ThZeal - The Zeal

mcip-20240930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended September 30, 2024


o			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)

Not Applicable

(Former Name, former address and former fiscal year, if changed since last report)

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

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 o

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 o

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	o	Accelerated filer	o

Non-accelerated filer	x	Smaller reporting company	o

		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. o

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

As of November 7, 2024, the registrant had 180,987,700 shares of common stock, $0.001 par value, outstanding.

Table of Contents

TABLE OF CONTENTS


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements	3

	Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023	3

	Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited)	4

	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 (unaudited)	5

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited)	6

	Consolidated Schedules of Investments as of September 30, 2024 (unaudited) and December 31, 2023	8

	Notes to Consolidated Financial Statements (unaudited)	57

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	104

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	136

Item 4.	Controls and Procedures	137

PART II. OTHER INFORMATION		138

Item 1.	Legal Proceedings	138

Item 1A.	Risk Factors	138

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	142

Item 3.	Defaults Upon Senior Securities	142

Item 4.	Mine Safety Disclosures	142

Item 5.	Other Information	143

Item 6.	Exhibits	144

Signatures		146

Table of Contents

Part I. Financial Information

Item 1. Consolidated Financial Statements

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)


	September 30, 2024		December 31, 2023
	(unaudited)
Assets
Investments, at fair value:
Non-controlled/non-affiliate company investments	$	3,546,529	$	2,452,853
Non-controlled affiliate company investments	115,500		75,314
Total investments, at fair value (amortized cost of: $3,641,702 and $2,523,064, respectively)	3,662,029		2,528,167
Cash and cash equivalents	20,357		17,586

Restricted cash and cash equivalents	90,191		60,169


Interest and dividend receivable	43,573		28,914

Other assets	1,309		1,405
Total assets	3,817,459		2,636,241

Liabilities
Debt	1,885,869		1,247,946
Less: Unamortized debt issuance costs	(20,931)		(14,612)
Total debt, less unamortized debt issuance costs	1,864,938		1,233,334
Interest payable	28,342		14,415
Net unrealized loss on foreign currency forward contracts	3,192		3,087
Payable for unsettled trades	—		57,455
Base management fees payable	11,542		7,440
Incentive fees payable	9,500		5,320
Accounts payable and accrued expenses	19,942		12,523
Directors' fees payable	38		—
Total liabilities	1,937,494		1,333,574

Commitments and contingencies (See Note 11)

Net Assets
Common stock, $0.001 par value, 300,000 authorized, 180,988 and 127,233 shares issued and outstanding, respectively	$	181	$	127
Capital in excess of par value	1,835,622		1,282,378
Accumulated undistributed (overdistributed) earnings	44,162		20,162
Total net assets	$	1,879,965	$	1,302,667
Total liabilities and total net assets	$	3,817,459	$	2,636,241

Net asset value per share	$	10.39	$	10.24

See Notes to Consolidated Financial Statements.

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Investment income:
Non-controlled/non-affiliate company investments:
Interest income	$	104,063	$	56,224	$	274,335	$	146,822
Payment-in-kind interest income	3,921		1,767		9,777		5,500
Dividend income	498		128		1,061		372
Other income	3,405		453		6,065		1,093
Total investment income from non-controlled/non-affiliate company investments	111,887		58,572		291,238		153,787
Non-controlled affiliate company investments:
Interest income	1,352		640		3,651		1,837
Payment in-kind interest income	80		—		226		—


Total investment income from non-controlled affiliate company investments	1,432		640		3,877		1,837
Total investment income	113,319		59,212		295,115		155,624

Operating expenses:
Interest and other debt financing expenses	37,754		16,261		95,346		41,416
Base management fees	11,542		6,206		30,169		16,435
Incentive fees	8,312		4,332		21,843		11,563
Professional fees	749		495		1,803		1,318
Administrative service fees	790		450		2,039		1,212
General and administrative expenses	1,337		273		3,330		1,335
Directors’ fees	38		23		113		69



Total operating expenses	60,522		28,040		154,643		73,348
Net investment income before income taxes	52,797		31,172		140,472		82,276
Income taxes, including excise taxes	199		150		673		534
Net investment income	52,598		31,022		139,799		81,742

Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliate company investments	495		38		719		(622)
Foreign currency forward contracts	(25)		(2)		(23)		1,739
Foreign currency and other transactions	(220)		(10)		(126)		166
Net realized gain (loss)	250		26		570		1,283

Net change in unrealized gain (loss):
Non-controlled/non-affiliate company investments	7,619		(3,977)		22,896		(2,902)
Non-controlled/affiliate company investments	2,383		1,309		(7,672)		2,031
Foreign currency forward contracts	(1,786)		1,948		(105)		(1,211)
Foreign currency and other transactions	(2,881)		—		(2,588)		—
Net change in unrealized gain (loss)	5,335		(720)		12,531		(2,082)

Net gain (loss)	5,585		(694)		13,101		(799)

Net increase (decrease) in net assets resulting from operations	$	58,183	$	30,328	$	152,900	$	80,943

Per common share data:
Net investment income per share - basic and diluted	$	0.30	$	0.31	$	0.91	$	0.92
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.34	$	0.30	$	0.99	$	0.92
Weighted average common shares outstanding - basic and diluted	172,614		100,971		154,300		88,407

See Notes to Consolidated Financial Statements.

