no foreign currency forward contracts held and we had $20 thousand of net change in unrealized gain (loss) on foreign currency and other transactions.

***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 ($1.1) million and $5.0 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 $(0.05) and $0.23, respectively.

For the nine months ended September 30, 2025 and 2024, the net increase (decrease) in net assets resulting from operations was ($2.5) million and $11.4 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 $(0.11) and $0.53, respectively.

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**Liquidity and Capital Resources**

As of September 30, 2025, we had $3.5 million in cash and cash equivalents, $82.8 million of total debt outstanding on our revolving credit facility and $130.0 million on the 2026 Notes. We had $92.2 million available for additional borrowings on our revolving credit facility, subject to borrowing base availability. See "*Borrowings*" below for additional information.

In accordance with the 1940 Act, we are permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2025 and December 31, 2024, our asset coverage ratio based on aggregate borrowings outstanding was 181% and 165%, respectively.

***Cash Flows***

For the nine months ended September 30, 2025, we experienced a net decrease in cash and cash equivalents of $5.5 million. During the same period, operating activities provided $92.7 million, primarily as a result of principal payments and sales of investments, partially offset by purchases of portfolio investments. During the same period, we used $98.2 million, in financing activities, primarily as a result of distributions to stockholders and net repayments on our revolving credit facility.

For the nine months ended September 30, 2024, we experienced a net decrease in cash and cash equivalents of $0.9 million. During the same period, operating activities provided $20.5 million, primarily as a result of principal payments and sale of investments and net investment income, partially offset by purchases of portfolio investments. During the same period, we used $21.4 million in financing activities, primarily as a result of distributions to stockholders and net repayments on our revolving credit facility.

***Capital Resources***

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

As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value ("NAV") per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our board of directors ("Board"), including our independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders have approved such sales. On June 17, 2025, our stockholders once again voted to allow us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year, subject to certain limitations. As of both September 30, 2025 and December 31, 2024, we had 21,666,340 shares outstanding.

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

*Stock Issuances:* On May 12, 2017, we entered into at-the-market ("ATM") equity distribution agreements with each of JMP Securities LLC ("JMP") and FBR Capital Markets & Co. ("FBR") (the "ATM Program") through which we can sell, by means of ATM offerings, from time to time, up to $50.0 million of our common stock. On May 8, 2020, we entered into an amendment to the ATM Program to extend its term. All other material terms of the ATM Program remain unchanged. There were no stock issuances through the ATM Program during both the three and nine months ended September 30, 2025 and 2024, respectively.

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***Borrowings***

*Revolving Credit Facility*: We have a revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits us, under certain circumstances, to increase the size of the facility up to $400.0 million. The revolving credit facility is secured by a lien on all of our assets, including cash on hand. We may make draws under the revolving credit facility to make or purchase additional investments through December 27, 2026 and for general working capital purposes until December 27, 2027, the maturity date of the revolving credit facility. On February 27, 2025 and September 26, 2025, we amended our revolving credit facility to provide additional flexibility for us to refinance the 2026 Notes, including, among other things, by modifying the borrowing base treatment of the 2026 Notes and allowing for new indebtedness to be incurred to refinance the 2026 Notes. The size, applicable margin and other significant terms of the revolving credit facility remain unchanged. On August 20, 2025, we reduced our commitment of the Revolving Credit Facility from $255.0 million to $175.0 million.

Our ability to borrow under the revolving credit facility is subject to availability under the borrowing base, which permits us to borrow up to 72.5% of the fair market value of our portfolio company investments depending on the type of investment we hold and whether the investment is quoted. Our ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by us under the facility. The revolving credit facility contains certain financial covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets at least equal to $150.0 million plus 65% of the net proceeds to us from sales of our equity securities after March 1, 2019; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; and (3) a senior debt coverage ratio of at least 2 to 1. Additionally, the revolving credit facility contains provisions for inclusion of a portion of the 2026 Notes the definition of indebtedness requiring borrowing base coverage. This required inclusion is $20.0 million through January 15, 2026, with an increase in the required inclusion level leading up to the maturity of the 2026 Notes. The revolving credit facility also requires us to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the credit facility. The revolving credit facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions at both Monroe Capital Corporation and MC Advisors, failure to comply with financial and negative covenants, and failure to maintain our relationship with MC Advisors. If we incur an event of default under the revolving credit facility and fail to remedy such default under any applicable grace period, if any, then the entire revolving credit facility could become immediately due and payable, which would materially and adversely affect our liquidity, financial condition, results of operations and cash flows.

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

As of September 30, 2025 and December 31, 2024, we had U.S. dollar borrowings of $82.8 million and $163.9 million, respectively, and no borrowings denominated in a foreign currency as of either date. Any borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond our control and cannot be predicted. Borrowings denominated in a foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on our consolidated statements of operations.

Borrowings under the revolving credit facility bear interest, at our election, at an annual rate of SOFR (one-month or three-month at our discretion based on the term of the borrowing) plus 2.625% or at a daily rate equal to 1.625% per annum plus the greater of 1.5%, the prime interest rate, the federal funds rate plus 0.5% or SOFR plus 1.0%, with a SOFR floor of 0.5%. In addition to the stated interest rate on borrowings under the revolving credit facility, we are required to pay a commitment fee and certain conditional fees based on usage of the expanded borrowing base and usage of the asset coverage ratio flexibility. A commitment fee of 0.5% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is greater than 35% of the then available maximum borrowing or a commitment fee of 1.0% per annum on any unused portion of the revolving credit facility if the utilized portion of the facility is less than or equal to 35% of the then available maximum borrowing. As of September 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.9% and 7.1% .

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*2026 Notes:* As of both September 30, 2025 and December 31, 2024, we had $130.0 million in aggregate principal amount of senior unsecured notes (the "2026 Notes") outstanding that mature on February 15, 2026. The 2026 Notes bear interest at an annual rate of 4.75% payable semi-annually on February 15 and August 15. We may redeem the 2026 Notes in whole or in part at any time or from time to time at our option at par plus a "make-whole" premium, if applicable. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future unsecured indebtedness.

***Distributions***

Our Board will determine the timing and amount, if any, of our distributions. We intend to pay distributions on a quarterly basis. In order to avoid corporate-level tax on the income we distribute as a RIC, we must distribute to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, on an annual basis out of the assets legally available for such distributions. In addition, we also intend to distribute any realized net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) at least annually out of the assets legally available for such distributions. Distributions to stockholders for both the three and nine months ended September 30, 2025 and 2024 totaled $5.4 million ($0.25 per share) and $16.3 million ($0.75 per share), respectively, none of which represented a return of capital. 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.

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

**MRCC Senior Loan Fund I, LLC**

We co-invest with Life Insurance Company of the Southwest ("LSW") in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative of each of us and LSW. Investments held by SLF are measured at fair value using the same valuation methodologies as described below. Our investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member's interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF. We and LSW have agreed to work towards a wind-down of SLF in advance of the Merger and during the quarter began actively selling underlying investments in the portfolio.

SLF's profits and losses are allocated to us and LSW in accordance with the respective ownership interests. As of both September 30, 2025 and December 31, 2024, we and LSW each owned 50.0% of the LLC equity interests of SLF. As of both September 30, 2025 and December 31, 2024, SLF had $100.0 million in equity commitments from its members (in the aggregate), of which $85.3 million was funded.

As of both September 30, 2025 and December 31, 2024, we had committed to fund $50.0 million of LLC equity interest subscriptions to SLF. As of both September 30, 2025 and December 31, 2024, $42.7 million of our LLC equity interest subscriptions to SLF had been called and contributed. For the three and nine months ended September 30, 2025, we received a $0.6 million return of capital distribution from our equity investment in SLF. As of September 30, 2025 and December 31, 2024, our investment in SLF had an amortized cost of $42.1 million $42.7 million, and a fair value of $28.2 million and $32.7 million, respectively. As part of the continued wind down of SLF, on October 31, 2025, the Company received an additional $14.5 million return of capital from its equity investment in SLF.

For the three months ended September 30, 2025, we received no dividend income from our LLC equity interest in SLF. For the nine months ended September 30, 2025, we received $1.6 million of dividend income from our LLC equity interest in SLF. For the three and nine months ended September 30, 2024 we received $0.9 million and $2.7 million, respectively, of dividend income from our LLC equity interest in SLF.

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On September 18, 2025, SLF fully repaid its senior secured revolving credit facility (as amended, the "SLF Credit Facility") with Capital One, N.A., which was held through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC ("SLF SPV"). As of December 31, 2024, the aggregate commitment and principal amounts outstanding was $38.2 million. Borrowings on the SLF Credit Facility bore interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031. As of December 31, 2024, the SLF Credit Facility was accruing a weighted average interest rate of 6.9%.

SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC ("MC Management"), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three and nine months ended September 30, 2025, SLF incurred $52 thousand and $0.2 million of allocable expenses, respectively. For the three and nine months ended September 30, 2024, SLF incurred $37 thousand and $0.1 million, respectively, of allocable expenses. There are no agreements or understandings by which we guarantee any SLF obligations.

As of September 30, 2025 and December 31, 2024, SLF had total assets at fair value of $56.7 million and $104.2 million, respectively. As of both September 30, 2025 and December 31, 2024, SLF had four portfolio company investments on non-accrual status with fair values of $2.0 million and $5.2 million, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which we may invest directly. Additionally, as of September 30, 2025 and December 31, 2024, SLF had $0.2 million and $1.6 million, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments.

Below is a summary of SLF's portfolio, followed by a listing of the individual investments in SLF's portfolio as of September 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Secured loans <sup>(1)</sup> | 24567 | 101624 |
| Weighted average current interest rate on secured loans <sup>(2)</sup> | 8.9% | 9.3% |
| Number of portfolio company investments in SLF | 14 | 36 |
| Largest portfolio company investment <sup>(1)</sup> | 4817 | 4900 |
| Total of five largest portfolio company investments <sup>(1)</sup> | 17745 | 23901 |

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**________________________________________________________**

<sup>(1)</sup> Represents outstanding principal amount, excluding unfunded commitments. Principal amounts in thousands.

<sup>(2)</sup> Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.

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**MRCC SENIOR LOAN FUND I, LLC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025**

**(in thousands)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| **Non-Controlled/Non-Affiliate Company Investments** | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.85% | 5.10% Cash/ 6.75% PIK | 2/26/2027 | 3223 | $3101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.85% | 5.10% Cash/ 6.75% PIK | 2/26/2027 | 140 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. (Revolver) |  | SF | 7.85% | 4.03% Cash/ 7.85% PIK | 2/26/2027 | 325 | 312 |
|  |  |  |  |  |  | 3688 | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 4.90% | 9.10% | 12/1/2027 | 1333 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 4.90% | 9.21% | 12/1/2027 | 381 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC (Revolver) | (4) | SF | 4.90% | 9.05% | 12/1/2027 | 132 | 51 |
|  |  |  |  |  |  | 1846 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Chemical Holding Company LLC | (5) | SF | 7.11% | 11.28% | 10/3/2025 | 1135 | 423 |
|  |  |  |  |  |  | 1135 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polychem Acquisition, LLC |  | SF | 5.61% | 5.78% Cash/ 4.00% PIK | 8/15/2026 | 2919 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVHC Holding Corp |  | SF | 6.40% | 9.64% Cash/ 0.75% PIK | 2/17/2027 | 1887 | 1869 |
|  |  |  |  |  |  | 4806 | 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (Delayed Draw) | (4) | SF | 8.00% | 12.00% | 2/20/2029 | 381 | 240 |
|  |  |  |  |  |  | 381 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) | (5) | SF | 6.00% | 5.17% Cash/ 5.00% PIK | 3/3/2030 | 640 | 579 |
|  |  |  |  |  |  | 640 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Purchaser, LLC |  | SF | 6.01% | 10.01% | 5/7/2027 | 4817 | 4799 |
|  |  |  |  |  |  | 4817 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  | **17313** | **15637** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. | (5) | SF | 6.65% | 10.94% | 9/30/2027 | 784 | 609 |
|  |  |  |  |  |  | 784 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC |  | SF | 5.76% | 9.96% | 10/15/2028 | 4434 | 3656 |
|  |  |  |  |  |  | 4434 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. | (5) | SF | 6.68% | 10.96% | 11/30/2028 | 1042 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. |  | SF | 8.00% | 7.20% Cash/ 5.00% PIK | 8/20/2029 | 1216 | 1190 |
|  |  |  |  |  |  | 2258 | 1555 |
| **Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  | **7476** | **5820** |

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**MRCC SENIOR LOAN FUND I, LLC**

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

**September 30, 2025**

**(in thousands)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Securities (6) (7) (8)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RugsUSA Intermediate, LLC (44,170 Class A Units)  |  |  |  |  |  |  | 310 |
|  |  |  |  |  |  |  | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyventive Lender Holding Company LLC (0.84% of the equity) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (1,199 Class F common shares)  | (3) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cano Health, Inc. (79,030 shares of common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 6/28/2029 |  |  |
|  |  |  |  |  |  |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. (51,370 Class A units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (2,252 Class A common shares)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (518 Class A preferred shares)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 613 |
|  |  |  |  |  |  |  | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (40 shares of Class A units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equities** |  |  |  |  |  |  | **1294** |
| **TOTAL INVESTMENTS** |  |  |  |  |  |  | $**22751** |

---

**________________________________________________________**

<sup>(1)</sup> All investments are U.S. companies unless otherwise noted.

<sup>(2)</sup> The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF") which resets daily, monthly, quarterly or semiannually. We have provided the spread over SOFR and the current contractual rate of interest in effect at September 30, 2025. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a Payment-in-Kind ("PIK") provision.

<sup>(3)</sup> The headquarters of this portfolio company is located in Canada.

<sup>(4)</sup> All or a portion of this commitment was unfunded as of September 30, 2025. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.

<sup>(5)</sup> This position was on non-accrual status as of September 30, 2025, meaning that we have ceased accruing interest income on the position.

<sup>(6)</sup> Represents less than 5% ownership of the portfolio company's voting securities.

<sup>(7)</sup> Ownership of certain equity investments may occur through a holding company partnership.

<sup>(8)</sup> Investments without an interest rate are non-income producing.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MRCC SENIOR LOAN FUND I, LLC**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| **Non-Controlled/Non-Affiliate Company Investments** | | | | | | | |
| &nbsp;&nbsp;**Senior Secured Loans** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.65% | 9.98% Cash/ 2.00% PIK | 2/26/2027 | 3145 | $3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.60% | 9.96% Cash/ 2.00% PIK | 2/26/2027 | 137 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. (Revolver) | (4) | SF | 7.65% | 10.01% Cash/ 2.00% PIK | 2/26/2027 | 319 |  |
|  |  |  |  |  |  | 3601 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 4.90% | 9.41% | 12/1/2027 | 1344 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 4.90% | 9.49% | 12/1/2027 | 384 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC (Revolver) | (4) | SF | 4.90% | 9.41% | 12/1/2027 | 132 | 44 |
|  |  |  |  |  |  | 1860 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SW Ingredients Holdings, LLC |  | SF | 5.60% | 9.96% | 7/8/2027 | 3506 | 3503 |
|  |  |  |  |  |  | 3506 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC |  | SF | 5.51% | 9.84% | 1/7/2028 | 2032 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC |  | SF | 5.51% | 9.84% | 1/7/2028 | 445 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC (Revolver) | (4) | P | 4.25% | 11.75% | 1/7/2028 | 296 | 20 |
|  |  |  |  |  |  | 2773 | 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Chemical Holding Company LLC |  | SF | 7.11% | 11.47% | 10/3/2025 | 1137 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJC Spartech Acquisition Corp. |  | SF | 4.75% | 9.41% | 5/5/2028 | 4167 | 3026 |
|  |  |  |  |  |  | 5304 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Runner Buyer INC. |  | SF | 5.61% | 10.11% | 10/23/2028 | 2910 | 1382 |
|  |  |  |  |  |  | 2910 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PH Beauty Holdings III, INC. |  | SF | 5.00% | 10.17% | 9/26/2025 | 2342 | 2333 |
|  |  |  |  |  |  | 2342 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polychem Acquisition, LLC |  | SF | 5.26% | 9.85% | 3/17/2025 | 2828 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVHC Holding Corp |  | SF | 6.90% | 10.43% Cash/ 0.75% PIK | 2/17/2027 | 1891 | 1869 |
|  |  |  |  |  |  | 4719 | 4332 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy: Oil & Gas** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offen, Inc. |  | SF | 5.11% | 9.47% | 6/22/2026 | 2249 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offen, Inc. |  | SF | 5.11% | 9.47% | 6/22/2026 | 850 | 835 |
|  |  |  |  |  |  | 3099 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEAM Public Choices, LLC |  | SF | 5.11% | 9.47% | 12/17/2027 | 2895 | 2914 |
|  |  |  |  |  |  | 2895 | 2914 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 6.36% | 10.70% | 3/12/2028 | 601 | 606 |
|  |  |  |  |  |  | 601 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings, Inc. |  | SF | 4.61% | 8.97% | 12/15/2028 | 1791 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natus Medical Incorporated |  | SF | 5.60% | 9.96% | 7/20/2029 | 4900 | 4827 |
|  |  |  |  |  |  | 6691 | 6632 |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MRCC SENIOR LOAN FUND I, LLC**

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

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corel Inc. | (3) | SF | 5.10% | 9.61% | 7/2/2026 | 3200 | $2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightbox Intermediate, L.P. |  | SF | 5.11% | 9.44% | 5/11/2026 | 4725 | 4725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TGG TS Acquisition Company |  | SF | 6.61% | 10.97% | 12/12/2025 | 2445 | 2460 |
|  |  |  |  |  |  | 10370 | 9891 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. |  | SF | 5.25% | 9.58% | 4/27/2029 | 4309 | 4301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. (Revolver) | (4) | SF | 5.25% | 9.58% | 4/28/2028 | 625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco, LLC |  | SF | 5.75% | 10.18% | 6/5/2026 | 2227 | 2227 |
|  |  |  |  |  |  | 7161 | 6528 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STATS Intermediate Holdings, LLC |  | SF | 5.51% | 10.03% | 7/10/2026 | 4750 | 4698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TA TT Buyer, LLC |  | SF | 4.75% | 9.08% | 3/30/2029 | 3267 | 3281 |
|  |  |  |  |  |  | 8017 | 7979 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC |  | SF | 5.75% | 10.08% | 4/14/2028 | 3186 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC |  | SF | 5.75% | 10.26% | 4/14/2028 | 229 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretariat Advisors LLC |  | SF | 4.86% | 9.22% | 12/29/2028 | 1659 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretariat Advisors LLC |  | SF | 4.86% | 9.22% | 12/29/2028 | 265 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (Delayed Draw) | (4) | SF | 8.00% | 12.35% | 2/20/2029 | 381 | 241 |
|  |  |  |  |  |  | 5720 | 5504 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laseraway Intermediate Holdings II, LLC |  | SF | 5.75% | 10.66% | 10/14/2027 | 2156 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKissock Investment Holdings, LLC |  | SF | 5.00% | 9.80% | 3/9/2029 | 2431 | 2420 |
|  |  |  |  |  |  | 4587 | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavenir Systems, Inc. |  | SF | 5.01% | 9.53% | 8/18/2028 | 1621 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (5) | SF | 9.00% | 13.25% | 10/3/2025 | 72 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (5) | SF | 9.00% | 13.25% | 10/3/2025 | 372 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation (Delayed Draw) | (4)(5) | SF | 9.00% | 13.25% | 10/3/2025 | 144 |  |
|  |  |  |  |  |  | 2209 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Purchaser, LLC |  | SF | 5.86% | 10.22% | 5/7/2027 | 4854 | 4836 |
|  |  |  |  |  |  | 4854 | 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HALO Buyer, Inc. |  | SF | 4.60% | 8.96% | 6/30/2025 | 4672 | 4456 |
|  |  |  |  |  |  | 4672 | 4456 |
| **Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  | **87891** | **81207** |
| &nbsp;&nbsp;**Junior Secured Loans** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. | (5) | SF | 6.65% | 11.24% | 9/30/2027 | 790 | 622 |
|  |  |  |  |  |  | 790 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners, Inc. |  | SF | 5.26% | 8.28% Cash/ 1.50% PIK | 1/31/2029 | 4252 | 4213 |
|  |  |  |  |  |  | 4252 | 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 8.26% | 6.15% Cash/ 6.50% PIK | 3/12/2029 | 1492 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 8.26% | 6.15% Cash/ 6.50% PIK | 3/12/2029 | 510 | 299 |
|  |  |  |  |  |  | 2002 | 1477 |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MRCC SENIOR LOAN FUND I, LLC**

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

**December 31, 2024**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| &nbsp;&nbsp;**Media: Diversified & Production** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC |  | SF | 5.76% | 10.29% | 10/15/2028 | 4467 | $4181 |
|  |  |  |  |  |  | 4467 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. | (5) | SF | 6.68% | 11.11% | 11/30/2028 | 1042 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. |  | SF | 8.00% | 7.52% Cash/ 5.00% PIK | 8/20/2029 | 1171 | 1160 |
|  |  |  |  |  |  | 2213 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation | (5) | n/a | n/a | 2.00% | 6/28/2027 | 1602 | 381 |
|  |  |  |  |  |  | 1602 | 381 |
| **Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  | **15326** | **13076** |
| &nbsp;&nbsp;**Equity Investments** **(6)(7)(8)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units)  |  |  |  |  |  |  | 86 |
|  |  |  |  |  |  |  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polyventive Lender Holding Company LLC (0.84% of the equity) |  |  |  |  |  |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (1,605,312 Class A preferred shares)  | (3)(5) | n/a | n/a | 12.50% PIK | n/a |  | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. (1,199 Class F common shares)  | (3) | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  |
|  |  |  |  |  |  |  | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cano Health, Inc. (79,030 shares of common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cano Health, Inc. (warrant to purchase up to 2,682 shares of common units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  | 6/28/2029 |  | 2 |
|  |  |  |  |  |  |  | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research Now Group, Inc. and Survey Sampling International, LLC (61,590 shares of common units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 1093 |
|  |  |  |  |  |  |  | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (2,252 Class A common shares)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (518 Class A preferred shares)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Output Services Group, Inc. (51,370 Class A units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 613 |
|  |  |  |  |  |  |  | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandvine Corporation (40 shares of Class A units) |  | &nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | **—** |
|  |  |  |  |  |  |  | **—** |
| **Total Non-Controlled/Non-Affiliate Equities** |  |  |  |  |  |  | **3668** |
| **TOTAL INVESTMENTS** |  |  |  |  |  |  | $**97951** |

---

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

**MRCC SENIOR LOAN FUND I, LLC**

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

**December 31, 2024**

**(in thousands)**

**________________________________________________________**

<sup>(1)</sup> All investments are U.S. companies unless otherwise noted.

<sup>(2)</sup> The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF") or Prime ("P") which reset daily, monthly, quarterly or semiannually. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a Payment-in-Kind ("PIK") provision.

<sup>(3)</sup> The headquarters of this portfolio company is located in Canada.

<sup>(4)</sup> All or a portion of this commitment was unfunded as of December 31, 2024. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding.

<sup>(5)</sup> This position was on non-accrual status as of December 31, 2024, meaning that we have ceased accruing interest income on the position.

<sup>(6)</sup> Represents less than 5% ownership of the portfolio company's voting securities.

<sup>(7)</sup> Ownership of certain equity investments may occur through a holding company partnership.

<sup>(8)</sup> Investments without an interest rate are non-income producing.

------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

Below is certain summarized financial information for SLF as of September 30, 2025 and December 31, 2024, and for the three and nine months ended September 30, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments, at fair value | $22751 | $97951 |
| Cash and cash equivalents | 14840 | 1488 |
| Restricted cash and cash equivalents |  | 3673 |
| Receivable for unsettled trades | 18130 |  |
| Interest receivable | 981 | 1047 |
| Other assets | 8 |  |
| &nbsp;&nbsp;**Total assets** | $56710 | $104159 |
| **Liabilities** |  |  |
| Revolving credit facility | $— | $38214 |
| Less: Unamortized debt issuance costs |  |  |
| &nbsp;&nbsp;Total debt, less unamortized debt issuance costs |  | 38214 |
| Interest payable |  | 272 |
| Accounts payable and accrued expenses | 227 | 212 |
| &nbsp;&nbsp;**Total liabilities** | 227 | 38698 |
| **Members' capital** | 56483 | 65461 |
| &nbsp;&nbsp;**Total liabilities and members' capital** | $56710 | $104159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Investment income:** |  |  |  |  |
| Interest income | $1320 | $2975 | $5373 | $10345 |
| &nbsp;&nbsp;**Total investment income** | 1320 | 2975 | 5373 | 10345 |
| **Expenses:** |  |  |  |  |
| Interest and other debt financing expenses | 121 | 1159 | 976 | 4204 |
| Professional fees and other expenses | 104 | 120 | 401 | 477 |
| &nbsp;&nbsp;**Total expenses** | 225 | 1279 | 1377 | 4681 |
| **Net investment income** | 1095 | 1696 | 3996 | 5664 |
| **Net gain (loss):** |  |  |  |  |
| Net realized gain (loss) | (11289) |  | (11207) | 82 |
| Net change in unrealized gain (loss) | 7462 | (298) | 2533 | (794) |
| &nbsp;&nbsp;**Net gain (loss)** | (3827) | (298) | (8674) | (712) |
| **Net increase (decrease) in members' capital** | $(2732) | $1398 | $(4678) | $4952 |

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------

<u>[**Table of Contents**](#i899c2c4abe3141ecb466b4bcb162028d_7)</u>

***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 November 4, 2019 (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;• SLF has an administration agreement with MC Management to provide SLF with certain loan servicing and administrative functions. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. See Note 3 to our consolidated financial statements and "Liquidity and Capital Resources - *MRCC Senior Loan Fund I, LLC*" for additional information.

&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 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 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, excluding unfunded commitments in SLF, totaling $27.0 million and $38.5 million, respectively. As of both September 30, 2025 and December 31, 2024, we had unfunded commitments to SLF of $7.3 million that may be contributed primarily for the purpose of funding new investments approved by the SLF investment committee. Drawdowns of the commitments to SLF require authorization from one of our representatives on SLF's board of managers. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnifications. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnifications to be remote.

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

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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.

**________________________________________________________**

<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.

**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 amortized into interest income over the contractual life of the respective investment using the effective interest method. 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.

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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 Rule 2a-5 of 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.

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.

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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.

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 revolving credit facility borrowings denominated in foreign currencies is included in net change in unrealized gain (loss) on foreign currency and other transactions.

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***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 20% of our incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

While the 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 both the three and nine months ended September 30, 2025 and 2024, we did not have any further reductions in accrued capital gains incentive fees as they were already at zero, primarily as a result of accumulated realized and unrealized losses on the portfolio.

***New Accounting Pronouncements***

In 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.

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 our 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 has a floating interest rate provision, whereas our 2026 Notes have fixed interest rates until maturity. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions. 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** <sup>(1)</sup> |
| Down 300 basis points | $(6989) | $(2484) | $(4505) |
| Down 200 basis points | (4765) | (1656) | (3109) |
| Down 100 basis points | (2382) | (828) | (1554) |
| Up 100 basis points | 2382 | 828 | 1554 |
| Up 200 basis points | 4765 | 1656 | 3109 |
| Up 300 basis points | 7147 | 2484 | 4663 |

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<sup>(1)</sup> Excludes the impact of income-based incentive fees. See Note 6 in the attached consolidated financial statements for more information on income-based incentive fees.

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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 the credit facility or other borrowings that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

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

***Currency Risk***

We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we may borrow in foreign currency under our revolving credit facility to finance such investments or we may enter into foreign currency forward contracts. As of September 30, 2025, we held no investments in foreign currencies or foreign currency forward contracts.

***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 the Company's 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**

Neither we, our investment advisor, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our business. We, our subsidiaries, our executive officers, directors and our investment adviser may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise 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 legal or regulatory proceedings cannot be predicted with certainty, neither us nor our investment adviser expect that any current proceedings will have a material effect upon our financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future period.

**Item 1A. Risk Factors**

You should carefully consider the 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. Except as set forth below, 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 below and 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 below or 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.

**Risks Relating to the Merger and Asset Sale**

***Because the market price of HRZN's common stock will fluctuate, our common stockholders cannot be sure of the market value of the Merger Consideration they will receive until the closing of the Merger.***

At the effective time of the Merger, each share of our common stock issued and outstanding immediately prior to such time (other than shares owned by HRZN or any of its consolidated subsidiaries), will be converted into the right to receive a number of shares of HRZN's common stock equal to the Exchange Ratio, plus any cash (without interest) in lieu of fractional shares. For illustrative purposes, based on June 30, 2025 net asset values and including transaction costs and other tax-related distributions, HRZN would issue approximately 24.6 million shares of its common stock in the aggregate pursuant to the Merger Agreement based on our shares of common stock outstanding as of June 30, 2025, resulting in pro forma ownership of the combined company of 63.1% for HRZN's current stockholders and 36.9% for our current stockholders.

The market value of the shares of HRZN's common stock to be received by our common stockholders (together with cash to be received by our common stockholders in lieu of fractional shares, the "Merger Consideration") may vary from the closing price of HRZN's common stock on the date the Merger was announced, on the date of the filing of this Quarterly Report on Form 10-Q, on the date that HRZN and our joint proxy statement/prospectus is mailed to stockholders, on the date of our special meeting of stockholders or the date of HRZN's special meeting of stockholders and on the date the Merger is completed and thereafter. Any change in the market price of HRZN's common stock prior to completion of the Merger will affect the market value of the Merger Consideration that our stockholders will receive upon completion of the Merger.

Accordingly, at the time of our special meeting of stockholders, our stockholders will not know or be able to calculate the market price of the Merger Consideration they would receive upon completion of the Merger. Neither we nor HRZN are permitted to terminate the Merger Agreement or resolicit the vote of their respective stockholders solely because of changes in the market price of shares of HRZN's common stock after our special meeting of stockholders.

The market price and liquidity of the market for HRZN's common stock may be significantly affected by numerous factors, some of which are beyond HRZN's control and may not be directly related to HRZN's operating performance.

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These factors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant volatility in the market price and trading volume of securities of business development companies or other companies in HRZN's sector, which are not necessarily related to the operating performance of the companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to RICs and business development companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of HRZN's qualification as a RIC or business development company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in market interest rates and decline in the prices of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of HRZN's portfolio investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of HRZN's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of key personnel of the investment adviser for HRZN or any of its affiliates' key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating performance of companies comparable to HRZN;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

***If the Merger and Asset Sale do not close, we will not benefit from the expenses incurred in their pursuit.***

The Transactions may not be completed. If the Transactions are not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received. We have incurred and will incur out-of-pocket expenses in connection with the Transactions for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Transactions are not completed. In addition, if the Transactions are not completed on the contemplated schedule, we may be unable to refinance our outstanding indebtedness on attractive terms, which could impact our financial condition.

***The termination of the Merger Agreement and/or Asset Purchase Agreement could negatively impact us.***

If the Merger Agreement and/or Asset Purchase Agreement are terminated, there may be various consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Transactions, without realizing any of the anticipated benefits of completing the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of our common stock might decline, including to the extent that the market price prior to termination reflects a market assumption that the Transactions will be completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not be able to find a party willing to pay an equivalent or more attractive price than the price MCIP agreed to pay in the Asset Sale and the price HRZN agreed to pay in the Merger.

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***We could have indemnification obligations to MCIP and our directors or officers.***

Under the terms of the Asset Purchase Agreement, we have agreed to indemnify and hold harmless MCIP from certain pre-closing liabilities, including related to certain taxes and other obligations. Additionally, under the terms of the Merger Agreement, HRZN has agreed to indemnify directors and officers of us who are the subject of claims based on the fact that such person is or was our director or officer and pertaining to any actions occurring at or prior to the effective time of the Merger. Uncertainty with respect to the outcome of these obligations could have a material adverse impact on us and the surviving company following the consummation of the Transactions.

***The Merger Agreement and Asset Purchase Agreement limit our ability to pursue alternatives to the Transactions.***

The Merger Agreement and Asset Purchase Agreement contain provisions that limit our ability to discuss, facilitate or commit to competing third-party proposals to acquire all or a significant part of us or our assets. These provisions, which are typical for transactions of this type, and include an aggregate of $10.8 million in termination fees payable by a third-party acquiror under certain circumstances, might discourage a potential competing acquiror that might have an interest in acquiring all or a significant part of us from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share price than that proposed in the Asset Sale or the Merger or might result in a potential competing acquiror proposing to pay a lower per share price to acquire us than it might otherwise have proposed to pay.

***The Transactions are subject to closing conditions, including stockholder approvals, that, if not satisfied or waived, will result in the Transactions not being completed, which may result in material adverse consequences to our business and operations.***

The Transactions are subject to closing conditions, including certain approvals of our and HRZN's respective stockholders that, if not satisfied, will prevent the Transactions from being completed. The closing conditions that our stockholders approve the Transactions may not be waived under applicable law and must be satisfied for the Transactions to be completed. We currently expect that all of our directors and executive officers will vote their shares of our common stock in favor of the proposals presented at our special meeting of stockholders. If our stockholders do not approve the Transactions and the Transactions are not completed, the resulting failure of the Transactions could have a material adverse impact on our business and operations. The closing condition that HRZN's stockholders approve the issuance of the shares of HRZN's common stock pursuant to the Merger Agreement (the "Merger Stock Issuance Proposal") at the HRZN special meeting of stockholders as described in the Merger Agreement may not be waived under applicable law and must be satisfied for the Merger to be completed. If HRZN's stockholders do not approve the Merger Stock Issuance Proposal and the Transactions are not completed, the resulting failure of the Transactions could have a material adverse impact on our business and operations. In addition to the required approvals of our and HRZN's stockholders, the Transactions are subject to a number of other conditions beyond our, MCIP's and HRZN's control that may prevent, delay or otherwise materially adversely affect its completion. Neither we nor MCIP nor HRZN can predict whether and when these other conditions will be satisfied.

***We and HRZN are subject to operational uncertainties and contractual restrictions while the Transactions are pending.***

Uncertainty about the effect of the Transactions may have an adverse effect on us and, with respect to the Merger, on HRZN and, consequently, on the combined company following completion of the Merger. These uncertainties may cause those that deal with us and HRZN to seek to change their existing business relationships with us and HRZN, respectively. In addition (1) the Asset Purchase Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of our business during the period prior to the closing of the Asset Sale which may restrict us from taking actions that we might otherwise consider to be our best interests and (2) the Merger Agreement contains representations, warranties and covenants, including, among others, covenants relating to the operation of each of HRZN's and our businesses during the period prior to the closing of the Merger, which may restrict us and HRZN from taking actions that we might otherwise consider to be in our best interests. These restrictions may prevent us and HRZN from pursuing certain business opportunities that may arise prior to the completion of the Transactions.

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***We, MCIP and HRZN may waive one or more conditions to the Transactions without resoliciting stockholder approval.***

Certain conditions to our, MCIP's and HRZN's obligations to complete the Transactions may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement of us and MCIP or HRZN, as applicable. In the event that any such waiver does not require resolicitation of stockholders, the parties to the Merger Agreement and Asset Purchase Agreement will have the discretion to complete the Transactions without seeking further stockholder approval. The conditions requiring the approval of the Transactions by the Company's stockholders, however, cannot be waived.

***The market price of HRZN's common stock after the Merger may be affected by factors different from those affecting HRZN's common stock currently.***

Our business and the business of HRZN differ in some respects and, accordingly, the results of operations of the combined company and the market price of HRZN's common stock after the Merger may be affected by factors different from those currently affecting the independent results of operations of each of us and HRZN. These factors include a larger stockholder base and a different capital structure.

Accordingly, the historical trading prices and financial results of HRZN may not be indicative of these matters for the combined company following the Merger.

***We may not replicate our historical performance, or the historical success of HRZN.***

Following the consummation of the Transactions, we cannot provide any assurance that we will replicate our own historical performance, the historical success of HRZN or the historical performance of other companies that Monroe and its investment team advised in the past. Accordingly, our investment returns could be substantially lower than the returns achieved by us in the past, by HRZN, or by other Monroe managed closed-end funds or by other clients of Monroe.

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

None.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

*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) or any "non-Rule 10b5-1 trading arrangement."

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**Item 6. Exhibits** 

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 2.1 | <u>[Agreement and Plan of Merger, by and among Horizon Technology Finance Corporation, HMMS, Inc., Monroe Capital Corporation, Monroe Capital BDC Advisors, LLC and Horizon Technology Finance Management LLC, dated as of August 7, 2025 (Incorporated by reference to Exhibit 2.1 of the Registrant's Current Report on Form 8-K filed on August 8, 2025)](https://www.sec.gov/Archives/edgar/data/1512931/000110465925075721/tm2522963d1_ex2-1.htm)</u> |
| 2.2 | <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 (Incorporated by reference to Exhibit 2.2 of the Registrant's Current Report on Form 8-K filed on August 8, 2025)](https://www.sec.gov/Archives/edgar/data/1512931/000110465925075721/tm2522963d1_ex2-2.htm)</u> |
| 3.1 | <u>[Amended and Restated Articles of Incorporation of Monroe Capital Corporation (Incorporated by reference to Exhibit (a)(1) of the Registrant's Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)](https://www.sec.gov/Archives/edgar/data/1512931/000119312512427401/d156747dex99a1.htm)</u> |
| 3.2 | <u>[Bylaws of Monroe Capital Corporation (Incorporated by reference to Exhibit (b)(1) of the Registrant's Pre-Effective Amendment No. 8 to the Registration Statement on Form N-2 (File No. 333-172601) filed on October 18, 2012)](https://www.sec.gov/Archives/edgar/data/1512931/000119312512427401/d156747dex99b1.htm)</u> |
| 10.1 | <u>[Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement among the Registrant, as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, dated September 26, 2025\*](ex101-ing_mrccxamendment.htm)</u> |
| 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\*](mrcc-20250930xexx311.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\*](mrcc-20250930xexx312.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\*](mrcc-20250930xexx321.htm)</u> |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy 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) |

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**________________________________________________________**

\*Filed herewith

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**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.

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| | | |
|:---|:---|:---|
| Date: November 5, 2025 | By | /s/ Theodore L. Koenig |
|  |  | Theodore L. Koenig<br>Chairman, Chief Executive Officer and Director<br>*(Principal Executive Officer)*<br>Monroe Capital Corporation |
| Date: November 5, 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 Corporation |

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## Exhibit 10.1

![](ex101-ing_mrccxamendment001.jpg)

EXECUTION VERSION BUSINESS.33524180.4 AMENDMENT NO. 8 TO SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT This AMENDMENT NO. 8 TO SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT (this "Amendment"), dated as of September 26, 2025, is made with respect to the Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 1, 2019 (as amended by that certain Amendment No. 1 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 20, 2019, as further amended by that certain Amendment No. 2 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 27, 2019, as further amended by that certain Amendment No. 3 and Limited Waiver to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of May 21, 2020, as further amended by that certain Amendment No. 4 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 30, 2021, as further amended by that certain Amendment No. 5 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 27, 2022, as further amended by that certain Amendment No. 6 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 24, 2024, as further amended by that certain Amendment No. 7 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 27, 2025, and as further amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the "Existing Credit Agreement" and, as amended by this Amendment, the "Credit Agreement"), among MONROE CAPITAL CORPORATION, a Maryland corporation (the "Borrower"), the lenders party to the Credit Agreement from time to time (the "Lenders"), and ING CAPITAL LLC ("ING"), as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the "Administrative Agent"). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement (as amended hereby). W I T N E S S E T H: WHEREAS, pursuant to the Existing Credit Agreement, the Lenders have made certain loans and other extensions of credit to the Borrower; and WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent amend certain provisions of the Existing Credit Agreement and the Lenders signatory hereto (constituting the Required Lenders) and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment. NOW THEREFORE, in consideration of the promises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: SECTION I AMENDMENTS TO EXISTING CREDIT AGREEMENT 1.1. Amendments. Effective as of the Amendment No. 8 Effective Date (as defined below), and subject to the terms and conditions set forth in Section 2.1 and in reliance upon the representations Exhibit 10.1

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![](ex101-ing_mrccxamendment002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2 BUSINESS.33524180.4 and warranties made by the Obligors in Section 2.2, the Administrative Agent and the Lenders party hereto hereby agree as follows: (a) The Existing Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: doubled-underlined text) as set forth in the Credit Agreement attached hereto as Annex A. (b) Schedule 1.01(b) to the Existing Credit Agreement is hereby amended by deleting such schedule in its entirety and substituting the replacement Schedule 1.01(b) attached hereto as Annex B therefor. SECTION II MISCELLANEOUS 2.1. Conditions to Effectiveness of Amendment. This Amendment shall become effective as of the date (the "Amendment No. 8 Effective Date") on which the Obligors shall have satisfied each of the following conditions precedent: (a) Executed Counterparts. The Administrative Agent shall have received from each party hereto, either (1) a counterpart of this Amendment signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission or electronic mail of a signed signature page to this Amendment) that each such party has signed a counterpart of this Amendment. (b) Fee Letter. The Administrative Agent shall have received the fee letter, dated as of the Amendment No. 8 Effective Date, duly executed and delivered by each of the parties thereto. (c) Consents. Each Obligor shall have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations, registrations, or filings required to be made or obtained by such Obligor and all guarantors in connection with this Amendment (other than any filing related to this Amendment required to be made after the Amendment No. 8 Effective Date in the ordinary course pursuant to the Exchange Act or the rules or regulations promulgated thereunder, including, without limitation, any filing required on Form 8-K), such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired and no investigation or inquiry by any Governmental Authority regarding this Amendment or any transaction being financed with the proceeds of the Loans shall be ongoing. (d) No Litigation. There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority now pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Amendment or the transactions contemplated hereby (other than any action brought by the Borrower against a Defaulting Lender). (e) Default. No Default or Event of Default shall have occurred and be continuing under the Credit Agreement or any other Loan Document (including this Amendment), nor any default

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![](ex101-ing_mrccxamendment003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3 BUSINESS.33524180.4 or event of default that permits (or which upon notice, lapse of time or both, would permit) the acceleration of any Material Indebtedness, immediately before and after giving effect to the transactions contemplated hereby, any incurrence of Indebtedness hereunder and the use of the proceeds hereof. (f) Fees and Expenses. The Administrative Agent and the Lenders shall have received all fees and expenses (including the legal fees of Dechert LLP, special New York counsel to the Administrative Agent, to the extent invoiced) related to or payable under this Amendment and under any fee letters entered into in connection with this Amendment and the other Loan Documents, in each case, owing on or prior to the Amendment No. 8 Effective Date, including any amendment fee due to any Lender on or prior to the Amendment No. 8 Effective Date. (g) Other Documents. The Administrative Agent shall have received such other documents, instruments, certificates, opinions and information as the Administrative Agent may reasonably request or require in form and substance satisfactory to the Administrative Agent. 2.2. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, each Obligor (as to itself) represents and warrants to the Administrative Agent and each of the Lenders that, as of the Amendment No. 8 Effective Date and after giving effect to this Amendment: (a) This Amendment has been duly authorized, executed and delivered by such Obligor and constitutes a legal, valid and binding obligation of such Obligor, enforceable in accordance with its terms, except as enforceability may be limited by (1) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors' rights and (2) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Credit Agreement, as amended by this Amendment, constitutes the legal, valid and binding obligation of such Obligor party thereto, enforceable in accordance with its terms, except as enforceability may be limited by (x) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors' rights and (y) the application of general principles or equity (regardless of whether such enforceability is considered in proceeding in equity or at law). (b) The representations and warranties set forth in Article III of the Credit Agreement, as amended by this Amendment, and the representations and warranties in each other Loan Document are true and correct in all material respects (or, in the case of any portion of the representations and warranties already subject to a materiality qualifier, true and correct in all respects) on and as of the Amendment No. 8 Effective Date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 2.3. Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Amendment shall become effective as provided in Section 2.1, and thereafter shall be binding upon

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![](ex101-ing_mrccxamendment004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;4 BUSINESS.33524180.4 and inure to the benefit of the parties hereto and their respective successors and assigns as permitted under the Credit Agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopy or electronically (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Amendment. 2.4. Payment of Expenses. The Borrower agrees to pay and reimburse, pursuant to Section 9.03 of the Credit Agreement (as amended by this Amendment), the Administrative Agent, the Collateral Agent and their Affiliates for all of their reasonable, documented and out-of-pocket fees, costs and expenses incurred in connection with this Amendment and the other Loan Documents, including, without limitation, the reasonable fees, charges and disbursements of legal counsel to the Administrative Agent. 2.5. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 2.6. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 2.7. Incorporation of Certain Provisions. The provisions of Sections 1.03, 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement (as amended hereby) are hereby incorporated by reference mutatis mutandis as if fully set forth herein. 2.8. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent, any Lender, any other Secured Party or any Obligor under the Existing Credit Agreement or any other Loan Document, and, except as expressly set forth herein, shall not alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions amended or otherwise modified herein of the Existing Credit Agreement and the other Loan Documents. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein" or words of similar import shall mean and be a reference to the Credit Agreement as

