Monroe Capital Income Plus Corp - FORM 10-Q - November 10, 2020

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EX-32.1 - EXHIBIT 32.1 - Monroe Capital Income Plus Corptm2029599d1_ex32-1.htm
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EX-31.1 - EXHIBIT 31.1 - Monroe Capital Income Plus Corptm2029599d1_ex31-1.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

 

For the quarterly period ended September 30, 2020

 

OR

 

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

 

Commission file number: 814-01301

 

MONROE CAPITAL INCOME PLUS CORPORATION 

(Exact Name of Registrant as Specified in its Charter)

 

Maryland   83-0711022
(State or Other Jurisdiction of
Incorporation or Organization)		   (I.R.S. Employer
Identification No.)
     
311 South Wacker Drive, Suite 6400
Chicago, Illinois		   60606
(Address of Principal Executive Office)   (Zip Code)

 

(312) 258-8300

(Registrant’s Telephone Number, Including Area Code)

 

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

 

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

 

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

 

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

 

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

 

Large accelerated filer ¨ Accelerated filer ¨
       
Non-accelerated filer x Smaller reporting company ¨
       
Emerging growth company x    

 

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

 

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

 

As of November 9, 2020, the registrant had 11,692,690 shares of common stock, $0.001 par value, outstanding.

 

 

 

 

 

 

TABLE OF CONTENTS

 

    Page
PART I. FINANCIAL INFORMATION 3
     
Item 1. Consolidated Financial Statements 3
     
  Consolidated Statements of Assets and Liabilities as of September 30, 2020 (unaudited) and December 31, 2019 3
     
  Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2020 and 2019 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (unaudited) 6
     
  Consolidated Schedules of Investments as of September 30, 2020 (unaudited) and December 31, 2019 7
     
  Notes to Consolidated Financial Statements (unaudited) 15
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 46
     
Item 4. Controls and Procedures 47
     
PART II. OTHER INFORMATION 48
     
Item 1. Legal Proceedings 48
     
Item 1A. Risk Factors 48
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52
     
Item 3. Defaults Upon Senior Securities 52
     
Item 4. Mine Safety Disclosures 52
     
Item 5. Other Information 52
     
Item 6. Exhibits 53
     
Signatures   54

 

 2 

 

Part I. Financial Information

Item 1. Consolidated Financial Statements

 

MONROE CAPITAL INCOME PLUS CORPORATION

 

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

 

   September 30, 2020   December 31, 2019 
   (unaudited)     
ASSETS          
Investments at fair value (amortized cost of $158,053 and $99,931, respectively)  $155,984   $100,807 
Cash and cash equivalents   2,021    2,223 
Restricted cash   6,394    1,841 
Interest receivable   734    414 
Due from affiliates   —    14 
Other assets   38    6 
Total assets   165,171    105,305 
           
LIABILITIES          
Debt:          
Revolving credit facility   49,900    31,200 
Less: Unamortized deferred financing costs   (755)   (84)
Total debt, less unamortized deferred financing costs   49,145    31,116 
Interest payable   413    297 
Payable for unsettled trades   —    2,796 
Management fees payable   273    302 
Incentive fees payable   —    132 
Distributions payable   —    1,387 
Accounts payable and accrued expenses   686    530 
Directors' fees payable   15    — 
Total liabilities   50,532    36,560 
Net assets  $114,639   $68,745 
           
Commitments and contingencies (See Note 9)          
           
ANALYSIS OF NET ASSETS          
Common stock, $0.001 par value, 100,000 shares authorized, 11,693 and 6,875 shares issued and outstanding, respectively  $12   $7 
Capital in excess of par value   115,202    68,718 
Accumulated undistributed (overdistributed) earnings   (575)   20 
Total net assets  $114,639   $68,745 
           
Net asset value per share  $9.80   $10.00 

 

See Notes to Consolidated Financial Statements.

 

 3 

 

MONROE CAPITAL INCOME PLUS CORPORATION

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

   Three months ended September 30,   Nine months ended September 30, 
   2020   2019   2020   2019 
Investment income:                    
Interest and dividend income  $3,375   $1,289   $9,314   $2,011 
Total investment income   3,375    1,289    9,314    2,011 
                     
Operating expenses:                    
Interest and other debt financing expenses   487    273    1,653    456 
Base management fees   617    227    1,716    393 
Incentive fees   346    145    769    175 
Professional fees   105    132    286    250 
Administrative service fees   82    61    242    163 
General and administrative expenses   75    54    214    168 
Directors' fees   15    15    45    50 
Expenses before fee waivers and expense reimbursement   1,727    907    4,925    1,655 
Base management fee waiver   (344)   (227)   (940)   (393)
Incentive fee waiver   (346)   (119)   (901)   (119)
Expense reimbursement   —    (160)   —    (530)
Total expenses, net of fee waivers and expense reimbursement   1,037    401    3,084    613 
Net investment income before income taxes   2,338    888    6,230    1,398 
Income taxes, including excise taxes   —    —    12    — 
Net investment income   2,338    888    6,218    1,398 
                     
Net gain (loss):                    
Net realized gain (loss) on investments   12    5    12    5 
Net change in unrealized gain (loss) on investments   1,245    174    (2,945)   373 
Net gain (loss)   1,257    179    (2,933)   378 
                     
Net increase (decrease) in net assets resulting from operations  $3,595   $1,067   $3,285   $1,776 
                     
Per common share data:                    
Net investment income per share - basic and diluted  $0.21   $0.17   $0.63   $0.46 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted  $0.32   $0.20   $0.33   $0.59 
Weighted average common shares outstanding - basic and diluted   11,115    5,284    9,924    3,015 

 

See Notes to Consolidated Financial Statements.

