Monroe Capital Income Plus Corp - FORM 10-Q - August 11, 2021

Attached files

file filename
EX-32.1 - EXHIBIT 32.1 - Monroe Capital Income Plus Corptm2118596d1_ex32-1.htm
EX-31.2 - EXHIBIT 31.2 - Monroe Capital Income Plus Corptm2118596d1_ex31-2.htm
EX-31.1 - EXHIBIT 31.1 - Monroe Capital Income Plus Corptm2118596d1_ex31-1.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION  

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

 

For the quarterly period ended June 30, 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   x    No   ¨

 

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

 

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

 

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

 

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

 

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

 

As of August 10, 2021, the registrant had 22,212,270 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 June 30, 2021 (unaudited) and December 31, 2020 3
     
  Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2021 and 2020 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited) 6
     
  Consolidated Schedules of Investments as of June 30, 2021 (unaudited) and December 31, 2020 7
     
  Notes to Consolidated Financial Statements (unaudited) 23
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 45
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 61
     
Item 4. Controls and Procedures 62
     
PART II. OTHER INFORMATION 63
     
Item 1. Legal Proceedings 63
     
Item 1A. Risk Factors 63
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67
     
Item 3. Defaults Upon Senior Securities 67
     
Item 4. Mine Safety Disclosures 67
     
Item 5. Other Information 67
     
Item 6. Exhibits 68
     
Signatures   69

 

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)

 

   June 30, 2021   December 31, 2020 
   (unaudited)     
ASSETS          
Investments at fair value (amortized cost of $341,155 and $190,144, respectively)  $346,226   $190,136 
Cash   14,387    2,443 
Restricted cash   8,613    3,677 
Interest receivable   1,610    899 
Other assets   574    191 
Total assets   371,410    197,346 
           
LIABILITIES          
Debt:          
   Revolving credit facility   148,100    58,900 
   Less: Unamortized deferred financing costs   (1,405)   (939)
    Total debt, less unamortized deferred financing costs   146,695    57,961 
Interest payable   733    426 
Unrealized loss on foreign currency forward contracts   31    157 
Management fees payable   537    93 
Incentive fees payable   1,181    — 
Accounts payable and accrued expenses   1,459    1,196 
Total liabilities   150,636    59,833 
Net assets  $220,774   $137,513 
           
Commitments and contingencies (See Note 10)          
           
ANALYSIS OF NET ASSETS          
Common stock, $0.001 par value, 100,000 shares authorized, 22,212 and 13,828 shares issued and outstanding, respectively  $22   $14 
Capital in excess of par value   217,714    135,636 
Accumulated undistributed (overdistributed) earnings   3,038    1,863 
Total net assets  $220,774   $137,513 
           
Net asset value per share  $9.94   $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 June 30,   Six months ended June 30, 
   2021   2020   2021   2020 
Investment income:                    
Interest and dividend income  $6,006   $3,250   $10,661   $5,939 
Total investment income   6,006    3,250    10,661    5,939 
                     
Operating expenses:                    
Interest and other debt financing expenses   914    621    1,613    1,166 
Base management fees   1,148    602    1,962    1,099 
Incentive fees   1,373    314    2,334    423 
Professional fees   175    99    264    181 
Administrative service fees   128    78    239    160 
General and administrative expenses   113    55    193    139 
Directors' fees   15    15    30    30 
Expenses before fee waivers   3,866    1,784    6,635    3,198 
Base management fee waiver   (611)   (336)   (1,425)   (596)
Incentive fee waiver   (610)   (314)   (1,153)   (555)
Total expenses, net of fee waivers   2,645    1,134    4,057    2,047 
Net investment income before income taxes   3,361    2,116    6,604    3,892 
Income taxes, including excise taxes   7    —    7    12 
Net investment income   3,354    2,116    6,597    3,880 
                     
Net gain (loss):                    
Net realized gain (loss):                    
Investments   29    —    72    — 
Foreign currency forward contracts   —    —    (3)   — 
Foreign currency and other transactions   (1)   —    (41)   — 
   Net realized gain (loss)   28    —    28    — 
                     