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(unaudited)

(in thousands)


	Common Stock			Capital in excess of par value		Accumulated undistributed (overdistributed) earnings		Total net assets
	Number of shares	Par value
Balances at June 30, 2023	92,339	$	92	$	925,785	$	18,216	$	944,093
Net investment income	—	—		—		31,022		31,022
Net realized gain (loss)	—	—		—		26		26
Net change in unrealized gain (loss)	—	—		—		(720)		(720)
Issuances of common stock	17,653	18		180,404		—		180,422
Repurchases of common stock	(618)	(1)		(6,318)		—		(6,319)
Distributions declared to stockholders	—	—		—		(27,444)		(27,444)
Stock issued in connection with dividend reinvestment plan	1,044	1		10,671		—		10,672
Balances at September 30, 2023	110,418	$	110	$	1,110,542	$	21,100	$	1,131,752

Balances at June 30, 2024	164,976	$	165	$	1,670,075	$	35,238	$	1,705,478
Net investment income	—	—		—		52,598		52,598
Net realized gain (loss)	—	—		—		250		250
Net change in unrealized gain (loss)	—	—		—		5,335		5,335
Issuances of common stock	15,732	16		162,655		—		162,671
Repurchases of common stock	(1,752)	(2)		(18,116)		—		(18,118)
Distributions declared to stockholders	—	—		—		(49,259)		(49,259)
Stock issued in connection with dividend reinvestment plan	2,032	2		21,008		—		21,010
Balances at September 30, 2024	180,988	$	181	$	1,835,622	$	44,162	$	1,879,965


	Common Stock			Capital in excess of par value		Accumulated undistributed (overdistributed) earnings		Total net assets
	Number of shares	Par value
Balances at December 31, 2022	74,533	$	75	$	744,404	$	10,437	$	754,916
Net investment income	—	—		—		81,742		81,742
Net realized gain (loss)	—	—		—		1,283		1,283
Net change in unrealized gain (loss)	—	—		—		(2,082)		(2,082)
Issuances of common stock	35,449	35		361,655		—		361,690
Repurchases of common stock	(2,189)	(3)		(22,317)		—		(22,320)
Distributions declared to stockholders	—	—		—		(70,280)		(70,280)
Stock issued in connection with dividend reinvestment plan	2,625	3		26,800		—		26,803
Balances at September 30, 2023	110,418	$	110	$	1,110,542	$	21,100	$	1,131,752

Balances at December 31, 2023	127,233	$	127	$	1,282,378	$	20,162	$	1,302,667
Net investment income	—	—		—		139,799		139,799
Net realized gain (loss)	—	—		—		570		570
Net change in unrealized gain (loss)	—	—		—		12,531		12,531
Issuances of common stock	53,383	54		549,338		—		549,392
Repurchases of common stock	(4,891)	(5)		(50,365)		—		(50,370)
Distributions declared to stockholders	—	—		—		(128,900)		(128,900)
Stock issued in connection with dividend reinvestment plan	5,263	5		54,271		—		54,276
Balances at September 30, 2024	180,988	$	181	$	1,835,622	$	44,162	$	1,879,965

See Notes to Consolidated Financial Statements.

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)


	Nine months ended September 30,
	2024		2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	152,900	$	80,943
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	(719)		622
Net realized (gain) loss on foreign currency forward contracts	23		(1,739)
Net realized (gain) loss on foreign currency and other transactions	126		(166)
Net change in unrealized (gain) loss on investments	(15,224)		871
Net change in unrealized (gain) loss on foreign currency forward contracts	105		1,211
Net change in unrealized (gain) loss on foreign currency and other transactions	2,588		—
Payment-in-kind interest capitalized	(10,010)		(5,500)
Net accretion of discounts and amortization of premiums	(7,323)		(4,104)
Purchases of investments	(1,498,871)		(600,755)
Proceeds from principal payments and sale of investments and settlement of forward contracts	400,236		105,468
Amortization of debt issuance costs	6,733		3,831
Changes in operating assets and liabilities:
Interest and dividend receivable	(16,759)		(15,899)
Receivable for unsettled trades	—		(3,341)
Other assets	96		9,092
Interest payable	13,927		3,488
Payable for unsettled trades	(57,455)		(13,690)
Base management fees payable	4,102		1,954
Incentive fees payable	4,180		1,633
Accounts payable and accrued expenses	7,518		2,434
Directors’ fees payable	38		22
Net cash provided by (used in) operating activities	(1,013,789)		(433,625)

Cash flows from financing activities:
Borrowings on debt	2,147,431		850,850
Repayments of debt	(1,512,211)		(750,791)
Proceeds from short-term borrowings	—		180,198
Repayments of short-term borrowings	—		(112,188)
Debt issuance costs capitalized	(13,052)		(2,790)
Proceeds from issuance of common stock	549,392		361,690
Repurchases of common stock	(50,370)		(22,320)
Stockholder distributions paid	(74,624)		(43,477)
Net cash provided by (used in) financing activities	1,046,566		461,172

Net increase (decrease) in cash and restricted cash and cash equivalents	32,777		27,547
Effect of foreign currency exchange rates	16		166
Cash and restricted cash and cash equivalents, beginning of period	77,755		52,204
Cash and restricted cash and cash equivalents, end of period	$	110,548	$	79,917

Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	74,686	$	34,097
Cash paid for income taxes, including excise taxes, during the period	$	586	$	209

Supplemental disclosure of non-cash activities:
Stock issued in connection with dividend reinvestment plan	$	54,276	$	26,803
Non-cash purchases of investments	$	(2,100)	$	—

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS - (continued)

(unaudited)

(in thousands)

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


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	20,357	$	17,586
Restricted cash and cash equivalents	90,191		60,169
Total cash and restricted cash and cash equivalents shown on the Consolidated Statements of Cash Flows	$	110,548	$	77,755

	September 30, 2023		December 31, 2022
Cash and cash equivalents	$	7,563	$	5,716
Restricted cash and cash equivalents	72,354		46,488
Total cash and restricted cash and cash equivalents shown on the Consolidated Statements of Cash Flows	$	79,917	$	52,204

See Notes to Consolidated Financial Statements.