 

 4 

 

MONROE CAPITAL INCOME PLUS CORPORATION 

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

 

   Common Stock   Capital in   Accumulated undistributed     
   Number of shares   Par
value		   excess of
par value		   (overdistributed)
earnings		   Total
net assets		 
Balances at June 30, 2019   2,919   $3   $29,189   $—   $29,192 
Net investment income   —    —    —    888    888 
Net realized gain (loss) on investments   —    —    —    5    5 
Net change in unrealized gain (loss) on investments   —    —    —    174    174 
Issuance of common stock   2,384    2    23,841    —    23,843 
Distributions declared to stockholders   —    —    —    (1,067)   (1,067)
Stock issued in connection with dividend reinvestment plan   14    —    138    —    138 
Balances at September 30, 2019   5,317   $5   $53,168   $—   $53,173 
                          
Balances at June 30, 2020   10,581   $11   $104,633   $(2,054)  $102,590 
Net investment income   —    —    —    2,338    2,338 
Net realized gain (loss) on investments   —    —    —    12    12 
Net change in unrealized gain (loss) on investments   —    —    —    1,245    1,245 
Issuance of common stock   1,050    1    9,967    —    9,968 
Distributions declared to stockholders   —    —    —    (2,116)   (2,116)
Stock issued in connection with dividend reinvestment plan   62    —    602    —    602 
Balances at September 30, 2020   11,693   $12   $115,202   $(575)  $114,639 

  

   Common Stock   Capital in   Accumulated undistributed     
   Number of shares   Par
value		   excess of par value   (overdistributed) earnings   Total
net assets		 
Balances at December 31, 2018   —   $—   $1   $—   $1 
Net investment income   —    —    —    1,398    1,398 
Net realized gain (loss) on investments   —    —    —    5    5 
Net change in unrealized gain (loss) on investments   —    —    —    373    373 
Issuance of common stock   5,295    5    52,944    —    52,949 
Distributions declared to stockholders   —    —    —    (1,776)   (1,776)
Stock issued in connection with dividend reinvestment plan   22    —    223    —    223 
Balances at September 30, 2019   5,317   $5   $53,168   $—   $53,173 
                          
Balances at December 31, 2019   6,875   $7   $68,718   $20   $68,745 
Net investment income   —    —    —    6,218    6,218 
Net realized gain (loss) on investments   —    —    —    12    12 
Net change in unrealized gain (loss) on investments   —    —    —    (2,945)   (2,945)
Issuance of common stock   4,667    5    45,018    —    45,023 
Distributions declared to stockholders   —    —    —    (3,880)   (3,880)
Stock issued in connection with dividend reinvestment plan   151    —    1,466    —    1,466 
Balances at September 30, 2020   11,693   $12   $115,202   $(575)  $114,639 

 

See Notes to Consolidated Financial Statements.

 

 5 

 

MONROE CAPITAL INCOME PLUS CORPORATION

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

   Nine months ended September 30, 
   2020   2019 
Cash flows from operating activities:          
Net increase (decrease) in net assets resulting from operations  $3,285   $1,776 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:          
Net realized (gain) loss on investments   (12)   (5)
Net change in unrealized (gain) loss on investments   2,945    (373)
Payment-in-kind interest income   (205)   (23)
Net accretion of discounts and amortization of premiums   (466)   (44)
Purchases of investments   (68,185)   (76,141)
Proceeds from principal payments and sale of investments   10,746    4,240 
Amortization of deferred financing costs   210    210 
Changes in operating assets and liabilities:          
Interest receivable   (320)   (362)
Due from affiliates   14    (428)
Other assets   (32)   (16)
Interest payable   116    158 
Payable for unsettled trades   (2,796)   739 
Management fees payable   (29)   — 
Incentive fees payable   (132)   57 
Accounts payable and accrued expenses   156    351 
Directors' fees payable   15    15 
Net cash provided by (used in) operating activities   (54,690)   (69,846)
           
Cash flows from financing activities:          
Borrowings on revolving credit facility   72,800    34,400 
Repayments of revolving credit facility   (54,100)   (14,200)
Payments of deferred financing costs   (881)   (402)
Proceeds from issuance of common shares   45,023    52,949 
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $1,466 and $223, respectively   (3,801)   (486)
Net cash provided by (used in) financing activities   59,041    72,261 
           
Net increase (decrease) in Cash and Cash equivalents and Restricted cash   4,351    2,415 
Cash, Cash equivalents and Restricted cash, beginning of period   4,064    1 
Cash, Cash equivalents and Restricted cash, end of period  $8,415   $2,416 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $1,327   $88 
Cash paid for excise taxes during the period  $25   $— 

 

The following tables provide a reconciliation of cash, cash equivalents and restricted cash reported on the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

 

   September 30, 2020   December 31, 2019 
Cash and cash equivalents  $2,021   $2,223 
Restricted cash   6,394    1,841 
Total cash, cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows  $8,415   $4,064 

 

   September 30, 2019   December 31, 2018 
Cash and cash equivalents  $1,008   $1 
Restricted cash   1,408            — 
Total cash, cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows  $2,416   $1 

 

See Notes to Consolidated Financial Statements.

