Attached files
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EX-32.1 - EXHIBIT 32.1 - Monroe Capital Income Plus Corp | tm2111700d1_ex32-1.htm |
EX-31.2 - EXHIBIT 31.2 - Monroe Capital Income Plus Corp | tm2111700d1_ex31-2.htm |
EX-31.1 - EXHIBIT 31.1 - Monroe Capital Income Plus Corp | tm2111700d1_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
2
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 | % | |||||||||||||||