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp.		SF	7.00	%	5.60% Cash/ 6.00% PIK		11/3/2023	3/25/2027	154	$	152	$	153	0.0	%
Keel Platform, LLC (Delayed Draw)	(19)(20)	SF	5.25	%	10.10	%	1/24/2024	1/19/2031	2,165	518		518		0.0	%
Keel Platform, LLC	(8)	SF	5.25	%	9.85	%	1/24/2024	1/19/2031	7,397	7,294		7,388		0.4	%
SI Holdings, Inc. (Integrated Polymer Solutions)		SF	5.85	%	10.45	%	9/3/2024	12/31/2027	5,700	5,645		5,700		0.3	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	5.85	%	10.45	%	7/25/2019	12/31/2027	1,900	1,893		1,900		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	5.85	%	10.45	%	12/24/2019	12/31/2027	992	988		992		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	5.85	%	10.45	%	2/17/2021	12/31/2027	1,716	1,715		1,716		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	5.85	%	10.45	%	6/15/2021	12/31/2027	1,006	995		1,006		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	5.85	%	10.45	%	8/10/2021	12/31/2027	982	977		982		0.0	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(6)(7)(9)	SF	5.85	%	10.45	%	12/8/2023	12/31/2027	2,186	2,186		2,186		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver)	(19)	SF	5.85	%	10.45	%	7/25/2019	12/31/2027	2,316	—		—		0.0	%
									26,514	22,363		22,541		1.2	%
Automotive
Burgess Point Purchaser Corporation	(6)	SF	5.35	%	10.20	%	6/30/2022	7/25/2029	4,913	4,532		4,656		0.2	%
Lifted Trucks Holdings, LLC	(7)(8)	SF	5.90	%	11.23	%	8/2/2021	8/2/2027	9,725	9,621		9,618		0.5	%
Lifted Trucks Holdings, LLC (Revolver)	(19)	SF	5.90	%	11.23	%	8/2/2021	8/2/2027	2,381	1,508		1,491		0.1	%
Panda Acquisition, LLC	(6)	SF	7.60	%	12.20	%	12/20/2022	10/18/2028	9,625	8,258		7,592		0.4	%
Power Stop, LLC		SF	4.85	%	9.91	%	3/26/2024	1/26/2027	4,961	4,572		4,790		0.3	%
Tenneco Inc.	(6)(8)	SF	5.10	%	9.70	%	11/3/2023	11/17/2028	9,997	8,952		9,519		0.5	%
Truck-Lite Co., LLC		SF	5.75	%	10.86	%	2/22/2024	2/13/2031	9,817	9,729		9,886		0.5	%
Truck-Lite Co., LLC (Delayed Draw)	(19)(20)	SF	5.75	%	10.86	%	2/22/2024	2/13/2031	1,067	—		—		0.0	%
Truck-Lite Co., LLC (Revolver)	(19)	SF	5.75	%	10.85	%	2/22/2024	2/13/2031	1,067	11		11		0.0	%
									53,553	47,183		47,563		2.5	%
Banking
MV Receivables II, LLC	(12)(21)	SF	9.75	%	14.95	%	7/29/2021	7/29/2026	10,125	9,672		6,353		0.3	%
StarCompliance MidCo, LLC	(9)	SF	6.10	%	10.70	%	5/31/2023	1/12/2027	441	434		441		0.0	%
StarCompliance MidCo, LLC	(7)	SF	6.10	%	10.70	%	1/12/2021	1/12/2027	27,375	27,115		27,375		1.5	%
StarCompliance MidCo, LLC	(7)	SF	6.10	%	10.70	%	10/12/2021	1/12/2027	4,253	4,213		4,253		0.2	%
StarCompliance MidCo, LLC (Revolver)	(19)	SF	6.10	%	10.70	%	1/12/2021	1/12/2027	4,234	2,921		2,921		0.2	%
									46,428	44,355		41,343		2.2	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Beverage, Food & Tobacco
Demakes Borrower, LLC	(8)	SF	6.25	%	11.55	%	12/15/2023	12/12/2029	4,842	$	4,733	$	4,846	0.3	%
Demakes Borrower, LLC (Delayed Draw)	(19)(20)	SF	6.25	%	11.55	%	12/15/2023	12/12/2029	1,372	—		—		0.0	%
Izzio Artisan Bakery, LLC	(9)	SF	6.25	%	11.11	%	9/27/2024	9/27/2029	14,500	14,211		14,210		0.7	%
Izzio Artisan Bakery, LLC (Delayed Draw)	(19)(20)	SF	6.25	%	11.11	%	9/27/2024	9/27/2029	10,357	—		—		0.0	%
LVF Holdings, Inc.	(6)	SF	5.90	%	10.50	%	6/10/2021	6/10/2027	3,395	3,358		3,416		0.2	%
LVF Holdings, Inc.	(6)	SF	5.90	%	10.50	%	6/10/2021	6/10/2027	3,249	3,249		3,269		0.2	%
LVF Holdings, Inc. (Revolver)	(19)	SF	5.85	%	10.70	%	6/10/2021	6/10/2027	554	170		170		0.0	%
									38,269	25,721		25,911		1.4	%
Capital Equipment
Adept AG Holdings, LLC		SF	7.15	%	11.75	%	8/11/2022	8/11/2027	6,502	6,420		5,421		0.3	%
Adept AG Holdings, LLC	(12)(22)	SF	5.90	%	11.23	%	8/11/2022	8/11/2027	10,843	10,717		9,070		0.5	%
Adept AG Holdings, LLC		SF	7.15	%	11.75	%	8/11/2022	8/11/2027	1,630	1,630		1,359		0.1	%
Adept AG Holdings, LLC (Revolver)	(12)(19)(22)	SF	7.35	%	12.20	%	8/11/2022	8/11/2027	1,094	1,066		895		0.1	%