 6 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2020

(in thousands, except for shares and units)

 

Portfolio Company (a) (b)  Spread
Above
 Index (c)		  Interest Rate   Acquisition Date (d)  Maturity  Principal   Amortized Cost  

Fair

Value (e)

  

% of

Net

Assets (f)

 
Investments:                                 
Senior Secured Loans                                 
Aerospace & Defense                                 
API Holdings III Corp. (g)  L+ 4.25%  4.40%  5/2/2019  5/8/2026   1,679   $1,672   $1,544    1.3%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+ 5.75%  6.75%  12/24/2019  7/25/2025   1,034    1,015    1,025    0.9%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+ 5.75%  6.75%  7/25/2019  7/25/2025   1,980    1,946    1,963    1.7%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (h)  L+ 5.75%  6.75%  7/25/2019  7/25/2024   316    79    79    0.1%
                 5,009    4,712    4,611    4.0%
Automotive                                 
Rough Country, LLC (g)   L+ 3.50%  4.50%  4/17/2019  5/25/2023   1,346    1,343    1,300    1.1%
Truck-Lite Co., LLC (g)   L+ 6.25%  7.25%  3/11/2020  12/14/2026   3,461    3,428    3,409    3.0%
Truck-Lite Co., LLC (Delayed Draw) (h) (i)  L+ 6.25%  7.25%  3/11/2020  12/14/2026   513    —    —    0.0%
Wheel Pros, LLC (g)   L+ 4.75%  4.90%  5/13/2019  4/4/2025   2,462    2,442    2,417    2.1%
                 7,782    7,213    7,126    6.2%
Banking, Finance, Insurance & Real Estate                                 
300 N. Michigan Mezz, LLC (Delayed Draw) (g) (h) (i) (j)  n/a  7.25% PIK   7/15/2020  7/15/2024   1,000    —    —    0.0%
777 SPV I, LLC (Delayed Draw) (i) (j)  L+ 8.50%  10.25%  4/15/2019  4/14/2023   1,615    1,601    1,617    1.4%
Avison Young (USA), Inc. (g) (j) (k)  L+ 5.00%  5.26%  4/26/2019  1/30/2026   1,970    1,953    1,869    1.6%
InsideRE Holdings, LLC and InsideRE, LLC (g)  L+ 6.00%  7.00%  9/9/2019  9/9/2024   2,970    2,921    3,000    2.6%
InsideRE Holdings, LLC and InsideRE, LLC (Revolver) (h)  L+ 6.00%  7.00%  9/9/2019  9/9/2024   429    —    —    0.0%
Kudu Investment Holdings, LLC (g) (j)  L+ 5.75%  6.75%  12/23/2019  12/23/2025   2,750    2,707    2,777    2.4%
Kudu Investment Holdings, LLC (Delayed Draw) (h) (i) (j)  L+ 5.75%  6.75%  12/23/2019  12/23/2025   1,833    820    828    0.7%
Kudu Investment Holdings, LLC (Revolver) (h) (j)  L+ 5.75%  6.75%  12/23/2019  12/23/2025   241    —    —    0.0%
TCP-NG (U.S.), LLC  (g) (j)  L+ 10.25% 

8.75% Cash/

3.00% PIK

   8/23/2019  8/22/2024   1,266    1,249    1,263    1.1%
Team RMS, LLC (g)   L+ 5.50%  7.00%  9/20/2019  9/20/2024   7,920    7,807    7,983    7.0%
Team RMS, LLC  L+ 5.50%  7.00%  9/20/2019  9/20/2024   365    365    368    0.3%
Team RMS, LLC (Revolver) (h)  L+ 5.50%  7.00%  9/20/2019  9/20/2024   643    415    415    0.4%
                 23,002    19,838    20,120    17.5%
Beverage, Food & Tobacco                                 
Huff Hispanic Food Holdings, LLC (g)  L+ 5.50%  6.50%  10/18/2019  10/18/2024   5,940    5,841    5,898    5.1%
Huff Hispanic Food Holdings, LLC (Delayed Draw) (h) (i)  L+ 5.50%  6.50%  10/18/2019  10/18/2024   333    —    —    0.0%
Huff Hispanic Food Holdings, LLC (Revolver) (h)  L+ 5.50%  6.50%  10/18/2019  10/18/2024   1,286    471    468    0.4%
LX/JT Intermediate Holdings, Inc. (g)  L+ 6.00%  7.50%  3/11/2020  3/11/2025   5,893    5,786    5,790    5.1%
LX/JT Intermediate Holdings, Inc. (Revolver) (h)  L+ 6.00%  7.50%  3/11/2020  3/11/2025   500    —    —    0.0%
                 13,952    12,098    12,156    10.6%
Capital Equipment                                 
MCP Shaw Acquisitionco, LLC (g)  L+ 6.50%  7.50%  2/28/2020  11/28/2025   7,959    7,816    7,788    6.8%
MCP Shaw Acquisitionco, LLC (Revolver) (h)  L+ 6.50%  7.50%  2/28/2020  11/28/2025   1,427    —    —    0.0%
                 9,386    7,816    7,788    6.8%

 

 7 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2020

(in thousands, except for shares and units)

 

Portfolio Company (a) (b)  Spread
Above
 Index (c)		  Interest
Rate		   Acquisition
Date (d)		  Maturity  Principal   Amortized
Cost		   Fair
Value (e)		   % of
Net
Assets (f)		 
Construction & Building                                 
Premier Roofing, LLC (g)  L+ 6.50%  7.50%  8/31/2020  8/29/2025   3,500   $3,431   $3,493    3.0%
Premier Roofing, LLC (Revolver) (h)  L+ 6.50%  7.50%  8/31/2020  8/29/2025   1,199    336    335    0.3%
                 4,699    3,767    3,828    3.3%
Consumer Goods: Durable                                 
Franchise Group Intermediate Holdco, LLC (g)  L+ 8.00%  9.50%  2/24/2020  2/14/2025   4,350    4,271    4,235    3.7%
                 4,350    4,271    4,235    3.7%
Consumer Goods: Non-Durable                                 
Quirch Foods Holdings, LLC (g)  L+ 5.75%  5.90%  2/14/2019  12/19/2025   1,228    1,218    1,210    1.1%
                 1,228    1,218    1,210    1.1%
Containers, Packaging & Glass                                 
Polychem Acquisition, LLC (g)  L+ 5.00%  5.15%  4/8/2019  3/17/2025   1,970    1,961    1,967    1.7%
                 1,970    1,961    1,967    1.7%
Energy: Oil & Gas                                 
BW Gas & Convenience Holdings, LLC (g)   L+ 6.25%  6.40%  11/15/2019  11/18/2024   2,062    1,990    2,075    1.8%
Fieldwood Energy, LLC (g)   L+ 5.25%  6.25%(l)  1/11/2020  4/11/2022   1,000    884    266    0.2%
Par Petroleum, LLC (g)  L+ 6.75%  7.02%  1/27/2020  1/12/2026   974    980    871    0.8%
                 4,036    3,854    3,212    2.8%
Healthcare & Pharmaceuticals                                 
Apotheco, LLC (g)  L+ 8.50% 

