Company Quick10K Filing
Monroe Capital
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-03
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-05
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
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10-K 2017-12-31 Filed 2018-03-14
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-07
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-07
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-13
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-08
8-K 2020-06-17
8-K 2020-05-21
8-K 2020-05-08
8-K 2020-05-08
8-K 2020-04-22
8-K 2020-03-03
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8-K 2019-12-02
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8-K 2019-09-03
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8-K 2019-05-31
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8-K 2019-03-20
8-K 2019-03-01
8-K 2019-02-15
8-K 2018-11-30
8-K 2018-11-06
8-K 2018-10-24
8-K 2018-08-31
8-K 2018-08-07
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8-K 2018-06-20
8-K 2018-06-01
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8-K 2018-04-25
8-K 2018-03-27
8-K 2018-03-14
8-K 2018-03-01
8-K 2018-02-21

MRCC 10Q Quarterly Report

Part I. Financial Information
Item 1. Consolidated Financial Statements
Note 1. Organization and Principal Business
Note 2. Summary of Significant Accounting Policies
Note 3. Investments
Note 4. Fair Value Measurements
Note 5. Transactions with Affiliated Companies
Note 6. Transactions with Related Parties
Note 7. Borrowings
Note 8. Derivative Instruments
Note 9. Distributions
Note 10. Stock Issuances and Repurchases
Note 11. Commitments and Contingencies
Note 12. Financial Highlights
Note 13. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 tm2015461d1_ex31-1.htm
EX-31.2 tm2015461d1_ex31-2.htm
EX-32.1 tm2015461d1_ex32-1.htm

Monroe Capital Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 tm2015461d1_10q.htm FORM 10-Q

 

 

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 March 31, 2020

 

OR

 

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

 

Commission file number: 814-00866

 

MONROE CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Maryland 27-4895840
(State or Other Jurisdiction of
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
Common Stock, par value $0.001 per share
5.75% Notes due 2023
  MRCC
MRCCL
  The Nasdaq Global Select Market
The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  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 x
       
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 x

 

As of May 7, 2020, the registrant had 20,444,564 shares of common stock, $0.001 par value, outstanding.

 

 

 

 

 

TABLE OF CONTENTS

 

    Page
PART I. FINANCIAL INFORMATION  
     
Item 1. Consolidated Financial Statements 3
     
  Consolidated Statements of Assets and Liabilities as of March 31, 2020 (unaudited) and December 31, 2019 3
     
  Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited) 4
     
  Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 and 2019 (unaudited) 5
     
  Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited) 6
     
  Consolidated Schedules of Investments as of March 31, 2020 (unaudited) and December 31, 2019 7
     
  Notes to Consolidated Financial Statements (unaudited) 20
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 45
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 64
     
Item 4. Controls and Procedures 64
     
PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings 65
     
Item 1A. Risk Factors 65
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69
     
Item 3. Defaults Upon Senior Securities 69
     
Item 4. Mine Safety Disclosures 69
     
Item 5. Other Information 69
     
Item 6. Exhibits 70
     
Signatures   71

 

 2 

 

 

Part I. Financial Information

Item 1. Consolidated Financial Statements

 

MONROE CAPITAL CORPORATION

 

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

 

   March 31, 2020   December 31, 2019 
   (unaudited)     
ASSETS        
Investments, at fair value:          
Non-controlled/non-affiliate company investments  $501,494   $513,959 
Non-controlled affiliate company investments   58,018    59,860 
Controlled affiliate company investments   31,325    42,412 
Total investments, at fair value (amortized cost of: $654,491 and $634,736, respectively)   590,837    616,231 
Cash   9,320    2,234 
Restricted cash   9,892    27,409 
Unrealized gain on foreign currency forward contracts   39     
Interest receivable   9,568    8,689 
Other assets   759    495 
Total assets   620,415    655,058 
           
LIABILITIES          
Debt:          
Revolving credit facility   192,046    180,294 
2023 Notes   109,000    109,000 
SBA debentures payable   115,000    115,000 
Total debt   416,046    404,294 
Less:  Unamortized deferred financing costs   (7,569)   (8,053)
Total debt, less unamortized deferred financing costs   408,477    396,241 
Interest payable   1,807    2,763 
Unrealized loss on foreign currency forward contracts       59 
Management fees payable   2,551    2,751 
Incentive fees payable       1,374 
Accounts payable and accrued expenses   2,193    2,513 
Directors' fees payable   35     
Total liabilities   415,063    405,701 
Net assets  $205,352   $249,357 
           
Commitments and contingencies (See Note 11)          
           
ANALYSIS OF NET ASSETS          
Common stock, $0.001 par value, 100,000 shares authorized,
20,445 and 20,445 shares issued and outstanding, respectively
  $20   $20 
Capital in excess of par value   288,850    288,850 
Accumulated undistributed (overdistributed) earnings   (83,518)   (39,513)
Total net assets  $205,352   $249,357 
           
Net asset value per share  $10.04   $12.20 

 

See Notes to Consolidated Financial Statements.

