# EDGAR Filing Document

**Accession Number:** 0001512931
**File Stem:** 0001512931-25-000060
**Filing Date:** 2025-8
**Character Count:** 472670
**Document Hash:** b9cf49c0973a7203f008774ab1bdea3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001512931-25-000060.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001512931-25-000060

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**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:** 251202802

**BUSINESS ADDRESS:**
- **STREET 1:** 311 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 6400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-258-8300

**MAIL ADDRESS:**
- **STREET 1:** 311 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 6400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'? mrcc-20250630

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 June 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.) |
| **311 South Wacker Drive, Suite 6400**<br>**Chicago, Illinois** | **60606** |
| (Address of Principal Executive Office) | (Zip Code) |

---

**(312) 258-8300**

(Registrant's Telephone Number, Including Area Code)

**Not Applicable**

(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 August 8, 2025, the registrant had 21,666,340 shares of common stock, $0.001 par value, outstanding.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| <u>[PART I. FINANCIAL INFORMATION](#i6e565fcb14b84f77a4a904dbe7aa2d91_10)</u> | <u>[PART I. FINANCIAL INFORMATION](#i6e565fcb14b84f77a4a904dbe7aa2d91_10)</u> | [3](#i6e565fcb14b84f77a4a904dbe7aa2d91_10) |
| <u>[Item 1.](#i6e565fcb14b84f77a4a904dbe7aa2d91_13)</u> | <u>[Consolidated Financial Statements](#i6e565fcb14b84f77a4a904dbe7aa2d91_13)</u> | [3](#i6e565fcb14b84f77a4a904dbe7aa2d91_13) |
|  | <u>[Consolidated Statements of Assets and Liabilities as of](#i6e565fcb14b84f77a4a904dbe7aa2d91_16)</u> June 30, 2025<u>[(unaudited) and](#i6e565fcb14b84f77a4a904dbe7aa2d91_16)</u>December 31, 2024 | [3](#i6e565fcb14b84f77a4a904dbe7aa2d91_16) |
|  | <u>[Consolidated Statements of Operations for the](#i6e565fcb14b84f77a4a904dbe7aa2d91_19)</u>three and six<u>[months ended](#i6e565fcb14b84f77a4a904dbe7aa2d91_19)</u>June 30, 2025<u>[and](#i6e565fcb14b84f77a4a904dbe7aa2d91_19)</u>2024<u>[(unaudited)](#i6e565fcb14b84f77a4a904dbe7aa2d91_19)</u> | [4](#i6e565fcb14b84f77a4a904dbe7aa2d91_19) |
|  | <u>[Consolidated Statements of Changes in Net Assets for the](#i6e565fcb14b84f77a4a904dbe7aa2d91_25)</u>three and six<u>[months ended](#i6e565fcb14b84f77a4a904dbe7aa2d91_25)</u>June 30, 2025<u>[and](#i6e565fcb14b84f77a4a904dbe7aa2d91_25)</u>2024<u>[(unaudited)](#i6e565fcb14b84f77a4a904dbe7aa2d91_25)</u> | [5](#i6e565fcb14b84f77a4a904dbe7aa2d91_25) |
|  | <u>[Consolidated Statements of Cash Flows for the](#i6e565fcb14b84f77a4a904dbe7aa2d91_31)</u>six<u>[months ended](#i6e565fcb14b84f77a4a904dbe7aa2d91_31)</u>June 30, 2025<u>[and](#i6e565fcb14b84f77a4a904dbe7aa2d91_31)</u>2024<u>[(unaudited)](#i6e565fcb14b84f77a4a904dbe7aa2d91_31)</u> | [6](#i6e565fcb14b84f77a4a904dbe7aa2d91_31) |
|  | <u>[Consolidated Schedules of Investments as of](#i6e565fcb14b84f77a4a904dbe7aa2d91_37)</u> June 30, 2025<u>[(unaudited) and](#i6e565fcb14b84f77a4a904dbe7aa2d91_37)</u> December 31, 2024 | [7](#i6e565fcb14b84f77a4a904dbe7aa2d91_37) |
|  | <u>[Notes to Consolidated Financial Statements (unaudited)](#i6e565fcb14b84f77a4a904dbe7aa2d91_43)</u> | [36](#i6e565fcb14b84f77a4a904dbe7aa2d91_43) |
| <u>[Item 2.](#i6e565fcb14b84f77a4a904dbe7aa2d91_106)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i6e565fcb14b84f77a4a904dbe7aa2d91_106)</u> | [81](#i6e565fcb14b84f77a4a904dbe7aa2d91_106) |
| <u>[Item 3.](#i6e565fcb14b84f77a4a904dbe7aa2d91_151)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i6e565fcb14b84f77a4a904dbe7aa2d91_151)</u> | [111](#i6e565fcb14b84f77a4a904dbe7aa2d91_151) |
| <u>[Item 4.](#i6e565fcb14b84f77a4a904dbe7aa2d91_154)</u> | <u>[Controls and Procedures](#i6e565fcb14b84f77a4a904dbe7aa2d91_154)</u> | [112](#i6e565fcb14b84f77a4a904dbe7aa2d91_154) |
| <u>[PART II. OTHER INFORMATION](#i6e565fcb14b84f77a4a904dbe7aa2d91_157)</u> | <u>[PART II. OTHER INFORMATION](#i6e565fcb14b84f77a4a904dbe7aa2d91_157)</u> | [113](#i6e565fcb14b84f77a4a904dbe7aa2d91_157) |
| <u>[Item 1.](#i6e565fcb14b84f77a4a904dbe7aa2d91_160)</u> | <u>[Legal Proceedings](#i6e565fcb14b84f77a4a904dbe7aa2d91_160)</u> | [113](#i6e565fcb14b84f77a4a904dbe7aa2d91_160) |
| <u>[Item 1A.](#i6e565fcb14b84f77a4a904dbe7aa2d91_163)</u> | <u>[Risk Factors](#i6e565fcb14b84f77a4a904dbe7aa2d91_163)</u> | [113](#i6e565fcb14b84f77a4a904dbe7aa2d91_163) |
| <u>[Item 2.](#i6e565fcb14b84f77a4a904dbe7aa2d91_166)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i6e565fcb14b84f77a4a904dbe7aa2d91_166)</u> | [116](#i6e565fcb14b84f77a4a904dbe7aa2d91_166) |
| <u>[Item 3.](#i6e565fcb14b84f77a4a904dbe7aa2d91_169)</u> | <u>[Defaults Upon Senior Securities](#i6e565fcb14b84f77a4a904dbe7aa2d91_169)</u> | [116](#i6e565fcb14b84f77a4a904dbe7aa2d91_169) |
| <u>[Item 4.](#i6e565fcb14b84f77a4a904dbe7aa2d91_172)</u> | <u>[Mine Safety Disclosures](#i6e565fcb14b84f77a4a904dbe7aa2d91_172)</u> | [116](#i6e565fcb14b84f77a4a904dbe7aa2d91_172) |
| <u>[Item 5.](#i6e565fcb14b84f77a4a904dbe7aa2d91_175)</u> | <u>[Other Information](#i6e565fcb14b84f77a4a904dbe7aa2d91_175)</u> | [116](#i6e565fcb14b84f77a4a904dbe7aa2d91_175) |
| <u>[Item 6.](#i6e565fcb14b84f77a4a904dbe7aa2d91_178)</u> | <u>[Exhibits](#i6e565fcb14b84f77a4a904dbe7aa2d91_178)</u> | [117](#i6e565fcb14b84f77a4a904dbe7aa2d91_178) |
| <u>[Signatures](#i6e565fcb14b84f77a4a904dbe7aa2d91_181)</u> |  | [118](#i6e565fcb14b84f77a4a904dbe7aa2d91_181) |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **Assets** | | |
| Investments, at fair value: |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliate company investments | $261164 | $343835 |
| &nbsp;&nbsp;Non-controlled affiliate company investments | 76379 | 80483 |
| &nbsp;&nbsp;Controlled affiliate company investments | 30157 | 32730 |
| Total investments, at fair value (amortized cost of $414,808 and $495,797, respectively) | 367700 | 457048 |
| Cash and cash equivalents | 2425 | 9044 |
| Interest and dividend receivable | 23461 | 23511 |
| Other assets | 1031 | 1068 |
| &nbsp;&nbsp;**Total assets** | 394617 | 490671 |
| **Liabilities** |  |  |
| Debt | $210300 | $293900 |
| &nbsp;&nbsp;Less: Unamortized debt issuance costs | (1722) | (1925) |
| &nbsp;&nbsp;&nbsp;Total debt, less unamortized debt issuance costs | 208578 | 291975 |
| Interest payable | 2768 | 2903 |
| Base management fees payable | 1742 | 1965 |
| Accounts payable and accrued expenses | 1937 | 2066 |
| &nbsp;&nbsp;**Total liabilities** | 215025 | 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 | (118142) | (105972) |
| &nbsp;&nbsp;**Total net assets** | $179592 | $191762 |
| &nbsp;&nbsp;**Total liabilities and total net assets** | $394617 | $490671 |
| **Net asset value per share** | $8.29 | $8.85 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliate company investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $6757 | $10973 | $14786 | $21803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 983 | 771 | 2116 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 69 | 62 | 141 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 54 | 265 | 282 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliate company investments | 7863 | 12071 | 17325 | 23805 |
| &nbsp;&nbsp;Non-controlled affiliate company investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 573 | 1273 | 1025 | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 677 | 1328 | 1444 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 60 | 55 | 117 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled affiliate company investments | 1310 | 2656 | 2586 | 5204 |
| &nbsp;&nbsp;Controlled affiliate company investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 700 | 900 | 1600 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from controlled affiliate company investments | 700 | 900 | 1600 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 9873 | 15627 | 21511 | 30809 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;Interest and other debt financing expenses | 3933 | 5780 | 8610 | 11287 |
| &nbsp;&nbsp;Base management fees | 1742 | 2037 | 3593 | 4085 |
| &nbsp;&nbsp;Incentive fees |  | 351 |  | 1719 |
| &nbsp;&nbsp;Professional fees | 267 | 199 | 530 | 467 |
| &nbsp;&nbsp;Administrative service fees | 374 | 250 | 727 | 459 |
| &nbsp;&nbsp;General and administrative expenses | 232 | 243 | 459 | 461 |
| &nbsp;&nbsp;Directors' fees | 70 | 73 | 132 | 149 |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | 6618 | 8933 | 14051 | 18627 |
| &nbsp;&nbsp;**Net investment income before income taxes** | 3255 | 6694 | 7460 | 12182 |
| &nbsp;&nbsp;Income tax expense (benefit), including excise taxes | (43) | 135 | 77 | 153 |
| &nbsp;&nbsp;**Net investment income** | 3298 | 6559 | 7383 | 12029 |
| **Net gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | 77 | 506 | (361) | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 77 | 506 | (361) | 510 |
| &nbsp;&nbsp;Net change in unrealized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate company investments | (2603) | (2985) | (5176) | (4329) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate company investments | (881) | (930) | (610) | (1733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliate company investments | (1760) | 108 | (2573) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) | (5244) | (3807) | (8359) | (6086) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net gain (loss)** | (5167) | (3301) | (8720) | (5576) |
| **Net increase (decrease) in net assets resulting from operations** | $(1869) | $3258 | $(1337) | $6453 |
| **Per common share data:** |  |  |  |  |
| Net investment income per share - basic and diluted | $0.15 | $0.30 | $0.34 | $0.56 |
| Net increase (decrease) in net assets resulting from operations per share - basic and diluted | $(0.09) | $0.15 | $(0.06) | $0.30 |
| Weighted average common shares outstanding - basic and diluted | 21666 | 21666 | 21666 | 21666 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 March 31, 2024** | 21666 | $22 | $298127 | $(96647) | $201502 |
| Net investment income |  |  |  | 6559 | 6559 |
| Net realized gain (loss) |  |  |  | 506 | 506 |
| Net change in unrealized gain (loss) |  |  |  | (3807) | (3807) |
| Distributions to stockholders |  |  |  | (5416) | (5416) |
| **Balances at June 30, 2024** | 21666 | $22 | $298127 | $(98805) | $199344 |
| **Balances at March 31, 2025** | 21666 | $22 | $297712 | $(110857) | $186877 |
| Net investment income |  |  |  | 3298 | 3298 |
| Net realized gain (loss) |  |  |  | 77 | 77 |
| Net change in unrealized gain (loss) |  |  |  | (5244) | (5244) |
| Distributions to stockholders |  |  |  | (5416) | (5416) |
| **Balances at June 30, 2025** | 21666 | $22 | $297712 | $(118142) | $179592 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 |  |  |  | 12029 | 12029 |
| Net realized gain (loss) |  |  |  | 510 | 510 |
| Net change in unrealized gain (loss) |  |  |  | (6086) | (6086) |
| Distributions to stockholders |  |  |  | (10833) | (10833) |
| **Balances at June 30, 2024** | 21666 | $22 | $298127 | $(98805) | $199344 |
| **Balances at December 31, 2024** | 21666 | $22 | $297712 | $(105972) | $191762 |
| Net investment income |  |  |  | 7383 | 7383 |
| Net realized gain (loss) |  |  |  | (361) | (361) |
| Net change in unrealized gain (loss) |  |  |  | (8359) | (8359) |
| Distributions to stockholders |  |  |  | (10833) | (10833) |
| **Balances at June 30, 2025** | 21666 | $22 | $297712 | $(118142) | $179592 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $(1337) | $6453 |
| 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 | 361 | (510) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (gain) loss on investments | 8359 | 6086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest capitalized | (4035) | (4589) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discounts and amortization of premiums | (449) | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (19881) | (45889) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments and sales of investments | 104993 | 47986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 750 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable | 50 | (2312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 37 | (279) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | (135) | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fees payable | (223) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees payable |  | (968) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (129) | 90 |
| &nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 88361 | 6051 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 34500 | 46600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (118100) | (42900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs capitalized | (547) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholder distributions paid | (10833) | (10833) |
| &nbsp;&nbsp;**Net cash provided by (used in) financing activities** | (94980) | (7133) |
| **Net increase (decrease) in cash and cash equivalents** | (6619) | (1082) |
| **Cash and cash equivalents, beginning of period** | 9044 | 4958 |
| **Cash and cash equivalents, end of period** | $2425 | $3876 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid during the period | $7923 | $10667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes, including excise taxes during the year | $482 | $337 |