6.50% Cash/

3.00% PIK

   4/8/2019  4/8/2024   1,757    1,731    1,611    1.5%
Apotheco, LLC (Revolver)  L+ 8.50% 

6.50% Cash/

3.00% PIK

   4/8/2019  4/8/2024   460    460    422    0.4%
Ascent Midco, LLC (g)  L+ 5.50%  6.50%  2/5/2020  2/5/2025   2,481    2,437    2,454    2.1%
Ascent Midco, LLC (Delayed Draw) (h) (i)  L+ 5.50%  6.50%  2/5/2020  2/5/2025   1,014    —    —    0.0%
Ascent Midco, LLC (Revolver) (h)  L+ 5.50%  6.50%  2/5/2020  2/5/2025   403    —    —    0.0%
ERC Finance, LLC (g)  L+ 4.50%  5.50%  4/23/2019  9/20/2024   1,970    1,943    1,891    1.6%
nThrive, Inc. (g)  L+ 4.50%  5.50%  5/3/2019  10/20/2022   2,461    2,424    2,257    2.0%
QF Holdings, Inc. (g)  L+ 7.00%  8.00%  9/19/2019  9/19/2024   4,550    4,475    4,525    3.9%
QF Holdings, Inc.  L+ 7.00%  8.00%  9/19/2019  9/19/2024   910    910    905    0.8%
QF Holdings, Inc. (Delayed Draw) (h) (i)   L+ 7.00%  8.00%  8/21/2020  9/19/2024   910    —    —    0.0%
QF Holdings, Inc. (Revolver) (h)  L+ 7.00%  8.00%  9/19/2019  9/19/2024   546    —    —    0.0%
WebPT, Inc. (g)   L+ 6.75%  7.75%  8/28/2019  8/28/2024   5,000    4,918    5,084    4.4%
WebPT, Inc. (Delayed Draw) (h) (i)   L+ 6.75%  7.75%  8/28/2019  8/28/2024   625    —    —    0.0%
WebPT, Inc. (Revolver) (h)  L+ 6.75%  7.75%  8/28/2019  8/28/2024   521    260    260    0.2%
                 23,608    19,558    19,409    16.9%
High Tech Industries                                 
Acquia, Inc. (g)  L+ 7.00%  8.00%  11/1/2019  10/31/2025   5,429    5,334    5,511    4.8%
Acquia, Inc. (Revolver) (h)  L+ 7.00%  8.00%  11/1/2019  10/31/2025   588    —    —    0.0%
Instructure, Inc. (g)  L+ 7.00%  8.00%  3/24/2020  3/24/2026   8,955    8,856    8,919    7.8%
Instructure, Inc. (Revolver) (h)  L+ 7.00%  8.00%  3/24/2020  3/24/2026   697    —    —    0.0%
Mindbody, Inc. (g)  L+ 8.50% 

8.00% Cash/

1.50% PIK

   2/15/2019  2/14/2025   1,819    1,790    1,739    1.5%
Mindbody, Inc. (Revolver) (h)  L+ 8.00%  9.00%  2/15/2019  2/14/2025   190    —    —    0.0%
Recorded Future, Inc. (g)  L+ 6.25%  7.25%  7/3/2019  7/3/2025   3,667    3,605    3,740    3.3%
Recorded Future, Inc. (Delayed Draw) (h) (i)  L+ 6.25%  7.25%  7/3/2019  7/3/2025   293    —    —    0.0%
Recorded Future, Inc. (Revolver) (h)  L+ 6.25%  7.25%  7/3/2019  7/3/2025   440    293    293    0.3%
Transact Holdings, Inc. (g)   L+ 4.75%  4.90%  4/18/2019  4/30/2026   743    732    702    0.6%
                 22,821    20,610    20,904    18.3%

 

 8 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2020

(in thousands, except for shares and units)

 

Portfolio Company (a) (b)  Spread
Above
 Index (c)		  Interest
Rate		   Acquisition
Date (d)		  Maturity  Principal   Amortized
Cost		   Fair
Value (e)		   % of
Net
Assets (f)		 
Media: Advertising, Printing & Publishing                                 
Digital Room Holdings, Inc. (g)  L+ 5.00%  5.27%  5/9/2019  5/21/2026   2,187   $2,162   $1,962    1.7%
NTM Acquisition Corp. (g)  L+ 6.25%  7.25%  4/18/2019  6/7/2024   4,769    4,753    4,292    3.7%
XanEdu Publishing, Inc. (g)  L+ 6.50%  7.50%  1/28/2020  1/28/2025   2,487    2,443    2,475    2.2%
XanEdu Publishing, Inc. (Revolver) (h)  L+ 6.50%  7.50%  1/28/2020  1/28/2025   651    649    646    0.6%
                 10,094    10,007    9,375    8.2%
Media: Broadcasting & Subscription                                 
Vice Group Holding, Inc.  L+ 12.00% 

5.50% Cash/

8.00% PIK

   11/4/2019  11/2/2022   191    191    193    0.2%
Vice Group Holding, Inc.  L+ 12.00% 

5.50% Cash/

8.00% PIK

   5/2/2019  11/2/2022   996    990    1,007    0.9%
Vice Group Holding, Inc.  L+ 12.00% 

5.50% Cash/

8.00% PIK

   5/2/2019  11/2/2022   312    312    316    0.3%
Vice Group Holding, Inc. (Delayed Draw) (h) (i)  L+ 12.00% 

