Monroe Capital Income Plus Corp - FORM 10-Q - May 12, 2021

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EX-32.1 - EXHIBIT 32.1 - Monroe Capital Income Plus Corptm2111700d1_ex32-1.htm
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EX-31.1 - EXHIBIT 31.1 - Monroe Capital Income Plus Corptm2111700d1_ex31-1.htm

 

 

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 March 31, 2021

 

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   ☒    No   ☐

 

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

 

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

 

Large accelerated filer ☐ Accelerated filer ☐
       
Non-accelerated filer ☒ Smaller reporting company ☐
       
Emerging growth company ☒    

 

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

 

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

 

As of May 11, 2021, the registrant had 19,206,910 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 March 31, 2021 (unaudited) and December 31, 2020 3
     
  Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 and 2020 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited) 6
     
  Consolidated Schedules of Investments as of March 31, 2021 (unaudited) and December 31, 2020 7
     
  Notes to Consolidated Financial Statements (unaudited) 21
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 43
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 59
     
Item 4. Controls and Procedures 60
     
PART II. OTHER INFORMATION 61
     
Item 1. Legal Proceedings 61
     
Item 1A. Risk Factors 61
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64
     
Item 3. Defaults Upon Senior Securities 64
     
Item 4. Mine Safety Disclosures 64
     
Item 5. Other Information 64
     
Item 6. Exhibits 65
     
Signatures   66

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)

 

   March 31, 2021   December 31, 2020 
   (unaudited)     
ASSETS       
Investments at fair value (amortized cost of $222,820 and $190,144, respectively)  $225,534   $190,136 
Cash   3,487    2,443 
Restricted cash   12,435    3,677 
Interest receivable   1,360    899 
Unrealized gain on foreign currency forward contracts   13    — 
Other assets   55    191 
Total assets   242,884    197,346 
           
LIABILITIES          
Debt:          
   Revolving credit facility   42,300    58,900 
   Less: Unamortized deferred financing costs   (1,117)   (939)
    Total debt, less unamortized deferred financing costs   41,183    57,961 
Interest payable   574    426 
Unrealized loss on foreign currency forward contracts   —    157 
Payable for unsettled trades   6,410    — 
Management fees payable   —    93 
Incentive fees payable   418    — 
Accounts payable and accrued expenses   992    1,196 
Directors’ fees payable   15    — 
Total liabilities   49,592    59,833 
Net assets  $193,292   $137,513 
           
Commitments and contingencies (See Note 10)          
           
ANALYSIS OF NET ASSETS          
Common stock, $0.001 par value, 100,000 shares authorized, 19,207 and 13,828 shares issued and outstanding, respectively  $19   $14 
Capital in excess of par value   188,041    135,636 
Accumulated undistributed (overdistributed) earnings   5,232    1,863 
Total net assets  $193,292   $137,513 
           
Net asset value per share  $10.06   $9.94 

 

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 March 31, 
   2021   2020 
Investment income:          
Interest and dividend income  $4,655   $2,689 
Total investment income   4,655    2,689 
           
Operating expenses:          
Interest and other debt financing expenses   699    545 
Base management fees   814    497 
Incentive fees   961    109 
Professional fees   89    82 
Administrative service fees   111    82 
General and administrative expenses   80    84 
Directors’ fees   15    15 
Expenses before fee waivers   2,769    1,414 
Base management fee waiver   (814)   (260)
Incentive fee waiver   (543)   (241)
Total expenses, net of fee waivers   1,412    913 
Net investment income before income taxes   3,243    1,776 
Income taxes, including excise taxes   —    12 
Net investment income   3,243    1,764 
           
Net gain (loss):          
Net realized gain (loss):          
Investments   43    — 
Foreign currency forward contracts   (3)   — 
Foreign currency and other transactions   (40)   — 
  Net realized gain (loss)   —    — 
           
Net change in unrealized gain (loss):          
Investments   2,722    (6,324)
Foreign currency forward contracts   170    — 
  Net change in unrealized gain (loss)   2,892    (6,324)
           
Net gain (loss)   2,892    (6,324)
           
Net increase (decrease) in net assets resulting from operations  $6,135   $(4,560)
           
Per common share data:          
Net investment income per share - basic and diluted  $0.22   $0.20 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted  $0.41   $(0.51)
Weighted average common shares outstanding - basic and diluted   14,786    8,872 

 

See Notes to Consolidated Financial Statements.

4

 

MONROE CAPITAL INCOME PLUS CORPORATION

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

 

   Common Stock       Accumulated
undistributed		     
   Number of shares   Par
value		   Capital in excess
of par value		   (overdistributed)
earnings		   Total
net assets		 
Balances at December 31, 2019   6,875   $7   $68,718   $20   $68,745 
Net investment income   —    —    —    1,764    1,764 
Net change in unrealized gain (loss)   —    —    —    (6,324)   (6,324)
Issuance of common stock   2,036    2    20,367    —    20,369 
Distributions declared to stockholders   —    —    —    —    — 
Stock issued in connection with dividend reinvestment plan   36    —    357    —    357 
Balances at March 31, 2020   8,947   $9   $89,442   $(4,540)  $84,911 
                          
Balances at December 31, 2020   13,828   $14   $135,636   $1,863   $137,513 
Net investment income   —    —    —    3,243    3,243 
Net change in unrealized gain (loss)   —    —    —    2,892    2,892 
Issuance of common stock   5,302    5    51,634    —    51,639 
Distributions declared to stockholders   —    —    —    (2,766)   (2,766)
Stock issued in connection with dividend reinvestment plan   77    —    771    —    771 
Balances at March 31, 2021   19,207   $19   $188,041   $5,232   $193,292 

 

See Notes to Consolidated Financial Statements.