---

See Notes to Consolidated Financial Statements.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**June 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% | 13.08% PIK | 6/21/2024 | 12/31/2027 | 569 | $407 | $469 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.93% | 4/24/2018 | 12/30/2025 | 1767 | 1767 | 1767 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.93% | 3/29/2023 | 12/30/2025 | 639 | 639 | 639 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company |  | SF | 7.60% | 11.93% | 12/18/2023 | 12/30/2025 | 1966 | 1966 | 1966 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hastings Manufacturing Company (Revolver) | (14) | SF | 7.60% | 11.93% | 3/29/2023 | 12/30/2025 | 691 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC |  | SF | 5.35% | 9.67% | 8/2/2021 | 8/2/2027 | 6755 | 6701 | 6755 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifted Trucks Holdings, LLC (Revolver) | (14) | SF | 5.35% | 9.67% | 8/2/2021 | 8/2/2027 | 1667 | 278 | 278 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Panda Acquisition, LLC |  | SF | 9.36% | 6.44% Cash/ 7.13% PIK | 12/20/2022 | 10/18/2028 | 4595 | 4079 | 3854 | 2.1% |
|  |  |  |  |  |  |  | 18649 | 15837 | 15728 | 8.9% |
| &nbsp;&nbsp;&nbsp;**Banking** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MV Receivables II, LLC | (10)(16) | SF | 9.75% | 14.07% | 7/29/2021 | 7/29/2026 | 8100 | 7737 | 3959 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.40% | 1/12/2021 | 1/12/2027 | 2000 | 1988 | 2003 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.40% | 10/12/2021 | 1/12/2027 | 335 | 333 | 336 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.40% | 5/31/2023 | 1/12/2027 | 256 | 253 | 257 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC |  | SF | 6.10% | 10.40% | 11/22/2024 | 1/12/2027 | 201 | 199 | 202 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;StarCompliance MidCo, LLC (Revolver) | (14) | SF | 6.10% | 10.40% | 1/12/2021 | 1/12/2027 | 323 | 174 | 174 | 0.1% |
|  |  |  |  |  |  |  | 11215 | 10684 | 6931 | 3.9% |
| &nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC |  | SF | 7.43% | 11.64% | 9/9/2022 | 12/17/2026 | 3775 | 3731 | 3751 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CGI Automated Manufacturing, LLC |  | SF | 7.26% | 11.56% | 9/30/2022 | 12/17/2026 | 1083 | 1073 | 1076 | 0.6% |
|  |  |  |  |  |  |  | 4858 | 4804 | 4827 | 2.7% |
| &nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC |  | SF | 7.61% | 10.44% Cash/ 1.50% PIK | 6/18/2018 | 12/31/2026 | 2097 | 2088 | 2158 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC | (17) | SF | 7.50% | 11.94% PIK | 6/18/2018 | 12/31/2026 | 357 | 357 | 329 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC |  | SF | 7.61% | 11.94% | 12/22/2021 | 12/31/2026 | 884 | 876 | 1689 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Valudor Products LLC (Revolver) | (14) | SF | 9.61% | 13.94% | 6/18/2018 | 12/31/2026 | 548 | 219 | 209 | 0.1% |
|  |  |  |  |  |  |  | 3886 | 3540 | 4385 | 2.4% |
| &nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.33% | 6/30/2023 | 6/29/2029 | 1965 | 1922 | 1985 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.33% | 1/9/2024 | 6/30/2029 | 1104 | 1096 | 1115 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC |  | SF | 5.00% | 9.31% | 6/30/2023 | 6/29/2029 | 314 | 314 | 317 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (Delayed Draw) | (14)(15) | SF | 5.00% | 9.33% | 3/27/2025 | 6/29/2029 | 699 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC (Revolver) | (14) | SF | 5.00% | 9.31% | 6/30/2023 | 6/29/2029 | 410 | 56 | 56 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.94% | 4/19/2021 | 4/17/2026 | 1968 | 1961 | 1968 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.94% | 4/19/2021 | 4/17/2026 | 2403 | 2403 | 2403 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;TCFIII OWL Buyer LLC |  | SF | 5.61% | 9.94% | 12/17/2021 | 4/17/2026 | 2157 | 2149 | 2157 | 1.2% |
|  |  |  |  |  |  |  | 11020 | 9901 | 10001 | 5.5% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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 | 5.90% | 10.18% | 8/3/2021 | 8/3/2026 | 5345 | $5319 | $4668 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Buyer, Inc. (Revolver) | (14) | SF | 5.75% | 10.07% | 8/3/2021 | 8/3/2026 | 1423 | 89 | 78 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC |  | SF | 7.35% | 11.17% Cash/ 0.50% PIK | 8/4/2021 | 8/4/2026 | 2724 | 2710 | 2717 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recycled Plastics Industries, LLC (Revolver) | (14) | SF | 7.35% | 11.17% Cash/ 0.50% PIK | 8/4/2021 | 8/4/2026 | 284 |  |  | 0.0% |
|  |  |  |  |  |  |  | 9776 | 8118 | 7463 | 4.1% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC |  | SF | 7.75% | 10.93% Cash/ 1.00% PIK | 5/14/2021 | 4/3/2026 | 992 | 989 | 915 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC |  | SF | 6.50% | 9.82% Cash/ 1.00% PIK | 9/13/2022 | 4/3/2026 | 1 | 1 | 1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kyjen Company, LLC (Revolver) | (14) | SF | 6.65% | 10.97% | 5/14/2021 | 4/3/2026 | 105 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (16) | SF | 10.11% | 14.44% PIK | 7/18/2024 | 6/18/2029 | 287 | 287 | 287 | 0.2% |
|  |  |  |  |  |  |  | 1385 | 1277 | 1203 | 0.7% |
| &nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.00% | 9.27% | 8/19/2022 | 8/18/2028 | 2490 | 2462 | 2497 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.00% | 9.27% | 8/19/2022 | 8/18/2028 | 692 | 692 | 694 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC |  | SF | 5.00% | 9.27% | 8/1/2023 | 8/18/2028 | 2075 | 2033 | 2081 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GC Champion Acquisition LLC (Delayed Draw) | (14)(15) | SF | 5.00% | 9.27% | 12/31/2024 | 8/18/2028 | 2079 | 1410 | 1414 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;J2 BWA Funding LLC (Revolver) | (10) | n/a | n/a | 10.00% | 12/24/2020 | 12/24/2026 | 1686 | 1686 | 1684 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liftforward SPV II, LLC | (10) | SF | 10.86% | 15.19% PIK | 11/10/2016 | 6/30/2025 | 325 | 325 | 264 | 0.1% |
|  |  |  |  |  |  |  | 9347 | 8608 | 8634 | 4.8% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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;**Healthcare & Pharmaceuticals** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 6.50% | 10.80% | 7/17/2023 | 7/17/2029 | 2000 | $1955 | $2019 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 6.50% | 10.80% | 10/15/2024 | 7/17/2029 | 261 | 257 | 263 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. |  | SF | 6.50% | 10.80% | 12/31/2024 | 7/17/2029 | 1739 | 1716 | 1756 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluesight, Inc. (Revolver) | (14) | SF | 6.50% | 10.80% | 7/17/2023 | 7/17/2029 | 348 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. |  | SF | 6.85% | 11.17% | 6/30/2021 | 6/30/2026 | 4718 | 4694 | 4623 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. |  | SF | 6.90% | 11.20% | 11/27/2022 | 6/30/2026 | 3911 | 3880 | 3833 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (Revolver) | (14) | SF | 6.85% | 11.17% | 6/30/2021 | 6/30/2026 | 596 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC |  | SF | 5.00% | 9.30% | 3/15/2024 | 3/15/2030 | 3960 | 3878 | 4000 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC |  | SF | 5.00% | 9.30% | 8/19/2024 | 3/15/2030 | 5831 | 5791 | 5889 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (Revolver) | (14) | SF | 5.00% | 9.30% | 3/15/2024 | 3/15/2030 | 750 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;INH Buyer, Inc. | (16) | SF | 8.50% | 12.90% PIK | 6/2/2025 | 2/27/2026 | 85 | 85 | 19 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;INH Buyer, Inc. (Delayed Draw) | (14)(15)(16) | SF | 7.00% | 11.40% PIK | 6/2/2025 | 10/31/2025 | 96 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.75% | 9.28%Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 5039 | 4945 | 4844 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.75% | 9.28% Cash/ 2.75% PIK | 2/6/2024 | 2/1/2029 | 2161 | 2114 | 2077 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC |  | SF | 7.75% | 9.28% Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 1005 | 1005 | 966 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;KL Moon Acquisition, LLC (Revolver) | (14) | SF | 7.75% | 9.28% Cash/ 2.75% PIK | 2/1/2023 | 2/1/2029 | 830 | 559 | 537 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. |  | SF | 7.15% | 11.45% | 10/4/2022 | 10/4/2028 | 3413 | 3371 | 3051 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;NQ PE Project Colosseum Midco Inc. (Revolver) | (14) | SF | 7.15% | 11.45% | 10/4/2022 | 10/4/2028 | 438 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 5.50% | 9.80% | 12/31/2020 | 7/8/2027 | 2394 | 2389 | 2394 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 5.50% | 9.76% | 7/8/2022 | 7/8/2027 | 539 | 539 | 539 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC |  | SF | 5.50% | 9.74% | 8/21/2023 | 7/8/2027 | 284 | 284 | 284 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (Delayed Draw) | (14)(15) | SF | 5.50% | 9.80% | 2/6/2025 | 7/8/2027 | 4444 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seran BioScience, LLC (Revolver) | (14) | SF | 5.50% | 9.80% | 12/31/2020 | 7/8/2027 | 444 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 6.90% | 11.18% | 2/16/2022 | 2/16/2028 | 3000 | 2970 | 3000 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. |  | SF | 6.90% | 7.80% Cash/ 3.38% PIK | 11/19/2024 | 2/16/2028 | 171 | 169 | 171 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (14)(15) | SF | 6.90% | 7.80% Cash/ 3.38% PIK | 11/19/2024 | 2/16/2028 | 7 | 3 | 3 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Delayed Draw) | (14)(15) | SF | 6.90% | 11.18% | 2/16/2022 | 2/16/2028 | 376 | 300 | 300 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;TigerConnect, Inc. (Revolver) | (14) | SF | 6.90% | 11.18% | 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 | 2482 | 2461 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Delayed Draw) | (14)(15) | SF | 6.85% | 5.43% Cash/ 5.75% PIK | 5/28/2024 | 6/2/2028 | 866 | 619 | 619 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. (Revolver) |  | SF | 6.85% | 5.43% Cash/ 5.75% PIK | 10/25/2024 | 6/2/2028 | 435 | 435 | 435 | 0.2% |
|  |  |  |  |  |  |  | 53070 | 44440 | 44083 | 24.5% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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;**High Tech Industries** | | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (Delayed Draw) | (14)(15)(16) | SF | 8.11% | 12.44% PIK | 1/2/2024 | 1/2/2027 | 551 | $146 | $331 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. |  | SF | 6.13% | 10.05% Cash/ 0.38% PIK | 8/27/2024 | 8/27/2030 | 2500 | 2467 | 2503 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 6.13% | 10.05% Cash/ 0.38% PIK | 12/30/2024 | 8/27/2026 | 309 | 118 | 118 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 6.13% | 10.05% 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% | 10.05% | 8/27/2024 | 8/27/2030 | 217 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC |  | SF | 6.25% | 10.58% | 9/1/2022 | 9/1/2028 | 3000 | 2964 | 3000 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Delayed Draw) | (14)(15) | SF | 6.25% | 10.58% | 9/1/2022 | 9/1/2028 | 874 | 795 | 795 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (Revolver) | (14) | SF | 6.25% | 10.58% | 9/1/2022 | 9/1/2028 | 522 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medallia, Inc. |  | SF | 6.60% | 6.82% Cash/ 4.00% PIK | 8/15/2022 | 10/27/2028 | 2274 | 2252 | 2028 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.56% | 12/28/2018 | 12/28/2026 | 9500 | 9500 | 9491 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.56% | 9/12/2022 | 12/28/2026 | 530 | 529 | 530 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.56% | 1/11/2021 | 12/28/2026 | 1326 | 1326 | 1324 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.56% | 2/11/2022 | 12/28/2026 | 884 | 884 | 883 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.56% | 4/5/2023 | 12/28/2026 | 707 | 697 | 706 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. |  | SF | 6.26% | 10.56% | 3/28/2025 | 12/28/2026 | 1455 | 1442 | 1454 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (Revolver) | (14) | SF | 6.26% | 10.59% | 12/28/2018 | 12/28/2026 | 1105 | 442 | 441 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 9.92% | 6/16/2023 | 6/15/2029 | 980 | 958 | 947 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 10.05% | 6/27/2024 | 6/25/2029 | 215 | 213 | 208 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (Delayed Draw) | (14)(15) | SF | 5.75% | 9.92% | 6/27/2024 | 6/25/2029 | 289 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. |  | SF | 5.75% | 10.05% | 6/16/2023 | 6/15/2029 | 220 | 220 | 212 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (Revolver) | (14) | SF | 5.75% | 10.05% | 6/16/2023 | 6/15/2029 | 205 | 116 | 112 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp |  | SF | 5.50% | 9.80% | 3/28/2025 | 3/28/2031 | 7700 | 7588 | 7700 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp (Delayed Draw) | (14)(15) | SF | 5.50% | 9.80% | 3/28/2025 | 3/28/2031 | 1540 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiugo Group Holdings Corp (Revolver) | (14) | SF | 5.50% | 9.80% | 3/28/2025 | 3/28/2031 | 770 |  |  | 0.0% |
|  |  |  |  |  |  |  | 38216 | 32722 | 32848 | 18.3% |
| &nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.35% | 10.67% | 9/9/2024 | 12/31/2026 | 293 | 289 | 291 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.35% | 10.67% | 11/20/2020 | 12/31/2026 | 1436 | 1434 | 1429 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC |  | SF | 6.35% | 10.67% | 11/20/2020 | 12/31/2026 | 643 | 643 | 639 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (Revolver) | (14) | SF | 6.35% | 10.67% | 11/20/2020 | 12/31/2026 | 316 | 147 | 147 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. |  | SF | 6.36% | 10.69% | 12/22/2021 | 12/22/2026 | 769 | 765 | 753 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spherix Global Inc. (Revolver) | (14) | SF | 6.36% | 10.69% | 12/22/2021 | 12/22/2026 | 122 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. |  | SF | 6.00% | 10.33% | 1/28/2020 | 1/28/2027 | 4211 | 4211 | 4217 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. |  | SF | 6.00% | 10.33% | 8/31/2022 | 1/28/2027 | 1674 | 1674 | 1676 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;XanEdu Publishing, Inc. (Revolver) | (14) | SF | 6.00% | 10.33% | 1/28/2020 | 1/28/2027 | 742 |  |  | 0.0% |
|  |  |  |  |  |  |  | 10206 | 9163 | 9152 | 5.1% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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% | 12.59% PIK | 2/15/2024 | 1/31/2028 | 304 | $304 | $569 | 0.3% |
|  |  |  |  |  |  |  | 304 | 304 | 569 | 0.3% |
| &nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC |  | SF | 6.10% | 10.40% | 12/31/2021 | 12/31/2027 | 5805 | 5750 | 5805 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (Revolver) | (14) | SF | 6.10% | 10.40% | 12/31/2021 | 12/31/2027 | 652 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 6.75% | 11.03% | 2/28/2019 | 11/28/2025 | 4260 | 4260 | 4263 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 6.75% | 11.03% | 9/27/2022 | 11/28/2025 | 1341 | 1340 | 1342 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 6.75% | 11.03% | 2/28/2019 | 11/28/2025 | 64 | 64 | 64 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. |  | SF | 6.75% | 11.03% | 9/27/2022 | 11/28/2025 | 3550 | 3550 | 3552 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crownpeak Technology, Inc. (Revolver) |  | SF | 6.75% | 11.03% | 2/28/2019 | 11/28/2025 | 500 | 500 | 500 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC |  | SF | 5.85% | 10.18% | 11/3/2022 | 11/3/2027 | 2917 | 2879 | 2918 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC |  | SF | 5.85% | 10.18% | 11/3/2022 | 11/3/2027 | 2379 | 2379 | 2379 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sports Operating Holdings II, LLC (Revolver) | (14) | SF | 5.85% | 10.18% | 11/3/2022 | 11/3/2027 | 1039 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. |  | SF | 7.10% | 11.40% | 1/12/2023 | 1/12/2028 | 3227 | 3172 | 3259 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. (Revolver) | (14) | SF | 7.10% | 11.42% | 1/12/2023 | 1/12/2028 | 458 | 73 | 73 | 0.0% |
|  |  |  |  |  |  |  | 26192 | 23967 | 24155 | 13.4% |
| &nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BLST Operating Company, LLC |  | SF | 7.50% | 1.00% Cash/ 10.94% PIK | 8/28/2020 | 8/28/2025 | 798 | 570 | 728 | 0.4% |
|  |  |  |  |  |  |  | 798 | 570 | 728 | 0.4% |