 

 3 

 

 

MONROE CAPITAL CORPORATION

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

   Three months ended March 31, 
   2020   2019 
Investment income:          
Non-controlled/non-affiliate company investments:          
Interest income  $12,347   $12,830 
Payment-in-kind interest income   71    98 
Dividend income   16    13 
Fee income   198    569 
Total investment income from non-controlled/non-affiliate company investments   12,632    13,510 
Non-controlled affiliate company investments:          
Interest income   190    923 
Dividend income   25     
Payment-in-kind interest income   1,005    956 
Total investment income from non-controlled affiliate company investments   1,220    1,879 
Controlled affiliate company investments:          
Dividend income   1,150    770 
Total investment income from controlled affiliate company investments   1,150    770 
Total investment income   15,002    16,159 
           
Operating expenses:          
Interest and other debt financing expenses   4,830    4,354 
Base management fees   2,551    2,521 
Incentive fees       1,600 
Professional fees   215    289 
Administrative service fees   338    347 
General and administrative expenses   231    227 
Directors' fees   35    35 
Expenses before incentive fee waiver   8,200    9,373 
Incentive fee waiver       (281)
Total expenses, net of incentive fee waiver   8,200    9,092 
Net investment income before income taxes   6,802    7,067 
Income taxes, including excise taxes   20    (7)
Net investment income   6,782    7,074 
           
Net gain (loss):          
Net realized gain (loss):          
Non-controlled/non-affiliate company investments   94     
Foreign currency forward contracts   (4)   (8)
Foreign currency and other transactions   (15)   (1)
Net realized gain (loss)   75    (9)
           
Net change in unrealized gain (loss):          
Non-controlled/non-affiliate company investments   (20,355)   2,288 
Non-controlled affiliate company investments   (13,707)   (1,754)
Controlled affiliate company investments   (11,087)   323 
Foreign currency forward contracts   98    (65)
Foreign currency and other transactions   1,344    (416)
Net change in unrealized gain (loss)   (43,707)   376 
           
Net gain (loss)   (43,632)   367 
           
Net increase (decrease) in net assets resulting from operations  $(36,850)  $7,441 
           
Per common share data:          
Net investment income per share - basic and diluted  $0.33   $0.35 
Net increase (decrease) in net assets resulting from operations per share - basic and diluted  $(1.81)  $0.36 
Weighted average common shares outstanding - basic and diluted   20,445    20,445 

 

See Notes to Consolidated Financial Statements.

 

 4 

 

 

MONROE CAPITAL CORPORATION

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)

 

    Common Stock                    
    Number of
shares
    Par
value
   

Capital in

excess

of par value

   

Accumulated

undistributed

(overdistributed)

earnings

   

Total

net assets

 
Balances at December 31, 2018     20,445     $ 20     $ 288,911     $ (30,164 )   $ 258,767  
Net investment income                       7,074       7,074  
Net realized gain (loss)                       (9 )     (9 )
Net change in unrealized gain (loss)                       376       376  
Distributions to stockholders                       (7,156 )     (7,156 )
Balances at March 31, 2019     20,445     $ 20     $ 288,911     $ (29,879 )   $ 259,052  
                                         
Balances at December 31, 2019     20,445     $ 20   $ 288,850     $ (39,513 )   $ 249,357  
Net investment income                       6,782       6,782  
Net realized gain (loss)                       75       75  
Net change in unrealized gain (loss)                       (43,707 )     (43,707 )
Distributions to stockholders                       (7,155 )     (7,155 )
Balances at March 31, 2020     20,445     $ 20     $ 288,850     $ (83,518 )   $ 205,352  

 

See Notes to Consolidated Financial Statements.