5

 
MONROE CAPITAL INCOME PLUS CORPORATION
   
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(unaudited)
(in thousands)

 

   Three months ended March 31, 
   2021   2020 
Cash flows from operating activities:          
Net increase (decrease) in net assets resulting from operations  $6,135   $(4,560)
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   (43)   — 
Net realized (gain) loss on foreign currency forward contracts   3    — 
Net realized (gain) loss on foreign currency and other transactions   40    — 
Net change in unrealized (gain) loss on investments   (2,722)   6,324 
Net change in unrealized (gain) loss on foreign currency forward contracts   (170)   — 
Payment-in-kind interest income   (176)   (29)
Net accretion of discounts and amortization of premiums   (189)   (125)
Purchases of investments   (51,050)   (62,374)
Proceeds from principal payments and sale of investments   18,779    2,371 
Amortization of deferred financing costs   125    88 
Changes in operating assets and liabilities:          
Interest receivable   (461)   (404)
Other assets   136    (70)
Interest payable   148    161 
Payable for unsettled trades   6,410    (90)
Management fees payable   (93)   (65)
Incentive fees payable   418    (132)
Accounts payable and accrued expenses   (204)   138 
Directors’ fees payable   15    15 
Net cash provided by (used in) operating activities   (22,899)   (58,752)
           
Cash flows from financing activities:          
Borrowings on revolving credit facility   50,900    60,400 
Repayments of revolving credit facility   (67,500)   (19,600)
Payments of deferred financing costs   (303)   (4)
Proceeds from issuance of common shares   51,639    20,369 
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $771 and $357, respectively   (1,995)   (1,030)
Net cash provided by (used in) financing activities   32,741    60,135 
           
Net increase (decrease) in Cash and Restricted cash   9,842    1,383 
Effect of foreign currency exchange rates   (40)   — 
Cash and Restricted cash, beginning of period   6,120    4,064 
Cash and Restricted cash, end of period  $15,922   $5,447 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $426   $296 
Cash paid for income taxes, including excise taxes, during the period  $66   $25 

 

 

The following tables provide a reconciliation of cash 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:

 

   March 31, 2021   December 31, 2020 
Cash  $3,487   $2,443 
Restricted cash   12,435    3,677 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $15,922   $6,120 

 

   March 31, 2020   December 31, 2019 
Cash  $3,217   $2,223 
Restricted cash   2,230    1,841 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $5,447   $4,064 

  

See Notes to Consolidated Financial Statements.

6

 
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
March 31, 2021
(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%  4.36%  5/2/2019  5/8/2026   1,670   $1,664   $1,647    0.9%
Guidehouse LLP (g)  L+4.00%  4.11%  3/23/2021  5/1/2025   1,200    1,202    1,202    0.6%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+5.75%  6.75%  12/24/2019  7/25/2025   1,028    1,012    1,030    0.5%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+5.75%  6.75%  7/25/2019  7/25/2025   1,970    1,939    1,974    1.0%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+5.75%  6.75%  2/17/2021  7/25/2025   1,778    1,742    1,781    0.9%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (h)  L+5.75%  6.75%  7/25/2019  7/25/2024   316    79    79    0.1%
                 7,962    7,638    7,713    4.0%
Automotive                                 
Truck-Lite Co., LLC (g)   L+6.25%  7.25%  3/11/2020  12/14/2026   3,444    3,414    3,440    1.8%
Truck-Lite Co., LLC (g)   L+6.25%  7.25%  3/11/2020  12/14/2026   510    510    510    0.3%
Wheel Pros, Inc.  L+5.25%  6.25%  2/12/2021  11/10/2027   2,584    2,572    2,584    1.3%
                 6,538    6,496    6,534    3.4%
Banking, Finance, Insurance & Real Estate                                 
300 N. Michigan Mezz, LLC (Delayed Draw) (g) (h) (i) (j)  L+14.50%  16.00% PIK   7/15/2020  7/15/2024   1,000    829    829    0.4%
Avison Young (USA), Inc. (g) (j) (k)  L+5.00%  5.20%  4/26/2019  1/30/2026   1,960    1,945    1,958    1.0%
InsideRE Holdings, LLC and InsideRE, LLC (g)  L+5.50%  6.50%  9/9/2019  9/9/2024   2,955    2,913    2,985    1.5%
InsideRE Holdings, LLC and InsideRE, LLC (Revolver) (h)  L+5.50%  6.50%  9/9/2019  9/9/2024   429    —    —    0.0%
J2 BWA Funding, LLC (Delayed Draw) (h) (i) (j)  n/a  9.00%  12/24/2020  12/24/2026   2,850    277    274    0.1%
NCBP Property, LLC (j)  L+9.50%  10.50%  12/18/2020  12/16/2022   2,500    2,479    2,490    1.3%
Oceana Australian Fixed Income Trust (j) (k) (l)  n/a  11.50%  2/25/2021  2/25/2026   8,165    8,460    8,165    4.2%
StarCompliance MidCo, LLC (g)  L+6.75%  7.75%  1/12/2021  1/11/2027   3,000    2,942    2,996    1.6%
StarCompliance MidCo, LLC (Revolver) (h)  L+6.75%  7.75%  1/12/2021  1/11/2027   484    —    —    0.0%
US Claims Litigation Funding, LLC (Revolver) (h) (j)  L+8.75%  9.75%  11/30/2020  11/29/2024   1,500    1,200    1,190    0.6%
W3 Monroe RE Debt LLC (j)  n/a  10.00%  2/5/2021  2/4/2028   1,650    1,650    1,650    0.9%
                 26,493    22,695    22,537    11.6%
Beverage, Food & Tobacco                                 
Huff Hispanic Food Holdings, LLC (g)  L+5.50%  6.50%  10/18/2019  10/18/2024   5,910    5,823    5,836    3.0%
Huff Hispanic Food Holdings, LLC  L+5.50%  6.50%  10/18/2019  10/18/2024   333    333    329    0.2%
Huff Hispanic Food Holdings, LLC (Revolver) (h)  L+5.50%  6.50%  10/18/2019  10/18/2024   1,286    514    508    0.3%
LX/JT Intermediate Holdings, Inc. (g)  L+6.00%  7.50%  3/11/2020  3/11/2025   5,786    5,692    5,635    2.9%
LX/JT Intermediate Holdings, Inc. (Revolver) (h)  L+6.00%  7.50%  3/11/2020  3/11/2025   500    —    —    0.0%
                 13,815    12,362    12,308    6.4%
Capital Equipment                                 
MCP Shaw Acquisitionco, LLC (g)  L+6.50%  7.50%  2/28/2020  11/28/2025   7,919    7,789    7,840    4.1%
MCP Shaw Acquisitionco, LLC (Revolver) (h)  L+6.50%  7.50%  2/28/2020  11/28/2025   1,427    —    —    0.0%
                 9,346    7,789    7,840    4.1%