Adept AG Holdings, LLC (Revolver)		SF	7.10	%	11.95	%	8/11/2022	8/11/2027	1,317	1,317		1,098		0.1	%
BLP Buyer, Inc.	(6)(8)(9)(10)(11)	SF	5.75	%	10.60	%	12/22/2023	12/21/2029	49,875	48,973		50,149		2.7	%
BLP Buyer, Inc.	(6)	SF	5.75	%	10.60	%	5/8/2024	12/21/2029	1,900	1,862		1,910		0.1	%
BLP Buyer, Inc.		SF	5.75	%	10.60	%	12/21/2023	12/21/2029	6,000	6,000		6,033		0.3	%
BLP Buyer, Inc. (Revolver)	(19)	SF	5.75	%	10.60	%	12/22/2023	12/21/2029	6,849	514		514		0.0	%
CGI Automated Manufacturing, LLC	(6)	SF	7.26	%	11.87	%	9/9/2022	12/17/2026	8,550	8,398		8,486		0.5	%
CGI Automated Manufacturing, LLC	(6)	SF	7.26	%	11.87	%	9/30/2022	12/17/2026	5,441	5,359		5,400		0.3	%
CGI Automated Manufacturing, LLC	(6)	SF	7.26	%	11.87	%	9/9/2022	12/17/2026	10,410	10,225		10,332		0.5	%
DS Parent, Inc.		SF	5.50	%	10.10	%	12/15/2023	1/31/2031	19,950	19,000		19,458		1.0	%
Incompass, LLC	(6)(8)(9)(10)	SF	7.75	%	12.77	%	11/27/2023	11/27/2028	23,820	23,301		23,498		1.2	%
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC)		SF	7.01	%	12.11	%	8/16/2024	6/30/2028	2,552	2,490		2,552		0.1	%
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC)	(8)(10)(11)	SF	7.01	%	12.34	%	6/30/2023	6/30/2028	15,840	15,520		15,840		0.9	%
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC)		SF	7.01	%	12.34	%	5/20/2024	6/30/2028	8,105	7,915		8,105		0.4	%
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC)		SF	7.01	%	12.34	%	6/30/2023	6/30/2028	6,004	6,004		6,004		0.3	%
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) (Delayed Draw)	(19)(20)	SF	6.75	%	11.86	%	8/16/2024	6/30/2028	3,752	3,152		3,152		0.2	%
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC)		SF	6.86	%	12.07	%	5/20/2024	6/30/2028	6,004	6,004		6,004		0.3	%
PrecisionX Group, LLC (fka Specialty Manufacturing Buyer, LLC) (Revolver)	(19)	SF	7.01	%	12.34	%	6/30/2023	6/30/2028	3,002	600		600		0.0	%
									199,440	186,467		185,880		9.9	%
Chemicals, Plastics & Rubber
Loparex Midco B.V. (fka PHM Netherlands Midco B.V.)	(12)(39)	SF	6.00	%	11.20	%	4/4/2023	2/1/2027	323	322		337		0.0	%
									323	322		337		0.0	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Construction & Building
MEI Buyer LLC	(8)(11)	SF	5.00	%	9.85	%	6/30/2023	6/29/2029	25,352	$	24,703	$	25,859	1.4	%
MEI Buyer LLC	(10)(11)	SF	5.00	%	9.85	%	1/9/2024	6/30/2029	14,233	14,108		14,518		0.8	%
MEI Buyer LLC (Delayed Draw)	(19)(20)	n/a	n/a		5.00	%	6/30/2023	6/29/2029	4,054	—		—		0.0	%
MEI Buyer LLC (Revolver)	(19)	n/a	n/a		5.00	%	6/30/2023	6/29/2029	5,253	—		—		0.0	%
Premier Roofing L.L.C.	(8)	SF	6.65	%	11.71	%	8/31/2020	8/29/2025	3,044	3,032		3,050		0.2	%
Premier Roofing L.L.C. (Revolver)	(19)	SF	6.75	%	11.08	%	8/31/2020	8/29/2025	1,213	1,070		1,070		0.1	%
TCFIII Owl Buyer LLC	(7)(8)	SF	5.61	%	10.46	%	4/19/2021	4/17/2026	4,354	4,325		4,354		0.2	%
TCFIII Owl Buyer LLC	(8)	SF	5.61	%	10.46	%	4/19/2021	4/17/2026	5,316	5,316		5,316		0.3	%
TCFIII Owl Buyer LLC	(7)(8)	SF	5.61	%	10.46	%	12/17/2021	4/17/2026	4,771	4,736		4,771		0.2	%
Water Buyer, LLC		SF	5.25	%	9.85	%	8/8/2024	8/8/2030	10,000	9,853		9,850		0.5	%
Water Buyer, LLC (Delayed Draw)	(19)(20)	SF	5.25	%	9.85	%	8/8/2024	8/8/2030	6,000	—		—		0.0	%
Water Buyer, LLC (Revolver)	(19)	SF	5.25	%	9.85	%	8/8/2024	8/8/2030	3,000	—		—		0.0	%
									86,590	67,143		68,788		3.7	%
Consumer Goods: Durable
Independence Buyer, Inc.	(7)(8)	SF	5.90	%	11.15	%	8/3/2021	8/3/2026	11,135	11,043		10,745		0.6	%
Independence Buyer, Inc. (Revolver)	(19)	SF	5.85	%	11.05	%	8/3/2021	8/3/2026	2,964	339		327		0.0	%
Recycled Plastics Industries, LLC	(7)	SF	7.35	%	12.05% Cash/ 0.50% PIK		8/4/2021	8/4/2026	4,401	4,363		4,384		0.2	%
Recycled Plastics Industries, LLC (Revolver)	(19)	SF	7.35	%	12.05% Cash/ 0.50% PIK		8/4/2021	8/4/2026	446	—		—		0.0	%
									18,946	15,745		15,456		0.8	%
Consumer Goods: Non-Durable
Arizona Natural Resources, LLC	(8)(9)	SF	6.36	%	11.57	%	5/18/2021	5/18/2026	13,580	13,471		13,553		0.7	%