| &nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation |  | SF | 5.50% | 9.80% | 4/13/2021 | 4/13/2029 | 2434 | 2434 | 2458 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aras Corporation (Revolver) | (14) | SF | 5.50% | 9.80% | 4/13/2021 | 4/13/2029 | 335 | 128 | 128 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burroughs, Inc. | (19) | SF | 8.60% | 11.92% Cash/ 1.00% PIK | 12/22/2017 | n/a | 294 | 294 | 294 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. |  | SF | 5.75% | 10.05% | 7/18/2024 | 7/18/2030 | 6000 | 5908 | 6015 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (14)(15) | SF | 5.75% | 10.05% | 7/18/2024 | 7/18/2030 | 556 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Delayed Draw) | (14)(15) | SF | 5.75% | 10.05% | 7/18/2024 | 7/18/2030 | 778 | 306 | 306 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cdata Software, Inc. (Revolver) | (14) | SF | 5.75% | 10.05% | 7/18/2024 | 7/18/2030 | 667 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iCIMS, Inc. |  | SF | 6.25% | 10.53% | 10/24/2022 | 8/18/2028 | 2500 | 2473 | 2497 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 10.95% | 12/9/2022 | 12/11/2028 | 587 | 579 | 585 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 10.95% | 12/9/2022 | 12/11/2028 | 188 | 188 | 188 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC |  | SF | 6.65% | 10.95% | 12/9/2022 | 12/11/2028 | 272 | 272 | 271 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsley Gate Partners, LLC (Revolver) |  | SF | 6.60% | 10.92% | 12/9/2022 | 12/11/2028 | 240 | 240 | 239 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Contracting Company, LLC |  | SF | 6.26% | 10.59% | 8/16/2024 | 8/16/2029 | 1489 | 1463 | 1488 | 0.8% |
| &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% | 7.67% Cash/ 4.50% PIK | 12/8/2022 | 12/8/2027 | 1930 | 1793 | 1561 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prototek LLC (Revolver) | (14)(16) | SF | 7.85% | 7.67% 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% | 10.18% | 3/1/2024 | 9/30/2027 | 1823 | 1823 | 1810 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. |  | SF | 5.85% | 10.18% | 6/17/2024 | 9/30/2027 | 5872 | 5872 | 5831 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Services Acquisition Sub Corp. |  | SF | 5.85% | 10.18% | 6/17/2024 | 9/30/2027 | 1801 | 1801 | 1788 | 1.0% |
|  |  |  |  |  |  |  | 28372 | 25710 | 25595 | 14.3% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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% | 10.56% | 2/28/2022 | 2/26/2027 | 1551 | $1538 | $1551 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.56% | 2/28/2022 | 2/26/2027 | 1111 | 1111 | 1111 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.56% | 8/3/2022 | 2/26/2027 | 2620 | 2620 | 2620 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.56% | 10/3/2024 | 2/28/2027 | 3164 | 3107 | 3171 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC |  | SF | 6.26% | 10.56% | 5/9/2024 | 2/26/2027 | 2904 | 2904 | 2910 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (Delayed Draw) | (14)(15) | SF | 6.26% | 10.59% | 10/3/2024 | 2/28/2027 | 2659 | 1749 | 1752 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (Revolver) | (14) | SF | 6.11% | 10.44% | 2/28/2022 | 2/26/2027 | 952 | 305 | 305 | 0.2% |
|  |  |  |  |  |  |  | 14961 | 13334 | 13420 | 7.6% |
| &nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC | (19) | P | 12.00% | 17.50% Cash/ 2.00% PIK | 6/10/2022 | n/a | 1337 | 1337 | 1373 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Broadband and Telecommunications Company LLC (Revolver) | (14)(19) | P | 12.00% | 17.50% Cash/ 2.00% PIK | 6/10/2022 | n/a | 500 | 127 | 127 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. |  | SF | 5.50% | 9.83% | 4/16/2021 | 4/16/2027 | 3366 | 3336 | 3366 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. |  | SF | 5.50% | 9.83% | 12/19/2023 | 4/16/2027 | 494 | 494 | 497 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Calabrio, Inc. (Revolver) | (14) | SF | 5.50% | 9.83% | 4/16/2021 | 4/16/2027 | 409 | 175 | 175 | 0.1% |
|  |  |  |  |  |  |  | 6106 | 5469 | 5538 | 3.2% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  |  | **248361** | **218448** | **215260** | **120.1%** |
| &nbsp;&nbsp;&nbsp;**Unitranche Secured Loans (6)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC |  | SF | 6.40% | 10.68% | 5/25/2022 | 5/25/2028 | 1900 | 1878 | 1898 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASG II, LLC |  | SF | 6.40% | 10.68% | 5/25/2022 | 5/25/2028 | 285 | 285 | 285 | 0.2% |
|  |  |  |  |  |  |  | 2185 | 2163 | 2183 | 1.3% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Unitranche Secured Loans** |  |  |  |  |  |  | **2185** | **2163** | **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 | 529 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;BTR Opco LLC | (16) | n/a | n/a | 5.00% PIK | 9/30/2024 | 12/31/2027 | 3664 | 3390 |  | 0.0% |
|  |  |  |  |  |  |  | 4375 | 4048 | 529 | 0.3% |
| &nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thrasio, LLC | (16) | SF | 10.11% | 14.44% PIK | 7/18/2024 | 6/18/2029 | 881 | 881 | 661 | 0.4% |
|  |  |  |  |  |  |  | 881 | 881 | 661 | 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 | 7680 | 7680 | 7680 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 5/16/2023 | 10/1/2026 | 1328 | 1328 | 1329 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 9/25/2023 | 10/1/2026 | 2384 | 2384 | 2384 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 7/26/2024 | 10/1/2026 | 348 | 348 | 348 | 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 | 1634 | 1634 | 1634 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC | (10) | n/a | n/a | 13.25% PIK | 3/18/2025 | 10/1/2026 | 1184 | 1184 | 1184 | 0.7% |
|  |  |  |  |  |  |  | 14558 | 14558 | 14559 | 8.1% |
| &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 | 184 | 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 | 188 | 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 | 372 | 0.2% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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;INH Buyer, Inc. | (16) | SF | 7.00% | 11.40% PIK | 6/30/2021 | 6/28/2028 | 3026 | $3007 | $691 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Whistler Parent Holdings III, Inc. |  | SF | 6.85% | 5.43% Cash/ 5.75% PIK | 10/25/2024 | 6/2/2028 | 5817 | 5765 | 3659 | 2.0% |
|  |  |  |  |  |  |  | 8843 | 8772 | 4350 | 2.4% |
| &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% | 12.54% PIK | 7/31/2023 | 1/31/2028 | 528 | 528 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.54% PIK  | 7/31/2023 | 1/31/2028 | 671 | 671 | 177 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.54% PIK  | 7/31/2023 | 1/31/2028 | 203 | 203 | 54 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice Acquisition Holdco, LLC | (16) | SF | 8.26% | 12.54% PIK  | 9/8/2023 | 1/31/2028 | 353 | 353 | 93 | 0.1% |
|  |  |  |  |  |  |  | 2790 | 2790 | 324 | 0.2% |
| &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 | 971 | 0.5% |
|  |  |  |  |  |  |  | 1308 | 1308 | 971 | 0.5% |
| &nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Education Corporation of America | (16)(19) | P | 12.00% | 19.50% PIK | 9/3/2015 | n/a | 833 | 830 | 2208 | 1.2% |
|  |  |  |  |  |  |  | 833 | 830 | 2208 | 1.2% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  |  | **34284** | **33850** | **23974** | **13.3%** |
| &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 | 179 | 0.1% |
|  |  |  |  |  |  |  |  | 359 | 179 | 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 |  | 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 | 347 | 0.2% |
|  |  |  |  |  |  |  |  | 178 | 347 | 0.2% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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 |  |  | 41 | 0.0% |
|  |  |  |  |  |  |  |  | 67 | 92 | —% |
| &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 | 1611 | 0.9% |
| &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 |  |  | 539 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Witkoff/Monroe 700 JV LLC (2,141 preferred units) | (10)(13) |  |  |  | 7/2/2021 |  |  | 2 | 4517 | 2.5% |
|  |  |  |  |  |  |  |  | 1821 | 6667 | 3.7% |
| &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 |  |  |  | 2 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorado Acquisition, Inc. (189,922 Class A-1 units) |  |  |  |  | 6/30/2021 |  |  | 206 | 162 | 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 | 250 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Forest Buyer, LLC (300 Class B units) | (13) |  |  |  | 3/15/2024 |  |  |  | 309 | 0.2% |
| &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 | 132 | 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 | 1770 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NationsBenefits, LLC (106,667 common units)  | (13) |  |  |  | 8/20/2021 |  |  | 153 | 918 | 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% |
|  |  |  |  |  |  |  |  | 2305 | 3626 | 2.0% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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;**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 | 745 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (110,294 Class B common units) |  |  |  |  | 1/2/2024 |  |  |  | 1387 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Holdings, Inc. (57,588 Class A common units) |  |  |  |  | 8/27/2024 |  |  | 58 | 62 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Drawbridge Partners, LLC (130,433 Class A-1 units) |  |  |  |  | 9/1/2022 |  |  | 130 | 166 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (473,082 Class A units) |  | n/a | n/a | 8.00% PIK | 12/28/2018 |  |  | 473 | 1324 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planful, Inc. (35,791 Class B units) |  |  |  |  | 5/3/2023 |  |  |  | 52 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recorded Future, Inc. (80,486 Class A units) |  |  |  |  | 7/3/2019 |  |  |  | 13 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sparq Holdings, Inc. (300,000 common units) |  |  |  |  | 6/15/2023 |  |  | 300 | 186 | 0.1% |
|  |  |  |  |  |  |  |  | 5080 | 3935 | 2.1% |
| &nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equine Network, LLC (108 Class A units)  | (13) |  |  |  | 12/31/2020 |  |  | 111 | 151 | 0.1% |
|  |  |  |  |  |  |  |  | 111 | 151 | 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 |  |  | 1326 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevate Health Group, LLC (40 preferred units) |  | n/a | n/a | 12.00% PIK | 11/20/2020 |  |  | 40 | 15 | 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 | 17 | 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 | 170 | 0.1% |
|  |  |  |  |  |  |  |  | 189 | 1534 | 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 (304,538 Class A units) | (13) |  |  |  | 1/4/2019 |  |  | 312 | 388 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chess.com, LLC (2 Class A units)  | (13) |  |  |  | 12/31/2021 |  |  | 87 | 60 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;V10 Entertainment, Inc. (392,157 shares of common units)  |  |  |  |  | 1/12/2023 |  |  | 203 | 149 | 0.1% |
|  |  |  |  |  |  |  |  | 602 | 597 | 0.3% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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;**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 |  |  | 1073 | 1040 | 0.6% |
|  |  |  |  |  |  |  |  | 1468 | 1866 | 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 (146,770 Class A common units)  | (13) |  |  |  | 11/15/2023 |  |  |  | 10 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (147 Class A preferred units) | (13) |  |  |  | 11/15/2023 |  |  | 151 | 12 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (31 Class B common units)  | (13) | n/a | n/a | 8.00% PIK  | 11/15/2023 |  |  | 31 | 7 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (31,200 Class B preferred units)  | (13) |  |  |  | 11/15/2023 |  |  |  | 2 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Express Wash Acquisition Company, LLC (36.8 Class A-1 preferred units) | (13) |  |  |  | 4/10/2025 |  |  | 37 | 45 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDIG Parent, LLC (245,958 shares of common stock)  | (13) |  |  |  | 1/4/2021 |  |  | 253 | 229 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDIG Parent, LLC (43,404 Class X common units) | (13) |  |  |  | 6/23/2025 |  |  | 44 | 43 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (17,988 Class A units) |  |  |  |  | 6/27/2023 |  |  | 26 | 34 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kar Wash Holdings, LLC (99,807 preferred units) |  |  |  |  | 2/28/2022 |  |  | 103 | 158 | 0.1% |
|  |  |  |  |  |  |  |  | 8137 | 540 | 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 | 18 | 0.0% |
|  |  |  |  |  |  |  |  | 42 | 18 | —% |
| &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 | 98 | 0.1% |
|  |  |  |  |  |  |  |  | 275 | 143 | 0.1% |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equity Investments** |  |  |  |  |  |  |  | **25987** | **19747** | **10.7%** |
| &nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Company Investments** |  |  |  |  |  |  |  | $**280448** | $**261164** | **145.4%** |
| **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 | 5.50% | 9.83% | 9/9/2020 | 12/31/2026 | 636 | $95 | $95 | 0.1% |
|  |  |  |  |  |  |  | 636 | 95 | 95 | 0.1% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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. |  | SF | 0.11% | 4.44% PIK | 7/22/2014 | 12/31/2026 | 13862 | $13862 | $8304 | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.44% PIK | 7/22/2014 | 12/31/2026 | 6820 | 6820 | 4085 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.44% PIK | 5/24/2017 | 12/31/2026 | 840 | 841 | 503 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.44% PIK | 8/10/2018 | 12/31/2026 | 3090 | 3090 | 1850 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.44% PIK | 3/29/2019 | 12/31/2026 | 5720 | 5720 | 3427 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.44% PIK | 9/30/2019 | 12/31/2026 | 27 | 25 | 15 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. |  | SF | 0.11% | 4.44% PIK | 12/30/2019 | 12/31/2026 | 131 | 131 | 78 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Community Homes, Inc. (Revolver) | (14) | SF | 0.11% | 4.44% PIK | 3/30/2020 | 12/31/2026 | 2500 |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;HFZ Capital Group LLC | (10)(19)(21) | P | 9.46% | 16.96% PIK | 10/20/2017 | n/a | 13242 | 13242 | 13716 | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;HFZ Capital Group LLC | (10)(19)(21) | P | 9.46% | 16.96% PIK | 10/20/2017 | n/a | 4758 | 4758 | 4927 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;MC Asset Management (Corporate), LLC | (10)(21) | SF | 15.00% | 19.30% PIK | 1/26/2021 | 1/26/2029 | 13411 | 13411 | 13411 | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;MC Asset Management (Corporate), LLC | (10)(21) | SF | 15.00% | 19.30% PIK | 4/26/2021 | 1/26/2029 | 3997 | 3998 | 3998 | 2.2% |
|  |  |  |  |  |  |  | 68398 | 65898 | 54314 | 30.2% |
| &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** |  |  |  |  |  |  | **70390** | **67305** | **54831** | **30.5%** |
| &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% | 8/6/2021 | 8/11/2028 | 5850 | 5850 | 5598 | 3.1% |
| &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 | 2110 | 2107 | 1.2% |
|  |  |  |  |  |  |  | 8775 | 7960 | 7705 | 4.3% |
| &nbsp;&nbsp;**Total Non-Controlled Affiliate Company Junior Secured Loans** |  |  |  |  |  |  | **8775** | **7960** | **7705** | **4.3%** |
| &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 | 2809 | 1.6% |
|  |  |  |  |  |  |  |  | 1631 | 2809 | 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)(21) |  |  |  | 6/11/2019 |  |  | 793 |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco, LLC (24.4% of equity commitment) | (10) |  |  |  | 8/6/2021 |  |  | 3900 | 4916 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SFR Holdco 2, LLC (13.9% of equity commitment) | (10)(20) |  |  |  | 10/24/2024 |  |  | 1407 | 1464 | 0.8% |
|  |  |  |  |  |  |  |  | 6100 | 6380 | 3.5% |
| &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 | 1604 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Familia Dental Group Holdings, LLC (1,525 Class A units)  | (13) |  |  |  | 4/8/2016 |  |  | 5224 | 3050 | 1.7% |
|  |  |  |  |  |  |  |  | 7256 | 4654 | 2.6% |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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;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** | **13843** | **7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled Affiliate Company Investments** |  |  |  |  |  |  |  | $**91710** | $**76379** | **42.5%** |
| **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 | $30157 | 16.8% |
| &nbsp;&nbsp;**Total Controlled Affiliate Equity Investments** |  |  |  |  |  |  |  | **42650** | **30157** | **16.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Controlled Affiliate Company Investments** |  |  |  |  |  |  |  | $**42650** | $**30157** | **16.8%** |
| &nbsp;&nbsp;**TOTAL INVESTMENTS** |  |  |  |  |  |  |  | $**414808** | $**367700** | **204.7%** |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**June 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 June 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 June 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 June 30, 2025 represented 204.7% of the Company's net assets or 93.2% 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 $179,592 as of June 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, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.