 

7

 
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
(unaudited)
March 31, 2021
(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          3,491   $ 3,429   $3,488    1.8%
Premier Roofing, LLC (Revolver) (h)  L+6.50%  7.50%  8/31/2020  8/29/2025   1,199    —    —    0.0%
                 4,690    3,429    3,488    1.8%
Consumer Goods: Non-Durable                                 
Thrasio, LLC (g)  L+7.00%  8.00%  12/18/2020  12/18/2026   2,993    2,921    2,996    1.6%
Thrasio, LLC (Delayed Draw) (h) (i)  L+7.00%  8.00%  12/18/2020  12/18/2026   1,980    —    —    0.0%
                 4,973    2,921    2,996    1.6%
Containers, Packaging & Glass                                 
Polychem Acquisition, LLC (g)  L+5.00%  5.11%  4/8/2019  3/17/2025   1,960    1,954    1,957    1.0%
Port Townsend Holdings Company, Inc. and Crown Corrugated Company (Delayed Draw) (h) (i)  L+7.75% 

5.75% Cash/

3.00% PIK

   10/16/2020  12/30/2021   165    83    75    0.1%
                 2,125    2,037    2,032    1.1%
Energy: Oil & Gas                                 
BW Gas & Convenience Holdings, LLC (g)   L+6.25%  6.36%  11/15/2019  11/18/2024   1,593    1,543    1,611    0.8%
Fieldwood Energy, LLC (g)   P+4.25%  7.50%(m) 1/11/2020  4/11/2022   1,000    901    396    0.2%
Liquid Tech Solutions Holdings, LLC (g)  L+4.75%  5.50%  3/18/2021  3/19/2028   2,283    2,271    2,280    1.2%
Par Petroleum, LLC (g)  L+6.75%  6.99%  1/27/2020  1/12/2026   947    954    944    0.5%
                 5,823    5,669    5,231    2.7%
Environmental Industries                                 
Quest Resource Management Group, LLC (g)   L+8.50%  9.75%  10/19/2020  10/20/2025   998    931    1,027    0.5%
Quest Resource Management Group, LLC (Delayed Draw) (h) (i)  L+8.50%  9.75%  10/19/2020  10/20/2025   1,087    —    —    0.0%
                 2,085    931    1,027    0.5%
Healthcare & Pharmaceuticals                                 
Apotheco, LLC (g)  L+8.50% 

6.50% Cash/

3.00% PIK

   4/8/2019  4/8/2024   1,784    1,761    1,656    0.9%
Apotheco, LLC (Revolver)  L+8.50% 

6.50% Cash/

3.00% PIK

   4/8/2019  4/8/2024   467    467    434    0.2%
Ascent Midco, LLC (g)  L+5.50%  6.50%  2/5/2020  2/5/2025   2,469    2,430    2,493    1.3%
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%
Brickell Bay Acquisition Corp. (g)  L+7.00%  8.00%  2/12/2021  2/12/2026   6,000    5,883    5,970    3.1%
Brickell Bay Acquisition Corp. (Delayed Draw) (h) (i)  L+7.00%  8.00%  2/12/2021  2/12/2026   1,200    —    —    0.0%
ERC Finance, LLC (g)  L+4.50%  5.50%  4/23/2019  9/20/2024   1,960    1,936    1,940    1.0%
QF Holdings, Inc. (g)  L+6.50%  7.50%  9/19/2019  9/19/2024   4,550    4,485    4,532    2.3%
QF Holdings, Inc. (g)  L+6.50%  7.50%  9/19/2019  9/19/2024   910    910    906    0.5%
QF Holdings, Inc. (Delayed Draw) (h) (i)  L+7.50%  8.50%  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%
Seran BioScience, LLC (g)  L+7.25%  8.25%  12/31/2020  12/31/2025   2,000    1,962    1,998    1.0%
Seran BioScience, LLC (Revolver) (h)  L+7.25%  8.25%  12/31/2020  12/31/2025   356    —    —    0.0%
WebPT, Inc. (g)   L+6.75%  7.75%  8/28/2019  8/28/2024   5,000    4,927    5,039    2.6%
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    156    156    0.1%
                 30,715    24,917    25,124    13.0%