 

 5 

 

 

MONROE CAPITAL CORPORATION

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

    Three months ended March 31,  
    2020     2019  
             
Cash flows from operating activities:                
Net increase (decrease) in net assets resulting from operations   $ (36,850 )   $ 7,441  
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     (94 )      
Net realized (gain) loss on foreign currency forward contracts     4       8  
Net realized (gain) loss on foreign currency and other transactions     15       1  
Net change in unrealized (gain) loss on investments     45,149       (857 )
Net change in unrealized (gain) loss on foreign currency forward contracts     (98 )     65  
Net change in unrealized (gain) loss on foreign currency and other transactions     (1,344 )     416  
Payment-in-kind interest income     (1,076 )     (1,054 )
Net accretion of discounts and amortization of premiums     (344 )     (426 )
Purchases of investments     (71,088 )     (70,122 )
Proceeds from principal payments, sales of investments and settlement of forward contracts     52,843       29,127  
Amortization of deferred financing costs     484       433  
Changes in operating assets and liabilities:                
Interest receivable     (879 )     (1,202 )
Other assets     (264 )     104  
Interest payable     (956 )     (618 )
Management fees payable     (200 )     203  
Incentive fees payable     (1,374 )     1,319  
Accounts payable and accrued expenses     (320 )     99  
Directors' fees payable     35       35  
Net cash provided by (used in) operating activities     (16,357 )     (35,028 )
                 
Cash flows from financing activities:                
Borrowings on revolving credit facility     51,700       210,850  
Repayments of revolving credit facility     (38,600 )     (200,950 )
Proceeds from 2023 Notes           40,000  
Payments of deferred financing costs           (3,436 )
Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $0 and $0, respectively     (7,155 )     (7,156 )
Net cash provided by (used in) financing activities     5,945       39,308  
                 
Net increase (decrease) in Cash and Restricted Cash     (10,412 )     4,280  
Effect of foreign currency exchange rates     (19 )     (1 )
Cash and Restricted Cash, beginning of period     29,643       17,726  
Cash and Restricted Cash, end of period   $ 19,212     $ 22,005  
                 
Supplemental disclosure of cash flow information:                
Cash interest paid during the period   $ 5,294     $ 4,845  
Cash paid (refund received) for excise taxes during the period   $ 85     $ 130  

  

 

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, 2020   December 31, 2019 
Cash  $9,320   $2,234 
Restricted cash   9,892    27,409 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $19,212   $29,643 
           

 

   March 31, 2019   December 31, 2018 
Cash  $4,690   $3,744 
Restricted cash   17,315    13,982 
Total cash and restricted cash shown on the Consolidated Statements of Cash Flows  $22,005   $17,726 

 

See Notes to Consolidated Financial Statements.

 

 6 

 

 MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

March 31, 2020

(in thousands, except for shares and units)

                                   

Portfolio Company (a)  Spread
Above
Index (b)
  Interest
Rate
   Acquisition
Date (c) 
  Maturity    Principal   Amortized
Cost
   Fair
Value (d)
   % of
Net Assets (e)
 