Net change in unrealized gain (loss):                    
Investments   2,357    2,134    5,079    (4,190)
Foreign currency forward contracts   (44)   —    126    — 
   Net change in unrealized gain (loss)   2,313    2,134    5,205    (4,190)
                     
Net gain (loss)   2,341    2,134    5,233    (4,190)
                     
Net increase (decrease) in net assets resulting from operations  $5,695   $4,250   $11,830   $(310)
                     
Per common share data:                    
Net investment income per share - basic and diluted  $0.16   $0.22   $0.37   $0.42 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted  $0.28   $0.44   $0.67   $(0.03)
Weighted average common shares outstanding - basic and diluted   20,589    9,770    17,704    9,321 

 

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 March 31, 2020   8,947   $     9   $89,442   $             (4,540)  $      84,911 
Net investment income   —    —    —    2,116    2,116 
Net change in unrealized gain (loss)   —    —    —    2,134    2,134 
Issuance of common stock   1,581    2    14,684    —    14,686 
Distributions declared to stockholders   —    —    —    (1,764)   (1,764)
Stock issued in connection with dividend reinvestment plan   53    —    507    —    507 
Balances at June 30, 2020   10,581   $11   $104,633   $(2,054)  $102,590 
                          
Balances at March 31, 2021   19,207   $19   $188,041   $5,232   $193,292 
Net investment income   —    —    —    3,354    3,354 
Net realized gain (loss)   —    —    —    28    28 
Net change in unrealized gain (loss)   —    —    —    2,313    2,313 
Issuance of common stock   2,792    3    27,534    —    27,537 
Distributions declared to stockholders   —    —    —    (7,889)   (7,889)
Stock issued in connection with dividend reinvestment plan   213    —    2,139    —    2,139 
Balances at June 30, 2021   22,212   $22   $217,714   $3,038   $220,774 

 

   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   —    —    —    3,880    3,880 
Net change in unrealized gain (loss)   —    —    —    (4,190)   (4,190)
Issuance of common stock   3,617    4    35,051    —    35,055 
Distributions declared to stockholders   —    —    —    (1,764)   (1,764)
Stock issued in connection with dividend reinvestment plan   89    —    864    —    864 
Balances at June 30, 2020   10,581   $11   $104,633   $(2,054)  $102,590 
                          
Balances at December 31, 2020   13,828   $14   $135,636   $1,863   $137,513 
Net investment income   —    —    —    6,597    6,597 
Net realized gain (loss)   —    —    —    28    28 
Net change in unrealized gain (loss)   —    —    —    5,205    5,205 
Issuance of common stock   8,094    8    79,168    —    79,176 
Distributions declared to stockholders   —    —    —    (10,655)   (10,655)
Stock issued in connection with dividend reinvestment plan   290    —    2,910    —    2,910 
Balances at June 30, 2021   22,212   $22   $217,714   $3,038   $220,774 

 

See Notes to Consolidated Financial Statements.

 

5

 

 

MONROE CAPITAL INCOME PLUS CORPORATION

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

   Six months ended June 30, 
   2021   2020 
Cash flows from operating activities:          
Net increase (decrease) in net assets resulting from operations  $11,830   $(310)
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    (72)   — 
Net realized (gain) loss on foreign currency forward contracts    3    — 
Net realized (gain) loss on foreign currency and other transactions    41    — 
Net change in unrealized (gain) loss on investments    (5,079)   4,190 
Net change in unrealized (gain) loss on foreign currency forward contracts    (126)   — 
Payment-in-kind interest income    (356)   (83)
Net accretion of discounts and amortization of premiums    (388)   (274)
Purchases of investments    (184,616)   (63,141)
Proceeds from principal payments and sale of investments and settlement of forward contracts   34,418    4,521 
Amortization of deferred financing costs    284    137 
Changes in operating assets and liabilities:           
Interest receivable    (711)   (276)
Due from affiliates    —    14 
Other assets    (383)   (71)
Interest payable    307    268 
Payable for unsettled trades    —    (828)
Management fees payable    444    (36)
Incentive fees payable    1,181    (132)
Accounts payable and accrued expenses    263    110 
Net cash provided by (used in) operating activities    (142,960)   (55,911)
           