 

8

 
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
(unaudited)
March 31, 2021
(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)		 
High Tech Industries                                 
Acquia, Inc. (g)  L+7.00%  8.00%  11/1/2019  10/31/2025         5,429   $5,343   $5,511    2.9%
Acquia, Inc. (Revolver) (h)  L+7.00%  8.00%  11/1/2019  10/31/2025   588    47    47    0.0%
Arcstor Midco, LLC (g)  L+7.00%  8.00%  3/16/2021  3/16/2027   12,000    11,761    12,000    6.2%
Instructure, Inc. (g)  L+7.00%  8.00%  12/22/2020  3/24/2026   765    740    765    0.4%
Instructure, Inc. (g)  L+7.00%  8.00%  3/24/2020  3/24/2026   8,405    8,322    8,401    4.3%
Instructure, Inc. (Revolver) (h)  L+7.00%  8.00%  3/24/2020  3/24/2026   697    —    —    0.0%
MarkLogic Corporation (g)  L+8.00%  9.00%  10/20/2020  10/20/2025   5,237    5,116    5,342    2.8%
MarkLogic Corporation (Revolver) (h)  L+6.00%  7.00%  10/20/2020  10/20/2025   404    —    —    0.0%
Mindbody, Inc. (g)  L+8.50% 

8.00% Cash/

1.50% PIK

   2/15/2019  2/14/2025   1,832    1,807    1,772    0.9%
Mindbody, Inc. (Revolver) (h)  L+8.00%  9.00%  2/15/2019  2/14/2025   190    —    —    0.0%
Mockingbird Acquisitionco, Inc. (g)  L+7.00%  8.00%  10/1/2020  10/1/2025   3,000    2,946    2,993    1.6%
Mockingbird Acquisitionco, Inc. (Revolver) (h)  L+7.00%  8.00%  10/1/2020  10/1/2025   600    —    —    0.0%
Recorded Future, Inc. (g)  L+6.00%  7.00%  7/3/2019  7/3/2025   3,667    3,612    3,740    1.9%
Recorded Future, Inc. (g)  L+6.00%  7.00%  3/26/2021  7/3/2025   5,893    5,817    6,011    3.1%
Recorded Future, Inc. (Revolver) (h)  L+6.00%  7.00%  7/3/2019  7/3/2025   440    —    —    0.0%
Transact Holdings, Inc. (g)   L+4.75%  4.86%  4/18/2019  4/30/2026   739    729    733    0.4%
                 49,886    46,240    47,315    24.5%
Hotels, Gaming & Leisure                                 
Equine Network, LLC (g)  L+8.00%  9.00%  12/31/2020  12/31/2025   1,500    1,468    1,504    0.8%
Equine Network, LLC (g)  L+8.00%  9.00%  1/29/2021  12/31/2025   680    667    682    0.3%
Equine Network, LLC (Delayed Draw) (h) (i)  L+8.00%  9.00%  12/31/2020  12/31/2025   366    —    —    0.0%
Equine Network, LLC (Revolver) (h)  L+8.00%  9.00%  12/31/2020  12/31/2025   146    —    —    0.0%
                 2,692    2,135    2,186    1.1%
Media: Advertising, Printing & Publishing                                 
Digital Room Holdings, Inc. (g)  L+5.00%  5.20%  5/9/2019  5/21/2026   2,176    2,155    2,142    1.1%
North Haven USHC Acquisition, Inc. (g)  L+6.50%  7.50%  10/30/2020  10/30/2025   2,494    2,449    2,519    1.3%
North Haven USHC Acquisition, Inc. (Delayed Draw) (h) (i)  L+6.50%  7.50%  3/12/2021  10/30/2025   721    —    —    0.0%
North Haven USHC Acquisition, Inc. (Revolver) (h)  L+6.50%  7.50%  10/30/2020  10/30/2025   240    —    —    0.0%
NTM Acquisition Corp. (g)  L+7.25% 

7.25% Cash/

1.00% PIK

   4/18/2019  6/7/2024   4,717    4,707    4,599    2.4%
Relevate Health Group, LLC (g)  L+6.25%  7.25%  11/20/2020  11/20/2025   2,000    1,963    2,040    1.1%
Relevate Health Group, LLC (Delayed Draw) (h) (i)  L+6.25%  7.25%  11/20/2020  11/20/2025   1,053    895    913    0.4%
Relevate Health Group, LLC (Revolver) (h)  L+6.25%  7.25%  11/20/2020  11/20/2025   421    —    —    0.0%
XanEdu Publishing, Inc. (g)  L+6.50%  7.50%  1/28/2020  1/28/2025   2,475    2,436    2,485    1.3%
XanEdu Publishing, Inc. (Revolver) (h)  L+6.50%  7.50%  1/28/2020  1/28/2025   651    —    —    0.0%
                 16,948    14,605    14,698    7.6%
Media: Broadcasting & Subscription                                 
Vice Group Holding, Inc.  L+12.00% 

5.50% Cash/

8.00% PIK

   11/4/2019  11/2/2022   207    207    207    0.1%
Vice Group Holding, Inc.  L+12.00% 