Non-Controlled/Non-Affiliate Company Investments                              
Senior Secured Loans                              
Automotive                              
Hastings Manufacturing Company   L+10.25%  9.25% Cash/
2.00% PIK
   4/24/2018  4/24/2023     2,812   $2,773   $2,709    1.3%
Magneto & Diesel Acquisition, Inc.   L+5.50%  6.50%    12/18/2018  12/18/2023     4,937    4,869    4,671    2.3%
Magneto & Diesel Acquisition, Inc. (Revolver) (f)   L+5.50%  6.50%    12/18/2018  12/18/2023     500    250    236    0.1%
                    8,249    7,892    7,616    3.7%
Banking, Finance, Insurance & Real Estate                                    
777 SPV I, LLC (Delayed Draw) (g) (h)   L+8.50%  10.25%    4/15/2019  4/14/2023     5,204    5,152    5,217    2.5%
Echelon Funding I, LLC (h)   L+10.25%  11.83%    12/31/2019  1/11/2021     2,004    2,004    2,004    1.0%
Echelon Funding I, LLC (Delayed Draw) (f) (g) (h)   L+10.25%  11.83%    2/24/2017  1/11/2021     14,175    8,844    8,842    4.3%
HFZ Capital Group, LLC (h)   L+12.50%  14.41%    10/20/2017  11/25/2020     18,000    18,000    17,800    8.7%
HFZ Member RB Portfolio, LLC (h)   L+12.00%  13.91%    10/30/2018  10/29/2021     9,780    9,767    9,639    4.7%
Kudu Investment Holdings, LLC (h)   L+6.25%  7.70%    12/23/2019  12/23/2025     5,500    5,407    5,372    2.6%
Kudu Investment Holdings, LLC (Delayed Draw) (f) (g) (h)   L+6.25%  7.68%    12/23/2019  12/23/2025     3,667    1,158    1,131    0.6%
Kudu Investment Holdings, LLC (Revolver) (f) (h)   L+6.25%  7.70%    12/23/2019  12/23/2025     482            0.0%
Liftforward SPV II, LLC (h)   L+10.75%  11.74%    11/10/2016  11/10/2020     2,568    2,565    2,556    1.2%
PKS Holdings, LLC (h)   L+15.00%  16.58%    11/30/2017  11/30/2022     1,645    1,514    1,661    0.8%
PKS Holdings, LLC (Revolver) (f) (h)   L+15.00%  16.58%    11/30/2017  11/30/2022     80            0.0%
TCP-NG (U.S.), LLC (h)   L+7.25%  8.75%    8/23/2019  8/22/2024     2,850    2,808    2,769    1.3%
TCP-NG (U.S.), LLC (Revolver) (f) (h)   L+7.25%  8.75%    8/23/2019  8/22/2024     180            0.0%
                    66,135    57,219    56,991    27.7%
Beverage, Food & Tobacco                                    
California Pizza Kitchen, Inc.   L+6.00%  7.62%    8/19/2016  8/23/2022     6,755    6,724    3,415    1.6%
LX/JT Intermediate Holdings, Inc. (i)   L+6.00%  7.50%    3/11/2020  3/11/2025     10,000    9,801    9,800    4.8%
LX/JT Intermediate Holdings, Inc. (Revolver) (f)   L+6.00%  7.50%    3/11/2020  3/11/2025     833            0.0%
Toojay's Management, LLC   L+5.50%  6.50%    10/26/2018  10/26/2022     3,465    3,417    3,224    1.6%
Toojay's Management, LLC   L+5.50%  6.50%    10/26/2018  10/26/2022     475    475    442    0.2%
Toojay's Management, LLC (Revolver)   L+5.50%  6.50%    10/26/2018  10/26/2022     159    159    148    0.1%
                    21,687    20,576    17,029    8.3%
Capital Equipment                                    
MCP Shaw Acquisitionco, LLC (i)   L+6.50%  8.11%    2/28/2020  11/28/2025     10,000    9,804    9,790    4.8%
MCP Shaw Acquisitionco, LLC (Revolver)   L+6.50%  8.02%    2/28/2020  11/28/2025     1,784    1,784    1,746    0.8%
                    11,784    11,588    11,536    5.6%