5.50% Cash/

8.00% PIK

  5/2/2019  11/2/2022   120    —    —    0.0%
                 1,619    1,493    1,516    1.4%
Media: Diversified & Production                                 
Crownpeak Technology, Inc. (g)  L+ 6.25%  7.25%  2/28/2019  2/28/2024   1,000    986    993    0.9%
Crownpeak Technology, Inc.  L+ 6.25%  7.25%  2/28/2019  2/28/2024   15    15    15    0.0%
Crownpeak Technology, Inc. (Revolver) (h)  L+ 6.25%  7.25%  2/28/2019  2/28/2024   42    —    —    0.0%
Streamland Media MidCo, LLC (fka Picture Head Midco, LLC) (g)  L+ 7.25% 

7.75% Cash/

0.50% PIK

   8/26/2019  8/31/2023   2,000    1,971    1,881    1.6%
                 3,057    2,972    2,889    2.5%
Metals & Mining                                 
Contura Energy, Inc. (g)  L+ 7.00%  9.00%  1/15/2020  6/14/2024   992    840    658    0.6%
                 992    840    658    0.6%
Services: Business                                 
Arcserve (USA), LLC (g)  L+ 6.00%  7.00%  5/1/2019  5/1/2024   1,399    1,378    1,413    1.2%
Certify, Inc. (g)  L+ 5.75%  6.75%  2/28/2019  2/28/2024   1,000    989    1,003    0.9%
Certify, Inc.  L+ 5.75%  6.75%  2/28/2019  2/28/2024   136    136    137    0.1%
Certify, Inc. (Revolver) (h)  L+ 5.75%  6.75%  2/28/2019  2/28/2024   46    —    —    0.0%
Governmentjobs.com, Inc. (g)  L+ 6.50%  7.50%  2/5/2020  2/5/2026   7,000    6,873    6,881    6.0%
Governmentjobs.com, Inc. (Revolver) (h)  L+ 6.50%  7.50%  2/5/2020  2/5/2026   933    70    69    0.1%
HS4 Acquistionco, Inc. (g)  L+ 6.75%  7.75%  7/9/2019  7/9/2025   4,000    3,932    3,920    3.4%
HS4 Acquistionco, Inc. (Revolver) (h)  L+ 6.75%  7.75%  7/9/2019  7/9/2025   325    —    —    0.0%
Kaseya, Inc. (m)  L+ 7.00% 

5.09% Cash/

3.00% PIK

   5/3/2019  5/2/2025   2,737    2,694    2,721    2.4%
Kaseya, Inc. (Delayed Draw) (h) (i)  L+ 7.00% 

5.09% Cash/

3.00% PIK

   5/3/2019  5/2/2025   302    58    58    0.1%
Kaseya, Inc. (Delayed Draw) (h) (i)  L+ 7.00% 

5.09% Cash/ 3.00% PIK

  3/4/2020  3/4/2022   121    —    —    0.0%
Kaseya, Inc. (Revolver) (h)  L+ 6.50%  7.50%  5/3/2019  5/2/2025   211    103    103    0.1%
Software Luxembourg Acquisition S.A.R.L.(g) (j) (k)  L+ 7.50%  8.50%  8/3/2020  12/27/2024   385    372    388    0.3%
                 18,595    16,605    16,693    14.6%
Services: Consumer                                 
Light Wave Dental Management, LLC (g)  L+ 6.00%  8.00%  8/1/2019  1/2/2024   1,227    1,212    1,215    1.1%
Light Wave Dental Management, LLC (g)  L+ 6.00%  8.00%  12/1/2019  1/2/2024   233    230    230    0.2%
Light Wave Dental Management, LLC (g)  L+ 6.00%  8.00%  12/1/2019  1/2/2024   443    438    439    0.4%
Light Wave Dental Management, LLC (g)  L+ 6.00%  8.00%  12/6/2019  1/2/2024   121    121    120    0.1%
Light Wave Dental Management, LLC (g)  L+ 6.00%  8.00%  12/6/2019  1/2/2024   1,292    1,292    1,280    1.1%
Light Wave Dental Management, LLC (g)  L+ 6.00%  8.00%  2/12/2020  1/2/2024   63    63    63    0.1%
Light Wave Dental Management, LLC  L+ 6.00%  8.00%  12/6/2019  1/2/2024   361    356    357    0.3%
Light Wave Dental Management, LLC  L+ 6.00%  8.00%  8/1/2019  1/2/2024   244    244    242    0.2%
Light Wave Dental Management, LLC (Revolver)  L+ 6.00%  8.00%  8/1/2019  1/2/2024   128    128    127    0.1%
                 4,112    4,084    4,073    3.6%

 

 9 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2020

(in thousands, except for shares and units)

 

Portfolio Company (a) (b)  Spread
Above
Index (c)		  Interest
Rate		   Acquisition
Date (d)		  Maturity  Principal   Amortized
Cost		   Fair
Value (e)		   % of
Net
Assets (f)		 
Telecommunications                                 
DataOnline Corp. (g)  L+ 6.25%  7.25%  11/13/2019  11/13/2025   6,451   $6,327   $5,988    5.2%
DataOnline Corp. (Revolver) (h)  L+ 6.25%  7.25%  11/13/2019  11/13/2025   844    633    588    0.5%
                 7,295    6,960    6,576    5.7%
Transportation: Cargo                                 
Pasha Group (g)   L+ 7.50%  8.50%  2/25/2020  1/26/2023   1,642    1,646    1,519    1.3%
                 1,642    1,646    1,519    1.3%
Total Senior Secured Loans                169,249    151,523    149,865    130.8%
                                  