<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 investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, non-qualifying assets totaled 27.6% 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 June 30, 2025. As such, interest is earned only on the funded portion of this commitment.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

**June 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 June 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 June 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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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%** |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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, are the sole or majority lender of these unitranche secured loans, which can afford the Company additional influence with a borrower in terms of monitoring and, if necessary, remediation in the event of underperformance.

<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 investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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.

**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.

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

**Consolidation**

As permitted under ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of 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.

**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 six months ended June 30, 2025, the Company did not receive return of capital distributions from its equity investments. For both the three and six months ended June 30, 2024, the Company received return of capital distributions from its equity investments of $6.

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

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 $2,223 and $2,975 as of June 30, 2025 and December 31, 2024, respectively. Upfront loan origination and closing fees received for the three and six months ended June 30, 2025 totaled $28 and $212, respectively. Upfront loan origination and closing fees received for the three and six months ended June 30, 2024 totaled $157 and $568, respectively. Upon the prepayment of a loan or debt investment, any unamortized premium or discount or loan origination fees are recorded as interest income.

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

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **2024** |
| Interest income | $6864 | $11850 |
| PIK interest income | 1660 | 2099 |
| Dividend income <sup>(1)</sup> | 829 | 1017 |
| Other income | 54 | 265 |
| Prepayment gain (loss) | 288 | 145 |
| Accretion of discounts and amortization of premiums | 178 | 251 |
| &nbsp;&nbsp;Total investment income | $9873 | $15627 |

---

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Interest income | $14830 | $23512 |
| PIK interest income | 3560 | 4214 |
| Dividend income <sup>(2)</sup> | 1858 | 2029 |
| Other income | 282 | 302 |
| Prepayment gain (loss) | 532 | 250 |
| Accretion of discounts and amortization of premiums | 449 | 502 |
| &nbsp;&nbsp;Total investment income | $21511 | $30809 |

---

**________________________________________________________**

<sup>(1)</sup> During the three months ended June 30, 2025 and 2024, dividend income includes PIK dividends of $122 and $116, respectively.

<sup>(2)</sup> During the six months ended June 30, 2025 and 2024, dividend income includes PIK dividends of $240 and $229, 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.

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

*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 June 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 $13,373 and $15,723 at June 30, 2025 and December 31, 2024, respectively.

**Distributions**

Distributions to common stockholders are recorded on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by the Board 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.

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

**Debt Issuance Costs**

Debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. As of June 30, 2025 and December 31, 2024, the Company had unamortized debt issuance costs of $1,722 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 six months ended June 30, 2025 was $401 and $750, respectively. Amortization of debt issuance costs for the three and six months ended June 30, 2024 was $327 and $654, respectively.

**Offering Costs**

Offering costs include, among other things, fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of debt and equity offerings. Offering costs from equity offerings are charged against the proceeds from the offering within the consolidated statements of changes in net assets. Offering costs from debt offerings are reclassified to unamortized debt issuance costs on the consolidated statements of assets and liabilities as noted above. As of both June 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 June 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.

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

**Income Taxes**

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

To qualify as a RIC under Subchapter M of the Code, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of its "investment company taxable income" for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of the amount by which the Company's capital gain exceeds the Company's capital loss (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay U.S. federal income tax and a 0% nondeductible U.S. federal excise tax on this income. For the three and six months ended June 30, 2025 the Company recorded a net expense (benefit) on the consolidated statements of operations of $(49) and $70, respectively, for U.S. federal excise tax. For the three and six months ended June 30, 2024 the Company recorded a net expense on the consolidated statements of operations of $155 and $166, respectively, for U.S. federal excise tax. As of June 30, 2025 and December 31, 2024, the Company had a receivable of $89 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 six months ended June 30, 2025 the Company recorded a net tax expense of $6 and $7, respectively, on the consolidated statements of operations for these subsidiaries. For the three and six months ended June 30, 2024 the Company recorded a net tax expense (benefit) of $(20) and $(13), respectively, on the consolidated statements of operations for these subsidiaries. As of both June 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 June 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 six months ended June 30, 2025, except as disclosed in Note 14.

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

**Recent Accounting Pronouncements**

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

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

**Note 3. Investments**

The following tables show the composition of the Company's investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Amortized Cost:** | | | | |
| &nbsp;&nbsp;Senior secured loans | $285753 | 68.9% | $372074 | 75.0% |
| &nbsp;&nbsp;Unitranche secured loans | 2163 | 0.5 | 3835 | 0.8 |
| &nbsp;&nbsp;Junior secured loans | 41810 | 10.1 | 35771 | 7.2 |
| &nbsp;&nbsp;LLC equity interest in SLF | 42650 | 10.3 | 42650 | 8.6 |
| &nbsp;&nbsp;Equity investments | 42432 | 10.2 | 41467 | 8.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $414808 | 100.0% | $495797 | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;Senior secured loans | $270091 | 73.5% | $357994 | 78.3% |
| &nbsp;&nbsp;Unitranche secured loans | 2183 | 0.6 | 3862 | 0.8 |
| &nbsp;&nbsp;Junior secured loans | 31679 | 8.6 | 29634 | 6.5 |
| &nbsp;&nbsp;LLC equity interest in SLF | 30157 | 8.2 | 32730 | 7.2 |
| &nbsp;&nbsp;Equity investments | 33590 | 9.1 | 32828 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $367700 | 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 June 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Amortized Cost:** | | | | |
| &nbsp;&nbsp;United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | $172053 | 41.5% | $178051 | 35.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 93328 | 22.5 | 103354 | 20.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest |  |  | 3928 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast | 71381 | 17.2 | 116087 | 23.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest | 8547 | 2.1 | 12622 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 69499 | 16.7 | 81755 | 16.5 |
| &nbsp;&nbsp;International <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $414808 | 100.0% | $495797 | 100.0% |

---

**___________________________________________________**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | $142353 | 38.7% | $152880 | 33.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 84604 | 23.0 | 94766 | 20.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest |  |  | 4030 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast | 64628 | 17.6 | 111115 | 24.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest | 8738 | 2.4 | 13186 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 66051 | 18.0 | 79683 | 17.4 |
| &nbsp;&nbsp;International | 1326 | 0.3 | 1388 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $367700 | 100.0% | $457048 | 100.0% |

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**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 June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Amortized Cost:** | | | | |
| &nbsp;&nbsp;Automotive | $20244 | 4.9% | $20188 | 4.1% |
| &nbsp;&nbsp;Banking | 11647 | 2.8 | 11689 | 2.4 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 1726 | 0.4 | 4554 | 0.9 |
| &nbsp;&nbsp;Capital Equipment | 4804 | 1.2 | 4809 | 1.0 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 4041 | 1.0 | 3784 | 0.8 |
| &nbsp;&nbsp;Construction & Building | 10079 | 2.4 | 10094 | 2.0 |
| &nbsp;&nbsp;Consumer Goods: Durable | 8199 | 2.0 | 8444 | 1.7 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 3774 | 0.9 | 3857 | 0.8 |
| &nbsp;&nbsp;Environmental Industries | 67 | 0.0 \* | 67 | 0.0\* |
| &nbsp;&nbsp;FIRE: Finance | 8608 | 2.1 | 12675 | 2.6 |
| &nbsp;&nbsp;FIRE: Real Estate | 96337 | 23.2 | 90397 | 18.2 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 62773 | 15.1 | 83481 | 16.8 |
| &nbsp;&nbsp;High Tech Industries | 38465 | 9.3 | 42841 | 8.6 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 111 | 0.0 \* | 111 | 0.0 \* |
| &nbsp;&nbsp;Investment Funds & Vehicles | 42650 | 10.3 | 42650 | 8.6 |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 9352 | 2.3 | 10636 | 2.1 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 4574 | 1.1 | 4574 | 0.9 |
| &nbsp;&nbsp;Media: Diversified & Production | 24569 | 5.9 | 43554 | 8.8 |
| &nbsp;&nbsp;Retail | 2590 | 0.6 | 2534 | 0.5 |
| &nbsp;&nbsp;Services: Business | 29341 | 7.1 | 50740 | 10.2 |
| &nbsp;&nbsp;Services: Consumer | 25071 | 6.0 | 32552 | 6.6 |
| &nbsp;&nbsp;Telecommunications | 5511 | 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** | $414808 | 100.0% | $495797 | 100.0% |

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;Automotive | $16436 | 4.5% | $16267 | 3.6% |
| &nbsp;&nbsp;Banking | 6931 | 1.9 | 7861 | 1.7 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 2904 | 0.8 | 6027 | 1.3 |
| &nbsp;&nbsp;Capital Equipment | 4827 | 1.3 | 4853 | 1.1 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 4385 | 1.2 | 4864 | 1.1 |
| &nbsp;&nbsp;Construction & Building | 10348 | 2.8 | 10334 | 2.3 |
| &nbsp;&nbsp;Consumer Goods: Durable | 7463 | 2.0 | 8263 | 1.8 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 1864 | 0.5 | 2467 | 0.4 |
| &nbsp;&nbsp;Environmental Industries | 92 | 0.0 \* | 520 | 0.1 |
| &nbsp;&nbsp;FIRE: Finance | 8686 | 2.4 | 12789 | 2.8 |
| &nbsp;&nbsp;FIRE: Real Estate | 89625 | 24.4 | 83037 | 18.2 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 56713 | 15.5 | 79784 | 17.5 |
| &nbsp;&nbsp;High Tech Industries | 37155 | 10.1 | 41240 | 9.0 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 151 | 0.0 \* | 144 | 0.0 \* |
| &nbsp;&nbsp;Investment Funds & Vehicles | 30157 | 8.2 | 32730 | 7.2 |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 10686 | 2.9 | 12035 | 2.6 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 893 | 0.2 | 1156 | 0.3 |
| &nbsp;&nbsp;Media: Diversified & Production | 24752 | 6.7 | 43717 | 9.6 |
| &nbsp;&nbsp;Retail | 1699 | 0.5 | 2036 | 0.4 |
| &nbsp;&nbsp;Services: Business | 29644 | 8.1 | 51175 | 11.2 |
| &nbsp;&nbsp;Services: Consumer | 16590 | 4.5 | 24113 | 5.3 |
| &nbsp;&nbsp;Telecommunications | 5556 | 1.5 | 5586 | 1.2 |
| &nbsp;&nbsp;Transportation: Cargo |  |  | 5890 | 1.3 |
| &nbsp;&nbsp;Wholesale | 143 | 0.0\* | 160 | 0.0\* |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $367700 | 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. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described in Note 4. The Company's investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member's interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.

SLF's profits and losses are allocated to the Company and LSW in accordance with their respective ownership interests. As of both June 30, 2025 and December 31, 2024, the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of both June 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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

As of both June 30, 2025 and December 31, 2024, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF. As of both June 30, 2025 and December 31, 2024, $42,650 of the Company's LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of June 30, 2025 and December 31, 2024, the Company's investment in SLF had a fair value of $30,157 and $32,730, respectively.

For the three and six months ended June 30, 2025 the Company received $700 and $1,600, respectively, of dividend income from its LLC equity interest in SLF. For the three and six months ended June 30, 2024 the Company received $900 and $1,800, respectively, of dividend income from its LLC equity interest in SLF.

SLF has a senior secured revolving credit facility (as amended, the "SLF Credit Facility") with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC ("SLF SPV"). Under the terms of the amended SLF Credit Facility, SLF was permitted to reinvest available cash and make new borrowings under the SLF Credit Facility through February 21, 2025. Prior to the reinvestment period end date, the SLF Credit Facility allowed SLF SPV to borrow up to $110,000 (reduced from $175,000 on June 9, 2023), subject to leverage and borrowing base restrictions. As of June 30, 2025 and December 31, 2024, the aggregate commitment and principal amounts outstanding were $15,242 and $38,214, respectively. Borrowings on the SLF Credit Facility bear 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 June 30, 2025 and December 31, 2024, the SLF Credit Facility was accruing a weighted average interest rate of 6.7% and 6.9%, respectively.

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 six months ended June 30, 2025, SLF incurred $51 and $105 of allocable expenses, respectively. For the three and six months ended June 30, 2024, SLF incurred $41 and $86 of allocable expenses, respectively. There are no agreements or understandings by which the Company guarantees any SLF obligations.