Arizona Natural Resources, LLC	(9)	SF	6.36	%	11.57	%	12/15/2021	5/18/2026	2,493	2,471		2,488		0.1	%
Arizona Natural Resources, LLC	(6)	SF	6.36	%	11.57	%	8/12/2022	5/18/2026	6,763	6,695		6,750		0.4	%
Arizona Natural Resources, LLC	(7)	SF	6.36	%	11.57	%	8/12/2022	5/18/2026	2,921	2,921		2,915		0.2	%
Arizona Natural Resources, LLC (Revolver)	(19)	SF	6.36	%	11.57	%	5/18/2021	5/18/2026	2,222	1,778		1,774		0.1	%
Excelligence Learning Corporation	(6)(8)	SF	5.75	%	10.35	%	3/15/2024	1/18/2030	12,139	11,913		12,139		0.6	%
Excelligence Learning Corporation (Revolver)	(19)	n/a	n/a		5.75	%	3/15/2024	1/18/2030	3,425	—		—		0.0	%
Gibson Brands, Inc.		SF	5.43	%	10.58	%	4/19/2024	8/13/2028	3,063	2,906		2,930		0.2	%
PetIQ, LLC	(6)(12)	SF	4.36	%	9.22	%	5/10/2023	4/13/2028	9,409	9,064		9,426		0.5	%
The Kyjen Company, LLC	(6)(7)	SF	7.50	%	11.96% Cash/ 0.75% PIK		5/14/2021	4/3/2026	2,963	2,949		2,904		0.1	%
The Kyjen Company, LLC		SF	7.25	%	11.58% Cash/ 0.75% PIK		9/13/2022	4/3/2026	3	3		3		0.0	%
The Kyjen Company, LLC (Revolver)	(19)	SF	7.50	%	11.96% Cash/ 0.75% PIK		5/14/2021	4/3/2026	268	—		—		0.0	%
Thrasio, LLC	(21)	SF	10.26	%	15.54% PIK		6/18/2024	6/18/2029	574	574		556		0.0	%
									59,823	54,745		55,438		2.9	%
Containers, Packaging & Glass
B2B Industrial Products LLC	(6)	SF	7.00	%	12.33	%	12/6/2022	10/7/2026	9,825	9,685		9,678		0.5	%
B2B Industrial Products LLC	(6)	SF	7.00	%	12.06	%	4/4/2023	10/7/2026	2,274	2,238		2,240		0.1	%
Polychem Acquisition, LLC	(6)	SF	5.11	%	9.96	%	4/8/2019	3/17/2025	1,890	1,890		1,664		0.1	%
									13,989	13,813		13,582		0.7	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Environmental Industries
PNE Interco LLC	(6)(7)(8)(11)	SF	5.75	%	11.08	%	2/12/2024	2/12/2030	13,965	$	13,711	$	13,958	0.7	%
PNE Interco LLC (Delayed Draw)	(19)(20)	SF	5.75	%	10.83	%	2/12/2024	2/12/2030	5,303	4,419		4,417		0.2	%
PNE Interco LLC (Revolver)	(19)	SF	5.75	%	11.08	%	2/12/2024	2/12/2030	5,899	787		786		0.0	%
Quest Resource Management Group, LLC	(7)(8)	SF	6.61	%	11.82	%	10/19/2020	10/19/2026	844	807		849		0.1	%
Quest Resource Management Group, LLC	(8)	SF	6.61	%	11.82	%	10/19/2020	10/19/2026	927	927		932		0.1	%
Quest Resource Management Group, LLC	(7)(8)	SF	6.61	%	11.82	%	12/7/2021	10/19/2026	3,297	3,274		3,297		0.2	%
Quest Resource Management Group, LLC	(7)	SF	6.61	%	11.82	%	12/7/2021	10/19/2026	333	333		333		0.0	%
Trilon Group, LLC		SF	5.65	%	10.95	%	4/15/2024	5/25/2029	3,598	3,531		3,612		0.2	%
Trilon Group, LLC	(7)(8)(9)(10)	SF	5.65	%	10.95	%	4/15/2024	5/25/2029	11,712	11,712		11,759		0.6	%
Trilon Group, LLC (Delayed Draw)	(19)(20)	SF	5.65	%	10.67	%	4/15/2024	5/25/2029	12,054	2,604		2,604		0.1	%
Trilon Group, LLC		SF	5.65	%	10.67	%	9/12/2023	5/25/2029	369	369		370		0.0	%
Trilon Group, LLC (Revolver)	(19)	SF	5.65	%	10.93	%	9/12/2023	5/25/2029	4,874	174		174		0.0	%
Volt Bidco, Inc.	(7)	SF	6.50	%	11.10	%	8/11/2021	8/11/2027	9,136	9,031		9,136		0.5	%
Volt Bidco, Inc.	(11)	SF	6.50	%	11.10	%	8/11/2021	8/11/2027	1,717	1,717		1,717		0.1	%
Volt Bidco, Inc. (Delayed Draw)	(19)(20)	SF	6.50	%	11.10	%	9/17/2024	8/11/2027	803	366		366		0.0	%
Volt Bidco, Inc.		SF	6.50	%	11.10	%	12/28/2023	8/11/2027	987	987		987		0.1	%
Volt Bidco, Inc. (Revolver)	(19)	SF	6.50	%	11.10	%	8/11/2021	8/11/2027	956	—		—		0.0	%
									76,774	54,749		55,297		2.9	%
FIRE: Finance
Avalara, Inc.	(7)	SF	6.25	%	10.85	%	10/19/2022	10/19/2028	10,000	9,812		10,075		0.5	%
Avalara, Inc. (Revolver)	(19)	SF	6.25	%	10.85	%	10/19/2022	10/19/2028	1,000	—		—		0.0	%
Arax Midco, LLC	(12)	SF	5.75	%	10.70	%	4/11/2024	4/11/2029	9,018	8,873		9,018		0.5	%
Arax Midco, LLC (Delayed Draw)	(12)(19)(20)	SF	5.75	%	10.70	%	4/11/2024	4/11/2029	4,689	—		—		0.0	%
Arax Midco, LLC (Revolver)	(12)(19)	SF	5.75	%	10.81	%	4/11/2024	4/11/2029	1,293	43		43		0.0	%
Bench Walk Lead, LLC	(12)	SF	9.50	%	14.10	%	6/9/2023	6/14/2027	28,256	28,141		28,256		1.5	%