Junior Secured Loans                                 
Capital Equipment                                 
ALTA Enterprises, LLC (g) (j)  L+ 8.00%  9.80%  2/14/2020  8/13/2025   3,900    3,776    3,930    3.4%
                 3,900    3,776    3,930    3.4%
Services: Business                                 
Software Luxembourg Acquisition S.A.R.L. (fka Evergreen Skills LUX S.A.R.L.) (g) (j) (k)  L+ 7.50%  8.50%  1/28/2020  4/27/2025   447    309    443    0.4%
                 447    309    443    0.4%
Total Junior Secured Loans                4,347    4,085    4,373    3.8%
                                  
Equity Securities  (n) (o)                                 
Banking, Finance, Insurance & Real Estate                                 
InsideRE Holdings, LLC and InsideRE, LLC (257,143 Class A common units)  —  —(p)   9/9/2019  —   —    268    311    0.3%
                      268    311    0.3%
Beverage, Food & Tobacco                                 
Huff Hispanic Food Holdings, LLC (171,429 Class A interests)  —  —(p)   10/18/2019  —   —    171    165    0.1%
                      171    165    0.1%
Capital Equipment                                 
MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units)  —  —(p)   2/28/2020  —   —    95    109    0.1%
                      95    109    0.1%
Healthcare & Pharmaceuticals                                 
Ascent Midco, LLC (725,806 Class A units)  L+ 8.00%  8.00% PIK   2/5/2020  —   —    726    1,014    0.9%
                      726    1,014    0.9%
High Tech Industries                                 
Recorded Future, Inc. (40,040 Class A units) (q)  —  —(p)   7/3/2019  —   —    40    57    0.0%
                      40    57    0.0%
Media: Advertising, Printing & Publishing                                 
XanEdu Publishing, Inc. (65,104 Class A units)  L+ 8.00%  8.00% PIK   1/28/2020  —   —    65    83    0.1%
                      65    83    0.1%
Services: Business                                 
Software Luxembourg Acquisition S.A.R.L. (fka Evergreen Skills LUX S.A.R.L.) (4,187 Class A shares) (g) (j) (k)  —  —(p)   1/28/2020  —   —    1,080    7    0.0%
                      1,080    7    0.0%
Total Equity Securities                     2,445    1,746    1.5%
                                  
TOTAL INVESTMENTS                    $158,053   $155,984    136.1%

 

 10 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2020

(in thousands, except for shares and units)

 

 

(a) All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.
(b) All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company.
(c) The majority of the investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), which resets daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR and the current contractual interest rate in effect at September 30, 2020. Certain investments are subject to a LIBOR interest rate floor or interest rate cap.
(d) Except as otherwise noted, all of the Company’s portfolio company investments, which as of September 30, 2020 represented 136.1% of the Company’s net assets or 94.4% of the Company’s total assets, are subject to legal restrictions on sales.
(e) Because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Company's board of directors as required by the 1940 Act. (See Note 4 in the accompanying notes to the consolidated financial statements.)
(f) Percentages are based on net assets of $114,639 as of September 30, 2020.
(g) This security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company’s secured revolving credit facility (the “Credit Facility”) with KeyBank National Association. (See Note 6 in the accompanying notes to the consolidated financial statements).
(h) All or a portion of this commitment was unfunded at September 30, 2020. As such, interest is earned only on the funded portion of this commitment.
(i) This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.
(j) 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 September 30, 2020, non-qualifying assets totaled 7.9% of the Company’s total assets.
(k) This is an international company.
(l) This position was on non-accrual status as of September 30, 2020, 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.
(m) A portion of this loan (principal of $2,555) is held in the SPV as collateral for the Credit Facility.
(n) Represents less than 5% ownership of the portfolio company's voting securities.
(o) Ownership of certain equity investments may occur through a holding company or partnership.
(p) Represents a non-income producing security.
(q) As of September 30, 2020, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.
n/a - not applicable

 

See Notes to Consolidated Financial Statements.

 11 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2019

(in thousands, except for shares and units)

 