5.50% Cash/

8.00% PIK

   5/2/2019  11/2/2022   1,078    1,074    1,078    0.5%
Vice Group Holding, Inc.  L+12.00% 

5.50% Cash/

8.00% PIK

   5/2/2019  11/2/2022   338    338    338    0.2%
Vice Group Holding, Inc.   L+12.00% 

5.50% Cash/

8.00% PIK

   5/2/2019  11/2/2022   127    127    127    0.1%
                 1,750    1,746    1,750    0.9%
Media: Diversified & Production                                 
Crownpeak Technology, Inc. (g)  L+6.25%  7.25%  2/28/2019  2/28/2024   1,000    988    1,000    0.5%
Crownpeak Technology, Inc. (g)  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 (g)  L+7.75% 

7.75% Cash/

1.00% PIK

   8/26/2019  8/31/2023   1,996    1,971    1,944    1.0%
                 3,053    2,974    2,959    1.5%
Metals & Mining                                 
Alpha Metallurgical Resources, Inc. (fka Contura Energy, Inc.) (g)  L+7.00%  9.00%  1/15/2020  6/14/2024   987    853    811    0.4%
                 987    853    811    0.4%

 

9

 
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
(unaudited)
March 31, 2021
(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)		 
Services: Business                                 
Certify, Inc. (g)  L+5.75%  6.75%  2/28/2019  2/28/2024           1,000   $991   $1,000    0.5%
Certify, Inc. (g)  L+5.75%  6.75%  2/28/2019  2/28/2024   136    136    136    0.1%
Certify, Inc. (Revolver) (h)  L+5.75%  6.75%  2/28/2019  2/28/2024   46    11    11    0.0%
Governmentjobs.com, Inc. (g)  L+6.50%  7.50%  2/5/2020  2/5/2026   7,000    6,884    6,934    3.5%
Governmentjobs.com, Inc. (Revolver) (h)  L+6.50%  7.50%  2/5/2020  2/5/2026   933    70    69    0.0%
HS4 Acquistionco, Inc. (g)  L+6.75%  7.75%  7/9/2019  7/9/2025   4,000    3,939    3,960    2.0%
HS4 Acquistionco, Inc. (Revolver) (h)  L+6.75%  7.75%  7/9/2019  7/9/2025   325    —    —    0.0%
Kaseya, Inc. (n)  L+7.00% 

5.00% Cash/

3.00% PIK

   5/3/2019  5/2/2025   2,865    2,824    2,880    1.5%
Kaseya, Inc. (g)  L+7.00% 

5.00% Cash/

3.00% PIK

   5/3/2019  5/2/2025   304    304    305    0.2%
Kaseya, Inc. (Delayed Draw) (h) (i)  L+7.00% 

5.00% Cash/

3.00% PIK

   3/4/2020  3/4/2022   274    110    110    0.1%
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    374    395    0.2%
                 17,479    15,746    15,903    8.2%
Services: Consumer                                 
Express Wash Acquisition Company, LLC (g)  L+6.50%  7.50%  12/28/2020  12/26/2025   2,800    2,754    2,800    1.4%
Express Wash Acquisition Company, LLC (Revolver) (h)  L+6.50%  7.50%  12/28/2020  12/26/2025   1,120    168    168    0.1%
IDIG Parent, LLC (g)  L+6.50%  7.50%  12/15/2020  12/15/2026   4,359    4,276    4,365    2.3%
IDIG Parent, LLC (Delayed Draw) (h) (i)  L+6.50%  7.50%  12/15/2020  12/15/2026   720    —    —    0.0%
IDIG Parent, LLC (Revolver) (h)  L+6.50%  7.50%  12/15/2020  12/15/2026   336    —    —    0.0%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  8/1/2019  1/2/2024   1,203    1,191    1,199    0.6%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  12/1/2019  1/2/2024   228    226    227    0.1%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  12/1/2019  1/2/2024   434    430    433    0.2%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  12/6/2019  1/2/2024   119    119    118    0.1%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  12/6/2019  1/2/2024   1,268    1,268    1,263    0.7%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  2/12/2020  1/2/2024   62    61    62    0.0%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  12/31/2020  1/2/2024   263    259    262    0.1%
Light Wave Dental Management, LLC  L+6.00%  8.00%  12/6/2019  1/2/2024   354    350    352    0.2%
Light Wave Dental Management, LLC (g)  L+6.00%  8.00%  8/1/2019  1/2/2024   239    239    238    0.1%
Light Wave Dental Management, LLC (Revolver)  L+6.00%  8.00%  8/1/2019  1/2/2024   128    128    128    0.1%
                 13,633    11,469    11,615    6.0%
Telecommunications                                 
DataOnline Corp. (g)  L+6.25%  7.25%  11/13/2019  11/13/2025   6,435    6,322    6,213    3.2%
DataOnline Corp. (Revolver) (h)  L+6.25%  7.25%  11/13/2019  11/13/2025   844    718    693    0.4%
Sandvine Corporation (g)  L+4.50%  4.61%  3/8/2021  10/31/2025   1,200    1,200    1,188    0.6%
                 8,479    8,240    8,094    4.2%

 