Chemicals, Plastics & Rubber                                    
Midwest Composite Technologies, LLC (i)   L+6.75%  7.75%    12/2/2019  8/31/2023     14,925    14,648    14,081    6.9%
Midwest Composite Technologies, LLC   L+6.75%  7.75%    8/31/2018  8/31/2023     887    873    836    0.4%
Midwest Composite Technologies, LLC (Delayed Draw) (f) (g)   L+6.75%  7.75%    8/31/2018  8/31/2023     509    59    56    0.0%
Midwest Composite Technologies, LLC (Revolver)   L+6.75%  7.75%    8/31/2018  8/31/2023     90    90    85    0.0%
Valudor Products, LLC   L+7.50%  8.50%    6/18/2018  6/19/2023     1,553    1,531    1,479    0.7%
Valudor Products, LLC (j)   L+7.50%  8.50%    6/18/2018  6/19/2023     211    206    200    0.1%
Valudor Products, LLC (Revolver) (f)   L+9.50%  10.50%    6/18/2018  6/19/2023     818    401    384    0.2%
                    18,993    17,808    17,121    8.3%
Construction & Building                                    
Cali Bamboo, LLC   L+7.00%  7.99%    7/10/2015  7/10/2020     7,834    7,817    7,161    3.5%
Cali Bamboo, LLC (Revolver) (f)   L+7.00%  7.99%    7/10/2015  7/10/2020     2,165    930    850    0.4%
Dude Solutions Holdings, Inc.   L+7.50%  8.57%    6/14/2019  6/13/2025     10,000    9,794    9,830    4.8%
Dude Solutions Holdings, Inc. (Revolver) (f)   L+7.50%  8.57%    6/14/2019  6/13/2025     1,304    348    342    0.2%
                    21,303    18,889    18,183    8.9%
Consumer Goods: Durable                                    
Franchise Group Intermediate Holdco, LLC   L+9.00%  10.65%    2/24/2020  2/14/2025     4,000    3,922    3,852    1.9%
Nova Wildcat Amerock, LLC   L+5.75%  6.75%    10/12/2018  10/12/2023     9,078    8,939    8,785    4.3%
Nova Wildcat Amerock, LLC (Revolver) (f)   L+5.75%  6.75%    10/12/2018  10/12/2023     931    466    451    0.2%
Parterre Flooring & Surface Systems, LLC (i)   L+9.00%  10.00%    8/22/2017  8/22/2022     7,920    7,835    6,130    3.0%
Parterre Flooring & Surface Systems, LLC (Revolver)   L+9.00%  10.00%    8/22/2017  8/22/2022     696    696    539    0.3%
                    22,625    21,858    19,757    9.7%
Consumer Goods: Non-Durable                                    
Quirch Foods Holdings, LLC   L+6.00%  6.96%    2/14/2019  12/19/2025     1,975    1,958    1,728    0.8%
                    1,975    1,958    1,728    0.8%
Energy: Oil & Gas                                    
BJ Services, LLC   L+7.00%  8.50%    1/28/2019  1/3/2023     4,275    4,243    4,203    2.0%
                    4,275    4,243    4,203    2.0%
Environmental Industries                                    
StormTrap, LLC   L+5.50%  6.50%    12/10/2018  12/8/2023     7,920    7,810    7,400    3.6%
StormTrap, LLC (Revolver) (f)   L+5.50%  6.50%    12/10/2018  12/8/2023     432            0.0%
Synergy Environmental Corporation (i)   L+8.00%  8.99%    4/29/2016  9/30/2021     2,893    2,872    2,852    1.4%
Synergy Environmental Corporation (i)   L+8.00%  8.99%    4/29/2016  9/30/2021     484    480    477    0.2%
Synergy Environmental Corporation   L+8.00%  8.99%    4/29/2016  9/30/2021     827    827    815    0.4%
Synergy Environmental Corporation (Revolver) (f)   L+8.00%  8.99%    4/29/2016  9/30/2021     671    270    266    0.1%
                    13,227    12,259    11,810    5.7%