Cash flows from financing activities:          
Borrowings on revolving credit facility    207,200    62,300 
Repayments of revolving credit facility    (118,000)   (36,800)
Payments of deferred financing costs    (750)   (880)
Proceeds from issuance of common shares    79,176    35,055 
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $2,910 and $864, respectively    (7,745)   (2,287)
Net cash provided by (used in) financing activities    159,881    57,388 
           
Net increase (decrease) in Cash and Restricted cash   16,921    1,477 
Effect of foreign currency exchange rates    (41)   — 
Cash and Restricted cash, beginning of period   6,120    4,064 
Cash and Restricted cash, end of period  $23,000   $5,541 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $1,022   $761 
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: 

 

   June 30, 2021   December 31, 2020 
Cash  $14,387   $         2,443 
Restricted cash   8,613    3,677 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $23,000   $6,120 

 

   June 30, 2020   December 31, 2019 
Cash  $2,332   $         2,223 
Restricted cash   3,209    1,841 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $5,541   $4,064 

 

See Notes to Consolidated Financial Statements.

 

 

6

 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

June 30, 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%  4.35%  5/2/2019  5/8/2026   1,666   $1,660   $1,646    0.7%
IMIA Holdings, Inc. (g)  L+6.00%  7.00%  4/9/2021  4/9/2027   4,646    4,556    4,646    2.1%
IMIA Holdings, Inc.(Revolver) (h)  L+6.00%  7.00%  4/9/2021  4/9/2027   342    —    —    0.0%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+6.00%  7.00%  7/25/2019  7/25/2025   1,965    1,936    1,964    0.9%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+6.00%  7.00%  12/24/2019  7/25/2025   1,026    1,010    1,025    0.5%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)  L+6.00%  7.00%  2/17/2021  7/25/2025   1,773    1,748    1,773    0.8%
SI Holdings, Inc. (Integrated Polymer Solutions) (g)   L+6.00%  7.00%  6/15/2021  7/25/2025   1,040    1,019    1,039    0.5%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver) (h)  L+6.00%  7.00%  7/25/2019  7/25/2024   316    79    79    0.0%
                 12,774    12,008    12,172    5.5%
Automotive                                 
Born To Run, LLC (g)  L+6.00%  7.00%  4/1/2021  4/1/2027   9,000    8,826    9,051    4.1%
Born To Run, LLC (Delayed Draw) (h) (i)  L+6.00%  7.00%  4/1/2021  4/1/2027   1,463    —    —    0.0%
Truck-Lite Co., LLC (g)  L+6.25%  7.25%  3/11/2020  12/14/2026   3,435    3,406    3,433    1.6%
Truck-Lite Co., LLC (g)   L+6.25%  7.25%  3/11/2020  12/14/2026   509    509    509    0.2%
                 14,407    12,741    12,993    5.9%
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    849    849    0.4%