10

 
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
(unaudited)
March 31, 2021
(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)		 
Transportation: Cargo                                 
Complete Innovations, Inc. (j) (k) (o)  C+6.75%  7.75%  12/16/2020  12/16/2025           8,757   $8,470   $8,853    4.6%
Complete Innovations, Inc. (Delayed Draw) (h) (i) (j) (k) (o)  C+6.75%  7.75%  12/16/2020  12/16/2025   1,282    —    —    0.0%
Pasha Group (g)   L+8.00%  9.00%  2/25/2020  1/26/2023   1,428    1,432    1,418    0.7%
                 11,467    9,902    10,271    5.3%
Wholesale                                 
S&S Holdings (g)  L+5.00%  5.50%  3/10/2021  3/10/2028   3,000    2,910    2,929    1.5%
                 3,000    2,910    2,929    1.5%
Total Senior Secured Loans                243,939    213,704    215,361    111.4%
                                  
Unitranche Secured Loans (p)                                 
Telecommunications                                 
VB E1, LLC (Delayed Draw) (g) (h) (i)  L+8.50%  9.00%  11/18/2020  11/18/2026   3,000    1,466    1,469    0.8%
                 3,000    1,466    1,469    0.8%
Total Unitranche Secured Loans                3,000    1,466    1,469    0.8%
                                  
Junior Secured Loans                                 
Capital Equipment                                 
ALTA Enterprises, LLC (g) (j)  L+8.00%  9.80%  2/14/2020  8/13/2025   3,783    3,672    3,934    2.0%
                 3,783    3,672    3,934    2.0%
Services: Business                                 
Software Luxembourg Acquisition S.A.R.L (g) (j) (k)  L+7.50%  8.50%  1/28/2020  4/25/2025   447    319    447    0.3%
                 447    319    447    0.3%
Total Junior Secured Loans                4,230    3,991    4,381    2.3%
                                  
Equity Securities (q) (r)                                  
Banking, Finance, Insurance & Real Estate                                 
InsideRE Holdings, LLC and InsideRE, LLC (267,963 Class A common units) (v)  —  —(s)  9/9/2019  —   —    268    312    0.1%
J2 BWA Funding, LLC (0.7% profit sharing) (j) (v)  —  —(s)  12/24/2020  —   —    —    —    0.0%
                      268    312    0.1%
Beverage, Food & Tobacco                                 
Huff Hispanic Food Holdings, LLC (171,429 Class A interests)  —  —(s)  10/18/2019  —   —    171    114    0.1%
                      171    114    0.1%
Capital Equipment                                 
MCP Shaw Acquisitionco, LLC (95,125 Class A-2 units) (v)  —  —(s)  2/28/2020  —   —    95    125    0.1%
                      95    125    0.1%
Environmental Industries                                 
Quest Resource Holding Corporation (warrant to purchase up to 0.2% of the equity)  —  —(s)  10/19/2020  3/19/2028   —    67    122    0.1%
                      67    122    0.1%
Healthcare & Pharmaceuticals                                 
Ascent Midco, LLC (725,806 Class A units) (v)  n/a  8.00% PIK   2/5/2020  —   —    726    1,172    0.6%
Seran BioScience, LLC (26,666 units) (v)  —  —(s)  12/31/2020  —   —    267    308    0.1%
                      993    1,480    0.7%
High Tech Industries                                 
Recorded Future, Inc. (40,243 Class A units) (t)  —  —(s)  7/3/2019  —   —    40    79    0.0%
MarkLogic Corporation (435,358 Class A units)  —  —(s)  10/20/2020  —   —    435    698    0.4%
                      475    777    0.4%
Hotels, Gaming & Leisure                                 
Equine Network, LLC (85 Class A units) (v)  n/a  10.00% PIK   12/31/2020  —   —    85    87    0.0%
                      85    87    0.0%
Media: Advertising, Printing & Publishing                                 
Relevate Health Group, LLC (53 Preferred units)  n/a  12.00% PIK   11/20/2020  —   —    53    53    0.0%
Relevate Health Group, LLC (53 Class B common units)  —  —(s)  11/20/2020  —   —    —    3    0.0%
XanEdu Publishing, Inc. (65,104 Class A units)  n/a  8.00% PIK   1/28/2020  —   —    65    103    0.1%
                      118    159    0.1%
Services: Business                                 
Software Luxembourg Acquisition S.A.R.L (4,187 Class A shares) (g) (j) (k)  —  —(s)  1/28/2020  —   —    1,080    796    0.4%
                      1,080    796    0.4%
Services: Consumer                                 
IDIG Parent, LLC (192,908 shares of common stock) (u) (v)  —  —(s)  1/4/2021  —   —    195    210    0.1%
Express Wash Acquisition Company, LLC (112,000 Class A units) (v)  n/a  8.00% PIK   12/28/2020  —   —    112    141    0.1%
                      307    351    0.2%
Total Equity Securities                     3,659    4,323    2.2%
                                  
TOTAL INVESTMENTS                    $222,820   $225,534    116.7%

 

11

 
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
(unaudited)
March 31, 2021
(in thousands, except for shares and units)
                                 

Derivative Instruments

 