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![](ex101-ing_mrccxamendment005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5 BUSINESS.33524180.4 amended and otherwise modified by this Amendment and each reference in any other Loan Document shall mean the Credit Agreement as amended and otherwise modified hereby. This Amendment shall constitute a Loan Document. 2.9. Electronic Execution of Documents. The words "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereby by electronic means. 2.10. Consent and Affirmation. Without limiting the generality of the foregoing, by its execution hereof, each Obligor, to the extent applicable, hereby, as of the date hereof, (i) consents to this Amendment and the transactions contemplated hereby, (ii) agrees that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii) affirms its obligations under the Guarantee and Security Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations, and (iv) acknowledges and affirms that such grant is in full force and effect in respect of, and to secure, the Secured Obligations. [Signature pages follow]

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![](ex101-ing_mrccxamendment006.jpg)

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written. MONROE CAPITAL CORPORATION, as Borrower By: /s/ Theodore L. Koenig Name: Theodore L. Koenig Title: Chairman, Chief Executive Officer and Authorized Signatory [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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![](ex101-ing_mrccxamendment007.jpg)

ING CAPITAL LLC, as Administrative Agent and a Lender By: /s/ Grace Fu Name: Grace Fu Title: Managing Director By: /s/ Ruben De Saegher Name: Ruben De Saegher Title: Director [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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![](ex101-ing_mrccxamendment008.jpg)

EVERBANK, N,A,, as a Lender By: /s/ Frank Martino Name: Frank Martino Title: Director [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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![](ex101-ing_mrccxamendment009.jpg)

CUSTOMERS BANK, as a Lender By: /s/ Scott Gates Name: Scott Gates Title: SVP / Portfolio Manager [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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![](ex101-ing_mrccxamendment010.jpg)

CIBC BANK USA, as a Lender By: /s/ Nick Koziak Name: Nick Koziak Title: Managing Director [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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![](ex101-ing_mrccxamendment011.jpg)

WINTRUST BANK, as a Lender By: /s/ Brett Wallace Name: Brett Wallace Title: SVP [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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![](ex101-ing_mrccxamendment012.jpg)

CADENCE BANK, f.k.a BancorpSouth as successor by merger with Cadence Bank N.A., successor by merger with State Bank and Trust Company, successor by merger with AloStar Bank of Commerce, as a Lender By: /s/ Evan Watson Name: Evan Watson Title: Portfolio Manager [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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THE HUNTINGTON NATIONAL BANK, as a Lender By: /s/ Greg Williamson Name: Greg Williamson Title: Managing Director [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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CITY NATIONAL BANK, as a Lender By: /s/ Andrew Miller Name: Andrew Miller Title: VP [Signature Page to Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement]

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&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS.33524180.4 Annex A Credit Agreement (See attached)

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ANNEX A Execution VersionEXECUTION VERSION SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT dated as of March 1, 2019 as amended by Amendment No. 1 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of March 20, 2019, Amendment No. 2 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 27, 2019, Amendment No. 3 and Limited Waiver to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of May 21, 2020, Amendment No. 4 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 30, 2021, and Amendment No. 5 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 27, 2022, Amendment No. 6 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of June 24, 2024 and, Amendment No. 7 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 27, 2025 and Amendment No. 8 to Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 26, 2025. among MONROE CAPITAL CORPORATION as Borrower The LENDERS Party Hereto and ING CAPITAL LLC as Administrative Agent, Arranger and Bookrunner

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**TABLE OF CONTENTS** Page ARTICLE I DEFINITIONS SECTION 1.01. Defined Terms 1 SECTION 1.02. Classification of Loans and Borrowings 45 SECTION 1.03. Terms Generally 46 SECTION 1.04. Accounting Terms; GAAP 46 SECTION 1.05. Currencies Generally 47 SECTION 1.06. Special Provisions Relating to Euro 47 SECTION 1.07. Times of Day 48 SECTION 1.08. Divisions 48 SECTION 1.09. Issuers 48 SECTION 1.10. Public Health Events 48 SECTION 1.11. Rates 48 SECTION 1.12. Events of Default 49 ARTICLE II THE CREDITS SECTION 2.01. The Commitments 49 SECTION 2.02. Loans and Borrowings 50 SECTION 2.03. Requests for Borrowings 51 SECTION 2.04. Funding of Borrowings 53 SECTION 2.05. Interest Elections 53 SECTION 2.06. Termination, Reduction or Increase of the Commitments 55 SECTION 2.07. Repayment of Loans; Evidence of Debt 58 SECTION 2.08. Prepayment of Loans 59 SECTION 2.09. Fees 63 SECTION 2.10. Interest 64 SECTION 2.11. Inability to Determine Rates 65 SECTION 2.12. Increased Costs 70 SECTION 2.13. Break Funding Payments; Foreign Currency Losses 71 SECTION 2.14. Taxes 73 SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs 77 SECTION 2.16. Defaulting Lenders 80 SECTION 2.17. Mitigation Obligations; Replacement of Lenders 81 ARTICLE III REPRESENTATIONS AND WARRANTIES i

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SECTION 3.01. Organization; Powers 82 SECTION 3.02. Authorization; Enforceability 82 SECTION 3.03. Governmental Approvals; No Conflicts 83 SECTION 3.04. Financial Condition; No Material Adverse Effect 83 SECTION 3.05. Litigation. 83 SECTION 3.06. Compliance with Laws and Agreements. 84 SECTION 3.07. Taxes. 84 SECTION 3.08. ERISA. 84 SECTION 3.09. Disclosure. 84 SECTION 3.10. Investment Company Act; Margin Regulations. 85 SECTION 3.11. Material Agreements and Liens 86 SECTION 3.12. Subsidiaries and Investments 86 SECTION 3.13. Properties 87 SECTION 3.14. Solvency 87 SECTION 3.15. Affiliate Agreements 87 SECTION 3.16. No Default 87 SECTION 3.17. Use of Proceeds 87 SECTION 3.18. Security Documents 88 SECTION 3.19. Compliance with Sanctions. 88 SECTION 3.20. Anti-Money Laundering Program 88 SECTION 3.21. Anti-Corruption Laws 88 SECTION 3.22. Structured Subsidiaries 89 SECTION 3.23. Affected Financial Institutions 89 SECTION 3.24. Beneficial Ownership Certification 89 ARTICLE IV CONDITIONS SECTION 4.01. Restatement Effective Date 89 SECTION 4.02. Conditions to Loans 93 ARTICLE V AFFIRMATIVE COVENANTS SECTION 5.01. Financial Statements and Other Information 94 SECTION 5.02. Notices of Material Events 97 SECTION 5.03. Existence; Conduct of Business 97 SECTION 5.04. Payment of Obligations 97 SECTION 5.05. Maintenance of Properties; Insurance 98 SECTION 5.06. Books and Records; Inspection and Audit Rights 98 SECTION 5.07. Compliance with Laws and Agreements 99 SECTION 5.08. Certain Obligations Respecting Subsidiaries; Further Assurances 99 SECTION 5.09. Use of Proceeds 102 SECTION 5.10. Status of RIC and BDC 103 SECTION 5.11. Investment Policies 103 ii

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SECTION 5.12. Portfolio Valuation and Diversification Etc.; Risk Factor Ratings 103 SECTION 5.13. Calculation of Borrowing Base 107 SECTION 5.14. Anti-Hoarding of Assets at Financing Subsidiaries 120 SECTION 5.15. Taxes 121 SECTION 5.16. Operations 121 ARTICLE VI NEGATIVE COVENANTS SECTION 6.01. Indebtedness 121 SECTION 6.02. Liens 123 SECTION 6.03. Fundamental Changes 123 SECTION 6.04. Investments 126 SECTION 6.05. Restricted Payments 127 SECTION 6.06. Certain Restrictions on Subsidiaries 128 SECTION 6.07. Certain Financial Covenants 128 SECTION 6.08. Transactions with Affiliates 128 SECTION 6.09. Lines of Business 129 SECTION 6.10. No Further Negative Pledge 129 SECTION 6.11. Modifications of Certain Documents 129 SECTION 6.12. Payments of Indebtedness 130 SECTION 6.13. Modification of Investment Policies 131 SECTION 6.14. SBIC Guarantee 131 SECTION 6.15. Derivative Transactions 131 SECTION 6.16. Convertible Indebtedness 131 ARTICLE VII EVENTS OF DEFAULT SECTION 7.01. Events of Default 131 ARTICLE VIII THE ADMINISTRATIVE AGENT SECTION 8.01. Appointment 135 SECTION 8.02. Capacity as Lender 136 SECTION 8.03. Limitation of Duties; Exculpation 136 SECTION 8.04. Reliance 137 SECTION 8.05. Sub-Agents 137 SECTION 8.06. Resignation; Successor Administrative Agent 137 SECTION 8.07. Reliance by Lenders 138 SECTION 8.08. Modifications to Loan Documents 138 SECTION 8.09. [Reserved] 139 SECTION 8.10. Certain ERISA Matters 139 iii

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SECTION 8.11. Arranger and Bookrunner 140 SECTION 8.12. Collateral Matters 140 SECTION 8.13. Third Party Beneficiaries 141 SECTION 8.14. Administrative Agent May File Proofs of Claim 141 SECTION 8.15. Credit Bidding 142 SECTION 8.16. Erroneous Payment 143 ARTICLE IX MISCELLANEOUS SECTION 9.01. Notices; Electronic Communications 146 SECTION 9.02. Waivers; Amendments 150 SECTION 9.03. Expenses; Indemnity; Damage Waiver 153 SECTION 9.04. Successors and Assigns 155 SECTION 9.05. Survival 159 SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution 160 SECTION 9.07. Severability 160 SECTION 9.08. Right of Setoff 160 SECTION 9.09. Governing Law; Jurisdiction; Etc 161 SECTION 9.10. WAIVER OF JURY TRIAL 162 SECTION 9.11. Judgment Currency 162 SECTION 9.12. Headings 163 SECTION 9.13. Treatment of Certain Information; Confidentiality 163 SECTION 9.14. USA PATRIOT Act 164 SECTION 9.15. Termination 164 SECTION 9.16. Amendment and Restatement 164 SECTION 9.17. Acknowledgment and Consent to Bail-In of Affected Financial Institutions165 SECTION 9.18. Interest Rate Limitation 166 SECTION 9.19. Release 166 SECTION 9.20. Acknowledgment Regarding Any Supported QFCs 167 SCHEDULE 1.01(a) - Approved Dealers and Approved Pricing Services SCHEDULE 1.01(b) - Commitments SCHEDULE 1.01(c) - Risk Factors SCHEDULE 1.01(d) - Eligibility Criteria SCHEDULE 1.01(e) - Industry Classification Groups SCHEDULE 3.11(a) - Material Agreements SCHEDULE 3.11(b) - Liens SCHEDULE 3.12(a) - Subsidiaries SCHEDULE 6.08 - Certain Affiliate Transactions EXHIBIT A - Form of Assignment and Assumption EXHIBIT B - Form of Borrowing Base Certificate EXHIBIT C - Form of Promissory Note EXHIBIT D - Form of Borrowing Request iv

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EXHIBIT E - Form of Interest Election Request EXHIBIT F - Form of Quarterly Compliance Certificate EXHIBIT G - Form of Monthly Compliance Certificate v

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SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT dated as of March 1, 2019 (this "Agreement"), among MONROE CAPITAL CORPORATION, a Maryland corporation (the "Borrower"), the LENDERS party hereto, and ING CAPITAL LLC, as Administrative Agent (in such capacity, the "Administrative Agent"). WHEREAS, the Borrower and the Administrative Agent entered into that certain Amended and Restated Senior Secured Revolving Credit Agreement dated as of December 14, 2015 (as the same has been amended, supplemented or otherwise modified from time to time until the date hereof, the "Existing Credit Agreement") with the lenders party thereto from time to time (the "Existing Lenders"), pursuant to which the Existing Lenders extended certain commitments and made certain loans to the Borrower (the "Existing Loans"); WHEREAS, the Borrower desires to amend and restate the Existing Credit Agreement to make certain changes, including to extend the maturity date and to provide for increased commitments from certain of the Existing Lenders (the "Increasing Existing Lenders"); and WHEREAS, the Existing Lenders are willing to make such changes to the Existing Credit Agreement, and the Increasing Existing Lenders are willing to provide new commitments, each upon the terms and subject to the conditions set forth herein. NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree that, effective as of the Restatement Effective Date, the Existing Credit Agreement is hereby amended and restated in its entirety as follows: ARTICLE I DEFINITIONS SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below and the terms defined in Section 5.13 have the meanings assigned thereto in such section: "2026 Notes" shall mean the Borrower's 4.75% Notes due February 15, 2026 in an aggregate principal amount of up to $130,000,000 outstanding at any time, and without giving effect to any other amendment or modification thereto made after the Amendment No. 5 Effective Date. "ABR", when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, denominated in Dollars and bearing interest at a rate determined by reference to the Alternate Base Rate. "ABR Term SOFR Determination Day" has the meaning specified in the definition of "Term SOFR". 1

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"Accretive Value" shall mean, with respect to Preferred Stock, the dollar amount equal to the accretion to the Liquidation Preference, including accrued or declared and unpaid dividends, dividends paid in kind or other amounts (including any multiple payable on capital) otherwise owing to the holder thereof in excess of the initial Liquidation Preference. "Adjusted Borrowing Base" means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base. "Adjusted Covered Debt Balance" means, on any date, the aggregate Covered Debt Amount on such date minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base. "Adjusted Term CORRA" means, for purposes of any calculation, the rate per annum equal to (a) Term CORRA for such calculation plus (b) the CORRA Adjustment for such Interest Period; provided that, if Adjusted Term CORRA as so determined shall ever be less than the Floor, then Adjusted Term CORRA shall be deemed to be the Floor. "Adjusted Term CORRA Loan" means a Loan that bears interest at a rate based on Adjusted Term CORRA, other than pursuant to clause (b) of the definition of "Canadian Prime Rate". "Adjusted Term SOFR" means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the SOFR Adjustment for such Interest Period; provided that, if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor. "Adjusted Term SOFR Borrowing" means, as to any Borrowing, the Adjusted Term SOFR Loans comprising such Borrowing. "Adjusted Term SOFR Loan" means a Loan that bears interest at a rate based on Adjusted Term SOFR, in each case, other than pursuant to clause (c) of the definition of "Alternate Base Rate". "Administrative Agent" has the meaning assigned to such term in the preamble to this Agreement. "Administrative Agent's Account" means, for each Currency, an account in respect of such Currency designated by the Administrative Agent in a notice to the Borrower and the Lenders. "Administrative Questionnaire" means an Administrative Questionnaire in a form supplied by the Administrative Agent. "Advance Rate" has the meaning assigned to such term in Section 5.13. "Affected Financial Institution" means (a) any EEA Financial Institution or (b) any UK Financial Institution. 2

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"Affiliate" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term "Affiliate" of an Obligor shall not include any Person that constitutes a Portfolio Investment held by any Obligor in the ordinary course of business. For the avoidance of doubt, the term "Affiliate" shall include the Investment Advisor. "Affiliate Agreements" means, collectively, (a) the Investment Advisory and Management Agreement, dated as of October 22, 2012 between the Borrower and the Investment Advisor, (b) the Staffing Agreement, dated as of October 22, 2012, by and between Monroe Capital Management Advisors, LLC and Investment Advisor, (c) the Administration Agreement, dated as of October 22, 2012 by and between Borrower and Monroe Capital Management Advisors, LLC and (d) the Trademark License Agreement, dated as of October 22, 2012, by and between Monroe Capital, LLC and Borrower. "Affiliate Investment" means any Investment in a Person in which the Borrower or any of its Subsidiaries owns or controls more than 25% of the Equity Interests. "Agency Account" has the meaning assigned to such term in Section 5.08(c)(v). "Agent" means, collectively, the Administrative Agent and the Collateral Agent. "Agreed Foreign Currency" means, at any time, any of Canadian Dollars, Euros, AUD and Pounds Sterling and, with the prior consent of each Multicurrency Lender, any other Foreign Currency, so long as, in respect of any such Foreign Currency, at such time (a) such Foreign Currency is dealt with in the London interbank deposit market or, in the case of Canadian Dollars or AUD, the relevant local market for obtaining quotations, (b) such Foreign Currency is freely transferable and convertible into Dollars in the London foreign exchange market and (c) no central bank or other governmental authorization in the country of issue of such Foreign Currency (including, in the case of the Euro, any authorization by the European Central Bank) is required to permit use of such Foreign Currency by any Multicurrency Lender for making any Loan hereunder and/or to permit the Borrower to borrow and repay the principal thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and effect. "Agreement" has the meaning assigned to such term in the preamble of this Agreement. "Alternate Base Rate" means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate for such day plus 1/2 of 1%, (c) (1) if the then-current Benchmark is Daily Compounded SOFR, (x) Daily Compounded SOFR in effect on such day (taking into account the Floor) plus (y) 1% and (2) if the then-current Benchmark is Adjusted Term SOFR, (x) Adjusted Term SOFR for a period of one (1) month (taking into account the Floor) plus (y) 1% and (d) 1.50%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate, Daily Compounded SOFR or Adjusted Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate, Daily Compounded 3

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SOFR or Adjusted Term SOFR, as the case may be. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.11(c) or if the Administrative Agent is not able to determine Daily Compounded SOFR or Adjusted Term SOFR for purposes of this definition for any reason, then the Alternate Base Rate shall be the greatest of clauses (a), (b) and (d) above and shall be determined without reference to clause (c) above. "Amendment No. 3 Effective Date" means May 21, 2020. "Amendment No. 5 Effective Date" means December 27, 2022. "Amendment No. 7 Effective Date" means February 27, 2025. "Anti-Corruption Laws" has the meaning assigned to such term in Section 3.21. "Applicable Commitment Fee Rate" means, with respect to any Lender, a rate per annum equal to (x) 1.00%, if the utilized portion of such Lender's aggregate Commitments as of the close of business on such day (after giving effect to borrowings, prepayments and commitment reductions on such day) is less than or equal to an amount equal to thirty five percent (35%) of such Lender's aggregate Commitments and (y) 0.50% if the utilized portion of such Lender's aggregate Commitments as of the close of business on such day (after giving effect to borrowings, prepayments and commitment reductions on such day) is greater than an amount equal to thirty five percent (35%) of such Lender's aggregate Commitments. "Applicable Margin" means (a) with respect to any ABR Loan, 1.625% per annum, and (b) with respect to any Eurocurrency Loan or RFR Loan, 2.625% per annum. "Applicable Parties" has the meaning assigned to such term in Section 9.01(c). "Applicable Percentage" means, with respect to any Lender, the percentage of the total Commitments represented by such Lender's Commitments. If the Commitments have terminated or expired in full, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04(b). "Approved Dealer" means (a) in the case of any Eligible Portfolio Investment that is not a U.S. Government Security, a bank or a broker-dealer registered under the Securities Exchange Act of 1934 of nationally recognized standing or an Affiliate thereof as set forth on Schedule 1.01(a), (b) in the case of a U.S. Government Security, any primary dealer in U.S. Government Securities as set forth on Schedule 1.01(a), (c) in the case of any foreign Portfolio Investment, any foreign broker-dealer of internationally recognized standing as set forth on Schedule 1.01(a) or any Affiliate thereof, in the case of each of clauses (a), (b) and (c) above or (d) any other bank or broker-dealer acceptable to the Administrative Agent in its reasonable determination. "Approved Electronic Platform" has the meaning assigned to such term in Section 9.01(c). 4

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"Approved Pricing Service" means (a) a pricing or quotation service as set forth in Schedule 1.01(a) or (b) any other pricing or quotation service (i) approved by the Board of Directors of the Borrower, (ii) designated in writing by the Borrower to the Administrative Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such pricing or quotation service has been approved by the Borrower) and (iii) acceptable to the Administrative Agent in its reasonable determination. "Approved Third-Party Appraiser" means any independent nationally recognized third-party appraisal firm (a) designated by the Borrower in writing to the Administrative Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such firm has been approved by the Borrower for purposes of assisting the Board of Directors of the Borrower in making valuations of portfolio assets to determine the Borrower's compliance with the applicable provisions of the Investment Company Act) and (b) acceptable to the Administrative Agent. It is understood and agreed that Houlihan Lokey, Duff & Phelps LLC, Murray, Devine and Company, Lincoln Partners Advisors, LLC and Valuation Research Corporation are acceptable to the Administrative Agent. As used in Section 5.12 hereof, an "Approved Third-Party Appraiser retained by the Administrative Agent" shall mean any of the firms identified in the preceding sentence and any other independent nationally recognized third-party appraisal firm identified by the Administrative Agent and consented to by the Borrower (such consent not to be unreasonably withheld). "Asset Coverage Ratio" means, on a consolidated basis for Borrower and its Subsidiaries, the ratio which the value of total assets, less all liabilities and indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing indebtedness of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders of the SEC issued to the Borrower thereunder, in each case as in effect on the Amendment No. 5 Effective Date but, for the avoidance of doubt, excluding the effect of Release No. 33837). For clarity, the calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive order issued by the SEC under Section 6(c) of the Investment Company Act relating to the exclusion of any Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in effect, (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee and (c) such Indebtedness is owed to the SBA. "Asset Sale" means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition to, or any exchange of property with, any Person, in one transaction or a series of transactions, of all or any part of any Obligor's assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired. "Assignment and Assumption" means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. "Assuming Lender" has the meaning assigned to such term in Section 2.06(f). 5

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"AUD" and "A$" denote the lawful currency of The Commonwealth of Australia. "AUD Bank Bill Reference Rate" means, with respect to any Interest Period, (a) the average bid reference rate as administered by the Australian Financial Markets Association (or any other Person that takes over the administration of such rate) for AUD bills of exchange with a tenor equal in length to such Interest Period, displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear on such Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion) at or about 11:00 a.m. (Sydney, Australia time) on the day that is two (2) Business Days prior to the first day of such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months closest to such Interest Period) (the "AUD Screen Rate") plus (b) 0.20%; provided that, if the AUD Bank Bill Reference Rate is less than 0.50%, such rate shall be deemed to be 0.50% for purposes of this Agreement. "AUD Screen Rate" has the meaning assigned to such term in the definition of "AUD Bank Bill Reference Rate." "Availability Period" means the period from and including the Original Effective Date to but excluding the earlier of the Revolver Termination Date and the date of termination of the Commitments. "Available Tenor" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (b) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date. "Bail-In Action" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. "Bail-In Legislation" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). "Bank Loans" has the meaning assigned to such term in Section 5.13. "Bankruptcy Code" means Title 11 of the United States Code entitled "Bankruptcy," as in effect from time to time, or any successor statute. 6

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"Benchmark" means, initially, with respect to (a) Pounds Sterling, the Daily Simple RFR, and (b) any other Currency, the applicable Relevant Rate; provided that, in each case, if a replacement of the Benchmark has occurred pursuant to Section 2.11(c), then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to "Benchmark" shall include, as applicable, the published component used in the calculation thereof. "Benchmark Replacement" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent; provided that, in the case of any Loan denominated in an Agreed Foreign Currency (other than Canadian Dollars), "Benchmark Replacement" shall mean the alternative set forth in clause (c) below: (a) with respect to Dollars, Daily Compounded SOFR; (b) with respect to Canadian Dollars, Daily Compound CORRA; or (c) the sum of: (i) the alternate benchmark rate and (ii) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable selection or recommendations made by the Relevant Governmental Body, for syndicated credit facilities denominated in the applicable Currency at such time; provided that, if the Benchmark Replacement as determined pursuant to this definition would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. "Benchmark Replacement Conforming Changes" means, with respect to any Benchmark Replacement or the Daily Simple RFR, any technical, administrative or operational changes (including changes to the definition of "ABR," the definition of "Adjusted Term CORRA," the definition of "Adjusted Term SOFR," the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "Daily Compounded CORRA," the definition of "Daily Compounded SOFR," the definition of "Daily Simple RFR", the definition of "Interest Period," the definition of "Relevant Rate", the definition of "RFR," or any similar or analogous definition (or the addition of a concept of "interest period"), the definition of "U.S. Government Securities Business Day," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of "Daily Simple RFR" and other technical, administrative or operational matters) that the Administrative Agent in consultation with the Borrower decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement or Daily Simple RFR or to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement or Daily Simple RFR 7

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exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). "Benchmark Transition Event" means, with respect to any then-current Benchmark, the occurrence of a public statement or publication of information by or on behalf of the administrator of such Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored. "Beneficial Ownership Certification" means a certification regarding a beneficial ownership required by the Beneficial Ownership Regulation. "Beneficial Ownership Regulation" means 31 C.F.R. § 1010.230. "Board" means the Board of Governors of the Federal Reserve System of the United States of America or any successor thereof. "Board of Directors" means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person, (b) in the case of any limited liability company, the board of managers (or the equivalent) of such Person, or if there is none, the Board of Directors of the managing member of such Person, (c) in the case of any partnership, the general partner and the Board of Directors (or the equivalent) of the general partner of such Person and (d) in any other case, the functional equivalent of the foregoing. "Borrower" has the meaning assigned to such term in the preamble to this Agreement. "Borrowing" means (a) all ABR Loans of the same Class made, converted or continued on the same date, (b) if the then-current Benchmark is Daily Compounded SOFR, all SOFR Loans of the same Class made, converted or continued on the same date, (c) all Eurocurrency Loans of the same Class denominated in the same Currency that have the same Interest Period, (d) if the then-current Benchmark is Adjusted Term SOFR, all SOFR Loans of the same Class that have the same Interest Period or (e) all RFR Loans of the same Class denominated in the same Currency that have the same Interest Period. "Borrowing Base" has the meaning assigned to such term in Section 5.13. 8

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"Borrowing Base Certificate" means a certificate of a Financial Officer, substantially in the form of Exhibit B and appropriately completed. "Borrowing Base Deficiency" means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date exceeds (b) the Borrowing Base as of such date. "Borrowing Request" means a request by the Borrower for a Borrowing in accordance with Section 2.03, substantially in the form of Exhibit D hereto or such other form as is reasonably acceptable to the Administrative Agent. "Business Day" means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed, (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for, any Borrowing denominated in any Foreign Currency (other than Canadian Dollars), or to a notice by the Borrower with respect to any such borrowing, continuation, conversion, payment, prepayment or Interest Period, that is also a day on which commercial banks and the relevant exchange market settle payments in the Principal Financial Center for such Foreign Currency (other than Canadian Dollars), (c) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for, any Borrowing denominated in Canadian Dollars, or to a notice by the Initial Borrower with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, any day that is not a Saturday, Sunday or other day on which commercial banks in Toronto are authorized or required by law to remain closed, (d) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for, any Borrowing denominated in Euros, or to a notice by the Borrower with respect to any such borrowing, continuation, conversion, payment, prepayment or Interest Period, that is also a day on which the T2 payment system is open for the settlement of payments in Euros, and (e) when used in relation to RFR Loans or any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in the applicable Currency of such RFR Loan, the term "Business Day" shall also exclude any day that is not an RFR Business Day. "CAM Exchange" means the exchange of the Lenders' interests provided for in Section 7.01. "CAM Exchange Date" means the first date on which there shall occur (a) any event referred to in Section 7.01(h) or 7.01(i) or (b) an acceleration of Loans pursuant to Section 7.01. "CAM Percentage" means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate Dollar Equivalent of the Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange Date and (b) the denominator shall be the aggregate Dollar Equivalent amount of the Designated Obligations owed to all the Lenders (whether or not at the time due and payable) immediately prior to the CAM Exchange Date. 9

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"Canadian Dollar" means the lawful money of Canada. "Canadian Prime Rate" means, on any day, the rate determined by the Administrative Agent to be the higher of (a) the rate equal to the PRIMCAN index rate that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such day (or, in the event that the PRIMCAN index is not published by Bloomberg, any other information services that publishes such index from time to time, as selected by the Administrative Agent in its reasonable discretion) and (b) (1) (x) Adjusted Term CORRA for a period of one (1) month (taking into account the Floor set forth in the definition of "Adjusted Term CORRA") plus (y) 1% per annum and (2) if the then-current Benchmark is Daily Compounded CORRA, (x) Daily Compounded CORRA in effect on such day (taking into account the Floor set forth in the definition of "Daily Compounded CORRA") plus (y) 1% per annum. The Canadian Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. Any change in the Canadian Prime Rate due to a change in the PRIMCAN index, Adjusted Term CORRA or Daily Compounded CORRA shall be effective from and including the effective date of such change in the PRIMCAN Index, Adjusted Term CORRA or Daily Compounded CORRA, respectively. If the Canadian Prime Rate is being used as an alternate rate of interest pursuant to Section 2.11(c) or if the Administrative Agent is not able to determine Adjusted Term CORRA or Daily Compounded CORRA for purposes of this definition for any reason, then the Canadian Prime Rate shall be equal to clause (a) above and shall be determined without reference to clause (b) above. "Capital Lease Obligations" of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or finance leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. "Cash" means any immediately available funds in Dollars or in any Agreed Foreign Currency (measured in terms of the Dollar Equivalent thereof), which is a freely convertible currency. "Cash Equivalents" means investments (other than Cash) that are one or more of the following obligations: (a) Short-Term U.S. Government Securities (as defined in Section 5.13); (b) investments in commercial paper maturing within 180 days from the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's; (c) investments in certificates of deposit, banker's acceptances and time deposits maturing within 180 days from the date of acquisition thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof or under the laws of Canada or any province 10

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thereof or, if consented to by the Administrative Agent in its sole discretion, the jurisdiction or any constituent jurisdiction thereof of any other Agreed Foreign Currency, provided that such certificates of deposit, banker's acceptances and time deposits are held in a securities account (as defined in the Uniform Commercial Code) through which the Collateral Agent can perfect a security interest therein and (ii) having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's; (d) fully collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof for U.S. Government Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition or (ii) an Approved Dealer having (or being a member of a consolidated group having) at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's; (e) certificates of deposit or bankers' acceptances with a maturity of ninety (90) days or less of any financial institution that is a member of the Federal Reserve System having combined capital and surplus and undivided profits of not less than $1,000,000,000; and (f) investments in money market funds and mutual funds which invest substantially all of their assets in Cash or assets of the types described in clauses (a) through (e) above; provided, that (i) in no event shall Cash Equivalents include any obligation that provides for the payment of interest alone (for example, interest-only securities or "IOs"); (ii) if any of Moody's or S&P changes its rating system, then any ratings included in this definition shall be deemed to be an equivalent rating in a successor rating category of Moody's or S&P, as the case may be; (iii) Cash Equivalents (other than U.S. Government Securities, certificates of deposit or repurchase agreements) shall not include any such investment representing more than 25% of total assets of the Obligors in any single issuer; and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in Dollars. "CFC" means any Subsidiary of the Borrower designated in writing by the Borrower (as provided below) as a CFC, so long as: (a) such Subsidiary is an entity that is a "controlled foreign corporation" of any Obligor within the meaning of Section 957 of the Code, but only to the extent the Obligor or a Subsidiary thereof is a "United States Shareholder" (within the meaning of Section 951(b) of the Code) of such entity; and (b) in the good faith business judgment of the Borrower at the time of the formation, incorporation or acquisition of such Subsidiary, structuring such Subsidiary as a controlled foreign corporation was intended to maximize tax efficiencies for the Obligors and their Subsidiaries (considered in the aggregate). Any designation by the Borrower under this definition shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate 11

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shall include a statement to the effect that, to the best of such Financial Officer's knowledge, such designation complied with the foregoing conditions. "Change in Control" means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Borrower, (b) occupation of a majority of the seats (other than vacant seats) on the Board of Directors of the Borrower by Persons who were neither (i) nominated by the requisite members of the Board of Directors of the Borrower nor (ii) appointed by a majority of the directors so nominated, (c) the Investment Advisor shall cease to be the investment adviser of the Borrower, (d) the acquisition of direct or indirect Control of the Borrower by any Person or group other than the Investment Advisor or (e) the Investment Advisor ceases to be Controlled by at least two of the Permitted Holders. "Change in Law" means (a) the adoption or taking effect of any law, rule or regulation or treaty after the Original Restatement Effective Date, (b) any change in any law, rule or regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority after the Original Restatement Effective Date or (c) compliance by any Lender (or, for purposes of Sections 2.12(b) or 2.17(a), by any lending office of such Lender or by such Lender's parent, if any) with any request, guideline, requirements or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Original Restatement Effective Date, provided that, notwithstanding anything herein to the contrary, (I) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives in connection therewith and (II) all requests, rules, guidelines, requirements or directives promulgated by the Bank For International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law" regardless of the date enacted, adopted, issued, promulgated or implemented. "Class", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Dollar Loans or Multicurrency Loans; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender or a Multicurrency Lender; and, when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or a Multicurrency Commitment. "Code" means the Internal Revenue Code of 1986, as amended from time to time. "Collateral" has the meaning assigned to such term in the Guarantee and Security Agreement. "Collateral Agent" means ING Capital LLC in its capacity as Collateral Agent and any of its successors in such capacity under the Guarantee and Security Agreement. "Commitment Increase" has the meaning assigned to such term in Section 2.06(f). 12

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"Commitment Increase Date" has the meaning assigned to such term in Section 2.06(f). "Commitments" means, collectively, the Dollar Commitments and the Multicurrency Commitments. "Constituent Documents" means, for any Person, its constituent or organizational documents, including: (a) in the case of any limited partnership, the certificate of limited partnership and limited partnership agreement for such Person; (b) in the case of any limited liability company, the articles of formation and operating agreement for such Person; and (c) in the case of a corporation, the certificate or articles of incorporation and the bylaws or memorandum and articles of association for such Person. "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "Controlling" and "Controlled" have meanings correlative thereto. "Control Account" has the meaning assigned to such term in Section 5.08(c)(ii). "CORRA" means the Canadian Overnight Repo Rate Average administered and published by the CORRA Administrator. "CORRA Adjustment" means, for any calculation, a percentage per annum equal to 0.29547% for an Interest Period of one-month and 0.32138% for an Interest Period of three-months. "CORRA Administrator" means the Bank of Canada (or any successor administrator of the Canadian Overnight Repo Rate Average). "CORRA Administrator's Website" means the website of the Bank of Canada or any successor source for the Canadian Overnight Repo Rate Average identified as such by the CORRA Administrator from time to time. "CORRA Loan" means an Adjusted Term CORRA Loan or a Daily Compounded CORRA Loan. "CORRA Rate Day" has the meaning specified in the definition of "Daily Compounded CORRA". "Covered Debt Amount" means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate principal amount (including any increase in the aggregate principal amount resulting from payable-in-kind interest) of Other Covered Indebtedness outstanding on such date. "Covered Taxes" means (i) Taxes other than Excluded Taxes and (ii) Other Taxes. 13

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"Currency" means Dollars or any Foreign Currency. "Currency Valuation Notice" has the meaning assigned to such term in Section 2.08(b). "Custodian" means U.S. Bank National Association, or any other financial institution mutually agreeable to the Collateral Agent and the Borrower, as custodian holding documentation for Portfolio Investments, and accounts of the Obligors holding Portfolio Investments, on behalf of the Obligors and, pursuant to the Custodian Agreement, the Collateral Agent. The term "Custodian" includes any agent or sub-custodian acting on behalf of the Custodian. "Custodian Account" means an account subject to a Custodian Agreement. "Custodian Agreement" means a control agreement entered into by and among an Obligor, the Collateral Agent and a Custodian, in form and substance acceptable to the Collateral Agent. "Daily Compounded CORRA" means for any day (a "CORRA Rate Day") a rate per annum equal to the sum of (a) CORRA for the day (such day "i") that is five (5) Business Days prior to (i) if such CORRA Rate Day is a Business Day, such CORRA Rate Day or (ii) if such CORRA Rate Day is not a Business Day, the Business Day immediately preceding such CORRA Rate Day, in each case, as such CORRA is published by the CORRA Administrator on the CORRA Administrator's Website (the "Daily Compounded CORRA Screen Rate"), plus (b) the CORRA Adjustment; provided that if Daily Compounded CORRA as so determined shall ever be less than the Floor, then Daily Compounded CORRA shall be deemed to be the Floor. If by 1:00 p.m. (Toronto time) on the second (2nd) Business Day immediately following any day "i", the CORRA in respect of such day "i" has not been published on the CORRA Administrator's Website and a replacement of Daily Compounded CORRA has not occurred pursuant to Section 2.11(c)(i), then the CORRA for such day "i" will be the CORRA as published in respect of the first preceding Business Day for which such CORRA was published on the CORRA Administrator's Website; provided that any CORRA determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Compounded CORRA for no more than three (3) consecutive CORRA Rate Days. Any change in Daily Compounded CORRA due to a change in CORRA shall be effective from and including the effective date of such change in CORRA without notice to the Borrower. "Daily Compounded CORRA Loan" means a Loan that bears interest at a rate based on Daily Compounded CORRA, other than pursuant to clause (b) of the definition of "Canadian Prime Rate". "Daily Compounded CORRA Screen Rate" has the meaning specified in the definition of "Daily Compounded CORRA". "Daily Compounded SOFR" means, for any day (a "SOFR Rate Day"), a rate per annum equal to the sum of (a) SOFR for the day (such day "i") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government 14

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Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website (the "Daily Compounded SOFR Screen Rate"), plus (b) the SOFR Adjustment; provided that if Daily Compounded SOFR as so determined shall ever be less than the Floor, then Daily Compounded SOFR shall be deemed to be the Floor. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following any day "i", the SOFR in respect of such day "i" has not been published on the SOFR Administrator's Website and a replacement of Daily Compounded SOFR has not occurred pursuant to Section 2.11(c)(i), then the SOFR for such day "i" will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; provided that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Compounded SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Compounded SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. All interest hereunder on any Loan computed by reference to Daily Compounded SOFR shall be computed in the manner described in Section 2.10(g). "Daily Simple RFR" means, for any day (an "RFR Rate Day"), an interest rate per annum equal to the greater of, for any RFR Loan denominated in Pounds Sterling, (a) SONIA for the day that is 5 Business Days prior to (i) if such RFR Rate Day is a Business Day, such RFR Rate Day or (ii) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day and (b) 0.50%. Any change in Daily Simple RFR due to a change in SONIA shall be effective from and including the effective date of such change in SONIA without notice to the Borrower. "Debtor Relief Laws" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. "Default" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. "Defaulting Lender" means any Lender that has, as reasonably determined by the Administrative Agent, (a) failed to fund any portion of its Loans within two (2) Business Days of the date required to be funded by it hereunder, unless, in the case of any Loans, such Lender notifies the Administrative Agent in writing that such Lender's failure is based on such Lender's reasonable determination that the conditions precedent to funding such Loan under this Agreement have not been met, such conditions have not otherwise been waived in accordance with the terms of this Agreement and such Lender has advised the Administrative Agent in writing (with reasonable detail of those conditions that have not been satisfied) prior to the time at which such funding was to have been made, (b) notified the Borrower, the Administrative Agent, or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement that it does not intend to comply with its funding obligations under this Agreement (unless such writing or public 15

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statement states that such position is based on such Lender's determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) failed, within three (3) Business Days after request by the Administrative Agent or the Borrower to confirm in writing to the Administrative Agent and the Borrower that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, unless the subject of a good faith dispute, or (e) other than via an Undisclosed Administration, either (i) has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or has a parent company that has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or (iii) become the subject of a Bail-In Action (unless in the case of any Lender referred to in this clause (e), the Borrower and the Administrative Agent shall be satisfied in the exercise of their respective reasonable discretion that such Lender intends, and has all approvals required to enable it, to continue to perform its obligations as a Lender hereunder); provided that a Lender shall not qualify as a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender, by a Governmental Authority or instrumentality thereof, or solely as a result of an Undisclosed Administration, so long as such ownership interest or Undisclosed Administration does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrower and each Lender promptly following such determination. "Designated Jurisdiction" means any country, region or territory to the extent that such country, region or territory itself is the subject of any Sanction. 16

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"Designated Obligations" means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b) accrued and unpaid fees under the Loan Documents. "Disqualified Equity Interests" means Equity Interests of the Borrower that after issuance are subject to any agreement between the holder of such Equity Interests and the Borrower whereby the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate such Equity Interests, other than (x) as a result of a change of control or (y) in connection with any purchase, redemption, retirement, acquisition, cancellation or termination with, or in exchange for, shares of Equity Interests that are not Disqualified Equity Interests. "Dollar Commitment" means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Loans denominated in Dollars hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.06 or reduced from time to time pursuant to Section 2.08 or as otherwise provided in this Agreement and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 and the other provisions of this Agreement (including the last two paragraphs of Section 7.01). The aggregate amount of each Lender's Dollar Commitment as of the Amendment No. 5 Effective Date is set forth on Schedule 1.01(b), or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders' Dollar Commitments as of the Amendment No. 5 Effective Date is $125,000,000. "Dollar Equivalent" means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to an amount denominated in any Foreign Currency, the amount of Dollars that would be required to purchase such amount of such Foreign Currency on the date two Business Days prior to such date, based upon the spot selling rate at which the Administrative Agent (or other foreign currency broker reasonably acceptable to the Administrative Agent) offers to sell such Foreign Currency for Dollars in the London foreign exchange market at approximately 11:00 a.m., London time, for delivery two Business Days later. "Dollar Lender" means the Persons listed on Schedule 1.01(b) (as amended pursuant to Section 2.06) as having Dollar Commitments and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar Commitment or to acquire Revolving Dollar Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. "Dollar Loan" means a Loan denominated in Dollars made pursuant to a Dollar Commitment. "Dollars" or "$" refers to lawful money of the United States of America. "Early Opt-in Election" means: (a) in the case of a Benchmark Replacement in respect of SOFR Loans, the occurrence of: 17

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(i) (x) a determination by the Administrative Agent, (y) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined or (z) a request by the Borrower to the Administrative Agent to notify each of the other parties hereto that the Borrower has determined that at least five (5) currently outstanding syndicated credit facilities denominated in Dollars being executed at such time (as a result of amendment or as originally executed), or that include language similar to that contained in Section 2.11(c) are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the applicable Benchmark, and (ii) (x) the joint election by the Administrative Agent and the Borrower and the provision by the Administrative Agent of written notice of such election to the Lenders or (y) the joint election by the Required Lenders and the Borrower to trigger a fallback from the then-current Benchmark and the provision, if applicable, by the Required Lenders and the Borrower of written notice of such election to the Administrative Agent; and (b) in the case of a Benchmark Replacement in respect of Loans denominated in any Agreed Foreign Currency, the occurrence of: (i) (x) a determination by the Administrative Agent, (y) a notification by the Required Multicurrency Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Multicurrency Lenders have determined or (z) a request by the Borrower to the Administrative Agent to notify each of the other parties hereto that the Borrower has determined that at least five (5) currently outstanding syndicated credit facilities denominated in the applicable Agreed Foreign Currency being executed at such time (as a result of amendment or as originally executed), or that include language similar to that contained in Section 2.11(c) are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the applicable Benchmark, and (ii) (x) the joint election by the Administrative Agent and the Borrower and the provision by the Administrative Agent of written notice of such election to the Lenders or (y) the joint election by the Required Multicurrency Lenders and the Borrower to trigger a fallback from the then-current Benchmark and the provision, if applicable, by the Required Multicurrency Lenders and the Borrower of written notice of such election to the Administrative Agent. "EEA Financial Institution" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 18

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"EEA Member Country" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. "EEA Resolution Authority" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. "Eligible Liens" means, any right of offset, banker's lien, security interest or other like right against the Portfolio Investments held by the Custodian pursuant to or in connection with its rights and obligations relating to the Custodian Account provided that such rights are subordinated, pursuant to the terms of the Custodian Agreement, to the first priority perfected security interest in the Collateral created in favor of the Collateral Agent, except to the extent expressly provided therein. "Eligible Portfolio Investment" means any Portfolio Investment held by any Obligor (and solely for purposes of determining the Borrowing Base, Cash and Cash Equivalents held by any Obligor) on any date that, in each case, meets all of the criteria set forth on Schedule 1.01(d) hereto on such date; provided, that no Portfolio Investment, Cash or Cash Equivalent shall constitute an Eligible Portfolio Investment or be included in the Borrowing Base if the Collateral Agent does not at all times maintain a first priority, perfected Lien (subject to no other Liens other than Eligible Liens) on such Portfolio Investment, Cash or Cash Equivalent or if such Portfolio Investment, Cash or Cash Equivalent has not been or does not at all times continue to be Delivered (as defined in the Guarantee and Security Agreement). Without limiting the generality of the foregoing, it is understood and agreed that any Portfolio Investments that have been contributed or sold, purported to be contributed or sold or otherwise transferred to any Financing Subsidiary, or held by any Financing Subsidiary, or which secure obligations of any Financing Subsidiary, shall not be treated as Eligible Portfolio Investments until distributed, sold or otherwise transferred to the Borrower free and clear of all Liens (other than Eligible Liens). Notwithstanding the foregoing, nothing herein shall limit the provisions of Section 5.12(b)(i) which provide that, for purposes of this Agreement, all determinations of whether an Investment is to be included as an Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning that any Investment that has been purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided that no such Investment shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full. "Equity Interests" means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. As used in this Agreement, "Equity Interests" shall not include convertible debt unless and until such debt has been converted to capital stock. "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time. 19