Avison Young (USA), Inc. (g) (j) (k)  L+6.00%  6.15%  4/26/2019  1/30/2026   1,955    1,941    1,935    0.9%
InsideRE Holdings, LLC and InsideRE, LLC (g)  L+5.50%  6.50%  9/9/2019  9/9/2024   2,865    2,827    2,865    1.3%
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    277    0.1%
NCBP Property, LLC (j)  L+9.50%  10.50%  12/18/2020  12/16/2022   2,500    2,482    2,495    1.1%
Oceana Australian Fixed Income Trust (j) (k) (l)  n/a  10.75%  6/29/2021  6/29/2026   3,394    3,400    3,394    1.5%
Oceana Australian Fixed Income Trust (j) (k) (l)  n/a  11.50%  2/25/2021  2/25/2026   8,057    8,460    8,057    3.6%
StarCompliance MidCo, LLC (g)  L+6.75%  7.75%  1/12/2021  1/11/2027   3,000    2,945    2,996    1.4%
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    980    998    0.5%
W3 Monroe RE Debt LLC (j)  n/a  10.00% PIK   2/5/2021  2/4/2028   1,675    1,675    1,675    0.8%
                 29,709    25,836    25,541    11.6%
Beverage, Food & Tobacco                                 
Huff Hispanic Food Holdings, LLC (g)  L+5.50%  6.50%  10/18/2019  10/18/2024   5,895    5,814    5,780    2.6%
Huff Hispanic Food Holdings, LLC  L+5.50%  6.50%  10/18/2019  10/18/2024   333    333    327    0.1%
Huff Hispanic Food Holdings, LLC (Revolver) (h)  L+5.50%  6.50%  10/18/2019  10/18/2024   1,286    643    630    0.3%
LVF Holdings, Inc. (g)  L+6.25%  7.25%  6/10/2021  6/10/2027   3,500    3,430    3,430    1.6%
LVF Holdings, Inc. (Delayed Draw) (h) (i)  L+6.25%  7.25%  6/10/2021  6/10/2027   3,350    —    —    0.0%
LVF Holdings, Inc. (Delayed Draw) (h) (i)  L+6.25%  7.25%  6/10/2021  6/10/2027   802    —    —    0.0%
LVF Holdings, Inc. (Revolver) (h)  L+6.25%  7.25%  6/10/2021  6/10/2027   554    22    22    0.0%
LX/JT Intermediate Holdings, Inc. (g)  L+6.00%  7.50%  3/11/2020  3/11/2025   5,732    5,644    5,672    2.6%
LX/JT Intermediate Holdings, Inc. (Revolver) (h)  L+6.00%  7.50%  3/11/2020  3/11/2025   500    —    —    0.0%
                 21,952    15,886    15,861    7.2%
Capital Equipment                                 
MCP Shaw Acquisitionco, LLC (g)  L+6.50%  7.50%  2/28/2020  11/28/2025   7,899    7,776    7,879    3.6%
MCP Shaw Acquisitionco, LLC (Revolver) (h)  L+6.50%  7.50%  2/28/2020  11/28/2025   1,427    —    —    0.0%
                 9,326    7,776    7,879    3.6%
Construction & Building                                 
TCFIII Owl Buyer LLC (g)  L+6.00%  7.00%  4/19/2021  4/17/2026   4,500    4,424    4,500    2.0%
TCFIII Owl Buyer LLC (Delayed Draw) (h) (i)  L+6.00%  7.00%  4/19/2021  4/17/2026   5,488    4,130    4,130    1.9%
Premier Roofing, LLC (g)  L+6.50%  7.50%  8/31/2020  8/29/2025   3,483    3,424    3,481    1.6%
Premier Roofing, LLC (Revolver) (h)  L+6.50%  7.50%  8/31/2020  8/29/2025   1,199    479    479    0.2%
                 14,670    12,457    12,590    5.7%

 

7

 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)

(unaudited)