Foreign currency forward contracts

                  
   Notional Amount   Notional Amount        Unrealized Gain 
Description  to be Purchased   to be Sold  Counterparty  Settlement Date  (Loss) 
Foreign currency forward contract  $51    CAD      65  Bannockburn Global Forex, LLC  4/19/2021  $(1)
Foreign currency forward contract  $54    CAD      70  Bannockburn Global Forex, LLC  5/19/2021   (2)
Foreign currency forward contract  $49    CAD      63  Bannockburn Global Forex, LLC  6/17/2021   (1)
Foreign currency forward contract  $51    CAD      65  Bannockburn Global Forex, LLC  7/19/2021   (1)
Foreign currency forward contract  $54    CAD      70  Bannockburn Global Forex, LLC  8/18/2021   (2)
Foreign currency forward contract  $51    CAD      65  Bannockburn Global Forex, LLC  9/17/2021   (1)
Foreign currency forward contract  $51    CAD      65  Bannockburn Global Forex, LLC  10/19/2021   (1)
Foreign currency forward contract  $52    CAD      68  Bannockburn Global Forex, LLC  11/17/2021   (2)
Foreign currency forward contract  $51    CAD      66  Bannockburn Global Forex, LLC  12/17/2021   (1)
Foreign currency forward contract  $51    CAD      66  Bannockburn Global Forex, LLC  1/18/2022   (2)
Foreign currency forward contract  $54    CAD     70  Bannockburn Global Forex, LLC  2/17/2022   (2)
Foreign currency forward contract  $47    CAD      61  Bannockburn Global Forex, LLC  3/17/2022   (1)
Foreign currency forward contract  $52    CAD      68  Bannockburn Global Forex, LLC  4/19/2022   (2)
Foreign currency forward contract  $52    CAD      68  Bannockburn Global Forex, LLC  5/18/2022   (2)
Foreign currency forward contract  $51    CAD      66  Bannockburn Global Forex, LLC  6/17/2022   (1)
Foreign currency forward contract  $51    CAD      66  Bannockburn Global Forex, LLC  7/19/2022   (1)
Foreign currency forward contract  $52    CAD      68  Bannockburn Global Forex, LLC  8/17/2022   (2)
Foreign currency forward contract  $52    CAD      68  Bannockburn Global Forex, LLC  9/19/2022   (2)
Foreign currency forward contract  $54    CAD      70  Bannockburn Global Forex, LLC  10/19/2022   (2)
Foreign currency forward contract  $49    CAD      63  Bannockburn Global Forex, LLC  11/17/2022   (1)
Foreign currency forward contract  $51    CAD      66  Bannockburn Global Forex, LLC  12/19/2022   (1)
Foreign currency forward contract  $8,507    CAD    11,000  Bannockburn Global Forex, LLC  12/19/2022   (249)
Foreign currency forward contract  $137    AUD     173  Bannockburn Global Forex, LLC  4/20/2021   5 
Foreign currency forward contract  $75    AUD      95  Bannockburn Global Forex, LLC  5/18/2021   3 
Foreign currency forward contract  $86    AUD     108  Bannockburn Global Forex, LLC  6/17/2021   3 
Foreign currency forward contract  $77    AUD      98  Bannockburn Global Forex, LLC  7/16/2021   3 
Foreign currency forward contract  $80    AUD      101  Bannockburn Global Forex, LLC  8/17/2021   3 
Foreign currency forward contract  $85    AUD      108  Bannockburn Global Forex, LLC  9/16/2021   3 
Foreign currency forward contract  $83    AUD     105  Bannockburn Global Forex, LLC  10/19/2021   3 
Foreign currency forward contract  $75    AUD      95  Bannockburn Global Forex, LLC  11/16/2021   3 
Foreign currency forward contract  $85    AUD     108  Bannockburn Global Forex, LLC  12/16/2021   3 
Foreign currency forward contract  $91    AUD     115  Bannockburn Global Forex, LLC  1/19/2022   3 
Foreign currency forward contract  $75    AUD      95  Bannockburn Global Forex, LLC  2/16/2022   3 
Foreign currency forward contract  $75    AUD      95  Bannockburn Global Forex, LLC  3/16/2022   3 
Foreign currency forward contract  $82    AUD     105  Bannockburn Global Forex, LLC  4/19/2022   3 
Foreign currency forward contract  $77    AUD      98  Bannockburn Global Forex, LLC  5/17/2022   3 
Foreign currency forward contract  $88    AUD      112  Bannockburn Global Forex, LLC  6/17/2022   3 
Foreign currency forward contract  $77    AUD      98  Bannockburn Global Forex, LLC  7/18/2022   2 
Foreign currency forward contract  $77    AUD      98  Bannockburn Global Forex, LLC  8/16/2022   2 
Foreign currency forward contract  $88    AUD     112  Bannockburn Global Forex, LLC  9/16/2022   3 
Foreign currency forward contract  $88    AUD     112  Bannockburn Global Forex, LLC  10/19/2022   3 
Foreign currency forward contract  $74    AUD      95  Bannockburn Global Forex, LLC  11/16/2022   2 
Foreign currency forward contract  $80    AUD      101  Bannockburn Global Forex, LLC  12/16/2022   2 
Foreign currency forward contract  $87    AUD      112  Bannockburn Global Forex, LLC  1/18/2023   3 
Foreign currency forward contract  $77    AUD      98  Bannockburn Global Forex, LLC  2/16/2023   2 
Foreign currency forward contract  $74    AUD      95  Bannockburn Global Forex, LLC  3/16/2023   2 
Foreign currency forward contract  $93    AUD     118  Bannockburn Global Forex, LLC  4/20/2023   3 
Foreign currency forward contract  $63    AUD      81  Bannockburn Global Forex, LLC  5/16/2023   2 
Foreign currency forward contract  $90    AUD     115  Bannockburn Global Forex, LLC  6/19/2023   2 
Foreign currency forward contract  $77    AUD      98  Bannockburn Global Forex, LLC  7/18/2023   2 
Foreign currency forward contract  $82    AUD      105  Bannockburn Global Forex, LLC  8/16/2023   2 
Foreign currency forward contract  $82    AUD     105  Bannockburn Global Forex, LLC  9/18/2023   2 
Foreign currency forward contract  $84    AUD     108  Bannockburn Global Forex, LLC  10/18/2023   2 
Foreign currency forward contract  $77    AUD      98  Bannockburn Global Forex, LLC  11/16/2023   2 
Foreign currency forward contract  $79    AUD     101  Bannockburn Global Forex, LLC  12/18/2023   2 
Foreign currency forward contract  $84    AUD     108  Bannockburn Global Forex, LLC  1/17/2024   2 
Foreign currency forward contract  $79    AUD     101  Bannockburn Global Forex, LLC  2/16/2024   2 
Foreign currency forward contract  $76    AUD      98  Bannockburn Global Forex, LLC  3/18/2024   2 
Foreign currency forward contract  $8,365    AUD    10,746  Bannockburn Global Forex, LLC  3/18/2024   200 
                 $13 