As of June 30, 2025 and December 31, 2024, SLF had total assets at fair value of $75,899 and $104,159, respectively. As of June 30, 2025 and December 31, 2024, SLF had seven and four portfolio company investments on non-accrual status with a fair value of $5,560 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 June 30, 2025 and December 31, 2024, SLF had $1,128 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 June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Secured loans <sup>(1)</sup> | 70941 | 101624 |
| Weighted average current interest rate on secured loans <sup>(2)</sup> | 8.7% | 9.3% |
| Number of portfolio company investments in SLF | 28 | 36 |
| Largest portfolio company investment <sup>(1)</sup> | 4829 | 4900 |
| Total of five largest portfolio company investments <sup>(1)</sup> | 22520 | 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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**

**June 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% | 5.40% Cash/ 6.75% PIK | 2/26/2027 | 3169 | $3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.85% | 5.40% Cash/ 6.75% PIK | 2/26/2027 | 138 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. (Revolver) |  | SF | 7.85% | 5.41% Cash/ 6.75% PIK | 2/26/2027 | 321 | 312 |
|  |  |  |  |  |  | 3628 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 5.15% | 9.48% | 12/1/2027 | 1336 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 5.15% | 9.43% | 12/1/2027 | 382 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC (Revolver) | (4) | SF | 5.15% | 9.45% | 12/1/2027 | 132 | 64 |
|  |  |  |  |  |  | 1850 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC |  | SF | 5.51% | 9.81% | 1/7/2028 | 2025 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC |  | SF | 5.51% | 9.81% | 1/7/2028 | 444 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC (Revolver) | (4) | P | 4.25% | 11.75% | 1/7/2028 | 296 |  |
|  |  |  |  |  |  | 2765 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) | (5) | SF | 7.00% | 11.31% | 3/31/2030 | 412 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) | (5) | SF | 5.25% | 9.56% | 9/30/2030 | 673 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Chemical Holding Company LLC |  | SF | 7.11% | 11.44% | 10/3/2025 | 1135 | 529 |
|  |  |  |  |  |  | 2220 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Runner Buyer INC. | (5) | SF | 5.61% | 9.94% | 10/23/2028 | 2910 | 565 |
|  |  |  |  |  |  | 2910 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polychem Acquisition, LLC |  | SF | 9.61% | 9.94% Cash/ 4.00% PIK | 8/15/2026 | 2894 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVHC Holding Corp |  | SF | 6.40% | 9.95% Cash/ 0.75% PIK | 2/17/2027 | 1888 | 1871 |
|  |  |  |  |  |  | 4782 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy: Oil & Gas** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offen, Inc. |  | SF | 5.11% | 9.44% | 6/22/2026 | 2249 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offen, Inc. |  | SF | 5.11% | 9.44% | 6/22/2026 | 845 | 838 |
|  |  |  |  |  |  | 3094 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEAM Public Choices, LLC |  | SF | 5.26% | 9.54% | 12/17/2027 | 2880 | 2870 |
|  |  |  |  |  |  | 2880 | 2870 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 6.51% | 10.84% | 3/12/2028 | 598 | 577 |
|  |  |  |  |  |  | 598 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natus Medical Incorporated |  | SF | 5.40% | 9.70% | 7/20/2029 | 4233 | 4191 |
|  |  |  |  |  |  | 4233 | 4191 |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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)**

**June 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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% | 9.43% | 7/2/2026 | 3100 | $2938 |
|  |  |  |  |  |  | 3100 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. |  | SF | 5.25% | 9.55% | 4/27/2029 | 4288 | 4270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. (Revolver) | (4) | SF | 5.25% | 9.55% | 4/28/2028 | 625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco, LLC |  | SF | 5.75% | 10.06% | 6/5/2026 | 2215 | 2215 |
|  |  |  |  |  |  | 7128 | 6485 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STATS Intermediate Holdings, LLC |  | SF | 5.51% | 9.83% | 7/10/2026 | 4725 | 4631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchtunes Music Group, LLC |  | SF | 4.75% | 9.05% | 3/30/2029 | 3250 | 3147 |
|  |  |  |  |  |  | 7975 | 7778 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC |  | SF | 5.75% | 10.05% | 4/14/2028 | 3170 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC |  | SF | 5.75% | 10.08% | 4/14/2028 | 228 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (Delayed Draw) | (4) | SF | 8.00% | 12.32% | 2/20/2029 | 381 | 240 |
|  |  |  |  |  |  | 3779 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laseraway Intermediate Holdings II, LLC |  | SF | 5.75% | 10.29% | 10/14/2027 | 2144 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKissock Investment Holdings, LLC |  | SF | 5.15% | 9.41% | 3/9/2029 | 2419 | 2426 |
|  |  |  |  |  |  | 4563 | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavenir Systems, Inc. | (5) | SF | 5.01% | 9.34% | 8/18/2028 | 1621 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) | (5) | SF | 6.00% | 5.26% Cash/ 5.00% PIK | 3/3/2030 | 640 | 595 |
|  |  |  |  |  |  | 2261 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Purchaser, LLC |  | SF | 5.86% | 10.19% | 5/7/2027 | 4829 | 4811 |
|  |  |  |  |  |  | 4829 | 4811 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  | **62595** | **55699** |
| &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% | 10.95% | 9/30/2027 | 786 | 623 |
|  |  |  |  |  |  | 786 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 8.26% | 6.09% Cash/ 6.50% PIK | 3/12/2029 | 1492 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 8.26% | 6.07% Cash/ 6.50% PIK | 3/12/2029 | 510 | 117 |
|  |  |  |  |  |  | 2002 | 889 |
| &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% | 10.09% | 10/15/2028 | 4445 | 3953 |
|  |  |  |  |  |  | 4445 | 3953 |
| &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 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. |  | SF | 8.00% | 7.32% Cash/ 5.00% PIK | 8/20/2029 | 1201 | 1187 |
|  |  |  |  |  |  | 2243 | 2229 |
| **Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  | **9476** | **7694** |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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)**

**June 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;— |  | $87 |
|  |  |  |  |  |  |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (89,749 Class A units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 833 |
| &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;— |  | **—** |
|  |  |  |  |  |  |  | 833 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 139 |
| &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;— |  |  |
|  |  |  |  |  |  |  | 139 |
| &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;— |  | 333 |
| &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 |  |  |
|  |  |  |  |  |  |  | 333 |
| &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;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 1288 |
|  |  |  |  |  |  |  | 1288 |
| &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;— |  | 649 |
| &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;— |  | 12 |
| &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;— |  | 591 |
|  |  |  |  |  |  |  | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks Parent LLC (fka Sandvine Corporation) (47,749 common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 161 |
| &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;— |  | **—** |
|  |  |  |  |  |  |  | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equities** |  |  |  |  |  |  | **4093** |
| **TOTAL INVESTMENTS** |  |  |  |  |  |  | $**67486** |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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)**

**June 30, 2025**

**________________________________________________________**

<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 June 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 June 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 June 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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **Assets** | | |
| Investments, at fair value | $67486 | $97951 |
| Cash and cash equivalents | 1102 | 1488 |
| Restricted cash and cash equivalents | 6194 | 3673 |
| Interest receivable | 1097 | 1047 |
| Other assets | 20 |  |
| &nbsp;&nbsp;**Total assets** | $75899 | $104159 |
| **Liabilities** |  |  |
| Revolving credit facility | $15242 | $38214 |
| Less: Unamortized debt issuance costs |  |  |
| &nbsp;&nbsp;Total debt, less unamortized debt issuance costs | 15242 | 38214 |
| Interest payable | 86 | 272 |
| Accounts payable and accrued expenses | 256 | 212 |
| &nbsp;&nbsp;**Total liabilities** | 15584 | 38698 |
| **Members' capital** | 60315 | 65461 |
| &nbsp;&nbsp;**Total liabilities and members' capital** | $75899 | $104159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| Interest income | $1773 | $3332 | $4053 | $7370 |
| &nbsp;&nbsp;**Total investment income** | 1773 | 3332 | 4053 | 7370 |
| **Expenses:** |  |  |  |  |
| Interest and other debt financing expenses | 291 | 1355 | 855 | 3045 |
| Professional fees and other expenses | 138 | 130 | 296 | 357 |
| &nbsp;&nbsp;**Total expenses** | 429 | 1485 | 1151 | 3402 |
| **Net investment income** | 1344 | 1847 | 2902 | 3968 |
| **Net gain (loss):** |  |  |  |  |
| Net realized gain (loss) |  | 46 | 82 | 82 |
| Net change in unrealized gain (loss) | (3464) | 122 | (4930) | (496) |
| &nbsp;&nbsp;**Net gain (loss)** | (3464) | 168 | (4848) | (414) |
| **Net increase (decrease) in members' capital** | $(2120) | $2015 | $(1946) | $3554 |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

As of June 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 June 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 June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
| **June 30, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Senior secured loans | $— | $— | $270091 | $270091 |
| Unitranche secured loans |  |  | 2183 | 2183 |
| Junior secured loans |  |  | 31679 | 31679 |
| Equity investments |  |  | 33590 | 33590 |
| Investments measured at NAV <sup>(1) (2)</sup> |  |  |  | 30157 |
| &nbsp;&nbsp;Total investments | $— | $— | $337543 | $367700 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 4.44% to 19.50% at June 30, 2025 and 4.46% to 19.59% at December 31, 2024. The maturity dates on the loans outstanding at June 30, 2025 range between August 2025 and March 2031.

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 six months ended June 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 March 31, 2025 | $330893 | $2183 | $32017 | $33561 | $398654 |
| Net realized gain (loss) on investments |  |  |  | 77 | 77 |
| Net change in unrealized gain (loss) on investments | (1853) | (2) | (1768) | 139 | (3484) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 4716 | 2 | 523 | 81 | 5322 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (62754) |  |  | (272) | (63026) |
| Reclassifications <sup>(3)</sup> | (906) |  | 906 |  |  |
| Balance as of June 30, 2025 | $270096 | $2183 | $31678 | $33586 | $337543 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 |  |  |  | 29 | 29 |
| Net change in unrealized gain (loss) on investments | (3676) | (9) | (1892) | (287) | (5864) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 19980 | 6 | 3030 | 1349 | 24365 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (103296) | (1676) |  | (272) | (105244) |
| Reclassifications <sup>(3)</sup> | (906) |  | 906 |  |  |
| Balance as of June 30, 2025 | $270096 | $2183 | $31678 | $33586 | $337543 |

---

**________________________________________________________**

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

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

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

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 six months ended June 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 March 31, 2024 | $404051 | $6091 | $27427 | $29310 | $466879 |
| Net realized gain (loss) on investments | 50 |  |  |  | 50 |
| Net change in unrealized gain (loss) on investments | 315 | (1) | (2591) | (947) | (3224) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 22437 | 22 | 1553 | 103 | 24115 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (33067) | (2252) | (5) | (6) | (35330) |
| Reclassifications <sup>(3)</sup> | (3844) |  | 2304 | 1540 |  |
| Balance as of June 30, 2024 | $389942 | $3860 | $28688 | $30000 | $452490 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | 50 |  |  | 4 | 54 |
| Net change in unrealized gain (loss) on investments | (1342) | (102) | (1178) | (3020) | (5642) |
| Purchases of investments and other adjustments to cost <sup>(1)</sup> | 46013 | 122 | 2640 | 2048 | 50823 |
| Proceeds from principal payments and sales of investments <sup>(2)</sup> | (37105) | (10037) | (265) | (10) | (47417) |
| Reclassifications <sup>(3)</sup> | (6556) |  | 897 | 5659 |  |
| Transfers in (out) of Level 3 <sup>(4)</sup> |  |  |  | (335) | (335) |
| Balance as of June 30, 2024 | $389942 | $3860 | $28688 | $30000 | $452490 |

---

**________________________________________________________**

<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 six months ended June 30, 2025, attributable to Level 3 investments still held at June 30, 2025 was $(3,401) and $(5,366), respectively. The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and six months ended June 30, 2024, attributable to Level 3 investments still held at June 30, 2024 was $(2,996) and $(5,499), 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 six months ended June 30, 2025 and the three months ended June 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 six months ended June 30, 2024.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 June 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 | $177601 | Discounted cash flow | EBITDA multiples | 11.0x | 5.0x | 34.5x |
|  |  |  | Market yields | 12.3% | 7.7% | 25.5% |
| Senior secured loans | 60090 | Discounted cash flow | Revenue multiples | 7.1x | 0.4x | 11.0x |
|  |  |  | Market yields | 10.1% | 8.7% | 15.5% |
| Senior secured loans | 18266 | Enterprise value | Book value multiples | 1.3x | 1.3x | 1.3x |
| Senior secured loans | 7659 | Enterprise value | EBITDA multiples | 6.8x | 5.0x | 12.0x |
| Senior secured loans | 4645 | Liquidation | Probability weighting of alternative outcomes | 49.2% | 32.2% | 81.3% |
| Senior secured loans | 1830 | Enterprise value | Revenue multiples | 3.1x | 0.2x | 5.0x |
| 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 | 22262 | Discounted cash flow | Market yields | 13.3% | 13.3% | 13.3% |
| Junior secured loans | 5866 | Enterprise value | Revenue multiples | 3.3x | 0.2x | 5.0x |
| Junior secured loans | 2208 | Liquidation | Probability weighting of alternative outcomes | 265.0% | 265.0% | 265.0% |
| Junior secured loans | 971 | Discounted cash flow | Revenue multiples | 0.2x | 0.2x | 0.2x |
|  |  |  | Market yields | 19.8% | 19.8% | 19.8% |
| Junior secured loans | 372 | Enterprise value | EBITDA multiples | 12.0x | 12.0x | 12.0x |
| Equity securities | 22782 | Enterprise value | EBITDA multiples | 9.3x | 6.3x | 17.0x |
| Equity securities | 9299 | Enterprise value | Revenue multiples | 2.6x | 0.4x | 11.0x |
| Equity securities | 1509 | Option pricing model | Volatility | 65.9% | 24.0% | 70.0% |
| &nbsp;&nbsp;Total Level 3 Assets | $**337543** |  |  |  |  |  |