June 30, 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)		 
Consumer Goods: Non-Durable                                 
Arizona Natural Resources, LLC (g)  L+5.75%  6.75%  5/18/2021  5/18/2026   14,000   $13,725   $13,972    6.2%
Arizona Natural Resources, LLC (Revolver) (h)  L+5.75%  6.75%  5/18/2021  5/18/2026   1,111    —    —    0.0%
The Kyjen Company, LLC (g)  L+6.50%  7.50%  5/14/2021  4/3/2026   2,993    2,963    2,988    1.4%
The Kyjen Company, LLC (Revolver) (h)  L+6.50%  7.50%  5/14/2021  4/3/2026   315    129    129    0.1%
Thrasio, LLC (g)  L+7.00%  8.00%  12/18/2020  12/18/2026   2,985    2,916    3,030    1.4%
Thrasio, LLC (Delayed Draw) (h) (i)  L+7.00%  8.00%  12/18/2020  12/18/2026   1,980    600    609    0.3%
                 23,384    20,333    20,728    9.4%
Containers, Packaging & Glass                                 
Polychem Acquisition, LLC (g)  L+5.00%  5.50%  4/8/2019  3/17/2025   1,955    1,949    1,955    0.9%
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    76    0.0%
                 2,120    2,032    2,031    0.9%
Energy: Oil & Gas                                 
Fieldwood Energy, LLC (g)   P+4.25%  7.50%(m)  1/11/2020  4/11/2022   1,000    901    540    0.3%
Liquid Tech Solutions Holdings, LLC (g)  L+4.75%  5.50%  3/17/2021  3/17/2028   2,283    2,272    2,283    1.0%
Par Petroleum, LLC (g)  L+6.75%  6.94%  1/27/2020  1/12/2026   934    940    931    0.4%
                 4,217    4,113    3,754    1.7%
Environmental Industries                                 
Quest Resource Management Group, LLC (g)   L+7.50%  8.75%  10/19/2020  10/20/2025   995    929    1,030    0.5%
Quest Resource Management Group, LLC (Delayed Draw) (h) (i)  L+7.50%  8.75%  10/19/2020  10/20/2025   1,087    —    —    0.0%
                 2,082    929    1,030    0.5%
Healthcare & Pharmaceuticals                                 
Apotheco, LLC (g)  L+8.50%  6.50% Cash/
3.00% PIK		   4/8/2019  4/8/2024   1,797    1,776    1,675    0.8%
Apotheco, LLC (Revolver)  L+8.50%  6.50% Cash/
3.00% PIK		   4/8/2019  4/8/2024   470    470    439    0.2%
Appriss Health, LLC (g)  L+7.25%  8.25%  5/6/2021  5/6/2027   6,500    6,372    6,487    2.9%
Appriss Health, LLC (Revolver) (h)  L+7.25%  8.25%  5/6/2021  5/6/2027   433    —    —    0.0%
Ascent Midco, LLC (g)  L+5.50%  6.50%  2/5/2020  2/5/2025   2,295    2,261    2,318    1.0%
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   2,863    2,809    2,874    1.3%
Brickell Bay Acquisition Corp. (Delayed Draw) (h) (i)  L+7.00%  8.00%  2/12/2021  2/12/2026   573    —    —    0.0%
Caravel Autism Health, LLC (g)  L+5.75%  6.75%  6/30/2021  6/30/2027   8,000    7,840    7,840    3.5%
Caravel Autism Health, LLC (Delayed Draw) (h) (i)  L+5.75%  6.75%  6/30/2021  6/30/2027   6,000    —    —    0.0%
Caravel Autism Health, LLC (Revolver) (h)  L+5.75%  6.75%  6/30/2021  6/30/2027   2,000    —    —    0.0%
Dorado Acquisition, Inc. (g)  L+6.75%  7.75%  6/30/2021  6/30/2026   14,000    13,720    13,720    6.2%
Dorado Acquisition, Inc. (Delayed Draw) (h) (i)  L+6.75%  7.75%  6/30/2021  6/30/2026   606    —    —    0.0%
Dorado Acquisition, Inc. (Revolver) (h)  L+6.75%  7.75%  6/30/2021  6/30/2026   1,670    —    —    0.0%
INH Buyer, Inc. (g)  L+6.00%  7.00%  6/30/2021  6/28/2028   4,911    4,862    4,862    2.2%
QF Holdings, Inc. (g)  L+6.50%  7.50%  9/19/2019  9/19/2024   4,550    4,488    4,561    2.1%
QF Holdings, Inc. (g)  L+6.50%  7.50%  9/19/2019  9/19/2024   910    910    912    0.4%
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+6.25%  7.25%  12/31/2020  12/31/2025   1,995    1,959    1,993    0.9%
Seran BioScience, LLC (Revolver) (h)  L+6.25%  7.25%  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    4,933    5,000    2.3%
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%
                 68,948    52,556    52,837    23.9%

 

8

 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)

(unaudited)