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"ERISA Affiliate" means any trade or business (whether or not incorporated) that, together with the Borrower or any of its Subsidiaries, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code. "ERISA Event" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan that is intended to qualify under Section 401(a) of the Code, the occurrence of any event that could reasonably be expected to prevent or cause the loss of such qualification; (c) with respect to any Plan, the failure to satisfy the applicable minimum funding standard (as defined in Sections 412 and 430 of the Code or Sections 302 and 303 of ERISA), whether or not waived; (d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (e) the incurrence by the Borrower or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower or any ERISA Affiliate of any Withdrawal Liability; (h) the occurrence of any nonexempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA with respect to any Plan; (i) the failure to make any required contribution to a Multiemployer Plan or failure to make by its due date any required contribution to any Plan; (j) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (k) the incurrence with respect to any "employee benefit plan" as defined in Section 3(3) of ERISA that is sponsored or maintained by the Borrower or any ERISA Affiliate of any liability for post-retirement health or welfare benefits, except as may be required by 4980B of the Code or similar laws; or (l) a determination that any Plan is, or expected to be, in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA). "Erroneous Payment" has the meaning assigned to such term in Section 8.16(a). "Erroneous Payment Deficiency Assignment" has the meaning assigned to such term in Section 8.16(d). "Erroneous Payment Impacted Class" has the meaning assigned to such term in Section 8.16(d). "Erroneous Payment Return Deficiency" has the meaning assigned to such term in Section 8.16(d). 20

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"Erroneous Payment Subrogation Rights" has the meaning assigned to such term in Section 8.16(d). "EU Bail-In Legislation Schedule" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. "EURIBO Screen Rate" means, for any Interest Period, in the case of any Eurocurrency Borrowing denominated in Euros, the European interbank offered rate administered by the European Money Markets Institute (or the successor thereto if the European Money Markets Institute is no longer making such rates available) per annum for deposits in Euro for a period equal to the Interest Period appearing on the display designated as Reuters Screen EURIBOR01 Page (or such other page on that service or such other service designated by the European Money Markets Institute (or the successor thereto if the European Money Markets Institute is no longer making such rates available) for the display of the European Money Markets Institute's Interest Settlement Rates for deposits in Euro) or, in the event such rate does not appear on such Reuters page, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion, as of 11:00 a.m. Brussels time two TARGET Days prior to the first day of the Interest Period; provided that, if the EURIBO Screen Rate so determined would be less than 0.50%, such rate shall be deemed to be 0.50% for purposes of this Agreement. "Euro" means the lawful currency of the member states of the European Union that have adopted and retained a common single currency through monetary union in accordance with European Union treaty law, as such treaty law is amended from time to time. "Eurocurrency", when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, bearing interest at a rate determined by reference to the EURIBO Screen Rate, AUD Bank Bill Reference Rate or CORRA. "Event of Default" has the meaning assigned to such term in Section 7.01. "Exchange Act" means the United States Securities Exchange Act of 1934, as amended from time to time. "Excluded Subsidiary" means MCC Holdco, so long as the only assets held by MCC Holdco, if any, are Affiliate Investments consisting of equity interests with an aggregate fair market value not to exceed $5,000,000 at any time outstanding. "Excluded Taxes" means any of the following Taxes imposed on or with respect to the Administrative Agent or any Lender or required to be withheld or deducted from a payment to the Administrative Agent or any Lender, (a) Taxes imposed on (or measured by) its net income or franchise Taxes, in each case, imposed (i) by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, or (ii) as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections solely arising from such recipient having executed, 21

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delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Documents, or sold or assigned an interest in any Loan or Loan Document), (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction in which the Borrower is located, (c) in the case of a Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17(b)), any U.S. federal withholding Tax that is imposed on amounts payable to such Lender pursuant to a law in effect at the time such Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding Tax pursuant to Section 2.14(a), (d) Taxes attributable to such recipient's failure to comply with Section 2.14(f), and (e) any U.S. federal withholding Taxes imposed under FATCA. "Existing Credit Agreement" has the meaning assigned to such term in the recitals to this Agreement. "Existing Investments Certificate" has the meaning ascribed to such term in Section 3.12(b). "Existing Lender" has the meaning assigned to such term in the recitals to this Agreement. "Existing Loans" has the meaning assigned to such term in the recitals to this Agreement. "External Quoted Value" has the meaning set forth in Section 5.12(b)(ii). "External Unquoted Value" has the meaning set forth in Section 5.12(b)(ii). "Extraordinary Receipts" means any cash received by or paid to any Obligor on account of any foreign, United States, state or local tax refunds, pension plan reversions, judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, condemnation awards (and payments in lieu thereof), indemnity payments received not in the ordinary course of business and any purchase price adjustment received not in the ordinary course of business in connection with any purchase agreement and proceeds of insurance (excluding, however, for the avoidance of doubt, proceeds of any issuance of Equity Interests by the Borrower and issuances of Indebtedness by any Obligor), provided, however, that Extraordinary Receipts shall not include any (x) amounts that the Borrower receives from the Administrative Agent or any Lender pursuant to Section 2.14(h), or (y) cash receipts to the extent received from proceeds of insurance, condemnation awards (or payments in lieu thereof), indemnity payments or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds, awards or payments are received by any Person in respect of any unaffiliated third party claim against or loss by such Person and promptly applied to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of such Person with respect thereto. 22

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"FATCA" means Sections 1471 through 1474 of the Code, as of the Restatement Effective Date (or any amendment or successor version that is substantially comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and any fiscal or regulatory legislation, rules, or official practices adopted pursuant to any published intergovernmental agreement entered into in connection with the implementation of such Sections of the Code. "FCPA" has the meaning assigned to such term in Section 3.21. "Federal Funds Effective Rate" means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the NYFRB, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided that if the Federal Funds Effective Rate is less than zero, such rate shall be zero for purposes of this Agreement. "Financial Officer" means the chief executive officer, president, co-president, chief financial officer, principal accounting officer, treasurer or controller of the Borrower. "Financing Subsidiary" means (a) any Structured Subsidiary or (b) any SBIC Subsidiary. "Floor" means the greater of (a) 0.50% and (b) the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to any applicable Benchmark (including any component thereof). "Foreign Currency" means, at any time, any currency other than Dollars. "Foreign Currency Equivalent" means, with respect to any amount in Dollars to be converted into a Foreign Currency, the amount of such Foreign Currency that could be purchased with such amount of Dollars using the reciprocal of the foreign exchange rate(s) specified in the definition of the term "Dollar Equivalent", as determined by the Administrative Agent. "Foreign Eligible Portfolio Investments" means any Eligible Portfolio Investment of a Permitted Foreign Issuer with respect to which the requirements of paragraph 13 of Schedule 1.01(d) hereto are met by reference to any Permitted Foreign Jurisdiction. "Foreign Lender" means any Lender that is not (a) a citizen or resident of the United States, (b) a corporation, partnership or other entity created or organized in or under the laws of the United States (or any jurisdiction thereof) or (c) any estate or trust that is subject to U.S. federal income taxation regardless of the source of its income. 23

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"GAAP" means generally accepted accounting principles in the United States of America. "Governmental Authority" means the government of the United States of America, or of any other nation, or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank). "Guarantee" of or by any Person (the "guarantor") means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the "primary obligor") in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or customary indemnification agreements entered into in the ordinary course of business in connection with obligations that do not constitute Indebtedness. The amount of any Guarantee at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect of which such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount equal to such lesser amount). "Guarantee and Security Agreement" means the Amended and Restated Guarantee, Pledge and Security Agreement, dated as of the Original Restatement Effective Date, between the Borrower, the Subsidiary Guarantors party thereto, the Administrative Agent, each holder (or a representative or trustee therefor) from time to time of any Secured Longer-Term Indebtedness, and the Collateral Agent, as the same shall be amended, restated, modified and supplemented from time to time. "Guarantee Assumption Agreement" means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and Security Agreement between the Collateral Agent and an entity that pursuant to Section 5.08 is required to become a "Subsidiary Guarantor" under the Guarantee and Security Agreement (with such changes as the Administrative Agent shall request consistent with the requirements of Section 5.08). "Hedging Agreement" means any interest rate protection agreement, foreign currency exchange protection agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement entered into in the ordinary 24

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course of business and not for speculative purposes. For the avoidance of doubt, in no event shall a Hedging Agreement include a total return swap. "HMT" means His Majesty's Treasury (United Kingdom). "Increasing Existing Lenders" has the meaning assigned to such term in the recitals to this Agreement. "Increasing Lender" has the meaning assigned to such term in Section 2.06(f). "Indebtedness" of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits, loans or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar debt instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (other than trade accounts payable and accrued expenses in the ordinary course of business not past due for more than 90 days after the date on which such trade account payable was due), (e) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with the value of such debt being the lower of the outstanding amount of such debt and the fair market value of the property subject to such Lien), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (i) the amount such Person would be obligated for under any Hedging Agreement if such Hedging Agreement was terminated at the time of determination, (j) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances, and (k) all obligations, contingent or otherwise, with respect to Disqualified Equity Interests. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor (or such Person is not otherwise liable for such Indebtedness). Notwithstanding the foregoing, "Indebtedness" shall not include (x) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment, (y) a commitment arising in the ordinary course of business to make a future Portfolio Investment or (z) indebtedness of the Borrower on account of the sale by the Borrower of the first out tranche of any First Lien Bank Loan that arises solely as an accounting matter under ASC 860, provided that such indebtedness (i) is non-recourse to the Borrower and its Subsidiaries and (ii) would not represent a claim against the Borrower or any of its Subsidiaries in a bankruptcy, insolvency or liquidation proceeding of the Borrower or its Subsidiaries, in each case in excess of the amount sold or purportedly sold. "Industry Classification Group" means any of the classification groups that are currently in effect by Moody's or may be subsequently established by Moody's and provided by 25

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the Borrower to the Lenders (including, without limitation, those set forth on Schedule 1.01(e) on the Restatement Effective Date). "ING" means ING Capital LLC. "Interest Election Request" means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05, substantially in the form of Exhibit E hereto or such other form as reasonably satisfactory to the Administrative Agent. "Interest Payment Date" means (a) with respect to any ABR Loan, each Quarterly Date, (b) with respect to any Eurocurrency Loan or, if the then-current Benchmark is Adjusted Term SOFR, any SOFR Loan, the last day of each Interest Period therefor and (c) with respect to any RFR Loan or, if the then-current Benchmark is Daily Compounded SOFR, any SOFR Loan, the last day of each Interest Period therefor. "Interest Period" means, (a) for any Eurocurrency Loan or Eurocurrency Borrowing or, if the then-current Benchmark is Adjusted Term SOFR, for any SOFR Loan or SOFR Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding day in the calendar month that is one or three months thereafter or, with respect to such portion of any such Loan or Borrowing that is scheduled to be repaid on the Maturity Date, a period of less than one month's duration commencing on the date of such Loan or Borrowing and ending on the Maturity Date, as specified in the applicable Borrowing Request or Interest Election Request and (b) for any RFR Loan or RFR Borrowing or, if the then-current Benchmark is Daily Compounded SOFR, any SOFR Loan or SOFR Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding day in the calendar month that is one month thereafter or, with respect to such portion of any such Loan or Borrowing that is scheduled to be repaid on the Maturity Date, a period of less than one month's duration commencing on the date of such Loan or Borrowing and ending on the Maturity Date; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, and (ii) any Interest Period (other than an Interest Period that ends on the Maturity Date that is permitted to be of less than with respect to any Eurocurrency Loan or Eurocurrency Borrowing, any SOFR Loan or SOFR Borrowing or any RFR Loan or RFR Borrowing, one month's duration, in each case, as provided in this definition) that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan, and the date of a Borrowing comprising Loans that have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loans. "Internal Value" has the meaning set forth in Section 5.12(b)(ii). 26

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"Investment" means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person (including convertible securities) or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any "short sale" or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Hedging Agreements. "Investment Advisor" means Monroe Capital BDC Advisors, LLC, a Delaware limited liability company, or an Affiliate thereof. "Investment Allocation Policy" means the written statement, approved by the Board of Directors of the Borrower and reasonably acceptable to the Administrative Agent, of the Borrower's investment allocation policy between affiliated investment vehicles managed directly or indirectly by Monroe Capital BDC Advisors, LLC. "Investment Company Act" means the Investment Company Act of 1940, as amended from time to time. "Investment Policies" means the credit policies and procedures of Monroe Capital BDC Advisors, LLC and the Investment Allocation Policy, each as in existence on the Original Effective Date. "Lenders" means the Persons listed on Schedule 1.01(b) (as amended from time to time pursuant to Section 2.06) as having Commitments and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Commitment or to acquire Revolving Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. "Lien" means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities, except in favor of the issuer thereof (and, in the case of Portfolio Investments that are equity securities, excluding customary drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of the same issuer). For the avoidance of doubt, in the case of Investments that are loans or other debt obligations, customary restrictions on assignments or transfers thereof on customary and market based terms pursuant to the underlying documentation relating to such Investment shall not be deemed to be a "Lien". "Loan Documents" means, collectively, this Agreement, any promissory notes delivered pursuant to Section 2.07(f) and the Security Documents, and such other agreements and operative documents, and any amendments or supplements thereto or modification thereof, 27

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executed and/or delivered pursuant to the terms of this Agreement or any of the other Loan Documents. "Loans" means the loans made by the Lenders to the Borrower pursuant to this Agreement. "Margin Stock" means "margin stock" within the meaning of Regulations T, U and X. "Material Adverse Effect" means a material adverse effect on (a) the business, Portfolio Investments of the Obligors (taken as a whole) and other assets, liabilities (actual or contingent), operations or condition (financial or otherwise) of the Borrower and its Subsidiaries (other than the Financing Subsidiaries), taken as a whole, or (b) the validity or enforceability of any of the Loan Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder or the ability of the Obligors to perform their respective obligations thereunder. "Material Indebtedness" means (a) Indebtedness (other than the Loans and Hedging Agreements), of any one or more of the Borrower and its Subsidiaries (including any Financing Subsidiary) in an aggregate principal amount exceeding $5,000,000 and (b) obligations in respect of one or more Hedging Agreements or other swap or derivative transactions under which the maximum aggregate amount (after giving effect to any netting agreements) that the Borrower and/or its Subsidiaries would be required to pay if such Hedging Agreement(s) were terminated at such time would exceed $5,000,000. "Maturity Date" means the earliest of: (a) the Stated Maturity Date, (b) the date upon which the Administrative Agent declares the Obligations, or the Obligations become, due and payable after the occurrence of an Event of Default and (c) the date upon which the Commitments are terminated in full pursuant to Section 2.06(b). "Maximum Rate" has the meaning assigned to such term in Section 9.18. "MCC Holdco" means MCC Holdco Equity Manager I, LLC, a Delaware limited liability company. "Monroe Joint Venture" means MRCC Senior Loan Fund I, LLC, a Delaware limited liability company. "Moody's" means Moody's Investors Service, Inc. or any successor thereto. "Multicurrency Commitments" means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Loans denominated in Dollars and in Agreed Foreign Currencies hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.06 or reduced from time to time pursuant to Section 2.08 or as otherwise provided in this Agreement and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 and the other provisions of this Agreement (including the last two paragraphs of Section 7.01). The aggregate amount of each Lender's Multicurrency Commitment as of the Amendment No. 5 Effective Date 28

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is set forth on Schedule 1.01(b), or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders' Multicurrency Commitments as of the Amendment No. 5 Effective Date is $130,000,000. "Multicurrency Lender" means the Persons listed on Schedule 1.01(b) (as amended pursuant to Section 2.06) as having Multicurrency Commitments and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Multicurrency Commitment or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. "Multicurrency Loan" means a Loan denominated in Dollars or an Agreed Foreign Currency made pursuant to a Multicurrency Commitment. "Multiemployer Plan" means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA that is contributed to by (or to which there is an obligation to contribute of) the Borrower, any of its Subsidiaries or any of their ERISA Affiliates, and each such plan for the six-year period immediately following the latest date on which the Borrower, any of its Subsidiaries or any of their ERISA Affiliates contributed to or had an obligation to contribute to such plan. "National Currency" means the currency, other than the Euro, of a Participating Member State. "Net Asset Sale Proceeds" means, with respect to any Asset Sale, an amount equal to (a) the sum of any Cash payments and Cash Equivalents (and net Cash or Cash Equivalent proceeds of any noncash amount) received by the Obligors from such Asset Sale (including (i) any Cash amount received by an Obligor from a disposition to a Financing Subsidiary and (ii) any Cash or Cash Equivalents (and net Cash or Cash Equivalent proceeds of any noncash amount) received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received), minus (b) any costs, fees, commissions, premiums and expenses actually incurred by any Obligor directly incidental to such Asset Sale and paid in cash to a Person that is not an Affiliate of any Obligor (or if paid in cash to an Affiliate, only to the extent such expenses are reasonable and customary), minus (c) all taxes paid or reasonably estimated to be payable by any Obligor as a result of such Asset Sale (after taking into account any available tax credits or deductions). "Net Cash Proceeds" means Cash proceeds net of underwriting discounts and commissions or other similar payments and other costs, fees, premiums, commissions and expenses directly associated therewith, including, without limitation, reasonable legal fees and expenses. "No External Review Assets" means Portfolio Investments that are Unquoted Investments with a fair value of less than $4,000,000 and which an Approved Third-Party Appraiser is not assisting the Board of Directors of the Borrower in determining the fair market value of such Unquoted Investment in accordance with Section 5.12 as of the end of the 29

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applicable fiscal quarter; provided that the aggregate fair value of all such Unquoted Investments does not exceed 10% of the Borrowing Base. "Non-Consenting Lender" has the meaning assigned to such term in Section 9.02(d). "NYFRB" means the Federal Reserve Bank of New York. "Obligations" means all present and future indebtedness, obligations (including the obligations to pay, discharge and satisfy the Erroneous Payment Subrogation Rights), and liabilities of the Obligors to the Administrative Agent and/or any other Secured Party, and all renewals and extensions thereof, or any part thereof, arising pursuant to this Agreement (including, without limitation, the indemnity provisions hereof), and all interest accruing thereon, and attorneys' fees incurred in the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect, fixed, contingent, joint, several, or joint and several; together with all indebtedness, obligations, and liabilities of the Obligors to the Administrative Agent and/or any other Secured Party evidenced or arising pursuant to any of the other Loan Documents, and all renewals and extensions thereof, or any part thereof. "Obligors" means, collectively, the Borrower and the Subsidiary Guarantors. "Obligors' Net Worth" means, at any date, the Total Net Assets at such date, exclusive of the net asset value held by any Obligor in any non-Obligor Subsidiary. "OFAC" has the meaning assigned to such term in Section 3.19. "Original Effective Date" means October 23, 2012. "Original Restatement Effective Date" means December 14, 2015. "Other Covered Indebtedness" means, collectively, without duplication, (i) Secured Longer-Term Indebtedness, (ii) Unsecured Shorter-Term Indebtedness, (iii) from and after the date that is 9 months prior to their scheduled maturity, the 2026 Notes, at which time the aggregate principal amount of such 2026 Notes shall be included in the calculation of Other Covered Indebtedness in accordance with the following schedule: (a) from the date that is 9 months prior to the scheduled maturity of the 2026 Notes through and including May 29, 2025, $0.00, (b) from May 30, 2025 through and including September 29, 2025January 14, 2026, $20,000,000, and (c) from September 30, 2025 through and including November 14, 2025, $50,000,000 and (d) from NovemberJanuary 15, 20252026 and at all times thereafter, $130,000,000, (iv) from and after the date that is 9 months prior to their scheduled maturity, the Special Refinancing Notes and (v) from and after the date that is 9 months prior to their scheduled maturity, Unsecured Longer-Term Indebtedness; provided that, to the extent any portion of any such Indebtedness is subject to a contractually scheduled amortization or other required principal payment or redemption earlier than the scheduled maturity date of such Indebtedness, such portion of such Indebtedness shall be included in the calculation of Other Covered Indebtedness beginning upon the date that is the later of (x) 9 months prior to such 30

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scheduled amortization payment, other required principal payment or redemption and (y) the date the Borrower becomes aware that such Indebtedness is required to be paid or redeemed. "Other Permitted Indebtedness" means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of any Obligor's business that are overdue for a period of more than 90 days and which are being contested in good faith by appropriate proceedings, (b) Indebtedness (other than Indebtedness for borrowed money) arising in connection with transactions in the ordinary course of any Obligor's business in connection with its purchasing of securities, Hedging Agreements entered into for financial planning purposes and not for speculative purposes, reverse repurchase agreements or dollar rolls to the extent such transactions are permitted under the Investment Company Act and the Borrower's Investment Policies; provided that such Indebtedness does not arise in connection with the purchase of Portfolio Investments other than Cash Equivalents and U.S. Government Securities; (c) Indebtedness in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as such judgments or awards do not constitute an Event of Default under Section 7.01(k), (d) Indebtedness incurred in the ordinary course of business to finance equipment and fixtures; provided that such Indebtedness does not exceed $5,000,000 in the aggregate at any time outstanding; and (e) other Indebtedness not to exceed $3,000,000 in the aggregate. "Other Taxes" means any and all present or future stamp, court, documentary, intangible, recording or filing Taxes or any other excise or property Taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are imposed with respect to an assignment (other than an assignment made pursuant to Section 2.17(b)) and as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections solely arising from such Lender having executed, delivered, become a party to, performed is obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Documents, or sold or assigned an interest in any Loan or Loan Document). "Overnight Rate" means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Effective Rate and (ii) an overnight rate determined by the Administrative Agent to be customary in the place of disbursement or payment for the settlement of international banking transactions, and (b) with respect to any amount denominated in an Agreed Foreign Currency, an overnight rate determined by the Administrative Agent to be customary in the place of disbursement or payment for the settlement of international banking transactions. "Participating Member State" means any member state of the European Union that adopts or has adopted a common single currency as its lawful currency in accordance with the legislation of the European Union relating to the European Monetary Union. "Payment Recipient" has the meaning assigned to it in Section 8.16(a). 31

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"PBGC" means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. "Periodic Term CORRA Determination Day" has the meaning assigned to such term in the definition of "Term CORRA". "Periodic Term SOFR Determination Day" has the meaning specified in the definition of "Term SOFR". "Permitted Equity Interests" means common stock of the Borrower that after its issuance is not subject to any agreement between the holder of such common stock and the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate any such common stock. "Permitted Foreign Issuer" shall mean any Person (i) organized under the laws of a Permitted Foreign Jurisdiction or any province thereof, (ii) domiciled in a Permitted Foreign Jurisdiction, or (iii) with principal operations or any other material property or other material assets pledged as collateral and located in a Permitted Foreign Jurisdiction. "Permitted Foreign Jurisdiction" means Canada, Australia and the United Kingdom. "Permitted Holders" means Theodore Koenig, Michael Egan, Jeremy VanDerMeid, Thomas Aronson and Lewis W. Solimene, Jr., or any other individual manager of Monroe Management Holdco, LLC reasonably acceptable to the Administrative Agent and the Required Lenders after the death, disability, resignation or termination for cause by the Board of Directors of any of the foregoing. "Permitted Liens" means (a) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business, provided that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure only obligations incurred in connection with such purchase or sale, and not any obligation in connection with margin financing; (c) Liens imposed by law, such as materialmen's, mechanics', carriers', workmens', storage, landlord, and repairmen's Liens and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money) not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; (d) Liens incurred or pledges or deposits made to secure obligations incurred in the ordinary course of business under workers' compensation laws, unemployment insurance or other similar social security legislation (other than in respect of employee benefit plans subject to ERISA) or to secure public or statutory obligations; (e) Liens securing the performance of, or payment in respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders, government or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other obligations of a similar nature incurred in the ordinary course of 32

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business; (f) Liens arising out of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as such judgments or awards do not constitute an Event of Default; (g) customary rights of setoff and liens upon (i) deposits of cash in favor of banks or other depository institutions in which such cash is maintained in the ordinary course of business, (ii) cash and financial assets held in securities accounts in favor of banks and other financial institutions with which such accounts are maintained in the ordinary course of business and (iii) assets held by a custodian in favor of such custodian in the ordinary course of business, in the case of each of clauses (i) through (iii) above, securing payment of fees, indemnities, charges for returning items and other similar obligations; (h) Liens arising solely from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions in respect of operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary course of business; (i) zoning restrictions, easements, licenses, or other restrictions on the use of any real estate (including leasehold title), in each case which do not interfere with or affect in any material respect the ordinary course conduct of the business of the Borrower and its Subsidiaries; (j) purchase money Liens on specific equipment and fixtures provided that (i) such Liens only attach to such equipment and fixtures, (ii) the Indebtedness secured thereby is incurred pursuant to clause (d) of the definition of "Other Permitted Indebtedness" and (iii) the Indebtedness secured thereby does not exceed the lesser of the cost and the fair market value of such equipment and fixtures at the time of the acquisition thereof; (k) deposits of money securing leases to which Borrower is a party as lessee made in the ordinary course of business; and (l) Eligible Liens. "Permitted Policy Amendment" is an amendment, modification, termination or restatement of the Investment Policies, that is either (a) approved in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required by applicable law or Governmental Authority, or (c) not material. "Permitted SBIC Guarantee" means a guarantee by the Borrower of SBA Indebtedness of an SBIC Subsidiary on SBA's then applicable form, provided that the recourse to the Obligors thereunder is expressly limited only to periods after the occurrence of an event or condition that is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided in Section 7.01(q), it shall be an Event of Default hereunder if any such event or condition giving rise to such recourse occurs). "Person" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. "Plan" means any employee benefit plan within the meaning of Section 3(3) of ERISA (other than a Multiemployer Plan) that is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, in respect of which the Borrower, any of its Subsidiaries or any of its or their respective ERISA Affiliates is (or would under Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA. "Portfolio Company" means the issuer or obligor under any Portfolio Investment held by any Obligor. 33

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"Portfolio Company Data" means the most recently available historic (not to exceed one full fiscal quarter) and pro-forma financial information and market data associated with a Portfolio Company which has been delivered by such Portfolio Company to the Borrower (which the Borrower has no reason to believe is inaccurate in any material respect), which may include pro-forma financial information in connection with, among other things, (a) an Investment that was originated by the Borrower within the preceding twelve month period, (b) a Portfolio Company that has, within the preceding twelve month period, been the acquirer of substantially all of the business assets or stock of another Person, (c) a Portfolio Company that has, within the preceding twelve month period, been the target of an acquisition of substantially all of its business assets or stock, and/or (d) a Portfolio Company that does not have an entire fiscal year under its current capital structure. For the avoidance of doubt, Portfolio Company Data shall exclude any adjustments to the historical results of the applicable Portfolio Company to the extent such adjustments are inconsistent with the methodologies of RiskCalc. "Portfolio Investment" means any Investment held by the Borrower and its Subsidiaries in their asset portfolio and included on the schedule of investments on the financial statements of the Borrower delivered pursuant to Section 5.01(a) or (b) (and, for the avoidance of doubt, shall not include any Subsidiary of the Borrower). "Pounds Sterling" means the lawful currency of England. "Prime Rate" means the rate of interest quoted in The Wall Street Journal, Money Rates Section, as the "U.S. Prime Rate" (or its successor), as in effect from time to time or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent or any Lender may make commercial loans or other loans at rates of interest at, above, or below the Prime Rate. Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. "Principal Financial Center" means, in the case of any Currency, the principal financial center where such Currency is cleared and settled, as determined by the Administrative Agent. "Prime Rate CORRA Determination Day" has the meaning assigned to such term in the definition of Term CORRA. "Public Health Event" means (i) any epidemic, pandemic, disease outbreak (including COVID-19), other health crisis and/or public health event and/or (ii) any adverse economic, financial and/or social conditions resulting from, arising out of or relating to the foregoing clause (i). "QFC" has the meaning assigned to such term in Section 9.20. 34

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"QFC Credit Support" has the meaning assigned to such term in Section 9.20. "Quarterly Dates" means the last Business Day of March, June, September and December in each year, commencing on December 31, 2015. "Quoted Investments" has the meaning set forth in Section 5.12(b)(ii). "Refinancing Indebtedness" has the meaning assigned to such term in Section 6.12. "Register" has the meaning set forth in Section 9.04(c). "Regulations D, T, U and X" means, respectively, Regulations D, T, U and X of the Board (or any successor), as the same may be modified and supplemented and in effect from time to time. "Related Parties" means, with respect to any specified Person, such Person's Affiliates and the respective directors, partners, officers, employees, agents and advisors of such Person and such Person's Affiliates. "Release No. 33837" means Release No. IC-33837 issued by the SEC on April 8, 2020. "Relevant Governmental Body" means (a) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board or the Federal Reserve Bank of New York, or any successor thereto, (b) with respect to a Benchmark Replacement in respect of Loans denominated in Pounds Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England, or any successor thereto, (c) with respect to a Benchmark Replacement in respect of Loans denominated in Canadian Dollars, the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada, or any successor thereto and (d) with respect to any Benchmark Replacement in respect of Loans denominated in any Foreign Currency other than Pounds Sterling or Canadian Dollars, (i) the central bank for the currency in which such Benchmark Replacement is denominated or (ii) any working group or committee officially endorsed or convened by (w) the central bank for the currency in which such Benchmark Replacement is denominated, (x) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (y) a group of those central banks or other supervisors or (z) the Financial Stability Board or any part thereof. "Relevant Rate" means (a) in the case of any SOFR Borrowing, Adjusted Term SOFR (or, if Daily Compounded SOFR has replaced Term SOFR as the Benchmark, Daily Compounded SOFR) for the applicable Interest Period, (b) in the case of any Eurocurrency Borrowing denominated in Euros, the EURIBO Screen Rate per annum for the applicable Interest Period, (c) in the case of any Eurocurrency Borrowing denominated in AUD, the AUD Bank Bill Reference Rate per annum for the applicable Interest Period, (d) in the case of any Eurocurrency Borrowing denominated in Canadian Dollars, Adjusted Term CORRA (or, if Daily Compounded CORRA has replaced Term CORRA as the Benchmark, Daily Compounded 35

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CORRA) for the applicable Interest Period and (e) in the case of any Eurocurrency Borrowing denominated in any other Currency (other than Pounds Sterling) not specified in clauses (a) through (d) above, the calculation of the applicable reference rate shall be determined in accordance with market practice for the applicable Interest Period; provided that if the applicable Screen Rate shall not be available for such Interest Period (if applicable) and/or for the applicable Currency with respect to such Eurocurrency Borrowing for any reason, then the rate determined in accordance with Section 2.11(c) shall be the Relevant Rate for such Interest Period for such Eurocurrency Borrowing; provided further that, if the Relevant Rate under clauses (a) through (e) is less than 0.50% for the relevant Interest Period, such rate shall be deemed to be 0.50% for such Interest Period. "Required Lenders" means, at any time, subject to Section 2.16(b), Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided, that, (a) if there are only three (3) Lenders at such time, "Required Lenders" shall mean Lenders having Revolving Credit Exposures and unused Commitments representing at least two-thirds of the sum of the total Revolving Credit Exposures and unused Commitments at such time and (b) if there are only two (2) Lenders at such time, "Required Lenders" shall mean all Lenders. Solely for purposes of Section 2.11(a)(ii) and the last sentence of Section 9.02(b), the Required Lenders of a Class means Lenders having Revolving Credit Exposures and unused Commitments of such Class representing more than 50% (or, if there are only three (3) Lenders of such Class at such time, at least two-thirds, and, if there are only two (2) Lenders of such Class at such time, all such Lenders) of the sum of the total Revolving Credit Exposures and unused Commitments of such Class at such time. "Required Multicurrency Lenders" means Multicurrency Lenders having Revolving Multicurrency Credit Exposures and unused Multicurrency Commitments representing more than 50% (or, if there are only three (3) Multicurrency Lenders at such time, at least two-thirds, and, if there are only two (2) Multicurrency Lenders at such time, all such Multicurrency Lenders) of the sum of the total Revolving Multicurrency Credit Exposures and unused Multicurrency Commitments at such time. "Resolution Authority" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. "Restatement Effective Date" means March 1, 2019. "Restricted Investment" means (i) the Monroe Joint Venture, (ii) any other joint venture that the Borrower or any of its Subsidiaries, directly or indirectly, has an interest in and (iii) any Subsidiary of the Monroe Joint Venture or any such other joint venture. "Restricted Payment" means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests of the Borrower or any of its Subsidiaries or any option, warrant or other right to acquire any such Equity Interests of the Borrower or any 36

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of its Subsidiaries, provided, for clarity, neither the conversion of convertible debt into Permitted Equity Interests nor the purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with Permitted Equity Interests shall be a Restricted Payment hereunder. "Return of Capital" means an amount equal to (a) any cash amount (and net cash proceeds of any noncash amount) received by any Obligor at any time in respect of the outstanding principal of any Portfolio Investment (whether at stated maturity, by acceleration or otherwise), plus (b) without duplication of amounts received under clause (a), any net cash proceeds (including net cash proceeds of any noncash consideration) received by any Obligor at any time from the sale of any property or assets pledged as collateral in respect of any Portfolio Investment to the extent such net cash proceeds are less than or equal to the outstanding principal balance of such Portfolio Investment, plus (c) any cash amount (and net cash proceeds of any noncash amount) received by any Obligor at any time in respect of any Portfolio Investment that is an Equity Interest (x) upon the liquidation or dissolution of the issuer of such Portfolio Investment, (y) as a distribution of capital made on or in respect of such Portfolio Investment, or (z) pursuant to the recapitalization or reclassification of the capital of the issuer of such Portfolio Investment or pursuant to the reorganization of such issuer, plus (d) any similar return of capital received by any Obligor in cash (and net cash proceeds of any noncash amount) in respect of any Portfolio Investment. "Revolver Termination Date" means the date that is the earlier to occur of (i) the date that is the four (4) year anniversary of the Amendment No. 5 Effective Date, and (ii) the termination in full of the Commitments in accordance with this Agreement, in each case unless extended with the consent of each Lender in its sole and absolute discretion. "Revolving Credit Exposure" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Revolving Dollar Credit Exposure and Revolving Multicurrency Credit Exposure at such time. "Revolving Dollar Credit Exposure" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Dollar Loans at such time. "Revolving Multicurrency Credit Exposure" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender's Multicurrency Loans at such time. "RFR", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are bearing interest at a rate determined by reference to Daily Simple RFR. "RFR Business Day" means, for any Loan denominated in Pounds Sterling, any day except for (a) a Saturday or a Sunday and (b) a day on which banks are closed for general business in London. "RFR Rate Day" has the meaning specified in the definition of "Daily Simple RFR". 37

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"RIC" means a Person qualifying for treatment as a "regulated investment company" under the Code. "Risk Factor" means, with respect to any Portfolio Investment (other than an ABL Transaction), for any calendar quarter, the risk factor set forth on Schedule 1.01(c) corresponding to the Risk Factor Rating that has been most recently assigned to such Portfolio Investment by the Borrower in accordance with the definition of Risk Factor Rating. "Risk Factor Rating" means, with respect to any Portfolio Investment (other than an ABL Transaction), a rating assigned by the Borrower from time to time to such Portfolio Investment by, at the Borrower's option, either (i) using a public or private rating of the Portfolio Company from Moody's; (ii) using a comparable shadow rating performed by a Moody's analyst with respect to the Portfolio Investment; (iii) if such a public or private rating or comparable shadow rating referred to in clauses (i) and (ii) above is not available, using a comparable rating determined by the Borrower inputting the Portfolio Company Data relating to such Portfolio Investment into RiskCalc (Moody's KMV Expected Default Frequency model); or (iv) determining a rating by another method that has been approved for such Portfolio Investment by the Administrative Agent and Lenders (which approval, for the avoidance of doubt, may be given electronically) holding at least two-thirds of the total Revolving Credit Exposures and unused Commitments. "S&P" means S&P Global Ratings, a division of S&P Global, Inc., a New York corporation, or any successor thereto. "Sanctioned Country" means, at any time, a country, territory or region that is, or whose government is, the subject or target of any Sanctions. "Sanctions" has the meaning assigned to such term in Section 3.19. "SBA" means the United States Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof. "SBIC Subsidiary" means any Subsidiary of the Borrower (or such Subsidiary's general partner or manager entity) that is (x) a "small business investment company" licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently conducted) under the Small Business Investment Act of 1958, as amended, and (y) designated in writing by the Borrower (as provided below) as an SBIC Subsidiary, so long as: (a) other than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Borrower make an equity or capital contribution to the SBIC Subsidiary in connection with its incurrence of SBA Indebtedness (provided that such contribution is permitted by Section 6.03(e) as in effect at the time of such contribution and is made substantially contemporaneously with such incurrence), no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Person (i) is Guaranteed by the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary), (ii) is recourse to or obligates the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary) in any way, or (iii) subjects any property 38

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of the Borrower or any of its Subsidiaries (other than any SBIC Subsidiary) to the satisfaction thereof; (b) other than pursuant to a Permitted SBIC Guarantee, neither the Borrower nor any of its Subsidiaries has any material contract, agreement, arrangement or understanding with such Person other than on terms no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower or such Subsidiary; (c) neither the Borrower nor any of its Subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve its financial condition or cause it to achieve certain levels of operating results; and (d) such Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure, and the Equity Interests it has issued are not pledged to secure, in each case, any Indebtedness, liabilities or obligations of any one or more of the Obligors. Any designation by the Borrower under clause (y) above shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of such Financial Officer's knowledge, such designation complied with the foregoing conditions. "Screen Rate" means the Term SOFR Reference Rate, Daily Compounded SOFR Screen Rate, EURIBO Screen Rate, the Term CORRA Reference Rate, the Daily Compounded CORRA Screen Rate and AUD Screen Rate, collectively and individually as the context may require. "SEC" means the United States Securities and Exchange Commission or any Governmental Authority succeeding to any or all of the functions thereof. "Secured Longer-Term Indebtedness" means, as at any date, Indebtedness for borrowed money (other than Indebtedness hereunder) of the Borrower (which may be Guaranteed by Subsidiary Guarantors) that; (a) has no amortization or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Stated Maturity Date (it being understood that any mandatory amortization, redemption, repurchase or prepayment obligation or put right that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a change of control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a) (notwithstanding the foregoing, the Borrower acknowledges that any payment prior to the Termination Date in respect of any such obligation or right shall only be made to the extent permitted by Section 6.12)); (b) is incurred pursuant to documentation containing (i) financial covenants, covenants governing the borrowing base, if any, portfolio valuations and events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements generally) that are no more restrictive upon 39

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the Borrower and its Subsidiaries than those set forth in this Agreement (provided that, upon the Borrower's written notice to the Administrative Agent at least five Business Days prior to the incurrence of any Secured Longer-Term Indebtedness that otherwise would not meet the requirements of this clause (b)(i), this Agreement will be deemed automatically amended (and, upon the request of the Administrative Agent or the Required Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis, solely to the extent necessary that the financial covenants, covenants governing the borrowing base, if any, portfolio valuations and events of default, as applicable, in this Agreement shall be at least as restrictive as such covenants in the Secured Longer-Term Indebtedness) and (ii) other terms (other than interest and any commitment or related fees) that are no more restrictive in any material respect upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement (it being understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its Capital Stock or (y) arising out of circumstances that would constitute a "fundamental change" (as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement shall not be deemed to be more restrictive for purposes of this definition); and (c) ranks pari passu with the obligations under this Agreement and is not secured by any assets of any Person other than any assets of any Obligor pursuant to the Security Documents and the holders of which, or the agent, trustee or representative of such holders have agreed to be bound by the provisions of the Security Documents in a manner reasonably satisfactory to the Administrative Agent and the Collateral Agent. For the avoidance of doubt, (i) Secured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Secured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of this definition and (ii) any payment on account of Secured Longer-Term Indebtedness shall be subject to Section 6.12. "Secured Obligations" has the meaning specified in the Guarantee and Security Agreement. "Secured Parties" has the meaning specified in the Guarantee and Security Agreement. "Security Documents" means, collectively, the Guarantee and Security Agreement, the Custodian Agreement, all Uniform Commercial Code financing statements filed with respect to the security interests in personal property created pursuant to the Guarantee and Security Agreement, and all other assignments, pledge agreements, security agreements, intercreditor agreements, control agreements and other instruments executed and delivered at any time by any of the Obligors pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security for any of the Secured Obligations. "Senior Coverage Ratio" means the ratio of (A) the aggregate fair value (with regard to Eligible Portfolio Investments, as determined in accordance with Section 5.12(b)(ii)) of the Collateral of the Obligors (exclusive of Collateral that represents Equity Interests in 40

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Financing Subsidiaries and Equity Interests in joint ventures that in the aggregate exceed 20% of the total value of the Collateral) to (B) the Covered Debt Amount (excluding solely for this purpose any unsecured Indebtedness included therein not maturing within 90 days of the date of determination). "Senior Securities" means senior securities (as such term is defined and determined pursuant to the Investment Company Act and any orders of the SEC issued to the Borrower thereunder). "SOFR" means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator. "SOFR Adjustment" means, for any calculation with respect to an ABR Loan or a SOFR Loan, a percentage per annum as set forth as follows for the applicable Type of such Loan and (if applicable) Interest Period therefor: (a) with respect to ABR Loans, 0.11448% (11.448 basis points), (b) with respect to SOFR Loans, if the then-current Benchmark is Adjusted Term SOFR, 0.11448% (11.448 basis points) for an Interest Period of one-month and 0.26161% (26.161 basis points) for an Interest Period of three-months and (c) with respect to SOFR Loans, if the then-current Benchmark is Daily Compounded SOFR, the spread adjustment selected or recommended by the Relevant Governmental Body for the replacement of the tenor of Adjusted Term SOFR with Daily Compounded SOFR having approximately a one month interest payment period. "SOFR Administrator" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). "SOFR Borrowing" means an Adjusted Term SOFR Borrowing; provided that, if a replacement of the Benchmark has occurred pursuant to Section 2.11(c) with respect to Adjusted Term SOFR, a Daily Compounded SOFR Borrowing. "SOFR Loan" means an Adjusted Term SOFR Loan; provided that, if a replacement of the Benchmark has occurred pursuant to Section 2.11(c) with respect to Adjusted Term SOFR, a Daily Compounded SOFR Loan. "SOFR Rate Day" has the meaning specified in the definition of "Daily Compounded SOFR". "Solvent" means, with respect to any Obligor, that as of the date of determination, both (a) (i) the sum of such Obligor's debt and liabilities (including contingent liabilities) does not exceed the present fair saleable value of such Person's present assets, (ii) such Obligor's capital is not unreasonably small in relation to its business as contemplated on the Amendment No. 5 Effective Date and reflected in any projections delivered to the Lenders or with respect to any transaction contemplated or undertaken after the Amendment No. 5 Effective Date, and (iii) such Obligor has not incurred and does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (b) such Obligor is "solvent" within the meaning given to such term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time 41

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shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5). "SONIA" means, with respect to any RFR Business Day, a rate per annum equal to the sterling overnight index average for such RFR Business Day published by the Bank of England (or any successor administrator of the sterling overnight index average) on the Bank of England's website, currently at http://www.bankofengland.co.uk (or any successor source for the sterling overnight index average identified as such by the administrator for the sterling overnight index average from time to time). "SONIA Adjustment" means, with respect to SONIA, 0.0326% (3.26 basis points). "Special Refinancing Notes" shall mean any Indebtedness of the Borrower (i) issued after the Amendment No. 7 Effective Date and on or prior to the maturity date of the 2026 Notes, (ii) in an aggregate principal amount not to exceed $130,000,000 outstanding at any time, (iii) that is not secured by any assets of any Person, (iv) that does not constitute Unsecured Longer-Term Indebtedness, (v) that has an initial term of at least two (2) years as of the issuance date, and (vi) the proceeds of which shall be used solely to refinance the 2026 Notes in full, subject to the time periods and other conditions set forth in Section 6.12. "Standard Securitization Undertakings" means, collectively, (a) customary arms-length servicing obligations (together with any related performance guarantees), (b) obligations (together with any related performance guarantees) to refund the purchase price or grant purchase price credits for breach of representations and warranties referred to in clause (c), and (c) representations, warranties, covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary in commercial loan securitizations (in each case in clauses (a), (b) and (c) excluding obligations related to the collectability of the assets sold or the creditworthiness of the underlying obligors and excluding obligations that constitute credit recourse). "Stated Maturity Date" means the date that is the one year anniversary of the Revolver Termination Date. "Structured Subsidiaries" means a direct or indirect Subsidiary of the Borrower to which any Obligor sells, conveys or otherwise transfers (whether directly or indirectly) Portfolio Investments, which is formed in connection with, and which continues to exist for the sole purpose of, such Subsidiary obtaining and maintaining third-party financing from unaffiliated third parties, and which engages in no material activities other than in connection with the purchase and financing of such assets from the Obligors or any other Person, and which is designated by the Borrower (as provided below) as a Structured Subsidiary; and, so long as: (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any way 42