 

 7 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2020

(in thousands, except for shares and units)

 

Portfolio Company (a)  Spread
Above
Index (b)
  Interest
Rate
   Acquisition
Date (c) 
  Maturity    Principal   Amortized
Cost
   Fair
Value (d)
   % of
Net Assets (e)
 
Healthcare & Pharmaceuticals                                    
American Optics Holdco, Inc. (h) (k)   L+7.00%  8.00%    9/13/2017  9/13/2022     4,210   4,163   $4,184    2.0%
American Optics Holdco, Inc. (h) (k)   L+7.00%  8.00%    9/13/2017  9/13/2022     1,637    1,616    1,627    0.8%
American Optics Holdco, Inc. (Revolver) (f) (h) (k)   L+7.00%  8.00%    9/13/2017  9/13/2022     440            0.0%
American Optics Holdco, Inc. (Revolver) (f) (h) (k)   L+7.00%  8.00%    9/13/2017  9/13/2022     440            0.0%
Apotheco, LLC   L+5.50%  6.50%    4/8/2019  4/8/2024     3,474    3,415    3,233    1.6%
Apotheco, LLC (Delayed Draw) (f) (g)   L+5.50%  6.50%    4/8/2019  4/8/2024     1,647            0.0%
Apotheco, LLC (Revolver)   L+5.50%  6.50%    4/8/2019  4/8/2024     909    909    846    0.4%
Familia Dental Group Holdings, LLC (i)   L+8.75%  9.00% Cash/
0.75% PIK
   4/8/2016  4/8/2021     5,030    5,008    4,438    2.2%
Familia Dental Group Holdings, LLC   L+8.75%  9.00% Cash/
0.75% PIK
   4/8/2016  4/8/2021     484    484    427    0.2%
Familia Dental Group Holdings, LLC (Revolver) (f)   L+8.75%  9.00% Cash/
0.75% PIK
   4/8/2016  4/8/2021     573    373    329    0.2%
Rockdale Blackhawk, LLC (DIP Facility)   n/a  15.10%    8/30/2018   n/a (l)   198    198    198    0.1%
Rockdale Blackhawk, LLC (DIP Facility)   n/a  15.10%    8/6/2018   n/a (l)   8,877    8,877    10,169    5.0%
Rockdale Blackhawk, LLC   L+13.00%  14.00% (m)  3/31/2015   n/a (l)   10,923    10,465    19,188    9.3%
                    38,842    35,508    44,639    21.8%
High Tech Industries                                    
Mindbody, Inc.   L+7.00%  8.00%    2/15/2019  2/14/2025     6,333    6,229    6,023    2.9%
Mindbody, Inc. (Revolver)   L+7.00%  8.07%    2/15/2019  2/14/2025     667    667    634    0.3%
Mnine Holdings, Inc.   P+7.75% 11.00%    11/2/2018  11/2/2023     10,587    10,463    10,303    5.0%
Mnine Holdings, Inc. (Revolver) (f)   P+3.00%  6.25%    1/17/2020  11/2/2023     533    20    18    0.0%
Newforma, Inc. (i)   L+5.50%  6.95%    6/30/2017  6/30/2022     13,157    13,057    13,048    6.4%
Newforma, Inc. (Revolver) (f)   L+5.50%  6.95%    6/30/2017  6/30/2022     1,250            0.0%
Planful, Inc.   L+6.00%  7.58%    12/28/2018  12/28/2023     9,500    9,349    9,239    4.5%
Planful, Inc. (Revolver)   L+6.00%  7.00%    12/28/2018  12/28/2023     442    442    430    0.2%
Prototek Sheetmetal Fabrication, LLC   L+7.50%  8.50%    6/27/2019  12/12/2022     1,592    1,566    1,550    0.8%
Prototek Sheetmetal Fabrication, LLC   L+7.50%  8.50%    12/11/2017  12/12/2022     3,351    3,311    3,263    1.6%
Prototek Sheetmetal Fabrication, LLC   L+7.50%  8.50%    12/11/2017  12/12/2022     2,289    2,289    2,230    1.1%
Prototek Sheetmetal Fabrication, LLC (Revolver)   L+7.50%  8.50%    12/11/2017  12/12/2022     233    233    227    0.1%
Recorded Future, Inc.   L+6.25%  7.25%    7/3/2019  7/3/2025     7,333    7,198    7,347    3.6%
Recorded Future, Inc. (Delayed Draw) (f) (g)   L+6.25%  7.25%    7/3/2019  7/3/2025     587            0.0%