Bench Walk Lead, LLC	(12)	SF	9.50	%	14.10	%	6/9/2023	6/14/2027	1,671	1,671		1,671		0.1	%
BW 51f, L.P.	(12)	SF	8.00	%	13.33	%	12/27/2023	12/31/2029	9,000	9,000		9,000		0.5	%
Cpex Purchaser, LLC	(7)	SF	6.00	%	10.60	%	8/26/2022	2/28/2030	36,000	35,325		36,216		1.9	%
Cpex Purchaser, LLC (Delayed Draw)	(19)(20)	SF	6.00	%	10.60	%	9/30/2021	2/28/2030	4,061	1,113		1,120		0.1	%
Cpex Purchaser, LLC (Revolver)	(19)	SF	6.00	%	10.60	%	9/30/2021	2/28/2030	10,452	—		—		0.0	%
GC Champion Acquisition LLC	(7)	SF	5.25	%	10.53	%	8/19/2022	8/18/2028	12,870	12,686		12,870		0.7	%
GC Champion Acquisition LLC	(6)	SF	5.25	%	10.53	%	8/19/2022	8/18/2028	3,575	3,575		3,575		0.2	%
GC Champion Acquisition LLC	(6)	SF	5.25	%	10.53	%	8/1/2023	8/18/2028	10,725	10,458		10,725		0.6	%
GC Champion Acquisition LLC (Delayed Draw)	(19)(20)	SF	5.35	%	10.20	%	8/19/2024	8/18/2028	10,717	7,288		7,288		0.4	%
J2 BWA Funding III, LLC (Delayed Draw)	(12)(19)(20)	n/a	n/a		10.00	%	4/29/2022	4/28/2028	7,425	2,477		2,485		0.1	%
J2 BWA Funding LLC (Revolver)	(12)(19)	n/a	n/a		10.00	%	12/14/2020	12/24/2026	2,850	1,762		1,770		0.1	%
Oceana Australian Fixed Income Trust	(6)(12)(25)(35)	SF	8.25	%	13.45	%	6/8/2023	4/1/2026	32,702	31,770		32,906		1.8	%
Oceana Australian Fixed Income Trust	(12)(25)(35)	SF	8.25	%	13.45	%	12/27/2023	4/1/2026	15,193	15,048		15,288		0.8	%
SCP Intermediate Holdings, LLC	(8)(12)	SF	6.00	%	10.25	%	12/28/2022	12/28/2028	2,948	2,890		2,948		0.2	%
Slater Slater Schulman LLP		SF	7.50	%	12.17	%	12/6/2023	12/4/2026	21,209	21,209		21,209		1.1	%
TEAM Public Choices, LLC	(6)	SF	5.10	%	9.95	%	8/23/2022	12/17/2027	4,480	4,329		4,439		0.2	%
TEAM Public Choices, LLC	(11)	SF	5.00	%	10.51	%	1/25/2024	12/17/2027	1,489	1,482		1,475		0.1	%
Transnetwork LLC	(11)	SF	5.50	%	10.10	%	11/20/2023	12/29/2030	15,760	15,550		15,957		0.8	%
									257,383	224,502		228,334		12.2	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
FIRE: Insurance
Simplicity Financial Marketing Group Holdings Inc.	(6)(8)	SF	6.15	%	10.75	%	9/23/2022	12/2/2026	9,816	$	9,644	$	9,762	0.5	%
Simplicity Financial Marketing Group Holdings Inc.		SF	6.15	%	10.75	%	9/23/2022	12/2/2026	14,011	14,011		13,934		0.8	%
Simplicity Financial Marketing Group Holdings Inc. (Delayed Draw)	(19)(20)	SF	6.00	%	10.60	%	2/9/2024	12/2/2026	9,048	1,903		1,892		0.1	%
Simplicity Financial Marketing Group Holdings Inc. (Revolver)	(19)	SF	6.15	%	10.75	%	2/9/2024	12/2/2026	439	—		—		0.0	%
Simplicity Financial Marketing Group Holdings Inc. (Revolver)	(19)	SF	6.15	%	10.75	%	9/23/2022	12/2/2026	761	—		—		0.0	%
									34,075	25,558		25,588		1.4	%
FIRE: Real Estate
300 N. Michigan Mezz, LLC	(6)(12)	SF	14.57	%	19.69% PIK		7/15/2020	7/15/2025	1,000	1,000		1,000		0.1	%
Avison Young (USA) Inc.	(12)(21)(36)	SF	6.51	%	11.20	%	9/24/2024	3/12/2028	764	761		769		0.1	%
InsideRE, LLC	(7)(8)	SF	5.65	%	10.25	%	12/22/2021	12/22/2027	7,315	7,225		7,315		0.4	%
InsideRE, LLC	(9)	SF	5.65	%	10.25	%	12/22/2021	12/22/2027	2,842	2,842		2,842		0.2	%
InsideRE, LLC (Revolver)	(19)	SF	5.65	%	10.25	%	12/22/2021	12/22/2027	965	—		—		0.0	%
Lessen LLC		SF	8.50	%	5.75% Cash/ 7.35% PIK		1/5/2023	1/5/2028	8,625	8,392		8,452		0.4	%
									21,511	20,220		20,378		1.2	%
Healthcare & Pharmaceuticals
Animal Dermatology Group, Inc.	(6)(9)	SF	6.25	%	10.85	%	6/7/2023	6/7/2029	9,875	9,665		9,959		0.5	%
Animal Dermatology Group, Inc.		SF	6.25	%	10.85	%	6/7/2023	6/7/2029	3,741	3,741		3,773		0.2	%
Animal Dermatology Group, Inc. (Delayed Draw)	(19)(20)	SF	6.25	%	11.00	%	1/11/2024	12/27/2025	8,737	140		141		0.0	%
Animal Dermatology Group, Inc. (Revolver)	(19)	SF	6.25	%	10.85	%	6/7/2023	6/7/2029	2,500	—		—		0.0	%
Appriss Health, LLC	(7)	SF	7.25	%	12.08	%	5/6/2021	5/6/2027	6,378	6,312		6,378		0.3	%
Appriss Health, LLC (Revolver)	(19)	SF	7.25	%	12.09	%	5/6/2021	5/6/2027	433	22		22		0.0	%
Bluesight, Inc.	(7)(8)(9)(11)	SF	7.25	%	11.85	%	7/17/2023	7/17/2029	30,000	29,225		30,114		1.6	%