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other than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee thereof; (b) no Obligor has any material contract, agreement, arrangement or understanding with such Subsidiary other than on terms no less favorable to such Obligor than those that might be obtained at the time from Persons that are not Affiliates of any Obligor, other than fees payable in the ordinary course of business in connection with servicing loan assets; (c) no Obligor has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results; (d) definitive documentation relating to a third party financing provided to such Subsidiary by an unaffiliated third party (1) remains in full force and effect at all times and (2) does not permit such Subsidiary to become an Obligor hereunder; (e) [reserved]; (f) in the good faith judgment of the Borrower, such Structured Subsidiary reasonably expects to utilize, in the ordinary course of business, its assets to obtain or maintain a secured financing from an unaffiliated third party. Any such designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate shall include a statement to the effect that, to the best of such Financial Officer's knowledge, such designation complied with the foregoing conditions. Each Subsidiary of a Structured Subsidiary shall be deemed to be a Structured Subsidiary and shall comply with the foregoing requirements of this definition. "Subject to Sanctions" with respect to any Person means that such Person is: (a) currently the subject of, or subject to, any Sanctions; (b) included on OFAC's list of Specially Designated Nationals or HMT's Consolidated List of Financial Sanctions Targets; (c) located, organized or resident in a Designated Jurisdiction; or (d) (i) an agency of the government of a Designated Jurisdiction, (ii) an organization controlled by a Designated Jurisdiction, or (iii) a Person located, organized or resident in a Designated Jurisdiction. "Subsidiary" means, with respect to any Person (the "parent") at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Anything herein to the contrary notwithstanding, the term "Subsidiary" shall not include any Person that constitutes a Portfolio Investment held by any Obligor in the ordinary course of business and that is not, under 43

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GAAP, consolidated on the financial statements of the Borrower and its Subsidiaries. Unless otherwise specified, "Subsidiary" means a Subsidiary of the Borrower. "Subsidiary Guarantor" means any Subsidiary that is or is required to be a Guarantor under the Guarantee and Security Agreement. It is understood and agreed that, subject to Section 5.08(a), (i) no CFC or Transparent Subsidiary shall be required to be a Subsidiary Guarantor and (ii) no Financing Subsidiary shall be required to be a Subsidiary Guarantor, in each case, as long as it remains a Financing Subsidiary, CFC or Transparent Subsidiary, as the case may be, as defined and described herein. "Supplemental IVP Cap" has the meaning set forth in Section 5.12(b)(ii)(I). "Supported QFC" has the meaning set forth in Section 9.20. "T2" means the real time gross settlement system operated by the Eurosystem, or any successor system. "TARGET Day" means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system (or any successor settlement system as determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euros. "Taxes" means any and all present or future taxes levies, imposts, duties, deductions, charges or withholdings (including backup withholding), assessments, fees or similar amounts imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. "Term CORRA" means, (a) for any calculation with respect to an Adjusted Term CORRA Loan, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term CORRA Determination Day") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 5:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a replacement of the Term CORRA Reference Rate has not occurred pursuant to Section 2.11(c)(i), then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; and (b) for any calculation with respect to a Loan denominated in Canadian Dollars and bearing interest at a rate determined by reference to the Canadian Prime Rate on any day, the Term CORRA Reference Rate for a tenor of one (1) month on the day (such day, the "Prime Rate CORRA Determination Day") that is two (2) Business Days prior to such day, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 5:00 44

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p.m. (Toronto time) on any Prime Rate CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a replacement of the Term CORRA Reference Rate has not occurred pursuant to Section 2.11(c)(i), then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Prime Rate CORRA Determination Day; provided that, if the Term CORRA as so determined shall ever be less than the Floor, then Term CORRA shall be deemed to be the Floor. "Term CORRA Administrator" means Candeal Benchmark Administration Services Inc., TSX Inc. (or a successor administrator of the Term CORRA Reference Rate selected by the Administrative Agent in its reasonable discretion). "Term CORRA Reference Rate" means the forward-looking term rate based on CORRA. "Term SOFR" means, (a) for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term SOFR Determination Day") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a replacement of the Term SOFR Reference Rate has not occurred pursuant to Section 2.11(c)(i), then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; and (b) for any calculation with respect to an ABR Loan on any day, the Term SOFR Reference Rate for a tenor of one (1) month on the day (such day, the "ABR Term SOFR Determination Day") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any ABR Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a replacement of the Term SOFR Reference Rate has not occurred pursuant to Section 2.11(c)(i), then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such ABR Term SOFR Determination Day. 45

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"Term SOFR Administrator" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). "Term SOFR Reference Rate" means the forward-looking term rate based on Term SOFR. "Termination Date" means the date on which the Commitments have expired or been terminated and the principal of and accrued interest on each Loan and all fees and other amounts payable hereunder shall have been paid in full (excluding, for the avoidance of doubt, any amount in connection with any contingent, unasserted indemnification and expense reimbursement obligations). "Total Net Assets" means, at any date, the total net assets of the Borrower and its Subsidiaries determined on a consolidated basis, without duplication, in accordance with GAAP. "Transactions" means the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans, and the use of the proceeds thereof. "Transferred Asset" has the meaning assigned to such term in Section 6.03(f). "Transparent Subsidiary" means any Subsidiary of the Borrower designated in writing by the Borrower as a Transparent Subsidiary, so long as such Subsidiary is directly or indirectly owned by an Obligor and has no material assets other than Equity Interests (held directly or indirectly through other Transparent Subsidiaries) in one or more CFCs. "Two Largest Industry Classification Groups" means, as of any date of determination, each of the two Industry Classification Groups that a greater portion of the Borrowing Base has been assigned to each such Industry Classification Group pursuant to Section 5.12(a) than any other single Industry Classification Group. "Type", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing, is determined by reference to SOFR, the Alternate Base Rate, EURIBO Screen Rate, AUD Bank Bill Reference Rate, CORRA, the Canadian Prime Rate, Daily Simple RFR or such other interest rate agreed by each Lender and the Borrower at the time an Agreed Foreign Currency is consented to in accordance with the definition thereof. "UK Financial Institution" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 46

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"UK Resolution Authority" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. "Undisclosed Administration" means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or its direct or indirect parent company is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed and such appointment has not been publicly disclosed (including, without limitation, under the Dutch Financial Supervision Act 2007 (as amended from time to time and including any successor legislation)). "Uniform Commercial Code" or "UCC" means the Uniform Commercial Code as in effect from time to time in the State of New York. "Unquoted Investments" has the meaning set forth in Section 5.12(b)(ii). "Unsecured Longer-Term Indebtedness" means (A) any Indebtedness for borrowed money of the Borrower that: (a) has no amortization or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date (it being understood that (i) the conversion features into Permitted Equity Interests under convertible notes (as well as the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests, except in the case of interest or expenses (which may be payable in cash)) shall not constitute "amortization", "redemption", "repurchase" or "repayment" for the purposes of this definition and (ii) any mandatory amortization, redemption, repurchase or prepayment obligation or put right that is contingent upon the happening of an event that is not certain to occur (including, without limitation, a change of control or bankruptcy) shall not in and of itself be deemed to disqualify such Indebtedness under this clause (a) (notwithstanding the foregoing in this clause (ii), the Borrower acknowledges that any payment prior to the Termination Date in respect of any such obligation or right shall only be made to the extent permitted by Section 6.12)). (b) is incurred pursuant to terms that are substantially comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably determined in good faith by Borrower (other than financial covenants and events of default (other than events of default customary in indentures or similar instruments that have no analogous provisions in this Agreement or credit agreements generally), which shall be no more restrictive upon the Borrower and its Subsidiaries, prior to the Termination Date, than those set forth in this Agreement; provided that, upon the Borrower's written notice to the Administrative Agent at least five Business Days prior to the incurrence of any Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this clause (B), this Agreement will be deemed automatically amended (and, upon the request of the Administrative 47

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Agent or the Required Lenders, the Borrower shall promptly enter into a written amendment evidencing such amendment), mutatis mutandis, solely to the extent necessary such that the financial covenants and events of default, as applicable, in this Agreement shall be at least as restrictive as such provisions in the Unsecured Longer-Term Indebtedness) (it being understood that put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its Capital Stock or (y) arising out of circumstances that would constitute a "fundamental change" (as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement, shall not be deemed to be more restrictive for purposes of this definition), and (c) is not secured by any assets of any Person. For the avoidance of doubt, Unsecured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of this definition; and (B) the 2026 Notes and/or the Special Refinancing Notes, provided that, in each case, such Indebtedness otherwise complies with the provisions of the immediately preceding clause (A), other than such Indebtedness having a final maturity date earlier than six months after the Maturity Date. For the avoidance of doubt, (a) Unsecured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness satisfies the requirements of clause (A) of this definition and (b) any payment on account of Unsecured Longer-Term Indebtedness shall be subject to Section 6.12. "Unsecured Shorter-Term Indebtedness" means, collectively, (a) any Indebtedness of the Borrower or any of its Subsidiaries that is not secured by any assets of any Person and that does not constitute Unsecured Longer-Term Indebtedness and (b) any Indebtedness of the Borrower or any of its Subsidiaries that is designated as "Unsecured Shorter-Term Indebtedness" pursuant to Section 6.11(a). For the avoidance of doubt, Unsecured Shorter-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured Shorter-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of clause (a). "U.S. Government Securities" means securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds, and notes. "U.S. Government Securities Business Day" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets 48

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Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. "U.S. Person" means any Person that is a "United States person" as defined in Section 7701(a)(30) of the Code. "U.S. Special Resolution Regimes" has the meaning assigned to such term in Section 9.20. "USA PATRIOT Act" has the meaning assigned to such term in Section 3.20. "Value" has the meaning assigned to such term in Section 5.13. "wholly owned Subsidiary" of any person shall mean a Subsidiary of such person, all of the Equity Interests of which (other than directors' qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person and/or one or more wholly owned Subsidiaries of such person. Unless the context otherwise requires, "wholly owned Subsidiary Guarantor" shall mean a wholly owned Subsidiary that is a Subsidiary Guarantor. "Withdrawal Liability" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. "Withholding Agent" means the Borrower or the Administrative Agent, as applicable. "Write-Down and Conversion Powers" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under or suspend any obligation in respect of that liability or any of the powers under the Bail-In Legislation that are related to or ancillary to any of those powers. SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a "Dollar Loan" or a "Multicurrency Loan"), by Type (e.g., an "ABR Loan" or a "SOFR Loan") or by Class and Type (e.g., a "Multicurrency Eurocurrency Loan"). Borrowings also may be classified and referred to by Class (e.g., a "Dollar Borrowing" or a "Multicurrency Borrowing"), by Type (e.g., an "ABR Borrowing" or a "SOFR Borrowing") or by Class and Type (e.g., a "Multicurrency Eurocurrency Borrowing"). Loans and Borrowings may also be identified by Currency. 49

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SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall" and vice versa. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented, renewed or otherwise modified (subject to any restrictions on such amendments, supplements, renewals or modifications set forth herein or therein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns (subject to any restrictions on such successors and assigns set forth herein), (c) the words "herein", "hereto", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. Solely for purposes of this Agreement, any references to "obligations" owed by any Person under any Hedging Agreement shall refer to the amount that would be required to be paid by such Person if such Hedging Agreement were terminated at such time (after giving effect to any netting agreement). SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Restatement Effective Date in GAAP or in the application or interpretation thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then the Borrower, Administrative Agent and the Lenders agree to enter into negotiations in good faith in order to amend such provisions of this Agreement so as to equitably reflect such change to comply with GAAP with the desired result that the criteria for evaluating the Borrower's financial condition shall be the same after such change to comply with GAAP as if such change had not been made; provided, however, until such amendments to equitably reflect such changes are effective and agreed to by the Borrower, Administrative Agent and the Required Lenders, the Borrower's compliance with such financial covenants shall be determined on the basis of GAAP as in effect and applied immediately before such change in GAAP becomes effective. Notwithstanding the foregoing or anything herein to the contrary, the Borrower covenants and agrees with the Lenders that whether or not the Borrower may at any time adopt Financial Accounting Standard Board Accounting Standards Codification 825, all determinations relating to fair value accounting for liabilities or compliance with the terms and conditions of this Agreement shall be made on the basis that the Borrower has not adopted Accounting Standard Codification 825. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without 50

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giving effect to any election under Statement of Financial Accounting Standards 159, The Fair Value Option for Financial Assets and Financial Liabilities, or any successor thereto (including pursuant to Financial Accounting Standard Board Accounting Standard Codifications), to value any Indebtedness of the Borrower or any Subsidiary at "fair market value", as defined therein. In addition, notwithstanding Accounting Standards Update 2015-03, GAAP or any other matter, for purposes of calculating any financial or other covenants hereunder, debt issuance costs shall not be deducted from the related debt obligation. SECTION 1.05. Currencies Generally. At any time, any reference in the definition of the term "Agreed Foreign Currency" or in any other provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation at such time whether or not the name of such Currency is the same as it was on the date hereof. Except as provided in Section 2.08(b) and the last sentence of Section 2.15(a), for purposes of determining (i) whether the amount of any Borrowing under the Multicurrency Commitments, together with all other Borrowings under the Multicurrency Commitments then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate amount of the Multicurrency Commitments, (ii) the aggregate unutilized amount of the Multicurrency Commitments, (iii) the Revolving Credit Exposure, (iv) the Covered Debt Amount and (v) the Borrowing Base or the Value or the fair market value of any Portfolio Investment, the outstanding principal amount of any Borrowing that is denominated in any Foreign Currency or the Value or the fair market value of any Portfolio Investment that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing or Portfolio Investment, as the case may be, determined as of the date of such Borrowing (determined in accordance with the last sentence of the definition of the term "Interest Period") or the date of valuation of such Portfolio Investment, as the case may be; provided that in connection with the delivery of any Borrowing Base Certificate pursuant to Section 5.01(d) or (e), such amounts shall be determined as of the date of the delivery of such Borrowing Base Certificate. Where any amount is denominated in Dollars under this Agreement but requires for its determination an amount which is denominated in a Foreign Currency, such amounts shall be converted into the Foreign Currency Equivalent on the date of determination. Wherever in this Agreement in connection with a Borrowing or Loan an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan is denominated in a Foreign Currency, such amount shall be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such Foreign Currency). SECTION 1.06. Special Provisions Relating to Euro. Each obligation hereunder of any party hereto that is denominated in the National Currency of a state that is not a Participating Member State on the date hereof shall, effective from the date on which such state becomes a Participating Member State, be redenominated in Euro in accordance with the legislation of the European Union applicable to the European Monetary Union; provided that, if and to the extent that any such legislation provides that any such obligation of any such party payable within such Participating Member State by crediting an account of the creditor can be paid by the debtor either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either in Euros or in such National Currency. If the basis of accrual of interest or fees expressed in this Agreement with respect to an Agreed Foreign Currency of any country that becomes a Participating Member State after the date on which such currency becomes an Agreed Foreign Currency shall be inconsistent with any convention or practice in the 51

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interbank market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace such expressed basis effective as of and from the date on which such state becomes a Participating Member State; provided that, with respect to any Borrowing denominated in such currency that is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest Period therefor. Without prejudice to the respective liabilities of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement, each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent and the Borrower shall reasonably agree from time to time, to the extent necessary or appropriate to reflect the introduction or changeover to the Euro in any country that becomes a Participating Member State after the Restatement Effective Date; provided that the Administrative Agent shall provide the Lenders with prior notice of the proposed change with an explanation of such change in sufficient time to permit the Lenders an opportunity to respond to such proposed change. SECTION 1.07. Times of Day. Unless otherwise specified in the Loan Documents, time references are to Eastern time (daylight or standard, as applicable). SECTION 1.08. Divisions. For all purposes under the Loan Documents, in connection with any division, plan of division or creation or reorganization into one or more series under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person (and for all purposes of this Section 1.08, any series of a Person shall constitute a separate and different "Person"), then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time. SECTION 1.09. Issuers. For all purposes of this Agreement, all issuers of Portfolio Investments that are Affiliates of one another shall be treated as a single issuer, unless such issuers are Affiliates of one another solely because they are under the common Control of the same private equity sponsor or similar sponsor. SECTION 1.10. Public Health Events. Notwithstanding any other provision contained herein, unless otherwise agreed to by the Required Lenders in their sole discretion, all terms of an accounting or financial nature used herein and all calculations of any financial or other covenants (including with respect to the Asset Coverage Ratio and the definitions therein) hereunder and all covenants limiting or prohibiting transactions not permitted by law shall be determined, construed and/or calculated, in each case, without giving effect to any temporary or permanent amendments, supplements, waivers, other modifications and/or other forms of relief since December 31, 2019 of the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board and/or any Governmental Authority (including Release No. 33837 and other rules, regulations and orders issued by the SEC) that arose in connection with, or as a result of, any Public Health Event. 52

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SECTION 1.11. Rates. The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to ABR, Adjusted Term SOFR, Term SOFR, Daily Compounded SOFR, any Relevant Rate, any Daily Simple RFR or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, ABR, Adjusted Term SOFR, Term SOFR, Daily Compounded SOFR, any Relevant Rate, any Daily Simple RFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Replacement Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of ABR, Adjusted Term SOFR, Term SOFR, Daily Compounded SOFR, any Relevant Rate, any Daily Simple RFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain ABR, Adjusted Term SOFR, Term SOFR, Daily Compounded SOFR, any Relevant Rate, any Daily Simple RFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. SECTION 1.12. Events of Default. Any Event of Default that has occurred shall be deemed to be continuing unless (i) waived in accordance with the terms hereof or (ii) the Required Lenders (or such higher standard as required by Section 9.02) otherwise agree that such Event of Default shall no longer be continuing. ARTICLE II THE CREDITS SECTION 2.01. The Commitments. Subject to the terms and conditions set forth herein, (a) each Dollar Lender severally agrees to make Dollar Loans to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (a) such Lender's Revolving Dollar Credit Exposure exceeding such Lender's Dollar Commitment, (b) the aggregate Revolving Dollar Credit Exposure of all of the Dollar Lenders exceeding the aggregate Dollar Commitments or (c) the total Covered Debt Amount exceeding the Borrowing Base then in effect; and (b) each Multicurrency Lender severally agrees to make Multicurrency Loans to the Borrower from time to time during the Availability Period in an aggregate principal 53

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amount that will not result in (a) such Lender's Revolving Multicurrency Credit Exposure exceeding such Lender's Multicurrency Commitment, (b) the aggregate Revolving Multicurrency Credit Exposure of all of the Multicurrency Lenders exceeding the aggregate Multicurrency Commitments or (c) the total Covered Debt Amount exceeding the Borrowing Base then in effect. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Loans. SECTION 2.02. Loans and Borrowings. (a) Obligations of Lenders. Each Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Currency and Type made by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required. (b) Type of Loans. Subject to Section 2.11, each Borrowing of a Class shall be constituted entirely of ABR Loans, of SOFR Loans, of RFR Loans or of Eurocurrency Loans of such Class denominated in a single Currency as the Borrower may request in accordance herewith. Each ABR Loan and each SOFR Loan shall be denominated in Dollars. Each Borrowing denominated in Dollars shall be constituted entirely of ABR Loans or of SOFR Loans. Each Borrowing denominated in an Agreed Foreign Currency shall be constituted entirely of RFR Loans or Eurocurrency Loans. Each Lender at its option may make any RFR Loan, Eurocurrency Loan or SOFR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. (c) Minimum Amounts. Each Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $100,000 in excess thereof or, with respect to any Agreed Foreign Currency, 1,000,000 in the units of such Agreed Foreign Currency or a larger multiple of 100,000 in excess thereof (or such smaller minimum amount as may be agreed to by the Administrative Agent); provided that a Borrowing of a Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Class. Borrowings of more than one Class, Currency or Type may be outstanding at the same time. (d) Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Eurocurrency Borrowing, SOFR Borrowing or RFR Borrowing (or to elect to convert to or continue as a Eurocurrency Borrowing or, if the then-current Benchmark is Adjusted Term SOFR, a SOFR Borrowing) if the Interest Period requested therefor would end after the Maturity Date. (e) [Reserved]. 54

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(f) Restatement Effective Date Adjustments. (i) On the Restatement Effective Date Borrower shall (A) prepay the Existing Loans (if any) in full and (B) simultaneously borrow new Loans hereunder in an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any Existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Existing Lender will be subsequently borrowed from such Existing Lender and (y) the Existing Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (as set forth in Schedule 1.01(b)). Each of the Lenders consents to any non-pro rata commitment reduction or payment that is a result of the reallocation. Each of the Lenders agrees to waive repayment of the amounts, if any, payable under Section 2.13 as a result of, and solely in connection with, any such prepayment. (ii) On the Restatement Effective Date, substantially contemporaneously with the reallocation described in Section 2.02(f)(i), each Increasing Existing Lender shall make a payment to the Administrative Agent, for the account of the other Lenders, in an amount calculated by the Administrative Agent in accordance with such section, so that after giving effect to such payment and to the distribution thereof to the other Lenders, the Loans are held ratably by the Lenders. SECTION 2.03. Requests for Borrowings. (a) Notice by the Borrower. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by delivery of a signed Borrowing Request or by telephone or e-mail (in each case, followed promptly by delivery (including by e-mail) of a signed Borrowing Request) (i) in the case of a Eurocurrency Borrowing denominated in a Foreign Currency (other than AUD), not later than noon, New York City time, four (4) Business Days before the date of the proposed Borrowing, (ii) in the case of an ABR Borrowing, not later than noon, New York City time, one (1) Business Day before the date of the proposed Borrowing, (iii) in the case of a Eurocurrency Borrowing denominated in AUD, not later than 11:00 a.m., London time, four (4) Business Days before the date of the proposed Borrowing, (iv) in the case of an RFR Borrowing, not later than 11:00 a.m., New York City time, five (5) Business Days before the date of the proposed Borrowing or (v) in the case of a SOFR Loan or CORRA Loan, not later than (x) if the then-current Benchmark is Adjusted Term SOFR or Adjusted Term CORRA, noon, New York City time or Toronto time, respectively, three (3) U.S. Government Securities Business Days before the date of the proposed Borrowing or (y) if the then-current Benchmark is Daily Compounded SOFR or Daily Compounded CORRA, noon, New York City time or Toronto time, respectively, five (5) U.S. Government Securities Business Days before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. It is the intention of the Borrower to use its commercially reasonable efforts to make Borrowings hereunder in a manner such that, after giving effect to each extension of credit hereunder, each Lender's outstanding principal amount of its Loans as a 55

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percentage of the aggregate outstanding principal amount of all Loans outstanding is in accordance with its Applicable Percentage. (b) Content of Borrowing Requests. Each telephonic and written (including an e-mail request) Borrowing Request shall specify the following information in compliance with Section 2.02: (i) whether such Borrowing is to be made under the Dollar Commitments, the Multicurrency Commitments or both (and, if both, the amount of the Borrowing under each Class); (ii) the aggregate amount and Currency of each Class of the requested Borrowing; (iii) the date of such Borrowing, which shall be a Business Day; (iv) in the case of a Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing, or a SOFR Borrowing; (v) in the case of a Eurocurrency Borrowing or, if the then-current Benchmark is Adjusted Term SOFR, a SOFR Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of the term "Interest Period" and permitted under Section 2.02(d); and (vi) the location and number of the Borrower's account to which funds are to be disbursed, which shall comply with the requirements of Section 2.04. Notwithstanding the foregoing, in no event shall the Borrower be permitted to request pursuant to this Section 2.03 a Loan at the Canadian Prime Rate or, prior to a Benchmark Transition Event or any Benchmark Replacement with respect to (x) Term SOFR, a SOFR Loan bearing interest based on Daily Compounded SOFR or (y) Term CORRA, a CORRA Loan bearing interest based on Daily Compounded CORRA (it being understood and agreed that the Canadian Prime Rate, Daily Compounded SOFR and Daily Compounded CORRA shall only apply to the extent provided in Section 2.11). (c) Notice by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender's Loan to be made as part of the requested Borrowing. (d) Failure to Elect. If no election as to the Class of a Borrowing denominated in Dollars is specified, then the requested Borrowing shall be deemed to be under both the Multicurrency Commitments and Dollar Commitments, provided however, that if no election as to a Class is specified but an Agreed Foreign Currency has been specified then the requested Borrowing shall be deemed to be under the Multicurrency Commitments. If no election as to the Currency of a Borrowing is specified, then the requested Borrowing shall be denominated in Dollars. If no election as to the Type of a Borrowing is specified, then the requested Borrowing shall be (x) if the then-current Benchmark is Adjusted Term SOFR, a 56

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SOFR Borrowing having an Interest Period of one month and (y) if the then-current Benchmark is Daily Compounded SOFR, a SOFR Borrowing bearing interest at a rate based upon Daily Compounded SOFR and, if an Agreed Foreign Currency has been specified, the requested Borrowing shall be a Eurocurrency Borrowing denominated in such Agreed Foreign Currency and having an Interest Period of one (1) month; provided, however, if the specified Agreed Foreign Currency is Pounds Sterling, the requested Borrowing shall be an RFR Borrowing denominated in Pounds Sterling. If a Eurocurrency Borrowing or, if the then-current Benchmark is Adjusted Term SOFR, a SOFR Borrowing, is requested but no Interest Period is specified, (i) if the Currency specified for such Borrowing is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a SOFR Borrowing denominated in Dollars having an Interest Period of one (1) month's duration, and (ii) if the Currency specified for such Borrowing is an Agreed Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one (1) month's duration. SECTION 2.04. Funding of Borrowings. (a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 1:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request. (b) Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and, in reliance upon such assumption, the Administrative Agent may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the applicable Overnight Rate and (ii) in the case of the Borrower, (x) with respect to Borrowings denominated in Dollars, the interest rate applicable to ABR Loans and (y) with respect to Borrowings denominated in any Agreed Foreign Currency, in accordance with such market practice, in each case, as applicable. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing. SECTION 2.05. Interest Elections. (a) Elections by the Borrower for Borrowings. Subject to Section 2.03(d), the Loans constituting each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or SOFR Borrowing (if the 57

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then-current Benchmark is Adjusted Term SOFR), shall have the Interest Period specified in such Borrowing Request. Thereafter, subject to Section 2.05(e), the Borrower may elect to convert such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in the case of a Eurocurrency Borrowing or SOFR Borrowing (if the then-current Benchmark is Adjusted Term SOFR), may elect the Interest Period therefor, all as provided in this Section; provided, however, that (i) the Borrower may only continue or convert a Borrowing of a Class into a Borrowing of the same Class, (ii) the Borrower may not continue or convert a Borrowing denominated in one Currency as or to a Borrowing in a different Currency, (iii) the Borrower may not continue a Eurocurrency Borrowing denominated in a Foreign Currency if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures would exceed the aggregate Multicurrency Commitments, and (iv) the Borrower may not convert a Eurocurrency Borrowing denominated in a Foreign Currency to a Borrowing of a different Type. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding the Loans constituting such Borrowing (except as provided under Section 2.11(b)), and the Loans constituting each such portion shall be considered a separate Borrowing. (b) Notice of Elections. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by delivery of a signed Interest Election Request or by telephone (followed promptly, but no later than the close of business on the date of such request, by a signed Interest Election Request) by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. (c) Content of Interest Election Requests. Each Interest Election Request shall specify the following information in compliance with Section 2.02: (i) the Borrowing (including the Class) to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; (iii) whether, in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a SOFR Borrowing; and (iv) if the resulting Borrowing is a Eurocurrency Borrowing or a SOFR Borrowing (if the then-current Benchmark is Adjusted Term SOFR), the Interest Period therefor after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period" and permitted under Section 2.02(d); provided that there shall be no more than ten (10) separate interest rate contracts (either tenor or benchmark) outstanding at any one time; provided further, that if a Dollar Loan and a 58

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Multicurrency Loan have Interest Periods beginning and ending on the same dates, they shall be deemed to be a single interest rate contract for the purpose of the limit set forth in this clause (iv), and for the avoidance of doubt, any ABR Loans do not count against such limit. (d) Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each applicable Lender of the details thereof and of such Lender's portion of each resulting Borrowing. (e) Failure to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Eurocurrency Borrowing or a SOFR Borrowing (if the then-current Benchmark is Adjusted Term SOFR) prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected an Interest Period of one (1) month's duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, (i) if the then-current Benchmark is Adjusted Term SOFR, any SOFR Borrowing shall, at the end of the applicable Interest Period for such SOFR Borrowing, be automatically converted to an ABR Borrowing, (ii) if the then-current Benchmark is Daily Compounded SOFR, any SOFR Borrowing shall immediately be automatically converted to an ABR Borrowing, (iii) any Daily Simple RFR Borrowing shall immediately be automatically converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing), (iv) the Borrower shall not be entitled to elect to convert or continue any Borrowing into or as a Eurocurrency Borrowing, a SOFR Borrowing or an RFR Borrowing and (v) any Eurocurrency Borrowing denominated in a Foreign Currency shall not have an Interest Period of more than one (1) month's duration. SECTION 2.06. Termination, Reduction or Increase of the Commitments. (a) Scheduled Termination. On the Revolver Termination Date the Commitments of each Class shall automatically be reduced to an amount equal to the aggregate principal amount of the Loans of all Lenders of such Class outstanding on the Revolver Termination Date and thereafter to an amount equal to the aggregate principal amount of the Loans of such Class outstanding after giving effect to each payment of principal hereunder; provided that, for clarity, no Lender shall have any obligation to make new Loans on or after the Revolver Termination Date, and any outstanding amounts shall be due and payable on the Maturity Date in accordance with Section 2.07. (b) Voluntary Termination or Reduction. The Borrower may at any time terminate, or from time to time reduce, the Commitments ratably among each Class, so long as no Borrowing Request is outstanding, the Borrowing under which would cause the aggregate amount of all outstanding Loans (including such Borrowing) to exceed the reduced amount of the Commitments; provided that (i) each reduction of the Commitments pursuant to this Section 2.06(b) shall be in an amount (when considered in the aggregate with all reductions being applied contemporaneously to the Classes being reduced) that is $5,000,000 or a larger multiple of $1,000,000 in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans of any Class in 59

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accordance with Section 2.08, the total Revolving Credit Exposures of such Class would exceed the total Commitments of such Class. (c) Notice of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments of a Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. (d) Effect of Termination or Reduction. Any termination or reduction of the Commitments of a Class shall be permanent. Each reduction of the Commitments of a Class shall be made ratably among the Lenders of such Class in accordance with their respective Commitments. (e) [Intentionally omitted] (f) Increase of the Commitments. (i) Requests for Increase by Borrower. The Borrower may, at any time prior to the Revolver Termination Date, propose that the Commitments hereunder of a Class be increased (each such proposed increase being a "Commitment Increase") by notice to the Administrative Agent specifying each existing Lender (each an "Increasing Lender") and/or each additional lender (each an "Assuming Lender") that shall have agreed to an additional Commitment and the date on which such increase is to be effective (the "Commitment Increase Date"), which shall be a Business Day at least three Business Days (or such lesser period as the Borrower and the Administrative Agent may reasonably agree) after delivery of such notice and 30 days prior to the Revolver Termination Date; provided that each Lender may determine in its sole discretion whether or not it chooses to participate in a Commitment Increase; provided, further that: (A) the minimum amount of the Commitment (in the aggregate for all relevant Classes) of any Assuming Lender, and the minimum amount of the increase of the Commitment (in the aggregate for all relevant Classes) of any Increasing Lender, as part of such Commitment Increase shall be $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, in each case, in such other amounts as agreed to by the Borrower and the Administrative Agent, in its sole discretion), (B) immediately after giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder shall not exceed $400,000,000; 60

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(C) each Assuming Lender and the Commitment Increase shall be consented to by the Administrative Agent (which consent shall not be unreasonably withheld); (D) no Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase; and (E) the representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the Commitment Increase Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). For the avoidance of doubt, no Lender shall be obligated to agree to an additional Commitment requested by the Borrower pursuant to this Section 2.06(f). (ii) Effectiveness of Commitment Increase by Borrower. On the Commitment Increase Date for any Commitment Increase, each Assuming Lender part of such Commitment Increase, if any, shall become a Lender hereunder as of such Commitment Increase Date with a Commitment in the amount set forth in the agreement referred to in Section 2.06(f)(ii)(y) and the Commitment of the respective Class of any Increasing Lender shall be increased as of such Commitment Increase Date to the amount set forth in the agreement referred to in Section 2.06(f)(ii)(y); provided that: (x) the Administrative Agent shall have received on or prior to noon, New York City time, on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer of the Borrower stating that each of the applicable conditions to such Commitment Increase set forth in the foregoing paragraph (i) has been satisfied; and (y) each Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to noon, New York City time on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent), an agreement, in form and substance satisfactory to the Borrower and the Administrative Agent, pursuant to which such Lender shall, effective as of such Commitment Increase Date, undertake a Commitment or an increase of Commitment, in each case of the respective Class, as applicable, duly executed by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative Agent. Promptly following satisfaction of such conditions, the Administrative Agent shall notify the Lenders of such Class (including any Assuming Lenders) thereof and of the 61

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occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system. (iii) Recordation into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by each Assuming Lender and each Increasing Lender part of such Commitment Increase, as applicable, together with the certificate referred to in clause (ii)(x) above, the Administrative Agent shall, if such agreement referred to in clause (ii)(y) has been completed, (x) accept such agreement, (y) record the information contained therein in the Register and (z) give prompt notice thereof to the Borrower. (iv) Adjustments of Borrowings upon Effectiveness of Increase. On each Commitment Increase Date, the Borrower shall (A) prepay the outstanding Loans (if any) of such Class in full, (B) simultaneously borrow new Loans of such Class hereunder in an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and Borrowing from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Lenders of such Class (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if any, payable under Section 2.13 as a result of any such prepayment. Notwithstanding the foregoing, unless otherwise consented in writing by the Borrower, no Commitment Increase Date shall occur on any day other than the last day of an Interest Period. The Administrative Agent shall amend Schedule 1.01(b) to reflect the aggregate amount of each Lender's Dollar Commitments and Multicurrency Commitments (including Increasing Lenders and Assuming Lenders). Each reference to Schedule 1.01(b) in this Agreement shall be to Schedule 1.01(b) as amended pursuant to this Section. (v) Terms of Loans Issued on the Commitment Increase Date. For the avoidance of doubt, the terms and provisions of any new Loans issued by any Assuming Lender or Increasing Lender, and the Commitment Increase of any Assuming Lender or Increasing Lender, shall be identical to the terms and provisions of Loans of the applicable Class issued by, and the Commitments of the applicable Class of, the Lenders immediately prior to the applicable Commitment Increase Date. 62

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SECTION 2.07. Repayment of Loans; Evidence of Debt. (a) Repayment. Subject to, and in accordance with, the terms of this Agreement, the Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of the Lenders of each Class the outstanding principal amount of the Loans of such Class and all other amounts due and owing hereunder and under the other Loan Documents on the Maturity Date. (b) Manner of Payment. Subject to Section 2.08(d), prior to any repayment or prepayment of any Borrowings of any Class hereunder, the Borrower shall select the Borrowing or Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone (confirmed by telecopy or e-mail) of such selection not later than the time set forth in Section 2.08(e) prior to the scheduled date of such repayment; provided that each repayment of Borrowings of a Class shall be applied to repay any outstanding ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to make a timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding ABR Borrowings of such Class and, second, to any remaining Borrowings of such Class in the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Borrowing of a Class shall be applied ratably to the Loans of such Class included in such Borrowing (except as otherwise provided in Section 2.11(b)). (c) Maintenance of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing the Indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency of principal and interest payable and paid to such Lender from time to time hereunder. (d) Maintenance of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record (i) the amount and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount and Currency of any principal or interest due and payable or to become due and payable from the Borrower to each Lender of such Class hereunder and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share thereof. (e) Effect of Entries. The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section shall be prima facie evidence, absent manifest error, of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. (f) Promissory Notes. Any Lender may request that Loans of any Class made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such 63

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Lender, to such Lender and its permitted registered assigns) and in a form attached hereto as Exhibit C. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its permitted registered assigns). SECTION 2.08. Prepayment of Loans. (a) Optional Prepayments. The Borrower shall have the right at any time and from time to time (but subject to Section 2.08(e)) to prepay any Borrowing in whole or in part, without premium or fee (but subject to Section 2.13), subject to the requirements of this Section. Each prepayment in part under this Section 2.08 shall be in a minimum amount of $1,000,000 (or, if the total amount of such Borrowing is less than $1,000,000, the entire remaining outstanding amount of such Borrowing) or a larger multiple of $100,000 in excess thereof or, with respect to any Agreed Foreign Currency, the Dollar Equivalent thereof (or such lesser amount as is then outstanding). (b) Mandatory Prepayments Due to Changes in Exchange Rates. (i) Determination of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative Agent of a Currency Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit Exposure. For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any Foreign Currency shall be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as of such Quarterly Date or, in the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York City time, on a Business Day, on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first Business Day after such Currency Valuation Notice is received. Upon making such determination, the Administrative Agent shall promptly notify the Multicurrency Lenders and the Borrower thereof. (ii) Prepayment. If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure exceeds 105% of the aggregate amount of the Multicurrency Commitments as then in effect, the Borrower shall, promptly (but in no event later than ten (10) Business Days following the Borrower's receipt of the notice from the Administrative Agent described in clause (i) above) prepay the Multicurrency Loans in such amounts as shall be necessary so that after giving effect thereto the aggregate Revolving Multicurrency Credit Exposure does not exceed the Multicurrency Commitments. For purposes hereof, "Currency Valuation Notice" means a notice given by the Required Multicurrency Lenders to the Administrative Agent stating that such notice is a "Currency Valuation Notice" and requesting that the Administrative Agent determine the aggregate Revolving Multicurrency Credit Exposure. The Administrative Agent shall not be required to 64

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make more than one valuation determination pursuant to Currency Valuation Notices within any rolling three month period. (c) Mandatory Prepayments due to Borrowing Base Deficiency. In the event that the amount of total Revolving Credit Exposure exceeds the total Commitments, the Borrower shall prepay (subject to Section 2.08(e)) Loans in such amounts as shall be necessary so that the amount of total Revolving Credit Exposure does not exceed the total Commitments. In the event that at any time any Borrowing Base Deficiency shall exist, within 5 Business Days, the Borrower shall either prepay (x) the Loans so that the Borrowing Base Deficiency is promptly cured or (y) the Loans and the Other Covered Indebtedness in such amounts as shall be necessary so that such Borrowing Base Deficiency is promptly cured (and, as among the Loans and the Other Covered Indebtedness, at least ratably (based on the outstanding principal amount of such Indebtedness) as to payments of Loans in relation to Other Covered Indebtedness); provided that, if within such 5 Business Day period, the Borrower shall present to the Administrative Agent a reasonably feasible plan, which plan is reasonably satisfactory to the Administrative Agent, that will enable any such Borrowing Base Deficiency to be cured within 30 Business Days of the occurrence of such Borrowing Base Deficiency (which 30-Business Day period shall include the 5 Business Days permitted for delivery of such plan), then such prepayment or reduction shall be effected in accordance with such plan (subject, for the avoidance of doubt, to the limitations set forth above in this Section 2.08(c)). Notwithstanding the foregoing, the Borrower shall pay interest in accordance with Section 2.10(e) for so long as the Covered Debt Amount exceeds the Borrowing Base during such 30-Business Day period. For clarity, in the event that the Borrowing Base Deficiency is not cured prior to the end of such 5-Business Day period (or, if applicable, such 30-Business Day period), it shall constitute an immediate Event of Default under Section 7.01(a). (d) Mandatory Prepayments due to Certain Events Following Availability Period. Subject to Section 2.08(e) below: (i) Asset Sales. In the event that any Obligor shall receive any Net Asset Sale Proceeds at any time after the Availability Period, the Borrower shall, no later than the third Business Day following the receipt of such Net Asset Sale Proceeds, prepay the Loans in an amount equal to 100% of such Net Asset Sale Proceeds (and the Commitments shall be permanently reduced by such amount); provided, that with respect to Asset Sales of assets that are not Portfolio Investments, the Borrower shall not be required to prepay the Loans unless and until (and to the extent that) the aggregate Net Asset Sale Proceeds relating to all such Asset Sales are greater than $2,000,000. (ii) Extraordinary Receipts. In the event (but only to the extent) that the aggregate amount of all Extraordinary Receipts received by the Obligors at any time after the Availability Period exceeds $2,000,000, the Borrower shall, no later than the third Business Day following the receipt of such excess Extraordinary Receipts, prepay the Loans in an amount equal to such excess Extraordinary Receipts (and the Commitments shall be permanently reduced by such amount); provided, that if the Loans to be prepaid are Eurocurrency Loans or, if the then-current Benchmark is Adjusted Term SOFR, SOFR Loans, the Borrower may defer such prepayment (and permanent Commitment reduction) until the last day of the Interest Period applicable to such Loans, 65

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so long as the Borrower deposits an amount equal to such excess Extraordinary Receipts, no later than the third Business Day following the receipt of such excess Extraordinary Receipts, into a segregated collateral account in the name and under the dominion and control of the Administrative Agent pending application of such amount to the prepayment of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period. (iii) Returns of Capital. In the event that any Obligor shall receive any Return of Capital at any time after the Availability Period, the Borrower shall, no later than the third Business Day following the receipt of such Return of Capital, prepay the Loans in an amount equal to 100% of such Return of Capital (and the Commitments shall be permanently reduced by such amount); provided, that if the Loans to be prepaid are Eurocurrency Loans or, if the then-current Benchmark is Adjusted Term SOFR, SOFR Loans, the Borrower may defer such prepayment (and permanent Commitment reduction) until the last day of the Interest Period applicable to such Loans, so long as the Borrower deposits an amount equal to 100% of such Return of Capital, no later than the third Business Day following the receipt of such Return of Capital, into a segregated collateral account in the name and under the dominion and control of the Administrative Agent pending application of such amount to the prepayment of the Loans (and permanent reduction of the Commitments) on the last day of such Interest Period. (iv) Equity Issuances. In the event that the Borrower shall receive any Net Cash Proceeds from the issuance of Equity Interests of the Borrower at any time after the Availability Period, the Borrower shall, no later than the third Business Day following the receipt of such Net Cash Proceeds, prepay the Loans in an amount equal to 50% of such Net Cash Proceeds (and the Commitments shall be permanently reduced by such amount). (v) Indebtedness. In the event that any Obligor shall receive any Net Cash Proceeds from the issuance of Indebtedness at any time after the Availability Period, such Obligor shall, no later than the third Business Day following the receipt of such Net Cash Proceeds, prepay the Loans in an amount equal to 100% of such Net Cash Proceeds (and the Commitments shall be permanently reduced by such amount). (vi) Revolver Termination Date. Not later than the third Business Day following the end of the Availability Period, the Borrower shall use the excess of (A) Cash and Cash Equivalents of the Borrower and its Subsidiaries over (B) the sum of (i) the amount of the Borrower's existing commitments (which include revolving loan or delayed draw term loan commitments the funding of which are not at the discretion or consent of the Borrower or its Subsidiaries) to make Portfolio Investments as of such date, (ii) any follow on advances or protective advances anticipated by the Borrower to be made within ninety (90) days after the end of the Availability Period, (iii) the amount of the Borrower's existing obligations or the amount of Cash the Borrower reasonably intends to use to make distributions and dividends within ninety (90) days after the end of the Availability Period that are permitted under Section 6.05(b) , (d) or (e), (iv) other payments in Cash by the Borrower for operating expenses and other Cash needs (other than for making new Investments) in the ordinary course of business reasonably expected 66

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to occur within ninety (90) days after the end of the Availability Period, in each case under the foregoing clauses (i), (ii), (iii) and (iv) the calculation of which shall be demonstrated to the reasonable satisfaction of the Administrative Agent, and (v) $3,000,000, to prepay the Loans (and the Commitments shall be permanently reduced by such amount). Notwithstanding the foregoing, and subject to clause (e) below, if, in connection with any of the events specified in this Section 2.08(d), the Borrower receives any proceeds or Return of Capital in an Agreed Foreign Currency, the Borrower shall be permitted to pay just the then outstanding Loans denominated in such Agreed Foreign Currency (applied ratably among just the Multicurrency Lenders); provided that any such proceeds or Return of Capital remaining after the Loans denominated in such Agreed Foreign Currency have been paid in full shall be converted to Dollars and paid ratably among the Dollar Lenders and the Multicurrency Lenders in accordance with clause (e) below. (e) Notices, Etc. The Borrower shall notify the Administrative Agent by telephone (followed promptly by written confirmation) of any repayment or prepayment hereunder (i) in the case of a repayment or prepayment of a Eurocurrency Borrowing under Section 2.08(a), not later than 11:00 a.m., London time, four (4) Business Days before the date of repayment or prepayment, (ii) in the case of a repayment or prepayment of a SOFR Borrowing under Section 2.08(a), (x) if the then-current Benchmark is Adjusted Term SOFR, not later than 11:00 a.m., New York City time, three U.S. Government Securities Business Days before the date of repayment or prepayment and (y) if the then-current Benchmark is Daily Compounded SOFR, not later than 11:00 a.m., New York City time, five U.S. Government Securities Business Days before the date of repayment or prepayment, (iii) in the case of a repayment or prepayment of an ABR Borrowing under Section 2.08(a), not later than 11:00 a.m., New York City time, one (1) Business Day before the date of repayment or prepayment, (iv) in the case of repayment or prepayment of an RFR Borrowing under Section 2.08(a), not later than 11:00 a.m., London time, five (5) Business Days before the date of repayment or prepayment or (v) in the case of any prepayment under Section 2.08(b) or (c), not later than 11:00 a.m., New York City time, one (1) Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the repayment or prepayment date, the principal amount of each Borrowing or portion thereof to be repaid or prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided, that, (1) if a notice of prepayment is given in connection with a conditional notice of termination or reduction of the Commitments as contemplated by Section 2.06(c), then such notice of prepayment may be revoked if such notice of termination or reduction is revoked in accordance with Section 2.06(c) and (2) any such notices given in connection with any of the events specified in Section 2.08(d) may be conditioned upon (x) the consummation of the issuance of Equity Interests or Indebtedness (as applicable) or (y) the receipt of net cash proceeds from Extraordinary Receipts or Returns of Capital. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Subject to clause (b) above and to the proviso of Section 2.15(c), each repayment and prepayment in Dollars shall be applied ratably (based on the outstanding principal amounts of such indebtedness) between the Dollar Lenders and the Multicurrency Lenders based on the then outstanding Loans denominated in Dollars and each repayment and prepayment in an Agreed 67