June 30, 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   $5,347   $5,511    2.5%
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   11,970    11,739    12,048    5.5%
Instructure, Inc. (g)  L+5.50%  6.50%  3/24/2020  3/24/2026   8,384    8,303    8,418    3.8%
Instructure, Inc. (g)  L+5.50%  6.50%  12/22/2020  3/24/2026   763    739    766    0.4%
Instructure, Inc. (Revolver) (h)  L+7.00%  8.00%  3/24/2020  3/24/2026   697    —    —    0.0%
MarkLogic Corporation (g)  L+6.00%  7.00%  10/20/2020  10/20/2025   5,224    5,110    5,328    2.4%
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   1,839    1,815    1,808    0.8%
Mindbody, Inc. (Revolver) (h)  L+8.00%  9.00%  2/15/2019  2/14/2025   190    —    —    0.0%
Mockingbird Acquisitionco, Inc. (g)  L+6.00%  7.00%  10/1/2020  10/1/2025   3,840    3,772    3,839    1.7%
Mockingbird Acquisitionco, Inc. (Revolver) (h)  L+6.00%  7.00%  10/1/2020  10/1/2025   600    —    —    0.0%
Paysimple, Inc. (g)  L+5.50%  5.61%  4/13/2021  8/22/2025   1,496    1,496    1,489    0.7%
Recorded Future, Inc. (g)  L+6.00%  7.00%  7/3/2019  7/3/2025   3,667    3,615    3,703    1.7%
Recorded Future, Inc. (g)  L+6.00%  7.00%  3/26/2021  7/3/2025   5,893    5,822    6,011    2.7%
Recorded Future, Inc. (Revolver) (h)  L+6.00%  7.00%  7/3/2019  7/3/2025   440    —    —    0.0%
Securly, Inc. (g)  L+7.00%  8.00%  4/22/2021  4/22/2027   8,400    8,236    8,400    3.8%
Securly, Inc. (Delayed Draw) (h) (i)  L+7.00%  8.00%  4/22/2021  4/22/2027   1,938    —    —    0.0%
Securly, Inc. (Revolver) (h)  L+7.00%  8.00%  4/22/2021  4/22/2027   969    —    —    0.0%
Transact Holdings, Inc. (g)   L+4.75%  4.85%  4/18/2019  4/30/2026   737    728    733    0.3%
                 63,468    56,769    58,101    26.3%
Hotels, Gaming & Leisure                                 
Equine Network, LLC (g)  L+8.00%  9.00%  12/31/2020  12/31/2025   1,496    1,466    1,506    0.7%
Equine Network, LLC (g)  L+8.00%  9.00%  1/29/2021  12/31/2025   679    666    683    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%
                 2,687    2,132    2,189    1.0%
Media: Advertising, Printing & Publishing                                 
Digital Room Holdings, Inc. (g)  L+5.00%  5.20%  5/9/2019  5/21/2026   2,170    2,151    2,170    1.0%
North Haven USHC Acquisition, Inc. (g)  L+6.00%  7.00%  10/30/2020  10/30/2025   2,488    2,443    2,512    1.1%
North Haven USHC Acquisition, Inc. (Delayed Draw) (h) (i)  P+5.00%  8.25%  3/12/2021  10/30/2025   721    206    208    0.1%
North Haven USHC Acquisition, Inc. (Revolver) (h)  L+6.00%  7.00%  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   4,693    4,685    4,576    2.1%
Relevate Health Group, LLC (g)  L+6.25%  7.25%  11/20/2020  11/20/2025   1,995    1,960    2,035    0.9%
Relevate Health Group, LLC (Delayed Draw) (h) (i)  L+6.25%  7.25%  11/20/2020  11/20/2025   1,050    893    910    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   2,469    2,432    2,477    1.1%
XanEdu Publishing, Inc. (Revolver) (h)  L+6.50%  7.50%  1/28/2020  1/28/2025   651    —    —    0.0%
                 16,898    14,770    14,888    6.7%
Media: Broadcasting & Subscription                                 
Vice Group Holding, Inc.  L+12.00%  5.50% Cash/
8.00% PIK		   5/2/2019  11/2/2022   1,099    1,095    1,099    0.5%
Vice Group Holding, Inc.  L+12.00%  5.50% Cash/
8.00% PIK		   11/4/2019  11/2/2022   211    211    211    0.1%
Vice Group Holding, Inc.  L+12.00%  5.50% Cash/
8.00% PIK		   5/2/2019  11/2/2022   345    345    345    0.1%
Vice Group Holding, Inc.  L+12.00%  5.50% Cash/
8.00% PIK		   5/2/2019  11/2/2022   130    130    130    0.1%
                 1,785    1,781    1,785    0.8%
Media: Diversified & Production                                 
Crownpeak Technology, Inc. (g)  L+6.25%  7.25%  2/28/2019  2/28/2024   1,000    989    1,000    0.4%
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%
EveryAction, Inc. (g)  L+7.00%  8.00%  4/30/2021  4/30/2027   15,587    15,290    15,587    7.1%
EveryAction, Inc. (Revolver) (h)  L+7.00%  8.00%  4/30/2021  4/30/2027   952    —    —    0.0%
Streamland Media MidCo, LLC (g)  L+8.25%  7.75% Cash/
1.50% PIK		   8/26/2019  8/31/2023   1,998    1,974    1,978    0.9%
                 19,594    18,268    18,580    8.4%