Bluesight, Inc. (Revolver)	(19)	SF	7.25	%	11.85	%	7/17/2023	7/17/2029	2,609	—		—		0.0	%
Brickell Bay Acquisition Corp.	(7)(8)	SF	6.65	%	11.98	%	2/12/2021	2/12/2026	2,770	2,739		2,770		0.2	%
Brickell Bay Acquisition Corp.	(6)	SF	6.65	%	11.98	%	5/16/2024	2/12/2026	7,629	7,506		7,648		0.4	%
Caravel Autism Health, LLC	(6)(11)	SF	5.00	%	9.60	%	6/11/2024	6/11/2030	18,000	17,696		18,119		1.0	%
Caravel Autism Health, LLC (Delayed Draw)	(19)(20)	SF	5.00	%	9.60	%	6/11/2024	6/11/2030	7,714	—		—		0.0	%
Caravel Autism Health, LLC (Revolver)	(19)	SF	5.00	%	9.60	%	6/11/2024	6/11/2030	5,400	—		—		0.0	%
Dorado Acquisition, Inc.	(6)(7)(9)	SF	7.60	%	12.30% Cash/ 0.50% PIK		6/30/2021	6/30/2026	13,584	13,468		13,210		0.7	%
Dorado Acquisition, Inc.	(6)	SF	7.65	%	12.48% Cash/ 0.50% PIK		11/27/2022	6/30/2026	11,257	11,102		10,948		0.6	%
Dorado Acquisition, Inc. (Revolver)	(19)	SF	7.60	%	12.30% Cash/ 0.50% PIK		6/30/2021	6/30/2026	1,670	—		—		0.0	%
FH BMX Buyer, Inc.		SF	5.25	%	9.85	%	6/21/2024	6/21/2031	9,046	8,913		9,106		0.5	%
FH BMX Buyer, Inc. (Delayed Draw)	(19)(20)	SF	5.25	%	9.85	%	6/21/2024	6/21/2031	4,800	—		—		0.0	%
Forest Buyer, LLC	(9)	SF	5.00	%	9.60	%	8/19/2024	3/15/2030	21,297	21,132		21,297		1.1	%
Forest Buyer, LLC	(6)(7)(11)	SF	5.50	%	10.10	%	3/15/2024	3/15/2030	14,464	14,122		14,608		0.8	%
Forest Buyer, LLC (Revolver)	(19)	SF	5.00	%	9.60	%	3/15/2024	3/15/2030	2,719	—		—		0.0	%
Golden State Buyer, Inc.	(8)	SF	4.85	%	9.45	%	8/25/2022	6/19/2026	9,566	9,371		9,584		0.5	%
INH Buyer, Inc.	(21)	SF	7.00	%	8.20% Cash/ 3.50% PIK		6/30/2021	6/28/2028	5,042	5,011		2,597		0.1	%
KL Moon Acquisition, LLC		SF	7.75	%	10.25% Cash/ 2.75% PIK		2/6/2024	2/1/2029	4,264	4,151		4,072		0.2	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
KL Moon Acquisition, LLC		SF	7.75	%	10.25% Cash/ 2.75% PIK		2/1/2023	2/1/2029	9,945	$	9,717	$	9,497	0.5	%
KL Moon Acquisition, LLC		SF	7.75	%	10.25% Cash/ 2.75% PIK		2/1/2023	2/1/2029	1,983	1,983		1,893		0.1	%
KL Moon Acquisition, LLC (Revolver)	(19)	SF	7.75	%	10.02% Cash/ 2.75% PIK		2/1/2023	2/1/2029	1,637	1,420		1,356		0.1	%
NationsBenefits, LLC	(6)	SF	6.60	%	11.80	%	8/20/2021	8/26/2027	11,913	11,805		11,913		0.6	%
NationsBenefits, LLC	(6)	SF	6.60	%	11.80	%	8/26/2022	8/26/2027	14,199	14,199		14,199		0.8	%
NationsBenefits, LLC		SF	6.60	%	11.80	%	8/26/2022	8/26/2027	15,394	15,394		15,394		0.8	%
NationsBenefits, LLC (Revolver)	(19)	SF	6.60	%	11.80	%	8/20/2021	8/26/2027	6,806	2,042		2,042		0.1	%
NQ PE Project Colosseum Midco Inc.	(6)(8)(9)	SF	7.15	%	11.75	%	10/4/2022	10/4/2028	14,345	14,132		13,287		0.7	%
NQ PE Project Colosseum Midco Inc. (Delayed Draw)	(19)(20)	SF	7.15	%	11.75	%	10/4/2022	10/4/2028	3,244	—		—		0.0	%
NQ PE Project Colosseum Midco Inc. (Revolver)	(19)	SF	7.15	%	11.75	%	10/4/2022	10/4/2028	1,825	—		—		0.0	%
QF Holdings, Inc.	(10)	SF	5.00	%	10.06	%	12/15/2023	12/15/2027	910	898		910		0.0	%
QF Holdings, Inc.	(7)	SF	5.00	%	10.25	%	9/19/2019	12/15/2027	4,550	4,548		4,548		0.3	%
QF Holdings, Inc.	(7)	SF	5.00	%	10.25	%	12/15/2021	12/15/2027	4,368	4,328		4,366		0.2	%
QF Holdings, Inc.	(7)	SF	5.00	%	10.25	%	9/19/2019	12/15/2027	910	910		910		0.1	%
QF Holdings, Inc.	(7)	SF	5.00	%	10.12	%	8/21/2020	12/15/2027	910	910		910		0.1	%
QF Holdings, Inc. (Revolver)	(19)	SF	5.00	%	10.12	%	9/19/2019	12/15/2027	1,092	546		546		0.0	%
SCP Eye Care Holdco, LLC	(6)(9)	SF	5.60	%	10.45	%	10/7/2022	10/5/2029	9,093	8,876		9,111		0.5	%
SCP Eye Care Holdco, LLC		SF	5.60	%	10.80	%	4/1/2024	10/5/2029	10,212	10,021		10,232		0.6	%
SCP Eye Care Holdco, LLC (Delayed Draw)	(19)(20)	SF	5.60	%	10.45	%	4/1/2024	10/5/2029	20,526	—		—		0.0	%
SCP Eye Care Holdco, LLC (Delayed Draw)	(19)(20)	SF	5.60	%	10.45	%	10/7/2022	10/5/2029	7,989	5,080		5,090		0.3	%
SCP Eye Care Holdco, LLC (Revolver)	(19)	SF	5.60	%	10.45	%	10/7/2022	10/5/2029	1,442	—		—		0.0	%
SDG Mgmt Company, LLC	(6)(8)(10)(11)	SF	6.10	%	10.35	%	12/29/2023	6/30/2028	21,289	20,922		21,289		1.1	%