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Foreign Currency (including as a result of the Borrower's receipt of proceeds from a prepayment event in such Agreed Foreign Currency) shall be applied ratably just among the Multicurrency Lenders. In the event the Borrower is required to make any concurrent prepayments under both paragraph (b) and another paragraph of this Section 2.08, any such prepayments shall be applied toward a prepayment pursuant to paragraph (b) before any prepayment pursuant to any other paragraph of this Section 2.08. (f) Repayment and prepayments shall be accompanied by accrued interest to the extent required by Section 2.10 and shall be made in the manner specified in Section 2.07(b). SECTION 2.09. Fees. (a) Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender, a commitment fee, which shall accrue at the Applicable Commitment Fee Rate on the unused amount of the Dollar Commitment and Multicurrency Commitment of such Lender, as applicable, on each day during the period from and including the Original Restatement Effective Date to the earlier of the date the Commitments terminate and the Revolver Termination Date. Accrued commitment fees shall be payable in arrears on the following dates (commencing on the first such dates to occur after the Original Restatement Effective Date): (x) within one Business Day after each Quarterly Date (calculated as of the most recent Quarterly Date); and (y) on the earlier of the date the Commitments terminate and the Revolver Termination Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). (b) Administrative Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. (c) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances absent manifest error. Any fees representing the Borrower's reimbursement obligations of expenses, to the extent requirements of invoice are not otherwise specified in this Agreement, shall be due (subject to the other terms and conditions contained herein) within ten (10) Business Days of the date that the Borrower receives from the Administrative Agent an invoice for such reimbursement obligations. On the Restatement Effective Date, the Borrower shall pay (i) all fees required to be paid on the Restatement Effective Date under that certain amended and restated fee letter, dated March 1, 2019, by and between the Borrower and ING and (ii) all costs and expenses outstanding on such date and required to be paid pursuant to Section 9.03(a)(i). SECTION 2.10. Interest. (a) ABR Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin. 68

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(b) Eurocurrency Loans. The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the applicable Relevant Rate for the related Interest Period for such Borrowing plus the Applicable Margin. (c) SOFR Loans. (i) If the then-current Benchmark is Daily Compounded SOFR, the Loans constituting each SOFR Borrowing shall bear interest at a rate per annum equal to Daily Compounded SOFR plus the Applicable Margin (computed in the manner described in Section 2.10(g)) and (ii) if the then-current Benchmark is Adjusted Term SOFR, the Loans constituting each SOFR Borrowing shall bear interest at a rate per annum equal to Adjusted Term SOFR for the related Interest Period for such Borrowing plus the Applicable Margin. (d) RFR Loans. The Loans constituting each RFR Borrowing shall bear interest at a rate per annum equal to the Daily Simple RFR plus the Applicable Margin plus the SONIA Adjustment. (e) Default Interest. Notwithstanding the foregoing, if any Event of Default described in Section 7.01(a), (b), (d) (only with respect to Section 6.07), (h), (i), (j) or (o) has occurred and is continuing, or on the written demand of the Administrative Agent or the Required Lenders if any Event of Default described in any other clause of Section 7.01 has occurred and is continuing, or if the Covered Debt Amount exceeds the Borrowing Base during the 5-Business Day period (or, if applicable, the 30-Business Day period) referred to in Section 2.08(c), the interest applicable to the Loans shall accrue, and any fee or other amount payable by the Borrower hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of principal of any Loan, 2.00% plus the rate otherwise applicable to such Loan as provided above, or (ii) in the case of any fee or other amount, 2.00% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section. (f) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan in the Currency in which such Loan is denominated and upon termination in full of the applicable Lender's Commitments; provided that (i) interest accrued pursuant to paragraph (e) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Borrowing or any SOFR Loan prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion. (g) Computation. All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest on Eurocurrency Borrowings denominated in Canadian Dollars and AUD, and ABR Borrowings at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), (ii) interest on RFR Borrowings denominated in Pounds Sterling shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and, in each case, shall be payable for the actual number of days elapsed (including the first day but excluding the last day) and (iii) the basis on which interest hereunder shall be computed on Eurocurrency Borrowings in an Agreed Foreign Currency other than Canadian Dollars, Euros, Pounds Sterling and AUD shall be agreed by each 69

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Multicurrency Lender and the Borrower at the time such Agreed Foreign Currency is consented to in accordance with the definition of "Agreed Foreign Currency". All interest hereunder on any Loan computed by reference to Daily Compounded SOFR or Daily Compounded CORRA, shall be computed as of any applicable date of determination on a daily basis based upon (x) the outstanding principal amount of such Loan as of such date of determination plus (y) the accrued, unpaid interest on such Loan attributable to Daily Compounded SOFR or Daily Compounded CORRA (and not, for the avoidance of doubt, attributable to the Applicable Margin) as of the immediately preceding U.S. Government Securities Business Day. The applicable Alternate Base Rate, the Canadian Prime Rate and each Benchmark shall be determined by the Administrative Agent and such determination shall be conclusive absent manifest error. SECTION 2.11. Inability to Determine Rates. (a) Alternate Rate of Interest. If (x) prior to the commencement of the Interest Period for any Eurocurrency Borrowing or, if the then-current Benchmark is Adjusted Term SOFR, any SOFR Borrowing of a Class or (y) at any time for any RFR Borrowing or, if the then-current Benchmark is Daily Compounded SOFR, any SOFR Borrowing (the Currency of such Borrowing herein called the "Affected Currency"): (i) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining the Benchmark for the Affected Currency for such Interest Period (if applicable) (including because the relevant Screen Rate is not available or published on a current basis); or (ii) the Administrative Agent is advised by the Required Lenders of such Class that the Benchmark for the Affected Currency for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective Eurocurrency Loans, SOFR Loans or RFR Loans, as applicable, included in such Borrowing for such Interest Period (if applicable); and, in each case, the provisions of Section 2.11(c) are not applicable, then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or e-mail as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any obligation of such Lender (x) to make RFR Borrowings or, if the then-current Benchmark is Daily Compounded SOFR, SOFR Borrowings, (y) to make or continue Eurocurrency Borrowings or, if the then-current Benchmark is Adjusted Term SOFR, SOFR Borrowings or (z) to convert ABR Borrowings to Eurocurrency Borrowings or SOFR Borrowings shall be suspended, (ii) any Interest Election Request that requests the conversion of any Eurocurrency Borrowing or SOFR Borrowing to, or the continuation of any Borrowing as, a Eurocurrency Borrowing or SOFR Borrowing denominated in the Affected Currency, shall be ineffective and, in each case, unless prepaid, (x) if the Affected Currency is Dollars, such Borrowing shall be continued as, or converted to, an ABR Borrowing, (y) if the Affected Currency is a Foreign Currency (other than Canadian Dollars), such Borrowing shall be converted to Dollars based on the Dollar Equivalent at such time and shall be an ABR Borrowing and (z) if the Affected Currency is Canadian Dollars, such Borrowing shall be continued as, or converted to, a 70

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Borrowing at the Canadian Prime Rate, (iii) if the Affected Currency is Dollars, any Borrowing Request that requests a Eurocurrency Borrowing or SOFR Borrowing denominated in the Affected Currency shall be made as an ABR Borrowing, (iv) if the Affected Currency is a Foreign Currency (other than Canadian Dollars), any Borrowing Request that requests a Eurocurrency Borrowing or an RFR Borrowing denominated in the Affected Currency shall be ineffective and (v) if the Affected Currency is Canadian Dollars, any Borrowing Request that requests a Borrowing denominated in the Affected Currency shall be made at the Canadian Prime Rate. Furthermore, if any Eurocurrency Loan or SOFR Loan in any Currency is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this Section 2.11(a) with respect to the Benchmark applicable to such Eurocurrency Loan or SOFR Loan, then (1) if any such Loan is denominated in Dollars, on the last day of the Interest Period applicable to such Loan (or, if the then-current Benchmark is Daily Compounded SOFR, immediately), such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such day (or immediately), (2) if any such Loan is denominated in any Foreign Currency (other than Canadian Dollars), such Loan shall, on the last day of the Interest Period applicable to such Loan, at the Borrower's election prior to such day: (A) be prepaid on such day or (B) be converted by the Administrative Agent to, and (subject to the remainder of this subclause (B)) shall constitute, an ABR Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of such Loan) on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 noon, New York City time, the Administrative Agent is authorized to effect such conversion of such Eurocurrency Loan into an ABR Loan denominated in Dollars), and, in the case of this subclause (B), upon the Borrower's receipt of notice from the Administrative Agent that the circumstances giving rise to the aforementioned notice no longer exist and with the Borrower's consent (which may be given in its sole discretion), such ABR Loan denominated in Dollars shall then be converted by the Administrative Agent to, and shall constitute, a Eurocurrency Loan denominated in such original Currency (in an amount equal to the Foreign Currency Equivalent of such Loan) on the day of such notice being given to the Borrower by the Administrative Agent, (3) if such Loan is denominated in Canadian Dollars, such Loan shall, on the last day of the Interest Period applicable to such Loan, at the Borrower's election prior to such day: (A) be prepaid on such day or (B) be converted by the Administrative Agent to, and (subject to the remainder of this subclause (B)) shall constitute, a Loan where the Benchmark is equal to the Canadian Prime Rate (it being understood and agreed that if the Borrower do not so prepay such Loan on such day by 12:00 noon, New York City Time, the Administrative Agent is authorized to effect such conversion of such Loan into a Loan where the Benchmark is equal to the Canadian Prime Rate, (4) if the then-current Benchmark is Adjusted Term SOFR, on the last day of the Interest Period applicable to any such SOFR Loan, such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such day or (5) if the then-current Benchmark is Daily Compounded SOFR, immediately, such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such day. Furthermore, if any RFR Loan is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this Section 2.11(a) with respect to the Daily Simple RFR applicable to such RFR Loan, then such Loan shall, at the Borrower's election prior to such day: (A) be prepaid on such day or (B) be converted by the Administrative Agent to, and (subject to the remainder of this subclause (B)) shall constitute, an ABR Loan denominated in Dollars (in an amount equal to the Dollar 71

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Equivalent of such Loan) on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 noon, New York City time, the Administrative Agent is authorized to effect such conversion of such RFR Loan into an ABR Loan denominated in Dollars), and, in the case of this subclause (B), upon the Borrower's receipt of notice from the Administrative Agent that the circumstances giving rise to the aforementioned notice no longer exist and with the Borrower's consent (which may be given in its sole discretion), such ABR Loan denominated in Dollars shall then be converted by the Administrative Agent to, and shall constitute, an RFR Loan (in an amount equal to the Foreign Currency Equivalent of such Loan) on the day of such notice being given to the Borrower by the Administrative Agent. If the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Daily Compounded SOFR or Adjusted Term SOFR, as applicable, cannot be determined pursuant to the applicable definition thereof, the Alternate Base Rate shall be determined by the Administrative Agent without reference to clause (c) of the definition of "Alternate Base Rate" until the Administrative Agent revokes such determination. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, as applicable, together with any additional amounts required pursuant to Section 2.13. (b) Illegality. Without duplication of any other rights that any Lender has hereunder, if any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful for any Lender to make, maintain or fund Loans whose interest is determined by reference to any Benchmark, or to determine or charge interest rates based upon any Benchmark, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, any Currency in any relevant market, then, on notice thereof by such Lender to the Borrower and the Administrative Agent, (i) any obligation of such Lender (x) to make RFR Borrowings or, if the then-current Benchmark is Daily Compounded SOFR, SOFR Borrowings, (y) to make or continue Eurocurrency Borrowings or, if the then-current Benchmark is Adjusted Term SOFR, SOFR Borrowings, or (z) to convert ABR Borrowings to Eurocurrency Borrowings or SOFR Borrowings shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Borrowings the interest rate on which is determined by reference to the Adjusted Term SOFR or Daily Compounded SOFR, as applicable, component of the Alternate Base Rate, the interest rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (c) of the definition of "Alternate Base Rate", in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) (A) all SOFR Borrowings of such Lender shall automatically convert to ABR Borrowings and (B) all RFR Borrowings and Eurocurrency Borrowings shall automatically convert to Dollars based on the Dollar Equivalent at such time and shall be ABR Borrowings (in each case, the interest rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (c) of the definition of "Alternate Base Rate") (1) with respect to RFR Borrowings and, if the then-current Benchmark is Daily Compounded SOFR, SOFR Borrowings, on the immediately succeeding Business Day or (2) with respect to Eurocurrency Borrowings and, if the then-current Benchmark is Adjusted Term SOFR, SOFR Borrowings, on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Borrowings and SOFR Borrowings to such day, or immediately, if such Lender 72

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may not lawfully continue to maintain such Eurocurrency Borrowings and SOFR Borrowings and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Daily Compounded SOFR or Adjusted Term SOFR, as applicable, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to clause (c) of the definition of "Alternate Base Rate" until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon Daily Compounded SOFR or Adjusted Term SOFR, as applicable. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 2.13. (c) Benchmark Replacement Setting. Notwithstanding anything to the contrary herein or in any other Loan Document: (i) Replacing the Benchmark (A) For Eurocurrency Loans, RFR Loans or SOFR Loans, on the earlier of (x) the occurrence of a Benchmark Transition Event and (y) the date written notice of an Early Opt-in Election is provided to the Lenders by the Administrative Agent, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders of each Class. (B) At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower's receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, (x) the Borrower will be deemed to have converted any request for a Eurocurrency Borrowing denominated in Dollars or SOFR Borrowing into a request for a Borrowing of or conversion to ABR Loans, (y) any request by the Borrower for an RFR Borrowing or a Eurocurrency Borrowing in an Agreed Foreign Currency (other than Canadian Dollars) shall be ineffective and (z) any request by the Borrower for a Borrowing denominated in Canadian Dollars shall be converted to a Borrowing at the Canadian Prime Rate. During the period referenced in the foregoing sentence, (a) clause (c) of the definition of "Alternate Base Rate" will not be used in any determination of Alternate Base 73

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Rate, (b) if any Eurocurrency Loan in any Currency (other than Canadian Dollars) is outstanding, such Loan shall, on the last day of the Interest Period applicable to such Loan, at the Borrower's election prior to such day: (1) be prepaid by the Borrower on such day or (2) be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of such Loan) on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 noon, New York City time, the Administrative Agent is authorized to effect such conversion of such Eurocurrency Loan into an ABR Loan denominated in Dollars), (c) if such Loan is denominated in Canadian Dollars, then such Loan shall, on the last day of the Interest Period applicable to such Loan, at the Borrower's election prior to such day: (1) be prepaid by the Borrower on such day or (2) be converted by the Administrative Agent to a Loan where the Benchmark shall be equal to the Canadian Prime Rate, (d) any outstanding affected RFR Loans shall, at the Borrower's election prior to such day: (1) be prepaid by the Borrower on such day or (2) be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of such RFR Loan) on the immediately succeeding Business Day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 noon, New York City time, the Administrative Agent is authorized to effect such conversion of such RFR Loan into an ABR Loan denominated in Dollars), (e) if the then-current Benchmark is Adjusted Term SOFR, any outstanding affected SOFR Loan shall, on the last day of the Interest Period applicable to such Loan, at the Borrower's election prior to such day: (1) be prepaid by the Borrower on such day or (2) be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such date and (f) if the then-current Benchmark is Daily Compounded SOFR, any outstanding affected SOFR Loan shall, at the Borrower's election prior to such day: (1) be prepaid by the Borrower on such day or (2) be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on the immediately succeeding Business Day. (ii) Benchmark Replacement Conforming Changes. In connection with the use, implementation or administration of a Benchmark Replacement (or, with respect to any Benchmark Replacement of the Daily Simple RFR, Term SOFR Daily Compounded SOFR, or any Relevant Rate, at any time) the Administrative Agent in consultation with the Borrower will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. (iii) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (w) any occurrence of a Benchmark Transition Event, or an Early Opt-In Election, as applicable, (x) the implementation of any Benchmark Replacement and (y) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election 74

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that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.11(c), including any determination with respect to Benchmark Replacement Conforming Changes, a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement, or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.11(c). (iv) Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (x) if the then-current Benchmark is a term rate (including Adjusted Term SOFR, EURIBO Screen Rate, AUD Bank Bill Reference Rate or Adjusted Term CORRA) then the Administrative Agent may remove any tenor of such Benchmark that is unavailable, non-representative, non-compliant or non-aligned for Benchmark (including Benchmark Replacement) settings and (y) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings. (v) Applicable Foreign Currency Rate. At the time any Agreed Foreign Currency is consented to in accordance with the definition thereof, the Multicurrency Lenders and the Borrower may include language similar to that contained in this Section 2.11 that will be applicable to the related interest rate consented to in accordance with the definition of Agreed Foreign Currency. (vi) Tax Matters. The Administrative Agent, the Lenders and the Borrower agree to cooperate in good faith and use commercially reasonable efforts to satisfy any applicable requirements under proposed or final United States Treasury Regulations or other IRS guidance such that the use of an alternative rate of interest pursuant to this Section 2.11(c) shall not result in a deemed exchange of any Loan or Obligation under Section 1001 of the Code. SECTION 2.12. Increased Costs. (a) Increased Costs Generally. If any Change in Law shall: (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender; (ii) subject any Lender to any Taxes (other than Covered Taxes and Taxes described in clauses (a)(ii), (c), (d) and (e) of the definition of "Excluded Taxes") on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or (iii) impose on any Lender or any market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or participation therein; 75

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and the result of any of the foregoing shall be to increase the cost to such Lenders of making, continuing, converting into or maintaining any Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. (b) Capital Requirements. If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's parent, if any (or would have the effect of reducing the liquidity of such Lender or such Lender's parent, if any), as a consequence of this Agreement or the Loans made by such Lender, to a level below that which such Lender or such Lender's parent could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's parent with respect to capital adequacy or liquidity position), by an amount deemed to be material by such Lender, then from time to time the Borrower will pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender or such Lender's parent for any such reduction suffered. (c) Certificates from Lenders. A certificate of a Lender setting forth the amount or amounts, in Dollars, necessary to compensate such Lender or its parent, as the case may be, as specified in paragraph (a) or (b) of this Section shall be promptly delivered to the Borrower and shall be conclusive absent manifest error (it being understood that no Lender shall be required to disclose (i) any confidential or price sensitive information or (ii) any information to the extent prohibited by applicable law). The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. (d) Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies the Borrower in writing of any such Change in Law giving rise to such increased costs or reductions (except that, if the Change in Law giving rise to such increased costs is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). SECTION 2.13. Break Funding Payments; Foreign Currency Losses. (a) In the event of (i) the payment of any principal of any Eurocurrency Loan, SOFR Loan or RFR Loan other than on the last day of an Interest Period therefor (including as a result of the occurrence of any Commitment Increase Date or an Event of Default), (ii) the conversion of any Eurocurrency Loan, SOFR Loan or RFR Loan other than on the last day of an Interest Period therefor, (iii) the failure to borrow, convert, continue or prepay any Eurocurrency Loan, SOFR Loan or RFR Loan on the date specified in any notice delivered pursuant hereto (including in connection with any Commitment Increase Date and regardless of whether such notice is permitted to be revocable under Section 2.08(e) and is revoked in accordance herewith), (iv) the assignment as a result of a request by the Borrower pursuant to Section 2.17(b) of any 76

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Eurocurrency Loan, SOFR Loan or RFR Loan other than on the last day of an Interest Period therefor or (v) the conversion of any Eurocurrency Loan, SOFR Loan or RFR Loan (other than on the last day of an Interest Period therefor) as a result of the occurrence of a CAM Exchange or otherwise, including without limitation in connection with Section 2.15, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, SOFR Loan or RFR Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of: (1) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan referred to in clauses (i), (ii), (iii), (iv) or (v) of this Section 2.13 denominated in the Currency of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Eurocurrency Loan, SOFR Loan or RFR Loan, as applicable (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation), if the interest rate payable on such deposit were equal to the applicable Benchmark for such Currency for such Interest Period, over (2) the amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an Affiliate of such Lender) for deposits denominated in such Currency from other banks in the relevant market for such Currency at the commencement of such period. Payments under this Section shall be made upon written request of a Lender to Borrower delivered not later than five Business Days following the payment, conversion, or failure to borrow, convert, continue or prepay that gives rise to a claim under this Section accompanied by a written certificate of such Lender setting forth in reasonable detail the amount or amounts that such Lender is entitled to receive pursuant to this Section (provided that such Lender shall not be required to disclose any confidential or pricing information or any other information prohibited to be disclosed by applicable law), which certificate shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. (b) In the event that any Loan not denominated in Dollars is converted to, or redenominated in Dollars (including, without limitation, pursuant to Section 2.15, a CAM Exchange or otherwise), then in any such event, the Borrower shall compensate each Lender for the loss, cost or expense attributable to such event. SECTION 2.14. Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Taxes, unless otherwise required by applicable law; 77

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provided that if an applicable Withholding Agent shall be required to deduct or withhold any Taxes from such payments (as determined in the good faith discretion of such Withholding Agent), then (i) the applicable Withholding Agent shall be entitled to make such deductions or withholdings, (ii) the applicable Withholding Agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and (iii) if such Tax is a Covered Tax, the sum payable by the Borrower shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section 2.14) the Administrative Agent or Lender receives an amount equal to the sum it would have received had no such deductions or withholdings been made. (b) Payment of Other Taxes by the Borrower. In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. (c) Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender for and, within ten (10) Business Days after written demand therefor, pay the full amount of any Covered Taxes (including Covered Taxes imposed or asserted on or attributable to amounts payable under this Section 2.14) payable or paid by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Covered Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate setting forth in reasonable detail a calculation and explanation of the amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. (d) Indemnification by the Lenders. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting the provisions of Section 2.14(a) or (c), each Lender shall, and does hereby, agree severally to indemnify the Administrative Agent, and shall make payable in respect thereof within ten (10) Business Days after demand therefor, (i) against any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) (collectively, "Tax Damages") incurred by or asserted against the Administrative Agent by the Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of withholding tax ineffective) and (ii) Tax Damages attributable to such Lender's failure to comply with the provisions of Section 9.04 relating to the maintenance of a Participant Register. A certificate setting forth in reasonable detail a calculation and explanation of the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this paragraph. The agreements in this paragraph shall survive the resignation and/or replacement of the Administrative Agent, any 78

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assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other obligations. (e) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.14, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. If the Borrower fails to pay any U.S. federal withholding Taxes that are Excluded Taxes when due to the appropriate Governmental Authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence on account of such Excluded Taxes, the Borrower shall indemnify the Administrative Agent and each Lender for any incremental Taxes that may become payable by the Administrative Agent or such Lender as a result of such failure. (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments under this Agreement or any other Loan Documents shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.14(f)(ii)(A) or (B) or Section 2.14(g) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. (ii) Without limiting the generality of the foregoing, if the Borrower is a U.S. Person, (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 79

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(B) each Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent, but, in any event, only if such Foreign Lender is legally entitled to do so) whichever of the following is applicable: (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party duly completed executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable, or any successor form establishing an exemption from, or reduction of, U.S. federal withholding Tax (x) with respect to payments of interest under any Loan Document, pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, pursuant to the "business profits" or "other income" article of such tax treaty, (2) duly completed executed originals of Internal Revenue Service Form W-8ECI or any successor form certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States, (3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate, signed under penalties of perjury, to the effect that such Foreign Lender is not (I) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (II) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (III) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and (y) duly completed executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable (or any successor form), certifying that the Foreign Lender is not a U.S. Person, or (4) any other form as prescribed by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made, including, to the extent a Foreign Lender is not the beneficial owner, duly completed executed originals of Internal Revenue Service Form W-8IMY accompanied by Internal Revenue Service 80

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Form W-8ECI, Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E, as applicable, a certificate substantially similar to the certificate described in Section 2.14(f)(ii)(B)(3)(x) above, Internal Revenue Service Form W-9 and/or other certification documents from each beneficial owner, as applicable. (C) any Foreign Lender shall upon the expiration or invalidity of any form previously delivered by such Foreign Lender, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent at any time that it becomes aware that it no longer satisfies the legal requirements to provide any previously delivered form or certificate (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. (g) If a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative Agent and the Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Administrative Agent or the Borrower, at the time or times prescribed by law and at such time or times reasonably requested by the Administrative Agent or the Borrower, as may be necessary for the Administrative Agent and the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from any such payment. Solely for purposes of this Section 2.14(g), "FATCA" shall include any amendment made to FATCA after the Restatement Effective Date. Each Lender agrees that if any form or certification it previously delivered under this Agreement expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. (h) Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that it has received a refund (including any credit of any Taxes in lieu of a refund) of any Covered Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.14, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Covered Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent or any Lender, as the case may 81

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be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the Administrative Agent or any Lender, agrees to repay the amount paid over to the Borrower pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or any Lender in the event the Administrative Agent or any Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the Administrative Agent or any Lender be required to pay any amount to the Borrower pursuant to this paragraph (h) the payment of which would place the Administrative Agent or such Lender in a less favorable net position after-Taxes than the Administrative Agent or such Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph (h) shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns or its books or records (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person. (i) Survival. Each party's obligations under this Section 2.14 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. (j) Defined Terms. For purposes of this Section 2.14, the term "applicable law" includes FATCA. SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or under Section 2.12, 2.13 or 2.14, or otherwise) or under any other Loan Document (except to the extent otherwise provided therein) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off, deduction or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent's Account, except as otherwise expressly provided in the relevant Loan Document and except payments pursuant to Sections 2.12, 2.13, 2.14 and 9.03, which shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All amounts owing under this Agreement (including commitment fees and payments required under Sections 2.12 and 2.13, and payments required under Section 2.14 relating to any Loan denominated in Dollars, but not including principal of and interest on any Loan denominated in any Foreign Currency or payments relating to any such Loan required 82

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under Section 2.14, which are payable in such Foreign Currency) or under any other Loan Document (except to the extent otherwise provided therein) are payable in Dollars. Notwithstanding the foregoing, if the Borrower shall fail to pay any principal of any Loan when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), the unpaid portion of such Loan shall, if such Loan is not denominated in Dollars, automatically be redenominated in Dollars on the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such principal shall be payable on demand; and if the Borrower shall fail to pay any interest on any Loan that is not denominated in Dollars, such interest shall automatically be redenominated in Dollars on the due date therefor after giving effect to any applicable grace period (or, if such date is a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable on demand. (b) Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees of a Class then due hereunder, such funds shall be applied (i) first, to pay interest and fees of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees of such Class then due to such parties, and (ii) second, to pay principal of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties. (c) Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing of a Class shall be made from the Lenders of such Class, each payment of commitment fees under Section 2.09 shall be made for the account of the Lenders of the applicable Class, and each termination or reduction of the amount of the Commitments of a Class under Section 2.06, Section 2.08 or otherwise shall be applied to the respective Commitments of the Lenders of such Class, pro rata according to the amounts of their respective Commitments of such Class; (ii) each Borrowing of a Class shall be allocated pro rata among the Lenders according to the amounts of their respective Commitments of such Class (in the case of the making of Loans) or their respective Loans of such Class that are to be included in such Borrowing (in the case of conversions and continuations of Loans), subject to Section 2.02(e); (iii) each payment or prepayment of principal of Loans of a Class by the Borrower shall be made for the account of the Lenders of such Class pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class held by them (and, with respect to the pro rata treatment of prepayments between Classes, any such prepayments shall be made in accordance with the provisions of Section 2.08(e)); and (iv) each payment of interest on Loans of a Class by the Borrower shall be made for the account of the Lenders pro rata in accordance with the amounts of interest on such Loans of such Class then due and payable to the respective Lenders; provided however that, notwithstanding anything to the contrary contained herein, in the event that the Borrower wishes to make a Multicurrency Borrowing in an Agreed Foreign Currency and the Multicurrency Commitments are fully utilized, the Borrower may make a Borrowing under the Dollar Commitments (if otherwise permitted hereunder) and may use the proceeds of such Borrowing to prepay the Multicurrency Loans (without making a ratable prepayment to the Dollar Loans) solely to the extent that the Borrower concurrently utilizes any Multicurrency 83

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Commitments made available as a result of such prepayment to make (subject to the terms and conditions contained herein) a Multicurrency Borrowing in an Agreed Foreign Currency. (d) Sharing of Payments by Lenders. If any Lender of a Class shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans, resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans, and accrued interest thereon then due than the proportion received by any other Lender of such Class, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders of such Class to the extent necessary so that the benefit of all such payments shall be shared by the Lenders of such Class ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. (e) Presumptions of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the applicable Overnight Rate. (f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04, 2.15(e) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid. 84

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SECTION 2.16. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: (a) commitment fees pursuant to Section 2.09(a) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender to the extent and during the period such Lender is a Defaulting Lender; and (b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, two-thirds of the Lenders or the Required Lenders have taken or may take any action hereunder or under any other Loan Document (including any consent to any amendment or waiver pursuant to Section 9.02, except for any amendment or waiver described in Section 9.02(b)(i), (ii), (iii) or (iv)); provided that any waiver, amendment or modification requiring the consent of all Lenders, two-thirds of the Lenders or each affected Lender which affects such Defaulting Lender differently than other Lenders or affected Lenders (as applicable) shall require the consent of such Defaulting Lender. In the event that the Administrative Agent and the Borrower agree in writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then, on the date of such agreement, such Lender shall purchase at par the portion of the Loans of the other Lenders and take such other actions as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; provided further that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender's having been a Defaulting Lender. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 7.01 or otherwise) or received by Administrative Agent from a Defaulting Lender, will be applied at such time or times as may be determined by Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder; second, as Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; third, if so determined by Administrative Agent and Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; fifth, so long as no Default exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting 85

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Lender's breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if: (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share; and (y) notwithstanding anything to the contrary contained herein, such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment will be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by Lenders pro rata in accordance with the Revolving Credit Exposures hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.16 are hereby deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. SECTION 2.17. Mitigation Obligations; Replacement of Lenders. (a) Designation of a Different Lending Office. If any Lender exercises its rights under Section 2.11(b) or requests compensation under Section 2.12, or if the Borrower is required to pay any Covered Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall (at the request of the Borrower) use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the sole reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the case may be, in the future, or eliminate the circumstance giving rise to such Lender exercising its rights under Section 2.11(b) and (ii) would not subject such Lender to any cost or expense not required to be reimbursed by the Borrower and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. (b) Replacement of Lenders. If any Lender exercises its rights under Section 2.11(b) or requests compensation under Section 2.12, or if the Borrower is required to pay any Covered Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 2.17(a), or if any Lender becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent which consent shall not be unreasonably withheld, conditioned or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment 86

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resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. (c) Defaulting Lenders. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04, 2.15(e) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent to satisfy such Lender's obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under such Sections, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. ARTICLE III REPRESENTATIONS AND WARRANTIES The Borrower represents and warrants to the Lenders that: SECTION 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, formed or incorporated, as applicable, validly existing and in good standing under the laws of the jurisdiction of its organization, formation or incorporation, as applicable, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where the failure to do so could reasonably be expected to result in a Material Adverse Effect. There is no existing default under any charter, by-laws or other Constituent Documents of Borrower or its Subsidiaries or any event which, with the giving of notice or passage of time or both, would constitute a default by any party thereunder. SECTION 3.02. Authorization; Enforceability. The Transactions are within the Borrower's corporate powers and have been duly authorized by all necessary corporate and, if required, by all necessary stockholder action and the Board of Directors of the Borrower and its Subsidiaries have approved the transactions contemplated in this Agreement. This Agreement has been duly executed and delivered by the Borrower and each of the other Loan Documents to which the Borrower and/or any of its Subsidiaries is a party have been duly executed and delivered by the Borrower and/or such Subsidiary, as applicable. This Agreement constitutes, and each of the other Loan Documents to which the Borrower or any of its Subsidiaries is a party when executed and delivered will constitute, a legal, valid and binding obligation of the Borrower or such Subsidiary, as applicable, enforceable in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors' rights and (b) the 87

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application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of registration or filing with, or any other action by, any Governmental Authority, except for (i) such as have been or will be obtained or made and are in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to the Security Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other Constituent Documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority (including the Investment Company Act and the rules, regulations and orders issued by the SEC thereunder), (c) will not violate or result in a default in any material respect under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person, and (d) except for the Liens created pursuant to the Security Documents, will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries. SECTION 3.04. Financial Condition; No Material Adverse Effect. (a) Financial Statements. (i) The financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Section 4.01(c) present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of the end of and for the applicable period in accordance with GAAP applied on a consistent basis. As of the date hereof, none of the Borrower or any of its Subsidiaries has any material contingent liabilities, material liabilities for taxes, material unusual forward or material long-term commitments or material unrealized or anticipated losses from any unfavorable commitments not reflected in the financial statements referred to above. (ii) The financial statements delivered to the Administrative Agent and the Lenders by the Borrower pursuant to Sections 5.01(a) and (b) present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of the end of and for the applicable period in accordance with GAAP applied on a consistent basis. None of the Borrower or any of its Subsidiaries has any material contingent liabilities, material liabilities for taxes, material unusual forward or material long-term commitments or material unrealized or anticipated losses from any unfavorable commitments not reflected in the financial statements referred to above. (b) No Material Adverse Effect. Since December 31, 2017, there has not been any event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. SECTION 3.05. Litigation. There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority now pending against or, to 88

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the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries (a) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (b) that involve this Agreement or the Transactions. SECTION 3.06. Compliance with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it (including rules, regulations and orders issued by the SEC) or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is subject to any contract or other arrangement, the performance of which by the Borrower could reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is in default in any manner under any provision of any agreement or instrument to which it is a party or by which it or any of its property is or may be bound, and no condition exists which, with the giving of notice or the lapse of time or both, would constitute such a default, in each case where such default could reasonably be expected to result in a Material Adverse Effect. Each of the Borrower and its Subsidiaries is in compliance with its respective Constituent Documents in all material respects. SECTION 3.07. Taxes. Each of the Borrower and its Subsidiaries has timely filed or has caused to be timely filed all U.S. federal, state and material local Tax returns that are required to be filed by it and all other material Tax returns that are required to be filed by it and has paid all material Taxes for which it is directly or indirectly liable and any assessments made against it or any of its property and all other material Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, other than any Taxes, fees or other charges the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may be. The charges, accruals and reserves on the books of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental charges are adequate in accordance with GAAP. Neither the Borrower nor any of its Subsidiaries has given or been requested to give a waiver of the statute of limitations relating to the payment of any federal, state, local and foreign Taxes or other impositions, and no Tax lien has been filed with respect to the Borrower or any of its Subsidiaries. There is no proposed Tax assessment against the Borrower or any of its Subsidiaries, and there is no basis for such assessment. The period within which United States federal income Taxes may be assessed against any of the Borrower or any of its Subsidiaries has expired for all taxable years ending on or before December 31, 2014. SECTION 3.08. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events that have occurred or are reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. SECTION 3.09. Disclosure. (a) All written reports, financial statements, certificates and other written information (other than projected financial information, other forward looking information, 89

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information relating to third parties and information of a general economic or general industry nature) which has been made available to the Administrative Agent or any Lender by or on behalf of the Borrower, any of its Subsidiaries or any of their respective representatives in connection with the transactions contemplated by this Agreement or delivered under any Loan Document, taken as a whole, is complete, true and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein at the time made and taken as a whole not misleading in light of the circumstances under which such statements were made; and (b) All financial projections, pro forma financial information and other forward-looking information which have been delivered to the Administrative Agent or any Lender by or on behalf of Borrower, any of its Subsidiaries or any of their respective representatives in connection with the transactions contemplated by this Agreement or delivered under any Loan Document are based upon good faith assumptions and, in the case of financial projections and pro forma financial information, good faith estimates, in each case, believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to future events is subject to significant uncertainty and contingencies (many of which are beyond the control of the Borrower) and are therefore not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information may materially differ from the results set forth therein. (c) All information of a general economic nature (excluding the specific historical economic performance of the Borrower or its Subsidiaries or their respective Affiliates) or relating generally to the industry in which the Borrower or its or their Subsidiaries or their respective Affiliates operate made available to the Administrative Agent or any Lender by or at the direction of the Borrower are believed by the Borrower in good faith to be true and accurate in all material respects, but without independent investigation by the Borrower of the accuracy thereof. SECTION 3.10. Investment Company Act; Margin Regulations. (a) Status as Business Development Company. The Borrower is an "investment company" that has elected to be regulated as a "business development company" within the meaning of the Investment Company Act and qualifies as a RIC and has qualified as a RIC at all times since the Borrower's taxable year ended December 31, 2013. (b) Compliance with Investment Company Act. The business and other activities of the Borrower and its Subsidiaries (including, without limitation, entering into this Agreement and the other Loan Documents to which each is a party, the borrowing of the Loans hereunder, the application of the proceeds and repayment thereof by the Borrower and the consummation of the Transactions contemplated by the Loan Documents) do not result in a violation or breach of the provisions of the Investment Company Act or any other rules, regulations or orders issued by the SEC thereunder, except where such breaches or violations, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 90

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(c) Investment Policies. The Borrower is in compliance in all material respects with the Investment Policies. (d) Use of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock. Neither the Borrower nor any of its Subsidiaries own or intend to carry or purchase any Margin Stock or to extend "purpose credit" within the meaning of Regulation U. SECTION 3.11. Material Agreements and Liens. (a) Material Agreements. Schedule 3.11(a) is a complete and correct list of each credit agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by, the Borrower or any of its Subsidiaries outstanding on the Amendment No. 5 Effective Date, and the aggregate principal or face amount outstanding or that is, or may become, outstanding under each such arrangement is correctly described in Schedule 3.11(a). (b) Liens. Schedule 3.11(b) is a complete and correct list of each Lien securing Indebtedness of any Person outstanding on the Amendment No. 5 Effective Date covering any property of the Borrower or any of its Subsidiaries, and the aggregate principal amount of such Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the Amendment No. 5 Effective Date is correctly described in Schedule 3.11(b). SECTION 3.12. Subsidiaries and Investments. (a) Subsidiaries. Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of the Borrower as of the Amendment No. 5 Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary, (iii) the nature of the ownership interests held by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests and (iv) whether or not such Subsidiary is a SBIC Subsidiary, a Structured Subsidiary, a CFC, a Transparent Subsidiary or the Excluded Subsidiary. Except as disclosed in Schedule 3.12(a), as of the Amendment No. 5 Effective Date, (x) the Borrower owns, free and clear of Liens, and has the unencumbered right to vote, all outstanding ownership interests in each Subsidiary shown to be held by it in Schedule 3.12(a), and (y) all of the issued and outstanding capital stock of each such Subsidiary organized as a corporation is validly issued, fully paid and nonassessable. As of the Amendment No. 5 Effective Date, MCC Holdco satisfies the requirements in the definition of "Excluded Subsidiary" to constitute the Excluded Subsidiary. As of any date in which MCC Holdco is not a Subsidiary Guarantor, it does not own any material assets other than Equity Interests in Affiliate Investments permitted under the definition of Excluded Subsidiary, or engage in any material activities other than its ownership of such Equity Interests and activities incidental thereto. 91

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(b) Investments. The Borrower has delivered on the Amendment No. 3 Effective Date, a certification to the Administrative Agent and the Lenders containing a complete and correct list of all Investments (other than Investments of the types referred to in clauses (b) and (c) of Section 6.04) held by the Borrower or any of its Subsidiaries in any Person on the Amendment No. 3 Effective Date and, for each such Investment, (i) the identity of the Person or Persons holding such Investment, (ii) the nature of such Investment, (iii) the amount of such Investment, (iv) the rate of interest charged for such Investment, (v) the value assigned to such Investment by the Board of Directors of the Borrower and value with respect to such Investment set forth in the Third-Party Valuation Opinion and (vi) the transferor of such Investment (the certificate containing such certification, the "Existing Investments Certificate"). Except as disclosed on the Existing Investments Certificate, as of the Amendment No. 3 Effective Date, each of the Borrower and its Subsidiaries owns, free and clear of all Liens (other than Liens permitted pursuant to Section 6.02) all such Investments. SECTION 3.13. Properties. (a) Title Generally. Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. (b) Intellectual Property. Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. SECTION 3.14. Solvency. On each of the Restatement Effective Date and the Amendment No. 5 Effective Date, and upon the incurrence of any extension of credit hereunder, on any date on which this representation and warranty is made, (a) the Borrower will be Solvent on an unconsolidated basis, and (b) each Obligor will be Solvent on a consolidated basis with the other Obligors. SECTION 3.15. Affiliate Agreements. As of the Restatement Effective Date and the Amendment No. 5 Effective Date, the Borrower has heretofore delivered to the Administrative Agent and each of the Lenders true and complete copies of each of the Affiliate Agreements (including any schedules and exhibits thereto, and any amendments, supplements or waivers executed and delivered thereunder) and as of the Restatement Effective Date and the Amendment No. 5 Effective Date, other than the Affiliate Agreements, there is no contract, agreement or understanding between the Borrower or any of its Subsidiaries on one hand, and any Affiliate of the Borrower or any of its Subsidiaries on the other hand. As of the Restatement Effective Date and the Amendment No. 5 Effective Date, the Affiliate Agreements are in full force and effect. SECTION 3.16. No Default. No Default or Event of Default has occurred and is continuing under this Agreement or under any Material Indebtedness. 92

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associated with or acting on behalf of the Borrower or any Affiliate of the Borrower has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity or to influence official action; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "FCPA") and any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (collectively with the FCPA, the "Anti-Corruption Laws"); and each of the Borrower and any Affiliate of the Borrower has conducted its businesses in compliance with the Anti-Corruption Laws and have instituted and maintained policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, compliance therewith. Furthermore, no part of the proceeds of a Loan will be used, directly or indirectly, by the Borrower or any Affiliate of the Borrower, or by any of their respective directors, officers, agents, employees or Affiliates, to finance or facilitate a transaction in violation of the Anti-Corruption Laws. SECTION 3.22. Structured Subsidiaries (a) There are no agreements or other documents relating to any Structured Subsidiary binding upon the Borrower or any of its Subsidiaries (other than such Structured Subsidiary) other than as permitted under the definition thereof. (b) Neither the Borrower nor any other Obligor has Guaranteed the Indebtedness or other obligations in respect of any credit facility relating to the Structured Subsidiaries, other than pursuant to Standard Securitization Undertakings. SECTION 3.23. Affected Financial Institutions. No Obligor is an Affected Financial Institution. SECTION 3.24. Beneficial Ownership Certification. As of the Amendment No. 5 Effective Date, to the best knowledge of the Borrower, the information included in any Beneficial Ownership Certification provided on or prior to the Amendment No. 5 Effective Date to any Lender in connection with this Agreement is true and correct in all respects. ARTICLE IV CONDITIONS SECTION 4.01. Restatement Effective Date. The effectiveness of this Agreement on the Restatement Effective Date and of the obligations of the Lenders to make Loans hereunder shall not become effective until completion of each of the following conditions precedent (unless a condition shall have been waived in accordance with Section 9.02): 94

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(a) Documents. Administrative Agent shall have received each of the following documents, each of which shall be reasonably satisfactory to the Administrative Agent (and to the extent specified below to each Lender) in form and substance: (i) Executed Counterparts. From each party hereto either (1) a counterpart of this Agreement signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy or e-mail transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement. (ii) Guarantee and Security Agreement; Custodian Agreement. An amendment to the Guarantee and Security Agreement and an amendment to the Custodian Agreement with respect to the Borrower's Custodian Account, each duly executed and delivered by each of the parties thereto, and all other documents or instruments required to be delivered by the Guarantee and Security Agreement and such Custodian Agreement in connection with the execution thereof. (iii) Opinion of Counsel to the Obligors. A favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Restatement Effective Date) of Nelson Mullins Riley & Scarborough LLP, counsel for the Obligors, in form and substance reasonably acceptable to the Administrative Agent and covering such matters as the Administrative Agent may reasonably request (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders and the Administrative Agent). (iv) Corporate Documents. A certificate of the secretary or assistant secretary of each Obligor, dated the Restatement Effective Date, certifying that attached thereto are (1) true and complete copies of the organizational documents of each Obligor certified as of a recent date by the appropriate governmental official, (2) signature and incumbency certificates of the officers of such Person executing the Loan Documents to which it is a party, (3) true and complete resolutions of the Board of Directors of each Obligor approving and authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party or by which it or its assets may be bound as of the Restatement Effective Date, and, in the case of the Borrower, authorizing and approving the borrowings hereunder, and certified as of the Restatement Effective Date by its secretary or an assistant secretary that such resolutions are in full force and effect without modification or amendment, (4) a good standing certificate from the applicable Governmental Authority of each Obligor's jurisdiction of incorporation, organization or formation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Restatement Effective Date, and (5) such other documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Obligor, and the authorization of the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 95