 

9

 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)

(unaudited)

June 30, 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)		 
Metals & Mining                                 
Alpha Metallurgical Resources, Inc. (fka Contura Energy, Inc.) (g)  L+8.00%  10.00%  1/15/2020  6/14/2024   985   $859   $874    0.4%
                 985    859    874    0.4%
Services: Business                                 
Aras Corporation (g)  L+7.00%  8.00%  4/13/2021  4/13/2027   3,250    3,187    3,289    1.5%
Aras Corporation (Delayed Draw) (h) (i)  L+7.00%  8.00%  4/13/2021  4/13/2027   433    —    —    0.0%
Aras Corporation (Revolver) (h)  L+7.00%  8.00%  4/13/2021  4/13/2027   325    —    —    0.0%
Argano, LLC (Delayed Draw) (g) (h) (i)  L+5.50%  6.50%  6/10/2021  6/10/2026   9,100    6,427    6,474    2.9%
Argano, LLC (Delayed Draw) (h) (i)  L+5.50%  6.50%  6/10/2021  6/10/2026   4,009    —    —    0.0%
Argano, LLC (Revolver) (h)  L+5.50%  6.50%  6/10/2021  6/10/2026   965    —    —    0.0%
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    6,890    6,937    3.2%
Governmentjobs.com, Inc. (Revolver) (h)  L+6.50%  7.50%  2/5/2020  2/5/2026   933    70    69    0.0%
Guidehouse LLP (g)  L+4.00%  4.10%  3/23/2021  5/1/2025   1,197    1,198    1,198    0.5%
HS4 Acquistionco, Inc. (g)  L+6.75%  7.75%  7/9/2019  7/9/2025   4,000    3,942    3,960    1.8%
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   2,886    2,847    2,900    1.3%
Kaseya, Inc. (g)  L+7.00%  5.00% Cash/
3.00% PIK		   5/3/2019  5/2/2025   306    306    307    0.1%
Kaseya, Inc. (Delayed Draw) (h) (i)  L+7.00%  5.00% Cash/
3.00% PIK		   3/4/2020  3/4/2022   275    110    111    0.1%
Kaseya, Inc. (Revolver) (h)  L+6.50%  7.50%  5/3/2019  5/2/2025   211    103    103    0.0%
Relativity ODA LLC (g)  L+7.50%  8.50% PIK   5/12/2021  5/12/2027   4,535    4,424    4,517    2.0%
Relativity ODA LLC (Revolver) (h)  L+7.50%  8.50% PIK   5/12/2021  5/12/2027   450    —    —    0.0%
Skillsoft Corp. (fka Software Luxembourg Acquisition S.A.R.L) (g) (j)  L+7.50%  8.50%  8/3/2020  12/27/2024   384    373    385    0.2%
                 41,766    31,015    31,397    14.2%
Services: Consumer                                 
Express Wash Acquisition Company, LLC (g)  L+6.50%  7.50%  12/28/2020  12/26/2025   3,605    3,547    3,587    1.6%
Express Wash Acquisition Company, LLC (Revolver) (h)  L+6.50%  7.50%  12/28/2020  12/26/2025   1,120    —    —    0.0%
IDIG Parent, LLC (g)  L+6.50%  7.50%  12/15/2020  12/15/2026   4,348    4,269    4,354    2.0%
IDIG Parent, LLC (Delayed Draw) (h) (i)  L+6.00%  7.00%  12/15/2020  12/15/2026   720    —    —    0.0%