---

**________________________________________________________**

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

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of June 30, 2025** | **As of June 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 | $79080 | $79080 | $162872 | $162872 |
| 2026 Notes | 129498 | 127830 | 129103 | 124161 |
| &nbsp;&nbsp;Total Debt | $208578 | $206910 | $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 June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Level 1 | $— | $— |
| Level 2 |  |  |
| Level 3 | 206910 | 287033 |
| &nbsp;&nbsp;Total Debt | $206910 | $287033 |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 six months ended June 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>June 30, 2025** |
| **Non-Controlled affiliate company investments:** | | | | | | | | | |
| &nbsp;&nbsp;American Community Homes, Inc. | $8382 | $— | $— | $— | $307 | $— | $— | $(385) | $8304 |
| &nbsp;&nbsp;American Community Homes, Inc. | 4125 |  |  |  | 151 |  |  | (191) | 4085 |
| &nbsp;&nbsp;American Community Homes, Inc. | 508 |  |  |  | 19 |  |  | (24) | 503 |
| &nbsp;&nbsp;American Community Homes, Inc. | 1868 |  |  |  | 68 |  |  | (86) | 1850 |
| &nbsp;&nbsp;American Community Homes, Inc. | 3459 |  |  |  | 127 |  |  | (159) | 3427 |
| &nbsp;&nbsp;American Community Homes, Inc. | 16 |  |  |  |  |  |  | (1) | 15 |
| &nbsp;&nbsp;American Community Homes, Inc. | 79 |  |  |  | 3 |  |  | (4) | 78 |
| &nbsp;&nbsp;American Community Homes, Inc. (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. (4,940 shares of common stock) |  |  |  |  |  |  |  |  |  |
|  | 18437 |  |  |  | 675 |  |  | (850) | 18262 |
| &nbsp;&nbsp;Ascent Midco, LLC (2,032,258 Class A units) | 1760 |  |  |  |  |  |  | (156) | 1604 |
|  | 1760 |  |  |  |  |  |  | (156) | 1604 |
| &nbsp;&nbsp;Familia Dental Group Holdings, LLC (1,525 Class A units) | 3023 |  |  |  |  |  |  | 27 | 3050 |
|  | 3023 |  |  |  |  |  |  | 27 | 3050 |
| &nbsp;&nbsp;HFZ Capital Group LLC | 13378 |  |  |  |  |  |  | 338 | 13716 |
| &nbsp;&nbsp;HFZ Capital Group LLC | 4807 |  |  |  |  |  |  | 120 | 4927 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 12517 |  |  |  | 894 |  |  |  | 13411 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 3731 |  |  |  | 267 |  |  |  | 3998 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (15.9% of interests) |  |  |  |  |  |  |  |  |  |
|  | 34433 |  |  |  | 1161 |  |  | 458 | 36052 |
| &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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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>June 30, 2025** |
| &nbsp;&nbsp;SFR Holdco, LLC | $5593 | $— | $— | $— | $— | $— | $— | $5 | $5598 |
| &nbsp;&nbsp;SFR Holdco, LLC (24.4% of equity commitment) | 4797 |  |  |  |  |  |  | 119 | 4916 |
|  | 10390 |  |  |  |  |  |  | 124 | 10514 |
| &nbsp;&nbsp;SFR Holdco 2, LLC (Delayed Draw) | 1295 |  | 815 |  |  |  |  | (3) | 2107 |
| &nbsp;&nbsp;SFR Holdco 2, LLC (13.9% of equity commitment) | 864 |  | 543 |  |  |  |  | 57 | 1464 |
|  | 2159 |  | 1358 |  |  |  |  | 54 | 3571 |
| &nbsp;&nbsp;TJ Management HoldCo, LLC (Revolver) |  |  | 95 |  |  |  |  |  | 95 |
| &nbsp;&nbsp;TJ Management HoldCo, LLC (16 shares of common stock) | 3076 |  |  |  |  |  |  | (267) | 2809 |
|  | 3076 |  | 95 |  |  |  |  | (267) | 2904 |
| **Total non-controlled affiliate company investments** | $**80483** | $**—** | $**1741** | $**(7154)** | $**1919** | $**—** | $**—** | $**(610)** | $**76379** |
| **Controlled affiliate company investments:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRCC Senior Loan Fund I, LLC | $32730 | $— | $— | $— | $— | $— | $— | $(2573) | $30157 |
|  | 32730 |  |  |  |  |  |  | (2573) | 30157 |
| **Total controlled affiliate company investments** | $**32730** | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** | $**(2573)** | $**30157** |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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>June 30, 2024** |
| **Non-Controlled affiliate company investments:** | | | | | | | | | |
| &nbsp;&nbsp;American Community Homes, Inc. | $8110 | $— | $— | $— | $487 | $— | $— | $(443) | $8154 |
| &nbsp;&nbsp;American Community Homes, Inc. | 3990 |  |  |  | 239 |  |  | (218) | 4011 |
| &nbsp;&nbsp;American Community Homes, Inc. | 491 |  |  |  | 30 |  |  | (27) | 494 |
| &nbsp;&nbsp;American Community Homes, Inc. | 1808 |  |  |  | 108 |  |  | (99) | 1817 |
| &nbsp;&nbsp;American Community Homes, Inc. | 3347 |  |  |  | 201 |  |  | (183) | 3365 |
| &nbsp;&nbsp;American Community Homes, Inc. | 16 |  |  |  | 1 |  |  |  | 17 |
| &nbsp;&nbsp;American Community Homes, Inc. | 77 |  |  |  | 4 |  |  | (4) | 77 |
| &nbsp;&nbsp;American Community Homes, Inc. (Revolver) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. (4,940 shares of common stock) |  |  |  |  |  |  |  |  |  |
|  | 17839 |  |  |  | 1070 |  |  | (974) | 17935 |
| &nbsp;&nbsp;Ascent Midco, LLC (2,032,258 Class A units) | 1932 |  |  |  |  |  |  | (432) | 1500 |
|  | 1932 |  |  |  |  |  |  | (432) | 1500 |
| &nbsp;&nbsp;Familia Dental Group Holdings, LLC (1,194 Class A units) | 2226 |  | 254 |  |  |  |  | 61 | 2541 |
|  | 2226 |  | 254 |  |  |  |  | 61 | 2541 |
| &nbsp;&nbsp;HFZ Capital Group, LLC | 17233 |  |  |  |  |  |  | 535 | 17768 |
| &nbsp;&nbsp;HFZ Capital Group, LLC | 6191 |  |  |  |  |  |  | 193 | 6384 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 10237 |  |  |  | 1081 |  |  |  | 11318 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (Delayed Draw) | 3051 |  |  |  | 323 |  |  |  | 3374 |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (15.9% of interest) | 1045 |  |  |  |  |  |  | (346) | 699 |
|  | 37757 |  |  |  | 1404 |  |  | 382 | 39543 |
| &nbsp;&nbsp;Mnine Holdings, Inc. | 55 |  |  |  | 1 |  |  | (4) | 52 |
| &nbsp;&nbsp;Mnine Holdings, Inc. | 6187 |  |  |  | 160 |  |  | (481) | 5866 |
| &nbsp;&nbsp;Mnine Holdings, Inc. (Revolver) | 658 |  | 37 | (703) |  |  |  | 8 |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. (6,400 Class B units) |  |  |  |  |  |  |  |  |  |
|  | 6900 |  | 37 | (703) | 161 |  |  | (477) | 5918 |
| &nbsp;&nbsp;NECB Collections, LLC (Revolver) | 424 |  |  |  |  |  |  |  | 424 |
| &nbsp;&nbsp;NECB Collections, LLC, LLC (20.8% of LLC units) |  |  |  |  |  |  |  |  |  |
|  | 424 |  |  |  |  |  |  |  | 424 |
| &nbsp;&nbsp;Second Avenue SFR Holdings II LLC (Revolver) <sup>(1)</sup> | 3323 |  |  |  |  |  |  |  | 3323 |
|  | 3323 |  |  |  |  |  |  |  | 3323 |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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>June 30, 2024** |
| &nbsp;&nbsp;SFR Holdco, LLC | $5539 | $— | $— | $— | $— | $— | $— | $(127) | $5412 |
| &nbsp;&nbsp;SFR Holdco, LLC (24.4% of equity commitments) | 4372 |  |  |  |  |  |  | 88 | 4460 |
|  | 9911 |  |  |  |  |  |  | (39) | 9872 |
| &nbsp;&nbsp;TJ Management HoldCo, LLC (Revolver) |  |  | 437 |  |  |  |  | (1) | 436 |
| &nbsp;&nbsp;TJ Management HoldCo, LLC (16 shares of common stock) | 3229 |  |  |  |  |  |  | (253) | 2976 |
|  | 3229 |  | 437 |  |  |  |  | (254) | 3412 |
| **Total non-controlled affiliate company investments** | $**83541** | $**—** | $**728** | $**(703)** | $**2635** | $**—** | $**—** | $**(1733)** | $**84468** |
| **Controlled affiliate company investments:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRCC Senior Loan Fund I, LLC | $33122 | $— | $— | $— | $— | $— | $— | $(24) | $33098 |
|  | 33122 |  |  |  |  |  |  | (24) | 33098 |
| **Total controlled affiliate company investments** | $**33122** | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** | $**(24)** | $**33098** |

---

**________________________________________________________**

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

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| | **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. | $305 | $— | $— | $485 | $— | $— |
| &nbsp;&nbsp;American Community Homes, Inc. | 150 |  |  | 238 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | 18 |  |  | 30 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | 69 |  |  | 107 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | 126 |  |  | 201 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. |  |  |  | 2 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. | 2 |  |  | 4 |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. (Revolver) | 4 |  |  |  |  |  |
| &nbsp;&nbsp;American Community Homes, Inc. (Common Stock) |  |  |  |  |  |  |
|  | 674 |  |  | 1067 |  |  |
| &nbsp;&nbsp;Ascent Midco, LLC (Class A units)  |  | 117 |  |  | 108 |  |
|  |  | 117 |  |  | 108 |  |
| &nbsp;&nbsp;Familia Dental Group Holdings, LLC (Class A units) |  |  |  |  |  |  |
| &nbsp;&nbsp;HFZ Capital Group LLC | 533 |  |  | 1239 |  |  |
| &nbsp;&nbsp;HFZ Capital Group LLC | 191 |  |  | 424 |  |  |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC | 538 |  |  | 1133 |  |  |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (Delayed Draw) | 160 |  |  | 339 |  |  |
| &nbsp;&nbsp;MC Asset Management (Corporate), LLC (LLC interests) |  |  |  |  |  |  |
|  | 1422 |  |  | 3135 |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. |  |  |  | 3 |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. (Revolver) |  |  |  | 9 |  |  |
| &nbsp;&nbsp;Mnine Holdings, Inc. (Class B units) |  |  |  | 433 |  |  |
|  |  |  |  | 445 |  |  |
| &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 | 208 |  |  |
|  | n/a | n/a | n/a | 208 |  |  |
| &nbsp;&nbsp;SFR Holdco, LLC (Delayed Draw) | 296 |  |  | 234 |  |  |
| &nbsp;&nbsp;SFR Holdco, LLC (Equity Commitment) |  |  |  |  |  |  |
|  | 296 |  |  | 234 |  |  |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| | **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) | $75 | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;SFR Holdco 2, LLC (Equity Commitment) |  |  |  |  |  |  |
|  | 75 |  |  |  |  |  |
| &nbsp;&nbsp;TJ Management HoldCo LLC (Revolver) | 2 |  |  | 7 |  |  |
| &nbsp;&nbsp;TJ Management HoldCo LLC (Common Stock)  |  |  |  |  |  |  |
|  | 2 |  |  | 7 |  |  |
| **Total non-controlled affiliate company investments** | $**2469** | $**117** | $**—** | $**5096** | $**108** | $**—** |
| **Controlled affiliate company investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;MRCC Senior Loan Fund I, LLC | $— | $1600 | $— | $— | $1800 | $— |
|  |  | 1600 |  |  | 1800 |  |
| **Total controlled affiliate company investments** | $**—** | $**1600** | $**—** | $**—** | $**1800** | $**—** |

---

_________________________________________

<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 six months ended June 30, 2025 were $1,742 and $3,593, respectively. Base management fees for the three and six months ended June 30, 2024 were $2,037 and $4,085, respectively.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 six months ended June 30, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Part one incentive fees <sup>(1)</sup> | $— | $1382 | $251 | $2750 |
| Part two incentive fees <sup>(2)</sup> |  |  |  |  |
| Incentive Fee Limitation |  | (1031) | (251) | (1031) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total incentive fees | $— | $351 | $— | $1719 |

---

**________________________________________________________**

<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).

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 six months ended June 30, 2025, the Company incurred $873 and $1,716, 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 $374, and $727, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. For the three and six months ended June 30, 2024, the Company incurred $692 and $1,387, 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 $250, and $459, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of June 30, 2025 and December 31, 2024, $374 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 June 30, 2025 and December 31, 2024, the Company had no accounts payable to members of the Board, representing accrued and unpaid fees for their services.

**Note 7. Borrowings**

In accordance with the 1940 Act, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025 and December 31, 2024, the Company's asset coverage ratio based on aggregate borrowings outstanding was 185% and 165%, respectively.

*Revolving Credit Facility*: The Company has a $255,000 revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits the Company, under certain circumstances to increase the size of the facility up to $400,000. 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, 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 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.

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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, to the extent that the 2026 Notes are not refinanced before May 30, 2025, 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 initially, with increases in the required inclusion levels at various intervals 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 June 30, 2025 and December 31, 2024, the Company had U.S. dollar borrowings of $80,300 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 both June 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 7.1%.

2026 *Notes:* As of both June 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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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**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 six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **2024** |
| Interest expense - revolving credit facility | $1977 | $3898 |
| Interest expense - 2026 Notes | 1555 | 1555 |
| Amortization of debt issuance costs | 401 | 327 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | $3933 | $5780 |
| Average debt outstanding | $228226 | $315611 |
| Average stated interest rate | 6.2% | 6.9% |

---

---

| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Interest expense - revolving credit facility | $4750 | $7523 |
| Interest expense - 2026 Notes | 3110 | 3110 |
| Amortization of debt issuance costs | 750 | 654 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | $8610 | $11287 |
| Average debt outstanding | $252837 | $308327 |
| Average stated interest rate | 6.3% | 6.9% |

---

**Note 8. Derivative Instruments**

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on future principal and interest cash flows from the Company's investments denominated in foreign currencies. As of both June 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 six months ended June 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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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**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 six months ended June 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** |
| **Six months ended June 30, 2025:** | **Six months ended June 30, 2025:** | **Six months ended June 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared | &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared |  | $0.50 | $10833 | 54778 | $383 |
| **Six months ended June 30, 2024:** | **Six months ended June 30, 2024:** | **Six months ended June 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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared | &nbsp;&nbsp;&nbsp;&nbsp;Total distributions declared |  | $0.50 | $10833 | 36735 | $274 |

---

**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 six months ended June 30, 2025 and 2024.

**Note 11. Commitments and Contingencies**

*Commitments*: As of June 30, 2025 and December 31, 2024, the Company had $31,605 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 June 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 June 30, 2025.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **June 30, 2025** | **December 31, 2024** |
| American Broadband and Telecommunications Company LLC (Revolver) | $373 | $374 |
| American Broadband and Telecommunications Company LLC (Delayed Draw) | n/a | 54 |
| American Community Homes, Inc. (Revolver) | 2500 | 2500 |
| Aras Corporation (Revolver) | 207 | 207 |
| Arcserve Cayman Opco LP (Delayed Draw) | 386 | 386 |
| Avalara, Inc. (Revolver) | n/a | 400 |

---

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
| 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) | 191 | 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) | 750 | 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) | 1333 | 1138 |
| INH Buyer, Inc. (Delayed Draw) | 96 | n/a |
| J2 BWA Funding LLC (Revolver) | n/a | 1061 |
| Kar Wash Holdings, LLC (Delayed Draw) | 911 | 1846 |
| Kar Wash Holdings, LLC (Revolver) | 648 | 952 |
| Kingsley Gate Partners, LLC (Revolver) | n/a | 48 |
| KL Moon Acquisition, LLC (Revolver) | 271 | 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) | 699 | n/a |
| MEI Buyer LLC (Revolver) | 354 | 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 |
| Northeast Contracting Company, LLC (Revolver) | 182 | 318 |

---

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
| NQ PE Project Colosseum Midco Inc. (Revolver) | $438 | $438 |
| Planful, Inc. (Revolver) | 663 | 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) | 168 | 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) | 289 | 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) | 1038 | 519 |
| StarCompliance MidCo, LLC (Revolver) | 148 | 100 |
| TigerConnect, Inc. (Delayed Draw) | 4 | 7 |
| TigerConnect, Inc. (Delayed Draw) | 75 | 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) | 541 | 1114 |
| V10 Entertainment, Inc. (Revolver) | 385 | 385 |
| V10 Entertainment, Inc. (Common units) | n/a | 189 |
| Vhagar Purchaser, LLC (Delayed Draw) | n/a | 517 |
| Valudor Products LLC (Revolver) | 329 | 548 |
| Vhagar Purchaser, LLC (Revolver) | n/a | 333 |
| Whistler Parent Holdings III, Inc. (Delayed Draw) | 247 | 423 |
| Whistler Parent Holdings III, Inc. (Revolver) | n/a | 94 |
| XanEdu Publishing, Inc. (Revolver) | 742 | 742 |
|  | $31605 | $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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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**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 six months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2024** |
| **Per share data:** | | |
| Net asset value at beginning of period | $8.85 | $9.40 |
| Net investment income <sup>(1)</sup> | 0.34 | 0.56 |
| Net gain (loss) <sup>(1)</sup> | (0.40) | (0.26) |
| Net increase (decrease) in net assets resulting from operations <sup>(1)</sup> | (0.06) | 0.30 |
| Stockholder distributions - income <sup>(2)</sup> | (0.50) | (0.50) |
| Net asset value at end of period | $8.29 | $9.20 |
| Net assets at end of period | $179592 | $199344 |
| Shares outstanding at end of period | 21666340 | 21666340 |
| Per share market value at end of period | $6.36 | $7.61 |
| Total return based on market value <sup>(3)</sup> | (19.84)% | 14.97% |
| Total return based on average net asset value <sup>(4)</sup> | 0.34% | 4.54% |
| **Ratio/Supplemental data:** |  |  |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 8.00% | 12.87% |
| Ratio of total expenses to average net assets <sup>(5)</sup> | 15.31% | 17.88% |
| Portfolio turnover <sup>(6)</sup> | 4.75% | 9.33% |
| Ratio of total investment income to average net assets <sup>(5)</sup> | 23.30% | 30.74% |
| Ratio of interest and other debt financing expenses to average net assets <sup>(5)</sup> | 9.33% | 11.26% |
| Ratio of total expenses (excluding incentive fees) to average net assets <sup>(5)</sup> | 15.31% | 17.02% |
| Ratio of incentive fees to average net assets <sup>(6)</sup> | n/a | 0.85% |

---

**________________________________________________________**

<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 June 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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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**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.