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(v) Officer's Certificate. A certificate, dated the Restatement Effective Date and signed by a Financial Officer, confirming compliance with the conditions set forth in Sections 4.01(d), (e), (h) and (m). (vi) Borrowing Base Certificate. A Borrowing Base Certificate dated the Restatement Effective Date, showing a calculation of the Borrowing Base as of the Restatement Effective Date immediately after giving effect to the Transactions, in form and substance reasonably satisfactory to the Administrative Agent. (vii) Fee Letter. The amended and restated fee letter, duly executed and delivered by each of the parties thereto. (b) Liens. The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction with respect to the Obligors, confirming the priority of the Liens in favor of the Collateral Agent created pursuant to the Security Documents and revealing no liens on any of the assets of the Borrower or its Subsidiaries except for Liens permitted under Section 6.02 or Liens to be discharged on or prior to the Restatement Effective Date pursuant to documentation satisfactory to the Administrative Agent. All UCC financing statements, control agreements, stock certificates and other documents or instruments required to be filed or executed and delivered in order to create in favor of the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, a first priority perfected (subject to Eligible Liens or any Liens described in clause (b) of the definition of "Permitted Liens") security interest in the Collateral (to the extent that such a security interest may be perfected by filing, possession or control under the Uniform Commercial Code) shall have been properly filed (or provided to the Administrative Agent) or executed and delivered in each jurisdiction required. (c) Financial Statements. The Administrative Agent and the Lenders shall have received prior to the execution of this Agreement the final version, approved by the Board of Directors of the Borrower, of the consolidated statement of assets and liabilities and the related consolidated statements operations, changes in net assets and cash flows and related schedule of investments of the Borrower and its consolidated Subsidiaries as of and for the fiscal period ended September 30, 2018, all certified in writing by a Financial Officer as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. The Administrative Agent and the Lenders shall have received any other financial statements of the Borrower and its Subsidiaries as they shall reasonably request. (d) Consents. The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations, registrations, or filings (other than any filing required under the Exchange Act or the rules or regulations promulgated thereunder, including, without limitation, any filing required on Form 8-K) required to be made or obtained by the Borrower and all other Obligors in connection with the Transactions and any other evidence reasonably requested by, and reasonably satisfactory to, the Administrative Agent as to compliance with all material legal and regulatory requirements applicable to the Obligors, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired and 96

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no investigation or inquiry by any Governmental Authority regarding the Transactions or any transaction being financed with the proceeds of the Loans shall be ongoing. (e) No Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments pending or threatened in any court or before any arbitrator or Governmental Authority that relates to the Transactions or that could reasonably be expected to have a Material Adverse Effect. (f) Solvency Certificate. On the Restatement Effective Date, the Administrative Agent shall have received a solvency certificate of the chief financial officer of the Borrower dated as of the Restatement Effective Date and addressed to the Administrative Agent and the Lenders, and in form, scope and substance reasonably satisfactory to Administrative Agent, with appropriate attachments and demonstrating that both before and after giving effect to the Transactions, (a) the Borrower will be Solvent on an unconsolidated basis, and (b) each Obligor will be Solvent on a consolidated basis with the other Obligors. (g) Interest, Fees, Expenses and Other Amounts. The Borrower shall have paid in full (i) to the Administrative Agent and the Lenders all fees and expenses related to this Agreement owing on or prior to the Restatement Effective Date, including any up-front fee due to any Lender on the Restatement Effective Date and (ii) to the Administrative Agent and the Existing Lenders all accrued and unpaid interest, commitment fees, fees, expenses and other amounts owing under the Existing Credit Agreement. (h) Default. No Default or Event of Default shall have occurred and be continuing under this Agreement, nor any default or event of default that permits (or which upon notice, lapse of time or both, would permit) the acceleration of any Material Indebtedness, immediately before and after giving effect to the Transactions, any incurrence of Indebtedness hereunder and the use of the proceeds hereof on a pro forma basis. (i) USA PATRIOT Act. The Administrative Agent and each Lender shall have received all documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act, as reasonably requested by the Administrative Agent and each Lender. (j) Insurance. The Administrative Agent shall have received (i) customary insurance certificates, or (ii) confirmation that there have been no changes to the underlying insurance policies since the Original Effective Date and that the insurance certificates and endorsements delivered in connection with the Original Effective Date are in full force and effect. (k) Investment Policies. The Administrative Agent shall have received the Investment Policies as in effect on the Restatement Effective Date in form and substance satisfactory to the Administrative Agent. (l) Beneficial Ownership Regulation. To the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, at least one (1) day prior to the Restatement Effective Date, any Lender that has requested, in a written notice to the 97

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Borrower at least three (3) days prior to the Restatement Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (l) shall be deemed to be satisfied). (m) Representations and Warranties. The representations and warranties of the Borrower or any other Obligor set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the Restatement Effective Date, or, as to any such representation or warranty that refers to a specific date, as of such specific date. (n) Other Documents. The Administrative Agent shall have received such other documents, instruments, certificates and information as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent. The contemporaneous exchange and release of executed signature pages by each of the Persons contemplated to be a party hereto shall render this Agreement effective and any such exchange and release of such executed signature pages by all such persons shall constitute satisfaction or waiver (as applicable) of any condition precedent to such effectiveness set forth above. SECTION 4.02. Conditions to Loans. (a) [Intentionally omitted]. (b) Each Credit Event. The obligation of each Lender to make any Loan, including any such extension of credit on the Restatement Effective Date, is additionally subject to the satisfaction of the following conditions: (i) the representations and warranties of the Borrower or any other Obligor set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date of such Loan, or, as to any such representation or warranty that refers to a specific date, as of such specific date; (ii) at the time of and immediately after giving effect to such Loan, no Default shall have occurred and be continuing or would result from such Loan after giving effect thereto and to the use of proceeds thereof on a pro forma basis; (iii) no Borrowing Base Deficiency shall exist at the time of and immediately after giving effect to such Loan (as well as giving effect to any substantially concurrent acquisitions of Portfolio Investments, distributions or payment of outstanding Loans or Indebtedness), and either (i) the aggregate Covered Debt Amount (after giving effect to such Loan) shall not exceed the Borrowing Base reflected on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower shall have delivered an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such Loan) shall not exceed the Borrowing 98

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Base after giving effect to such Loan as well as any concurrent acquisitions of Portfolio Investments, distributions or payment of outstanding Loans or Other Covered Indebtedness; (iv) after giving effect to such extension of credit, the Borrower shall be in pro forma compliance with each of the covenants set forth in Section 6.07; (v) the Custodian Agreement shall have been duly executed and delivered by the Borrower, the Collateral Agent and the Custodian and all other control arrangements required at the time by Section 5.08(c)(ii) with respect to the Obligors' other deposit accounts and securities accounts shall have been entered into; and (vi) the proposed date of such extension of credit shall take place during the Availability Period. Each Borrowing Request submitted by the Borrower shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in this Section 4.02. ARTICLE V AFFIRMATIVE COVENANTS Until the Termination Date, the Borrower covenants and agrees with the Lenders that: SECTION 5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent for distribution to each Lender (provided that, the Administrative Agent shall not be required to distribute any document or report to any Lender to the extent such distribution would cause the Administrative Agent to breach or violate any agreement that it has with another Person (including any non-reliance or non-disclosure letter with any Approved Third-Party Appraiser), subject to any applicable exceptions contained in such agreement, including the entry by such Lender into an additional agreement with such Person): (a) within 90 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2015), the audited consolidated statement of assets and liabilities and the related audited consolidated statements of operations, changes in net assets and cash flows and related audited consolidated schedule of investments of the Borrower and its Subsidiaries on a consolidated basis as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year (to the extent full fiscal year information is available), all reported on by RSM US LLP (formerly McGladrey LLP) or other independent public accountants of recognized national standing to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied (which report shall be unqualified as to going concern and scope of audit and shall not contain any explanatory 99

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paragraph or paragraph of emphasis with respect to going concern); provided that the requirements set forth in this clause (a) may be fulfilled by providing to the Administrative Agent for distribution to each Lender the report filed by the Borrower with the SEC on Form 10-K for the applicable fiscal year; (b) within 45 days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower (commencing with the fiscal quarter ending March 31, 2016), the consolidated statement of assets and liabilities and the related consolidated statements of operations, changes in net assets and cash flows and related schedule of investments of the Borrower and its Subsidiaries on a consolidated basis as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the statement of assets and liabilities, as of the end of) the corresponding period or periods of the previous fiscal year (to the extent such information is available for the previous fiscal year), all certified by a Financial Officer as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; provided that the requirements set forth in this clause (b) may be fulfilled by providing to the Administrative Agent for distribution to each Lender the report filed by the Borrower with the SEC on Form 10-Q for the applicable quarterly period; (c) concurrently with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Financial Officer substantially in the form of Exhibit F hereto or such other form as is reasonably acceptable to the Administrative Agent (i) to the extent the requirements in clause (a) and (b) are not fulfilled by the Borrower delivering the applicable report delivered to (or filed with) the SEC, certifying that such statements are consistent with the financial statements filed by the Borrower with the SEC, (ii) certifying as to whether the Borrower has knowledge that a Default has occurred during the most recent period covered by such financial statement (and such Default has not previously been disclosed in writing pursuant to Section 5.02(a)) and, if such a previously undisclosed Default has occurred during such period (or has occurred and is continuing from a prior period), specifying the details thereof and any action taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations demonstrating compliance with Sections 6.01(b), (c), (d) and (e), 6.02(f), 6.03(e) and (h), 6.04(i), 6.05(b) and 6.07, (iv) stating whether any change in GAAP as applied by (or in the application of GAAP by) the Borrower has occurred since the Restatement Effective Date (but only if the Borrower has not previously reported such change to the Administrative Agent and if such change has had a material effect on the financial statements) and, if any such change has occurred (and has not been previously reported to the Administrative Agent), specifying the effect of such change on the financial statements accompanying such certificate, (v) attaching a list of Subsidiaries as of the date of delivery of such certificate or a confirmation that there is no change in such information since the date of the last such list and (vi) providing a reconciliation of any difference between the assets and liabilities of the Borrower and its consolidated Subsidiaries presented in such financial statements and the assets and liabilities of the Borrower and its Subsidiaries for purposes of calculating the financial covenants in Section 6.07; 100

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(d) as soon as available and in any event not later than twenty (20) calendar days after the end of each monthly accounting period (ending on the last day of each calendar month and commencing with the month ended December 31, 2015) of the Borrower and its Subsidiaries, a Borrowing Base Certificate as of the last day of such accounting period, including an Excel schedule containing such additional information consistent with past practice as shall have been mutually agreed with the Administrative Agent; (e) promptly but no later than two Business Days after the Borrower shall at any time be aware (based upon facts and circumstances known to it) that there is a Borrowing Base Deficiency or be aware (based upon facts and circumstances known to it) that the Borrowing Base has declined by more than 15% from the Borrowing Base as of the end of the most recently ended calendar month, a Borrowing Base Certificate as at the date the Borrower has knowledge of such Borrowing Base Deficiency or decline indicating the amount of the Borrowing Base Deficiency or decline as at the date the Borrower obtained knowledge of such deficiency or decline and the amount of the Borrowing Base Deficiency or decline as of the date not earlier than two Business Days prior to the date the Borrowing Base Certificate is delivered pursuant to this paragraph; (f) promptly upon receipt thereof copies of all significant written reports submitted to the management or board of directors of the Borrower by the Borrower's independent public accountants in connection with each annual, interim or special audit or review of any type of the financial statements or related internal control systems of the Borrower or any of its Subsidiaries delivered by such accountants to the management or board of directors of the Borrower; (g) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials sent to stockholders and filed by the Borrower or any of its Subsidiaries with the SEC or with any national securities exchange, as the case may be; (h) within 45 days after the last day of each fiscal quarter of the Borrower, all internal and external valuation reports relating to the Eligible Portfolio Investments (including all valuation reports delivered by the Approved Third-Party Appraiser in connection with the quarterly appraisals of Unquoted Investments in accordance with Section 5.12(b)(ii)(B)), and any other information relating to the Eligible Portfolio Investments as reasonably requested by the Administrative Agent or any Lender; (i) within 45 days after the initial closing of each Eligible Portfolio Investment that is acquired, made or entered into after the Original Restatement Effective Date, all underwriting memoranda for such Eligible Portfolio Investment; (j) to the extent not otherwise provided by the Custodian, within thirty (30) days after the end of each month, substantially in the form of Exhibit G hereto or such other form as is reasonably acceptable to the Administrative Agent, full, correct and complete updated copies of custody reports (including (i) activity reports with respect to cash and Cash Equivalents included in the calculation of the Borrowing Base and (ii) to the extent available, an itemized list of each Portfolio Investment held in any Custodian Account owned by the Borrower or any 101

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Subsidiary) reflecting all assets being held in any Custodian Account owned by the Borrower or any of its Subsidiaries or otherwise subject to a Custodian Agreement; (k) within 45 days after the end of each fiscal quarter of the Borrower commencing with the first fiscal quarter to end on or after the date on which the Borrower has any Financing Subsidiary, a certificate of a Financial Officer certifying that attached thereto is a complete and correct description of all Portfolio Investments as of the date thereof, including, with respect to each such Portfolio Investment, the name of the Borrower or Subsidiary holding such Portfolio Investment and the name of the issuer of such Portfolio Investment; (l) promptly following any request therefor, (i) such other information regarding the operations, business affairs and financial condition of any Obligor or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative Agent or any Lender may reasonably request and (ii) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer", anti-corruption and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation; (m) to the extent required by the Beneficial Ownership Regulation, any change in the information provided in the Beneficial Ownership Certification delivered to a Lender that would result in a change to the list of beneficial owners identified in such certificate; and (n) to the extent such information is not otherwise available in the financial statements delivered pursuant to clause (a) or (b) of this Section 5.01, upon the reasonable request of the Administrative Agent prior to the end of the applicable fiscal quarter or year, the Borrower shall deliver within 45 days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower and ninety (90) days after the end of each fiscal year of the Borrower, a schedule setting forth in reasonable detail with respect to each Portfolio Investment where there has been a realized gain or loss in the most recently completed fiscal quarter, (i) the cost basis of such Portfolio Investment, (ii) the realized gain or loss associated with such Portfolio Investment, (iii) the associated reversal of any previously unrealized gains or losses associated with such Portfolio Investment, (iv) the proceeds received with respect to such Portfolio Investment representing repayments of principal during the most recently ended fiscal quarter, and (v) any other amounts received with respect to such Portfolio Investment representing exit fees or prepayment penalties during the most recently ended fiscal quarter. SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following: (a) the occurrence of any Default (provided that if such Default is subsequently cured within the time periods set forth herein, the failure to provide notice of such Default shall not itself result in an Event of Default hereunder); (b) the filing or commencement (or threat in writing of the filing or commencement) of, or any material development in, any action, suit, claim, dispute or proceeding by or before any arbitrator or Governmental Authority against or affecting the 102

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Borrower or any of its Affiliates that (i) pertains to, or arises in connection with, this Agreement, any of the Loan Documents or any of the Transactions, or (ii) if adversely determined, could reasonably be expected to result in a Material Adverse Effect; (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower or any ERISA Affiliate in an aggregate amount exceeding $2,500,000; and (d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including tax liabilities and material contractual obligations before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar business, operating in the same or similar locations (including, without limitation, directors and officers liability insurance) and (c) after the request of the Administrative Agent, promptly deliver to the Administrative Agent any certificate or certificates from the Borrower's insurance broker or other documentary evidence, in each case, demonstrating the effectiveness of, or any changes to, such insurance. Each such policy of insurance (other than any director and officer liability insurance policy) shall name the Collateral Agent, for the benefit of the Administrative Agent and the Lenders, as additional insured with respect to liability policies (and, with respect to casualty policies, to the extent Borrower owns any material tangible Collateral other than documentation evidencing Portfolio Investments, loss payee) thereunder. 103

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SECTION 5.06. Books and Records; Inspection and Audit Rights. (a) Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep, or cause to kept, books of record and account in accordance with GAAP. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice to the Borrower, at the sole expense of the Borrower, to (i) visit and inspect its properties, to examine and make extracts from its books and records, and (ii) discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided that the Borrower or such Subsidiary shall be entitled to have its representatives and advisors present during any inspection of its books and records; provided, further, that the Borrower shall not be required to pay for more than two such visits and inspections in any calendar year unless an Event of Default has occurred and is continuing at the time of any subsequent visits and inspections during such calendar year. (b) Audit Rights. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by Administrative Agent (including any consultants, accountants, lawyers and appraisers retained by the Administrative Agent) to conduct evaluations and appraisals of the Borrower's computation of the Borrowing Base (and any components thereof) and the assets included in the Borrowing Base (and any components thereof, including, for clarity, audits of any Agency Accounts, funds transfers and custody procedures), all at such reasonable times and as often as reasonably requested. The Borrower shall pay the reasonable, documented fees and expenses of representatives retained by the Administrative Agent to conduct any such evaluation or appraisal; provided that the Borrower shall not be required to pay such fees and expenses for more than one such evaluation or appraisal during any calendar year unless an Event of Default has occurred and is continuing at the time of any subsequent evaluation or appraisal during such calendar year. The Borrower also agrees to modify or adjust the computation of the Borrowing Base and/or the assets included in the Borrowing Base, to the extent required by the Administrative Agent or the Required Lenders as a result of any such evaluation or appraisal indicating that such computation or inclusion of assets is not consistent with the terms of this Agreement, provided that if the Borrower demonstrates that such evaluation or appraisal is incorrect, the Borrower shall be permitted to re-adjust its computation of the Borrowing Base. (c) Notwithstanding the foregoing, nothing contained in this Section 5.06 shall impair or affect the rights of the Administrative Agent under Section 5.12(b)(ii)(I) in any respect. SECTION 5.07. Compliance with Laws and Agreements. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, including the Investment Company Act (if applicable to such Person), and orders of any Governmental Authority applicable to it (including rules, regulations and orders issued by the SEC) or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain and enforce policies and procedures that are designed in good faith and in a commercially reasonable manner to promote and achieve compliance, in the reasonable judgment of the Borrower, by the Borrower 104

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and each of its Subsidiaries and (when acting on behalf of the Borrower or any of its Subsidiaries) their respective directors, officers, employees and agents with any applicable Anti-Corruption Laws and applicable Sanctions, in each case, giving due regard to the nature of such Person's business and activities. SECTION 5.08. Certain Obligations Respecting Subsidiaries; Further Assurances. (a) Subsidiary Guarantors. (i) In the event that (1) the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than a Financing Subsidiary, a CFC or a Transparent Subsidiary), or that any other Person shall become a "Subsidiary" within the meaning of the definition thereof (other than a Financing Subsidiary, a CFC or a Transparent Subsidiary), (2) any SBIC Subsidiary shall no longer constitute a "SBIC Subsidiary" pursuant to the definition thereof (in which case such Person shall be deemed to be a "new" Subsidiary for purposes of this Section 5.08), (3) any Structured Subsidiary shall no longer constitute a "Structured Subsidiary" pursuant to the definition thereof (including, for the avoidance of doubt, if such Structured Subsidiary ceases to have, in full force and effect, financing provided by an unaffiliated third party) (in which case such Person shall be deemed to be a "new" Subsidiary for purposes of this Section 5.08), (4) any CFC shall no longer constitute a "CFC" pursuant to the definition thereof (in which case such Person shall be deemed a "new" Subsidiary for purpose of this Section 5.08), (5) any Transparent Subsidiary shall no longer constitute a "Transparent Subsidiary" pursuant to the definition thereof and (6) MCC Holdco shall no longer constitute an "Excluded Subsidiary" pursuant to the definition thereof (in which case such Person shall be deemed a "new" Subsidiary for purposes of this Section 5.08), the Borrower will, in each case, (i) promptly provide notice thereof to the Administrative Agent and (ii) on or before thirty (30) days (or such longer period as may be agreed to by the Administrative Agent in its sole discretion) following such Person becoming a Subsidiary or such Financing Subsidiary, CFC, Transparent Subsidiary or MCC Holdco, as the case may be, no longer qualifying as such, cause such new Subsidiary or former Financing Subsidiary, former CFC, former Transparent Subsidiary or former Excluded Subsidiary, as the case may be, to become a "Subsidiary Guarantor" (and, thereby, an "Obligor") under the Guarantee and Security Agreement pursuant to a Guarantee Assumption Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of counsel and other documents as the Administrative Agent shall have reasonably requested. (ii) The Borrower acknowledges that the Administrative Agent and the Lenders have agreed to exclude each Structured Subsidiary, each SBIC Subsidiary, each CFC, each Transparent Subsidiary and MCC Holdco as an Obligor only for so long as such Person qualifies as a "Structured Subsidiary", "SBIC Subsidiary", "CFC", "Transparent Subsidiary" or "Excluded Subsidiary", respectively, pursuant to the definition thereof, and thereafter such Person shall no longer constitute a "Structured Subsidiary", "SBIC Subsidiary", "CFC", "Transparent Subsidiary" or "Excluded 105

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Subsidiary", respectively, for any purpose of this Agreement or any other Loan Document. (iii) Notwithstanding anything to the contrary in this Agreement or any other Loan Document, (i) in connection with MCC Holdco becoming a Subsidiary Guarantor, the Borrower and MCC Holdco shall (x) deliver evidence reasonably satisfactory to the Administrative Agent that MCC Holdco is Controlled by the Obligors and (y) take any actions reasonably requested by the Administrative Agent to establish such Control, including amending or otherwise modifying the organizational documents or Board of Directors of MCC Holdco in a manner reasonably acceptable to the Administrative Agent (it being acknowledged and agreed that a request to amend such organizational documents or Board of Directors to be consistent with the organizational documents and Board of Directors of other Subsidiary Guarantors shall be deemed reasonable) and (ii) on and after the date of becoming a Subsidiary Guarantor, MCC Holdco shall not have, be Controlled by, or otherwise be subject to the direction of, any independent manager or similar arrangement. (b) Ownership of Subsidiaries. The Borrower will, and will cause each of its Subsidiaries to, take such action from time to time as shall be necessary to ensure that each of its Subsidiaries is a wholly owned Subsidiary. (c) Further Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. Without limiting the generality of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors, to: (i) take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and executing and delivering such assignments, security agreements and other instruments) as shall be reasonably requested by the Administrative Agent to create, in favor of the Collateral Agent for the benefit of the Lenders (and any Affiliate thereof that is a party to any Hedging Agreement entered into with the Borrower) and the holders of any Secured Longer-Term Indebtedness, perfected first-priority security interests and Liens in the Collateral (subject to Eligible Liens or any Liens described in clause (b) of the definition of "Permitted Liens"); provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents; (ii) with respect to each deposit account or securities account of the Obligors (other than (A) any such accounts that are maintained by the Borrower in its capacity as "servicer" for a Financing Subsidiary or any Agency Account, (B) any such accounts which hold solely money or financial assets of a Financing Subsidiary, (C) any payroll account so long as such payroll account is coded as such, (D) withholding tax and fiduciary accounts or any trust account maintained solely on behalf of a Portfolio Investment, (E) checking accounts of the Obligors that do not contain, at any one time, an aggregate balance in excess of $1,000,000, provided that Borrower will, and will cause each of its Subsidiary Guarantors to, use commercially reasonable efforts to obtain 106

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control agreements governing any such account in this clause (E), and (F) any account in which the aggregate value of deposits therein, together with all other such accounts under this clause (F), does not at any time exceed $75,000, provided that in the case of each of the foregoing clauses (A) through (F), no other Person (other than the depository institution at which such account is maintained) shall have "control" (within the meaning of the Uniform Commercial Code) over such account), cause each bank or securities intermediary (within the meaning of the Uniform Commercial Code) to enter into such arrangements with the Collateral Agent as shall be appropriate in order that the Collateral Agent has "control" (within the meaning of the Uniform Commercial Code) over each such deposit account or securities account (each, a "Control Account") and in that connection, the Borrower agrees, subject to Sections 5.08(c)(iv) and (v) below, to cause all cash and other proceeds of Portfolio Investments received by any Obligor to be immediately deposited into a Control Account (or otherwise delivered to, or registered in the name of, the Collateral Agent) and, both prior to and following such deposit, delivery or registration such cash and other proceeds shall be held in trust by the Borrower for the benefit and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor or any other Person (including with any money or financial assets of the Borrower in its capacity as "servicer" for a Structured Subsidiary, or any money or financial assets of a Structured Subsidiary, or any money or financial assets of the Borrower in its capacity as an "agent" or "administrative agent" for any other Bank Loans subject to Section 5.08(c)(v) below); (iii) cause the Financing Subsidiaries to execute and deliver to the Administrative Agent such certificates and agreements, in form and substance reasonably satisfactory to the Administrative Agent, as it shall determine are necessary to confirm that such Financing Subsidiary qualifies or continues to qualify as a "Structured Subsidiary" or an "SBIC Subsidiary", as applicable, pursuant to the definitions thereof; (iv) in the case of any Portfolio Investment consisting of a Bank Loan (as defined in Section 5.13) that does not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents and a Financing Subsidiary or Restricted Investment holds any interest in the loans or other extensions of credit under such loan documents, (x)(1) cause the interest owned by such Financing Subsidiary or such Restricted Investment, as applicable, to be evidenced by separate execution of relevant loan documentation by, or assignment documentation in the name of, such Financing Subsidiary or such Restricted Investment, as applicable, and, if such interest is evidenced by notes, cause such interest to be evidenced by a separate note or notes, which note or notes are either (A) in the name of such Financing Subsidiary or such Restricted Investment, as applicable, or (B) in the name of the Borrower, endorsed in blank and delivered to the applicable Financing Subsidiary or applicable Restricted Investment and beneficially owned by such Financing Subsidiary or such Restricted Investment, as applicable, and (2) not permit such Financing Subsidiary or such Restricted Investment, as applicable, to have a participation acquired from an Obligor in such underlying loan documents and the extensions of credit thereunder or any other indirect interest therein acquired from an Obligor; and (y) ensure that, subject to Section 5.08(c)(v) below, all amounts owing to any Obligor by the underlying borrower or other obligated party are remitted by such borrower or obligated party (or the applicable 107

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administrative agents, collateral agents or equivalent Person) directly to the Custodian Account and no other amounts owing by such underlying borrower or obligated party are remitted to the Custodian Account; (v) in the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any Bank Loan (or is acting in an analogous agency capacity under any agreement related to any Portfolio Investment) and such Obligor does not hold all of the credit extended to the underlying borrower or issuer under the relevant underlying loan documents or other agreements, ensure that (1) all funds held by such Obligor in such capacity as agent or administrative agent are segregated from all other funds of such Obligor and clearly identified as being held in an agency capacity (an "Agency Account"); (2) all amounts owing on account of such Bank Loan or Portfolio Investment by the underlying borrower or other obligated party are remitted by such borrower or obligated party to either (A) such Agency Account or (B) directly to an account in the name of the underlying lender to whom such amounts are owed (for the avoidance of doubt, no funds representing amounts owing to more than one underlying lender may be remitted to any single account other than the Agency Account); and (3) within two (2) Business Days after receipt of such funds, such Obligor acting in its capacity as agent or administrative agent shall distribute any such funds belonging to any Obligor to the Custodian Account (provided that if any distribution referred to in this clause (c) is not permitted by applicable bankruptcy law to be made within such two-Business Day period as a result of the bankruptcy of the underlying borrower, such Obligor shall use commercially reasonable efforts to obtain permission to make such distribution and shall make such distribution as soon as legally permitted to do so); (vi) cause the documentation relating to each Investment in Indebtedness described in paragraph 1 of Schedule 1.01(d) to be delivered to the Custodian as provided therein; and (vii) in the case of any Portfolio Investment held by any Financing Subsidiary or any Restricted Investment, including any cash collection related thereto, ensure that such Portfolio Investment shall not be held in any Custodian Account, or any other account of any Obligor, and shall be segregated from the accounts holding Collateral. SECTION 5.09. Use of Proceeds. The Borrower will use the proceeds of the Loans only for general corporate purposes of the Borrower and its Subsidiaries (other than the Financing Subsidiaries except as expressly permitted under Section 6.03(e)) in the ordinary course of business, including making distributions not prohibited by this Agreement and the acquisition and funding (either directly or through one or more wholly owned Subsidiary Guarantors) of leveraged loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock and other Portfolio Investments; provided that neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. No part of the proceeds of any Loan will be used in violation of applicable law or, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any Margin Stock. On the first day (if any) an Obligor acquires any Margin Stock or at any other time requested by the Administrative Agent or any Lender, the Borrower shall furnish 108

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to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. Margin Stock shall be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by Margin Stock (within the meaning of Regulation U), or with the proceeds of equity capital of the Borrower. No Obligor will, to its actual knowledge, directly or indirectly use the proceeds of the Loans or otherwise make available such proceeds (I) to any Person for the purpose of financing the activities of any Person currently (A) subject to, or the subject of, any Sanctions or (B) organized or resident in a Sanctioned Country or (II) for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Laws. SECTION 5.10. Status of RIC and BDC. The Borrower shall at all times maintain its status as a RIC under the Code, and as a "business development company" under the Investment Company Act. SECTION 5.11. Investment Policies. The Borrower shall at all times be in compliance in all material respects with its Investment Policies. SECTION 5.12. Portfolio Valuation and Diversification Etc.; Risk Factor Ratings. (a) Industry Classification Groups. For purposes of this Agreement and the other Loan Documents, the Borrower shall assign each Eligible Portfolio Investment to an Industry Classification Group as reasonably determined by the Borrower. To the extent that the Borrower reasonably determines that any Eligible Portfolio Investment is not adequately correlated with the risks of other Eligible Portfolio Investments in an Industry Classification Group, such Eligible Portfolio Investment may be assigned by the Borrower to the Industry Classification Group that is most closely correlated to such Eligible Portfolio Investment. (b) Portfolio Valuation Etc. (i) Settlement-Date Basis. For purposes of this Agreement, all determinations of whether an investment is to be included as an Eligible Portfolio Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as an Eligible Portfolio Investment until such purchase has settled, and any Eligible Portfolio Investment which has been sold will not be excluded as an Eligible Portfolio Investment until such sale has settled), provided that no such investment shall be included as an Eligible Portfolio Investment to the extent it has not been paid for in full. (ii) Determination of Values. The Borrower will conduct reviews of the value to be assigned to each of its Eligible Portfolio Investments, as follows: (A) Quoted Investments External Review. With respect to Eligible Portfolio Investments (including Cash Equivalents) for which market quotations are readily available and are reflective of an actual trade executed within a 109

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reasonable period of such quotation ("Quoted Investments"), the Borrower shall, not less frequently than once each calendar week, determine the market value of such Quoted Investments which shall, in each case, be determined in accordance with one of the following methodologies as selected by the Borrower (each such value, an "External Quoted Value"): (w) in the case of public and Rule 144A securities, the average of the recent bid prices as determined by two Approved Dealers selected by the Borrower, (x) in the case of Bank Loans, the average of the recent bid prices as determined by two Approved Dealers selected by the Borrower or an Approved Pricing Service which makes reference to at least two Approved Dealers with respect to such Bank Loans, (y) in the case of any Quoted Investment traded on an exchange, the closing price for such Quoted Investment most recently posted on such exchange, and (z) in the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service. (B) Unquoted Investments External Review. With respect to Eligible Portfolio Investments for which market quotations are not readily available ("Unquoted Investments"), other than No External Review Assets, the Borrower shall request an Approved Third-Party Appraiser to assist the Board of Directors of the Borrower in determining the fair market value of such Unquoted Investments, as at the last day of each fiscal quarter following the Original Effective Date (each such value, an "External Unquoted Value") and to provide the Board of Directors with a written independent valuation report as part of that assistance each quarter. Each such valuation report shall also include the information required to comply with paragraph 8 and paragraph 22 of Schedule 1.01(d). (C) Internal Review. The Borrower shall conduct internal reviews to determine the value of all Eligible Portfolio Investments at least once each calendar week which shall take into account any events of which the Borrower has knowledge that adversely affect the value of any Eligible Portfolio Investment (each such value, an "Internal Value"). (D) Value of Quoted Investments. Subject to clauses (G), (H) and (I) of this Section 5.12(b)(ii), the "Value" of each Quoted Investment for all purposes of this Agreement shall be the lowest of (1) the Internal Value of such Quoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C), (2) the External Quoted Value of such Quoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(A) and (3) 102% of the par or face value of the such Quoted Investment (or, in the case of Preferred 110

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Stock, the Liquidation Preference thereof without taking into account any Accretive Value). (E) Value of Unquoted Investments. Subject to clauses (G), (H) and (I) of this Section 5.12(b)(ii), (I) if the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) falls below the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B), then the "Value" of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of (i) the Internal Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); (II) if the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) falls above the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B), then the "Value" of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of (i) the midpoint of the range of the External Unquoted Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); and (III) if the Internal Value of any Unquoted Investment as most recently determined by the Borrower pursuant to Section 5.12(b)(ii)(C) is within the range of the External Unquoted Value of such Unquoted Investment as most recently determined pursuant to Section 5.12(b)(ii)(B), then the "Value" of such Unquoted Investment for all purposes of this Agreement shall be deemed to be the lower of (i) the Internal Value and (ii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); except that: (w) if the difference between the highest and lowest External Unquoted Value in such range exceeds an amount equal to 6% of the midpoint of such range, the "Value" of such Unquoted Investment shall instead be deemed to be the lowest of (i) the lowest External Unquoted Value in such range, (ii) the Internal Value determined pursuant to Section 5.12(b)(ii)(C), and (iii) 102% of the par or face value of such Unquoted Investment (or, in the case of Preferred Stock, the Liquidation Preference thereof without taking into account any Accretive Value); and (x) [intentionally omitted]; and 111

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(y) the "Value" of any Unquoted Investment acquired during a fiscal quarter shall be deemed to be equal to the lower of the cost of such Unquoted Investment and the Internal Value of such Unquoted Investment until such time as the External Unquoted Value of such Unquoted Investment is determined in accordance with the provisions of Section 5.12(b)(ii)(E) as at the last day of such fiscal quarter. (F) Actions Upon a Borrowing Base Deficiency. If, based upon such weekly internal review, the Borrower determines that a Borrowing Base Deficiency exists or that the Borrowing Base has declined by more than 15% from the Borrowing Base stated in the Borrowing Base Certificate last delivered by the Borrower to the Administrative Agent, then the Borrower shall, promptly and in any event within two Business Days as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base and shall take the actions, and make the payments and prepayments (if any), all as more specifically set forth in Section 2.08(c). (G) Failure to Determine Values. If the Borrower shall fail to determine the value of any Eligible Portfolio Investment as at any date pursuant to the requirements (but subject to the exclusions) of the foregoing sub-clauses (A), (B), (C), (D) or (E), then the "Value" of such Eligible Portfolio Investment as at such date shall be deemed to be zero. (H) Adjustment of Values. Notwithstanding anything herein to the contrary, the Administrative Agent, in its sole and absolute discretion exercised in good faith, may, and upon the request of Required Lenders, shall, revise the Value of any Eligible Portfolio Investment (in which case the "Value" of such Eligible Portfolio Investment shall for all purposes hereof be deemed to be the Value assigned by the Administrative Agent) and/or exclude any Eligible Portfolio Investment from the Borrowing Base entirely, so long as the aggregate reduction in the Borrowing Base resulting from all such revisions and exclusions in any fiscal quarter does not exceed 7.5%. Any such revision or exclusion shall be effective ten Business Days after the Administrative Agent's delivery of notice thereof to the Borrower. (I) Testing of Values; Valuation Dispute Resolution. Notwithstanding the foregoing, the Administrative Agent shall at any time have the right to request any Unquoted Investment be independently valued by an Approved Third-Party Appraiser retained by the Administrative Agent. There shall be no limit on the number of such appraisals requested by the Administrative Agent and the costs of any such valuation shall be at the expense of the Borrower; provided that, unless an Event of Default has occurred and is continuing, the Borrower shall not be responsible for the reimbursement in any fiscal year of the Borrower of fees, costs and expenses under this Section 5.12(b)(ii)(I) in excess of an amount (such amount, the "Supplemental IVP Cap") equal to 0.05% of the largest amount of Commitments outstanding at any time during such fiscal year. If the difference between the Borrower's valuation pursuant to Section 5.12(b)(ii)(E) and the 112

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valuation of any Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this Section 5.12(b)(ii)(I) is (1) less than 7.5% of the value thereof, then the Borrower's valuation pursuant to Section 5.12(b)(ii)(E) shall be used, (2) between 7.5% and 20% of the value thereof, then the valuation of such Portfolio Investment shall be the average of the value determined by the Borrower pursuant to Section 5.12(b)(ii)(E) and the value determined by the Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this Section 5.12(b)(ii)(I) and (3) greater than 20% of the value thereof, then the valuation of such Portfolio Investment shall be the lesser of the Borrower's valuation pursuant to Section 5.12(b)(ii)(E) and the valuation of any Approved Third-Party Appraiser retained by the Administrative Agent pursuant to this Section 5.12(b)(ii)(I). (c) Investment Company Diversification Requirements. The Borrower (together with its Subsidiaries to the extent required by the Investment Company Act) will at all times comply with the portfolio diversification and similar requirements set forth in the Investment Company Act applicable to business development companies. The Borrower will at all times, subject to applicable grace periods set forth in the Code, comply with the portfolio diversification and similar requirements set forth in the Code applicable to RICs. SECTION 5.13. Calculation of Borrowing Base. For purposes of this Agreement, the "Borrowing Base" shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate, expressed as a fraction; provided that: (a) the Advance Rate applicable to the aggregate Value of all Eligible Portfolio Investments in their entirety shall be 0% at any time when the Borrowing Base is composed entirely of Eligible Portfolio Investments issued by less than 15 different issuers; (b) with respect to all Eligible Portfolio Investments issued by a single issuer, the Advance Rate applicable to that portion of the Value of such Eligible Portfolio Investments that exceeds 7.5% of the Obligors' Net Worth shall be 0%; provided that, with respect to each of the six (6) largest Portfolio Companies (based on the fair value of the Eligible Portfolio Investments), only that portion of the Eligible Portfolio Investments issued by such Portfolio Company that exceeds 10% of the Obligors' Net Worth shall have an Advance Rate of 0%; (c) if at any time the weighted average Risk Factor of all Eligible Portfolio Investments (other than Eligible Portfolio Investments that are ABL Transactions) in the Borrowing Base (based on the fair value of such Eligible Portfolio Investments) exceeds 3490, the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the weighted average Risk Factor of all Eligible Portfolio Investments (other than Eligible Portfolio Investments that are ABL Transactions) in the Borrowing Base to be no greater than 3490 (subject to all other constraints, limitations and restrictions set forth herein); 113

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(d) the portion of the Borrowing Base attributable to Eligible Portfolio Investments (other than Eligible Portfolio Investments that are ABL Transactions) with a Risk Factor higher than 3490 shall not exceed 25% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 25% of the Borrowing Base; (e) the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S. Government Securities, Performing First Lien Bank Loans or Performing First Lien Middle Market Bank Loans (together with Performing Covenant-Lite Loans that are First Lien Bank Loans and for clarity, applicable Performing LTV Transactions that are not Indirect Real Estate LTV Transactions) shall not exceed 40% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 40% of the Borrowing Base; provided, that, (i) at any time that the Asset Coverage Ratio is less than 2.00 to 1, such contribution shall not exceed 35% and (ii) at any time that the Asset Coverage Ratio is less than 1.67 to 1, such contribution shall not exceed 30%; (f) if at any time the Weighted Average Recurring Revenue Ratio is greater than 2.40 to 1.00, the Borrowing Base shall be reduced by removing Recurring Revenue Transactions therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Recurring Revenue Ratio to be no greater than 2.40 to 1.00 (subject to all other constraints, limitations and restrictions set forth herein); (g) if at any time the Weighted Average Leverage Ratio is greater than 4.75 to 1.00, the Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Leverage Ratio to be no greater than 4.75 to 1.00 (subject to all other constraints, limitations and restrictions set forth herein); provided that any LTV Transactions shall be excluded from such calculation; (h) the portion of the Borrowing Base attributable to Eligible Portfolio Investments in each of the Industry Classification Groups that are part of the Two Largest Industry Classification Groups shall, in each case, not exceed 20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base; (i) the portion of the Borrowing Base attributable to Eligible Portfolio Investments in any single Industry Classification Group (other than each of the Industry Classification Groups that are part of the Two Largest Industry Classification Groups) shall not exceed 15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base; 114

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(j) if at any time the weighted average maturity of all Debt Eligible Portfolio Investments (based on the fair value of such Eligible Portfolio Investments to the extent included in the Borrowing Base) exceeds 5.0 years, the Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments that are Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the weighted average maturity of all Debt Eligible Portfolio Investments included in the Borrowing Base to be no greater than 5.0 years (subject to all other constraints, limitations and restrictions set forth herein); (k) the portion of the Borrowing Base attributable to Debt Eligible Portfolio Investments with a maturity greater than 7 years shall not exceed 15% of the Borrowing Base and the Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 15% of the Borrowing Base; (l) the portion of the Borrowing Base attributable to PIK Obligations, DIP Loans, Covenant-Lite Loans and Preferred Stock shall not exceed 20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base; provided, that the portion of the Borrowing Base attributable to Preferred Stock in the aggregate shall not exceed 10% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 10% of the Borrowing Base; (m) if at any time the Weighted Average Fixed Coupon (after giving effect to any Hedging Agreement) is less than the greater of (i) 8% and (ii) the Benchmark in effect as of the date of determination for deposits in the applicable Currency for a period of one (1) month plus 4.5%, the Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Fixed Coupon to be at least equal to the greater of (x) 8% and (y) the Benchmark in effect as of the date of determination for deposits in the applicable Currency for a period of one (1) month plus 4.5% (subject to all other constraints, limitations and restrictions set forth herein); (n) if at any time the Weighted Average Floating Spread (after giving effect to any Hedging Agreement) is less than 4.5%, the Borrowing Base shall be reduced by removing Debt Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent necessary to cause the Weighted Average Floating Spread to be at least 4.5% (subject to all other constraints, limitations and restrictions set forth herein); (o) the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Low Risk Assets shall be at least 72.5% of the Borrowing Base, and the Borrowing Base shall be reduced by removing therefrom (but not from the Collateral) Eligible Portfolio Investments that are not Low Risk Assets so that the portion of the 115

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Borrowing Base attributable to Low Risk Assets will be at least 72.5% of the Borrowing Base; (p) no portion of the Borrowing Base shall be attributable to (a) any (i) Equity Interests (other than Preferred Stock), (ii) warrants, options or other rights for the purchase or acquisition of Equity Interests or (iii) securities convertible into or exchangeable for shares of Equity Interests, (b) any Affiliate Investment or (c) any Structured Finance Obligation; (q) [reserved]; (r) to the extent that the fair value of the No External Review Assets included in the Borrowing Base exceeds 10% of the Borrowing Base (without taking into account any No External Review Assets), the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent the fair value of the No External Review Assets included in the Borrowing Base would otherwise exceed 10% of the Borrowing Base; (s) the portion of the Borrowing Base attributable to Foreign Eligible Portfolio Investments shall not exceed 10% of the Borrowing Base and the Borrowing Base shall be reduced by removing Foreign Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 10% of the Borrowing Base; (t) the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are not Cash, Cash Equivalents, Long-Term U.S. Government Securities, Performing First Lien Bank Loans or Performing First Lien Middle Market Bank Loans (including, for clarity, applicable Performing LTV Transactions that are not Indirect Real Estate LTV Transactions), Performing Last Out Loans or Performing Second Lien Bank Loans shall not exceed 20% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 20% of the Borrowing Base; and (u) the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are LTV Transactions shall not exceed 40% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 40% of the Borrowing Base; provided that the contribution to the Borrowing Base of Eligible Portfolio Investments that are LTV Transactions shall at no time exceed the aggregate contribution to the Borrowing Base of (x) Eligible Portfolio Investments that are Performing First Lien Bank Loans and Performing First Lien Middle Market Loans (together with Performing Covenant-Lite Loans that are First Lien Bank Loans and excluding LTV Transactions), plus (y) Cash and Cash Equivalents plus (z) Long-Term U.S. Government Securities; provided further that the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Real Estate LTV Transactions shall not exceed 10% of the Borrowing Base and the Borrowing Base shall be reduced by 116