12

 
MONROE CAPITAL INCOME PLUS CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)
(unaudited)
March 31, 2021
(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 the Company’s control of or affiliation with investments based on the level of control that the Company maintains in each 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”), Canadian dollar Offered rate (“CDOR” or “C”), or (“Prime” or “P”), each of which resets daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR, CDOR or Prime and the current contractual interest rate in effect at March 31, 2021. Certain investments are subject to a LIBOR, CDOR or Prime interest rate floor or interest rate cap. Certain investments contain a payment-in-kind (“PIK”) provision.
(d) Except as otherwise noted, all of the Company’s portfolio company investments, which as of March 31, 2021 represented 116.7% of the Company’s net assets or 92.9% 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 $193,292 as of March 31, 2021.
(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 March 31, 2021. 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 March 31, 2021, non-qualifying assets totaled 12.8% of the Company’s total assets.
(k) This is an international company.
(l) This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.
(m) This position was on non-accrual status as of March 31, 2021, 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.
(n) A portion of this loan (principal of $2,680) is held in the SPV as collateral for the Credit Facility.
(o) This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.
(p) 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.
(q) Represents less than 5% ownership of the portfolio company’s voting securities.
(r) Ownership of certain equity investments may occur through a holding company or partnership.
(s) Represents a non-income producing security. 
(t) As of March 31, 2021, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.
(u) As of March 31, 2021, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.
(v) 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.
n/a - not applicable
 
See Notes to Consolidated Financial Statements.

13

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 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   1,675   $1,668   $1,603    1.2%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+5.75%  6.75%  12/24/2019  7/25/2025   1,031    1,013    1,031    0.7%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+5.75%  6.75%  7/25/2019  7/25/2025   1,975    1,942    1,976    1.4%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (h)  L+5.75%  6.75%  7/25/2019  7/25/2024   316    79    79    0.1%
                 4,997    4,702    4,689    3.4%
Automotive                                 
Truck-Lite Co., LLC (g)   L+6.25%  7.25%  3/11/2020  12/14/2026   3,452    3,421    3,432    2.5%
Truck-Lite Co., LLC  L+6.25%  7.25%  3/11/2020  12/14/2026   512    512    508    0.4%
                 3,964    3,933    3,940    2.9%
Banking, Finance, Insurance & Real Estate                                 
300 N. Michigan Mezz, LLC (Delayed Draw) (g) (h) (i) (j)  L+14.50%  16.00% PIK   7/15/2020  7/15/2024   1,000    464    471    0.3%
777 SPV I, LLC (j)  L+8.50%  10.25%  4/15/2019  4/14/2023   1,555    1,543    1,587    1.2%
Avison Young (USA), Inc. (g) (j) (k)  L+5.00%  5.25%  4/26/2019  1/30/2026   1,965    1,949    1,868    1.3%
InsideRE Holdings, LLC and InsideRE, LLC (g)  L+6.00%  7.00%  9/9/2019  9/9/2024   2,963    2,917    2,992    2.2%
InsideRE Holdings, LLC and InsideRE, LLC (Revolver) (h)  L+6.00%  7.00%  9/9/2019  9/9/2024   429    —    —    0.0%
J2 BWA Funding, LLC (Delayed Draw) (h) (i) (j)  n/a  10.00%  12/24/2020  12/24/2026   2,850    —    —    0.0%
NCBP Property, LLC (j)  L+9.50%  10.50%  12/18/2020  12/16/2022   2,500    2,475    2,475    1.8%
US Claims Litigation Funding, LLC (Revolver) (h) (j)  L+8.75%  9.75%  11/30/2020  11/29/2024   1,500    850    850    0.6%
                 14,762    10,198    10,243    7.4%
Beverage, Food & Tobacco                                 
Huff Hispanic Food Holdings, LLC (g)  L+5.50%  6.50%  10/18/2019  10/18/2024   5,925    5,832    5,842    4.2%
Huff Hispanic Food Holdings, LLC  L+5.50%  6.50%  10/18/2019  10/18/2024   333    333    329    0.2%
Huff Hispanic Food Holdings, LLC (Revolver) (h)  L+5.50%  6.50%  10/18/2019  10/18/2024   1,286    429    423    0.3%
LX/JT Intermediate Holdings, Inc. (g)  L+6.00%  7.50%  3/11/2020  3/11/2025   5,839    5,738    5,740    4.2%
LX/JT Intermediate Holdings, Inc. (Revolver) (h)  L+6.00%  7.50%  3/11/2020  3/11/2025   500    —    —    0.0%