**Note 14. Subsequent Events**

*Merger Agreement with Horizon Technology Finance Corporation*

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"). 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.

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.

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

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 fourth quarter of 2025, 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 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. 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.

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 fourth quarter of 2025, 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).

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MONROE CAPITAL CORPORATION**

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

**(unaudited)**

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

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.

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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 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 as a result of legislative, regulatory, trade (including tariffs) and policy changes associated with the current U.S. administration;

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

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

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

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

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

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

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

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

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

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

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&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 June 30, 2025, our portfolio included approximately 73.5% senior secured loans, 0.6% unitranche secured loans, 8.6% 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.

***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.

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***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 June 30, 2025, we did not make investments in any new portfolio companies and we invested $3.5 million in 17 existing portfolio companies and had $63.0 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $59.5 million for the period.

During the six months ended June 30, 2025, we invested $7.6 million in one new portfolio company and $12.3 million in 42 existing portfolio companies and had $105.0 in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $85.1 million for the period.

During the three months ended June 30, 2024, we did not make investments in any new portfolio companies and we invested $21.7 million in 32 existing portfolio companies and had $35.9 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $14.2 million for the period.

During the six months ended June 30, 2024, we invested $10.2 million in three new portfolio companies and $35.7 million in 44 existing portfolio companies and had $48.0 million in aggregate amount of sales and principal repayments, resulting in a net decrease in investments of $2.1 million for the period.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 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 | 10.5% | 9.2% | 10.7% | 10.7% |
| Unitranche secured loans | 10.7 | 12.2 | 11.4 | 14.5 |
| Junior secured loans | 7.6 | 7.6 | 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 June 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 June 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 June 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;Senior secured loans | $270091 | 73.5% | $357994 | 78.3% |
| &nbsp;&nbsp;Unitranche secured loans | 2183 | 0.6 | 3862 | 0.8 |
| &nbsp;&nbsp;Junior secured loans | 31679 | 8.6 | 29634 | 6.5 |
| &nbsp;&nbsp;LLC equity interest in SLF | 30157 | 8.2 | 32730 | 7.2 |
| &nbsp;&nbsp;Equity investments | 33590 | 9.1 | 32828 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $367700 | 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 June 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 six months ended June 30, 2025.

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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 June 30, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Fair Value:** | | | | |
| &nbsp;&nbsp;Automotive | $16436 | 4.5% | $16267 | 3.6% |
| &nbsp;&nbsp;Banking | 6931 | 1.9 | 7861 | 1.7 |
| &nbsp;&nbsp;Beverage, Food & Tobacco | 2904 | 0.8 | 6027 | 1.3 |
| &nbsp;&nbsp;Capital Equipment | 4827 | 1.3 | 4853 | 1.1 |
| &nbsp;&nbsp;Chemicals, Plastics & Rubber | 4385 | 1.2 | 4864 | 1.1 |
| &nbsp;&nbsp;Construction & Building | 10348 | 2.8 | 10334 | 2.3 |
| &nbsp;&nbsp;Consumer Goods: Durable | 7463 | 2.0 | 8263 | 1.8 |
| &nbsp;&nbsp;Consumer Goods: Non-Durable | 1864 | 0.5 | 2467 | 0.4 |
| &nbsp;&nbsp;Environmental Industries | 92 | 0.0 \* | 520 | 0.1 |
| &nbsp;&nbsp;FIRE: Finance | 8686 | 2.4 | 12789 | 2.8 |
| &nbsp;&nbsp;FIRE: Real Estate | 89625 | 24.4 | 83037 | 18.2 |
| &nbsp;&nbsp;Healthcare & Pharmaceuticals | 56713 | 15.5 | 79784 | 17.5 |
| &nbsp;&nbsp;High Tech Industries | 37155 | 10.1 | 41240 | 9.0 |
| &nbsp;&nbsp;Hotels, Gaming & Leisure | 151 | 0.0 \* | 144 | 0.0 \* |
| &nbsp;&nbsp;Investment Funds & Vehicles | 30157 | 8.2 | 32730 | 7.2 |
| &nbsp;&nbsp;Media: Advertising, Printing & Publishing | 10686 | 2.9 | 12035 | 2.6 |
| &nbsp;&nbsp;Media: Broadcasting & Subscription | 893 | 0.2 | 1156 | 0.3 |
| &nbsp;&nbsp;Media: Diversified & Production | 24752 | 6.7 | 43717 | 9.6 |
| &nbsp;&nbsp;Retail | 1699 | 0.5 | 2036 | 0.4 |
| &nbsp;&nbsp;Services: Business | 29644 | 8.1 | 51175 | 11.2 |
| &nbsp;&nbsp;Services: Consumer | 16590 | 4.5 | 24113 | 5.3 |
| &nbsp;&nbsp;Telecommunications | 5556 | 1.5 | 5586 | 1.2 |
| &nbsp;&nbsp;Transportation: Cargo |  |  | 5890 | 1.3 |
| &nbsp;&nbsp;Wholesale | 143 | 0.0 \* | 160 | 0.0\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $367700 | 100.0% | $457048 | 100.0% |

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\*Represents an amount less than 0.1%

**Portfolio Asset Quality**

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

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

---

| | |
|:---|:---|
| **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. |

---

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 June 30, 2025 (in thousands):

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| | | |
|:---|:---|:---|
| **Investment Performance Risk Rating** | **Investments at<br>Fair Value** | **Percentage of<br>Total Investments** |
| 1 | $— | —% |
| 2 | 296419 | 80.6 |
| 3 | 52725 | 14.4 |
| 4 | 13351 | 3.6 |
| 5 | 5205 | 1.4 |
| &nbsp;&nbsp;Total | $367700 | 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):

---

| | | |
|:---|:---|:---|
| **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 June 30, 2025 and December 31, 2024, there were ten borrowers with debt or preferred equity investments on non-accrual status (Arcserve Cayman Opco LP (fka Arcstor Midco, LLC), BTR Opco LLC (fka Born to Run, LLC), Education Corporation of America, Forman Mills, Inc., INH Buyer, Inc., LLC, MV Receivables II, LLC, NECB Collections, LLC, Prototek, LLC, Thrasio, LLC and Vice Acquisition Holdco, LLC). These investments totaled $13.4 million at fair value, or 3.6% of our total investments at fair value at June 30, 2025, and these investments totaled $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 six months ended June 30, 2025 and 2024 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **2024** |
| Total investment income | $9873 | $15627 |
| Total operating expenses | 6618 | 8933 |
| &nbsp;&nbsp;Net investment income before income taxes | 3255 | 6694 |
| Income tax expense (benefit), including excise taxes | (43) | 135 |
| &nbsp;&nbsp;Net investment income | 3298 | 6559 |
| Net realized gain (loss) on investments | 77 | 506 |
| &nbsp;&nbsp;Net realized gain (loss) | 77 | 506 |
| Net change in unrealized gain (loss) on investments | (5244) | (3807) |
| &nbsp;&nbsp;Net change in unrealized gain (loss) | (5244) | (3807) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(1869) | $3258 |

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| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Total investment income | $21511 | $30809 |
| Total operating expenses | 14051 | 18627 |
| &nbsp;&nbsp;Net investment income before income taxes | 7460 | 12182 |
| Income taxes, including excise taxes | 77 | 153 |
| &nbsp;&nbsp;Net investment income | 7383 | 12029 |
| Net realized gain (loss) on investments | (361) | 510 |
| &nbsp;&nbsp;Net realized gain (loss) | (361) | 510 |
| Net change in unrealized gain (loss) on investments | (8359) | (6086) |
| &nbsp;&nbsp;Net change in unrealized gain (loss) | (8359) | (6086) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(1337) | $6453 |

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***Investment Income***

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

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **2024** |
| Interest income | $6864 | $11850 |
| PIK interest income | 1660 | 2099 |
| Dividend income <sup>(1)</sup> | 829 | 1017 |
| Other income | 54 | 265 |
| Prepayment gain (loss) | 288 | 145 |
| Accretion of discounts and amortization of premiums | 178 | 251 |
| &nbsp;&nbsp;Total investment income | $9873 | $15627 |

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| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Interest income | $14830 | $23512 |
| PIK interest income | 3560 | 4214 |
| Dividend income <sup>(2)</sup> | 1858 | 2029 |
| Other income | 282 | 302 |
| Prepayment gain (loss) | 532 | 250 |
| Accretion of discounts and amortization of premiums | 449 | 502 |
| &nbsp;&nbsp;Total investment income | $21511 | $30809 |

---

**________________________________________________________**

<sup>(1)</sup> During the three months ended June 30, 2025 and 2024, dividend income includes PIK dividends of $122 and $116, respectively.

<sup>(2)</sup> During the six months ended June 30, 2025 and 2024, dividend income includes PIK dividends of $240 and $229, respectively.

Total investment income decreased by $5.8 million and $9.3 million during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, respectively, primarily due to lower interest and PIK interest income. The reduction in interest and PIK interest income was primarily driven by a decrease in average invested assets, lower effective rates, and the placement of additional portfolio companies on non-accrual status.

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***Operating Expenses***

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

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| | | |
|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **2024** |
| Interest and other debt financing expenses | $3933 | $5780 |
| Base management fees | 1742 | 2037 |
| Incentive fees <sup>(1)</sup> |  | 351 |
| Professional fees | 267 | 199 |
| Administrative service fees | 374 | 250 |
| General and administrative expenses | 232 | 243 |
| Directors' fees | 70 | 73 |
| &nbsp;&nbsp;Total operating expenses | $6618 | $8933 |

---

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| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Interest and other debt financing expenses | $8610 | $11287 |
| Base management fees | 3593 | 4085 |
| Incentive fees <sup>(1)</sup> |  | 1719 |
| Professional fees | 530 | 467 |
| Administrative service fees | 727 | 459 |
| General and administrative expenses | 459 | 461 |
| Directors' fees | 132 | 149 |
| &nbsp;&nbsp;Total operating expenses | $14051 | $18627 |

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**________________________________________________________**

<sup>(1)</sup> There were no incentive fees during the three months ended June 30, 2025. Incentive fees during the six months ended June 30, 2025 were limited by $0.3 million, due to the Incentive Fee Limitation. Incentive fees during the three and six months ended June 30, 2024 were limited by $1.0 million, due to the Incentive Fee Limitation. See Note 6 in our attached consolidated financial statements for additional information on the Incentive Fee Limitation.

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

---

| | | |
|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** |
| | **2025** | **2024** |
| Interest expense - revolving credit facility | $1977 | $3898 |
| Interest expense - 2026 Notes | 1555 | 1555 |
| Amortization of debt issuance costs | 401 | 327 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | $3933 | $5780 |
| Average debt outstanding | $228226 | $315611 |
| Average stated interest rate | 6.2% | 6.9% |

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| | | |
|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** |
| Interest expense - revolving credit facility | $4750 | $7523 |
| Interest expense - 2026 Notes | 3110 | 3110 |
| Amortization of debt issuance costs | 750 | 654 |
| &nbsp;&nbsp;Total interest and other debt financing expenses | $8610 | $11287 |
| Average debt outstanding | $252837 | $308327 |
| Average stated interest rate | 6.3% | 6.9% |

---

Total operating expenses decreased by $2.3 and $4.6 million during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily due to a decrease in interest and other debt financing expenses from a reduced interest rate environment and lower average debt outstanding. Additionally, decreases in incentive fees resulting from lower pre-incentive fee net investment income and base management fees 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 six months ended June 30, 2025, we recorded a net expense (benefit) on the consolidated statements of operations of $(49) thousand and $70 thousand, respectively, for U.S. federal excise tax. For the three and six months ended June 30, 2024, we recorded a net expense on the consolidated statements of operations of $155 thousand and $166 thousand, respectively, for U.S. federal excise tax.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and six months ended June 30, 2025, we recorded a net tax expense on the consolidated statements of operations of $6 thousand and $7 thousand for these subsidiaries, respectively. For the three and six months ended June 30, 2024, we recorded a net tax expense (benefit) on the consolidated statements of operations of $(20) thousand and $(13) thousand for these subsidiaries, respectively.

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

During the three months ended June 30, 2025 and 2024, we recorded sales or dispositions on investments resulting in $0.1 million and $0.5 million of net realized gain (loss) on investments, respectively. During the six months ended June 30, 2025 and 2024, we recorded sales or dispositions on investments resulting in $(0.4) million and $0.5 million of net realized gain (loss) on investments, respectively.

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

For the three months ended June 30, 2025 and 2024 our investments had $(5.2) million and $(3.8) million of net change in unrealized gain (loss), respectively. For the six months ended June 30, 2025 and 2024, our investments had $(8.4) million and $(6.1) 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.

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During the three and six months ended June 30, 2025, the net change in unrealized loss on investments was primarily driven by mark-to-market losses from certain portfolio companies that have underlying credit performance concerns resulting in a risk rating of Grade 3, 4 or 5 on our investment performance risk rating scale that were still held as of June 30, 2025. 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 six months ended June 30, 2024, the net change in unrealized loss on investments was primarily attributable to unrealized mark-to-market losses of 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 June 30, 2024, partially offset by net unrealized gains on the remainder of the portfolio.

***Net Increase (Decrease) in Net Assets Resulting from Operations***

For the three months ended June 30, 2025 and 2024, the net increase (decrease) in net assets resulting from operations was ($1.9) million and $3.3 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2025 and 2024, our per share net increase (decrease) in net assets resulting from operations was $(0.09) and $0.15, respectively.

For the six months ended June 30, 2025 and 2024, the net increase (decrease) in net assets resulting from operations was ($1.3) million and $6.5 million, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2025 and 2024, our per share net increase (decrease) in net assets resulting from operations was $(0.06) and $0.30, respectively.

**Liquidity and Capital Resources**

As of June 30, 2025, we had $2.4 million in cash and cash equivalents, $80.3 million of total debt outstanding on our revolving credit facility and $130.0 million on the 2026 Notes. We had $174.7 million available for additional borrowings on our revolving credit facility, subject to borrowing base availability. See "*Borrowings*" below for additional information.