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117 Performing Last Out Loans and Performing LTV Transactions that are not Recurring Revenue Transactions 85% 60% 65% Performing Last Out Loans that are both Recurring Revenue Transactions and Last Out Loans Performing First Lien Bank Loans 55% Cash and Cash Equivalents (including Short-Term U.S. Government Securities) 55% 70% Eligible Portfolio Investment Performing Second Lien Bank Loans 72.5% 50% n/a 60% Performing High Yield Securities Performing First Lien Middle Market Bank Loans 45% 100% 55% 67.5% Unquoted Performing Mezzanine Investments, Performing Indirect Real Estate LTV Transactions and Performing Covenant-Lite Loans 72.5% 40% 50% removing Eligible Portfolio Investments that are Real Estate LTV Transactions therefrom (but not from the Collateral) to the extent such portion would otherwise exceed 10% of the Borrowing Base; provided further that, (x) Recurring Revenue Transactions in the aggregate shall not exceed 25% of the Borrowing Base and (y) ABL Transactions in the aggregate shall not exceed 20% of the Borrowing Base; and provided further that the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Recurring Revenue Transactions that are Last Out Loans shall not exceed 6.25% of the Borrowing Base. For the avoidance of doubt, no Portfolio Investment shall be an Eligible Portfolio Investment unless, among the other requirements set forth in this Agreement, (i) such Investment is subject only to Eligible Liens and (ii) such Investment is Transferable. In addition, as used herein, the following terms have the following meanings: "ABL Transactions" has the meaning assigned to such term in the definition of LTV Transaction. "Advance Rate" means, as to any Eligible Portfolio Investment and subject to adjustment as provided above, the following percentages with respect to such Eligible Portfolio Investment: Performing DIP Loans Performing LTV Transactions that are Recurring Revenue Transactions 50% Long-Term U.S. Government Securities 50% 65% Quoted Performing PIK Obligations and Performing Preferred Stock 65% 35% n/a 40% provided, that, at any time the Asset Coverage Ratio is less than 1.67 to 1 and the contribution of Performing First Lien Bank Loans and Performing First Lien Middle Market Bank Loans (including, for clarity, applicable Performing LTV Transactions that are not Indirect Real Estate LTV Transactions) to the Borrowing Base is less than 70% (in each case, as reported in the most recently delivered monthly Borrowing Base Certificate) every Advance Rate in the table above that is below the line for "Performing First Lien Middle Market Bank Loans" shall be 5% less

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than the applicable rate indicated in the table. For the avoidance of doubt, the above categories are intended to be indicative of the traditional investment types in a fully capitalized issuer. All determinations of whether a particular Portfolio Investment belongs to one category or another shall be made by the Borrower on a consistent basis with the foregoing. For example, a secured bank loan solely at a holding company, the only assets of which are the shares of an operating company, may constitute Mezzanine Investments, but would not ordinarily constitute a First Lien Bank Loan. "Bank Loans" means debt obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans, bridge loans and senior subordinated loans) that are generally provided under a credit facility or syndicated loan. "Capital Stock" of any Person means any and all shares of corporate stock (however designated) of and any and all other Equity Interests and participations representing ownership interests (including membership interests and limited liability company interests) in, such Person. "Cash" has the meaning assigned to such term in Section 1.01 of this Agreement. "Cash Equivalents" has the meaning assigned to such term in Section 1.01 of this Agreement. "Covenant-Lite Loan" means a Bank Loan that does not require the Portfolio Company thereunder to comply with any financial maintenance covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement), in each case regardless of whether compliance with one or more incurrence covenants is otherwise required by such Bank Loan. "Debt Eligible Portfolio Investment" means an Eligible Portfolio Investment which is an Investment in Indebtedness. "Defaulted Obligation" means: (a) any Debt Eligible Portfolio Investment as to which (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty-two (32) consecutive days with respect to such debt (without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such debt have accelerated all or a portion of the principal amount thereof as a result of such default; (b) any Eligible Portfolio Investment that is Preferred Stock as to which the applicable Portfolio Company has failed, with respect to any class of Preferred Stock of such Portfolio Company, to meet any scheduled redemption obligations or pay its latest declared cash dividend after the applicable due date (and after giving effect to the expiration of any applicable grace period); 118

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(c) any Eligible Portfolio Investment (i) as to which a default as to the payment of principal and/or interest has occurred and is continuing for a period of the lesser of the applicable grace period or five (5) consecutive days on another material debt obligation of the applicable Portfolio Company which is senior or pari passu in right of payment to such Eligible Portfolio Investment (without regard to any waiver thereof); (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing for a period of the lesser of the applicable grace period or five (5) consecutive days on another material debt obligation of the applicable Portfolio Company which is junior in right of payment to such Eligible Portfolio Investment (without regard to any waiver thereof); or (iii) that is a Debt Eligible Portfolio Investment and the Portfolio Company of such Eligible Portfolio Investment has issued preferred stock and such Portfolio Company has failed to meet, with respect to such class of preferred stock, any scheduled redemption obligations or pay its latest declared cash dividend after the applicable due date (and after giving effect to the expiration of any applicable grace period); (d) any Eligible Portfolio Investment (i) as to which, with respect to such Eligible Portfolio Investment or any material debt obligation of the applicable Portfolio Company, a default rate of interest has been and continues to be charged for more than 120 consecutive days, or a default has occurred and the holders of such debt have accelerated all or a portion of the principal amount thereof as a result of such default, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders thereof; (ii) as to which the applicable Portfolio Company or others have (A) engaged in an out-of-court restructuring process (including through any provision of the Uniform Commercial Code or other law) in the past ninety (90) days or (B) instituted proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such obligor has filed for protection under Chapter 11 of the Bankruptcy Code or under any foreign bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it (unless, in the case of clause (A) or (B), such Eligible Portfolio Investment is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); or (iii) as to which (A) written notice declaring such Indebtedness in default has been delivered by any lender or agent under such Indebtedness and such default has not been remedied, cured or waived within 90 days after delivery of such notice; or (B) any lender or agent under such Eligible Portfolio Investment otherwise exercises significant remedies following a default; and (e) any Eligible Portfolio Investment that the Borrower has otherwise declared to be a Defaulted Obligation. "DIP Loan" means any Bank Loan (whether revolving or term) originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by the Portfolio Company, which is a debtor-in-possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a "Debtor") organized under the laws of the United States or any state therein and domiciled in the United States, which loan satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor's bankruptcy case is still 119

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pending as a case under the provisions of Chapter 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of the Bankruptcy Code; (c) the Debtor's obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan are super-priority Liens and have not been subordinated or junior to, or are pari passu with, in whole or in part, the Liens of any other lender or creditor under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a "roll-up" or similar transaction; (i) no portion of the DIP Loan is payable in consideration other than cash; and (j) no portion of the DIP Loan has been credit bid under Section 363(k) of the Bankruptcy Code or otherwise. For the purposes of this definition, an order is a "final order" if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof. "Direct Real Estate LTV Transaction" has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d) hereto. "EBITDA" means the consolidated net income of the applicable Person (excluding extraordinary gains and extraordinary losses (to the extent excluded in the definition of "EBITDA" in the relevant agreement relating to the applicable Eligible Portfolio Investment)) for the relevant period plus, without duplication, the following to the extent deducted in calculating such consolidated net income in the relevant agreement relating to the applicable Eligible Portfolio Investment for such period: (i) consolidated interest charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable for such period, (iii) depreciation and amortization expense for such period, and (iv) such other adjustments included in the definition of "EBITDA" (or similar defined term used for the purposes contemplated herein) in the relevant agreement relating to the applicable Eligible Portfolio Investment, provided that such adjustments are usual and customary and substantially comparable to market terms for substantially similar debt of other similarly situated borrowers at the time such relevant agreements are entered into as reasonably determined in good faith by the Borrower; provided that, unless otherwise agreed to by the Administrative Agent, no such adjustments shall be made solely due to the impact of any Public Health Event. "Eligible Liens" has the meaning assigned to such term in Section 1.01 of this Agreement. 120

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"First Lien Bank Loan" means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings in such collateral, provided, however, that, in the case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be second in priority to a Permitted Prior Working Capital Lien; and further provided that (other than for an LTV Transaction) any portion (and only such portion) of such a Bank Loan which has a total debt to EBITDA ratio above 4.50x will have the advance rate of a Second Lien Bank Loan applied to such portion and any portion of such a Bank Loan which has a total debt to EBITDA ratio above 6.00x will have the advance rate of a Mezzanine Investment applied to such portion. For the avoidance of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan. "Fixed Rate Portfolio Investment" means a debt Eligible Portfolio Investment that bears interest at a fixed rate. "Floating Rate Portfolio Investment" means a debt Eligible Portfolio Investment that bears interest at a floating rate. "High Yield Securities" means debt Securities, in each case (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) and (c) that are not Cash Equivalents, Mezzanine Investments (described under clause (i) of the definition thereof) or Bank Loans. "Indirect Real Estate LTV Transactions" has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d) hereto. "Last Out Loan" shall mean, with respect to any Bank Loan that is a term loan structured in a first out tranche and a last out tranche (with the first out tranche entitled to a lower interest rate but priority with respect to payments), that portion of such Bank Loan that is the last out tranche; provided that: (a) such last out tranche is entitled (along with the first out tranche) to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings; (b) the ratio of (x) the amount of the first out tranche to (y) EBITDA of the underlying obligor does not at any time exceed 2.25x; (c) such last out tranche (i) gives the holders of such last out tranche full enforcement rights during the existence of an event of default (subject to customary exceptions if the holders of the first out tranche have previously exercised enforcement rights), (ii) shall have the same maturity 121

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date as the first out tranche, (iii) is entitled to the same representations, covenants and events of default as the holders of the first out tranche, and (iv) provides the holders of such last out tranche with customary protections (including, without limitation, consent rights with respect to (1) any increase of the principal balance of the first out tranche, (2) any increase of the margins applicable to the interest rates with respect to the first out tranche, (3) any reduction of the final maturity of the first out tranche, and (4) amending or waiving any provision in the underlying loan documents that is specific to the holders of such last out tranche); and (d) such first out tranche is not subject to multiple drawings (unless, at the time of such drawing and after giving effect thereto, the ratio referenced in clause (b) above is not exceeded). "Liquidation Preference" means, with respect to Preferred Stock, the dollar amount required to be paid to the holder thereof upon any voluntary or involuntary liquidation, dissolution or winding up of the issuer of such Preferred Stock or the distribution of assets of such issuer that represents a return of capital or the purchase price paid for such Preferred Stock at the time of issuance of such Preferred Stock by such issuer. "Long-Term U.S. Government Securities" means U.S. Government Securities maturing more than three months from the applicable date of determination, so long as such securities have a credit rating of at least AAA from S&P and Aaa from Moody's. "Low Risk Assets" means each of Cash Equivalents, Long-Term U.S. Government Securities, Performing First Lien Bank Loans (including, for clarity, applicable Performing LTV Transactions that are not Indirect Real Estate LTV Transactions) and Performing Last Out Loans. "LTV Transaction" means any transaction that (i) is either (a) structured in a way that would customarily be considered a specialized asset-backed transaction supported by receivables, inventory or other assets ("ABL Transactions") or (b) structured as a recurring revenue loan that (1) is in a high-growth industry or industry that customarily has businesses with revenue derived from perpetual licenses, subscription agreements, maintenance streams or other similar and perpetual cash flow streams (as reasonably determined in good faith by the Borrower) ("Recurring Revenue Transactions"), (2) has a loan to enterprise value ratio (determined in a manner consistent with the methodology outlined in paragraph (8) of Schedule 1.01(d)) of less than 65% and (3) at the time of the origination of the loan, does not have a debt to recurring revenue ratio of greater than 3.00 to 1.00, (ii) does not include and would not customarily be expected to include (at the time of the origination of the loan) a financial covenant based on debt to EBITDA, debt to EBIT or a similar multiple of debt to operating cash flow, (iii) is a First Lien Bank Loan or Last Out Loan (or, with respect to an Indirect Real Estate LTV Transaction, is a Mezzanine Investment), (iv) is not subject to a Permitted Prior Working Capital Lien and (v) is designated as an LTV Transaction by the Borrower at the time of the initial investment, provided that any portion (and only such portion) of such LTV Transaction (a) if it is an ABL Transaction, in excess of an alternative financial covenant or ratio mutually agreeable to the Borrower and the Administrative Agent, or (b) if it is a Recurring Revenue Transaction, which has a loan to enterprise value ratio that is greater than 35% but does not exceed 50%, such portion will, in each case, be deemed, solely for the purposes of determining the applicable Advance Rate pursuant to clause (y) of the definition of "Borrowing Base" and not 122

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for any other purpose herein, to be a Second Lien Bank Loan, and provided further that the Advance Rate applicable to that portion of such Recurring Revenue Transaction representing a loan to enterprise value (determined in a manner consistent with the methodology outlined in paragraph (8) of Schedule 1.01(d)) equal to or greater than 50% shall have an Advance Rate of 0%. "Mezzanine Investments" means (i) debt Securities (including convertible debt Securities (other than the "in-the-money" equity component thereof)), in each case (a) issued by public or private Portfolio Companies, (b) issued without registration under the Securities Act, (c) not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not Cash Equivalents and (e) contractually subordinated in right of payment to other debt of the same Portfolio Company and (ii) a Bank Loan that is not a First Lien Bank Loan, Last Out Loan, Second Lien Bank Loan, High Yield Security or a Covenant-Lite Loan. "Performing" means with respect to any Eligible Portfolio Investment, such Eligible Portfolio Investment (i) is not a Defaulted Obligation, (ii) other than with respect to DIP Loans, does not represent debt or Capital Stock of an issuer that has issued a Defaulted Obligation, and (iii) is not on non-accrual. "Performing Covenant-Lite Loans" means funded Covenant-Lite Loans that (a) are not PIK Obligations and (b) are Performing. "Performing DIP Loans" means funded DIP Loans that (a) are not PIK Obligations and (b) are not Defaulted Obligations. "Performing First Lien Bank Loans" means funded First Lien Bank Loans that (a) have a trailing 12-month EBITDA of at least $20,000,000 as calculated by the Borrower in a commercially reasonable manner, (b) are not PIK Obligations, DIP Loans, Covenant-Lite Loans, Second Lien Bank Loans or Last Out Loans and (c) are Performing. "Performing First Lien Middle Market Bank Loans" means funded First Lien Bank Loans that (a) have a trailing 12-month EBITDA that is less than $20,000,000 as calculated by the Borrower in a commercially reasonable manner, (b) are not PIK Obligations, DIP Loans, Covenant-Lite Loans, Second Lien Bank Loans or Last Out Loans and (c) are Performing. "Performing High Yield Securities" means funded High Yield Securities that (a) are not PIK Obligations and (b) are Performing. "Performing Indirect Real Estate LTV Transactions" means funded Indirect Real Estate LTV Transactions that are Performing. "Performing Last Out Loans" means funded Last Out Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or Second Lien Bank Loans and (b) are Performing. 123

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"Performing LTV Transactions" means funded LTV Transactions that (a) are not Indirect Real Estate LTV Transactions and (b) are Performing. "Performing Mezzanine Investments" means funded Mezzanine Investments that (a) are not PIK Obligations and (b) are Performing. "Performing PIK Obligations" means funded PIK Obligations that are Performing. "Performing Second Lien Bank Loans" means funded Second Lien Bank Loans that (a) are not PIK Obligations, DIP Loans, Covenant-Lite Loans or Last Out Loans and (b) are Performing. "Permitted Prior Working Capital Lien" means, with respect to a Portfolio Company that is a borrower under a Bank Loan, a security interest to secure a working capital facility for such Portfolio Company in the accounts receivable and inventory (and all accounts and other assets associated therewith and the proceeds thereof) of such Portfolio Company and any of its subsidiaries that are guarantors of such working capital facility; provided that (i) such Bank Loan has a second priority lien on such accounts receivable and inventory, (ii) such working capital facility is not secured by any other assets (other than a second priority lien, subject to the first priority lien of the Bank Loan, on any other assets) and does not benefit from any standstill rights or other agreements with respect to any other assets and (iii) the maximum principal amount of such working capital facility is not at any time greater than 15% of the aggregate enterprise value of the Portfolio Company (as determined in accordance with the valuation methodology for determining the enterprise value of the applicable Portfolio Company as established by an Approved Third-Party Appraiser). "PIK Obligation" means an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity thereof is, or at the option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and accrued rather than being paid in cash, provided that any such obligation shall not constitute a PIK Obligation if it (a) is a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 8% per annum or (b) is not a fixed rate obligation and requires payment of interest in cash on an at least semi-annual basis at a rate of not less than 4.5% per annum in excess of the applicable index. "Preferred Stock", as applied to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person, and shall include, without limitation, cumulative preferred, non-cumulative preferred, participating preferred and convertible preferred Capital Stock; provided, that such Preferred Stock (i) pays a cash dividend on a monthly or quarterly basis, (ii) has a maturity date or is subject to mandatory redemption on a date certain that is not greater than ten (10) years from the date of initial issuance of such Preferred Stock and (iii) has a Liquidation Preference. 124

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"Real Estate LTV Transaction" has the meaning assigned to such term in paragraph 16 of Schedule 1.01(d) hereto. "Recurring Revenue Transaction" has the meaning assigned to such term in the definition of LTV Transaction. "Restructured Investment" means, as of any date of determination, (a) any Portfolio Investment that has been a Defaulted Obligation within the past six months, (b) any Portfolio Investment that has in the past six months been on cash non-accrual, or (c) any Portfolio Investment that has in the past six months been amended or subject to a deferral or waiver the effect of which is to (i) change the amount of previously required scheduled debt amortization (or, in the case of Preferred Stock, required payments on such Preferred Stock (other than by reason of repayment thereof)) or (ii) extend the tenor of previously required scheduled debt amortization (or, in the case of Preferred Stock, required payments on such Preferred Stock), in each case such that the remaining weighted average life of such Portfolio Investment is extended by more than 20%. A DIP Loan shall not be deemed to be a Restructured Investment, so long as it does not meet the conditions of the definition of Restructured Investment. "Second Lien Bank Loan" means a Bank Loan (other than a First Lien Bank Loan and a Last Out Loan) that is entitled to the benefit of a first and/or second lien and first and/or second priority perfected security interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof; provided that any portion of such a Loan which has a total debt to EBITDA ratio above 6.00x will have the advance rate of a Mezzanine Investment applied to such portion. "Securities" means common and preferred stock, units and participations, member interests in limited liability companies, partnership interests in partnerships, notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of Indebtedness, including debt instruments of public and private issuers and tax-exempt securities (including warrants, rights, put and call options and other options relating thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as securities or any form of interest or participation therein, but not including Bank Loans. "Securities Act" means the United States Securities Act of 1933, as amended. "Short-Term U.S. Government Securities" means U.S. Government Securities maturing within three (3) months of the applicable date of determination. "Spread" means, with respect to a Floating Rate Portfolio Investment, the cash interest spread of such Floating Rate Portfolio Investment over Adjusted Term SOFR; provided, that, in the case of any Floating Rate Portfolio Investment that does not bear interest by reference to Adjusted Term SOFR, "Spread" shall mean the cash interest spread of such Floating Rate Portfolio Investment over the Benchmark in effect as of the date of determination for deposits in the applicable Currency for a period of three (3) months. 125

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"Structured Finance Obligation" means any obligation issued by a special purpose vehicle (or any similar obligor in the principal business of offering, originating, financing or warehousing pools of receivables or other financial assets) and secured directly by, referenced to, or representing ownership of or investment in, a pool of receivables or other financial assets of any obligor, including collateralized loan obligations, collateralized debt obligations and mortgage-backed securities, or any finance lease. For the avoidance of doubt, if an obligation satisfies this definition of "Structured Finance Obligation", such obligation (a) shall not qualify as any other category of Portfolio Investment and (b) shall not be included in the Borrowing Base. "U.S. Government Securities" has the meaning assigned to such term in Section 1.01 of this Agreement. "Value" means, with respect to any Eligible Portfolio Investment, the value thereof determined for purposes of the Loan Documents in accordance with Section 5.12(b)(ii). "Weighted Average Fixed Coupon" means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying the cash interest coupon of each Fixed Rate Portfolio Investment included in the Borrowing Base as of such date by the outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of such Fixed Rate Portfolio Investment included in the Borrowing Base as of such date, dividing such sum by the aggregate outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of all such Fixed Rate Portfolio Investments included in the Borrowing Base and rounding up to the nearest 0.01%. For the purpose of calculating the Weighted Average Fixed Coupon, all Fixed Rate Portfolio Investments included in the Borrowing Base that are not currently paying cash interest shall have an interest rate of 0%. "Weighted Average Floating Spread" means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying, in the case of each Floating Rate Portfolio Investment included in the Borrowing Base, on an annualized basis, the Spread of such Floating Rate Portfolio Investment included in the Borrowing Base, by the outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of such Floating Rate Portfolio Investment included in the Borrowing Base as of such date and dividing such sum by the aggregate outstanding principal balance (or, in the case of Preferred Stock, the Liquidation Preference or fixed amount (other than interest or fees) owed on account of such Preferred Stock) of all such Floating Rate Portfolio Investments included in the Borrowing Base and rounding the result up to the nearest 0.01%. "Weighted Average Leverage Ratio" means, as of any date of determination, the number obtained by summing the products obtained by multiplying, in the case of each Debt Eligible Portfolio Investment included in the Borrowing Base (but, for the avoidance of doubt, excluding any Debt Eligible Portfolio Investments that are LTV Transactions), the leverage ratio (expressed as a number) for the Portfolio Company of such Eligible Portfolio Investment of all 126

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Indebtedness (or, as applicable, Preferred Stock) that has a ranking of payment or lien priority senior to or pari passu with and including the tranche that includes the Borrower's Eligible Portfolio Investment included in the Borrowing Base, by the fair value of such Eligible Portfolio Investment as of such date and dividing such sum by the aggregate of the fair values of all such Eligible Portfolio Investments including in the Borrowing Base as of such date and rounding the result up to the nearest 0.01. "Weighted Average Recurring Revenue Ratio" means, as of any date of determination, the number obtained by summing the products obtained by multiplying, in the case of each Recurring Revenue Transaction included in the Borrowing Base, the debt to recurring revenue ratio (expressed as a number) for the Portfolio Company of such Eligible Portfolio Investment of all Indebtedness that has a ranking of payment or lien priority senior to or pari passu with and including the tranche that includes the Borrower's Eligible Portfolio Investment, by the fair value of such Eligible Portfolio Investment as of such date and dividing such sum by the aggregate of the fair values of all such Eligible Portfolio Investments and rounding the result up to the nearest 0.01. SECTION 5.14. Anti-Hoarding of Assets at Financing Subsidiaries. If any Financing Subsidiary is not prohibited by any law, rule or regulation or by any contract or agreement relating to indebtedness from distributing all or any portion of its assets to an Obligor, then such Financing Subsidiary shall, if the Borrowing Base is not at least 115% of the Covered Debt Amount at the time of determination, distribute to an Obligor the amount of assets held by such Financing Subsidiary that such Financing Subsidiary is permitted to distribute and that, in the good faith judgment of the Borrower, such Financing Subsidiary does not reasonably expect to utilize, in the ordinary course of business, to obtain or maintain a financing from an unaffiliated third party. SECTION 5.15. Taxes. Each of the Borrower and its Subsidiaries will timely file or cause to be timely filed all U.S. federal, state and local Tax returns that are required to be filed by it and all other Tax returns that are required to be filed by it and will pay all Taxes for which it is directly or indirectly liable and any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority, except Taxes that are being contested in good faith by appropriate proceedings, and with respect to which reserves in conformity with GAAP are provided on the books of the Borrower or its Subsidiaries, as the case may be. The charges, accruals and reserves on the books of the Borrower and any of its Subsidiaries in respect of Taxes and other governmental charges will be adequate in accordance with GAAP. SECTION 5.16. Operations. The Borrower will, and will cause each of its Subsidiaries to, act, in all material respects, in accordance with their respective Constituent Documents. 127

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ARTICLE VI NEGATIVE COVENANTS Until the Termination Date, the Borrower covenants and agrees with the Lenders that: SECTION 6.01. Indebtedness. The Borrower will not nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness (for clarity, with respect to revolving loan facilities or staged advance loan facilities, "incurrence" shall be deemed to take place only at the time such facility is entered into or the aggregate commitments thereunder are increased or extended and, solely for purposes of satisfying the incurrence tests in this Section 6.01, shall be deemed to be fully drawn with respect to any commitments that have not expired or been terminated and are, subject to the satisfaction of customary credit event conditions, available to be drawn; provided that such commitments shall in no event include any delayed draw portion that has not yet been funded (which delayed draw portion shall be "incurred" when funded) or any accordion capacity that has not yet been exercised), except: (a) Indebtedness created hereunder or under any other Loan Document; (b) (i) Unsecured Shorter-Term Indebtedness in an aggregate principal amount not to exceed $5,000,000, so long as no Default exists at the time of the incurrence thereof (or immediately after the incurrence thereof) and (ii) Secured Longer-Term Indebtedness, in each case, so long as (w) no Default exists at the time of the incurrence thereof (and immediately after the incurrence thereof), (x) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of the covenants set forth in Section 6.07 after giving effect to the incurrence thereof and on the date of such incurrence the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, (y) prior to and immediately after giving effect to the incurrence thereof, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect; and (z) on the date of the incurrence thereof, the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as at such date demonstrating compliance with (or a certification that the Borrower is in compliance with) subclause (y) after giving effect to such incurrence. For purposes of preparing such Borrowing Base Certificate, (A) the fair market value of Quoted Investments shall be the most recent quotation available for such Eligible Portfolio Investment and (B) the fair market value of Unquoted Investments shall be the Value set forth in the Borrowing Base Certificate most recently delivered by the Borrower to the Administrative Agent pursuant to Section 5.01(d) or if an Unquoted Investment is acquired after the delivery of the Borrowing Base Certificate most recently delivered, then the Value of such Unquoted Investment shall be the lower of the cost of such Unquoted Investment and the Internal Value of such Unquoted Investment; provided, that the Borrower shall reduce the Value of any Eligible Portfolio Investment referred to in this sub-clause (B) to the extent necessary to take into account any events of which the Borrower has knowledge that adversely affect the value of such Eligible Portfolio Investment. 128

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(c) Unsecured Longer-Term Indebtedness, so long as (x) no Default exists at the time of the incurrence thereof (or immediately after the incurrence thereof), (y) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of the covenants set forth in Section 6.07 and on the date of such incurrence the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect and (z) the Net Cash Proceeds of such Unsecured Longer-Term Indebtedness are applied to the Loans pursuant to Section 2.08(d)(v); (d) Indebtedness of Financing Subsidiaries; provided that (i) on the date that such Indebtedness is incurred (for clarity, with respect to any and all revolving loan facilities, term loan facilities, staged advance loan facilities or any other credit facilities, "incurrence" shall be deemed to take place at the time such facility is entered into, and not upon each borrowing thereunder), prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of the covenants set forth in Section 6.07 and on the date of such incurrence Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, and (ii) in the case of revolving loan facilities or staged advance loan facilities, upon each borrowing thereunder, the Borrower is in pro forma compliance with each of the covenants set forth in Section 6.07; (e) Other Permitted Indebtedness in an aggregate principal amount not to exceed $5,000,000; (f) repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities; (g) obligations payable to clearing agencies, brokers or dealers in connection with the purchase or sale of securities in the ordinary course of business; (h) obligations of the Borrower under a Permitted SBIC Guarantee and obligations (including Guarantees) in respect of Standard Securitization Undertakings; and (i) the 2026 Notes; and (j) the Special Refinancing Notes, in each case, so long as (i) no Default exists at the time of the incurrence thereof (and immediately after the incurrence thereof), (ii) prior to and immediately after giving effect to the incurrence thereof, the Borrower is in pro forma compliance with each of the covenants set forth in Section 6.07 after giving effect to the incurrence thereof and on the date of such incurrence the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, (iii) prior to and immediately after giving effect to the incurrence thereof, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect; and (iv) on the date of the incurrence thereof, the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as at such date demonstrating compliance with (or a certification that the Borrower is in compliance with) subclause (iii) after giving effect to such incurrence. SECTION 6.02. Liens. The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset (including Equity Interests in any Financing Subsidiary or any other Subsidiary) now owned or 129

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hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof except: (a) any Lien on any property or asset of the Borrower existing on the Amendment No. 5 Effective Date and set forth in Schedule 3.11(b), provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any of its Subsidiaries, and (ii) any such Lien shall secure only those obligations which it secures on the Amendment No. 5 Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; (b) Liens created pursuant to the Security Documents; (c) Liens on assets owned by Financing Subsidiaries securing Indebtedness permitted under Section 6.01(d); (d) Liens created pursuant to the Security Documents securing Secured Longer-Term Indebtedness incurred pursuant to Section 6.01(b); (e) Permitted Liens; (f) additional Liens securing Indebtedness not to exceed $3,000,000 in the aggregate provided such Indebtedness is incurred under Section 6.01(e) of this Agreement; and (g) Liens on Equity Interests in any SBIC Subsidiary created in favor of the SBA. SECTION 6.03. Fundamental Changes. The Borrower will not, nor will it permit any of its Subsidiaries to, enter into any transaction of merger, division, consolidation or amalgamation, or liquidate or provisionally liquidate, wind up or dissolve itself (or suffer any liquidation, provisional liquidation or dissolution). The Borrower will not, nor will it permit any of its Subsidiaries to reorganize under the laws of a jurisdiction other than any jurisdiction in the United States. The Borrower will not, nor will it permit any of its Subsidiaries to, acquire any business or property from, or capital stock of, or be a party to any acquisition of, any Person, except for purchases or acquisitions of Portfolio Investments and other assets in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries and not in violation of the terms and conditions of this Agreement or any other Loan Document. The Borrower will not, nor will it permit any of its Subsidiaries to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, any part of its assets (including, without limitation, Cash, Cash Equivalents and Equity Interests), whether now owned or hereafter acquired, but excluding assets (including Cash and Cash Equivalents but excluding Portfolio Investments) sold or disposed of in the ordinary course of business of the Borrower and its Subsidiaries (including to make expenditures of cash in the normal course of the day-to-day business activities of the Borrower and its Subsidiaries), in each case, other than sales or dispositions to any Financing Subsidiary, any CFC, any Transparent Subsidiary, the Excluded Subsidiary or any Restricted Investment. The Borrower will not, nor will it permit any of its Subsidiaries to, change its name, jurisdiction of formation, chief executive office and/or principal place of business without giving the Administrative Agent a minimum of thirty (30) days' (or such lesser period as the Administrative Agent may reasonably agree) written notice 130

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thereof. The Borrower will not, nor will it permit any of its Subsidiaries to, (x) file a certificate of division; adopt a plan of division or otherwise take any action to effectuate a division pursuant to Section 18-217 of the Delaware Limited Liability Company Act (or any analogous action taken pursuant to applicable law with respect to any corporation, limited liability company, partnership or other entity) or (y) create or reorganize into one or more series under Section 18-215 or 18-218 of the Delaware Limited Liability Company Act (or any analogous action pursuant to applicable law with respect to any corporation, limited liability company or other entity). Notwithstanding the foregoing provisions of this Section: (a) any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower or any other Subsidiary Guarantor; provided that if any such transaction shall be (i) between a Subsidiary or a wholly owned Subsidiary Guarantor and the Borrower, the Borrower shall be the continuing or surviving entity and (ii) between a Subsidiary and a wholly owned Subsidiary Guarantor, the wholly owned Subsidiary Guarantor shall be the continuing or surviving entity; (b) any Subsidiary of the Borrower may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower; (c) the capital stock of any Subsidiary of the Borrower may be sold, transferred or otherwise disposed of to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower; (d) the Obligors may sell, transfer or otherwise dispose of Portfolio Investments (other than to a Financing Subsidiary, a Restricted Investment or, so long as MCC Holdco is not a Subsidiary Guarantor, MCC Holdco) so long as prior to and after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Portfolio Investments or payment of outstanding Loans or Other Covered Indebtedness) the Covered Debt Amount does not exceed the Borrowing Base; provided that, with respect to any such sale, transfer or other disposition of Portfolio Investments to any CFC or any Transparent Subsidiary, such sale, transfer or other disposition shall only be permitted if (i) in the Borrower's good faith business judgment, such sale, transfer or other disposition is anticipated to maximize tax efficiencies for the Obligors and their Subsidiaries (considered in the aggregate) and (ii) no Default exists at the time of making such sale, transfer or disposition (or immediately after making such sale, transfer or disposition); (e) so long as no Default exists at the time of making such sale, transfer or disposition (or immediately after making such sale, transfer or disposition), the Obligors may sell, transfer or otherwise dispose of Portfolio Investments (but may not sell, transfer or dispose of ownership interests in Financing Subsidiaries, Restricted Investments or, so long as MCC Holdco is not a Subsidiary Guarantor, MCC Holdco) or Cash and Cash Equivalents to a Financing Subsidiary or a Restricted Investment so long as both immediately prior to and immediately after giving effect to such sale, transfer or other disposition (and any concurrent acquisitions of Portfolio Investments or payment of outstanding Loans or Other Covered 131

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Indebtedness) (i) the Covered Debt Amount does not exceed the Borrowing Base and no Default exists, and the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, (ii) either (x) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to such release is not diminished as a result of such release or (y) the Borrowing Base immediately after giving effect to such release is at least 115% of the Covered Debt Amount, (iii) the sum of (x) all sales, transfers or other dispositions under this clause (e) that occur after the Revolver Termination Date and do not result in Net Asset Sale Proceeds for fair value that are applied in accordance with Section 2.08(d)(i) and (y) all Investments under Section 6.04(e) that occur after the Revolver Termination Date, shall not exceed 20% of the aggregate principal amount of the Loans outstanding immediately after the Revolver Termination Date, and (iv) the Asset Coverage Ratio is not less than 1.67 to 1 (and the Borrower delivers to the Administrative Agent a certificate of a Financial Officer with respect to each of clauses (i) through (iv) of this clause (e)); (f) an Obligor may transfer assets to a Financing Subsidiary for the sole purpose of facilitating the transfer of assets from one Financing Subsidiary (or a Subsidiary that was a Financing Subsidiary immediately prior to such disposition) to another Financing Subsidiary, directly or indirectly through such Obligor (such assets, the "Transferred Assets"); provided that (i) no Default exists or is continuing at such time, and the Covered Debt Amount shall not exceed the Borrowing Base at such time and the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to such effect, and (ii) the Transferred Assets were transferred to such Obligor by the transferor Financing Subsidiary on the same Business Day that such assets are transferred by such Obligor to the transferee Financing Subsidiary; (g) the Borrower may merge or consolidate with any other Person, so long as (i) the Borrower is the continuing or surviving entity in such transaction and (ii) at the time thereof and after giving effect thereto, no Default shall have occurred and be continuing; (h) the Borrower and its Subsidiaries may sell, lease, transfer or otherwise dispose of equipment or other property or assets that do not consist of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does not exceed $5,000,000 in any fiscal year; (i) any Subsidiary of the Borrower may be liquidated or dissolved; provided that (i) in connection with such liquidation or dissolution, any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to the Borrower or any wholly owned Subsidiary Guarantor of the Borrower and (ii) the Borrower determines in good faith that such liquidation is in the best interests of the Borrower and is not materially disadvantageous to the Lenders; (j) any Financing Subsidiary may sell or dispose of Portfolio Investments in the ordinary course of business of such Financing Subsidiary; and 132

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(k) the Borrower may transfer Cash (other than Portfolio Investments) to the Excluded Subsidiary in an aggregate amount not to exceed $10,000 after the Amendment No. 3 Effective Date. SECTION 6.04. Investments. The Borrower will not, nor will it permit any of its Subsidiaries to, acquire, make or enter into, or hold, any Investments except: (a) operating deposit accounts with banks; (b) Investments by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors; (c) Hedging Agreements entered into in the ordinary course of the Borrower's business for financial planning and not for speculative purposes; (d) Portfolio Investments (other than Restricted Investments) by the Borrower and its Subsidiaries to the extent such Portfolio Investments are permitted under the Investment Company Act (to the extent such applicable Person is subject to the Investment Company Act) and the Borrower's Investment Policies; (e) Equity Interests in (x) Financing Subsidiaries formed after the Amendment No. 3 Effective Date to the extent expressly permitted under Section 6.03(e) and (y) Restricted Investments formed after the Amendment No. 3 Effective Date to the extent expressly permitted by Section 6.03(e); (f) Investments by any Financing Subsidiary; (g) Investments in Cash and Cash Equivalents; (h) Investments existing on the Amendment No. 3 Effective Date and described on the Existing Investments Certificate delivered to the Administrative Agent and the Lenders on the Amendment No. 3 Effective Date; (i) so long as no Default exists at the time of making such Investment (or immediately after making such Investment), other Investments (excluding, for the avoidance of doubt, any Investments in Portfolio Investments, any Financing Subsidiary, any Restricted Investment or, so long as MCC Holdco is not a Subsidiary Guarantor, MCC Holdco) up to but not exceeding $5,000,000 in the aggregate for all such other Investments made since the Restatement Effective Date (for purposes of this clause (i), the aggregate amount of an Investment at any time shall be deemed to be equal to (A) the aggregate amount of cash, together with the aggregate fair market value of property loaned, advanced, contributed, transferred or otherwise invested that gives rise to such Investment, minus (B) the aggregate amount of dividends, distributions or other payments received in cash in respect of such Investment after the Amendment No. 3 Effective Date; provided that in no event shall the aggregate amount of any Investment be less than zero, and provided further that the amount of any Investment shall not in any event be reduced by reason of any write-off of such Investment, nor increased by way 133

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of any increase in the amount of earnings retained in the Person in which such Investment is made that have not been dividended, distributed or otherwise paid out); and (j) Cash Investments in the Excluded Subsidiary to the extent permitted by Section 6.03(k). SECTION 6.05. Restricted Payments. The Borrower will not, nor will it permit any of its Subsidiaries (other than the Financing Subsidiaries) to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that: (a) the Borrower may declare and pay dividends with respect to the capital stock of the Borrower payable solely in additional shares of the Borrower's common stock; (b) provided that the Asset Coverage Ratio exceeds 1.50 to 1 on a pro forma basis both immediately before and immediately after giving effect thereto, the Borrower may declare and pay dividends and distributions in either case in cash or other property (excluding for this purpose the Borrower's common stock) in or with respect to any taxable year of the Borrower (or any calendar year, as relevant) in amounts not to exceed 115% of the amounts that are required to be distributed to: (i) allow the Borrower to satisfy the minimum distribution requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a RIC for any such taxable year, (ii) reduce to zero for any such taxable year its liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero its liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto); (c) the Subsidiaries of the Borrower may make Restricted Payments to the Borrower or to any Subsidiary Guarantor; (d) Obligors may make Restricted Payments to repurchase Equity Interests of the Borrower from officers, directors and employees of the Investment Advisor or the Borrower or any of its Subsidiaries or their authorized representatives upon the death, disability or termination of employment of such employees or termination of their seat on the Board of Directors of the Investment Advisor or the Borrower or any of its Subsidiaries; provided that (i) no Default or Event of Default shall have occurred and be continuing or would result therefrom, (ii) such Equity Interests are not registered on Form S-8 or other registration statement or are not transferable under Rule 144 of the Securities Exchange Act of 1934, and (iii) the aggregate amount of all repurchases in any calendar year shall not exceed $500,000, with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $1,000,000 in any calendar year; and (e) the Borrower may make other Restricted Payments, including the repurchase by Borrower of its Equity Interests, so long as, (i) on the date of such payment and immediately prior to and immediately after giving effect thereto, no Default shall have occurred and be continuing, (ii) prior to and immediately after giving effect to such payment, the Covered Debt Amount does not exceed 85% of the Borrowing Base and (iii) on the date of such 134

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Restricted Payment, the Borrower delivers to the Administrative Agent a Borrowing Base Certificate as of such date demonstrating compliance with the foregoing immediately after giving effect to such Restricted Payment; provided that, solely in the case of Restricted Payments made pursuant to this Section 6.05(e) consisting of the repurchase by the Borrower of its Equity Interests, such compliance may be demonstrated on the next Borrowing Base Certificate delivered pursuant to Section 5.01(d). For the avoidance of doubt, the Borrower shall not declare any dividend to the extent such declaration violates the provisions of the Investment Company Act applicable to it. SECTION 6.06. Certain Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries to enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that prohibits or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence or payment of Indebtedness, the granting of Liens, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments or the sale, assignment, transfer or other disposition of property, except for any prohibitions or restraints contained in (i) any Indebtedness permitted under Section 6.01(b) or (c), (ii) any Indebtedness permitted under Section 6.01(e) secured by a Lien permitted under Section 6.02(f) provided that such prohibitions and restraints are applicable by their terms only to the assets that are subject to such Lien and (iii) any Indebtedness permitted under Section 6.01(f) or (g) secured by a Permitted Lien provided that such prohibitions and restraints are applicable by their terms only to the assets that are subject to such Lien. SECTION 6.07. Certain Financial Covenants. (a) Minimum Total Net Assets. The Borrower will not permit Total Net Assets at the last day of any fiscal quarter of the Borrower to be less than the sum of (x) $150,000,000 plus (y) 65% of the aggregate net proceeds of all sales of Equity Interests by the Borrower and its Subsidiaries after the Restatement Effective Date (other than the proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries). (b) Asset Coverage Ratios. After the Restatement Effective Date, the Borrower will not permit the Asset Coverage Ratio to be less than 1.50 to 1 at any time. (c) Senior Coverage Ratio. After the Restatement Effective Date, the Borrower will not permit the Senior Coverage Ratio to be less than 2.00 to 1 at any time. (d) [Reserved]. (e) Obligors' Net Worth Test. After the Restatement Effective Date, the Borrower will not permit the Obligors' Net Worth at the last day of any fiscal quarter to be less than an amount equal to $110,000,000. SECTION 6.08. Transactions with Affiliates. (a) The Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with any of its Affiliates, even if otherwise permitted under this Agreement, except (i) transactions in the ordinary course of business at prices and on terms and conditions not less favorable to the Borrower or such Subsidiary (or, in the case of a transaction between an Obligor and a non-Obligor Subsidiary, not 135

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less favorable to such Obligor) than could be obtained at the time on an arm's-length basis from unrelated third parties, (ii) transactions between or among the Obligors not involving any other Affiliate, (iii) transactions between or among the Obligors and any SBIC Subsidiary or any "downstream affiliate" (as such term is used under the rules promulgated under the Investment Company Act) company of an Obligor at prices and on terms and conditions not less favorable to the Obligors than could be obtained at the time on an arm's-length basis from unrelated third parties, (iv) Restricted Payments permitted by Section 6.05, (v) the transactions provided in the Affiliate Agreements as the same may be amended in accordance with Section 6.11(b) or (vi) transactions with Affiliates existing on the Amendment No. 5 Effective Date as set forth in Schedule 6.08. (b) The Borrower will not, and will not permit any of its Subsidiaries to, enter into any transactions with any issuer of an Affiliate Investment (including any Investment that becomes an Affiliate Investment as a result of such transaction or any modification, supplement or waiver to an existing Affiliate Investment), even if otherwise permitted under this Agreement, except transactions in the ordinary course of business that are either (i) on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained at the time on an arm's-length basis from unrelated third parties or (ii) in the nature of an amendment, supplement or modification to any such Affiliate Investment on terms and conditions that are similar to those obtained by debt or equity investors in similar types of investments in which such investors do not have the controlling equity interest, in each case, as reasonably determined in good faith by the Borrower. SECTION 6.09. Lines of Business. The Borrower will not, nor will it permit any of its Subsidiaries to, engage in any business other than in accordance with its Investment Policies. SECTION 6.10. No Further Negative Pledge. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any agreement, instrument, deed or lease which prohibits or limits the ability of any Obligor to create, incur, assume or suffer to exist any Lien upon any of its properties, assets or revenues, whether now owned or hereafter acquired, or which requires the grant of any security for an obligation if security is granted for another obligation, except the following: (a) this Agreement and the other Loan Documents; (b) covenants in documents creating Liens permitted by Section 6.02 prohibiting further Liens on the assets encumbered thereby; (c) customary restrictions contained in leases not subject to a waiver; and (d) any other agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any Collateral securing the Secured Obligations and does not require the direct or indirect granting of any Lien securing any Indebtedness or other obligation by virtue of the granting of Liens on or pledge of property of any Obligor to secure the Loans or any Hedging Agreement. SECTION 6.11. Modifications of Certain Documents. The Borrower will not, and will not permit any of its Subsidiaries to: (a) consent to any modification, supplement or waiver of any of the provisions of any agreement, instrument or other document evidencing or relating to any Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or Unsecured Shorter-Term 136