Portfolio Company (a) (b)  Spread
Above
Index (c)		  Interest
Rate		   Acquisition
Date (d)		  Maturity  Principal   Amortized
Cost		   Fair
Value (e)		   % of
Net
Assets (f)		 
Investments:                                 
Senior Secured Loans                                 
Aerospace & Defense                                 
API Holdings III Corp. (g)  L+4.25%  6.05%  5/2/2019  5/8/2026   1,691   $1,684   $1,632    2.4%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)  L+6.00%  7.94%  12/24/2019  7/25/2025   1,041    1,021    1,041    1.5%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)  L+6.00%  7.94%  7/25/2019  7/25/2025   1,995    1,956    1,994    2.9%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (h)  L+6.00%  7.94%  7/25/2019  7/25/2024   316    79    79    0.1%
                 5,043    4,740    4,746    6.9%
Automotive                                 
Rough Country, LLC (g)  L+3.50%  5.30%  4/17/2019  5/25/2023   1,346    1,342    1,339    1.9%
Wheel Pros, LLC (g)  L+4.75%  6.55%  5/13/2019  4/4/2025   2,481    2,458    2,452    3.6%
                 3,827    3,800    3,791    5.5%
Banking, Finance, Insurance & Real Estate                                 
777 SPV I LLC (Delayed Draw) (i) (j)  L+8.50%  10.30%  4/15/2019  4/14/2023   1,775    1,756    1,780    2.6%
Avison Young (USA), Inc. (g) (j) (k)  L+5.00%  6.94%  4/26/2019  1/30/2026   1,985    1,966    1,954    2.8%
InsideRE Holdings, LLC and InsideRE, LLC (g)  L+6.50%  8.46%  9/9/2019  9/9/2024   2,993    2,936    3,006    4.4%
InsideRE Holdings, LLC and InsideRE, LLC (Revolver) (h)  L+6.50%  8.46%  9/9/2019  9/9/2024   429    —    —    0.0%
Kudu Investment Holdings, LLC (j)  L+6.25%  8.18%  12/23/2019  12/23/2025   2,750    2,702    2,702    3.9%
Kudu Investment Holdings, LLC (Delayed Draw) (h) (i) (j)  L+6.25%  8.18%  12/23/2019  12/23/2025   1,833    —    —    0.0%
Kudu Investment Holdings, LLC (Revolver) (h) (j)  L+6.25%  8.18%  12/23/2019  12/23/2025   241    —    —    0.0%
TCP-NG (U.S.), LLC (j)  L+7.25%  9.21%  8/23/2019  8/22/2024   1,706    1,680    1,703    2.5%
TCP-NG (U.S.), LLC (Revolver) (h) (j)  L+7.25%  9.21%  8/23/2019  8/22/2024   105    —    —    0.0%
Team RMS, LLC (g)  L+6.00%  7.80%  9/20/2019  9/20/2024   7,980    7,849    7,995    11.6%
Team RMS, LLC (Delayed Draw) (h) (i)  L+6.00%  7.80%  9/20/2019  9/20/2024   367    73    73    0.1%
Team RMS, LLC (Revolver) (h)  L+6.00%  7.80%  9/20/2019  9/20/2024   643    115    115    0.2%
                 22,807    19,077    19,328    28.1%
Beverage, Food & Tobacco                                 
Huff Hispanic Food Holdings, LLC (g)  L+5.50%  7.30%  10/18/2019  10/18/2024   5,983    5,868    5,989    8.7%
Huff Hispanic Food Holdings, LLC (Delayed Draw) (h) (i)  L+5.50%  7.30%  10/18/2019  10/18/2024   333    —    —    0.0%
Huff Hispanic Food Holdings, LLC (Revolver) (h)   L+5.50%  7.30%  10/18/2019  10/18/2024   1,286    471    471    0.7%
                 7,602    6,339    6,460    9.4%
Consumer Goods: Non-Durable                                 
Quirch Foods Holdings, LLC (g)  L+6.00%  7.79%  2/14/2019  12/19/2025   1,238    1,226    1,238    1.8%
                 1,238    1,226    1,238    1.8%
Containers, Packaging & Glass                                 
Polychem Acquisition, LLC (g)  L+5.00%  6.95%  4/8/2019  3/17/2025   1,985    1,975    1,985    2.9%
                 1,985    1,975    1,985    2.9%
Energy: Oil & Gas                                 
BJ Services, LLC (g)  L+7.00%  8.91%  1/28/2019  1/3/2023   1,925    1,909    1,914    2.8%
BW Gas & Convenience Holdings, LLC (g) (l)  L+6.25%  8.05%  11/15/2019  11/18/2024   2,143    2,057    2,138    3.1%
                 4,068    3,966    4,052    5.9%
Healthcare & Pharmaceuticals                                 
Apotheco, LLC (g)  L+5.50%  7.30%  4/8/2019  4/8/2024   1,741    1,710    1,741    2.5%
Apotheco, LLC (Delayed Draw) (h) (i)  L+5.50%  7.30%  4/8/2019  4/8/2024   824    —    —    0.0%
Apotheco, LLC (Revolver) (h)  L+5.50%  7.30%  4/8/2019  4/8/2024   455    170    170    0.2%
ERC Finance, LLC (g)  L+4.50%  6.30%  4/23/2019  9/20/2024   1,985    1,953    1,925    2.8%
nThrive, Inc. (g)  L+4.50%  6.30%  5/3/2019  10/20/2022   2,481    2,430    2,079    3.0%
QF Holdings, Inc. (g)  L+7.00%  8.90%  9/19/2019  9/19/2024   4,550    4,464    4,536    6.6%
QF Holdings, Inc. (Delayed Draw) (h) (i)  L+7.00%  8.90%  9/19/2019  9/19/2024   910    —    —    0.0%
QF Holdings, Inc. (Revolver) (h)  L+7.00%  8.90%  9/19/2019  9/19/2024   546    —    —    0.0%
WebPT, Inc. (g)  L+6.75%  8.66%  8/28/2019  8/28/2024   5,000    4,904    5,001    7.3%
WebPT, Inc. (Delayed Draw) (h) (i)  L+6.75%  8.66%  8/28/2019  8/28/2024   625    —    —    0.0%
WebPT, Inc. (Revolver) (h)  L+6.75%  8.66%  8/28/2019  8/28/2024   521    —    —    0.0%
                 19,638    15,631    15,452    22.4%
High Tech Industries                                 
Acquia, Inc. (g)  L+7.00%  8.91%  11/1/2019  10/31/2025   5,429    5,324    5,446    7.9%
Acquia, Inc. (Revolver) (h)  L+7.00%  8.91%  11/1/2019  10/31/2025   588    —    —    0.0%
Gigamon, Inc. (g)  L+4.25%  6.04%  4/26/2019  12/27/2024   1,489    1,438    1,476    2.1%
Mindbody, Inc. (g)  L+7.00%  8.79%  2/15/2019  2/14/2025   1,810    1,777    1,803    2.6%
Mindbody, Inc. (Revolver) (h)  L+7.00%  8.79%  2/15/2019  2/14/2025   190    —    —    0.0%
Recorded Future, Inc. (g)  L+6.75%  8.55%  7/3/2019  7/3/2025   3,667    3,596    3,666    5.4%
Recorded Future, Inc. (Delayed Draw) (h) (i)  L+6.75%  8.55%  7/3/2019  7/3/2025   293    —    —    0.0%
Recorded Future, Inc. (Revolver) (h)   L+6.75%   8.55%  7/3/2019  7/3/2025   440    —    —    0.0%
Transact Holdings, Inc. (g) (l)   L+4.75%   6.55%  4/18/2019  4/30/2026   750    739    747    1.1%
                   14,656    12,874    13,138    19.1%

 12 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2019

(in thousands, except for shares and units)

 