In accordance with the 1940 Act, we are permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2025 and December 31, 2024, our asset coverage ratio based on aggregate borrowings outstanding was 185% and 165%, respectively.

***Cash Flows***

For the six months ended June 30, 2025, we experienced a net decrease in cash and cash equivalents of $6.6 million. During the same period, operating activities provided $88.4 million, primarily as a result of principal repayments and sales of portfolio investments and net investment income, partially offset by purchases of portfolio investments. During the same period, we used $95.0 million in financing activities, primarily as a result of distributions to stockholders and net repayments on our revolving credit facility.

For the six months ended June 30, 2024, we experienced a net decrease in cash and cash equivalents of $1.0 million. During the same period, operating activities provided $6.1 million, primarily as a result of principal repayments and sales of portfolio investments, partially offset by purchases of portfolio investments and net investment income. During the same period, we used $7.1 million in financing activities, primarily as a result of distributions to stockholders, partially offset by net borrowings 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.

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As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value ("NAV") per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our board 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 June 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 six months ended June 30, 2025 and 2024, respectively.

***Borrowings***

*Revolving Credit Facility*: We have a $255.0 million revolving credit facility with ING Capital LLC, as agent. The revolving credit facility has an accordion feature which permits us, under certain circumstances to increase the size of the facility up to $400.0 million. 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, 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 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.

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, to the extent that the 2026 Notes are not refinanced before May 30, 2025, 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 initially, with increases in the required inclusion levels at various intervals 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.

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As of June 30, 2025 and December 31, 2024, we had U.S. dollar borrowings of $80.3 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 both June 30, 2025 and December 31, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 7.1%.

*2026 Notes:* As of both June 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 six months ended June 30, 2025 and 2024 totaled $5.4 million ($0.25 per share) and $10.8 million ($0.50 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 June 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. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described below. Our investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member's interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF.

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SLF's profits and losses are allocated to us and LSW in accordance with the respective ownership interests. As of both June 30, 2025 and December 31, 2024, we and LSW each owned 50.0% of the LLC equity interests of SLF. As of both June 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 June 30, 2025 and December 31, 2024, we had committed to fund $50.0 million of LLC equity interest subscriptions to SLF. As of both June 30, 2025 and December 31, 2024, $42.7 million of our LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of June 30, 2025 and December 31, 2024, our investment in SLF had a fair value of $30.2 million and $32.7 million, respectively.

For the three and six months ended June 30, 2025 we received $0.7 million and $1.6 million of dividend income from our LLC equity interest in SLF. For the three and six months ended June 30, 2024 we received $0.9 million and $1.8 million of dividend income from our LLC equity interest in SLF.

SLF has a senior secured revolving credit facility (as amended, the "SLF Credit Facility") with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC ("SLF SPV"). Under the terms of the amended SLF Credit Facility, SLF was permitted to reinvest available cash and make new borrowings under the SLF Credit Facility through February 21, 2025. Prior to the reinvestment period end date, the SLF Credit Facility allowed SLF SPV to borrow up to $110.0 million (reduced from $175.0 million on June 9, 2023), subject to leverage and borrowing base restrictions. As of June 30, 2025 and December 31, 2024, the aggregate commitment and principal amounts outstanding were $15.2 million and $38.2 million, respectively. Borrowings on the SLF Credit Facility bear 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 June 30, 2025 and December 31, 2024, the SLF Credit Facility was accruing a weighted average interest rate of 6.7% and 6.9%, respectively.

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 six months ended June 30, 2025, SLF incurred $51 thousand and $105 thousand of allocable expenses, respectively. For the three and six months ended June 30, 2024, SLF incurred $41 thousand and $86 thousand, respectively, of allocable expenses. There are no agreements or understandings by which we guarantee any SLF obligations.

As of June 30, 2025 and December 31, 2024, SLF had total assets at fair value of $75.9 million and $104.2 million, respectively. As of June 30, 2025 and December 31, 2024, SLF had seven and four portfolio company investments on non-accrual status with fair values of $5.6 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 June 30, 2025 and December 31, 2024, SLF had $1.1 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 June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Secured loans <sup>(1)</sup> | 70941 | 101624 |
| Weighted average current interest rate on secured loans <sup>(2)</sup> | 8.7% | 9.3% |
| Number of portfolio company investments in SLF | 28 | 36 |
| Largest portfolio company investment <sup>(1)</sup> | 4829 | 4900 |
| Total of five largest portfolio company investments <sup>(1)</sup> | 22520 | 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**

**June 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% | 5.40% Cash/ 6.75% PIK | 2/26/2027 | 3169 | $3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. |  | SF | 7.85% | 5.40% Cash/ 6.75% PIK | 2/26/2027 | 138 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Maritime Systems, Inc. (Revolver) |  | SF | 7.85% | 5.41% Cash/ 6.75% PIK | 2/26/2027 | 321 | 312 |
|  |  |  |  |  |  | 3628 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 5.15% | 9.48% | 12/1/2027 | 1336 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC |  | SF | 5.15% | 9.43% | 12/1/2027 | 382 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerate Auto Works Intermediate, LLC (Revolver) | (4) | SF | 5.15% | 9.45% | 12/1/2027 | 132 | 64 |
|  |  |  |  |  |  | 1850 | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC |  | SF | 5.51% | 9.81% | 1/7/2028 | 2025 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC |  | SF | 5.51% | 9.81% | 1/7/2028 | 444 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MacQueen Equipment, LLC (Revolver) | (4) | P | 4.25% | 11.75% | 1/7/2028 | 296 |  |
|  |  |  |  |  |  | 2765 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) | (5) | SF | 7.00% | 11.31% | 3/31/2030 | 412 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) | (5) | SF | 5.25% | 9.56% | 9/30/2030 | 673 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Chemical Holding Company LLC |  | SF | 7.11% | 11.44% | 10/3/2025 | 1135 | 529 |
|  |  |  |  |  |  | 2220 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Runner Buyer INC. | (5) | SF | 5.61% | 9.94% | 10/23/2028 | 2910 | 565 |
|  |  |  |  |  |  | 2910 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polychem Acquisition, LLC |  | SF | 9.61% | 9.94% Cash/ 4.00% PIK | 8/15/2026 | 2894 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVHC Holding Corp |  | SF | 6.40% | 9.95% Cash/ 0.75% PIK | 2/17/2027 | 1888 | 1871 |
|  |  |  |  |  |  | 4782 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy: Oil & Gas** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offen, Inc. |  | SF | 5.11% | 9.44% | 6/22/2026 | 2249 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offen, Inc. |  | SF | 5.11% | 9.44% | 6/22/2026 | 845 | 838 |
|  |  |  |  |  |  | 3094 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEAM Public Choices, LLC |  | SF | 5.26% | 9.54% | 12/17/2027 | 2880 | 2870 |
|  |  |  |  |  |  | 2880 | 2870 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 6.51% | 10.84% | 3/12/2028 | 598 | 577 |
|  |  |  |  |  |  | 598 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natus Medical Incorporated |  | SF | 5.40% | 9.70% | 7/20/2029 | 4233 | 4191 |
|  |  |  |  |  |  | 4233 | 4191 |
| &nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corel Inc. | (3) | SF | 5.10% | 9.43% | 7/2/2026 | 3100 | 2938 |
|  |  |  |  |  |  | 3100 | 2938 |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MRCC SENIOR LOAN FUND I, LLC**

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

**June 30, 2025**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company (1)** | **Footnotes** | **Index** **(2)** | **Spread (2)** | **Interest Rate** **(2)** | **Maturity** | **Principal** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Gaming & Leisure** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. |  | SF | 5.25% | 9.55% | 4/27/2029 | 4288 | $4270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Holdings, Inc. (Revolver) | (4) | SF | 5.25% | 9.55% | 4/28/2028 | 625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Haven Spartan US Holdco, LLC |  | SF | 5.75% | 10.06% | 6/5/2026 | 2215 | 2215 |
|  |  |  |  |  |  | 7128 | 6485 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STATS Intermediate Holdings, LLC |  | SF | 5.51% | 9.83% | 7/10/2026 | 4725 | 4631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Touchtunes Music Group, LLC |  | SF | 4.75% | 9.05% | 3/30/2029 | 3250 | 3147 |
|  |  |  |  |  |  | 7975 | 7778 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC |  | SF | 5.75% | 10.05% | 4/14/2028 | 3170 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC |  | SF | 5.75% | 10.08% | 4/14/2028 | 228 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. (Delayed Draw) | (4) | SF | 8.00% | 12.32% | 2/20/2029 | 381 | 240 |
|  |  |  |  |  |  | 3779 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laseraway Intermediate Holdings II, LLC |  | SF | 5.75% | 10.29% | 10/14/2027 | 2144 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKissock Investment Holdings, LLC |  | SF | 5.15% | 9.41% | 3/9/2029 | 2419 | 2426 |
|  |  |  |  |  |  | 4563 | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mavenir Systems, Inc. | (5) | SF | 5.01% | 9.34% | 8/18/2028 | 1621 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) | (5) | SF | 6.00% | 5.26% Cash/ 5.00% PIK | 3/3/2030 | 640 | 595 |
|  |  |  |  |  |  | 2261 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keystone Purchaser, LLC |  | SF | 5.86% | 10.19% | 5/7/2027 | 4829 | 4811 |
|  |  |  |  |  |  | 4829 | 4811 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Senior Secured Loans** |  |  |  |  |  | **62595** | **55699** |
| &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% | 10.95% | 9/30/2027 | 786 | 623 |
|  |  |  |  |  |  | 786 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FIRE: Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 8.26% | 6.09% Cash/ 6.50% PIK | 3/12/2029 | 1492 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avison Young (USA) Inc. | (3)(5) | SF | 8.26% | 6.07% Cash/ 6.50% PIK | 3/12/2029 | 510 | 117 |
|  |  |  |  |  |  | 2002 | 889 |
| &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% | 10.09% | 10/15/2028 | 4445 | 3953 |
|  |  |  |  |  |  | 4445 | 3953 |
| &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 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIRVA Worldwide Inc. |  | SF | 8.00% | 7.32% Cash/ 5.00% PIK | 8/20/2029 | 1201 | 1187 |
|  |  |  |  |  |  | 2243 | 2229 |
| **Total Non-Controlled/Non-Affiliate Junior Secured Loans** |  |  |  |  |  | **9476** | **7694** |

---

------

<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MRCC SENIOR LOAN FUND I, LLC**

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

**June 30, 2025**

**(in thousands)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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;— |  | $87 |
|  |  |  |  |  |  |  | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings, LLC (fka TJC Spartech Acquisition Corp.) (89,749 Class A units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 833 |
| &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;— |  | **—** |
|  |  |  |  |  |  |  | 833 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 139 |
| &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;— |  |  |
|  |  |  |  |  |  |  | 139 |
| &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;— |  | 333 |
| &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 |  |  |
|  |  |  |  |  |  |  | 333 |
| &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;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 1288 |
|  |  |  |  |  |  |  | 1288 |
| &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;— |  | 649 |
| &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;— |  | 12 |
| &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;— |  | 591 |
|  |  |  |  |  |  |  | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLogic Networks OpCo I LLC (fka Sandvine Corporation) (47,749 common units)  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 161 |
| &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;— |  | **—** |
|  |  |  |  |  |  |  | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Non-Controlled/Non-Affiliate Equities** |  |  |  |  |  |  | **4093** |
| **TOTAL INVESTMENTS** |  |  |  |  |  |  | $**67486** |

---

**________________________________________________________**

<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 June 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 June 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 June 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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 |

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_7)</u>

**MRCC SENIOR LOAN FUND I, LLC**

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

**December 31, 2024**

**(in thousands)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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.

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

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Investments, at fair value | $67486 | $97951 |
| Cash and cash equivalents | 1102 | 1488 |
| Restricted cash and cash equivalents | 6194 | 3673 |
| Interest receivable | 1097 | 1047 |
| Other assets | 20 |  |
| &nbsp;&nbsp;**Total assets** | $75899 | $104159 |
| **Liabilities** |  |  |
| Revolving credit facility | $15242 | $38214 |
| Less: Unamortized debt issuance costs |  |  |
| &nbsp;&nbsp;Total debt, less unamortized debt issuance costs | 15242 | 38214 |
| Interest payable | 86 | 272 |
| Accounts payable and accrued expenses | 256 | 212 |
| &nbsp;&nbsp;**Total liabilities** | 15584 | 38698 |
| **Members' capital** | 60315 | 65461 |
| &nbsp;&nbsp;**Total liabilities and members' capital** | $75899 | $104159 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| **Investment income:** |  |  |  |  |
| Interest income | $1773 | $3332 | $4053 | $7370 |
| &nbsp;&nbsp;**Total investment income** | 1773 | 3332 | 4053 | 7370 |
| **Expenses:** |  |  |  |  |
| Interest and other debt financing expenses | 291 | 1355 | 855 | 3045 |
| Professional fees and other expenses | 138 | 130 | 296 | 357 |
| &nbsp;&nbsp;**Total expenses** | 429 | 1485 | 1151 | 3402 |
| **Net investment income** | 1344 | 1847 | 2902 | 3968 |
| **Net gain (loss):** |  |  |  |  |
| Net realized gain (loss) |  | 46 | 82 | 82 |
| Net change in unrealized gain (loss) | (3464) | 122 | (4930) | (496) |
| &nbsp;&nbsp;**Net gain (loss)** | (3464) | 168 | (4848) | (414) |
| **Net increase (decrease) in members' capital** | $(2120) | $2015 | $(1946) | $3554 |

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<u>[**Table of Contents**](#i6e565fcb14b84f77a4a904dbe7aa2d91_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 June 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 $31.6 million and $38.5 million, respectively. As of both June 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. Over the last six quarters, the overall middle market saw 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. Despite the expansion of overall middle market lending leverage attachment points, leverage for lower middle market lending has continued to decrease throughout the first half of 2025. M&A activity has eased since the fourth quarter of 2024, yet new money volumes have accounted for a larger share of overall direct lending volumes in the first half 2025 as compared to the first half 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 - September 2024.

<sup>(2)</sup> LSEG LPC's 2Q25 Sponsored Middle Market Private Deals Analysis – July 2025.

**Recent Developments**

*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 14. Subsequent Events—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.

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*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 14. Subsequent Events—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.

**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.

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.

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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.

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.

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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 June 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.

***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 six months ended June 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.

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***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 June 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):

---

| | | | |
|:---|:---|:---|:---|
| **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 | $(7204) | $(2409) | $(4795) |
| Down 200 basis points | (4857) | (1606) | (3251) |
| Down 100 basis points | (2428) | (803) | (1625) |
| Up 100 basis points | 2428 | 803 | 1625 |
| Up 200 basis points | 4857 | 1606 | 3251 |
| Up 300 basis points | 7285 | 2409 | 4876 |

---

**________________________________________________________**

<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 June 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 June 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 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 June 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.

***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 June 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** |
| 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> |
| 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-20250630xexx311.htm)[\*](mrcc-20250630xexx311.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-20250630xexx312.htm)[\*](mrcc-20250630xexx312.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-20250630xexx321.htm)[\*](mrcc-20250630xexx321.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: August 11, 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: August 11, 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 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.

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| | |
|:---|:---|
| Date: August 11, 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: August 11, 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 June 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: August 11, 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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