IDIG Parent, LLC (Revolver) (h)  L+6.00%  7.00%  12/15/2020  12/15/2026   336    —    —    0.0%
Light Wave Dental Management, LLC (o)  L+6.25%  7.25%  8/1/2019  1/2/2024   4,271    4,247    4,258    1.9%
Light Wave Dental Management, LLC (Delayed Draw) (h) (i)  L+6.25%  7.25%  5/3/2021  1/2/2024   2,562    1,550    1,546    0.7%
Light Wave Dental Management, LLC (Revolver) (h)  L+6.25%  7.25%  5/3/2021  1/2/2024   320    —    —    0.0%
                 17,282    13,613    13,745    6.2%
Telecommunications                                 
Calabrio, Inc. (g)  L+7.00%  8.00%  4/16/2021  4/16/2027   8,000    7,805    8,000    3.6%
Calabrio, Inc. (Revolver) (h)  L+7.00%  8.00%  4/16/2021  4/16/2027   963    —    —    0.0%
DataOnline Corp. (g)  L+6.25%  7.25%  11/13/2019  11/13/2025   6,403    6,297    6,315    2.9%
DataOnline Corp. (Revolver) (h)  L+6.25%  7.25%  11/13/2019  11/13/2025   844    718    718    0.3%
Sandvine Corporation (g)  L+4.50%  4.60%  3/8/2021  10/31/2025   1,159    1,159    1,161    0.5%
                 17,369    15,979    16,194    7.3%
Transportation: Cargo                                 
Complete Innovations, Inc. (j) (k) (p)  C+6.75%  7.75%  12/16/2020  12/16/2025   8,873    8,477    9,057    4.1%
Complete Innovations, Inc. (Delayed Draw) (h) (i) (j) (k) (p)  C+6.75%  7.75%  12/16/2020  12/16/2025   1,298    271    276    0.1%
Pasha Group (g)   L+8.00%  9.00%  2/25/2020  1/26/2023   1,322    1,325    1,312    0.6%
                 11,493    10,073    10,645    4.8%
Wholesale                                 
S&S Holdings LLC (g)  L+5.00%  5.50%  3/10/2021  3/10/2028   2,993    2,904    2,978    1.4%
                 2,993    2,904    2,978    1.4%
Total Senior Secured Loans                399,909    334,830    338,792    153.4%

 

10

 

 

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS — (continued)

(unaudited)

June 30, 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)		 
Unitranche Secured Loans (q)                                 
Telecommunications                                 
VB E1, LLC (Delayed Draw) (g) (h) (i)  L+8.50%  9.00%  11/18/2020  11/18/2026   3,000   $1,466   $1,474    0.7%
                 3,000    1,466    1,474    0.7%
Total Unitranche Secured Loans                3,000    1,466    1,474    0.7%
                                  
Junior Secured Loans                                 
Services: Business                                 
Skillsoft Corp. (fka Software Luxembourg Acquisition S.A.R.L) (g) (j)  L+7.50%  8.50%  1/28/2020  4/25/2025   468    346    469    0.2%
                 468    346    469    0.2%
Total Junior Secured Loans                468    346    469    0.2%
                                  
Equity Securities (r) (s)