Recorded Future, Inc. (Revolver) (f)   L+6.25%  7.25%    7/3/2019  7/3/2025     880    587    587    0.3%
RPL Bidco Limited  (h) (k) (n)   L+7.50%  8.23%    11/9/2017  11/9/2023     13,272    14,008    12,750    6.2%
RPL Bidco Limited (h) (k) (n)   L+7.50%  8.23%    5/22/2018  11/9/2023     1,615    1,639    1,549    0.8%
RPL Bidco Limited (Revolver) (h) (k) (n)   L+7.50%  8.56%    11/9/2017  11/9/2023     497    497    477    0.2%
                    74,118    71,555    69,675    34.0%
Media: Advertising, Printing & Publishing                                    
AdTheorent, Inc.   L+8.50%  10.08%    12/22/2016  12/22/2021     3,335    3,309    3,275    1.6%
Destination Media, Inc. (i)   L+5.50%  6.50%    4/7/2017  4/7/2022     4,624    4,592    4,554    2.2%
Destination Media, Inc. (Revolver) (f)   L+5.50%  6.50%    4/7/2017  4/7/2022     542    434    427    0.2%
MC Sign Lessor Corp.   L+7.00%  8.58%    12/22/2017  8/30/2024     15,681    15,606    15,123    7.4%
MC Sign Lessor Corp. (Revolver) (f)   L+7.00%  8.58%    12/22/2017  8/30/2024     3,490    349    337    0.2%
XanEdu Publishing, Inc.   L+6.50%  7.50%    1/28/2020  1/28/2025     1,900    1,863    1,885    0.9%
XanEdu Publishing, Inc. (Revolver) (f)   L+6.50%  7.50%    1/28/2020  1/28/2025     495    494    490    0.2%
                    30,067    26,647    26,091    12.7%
Media: Broadcasting & Subscription                                    
Vice Group Holding, Inc.   L+12.00%  5.92% Cash/
8.00% PIK
   5/2/2019  11/2/2022     1,276    1,266    1,257    0.6%
Vice Group Holding, Inc.   L+12.00%  5.92% Cash/
8.00% PIK
   11/4/2019  11/2/2022     245    241    241    0.1%
Vice Group Holding, Inc.   L+12.00%  13.77%    5/2/2019  11/2/2022     400    400    394    0.2%
Vice Group Holding, Inc. (Delayed Draw) (f) (g)    L+12.00%  13.77%    5/2/2019  11/2/2022     160            0.0%
                    2,081    1,907    1,892    0.9%
Media: Diversified & Production                                    
Attom Intermediate Holdco, LLC   L+5.75%  6.75%    1/4/2019  1/4/2024     1,975    1,944    1,928    0.9%
Attom Intermediate Holdco, LLC (Revolver)   L+5.75%  6.75%    1/4/2019  1/4/2024     320    320    312    0.2%
Crownpeak Technology, Inc.   L+6.25%  7.83%    2/28/2019  2/28/2024     4,000    3,935    3,905    1.9%
Crownpeak Technology, Inc.   L+6.25%  7.83%    2/28/2019  2/28/2024     60    60    59    0.0%
Crownpeak Technology, Inc. (Revolver) (f)   L+6.25%  7.83%    2/28/2019  2/28/2024     167            0.0%
                    6,522    6,259    6,204    3.0%
Retail                                    
Bluestem Brands, Inc.   P+6.50%  9.75% (m)  6/26/2015  11/6/2020     2,275    2,272    1,353    0.7%
Forman Mills, Inc. (i)   L+9.50%  8.50% Cash/
2.00% PIK
   1/14/2020  10/4/2021     1,308    1,308    1,278    0.6%
Forman Mills, Inc. (i)   L+9.50%  8.50% Cash/
2.00% PIK
   10/4/2016  10/4/2021     744    738    727    0.4%
Forman Mills, Inc. (i)   L+9.50%  8.50% Cash/
2.00% PIK
   10/4/2016  10/4/2021     7,459    7,405    4,587    2.2%
LuLu's Fashion Lounge, LLC   L+9.00%  10.07%    8/21/2017  8/29/2022     4,156    4,088    3,554    1.7%
The Worth Collection, Ltd. (i)   L+8.50%  9.49% (m)  9/29/2016  9/29/2021     10,587    10,248    958    0.5%
                    26,529    26,059    12,457    6.1%