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Indebtedness that would result in such Indebtedness not meeting the requirements of the definition of "Secured Longer-Term Indebtedness", "Unsecured Longer-Term Indebtedness" or "Unsecured Shorter-Term Indebtedness", as applicable, set forth in Section 1.01 of this Agreement, unless, in the case of Unsecured Longer-Term Indebtedness, such Indebtedness would have been permitted to be incurred as Unsecured Shorter-Term Indebtedness at the time of such modification, supplement or waiver and the Borrower so designates such Indebtedness as "Unsecured Shorter-Term Indebtedness" (whereupon such Indebtedness shall be deemed to constitute "Unsecured Shorter-Term Indebtedness" for all purposes of this Agreement); (b) consent to any modification, supplement or waiver of any of the Affiliate Agreements, unless such modification, supplement or waiver is not less favorable to the Borrower than could be obtained on an arm's-length basis from unrelated third parties; (c) consent to any modification, supplement or waiver of any Constituent Document of the Borrower or any of its Subsidiaries to the extent such modification, supplement or waiver would be materially adverse to the Agent or any of the Lenders; or (d) enter into or maintain any advisory or investment management agreement other than the Affiliate Agreements. The Administrative Agent hereby acknowledges and agrees that the Borrower may, at any time and from time to time, without the consent of the Administrative Agent, freely amend, restate, terminate, or otherwise modify any documents, instruments and agreements evidencing, securing or relating to Indebtedness permitted pursuant to Section 6.01(d) and (e), including increases in the principal amount thereof, modifications to the advance rates and/or modifications to the interest rate, fees or other pricing terms, so long as such Indebtedness continues to be permitted under Section 6.01(d) or (e); provided that no such amendment, restatement, termination or modification shall, unless Borrower complies with the terms of Section 5.08(a)(i) hereof, cause a Financing Subsidiary to fail to be a "Financing Subsidiary" in accordance with the definition thereof. SECTION 6.12. Payments of Indebtedness. The Borrower will not, nor will it permit any of its Subsidiaries to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition of or make any voluntary or involuntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Secured Longer-Term Indebtedness, any Unsecured Longer-Term Indebtedness, the 2026 Notes or the Special Refinancing Notes (other than, so long as no Default has occurred and is continuing or would result therefrom, (i) the refinancing of any Secured Longer-Term Indebtedness, any Unsecured Longer-Term Indebtedness, the 2026 Notes or the Special Refinancing Notes with the Net Cash Proceeds of any Indebtedness permitted under Section 6.01(b)(ii) and (c) (such Indebtedness, the "Refinancing Indebtedness"); provided that the Borrower may, at its option, use the Net Cash Proceeds of such Refinancing Indebtedness to immediately prepay Loans hereunder and, (a) within 45 calendar days after the incurrence of such Refinancing Indebtedness, the Borrower may prepay such Secured Longer-Term Indebtedness, Unsecured Longer-Term Indebtedness or Special Refinancing Notes (including with proceeds of the Loans hereunder) and (b) at any time after the incurrence of such Refinancing Indebtedness, the 137

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Borrower may prepay such 2026 Notes (including with proceeds of the Loans hereunder), in each case, in an amount equal to the principal amount of Loans prepaid with such Refinancing Indebtedness so long as, with respect to a prepayment within such 45 calendar days pursuant to this proviso (or longer period with respect to the 2026 Notes), such Refinancing Indebtedness would have been permitted to have been incurred pursuant to Section 6.01(b)(ii) or (c), as applicable, if such Refinancing Indebtedness was incurred on the date of such prepayment; (ii) the refinancing of the 2026 Notes with the Net Cash Proceeds of any Indebtedness permitted under Section 6.01(j); provided that the Borrower may, at its option, use the Net Cash Proceeds of such Special Refinancing Notes to immediately prepay Loans hereunder and at any time after the incurrence of such Special Refinancing Notes, the Borrower may prepay such 2026 Notes (including with proceeds of the Loans hereunder), in each case, in an amount equal to the principal amount of Loans prepaid with such Special Refinancing Notes so long as, with respect to a prepayment pursuant to this proviso, such Special Refinancing Notes would have been permitted to have been incurred pursuant to Section 6.01(j) if such Special Refinancing Notes were incurred on the date of such prepayment; and (iii) with the Net Cash Proceeds of any issuance of Equity Interests after the Amendment No. 5 Effective Date, in each case under the foregoing clauses (i) through (iii), solely to the extent not required to be used to prepay Loans and, except as expressly set forth in the proviso to clauses (i) and (ii), such refinanced or purchased debt is immediately discharged, extinguished or terminated), except for (a) regularly scheduled payments of interest in respect thereof required pursuant to the instruments evidencing such Indebtedness and the payment when due of the types of fees and expenses that are customarily paid in connection with such Indebtedness (it being understood that: (w) the conversion features into Permitted Equity Interests under convertible notes; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and (y) any cash payment on account of interest or expenses on such convertible notes made by the Borrower in respect of such triggering and/or settlement thereof, shall be permitted under this clause (a)), or (b) payments and prepayments of Secured Longer-Term Indebtedness required to comply with requirements of Section 2.08(c). SECTION 6.13. Modification of Investment Policies. Other than with respect to Permitted Policy Amendments, the Borrower will not amend, supplement, waive or otherwise modify in any material respect the Investment Policies as in effect on the Restatement Effective Date. SECTION 6.14. SBIC Guarantee. The Borrower will not, nor will it permit any of its Subsidiaries to, cause or permit the occurrence of any event or condition that would result in any recourse to any Obligor under any Permitted SBIC Guarantee. SECTION 6.15. Derivative Transactions. The Borrower will not, nor will it permit any of its Subsidiaries to, enter into any derivative, swap or other similar transactions or agreements, except for Hedging Agreements to the extent permitted pursuant to Sections 6.01(e) and 6.04(c). SECTION 6.16. Convertible Indebtedness. The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness that is convertible into Equity Interests other than Permitted Equity Interests. 138

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ARTICLE VII EVENTS OF DEFAULT SECTION 7.01. Events of Default. If any of the following events ("Events of Default") shall occur and be continuing: (a) the Borrower shall fail to pay any principal of any Loan (including, without limitation, any principal payable under Section 2.08(b), (c) or (d)) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five or more Business Days; (c) any representation or warranty made or deemed made by or on behalf of any Obligor or any of its or their Subsidiaries in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect (except that such materiality qualifier shall not be applicable to any representation or warranty already qualified by materiality or Material Adverse Effect); (d) the Borrower or any of its Subsidiaries shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.01(d), Section 5.01(e), Section 5.02(a), Section 5.03 (with respect to the Borrower's and its Subsidiaries' existence only, and not with respect to the Borrower's and its Subsidiaries' rights, licenses, permits, privileges or franchises), Sections 5.08(a) or (b), Section 5.09, Section 5.10, Section 5.12(c) or in Article VI; (ii) Section 7 of the Guarantee and Security Agreement solely to the extent such covenant, condition or agreement is not also contained in this Agreement (and if also contained in this Agreement, such covenant, condition or agreement shall be subject to the relevant provision (including any cure or grace period with respect thereto) in this Section 7.01 applicable thereto and not this clause (ii)); or (iii) Section 5.01(f) or Sections 5.02(b), (c) or (d) and, in the case of this clause (iii), such failure shall continue unremedied for a period of five or more days after the Borrower has knowledge of such failure; (e) the Borrower or any Obligor shall fail to observe or perform any covenant, condition or agreement applicable to it contained in this Agreement (other than those specified in 139

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clause (a), (b) or (d) of this Article) or any other Loan Document and such failure shall continue unremedied for a period of thirty (30) or more days after the earlier of (i) notice thereof from the Administrative Agent (given at the request of any Lender) to the Borrower and (ii) the Borrower having obtained actual knowledge thereof; (f) the Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account (other than with respect to payments of principal) any applicable grace period; (g) any event or condition occurs that (i) results in all or any portion of any Material Indebtedness becoming due prior to its scheduled maturity, or (ii) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, unless, in the case of this clause (ii), such event or condition is no longer continuing or has been waived in accordance with the terms of such Material Indebtedness such that the holder or holders thereof or any trustee or agent on its or their behalf are no longer enabled or permitted to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to (1) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (2) convertible debt that becomes due as a result of a contingent mandatory conversion or redemption event provided such conversion or redemption is effectuated only in capital stock that is not Disqualified Equity Interests. (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any of its Subsidiaries or any of their respective debts, or of a substantial part of any of their respective assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries or for a substantial part of any of their respective assets, and, in any such case, such proceeding or petition shall continue undismissed and unstayed for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered; (i) the Borrower or any of its Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries or for a substantial part of any of their respective assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 140

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or provide the respective material rights, titles, interest remedies, powers or privileges intended to be created thereby, or there shall be any actual invalidity of any guaranty thereunder or any Obligor or any Affiliate of an Obligor shall so assert in writing; or (q) the Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result in any recourse to any Obligor under any Permitted SBIC Guarantee. then, and in every such event (other than an event described in clause (h), (i) or (j) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately; (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event described in clause (h), (i) or (j) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and (iii) without notice of default or demand, pursue and enforce any of the Administrative Agent's or the Lender's rights and remedies under the Loan Document, or as otherwise provided under or pursuant to any applicable law or agreement. Notwithstanding anything to the contrary contained herein, on the CAM Exchange Date, to the extent not otherwise prohibited by law, (a) the Commitments shall automatically and without further act be terminated, the Lenders shall automatically and without further act be deemed to have exchanged interests in the Designated Obligations such that, in lieu of the interests of each Lender in the Designated Obligations under each Loan in which it shall participate as of such date, such Lender shall own an interest equal to such Lender's CAM Percentage in the Designated Obligations under each of the Loans, whether or not such Lender shall previously have participated therein, and (b) simultaneously with the deemed exchange of interests pursuant to clause (a) above, the interests in the Designated Obligations to be received in such deemed exchange shall, automatically and with no further action required, be converted into the Dollar Equivalent of such amount (as of the Business Day immediately prior to the CAM Exchange Date) and on and after such date all amounts accruing and owed to the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars at the rate otherwise applicable hereunder. Each Lender, each Person acquiring a participation from any Lender as contemplated by Section 9.04 and the Borrower hereby consents and agrees to the CAM Exchange. It is understood and agreed that the CAM Exchange, in itself, will not affect the aggregate amount of Designated Obligations owing by the Obligors. The Borrower and the Lenders agree from time to time to execute and deliver to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall 142

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reasonably request to evidence and confirm the respective interests and obligations of the Lenders after giving effect to the CAM Exchange, and each Lender agrees to surrender any promissory notes originally received by it in connection with its Loans hereunder to the Administrative Agent against delivery of any promissory notes so executed and delivered; provided that the failure of the Borrower to execute or deliver or of any Lender to accept such promissory note, instrument or document shall not affect the validity or effectiveness of the CAM Exchange. As a result of the CAM Exchange, on and after the CAM Exchange Date, each payment received by the Administrative Agent pursuant to any Loan Document in respect of the Designated Obligations shall be distributed to the Lenders pro rata in accordance with their respective CAM Percentages (to be redetermined as of each such date of payment). Any direct payment received by a Lender on or after the CAM Exchange Date, including by way of set-off, in respect of a Designated Obligation shall be paid over to the Administrative Agent for distribution to the Lenders in accordance herewith. ARTICLE VIII THE ADMINISTRATIVE AGENT SECTION 8.01. Appointment. (a) Appointment of the Administrative Agent. Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. (b) Appointment of the Collateral Agent. The Collateral Agent is hereby confirmed and reaffirmed as having been appointed as the collateral agent hereunder and under the other Loan Documents and in such capacity has been and is authorized to have all the rights and benefits hereunder and thereunder (including Section 9 of the Guarantee and Security Agreement), and to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. In addition to the rights, privileges and immunities in the Guarantee and Security Agreement, the Collateral Agent has been and shall be entitled to all rights, privileges, immunities, exculpations and indemnities of the Administrative Agent for such purpose and each reference to the Administrative Agent in this Article VIII shall be deemed to include the Collateral Agent. SECTION 8.02. Capacity as Lender. The Person serving as an Agent hereunder and under any other Loan Document shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such Person and its Affiliates may (without having to account therefor to any other Lender) accept deposits from, lend money to, make investments in and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent 143

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Persons, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent has received notice to the contrary from such Lender prior to the making of such Loan. Each Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. SECTION 8.05. Sub-Agents. Each Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of any Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as an Agent. The Administrative Agent is not responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. SECTION 8.06. Resignation; Successor Administrative Agent. Any Agent may resign at any time by notifying the Lenders and, solely in the case of the Administrative Agent, the Borrower. Upon any such resignation, the Required Lenders shall have the right, with, solely in the case of the Administrative Agent, the consent of the Borrower not to be unreasonably withheld (provided that no such consent shall be required if an Event of Default has occurred and is continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after any retiring Agent gives notice of its resignation, then, solely with respect to the Administrative Agent, the Administrative Agent's resignation shall nonetheless become effective except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as an Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of such retiring (or retired) Agent and such retiring Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After any Agent's resignation hereunder or under any other Loan Document, the provisions of this Article VIII and Section 9.03 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as an 145

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Agent. The Collateral Agent may resign in accordance with the Guarantee and Security Agreement. SECTION 8.07. Reliance by Lenders. Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. SECTION 8.08. Modifications to Loan Documents. Except as otherwise provided in Section 9.02(b) or 9.02(c) with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (or such other number or percentage of Lenders as is expressly provided for herein or in the other Loan Documents) (but not otherwise), consent to any modification, supplement or waiver under any of the Loan Documents; provided that, without the prior consent of each Lender, no Agent shall (except as provided herein or in the Security Documents) release all or substantially all of the Collateral or otherwise terminate all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations being secured by all or substantially all of such collateral security, or alter the relative priorities of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral, except that no such consent shall be required, and each Agent is hereby authorized, to release any Lien covering property that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders (or such other number or percentage of Lenders as is expressly provided for herein or in the other Loan Documents) have consented. SECTION 8.09. [Reserved]. SECTION 8.10. Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Obligor, that at least one of the following is and will be true: (i) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments or this Agreement, (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain 146

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transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, (iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or (iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. (b) In addition, unless either (1) subclause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with subclause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Obligor, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). For purposes of this Section 8.10, the following definitions apply to each of the capitalized terms below: "Benefit Plan" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan". "PTE" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. SECTION 8.11. Arranger and Bookrunner. The Arranger and the Bookrunner shall not have obligations or duties whatsoever in such capacities under this Agreement or any 147

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other Loan Document and shall incur no liability hereunder or thereunder in such capacities, but the Arranger and the Bookrunner shall have the benefit of the indemnities provided for hereunder. SECTION 8.12. Collateral Matters. (a) Except with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party's right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Guaranteed Obligations (as defined in the Guarantee and Security Agreement), it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative Agent and/or the Collateral Agent on behalf of the Secured Parties in accordance with the terms thereof. (b) In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of any Hedging Agreement, the obligations under which constitute Hedging Agreement Obligations, will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Obligor under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such arrangement in respect of Hedging Agreements shall be deemed to have appointed the Administrative Agent and Collateral Agent to serve as administrative agent and collateral agent, respectively, under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph. (c) Neither the Administrative Agent nor the Collateral Agent shall be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent's or the Collateral Agent's Lien thereon or any certificate prepared by any Obligor in connection therewith, nor shall the Administrative Agent or the Collateral Agent be responsible or liable to the Lenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral. (d) Without limiting the provisions of Section 8.13, any Lien on any property granted to or held by the Administrative Agent under any Loan Document shall be automatically released, and the Lenders irrevocably authorize the Administrative Agent to take any action with respect to such release: (a) upon termination of the Commitments and payment in full of all Obligations (other than contingent, unasserted indemnification and expense reimbursement obligations); (b) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document; or (c) subject to Section 9.02, if approved, authorized or ratified in writing by the Required Lenders (or such other number or percentage of Lenders as is expressly provided for herein or in the other Loan Documents). Upon request by the Administrative Agent at any time, the Required Lenders (or such other number or percentage of Lenders as is expressly provided for herein (including, without limitation, Section 9.02) or in the other Loan Documents) will confirm in writing the Administrative Agent's authority to release its interest in particular types or items of property pursuant to this Section 8.11. 148

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SECTION 8.13. Third Party Beneficiaries. The provisions of this Article VIII are solely for the benefit of the Secured Parties, and no Obligor will have rights as a third party beneficiary of any of such provisions. SECTION 8.14. Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan will then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent has made any demand on the Borrower) will be entitled and empowered, by intervention in such proceeding or otherwise: (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties under Section 2.09 and otherwise hereunder) allowed in such judicial proceeding; and (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent consents to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent hereunder. Nothing contained herein is deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding. SECTION 8.15. Credit Bidding. The Secured Parties hereby irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Secured Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which an Obligor is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) 149

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in accordance with any applicable law. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Collateral Agent at the direction of the Required Lenders on a ratable basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Collateral Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties' ratable interests in the Secured Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Collateral Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Collateral Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Collateral Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Secured Obligations which were credit bid, interests, whether as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Secured Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of Secured Obligations credit bid by the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Secured Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Secured Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Secured Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Collateral Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid. SECTION 8.16. Erroneous Payment. (a) If the Administrative Agent notifies a Lender or Secured Party, or any Person who has received funds on behalf of a Lender or Secured Party (any such Lender, Secured Party or other recipient (and each of their respective successors and assigns), a "Payment 150

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Recipient") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Secured Party or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "Erroneous Payment") and demands the return of such Erroneous Payment (or a portion thereof) such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section 8.16 and held in trust for the benefit of the Administrative Agent, and such Lender or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the applicable Overnight Rate. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. (b) Without limiting immediately preceding clause (a), each Lender, Secured Party or any Person who has received funds on behalf of a Lender or Secured Party (and each of their respective successors and assigns) agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) then in each such case: (i) it acknowledges and agrees that (A) in the case of immediately preceding clause (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and (ii) such Lender or Secured Party shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one (1) Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable 151

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detail) and that it is so notifying the Administrative Agent pursuant to this Section 8.16(b). For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this Section 8.16(b) shall not have any effect on a Payment Recipient's obligations pursuant to Section 8.16(a) or on whether or not an Erroneous Payment has been made. (c) Each Lender or Secured Party hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender or Secured Party under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Secured Party from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement. (d) (i) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "Erroneous Payment Return Deficiency"), upon the Administrative Agent's notice to such Lender at any time then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "Erroneous Payment Impacted Class") in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "Erroneous Payment Deficiency Assignment") (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any promissory notes evidencing such Loans to the Borrower or the Administrative Agent (but the failure of such Person to deliver any such Notes shall not affect the effectiveness of the foregoing assignment), (B) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (D) the Administrative Agent and the 152

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Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment and (E) the Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. (ii) Subject to Section 9.04 (but excluding, in all events, any assignment consent or approval requirements (whether from the Borrower or otherwise)), the Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender or Secured Party under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the "Erroneous Payment Subrogation Rights"). (e) The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Obligor, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Obligor for the purposes of making such Erroneous Payment. (f) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine (g) Each party's obligations, agreements and waivers under this Section 8.16 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document. 153

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ARTICLE IX MISCELLANEOUS SECTION 9.01. Notices; Electronic Communications. (a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy or to the extent permitted by Section 9.01(b) or otherwise herein, e-mail, as follows: (i) if to the Borrower, to it at: Monroe Capital Corporation 126 East 56th Street, Suite 3200155 N Wacker Drive, 35th Floor New York, New York 10022 Chicago, Illinois 60606 Attention: Dina T. Kook Telephone: (646) 386-2420 Fax: (312) 258-8350 E-mail: dkook@monroecap.com With a copy to: Monroe Capital BDC Advisors, LLC 126 East 56th Street, Suite 3200155 N Wacker Drive, 35th Floor New York, New York 10022 Chicago, Illinois 60606 Attention: Dina T. Kook Telephone: (646) 386-2420 Fax: (312) 258-8350 E-mail: dkook@monroecap.com With a copy to: Monroe Capital, LLC 126 East 56th Street, Suite 3200155 N Wacker Drive, 35th Floor New York, New York 10022 Chicago, Illinois 60606 Attention: Dina T. Kook Telephone: (646) 386-2420 Fax: (312) 258-8350 E-mail: dkook@monroecap.com 154

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With a copy to: Nelson Mullins Riley & Scarborough LLP 101 Constitution Avenue, NW, Suite 900 Washington, DC 20001 Attention: Jonathan H. Talcott Telephone: (202) 689-2806 Fax: (202) 689-2862 E-mail: jon.talcott@nelsonmullins.com (ii) if to the Administrative Agent, to it at: ING Capital LLC 1133 Avenue of the Americas New York, New York 10036 Attention: Patrick Frisch Telephone Number: (646) 424-6912 Telecopy Number: (646) 424-6919 E-mail: Patrick.Frisch@ing.com with a copy to: Dechert LLP 1095 Avenue of the Americas New York, New York 10036 Attention: Jay R. Alicandri, Esq. Telephone Number: (212) 698-3800 Telecopy Number: (212) 698-3599 E-mail: Jay.Alicandri@dechert.com (iii) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. Any party hereto may change its address or telecopy number or e-mail address for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). (b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Section 2.03 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in 155

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its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. (c) Posting of Communications. (i) For so long as Debtdomain™ or an equivalent website is available to each of the Lenders hereunder, the Borrower may satisfy its obligation to deliver documents to the Administrative Agent or the Lenders under Section 5.01 by delivering either an electronic copy or a notice identifying the website where such information is located for posting by the Administrative Agent on Debtdomain™ or such equivalent website (and, at the request of the Administrative Agent, one hard copy thereof to the Administrative Agent); provided that the Administrative Agent shall have no responsibility to maintain access to Debtdomain™ or an equivalent website. (ii) The Obligors agree that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders by posting the Communications on IntraLinks™, Debtdomain™, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "Approved Electronic Platform"). (iii) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Restatement Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and each of the Obligors acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there are confidentiality and other risks associated with such distribution. Each of the Lenders and each Obligor hereby approves distribution of the Communications (as defined below) through the Approved Electronic Platform and understands and assumes the risks of such distribution. 156

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(iv) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY BOOKRUNNER OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, "APPLICABLE PARTIES") HAVE ANY LIABILITY TO ANY OBLIGOR, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY OBLIGOR'S OR THE ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM, EXCEPT FOR DIRECT DAMAGES THAT A COURT OF COMPETENT JURISDICTION DETERMINES IN A FINAL AND NON-APPEALABLE JUDGMENT THAT THE ADMINISTRATIVE AGENT ACTED WITH GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN THE SELECTION OF SUCH SUB-AGENTS. "Communications" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Obligor pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent or any Lender by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform. (v) Each Lender and Administrative Agent agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender and Administrative Agent for purposes of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender's email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address. (vi) Each of the Lenders and the Obligors agree that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the 157

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Communications on the Approved Electronic Platform in accordance with the Administrative Agent's generally applicable document retention procedures and policies. (vii) Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. SECTION 9.02. Waivers; Amendments. (a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. (b) Amendments to this Agreement. Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that, subject to Section 2.16(b), no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees or other amounts payable to a Lender hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby (other than any waiver of the default rate of interest), (iv) change Section 2.15(b), (c) or (d) (or other sections referred to therein to the extent relating to pro rata payments) in a manner that would alter the pro rata reduction of commitments, sharing of payments, or making of disbursements, required thereby without the written consent of each Lender directly affected thereby, 158

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(v) change any of the provisions of this Section or the percentage in the definition of the term "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, (vi) change any of the provisions of the definition of the term "Agreed Foreign Currency" or any other provision hereof specifying the Foreign Currencies in which each Multicurrency Lender must make Multicurrency Loans, or make any determination or grant any consent hereunder with respect to the definition of "Agreed Foreign Currencies" without the written consent of each Multicurrency Lender, or (vii) permit the assignment or transfer by any Obligor of any of its rights or obligations under any Loan Document without the written consent of each Lender; provided further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of any Agent hereunder without the prior written consent of such affected Agent, and (y) the consent of Lenders holding not less than two-thirds of the total Revolving Credit Exposures and unused Commitments will be required for (A) any change adverse to the Lenders affecting the provisions of this Agreement relating to the Borrowing Base (including the definitions used therein), or the provisions of Section 5.12(b)(ii), and (B) any release of any material portion of the Collateral other than for fair value or as otherwise permitted hereunder or under the other Loan Documents. Anything in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably be expected to adversely affect the Lenders of any Class in a manner that does not affect all Classes in the same manner shall be effective against the Lenders of such Class unless the Required Lenders of such Class shall have concurred with such waiver, amendment or modification as provided above; provided, however, for the avoidance of doubt, in no other circumstances shall the concurrence of the Required Lenders of a particular Class be required for any waiver, amendment or modification of any provision of this Agreement or any other Loan Document. For purposes of this Section, the "scheduled date of payment" of any amount shall refer to the date of payment of such amount specified in this Agreement, and shall not refer to a date or other event specified for the mandatory or optional prepayment of such amount. In addition, whenever a waiver, amendment or modification requires the consent of a Lender "affected" thereby, such waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes effective as to any other Lender, so long as the Required Lenders consent to such waiver, amendment or modification as provided above. (c) Amendments to Security Documents. No Security Document nor any provision thereof may be waived, amended or modified, except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement or the Custodian Agreement, as applicable, and the Liens granted under the Guarantee and Security Agreement may not be spread to secure any additional obligations (including any increase in Loans hereunder, but 159

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excluding (i) any such increase pursuant to a Commitment Increase under Section 2.06(f) to an amount not greater than the amount specified in Section 2.06(f)(i)(B) and (ii) any Secured Longer-Term Indebtedness permitted hereunder) except to the extent otherwise expressly contemplated by the Guarantee and Security Agreement and except pursuant to an agreement or agreements in writing entered into by the Borrower, and by the Collateral Agent with the consent of the Required Lenders; provided that, subject to Section 2.16(b), (i) without the written consent of the holders of at least two-thirds of the total Revolving Credit Exposures and unused Commitments, no such waiver, amendment or modification to the Guarantee and Security Agreement shall (A) release any Obligor representing more than 10% of the Total Net Assets of the Borrower from its obligations under the Security Documents, (B) release any guarantor representing more than 10% of the Total Net Assets of the Borrower under the Guarantee and Security Agreement from its guarantee obligations thereunder, or (C) amend the definition of "Collateral" under the Security Documents (except to add additional collateral) and (ii) without the written consent of each Lender, no such agreement shall (W) release all or substantially all of the Obligors from their respective obligations under the Security Documents, (X) release all or substantially all of the collateral security or otherwise terminate all or substantially all of the Liens under the Security Documents, (Y) release all or substantially all of the guarantors under the Guarantee and Security Agreement from their guarantee obligations thereunder, or (Z) alter the relative priorities of the obligations entitled to the Liens created under the Security Documents (except in connection with securing additional obligations equally and ratably with the Loans and other obligations hereunder) with respect to the collateral security provided thereby; except that no such consent described in clause (i) or (ii) above shall be required, and the Administrative Agent is hereby authorized (and so agrees with the Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement, to release any Lien covering property (and to release any such guarantor) that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders (or such other number or percentage of Lenders as is expressly provided for herein or in the other Loan Documents) have consented, or otherwise in accordance with Section 9.15. (d) Replacement of Non-Consenting Lender. If, in connection with any proposed amendment, waiver or consent requiring (i) the consent of "each Lender" or "each Lender affected thereby," or (ii) the consent of "two-thirds of the holders of the total Revolving Credit Exposures and unused Commitments", the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a "Non-Consenting Lender"), then the Borrower shall have the right, at its sole cost and expense, to replace each such Non-Consenting Lender or Lenders with one or more replacement Lenders pursuant to Section 2.17(b) so long as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination. (e) Ambiguity, Omission, Mistake or Typographical Error. Notwithstanding the foregoing, if the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document that, without correction, would materially affect the intent of such provision, would cause more credit to be available to the Borrower or would adversely affect the Lenders in any way; provided that any amendment that would require the consents set forth in clauses (i) through (vi) of Section 9.02(b) or the proviso thereto shall be 160

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material for purposes of this Section 9.02(e), then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement; provided that the Administrative Agent shall promptly provide each Lender with a copy of such amendment. SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) Costs and Expenses. The Borrower shall pay (i) all reasonable documented and out-of-pocket fees, costs and expenses incurred by the Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable fees, charges and disbursements of up to one firm of outside counsel (plus any necessary special or local outside counsel in each jurisdiction where the nature of the Collateral requires such additional counsel and, solely in the case of an actual or reasonably perceived conflict of interest, one additional counsel in each applicable jurisdiction to the affected Persons) for the Administrative Agent and the Collateral Agent collectively (other than the allocated costs of internal counsel), in connection with the syndication of the credit facilities provided for herein, the preparation and administration (other than internal overhead charges) of this Agreement and the other Loan Documents and any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket fees, costs and expenses incurred by the Administrative Agent, the Collateral Agent or any Lender, including the reasonable and documented fees, charges and disbursements of any counsel for the Administrative Agent, the Collateral Agent or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof and (iii) and all reasonable out-of-pocket costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated by any Security Document or any other document referred to therein. Notwithstanding the foregoing, the reimbursement of amounts incurred pursuant to Section 5.12(b)(ii)(I) shall be subject to the Supplemental IVP Cap. (b) Indemnification by the Borrower. The Borrower shall indemnify each Agent and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an "Indemnitee") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (other than Taxes or Other Taxes which shall only be indemnified by the Borrower to the extent provided in Section 2.14), including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee (other than the allocated costs of internal counsel), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds therefrom or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and whether brought by the Borrower, any Indemnitee or a third party and regardless of whether any Indemnitee is a party 161

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thereto IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the willful misconduct or gross negligence of such Indemnitee. The Borrower shall not be liable to any Indemnitee for any special, indirect, consequential or punitive damages (as opposed to direct or actual damages (other than in respect of any such damages incurred or paid by an Indemnitee to a third party)) arising out of, in connection with, or as a result of the Transactions asserted by an Indemnitee against the Borrower or any other Obligor; provided that the foregoing limitation shall not be deemed to impair or affect the obligations of the Borrower under the preceding provisions of this subsection. (c) Reimbursement by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to any Agent under paragraph (a) or (b) of this Section (and without limiting its obligation to do so), each Lender severally agrees to pay to such Agent, as the case may be, such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent in its capacity as such or against any Related Party of any of the foregoing acting for any Agent (or any sub-agent) in connection with such capacity. (d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, no party to this Agreement shall assert, and each hereby waives, any claim against any other party to this Agreement on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof. No party to this Agreement shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent caused by the willful misconduct or gross negligence of such Person, as determined by a final, non-appealable judgment of a court of competent jurisdiction. (e) Payments. All amounts due under this Section shall be payable promptly after written demand therefor. (f) No Fiduciary Relationship. Each Agent, each Lender and each of their respective Affiliates (collectively, solely for purposes of this paragraph, the "Lenders"), may have economic interests that conflict with those of the Borrower or any of its Subsidiaries, their equityholders and/or their affiliates. The Borrower, on behalf of itself and each of its Subsidiaries, agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the 162

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Lender, on the one hand, and the Borrower or any of its Subsidiaries, its equityholders or its Affiliates, on the other. The Borrower and each of its Subsidiaries each acknowledge and agree that (i) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in connection therewith and with the process leading thereto, (x) except as otherwise expressly provided in any of the Loan Documents, no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower or any of its Subsidiaries, any of their equityholders or affiliates (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower or any of its Subsidiaries, their equityholders or their affiliates on other matters) and (y) each Lender is acting hereunder solely as principal and not as the agent or fiduciary of the Borrower or any of its Subsidiaries, their management, equityholders, creditors or any other Person. The Borrower and each Obligor each acknowledge and agree that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The Borrower and each Obligor each agree that it will not claim that any Lender has rendered advisory services hereunder of any nature or respect, or owes a fiduciary duty to the Borrower or any of its Subsidiaries, in each case, in connection with such transactions contemplated hereby or the process leading thereto. SECTION 9.04. Successors and Assigns. (a) Assignments Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer any of its rights or obligations hereunder except in accordance with this Section (and any attempted assignment or transfer by any Lender which is not in accordance with this Section shall be treated as provided in the last sentence of Section 9.04(b)(iii)). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. (b) Assignments by Lenders. (i) Assignments Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of: (A) the Borrower, provided that (i) no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, or, if an Event of Default has occurred and is continuing, any other assignee, and (ii) the Borrower 163

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shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received written notice thereof; and (B) the Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment by a Lender to a Lender or an Affiliate of a Lender with prior written notice by such assigning Lender to the Administrative Agent. (ii) Certain Conditions to Assignments. Assignments shall be subject to the following additional conditions: (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of a Class, the amount of the Commitment or Loans of such Class of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; (B) each partial assignment of any Class of Commitments or Loans shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement in respect of such Class of Commitments and Loans; (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially the form of Exhibit A hereto, together with a processing and recordation fee of $3,500 (which fee shall not be payable in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Subsidiary Guarantors shall not be obligated (except in the case of an assignment pursuant to Section 2.17(b)); and (D) the assignee, if it shall not already be a Lender of the applicable Class, shall deliver to the Administrative Agent an Administrative Questionnaire. (iii) Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto 164

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but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (f) of this Section. (c) Maintenance of Registers by Administrative Agent. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount and stated interest of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the "Registers" and each individually, a "Register"). The entries in the Registers shall be conclusive, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Registers pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Registers shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. (d) Acceptance of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. (e) Special Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a "Granting Lender") may grant to a special purpose funding vehicle (an "SPC") owned or administered by such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing herein shall constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall, subject to the terms of this Agreement, make such Loan pursuant to the terms hereof, (iii) the rights of any such SPC shall be derivative of the rights of the Granting Lender, and such SPC shall be subject to all of the restrictions upon the Granting Lender herein contained, and (iv) no SPC shall be entitled to the benefits of Sections 2.12 (or any other increased costs protection provision), 2.13 or 2.14. Each SPC shall be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights hereunder in a manner which is acceptable to the SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the 165

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Lenders and the Obligors shall be entitled to rely upon and deal solely with the Granting Lender with respect to Loans made by or through its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by the Granting Lender. Each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding senior Indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws of the United States or any State thereof, in respect of claims arising out of this Agreement; provided that the Granting Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any loss, cost, damage and expense arising out of their inability to institute any such proceeding against its SPC. In addition, notwithstanding anything to the contrary contained in this Section, any SPC may (i) without the prior written consent of the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein shall be construed in derogation of the obligation of the Granting Lender to make Loans hereunder); provided that neither the consent of the SPC nor of any such assignee shall be required for amendments or waivers hereunder except for those amendments or waivers for which the consent of participants is required under paragraph (f) below, and (ii) disclose on a confidential basis (in the same manner described in Section 9.13(b)) any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC. (f) Participations. Any Lender may sell participations to one or more banks or other entities (a "Participant") in all or a portion of such Lender's rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans owing to it); provided that (i) such Lender's obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement and the other Loan Documents. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (g) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 (subject to the requirements and limitations therein, including Sections 2.14(f) and (g) (it being understood that the documentation required under Sections 2.14(f) and (g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such 166

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Participant agrees to be subject to the provisions of Section 2.17 as if it were an assignee under paragraph (b) of this Section 9.04. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.17 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.15(d) as though it were a Lender hereunder. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts and stated interest of each Participant's interest in the Loans or other obligations under the Loan Documents (each a "Participant Register"); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in each Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as the Administrative Agent) shall have no responsibility for maintaining a Participant Register. (g) Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.12 or 2.13 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.14 unless such Participant agrees to comply with Section 2.14(f) as though it were a Lender (it being understood that that the documentation required under Section 2.14(f) shall be delivered to the participating Lender). (h) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any other central bank having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto. (i) No Assignments or Participations to the Borrower or Affiliates or Certain Other Persons. Anything in this Section to the contrary notwithstanding, no Lender may (i) assign or participate any interest in any Commitment or Loan held by it hereunder to the Borrower or any of its Affiliates or Subsidiaries without the prior consent of each Lender, or (ii) assign any interest in any Commitment or Loan held by it hereunder to a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person) or to any Person known by such Lender at the time of such assignment to be 167

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a Defaulting Lender, a Subsidiary of a Defaulting Lender or a Person who, upon consummation of such assignment would be a Defaulting Lender. (j) Multicurrency Lenders. Any assignment by a Multicurrency Lender, so long as no Event of Default has occurred and is continuing, must be to a Person that is able to fund and receive payments on account of each outstanding Agreed Foreign Currency at such time without the need to obtain any authorization referred to in clause (c) of the definition of "Agreed Foreign Currency." SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution. (a) Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement. (b) Electronic Execution of Assignments. The words "execution," "signed," "signature," and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce 168

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Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. SECTION 9.08. Right of Setoff. In addition to any rights and remedies of the Agents and the Lenders provided by law, if an Event of Default shall have occurred and be continuing, each Agent, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, without prior notice to the Borrower or any other Obligor, any such notice being waived by the Borrower (on its own behalf, on behalf of its Subsidiaries and on behalf of each Obligor) to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Obligor against any of and all the obligations of any Obligor now or hereafter existing under this Agreement or under any other Loan Document held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations may be contingent or unmatured, or are owed to a branch, office or Affiliate of such Lender different from the branch, office or Affiliate holding such deposit or obligated on such Indebtedness; provided that such Lender shall not exercise any right of setoff given in this Section 9.08 without obtaining the prior written consent of the Administrative Agent. The rights of each Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have; provided that in the event any Defaulting Lender exercises any such right of setoff, (a) all amounts so set off will be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.15 and, pending such payment, will be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders and (b) the Defaulting Lender will provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such set-off and application made by such Lender; provided that the failure to give such notice shall not affect the validity of such set-off and application. SECTION 9.09. Governing Law; Jurisdiction; Etc. (a) Governing Law. This Agreement and each of the other Loan Documents (unless otherwise set forth therein) shall be construed in accordance with and governed by the law of the State of New York. (b) Submission to Jurisdiction. The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any 169

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action or proceeding arising out of or relating to this Agreement or any other Loan Document (unless otherwise set forth therein), or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction. (c) Waiver of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. (d) Service of Process. Each party to this Agreement (i) irrevocably consents to service of process in the manner provided for notices in Section 9.01 and (ii) agrees that service as provided in the manner provided for notices in Section 9.01 is sufficient to confer personal jurisdiction over such party in any proceeding in any court and otherwise constitutes effective and binding service in every respect. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. SECTION 9.11. Judgment Currency. This is an international loan transaction in which the specification of Dollars or any Foreign Currency, as the case may be (the "Specified Currency") and payment in New York City or the country of the Specified Currency (the "Specified Place") is of the essence, and the Specified Currency shall be the currency of account in all events relating to Loans denominated in the Specified Currency. Subject to Section 2.15(a), the payment obligations of the Borrower under this Agreement shall not be discharged or satisfied by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent that the amount so paid on conversion to the Specified Currency and transfer to the Specified Place under normal banking procedures does not yield the 170

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amount of the Specified Currency in the Specified Place due hereunder. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the "Other Currency"), the rate of exchange that shall be applied shall be the rate at which in accordance with normal banking procedures the Administrative Agent could purchase the Specified Currency with the Other Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under any other Loan Document (in this Section called an "Entitled Person") shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled Person of any sum adjudged to be due hereunder in the Other Currency such Entitled Person may in accordance with normal banking procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Other Currency so adjudged to be due; and the Borrower hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum originally due to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified Currency so purchased and transferred. SECTION 9.12. Headings. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. SECTION 9.13. Treatment of Certain Information; Confidentiality. (a) Treatment of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any Agent or Lender or by one or more subsidiaries or affiliates of such Agent or Lender and the Borrower hereby authorizes each Agent and Lender to share any information delivered to such Agent or Lender by the Borrower or its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Agent or Lender to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such subsidiary or affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as if it were an Agent or Lender (as applicable) hereunder. Such authorization shall survive the repayment of the Loan, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "Lender"), may have economic interests that conflict with those of the Borrower or any of its Subsidiaries and/or their Affiliates. (b) Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and consultants and to its and its Affiliates' and consultants' respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), 171

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(b) to the extent requested by any regulatory authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (ii) any actual or prospective counterparty (or its advisors) to any swap, derivative or securitization transaction relating to the Borrower and its obligations, or (iii) any insurer, (g) with the consent of the Borrower, (h) on a confidential basis to (i) any insurer, (ii) any rating agency in connection with rating the Borrower or its Subsidiaries or the Loans and (iii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans, (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or (j) in connection with the Lenders' right to grant a security interest pursuant to Section 9.04(h) to the Federal Reserve Bank or any other central bank, or subject to an agreement containing provisions substantially the same as those of this Section, to any other pledgee or assignee pursuant to Section 9.04(h). For purposes of this Section, "Information" means all information received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses (including, without limitation, any Portfolio Investments), other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries, provided that, in the case of information received from the Borrower or any of its Subsidiaries after the Original Effective Date, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. SECTION 9.14. USA PATRIOT Act. Each Lender hereby notifies the Obligors that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies each Obligor, which information includes the name and address of each Obligor and other information that will allow such Lender to identify such Obligor in accordance with said Act. The Obligors shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation (including delivery to such Lender of a Beneficial Ownership Certification). SECTION 9.15. Termination. Promptly upon the Termination Date, the Administrative Agent shall direct the Collateral Agent to, on behalf of the Administrative Agent, the Collateral Agent and the Lenders, deliver to Borrower such termination statements and 172

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releases and other documents necessary or appropriate to evidence the termination of this Agreement, the other Loan Documents, and each of the documents securing the obligations hereunder as the Borrower may reasonably request, all at the sole cost and expense of the Borrower. SECTION 9.16. Amendment and Restatement. (a) On the Restatement Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety by this Agreement, and the Existing Credit Agreement shall thereafter be of no further force and effect, except to evidence (i) the incurrence by the Borrower of the obligations under the Existing Credit Agreement (whether or not such obligations are contingent as of the Restatement Effective Date), (ii) the representations and warranties made by the Borrower prior to the Restatement Effective Date and (iii) any action or omission performed or required to be performed pursuant to such Existing Credit Agreement prior to the Restatement Effective Date (including any failure, prior to the Restatement Effective Date, to comply with the covenants contained in such Existing Credit Agreement). The amendments and restatements set forth herein shall not cure any breach thereof or any "Default" or "Event of Default" under and as defined in the Existing Credit Agreement prior to the Restatement Effective Date. (b) It is the intention of each of the parties hereto that the Existing Credit Agreement be amended and restated hereunder so as to preserve the perfection and priority of all Liens securing the "Secured Obligations" under the Loan Documents and that all "Secured Obligations" of the Borrower and the Subsidiary Guarantors hereunder shall continue to be secured by Liens evidenced under the Security Documents, and that this Agreement does not in any way constitute a novation or termination of the Indebtedness, obligations and liabilities existing under the Existing Credit Agreement or evidence payment of all or any portion of such obligations and liabilities. (c) The terms and conditions of this Agreement and the Administrative Agent's and the Lenders' rights and remedies under this Agreement and the other Loan Documents shall apply to all of the obligations incurred under the Existing Credit Agreement. (d) On and after the Restatement Effective Date, (i) all references to the Existing Credit Agreement in the Loan Documents (other than this Agreement) shall be deemed to refer to the Existing Credit Agreement, as amended and restated hereby, (ii) all references to any Article, Section or sub-clause of the Existing Credit Agreement in any Loan Document (other than this Agreement) shall be deemed to be references to the corresponding provisions of this Agreement and (iii) except as the context otherwise provides, on or after the Restatement Effective Date, all references to this Agreement herein (including for purposes of indemnification and reimbursement of fees) shall be deemed to be references to the Existing Credit Agreement, as amended and restated hereby. (e) This amendment and restatement is limited as written and is not a consent to any other amendment, restatement or waiver, whether or not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents 173

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remain in full force and effect unless otherwise specifically amended hereby or by any other Loan Document. SECTION 9.17. Acknowledgment and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. SECTION 9.18. Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the "Maximum Rate"). If Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. SECTION 9.19. Release. The Borrower hereby acknowledges and agrees that: (a) neither it nor any of its Affiliates has any claim or cause of action against the Administrative Agent, the Collateral Agent or any Lender (or any of their respective Affiliates, officers, directors, employees, attorneys, consultants or agents) under this Agreement and the other Loan 174

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Documents (and each other document entered into in connection therewith), and (b) the Administrative Agent, the Collateral Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to the Obligors and their Affiliates under this Agreement and the other Loan Documents (and each other document entered into in connection therewith) that are required to have been performed on or prior to the Transactions on the date hereof. Accordingly, for and in consideration of the agreements contained in this Agreement and other good and valuable consideration, the Borrower (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the "Releasors") does hereby fully, finally, unconditionally and irrevocably release and forever discharge the Administrative Agent, the Collateral Agent, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the "Released Parties") from any and all debts, claims, obligations, damages, costs, attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done on or prior to the Transactions on the date hereof directly arising out of, connected with or related to this Agreement or any other Loan Document (or any other document entered into in connection therewith). SECTION 9.20. Acknowledgment Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, "QFC Credit Support" and each such QFC a "Supported QFC"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): (a) In the event a Covered Entity that is party to a Supported QFC (each, a "Covered Party") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a 175

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state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. (b) As used in this Section 9.20, the following terms have the following meanings: (i) "BHC Act Affiliate" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. (ii) "Covered Entity" means any of the following: (x) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (y) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (z) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). (iii) "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. (iv) "QFC" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). [Signature pages follow] 176

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&nbsp;&nbsp;&nbsp;&nbsp;Annex B Schedule 1.01(b) (See attached)

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## 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 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 5, 2025 | |
| | /s/ Theodore L. Koenig |
| | Theodore L. Koenig<br>Chairman, Chief Executive Officer and Director<br>*(Principal Executive Officer)*<br>Monroe Capital Corporation |

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## 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 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.

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| | |
|:---|:---|
| Date: November 5, 2025 | |
| | /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 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 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.

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| | |
|:---|:---|
| Date: November 5, 2025 |  |
|  | /s/ Theodore L. Koenig |
|  | Theodore L. Koenig<br>Chairman, Chief Executive Officer and Director<br>*(Principal Executive Officer)*<br>Monroe Capital 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 Corporation |

---

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