Portfolio Company  (a) (b)  Spread
Above
Index (c)		  Interest
Rate		   Acquisition
Date (d)		  Maturity  Principal   Amortized
Cost		   Fair
Value (e)		   % of
Net
Assets (f)		 
Media: Advertising, Printing & Publishing                                 
Digital Room Holdings, Inc. (g)  L+5.00%  6.80%  5/9/2019  5/21/2026   2,203   $2,173   $2,093    3.0%
NTM Acquisition Corp. (g)  L+6.25%  8.05%  4/18/2019  6/7/2022   4,928    4,905    4,928    7.2%
                 7,131    7,078    7,021    10.2%
Media: Broadcasting & Subscription                                 
Vice Group Holding, Inc.  L+12.00% 

5.92% Cash/

8.00% PIK

   11/4/2019  11/2/2022   180    180    180    0.3%
Vice Group Holding, Inc.  L+12.00% 

5.92% Cash/

8.00% PIK

   5/2/2019  11/2/2022   938    930    938    1.3%
Vice Group Holding, Inc. (Delayed Draw) (h) (i)  L+12.00%  13.92%  5/2/2019  11/2/2022   300    —    —    0.0%
Vice Group Holding, Inc. (Delayed Draw) (h) (i)  L+12.00%  13.92%  5/2/2019  11/2/2022   120    —    —    0.0%
                 1,538    1,110    1,118    1.6%
Media: Diversified & Production                                 
Crownpeak Technology, Inc. (g)  L+6.25%  7.94%  2/28/2019  2/28/2024   1,000    983    1,003    1.5%
Crownpeak Technology, Inc. (Delayed Draw) (h) (i)  L+6.25%  7.94%  2/28/2019  2/28/2024   83    15    15    0.0%
Crownpeak Technology, Inc. (Revolver) (h)  L+6.25%  7.94%  2/28/2019  2/28/2024   42    —    —    0.0%
Picture Head Midco, LLC (g)  L+6.75%  8.55%  8/26/2019  8/31/2023   2,000    1,967    1,978    2.9%
                 3,125    2,965    2,996    4.4%
Services: Business                                 
Arcserve (USA), LLC (g)  L+6.00%  7.91%  5/1/2019  5/1/2024   1,426    1,400    1,435    2.1%
Certify, Inc. (g)  L+5.75%  7.55%  2/28/2019  2/28/2024   1,000    987    993    1.4%
Certify, Inc. (Delayed Draw) (h) (i)  L+5.75%  7.55%  2/28/2019  2/28/2024   136    68    68    0.1%
Certify, Inc. (Revolver) (h)  L+5.75%  7.55%  2/28/2019  2/28/2024   45    7    7    0.0%
HS4 Acquistionco, Inc. (g)  L+6.75%  8.71%  7/9/2019  7/9/2025   4,000    3,924    3,984    5.8%
HS4 Acquistionco, Inc. (Revolver) (h)  L+6.75%  8.54%  7/9/2019  7/9/2025   325    49    49    0.1%
Kaseya Traverse, Inc. (g)  L+6.50% 

5.92% Cash/

8.00% PIK

   5/3/2019  5/2/2025   2,511    2,464    2,504    3.6%
Kaseya Traverse, Inc. (Delayed Draw) (h) (i)  L+6.50% 

5.92% Cash/

8.00% PIK

   5/3/2019  5/2/2025   301    39    39    0.1%
Kaseya Traverse, Inc. (Revolver) (h)  L+6.50%  8.30%  5/3/2019  5/2/2025   211    120    120    0.2%
                 9,955    9,058    9,199    13.4%
Services: Consumer                                 
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  8/1/2019  1/2/2024   1,242    1,215    1,240    1.8%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  12/1/2019  1/2/2024   236    236    235    0.3%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  12/1/2019  1/2/2024   449    449    448    0.7%
Light Wave Dental Management, LLC  L+6.00%  8.00%  12/6/2019  1/2/2024   365    360    364    0.5%
Light Wave Dental Management, LLC (Delayed Draw) (h) (i)  L+6.00%  8.00%  8/1/2019  1/2/2024   641    21    21    0.0%
Light Wave Dental Management, LLC (Delayed Draw) (h) (i)  L+6.00%  8.00%  12/6/2019  1/2/2024   122    —    —    0.0%
Light Wave Dental Management, LLC (Delayed Draw) (h) (i)  L+6.00%  8.00%  12/6/2019  1/2/2024   1,300    —    —    0.0%
Light Wave Dental Management, LLC (Revolver) (h)  L+6.00%  8.00%  8/1/2019  1/2/2024   128    —    —    0.0%
                 4,483    2,281    2,308    3.3%
Telecommunications                                 
DataOnline Corp. (g)  L+5.50%  7.40%  11/13/2019  11/13/2025   6,500    6,359    6,502    9.5%
DataOnline Corp. (Revolver) (h)  L+5.50%  7.40%  11/13/2019  11/13/2025   844    —    —    0.0%
                 7,344    6,359    6,502    9.5%
Total Senior Secured Loans                114,440    98,479    99,334    144.4%
                                  
Unitranche Secured Loans (m)                                 
Services: Consumer                                 
QuoteLab, LLC (g)  L+4.60%  6.40%  2/26/2019  2/26/2025   1,000    984    1,001    1.5%
                 1,000    984    1,001    1.5%
Total Unitranche Secured Loans                1,000    984    1,001    1.5%
                                  
Equity Securities (n) (o)                                 
Banking, Finance, Insurance & Real Estate                                 
InsideRE Holdings, LLC and InsideRE, LLC (257,143 Class A common units)  —  —(p)  9/9/2019  —   —    257    261    0.4%
                      257    261    0.4%
Beverage, Food & Tobacco                                 

Huff Hispanic Food Holdings, LLC (171,429 Class A interests)

  —  —(p)  10/18/2019  —   —    171    169    0.2%