 8 

 

MONROE CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

(unaudited)

March 31, 2020

(in thousands, except for shares and units)

 

Portfolio Company (a)  Spread
Above
Index (b)
  Interest
Rate
   Acquisition
Date (c) 
  Maturity    Principal   Amortized
Cost
   Fair
Value (d)
   % of
Net Assets (e)
 
Services: Business                                    
Arcserve (USA), LLC   L+5.50%  7.41%    5/1/2019  5/1/2024     4,724   $4,643   $4,538    2.2%
Atlas Sign Industries of FLA, LLC (i)   L+11.50%  11.50% Cash/
1.00% PIK
   5/14/2018  5/15/2023     3,536    3,341    3,170    1.5%
Burroughs, Inc. (i)   L+8.00%  9.08% Cash/
0.50% PIK
   12/22/2017  12/22/2022     5,722    5,665    5,371    2.6%
Burroughs, Inc. (Revolver) (f)   L+8.00%  9.08% Cash/
0.50% PIK
   12/22/2017  12/22/2022     1,219    1,167    1,095    0.5%
Certify, Inc.   L+5.75%  6.75%    2/28/2019  2/28/2024     9,000    8,888    8,905    4.3%
Certify, Inc. (Delayed Draw) (f) (g)    L+5.75%  6.75%    2/28/2019  2/28/2024     1,227    818    810    0.4%
Certify, Inc. (Revolver) (f)   L+5.75%  6.75%    2/28/2019  2/28/2024     409    61    61    0.0%
HS4 Acquisitionco, Inc.   L+6.75%  8.20%    7/9/2019  7/9/2025     10,050    9,866    9,738    4.8%
HS4 Acquisitionco, Inc. (Revolver) (f)   L+6.75%  7.75%    7/9/2019  7/9/2025     817    470    455    0.2%
IT Global Holding, LLC   L+9.00%  10.00%    11/15/2018  11/10/2023     10,172    10,010    9,648    4.7%
IT Global Holding, LLC   L+9.00%  10.00%    7/19/2019  11/10/2023     3,791    3,723    3,596    1.8%
IT Global Holding, LLC (Revolver)   L+9.00%  10.00%    11/15/2018  11/10/2023     875    875    830    0.5%
Kaseya Traverse, Inc.   L+7.00%  5.91% Cash/
3.00% PIK
   5/3/2019  5/2/2025     6,475    6,360    6,185    3.0%
Kaseya Traverse, Inc. (Delayed Draw) (f) (g)   L+7.00%  5.91% Cash/
3.00% PIK
   5/3/2019  5/2/2025     723    94    90    0.0%
Kaseya Traverse, Inc. (Delayed Draw) (f) (g)   L+7.00%  5.91% Cash/
3.00% PIK
   3/4/2020  3/4/2022     289            0.0%
Kaseya Traverse, Inc. (Revolver) (f)   L+6.50%  7.50%    5/3/2019  5/2/2025     506    501    479    0.3%
Madison Logic, Inc. (i)   L+7.50%  8.49%    11/30/2016  11/30/2021     9,561    9,482    9,341    4.5%
Madison Logic, Inc. (Revolver) (f)   L+7.50%  8.49%    11/30/2016  11/30/2021     988            0.0%
RedZone Robotics, Inc.   L+8.25%  7.75% Cash/
1.50% PIK
   6/1/2018  6/5/2023     621    612    558    0.3%
RedZone Robotics, Inc. (Revolver) (f)   L+6.75%  7.75%    6/1/2018  6/5/2023     158            0.0%
Security Services Acquisition Sub Corp. (i)   L+6.00%  7.00%    2/15/2019  2/15/2024     3,465    3,410    3,422    1.7%
Security Services Acquisition Sub Corp. (Delayed Draw) (f) (g) (i)   L+6.00%  7.00%    2/15/2019  2/15/2024     2,487    1,758    1,736    0.9%
Security Services Acquisition Sub Corp. (Delayed Draw) (f) (g) (i)   L+6.00%  7.00%    2/15/2019  2/15/2024     2,184    1,064    1,051    0.5%
Security Services Acquisition Sub Corp. (Revolver)    L+6.00%  7.00%    2/15/2019  2/15/2024     1,563    1,563    1,543    0.8%
TRP Construction Group, LLC (i)   L+6.50%  7.50%    10/5/2017  10/5/2022     7,860    7,773    7,612    3.7%
TRP Construction Group, LLC   L+6.50%  7.50%    9/5/2018  10/5/2022     6,657    6,657    6,447    3.1%
TRP Construction Group, LLC (Revolver)   L+6.50%  7.50%    10/5/2017  10/5/2022     2,133    2,133    2,066    1.0%
VPS Holdings, LLC   L+7.00%  8.00%    10/5/2018  10/4/2024     4,506    4,431    4,204    2.0%
VPS Holdings, LLC   L+7.00%  8.00%    10/5/2018  10/4/2024     3,675    3,675    3,428    1.7%
VPS Holdings, LLC (Revolver) (f)   L+7.00%  8.00%    10/5/2018  10/4/2024     1,000    100    93    0.0%
                    106,393    99,140    96,472    47.0%
Services: Consumer                                    
Mammoth Holdings, LLC   L+6.00%  7.91%    10/16/2018  10/16/2023     1,975    1,945    1,950    1.0%
Mammoth Holdings, LLC   L+6.00%  7.91%    10/16/2018  10/16/2023     4,146    4,146    4,094    2.0%
Mammoth Holdings, LLC (Revolver)    L+6.00%  7.00%    10/16/2018  10/16/2023     500    500    494    0.2%
                    6,621    6,591    6,538    3.2%
Wholesale                                    
Nearly Natural, Inc. (i)   L+7.00%  8.45%    12/15/2017  12/15/2022     6,816    6,735    6,491    3.2%
Nearly Natural, Inc. (Delayed Draw) (f) (g) (i)   L+7.00%  8.45%    8/28/2019  12/15/2022     1,915    1,390    1,323    0.6%
Nearly Natural, Inc. (Revolver)   L+7.00%  8.45%    12/15/2017  12/15/2022     1,522    1,522    1,449    0.7%
                    10,253    9,647    9,263    4.5%
Total Non-Controlled/Non-Affiliate Senior Secured Loans                   491,679    457,603    439,205    213.9%
                                     
Unitranche Secured Loans (o)                                    
Chemicals, Plastics & Rubber