SDG Mgmt Company, LLC (Delayed Draw)	(19)(20)	SF	6.10	%	10.76	%	12/29/2023	6/30/2028	8,569	2,828		2,828		0.2	%
Seran BioScience, LLC	(7)(8)	SF	7.25	%	12.58	%	12/31/2020	7/8/2027	1,930	1,919		1,928		0.1	%
Seran BioScience, LLC	(10)(11)	SF	7.25	%	12.33	%	8/21/2023	7/8/2027	1,152	1,152		1,151		0.1	%
Seran BioScience, LLC	(8)	SF	7.25	%	11.95	%	7/8/2022	7/8/2027	2,190	2,190		2,187		0.1	%
Seran BioScience, LLC (Revolver)	(19)	SF	7.25	%	12.58	%	12/31/2020	7/8/2027	356	—		—		0.0	%
SIP Care Services, LLC	(6)	SF	5.85	%	11.05	%	7/21/2023	12/30/2026	150	150		144		0.0	%
SIP Care Services, LLC	(6)(7)	SF	5.85	%	11.05	%	12/30/2021	12/30/2026	3,705	3,667		3,548		0.2	%
SIP Care Services, LLC (Delayed Draw)	(19)(20)	SF	5.85	%	11.05	%	12/30/2021	12/30/2026	3,040	—		—		0.0	%
SIP Care Services, LLC (Revolver)		SF	5.85	%	11.05	%	12/30/2021	12/30/2026	760	760		728		0.0	%
The Smilist DSO, LLC	(11)	SF	6.00	%	10.60	%	4/4/2024	4/4/2029	28,726	28,113		28,755		1.5	%
The Smilist DSO, LLC		SF	6.00	%	10.60	%	4/4/2024	4/4/2029	7,766	7,766		7,774		0.4	%
The Smilist DSO, LLC (Delayed Draw)	(19)(20)	SF	6.00	%	10.95	%	4/4/2024	4/4/2029	6,227	3,120		3,123		0.2	%
The Smilist DSO, LLC (Revolver)	(19)	SF	6.00	%	10.60	%	4/4/2024	4/4/2029	1,974	—		—		0.0	%
TigerConnect, Inc.	(7)	SF	6.90	%	12.15	%	2/16/2022	2/16/2028	10,000	9,873		9,850		0.5	%
TigerConnect, Inc. (Delayed Draw)	(19)(20)	SF	6.90	%	12.15	%	2/16/2022	2/16/2028	750	724		713		0.0	%
TigerConnect, Inc. (Revolver)	(19)	SF	6.90	%	12.15	%	2/16/2022	2/16/2028	1,429	—		—		0.0	%
Vero Biotech Inc.		P	3.75	%	12.25	%	12/29/2023	1/2/2029	30,000	29,736		28,235		1.5	%
WebPT, Inc.	(7)	SF	6.85	%	11.91	%	8/28/2019	1/18/2028	5,000	5,000		5,000		0.3	%
WebPT, Inc. (Revolver)	(19)	P	5.75	%	13.75	%	8/28/2019	1/18/2028	521	149		149		0.0	%
Whistler Parent Holdings III, Inc.		SF	8.90	%	9.40% Cash/ 4.75% PIK		6/3/2022	6/2/2028	22,358	22,054		20,558		1.1	%
Whistler Parent Holdings III, Inc.		SF	8.90	%	9.40% Cash/ 4.75% PIK		6/3/2022	6/2/2028	279	279		257		0.0	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Whistler Parent Holdings III, Inc.		SF	8.90	%	9.21% Cash/ 4.75% PIK		5/28/2024	6/2/2028	809	$	809	$	744	0.0	%
Whistler Parent Holdings III, Inc. (Revolver)		SF	8.90	%	9.40% Cash/ 4.75% PIK		6/3/2022	6/2/2028	2,795	2,795		2,570		0.1	%
Xpress Wellness, LLC	(6)(8)	SF	5.50	%	10.75	%	5/8/2024	5/8/2030	40,000	39,228		40,100		2.1	%
Xpress Wellness, LLC (Delayed Draw)	(19)(20)	SF	5.50	%	10.75	%	5/8/2024	5/8/2030	12,500	—		—		0.0	%
Xpress Wellness, LLC (Revolver)	(19)	SF	5.50	%	10.75	%	5/8/2024	5/8/2030	9,231	3,692		3,692		0.2	%
									570,294	458,051		455,873		24.2	%
High Tech Industries
Acquia Inc.	(7)	SF	7.15	%	12.46	%	11/1/2019	10/31/2025	15,429	15,344		15,429		0.8	%
Acquia Inc.	(10)	SF	7.15	%	12.46	%	11/11/2023	10/31/2025	3,092	3,092		3,092		0.2	%
Acquia Inc. (Revolver)	(19)	SF	7.15	%	12.47	%	11/1/2019	10/31/2025	588	235		235		0.0	%
Aptean, Inc.	(11)	SF	5.25	%	10.10	%	1/30/2024	1/30/2031	8,239	8,167		8,239		0.4	%
Aptean, Inc. (Delayed Draw)	(19)(20)	SF	5.25	%	10.19	%	1/30/2024	1/30/2031	1,013	20		20		0.0	%
Aptean, Inc. (Revolver)	(19)	SF	5.25	%	10.10	%	1/30/2024	1/30/2031	728	—		—		0.0	%
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (Delayed Draw)	(19)(20)(21)	SF	8.11	%	13.32% PIK		1/2/2024	1/2/2027	1,471	394		882		0.1	%
BTRS Holdings Inc.	(9)	SF	8.00	%	12.86	%	12/16/2022	12/15/2028	10,000	9,763		10,013		0.5	%
BTRS Holdings Inc. (Delayed Draw)	(19)(20)	SF	8.00	%	12.86	%	12/16/2022	12/15/2028	845	736		736		0.0	%
BTRS Holdings Inc. (Revolver)	(19)	SF	7.25	%	12.50	%	12/16/2022	12/15/2028	1,067	400		400		0.0	%
Douglas Holdings, Inc.	(9)	SF	5.75	%	10.35	%	8/27/2024	8/27/2030	24,912	24,541		24,538		1.3	%
Douglas Holdings, Inc. (Delayed Draw)	(19)(20)	SF	5.75	%	10.35	%	8/27/2024	8/27/2030	5,416	—		—		0.0	%
Douglas Holdings, Inc. (Delayed Draw)	(19)(20)	SF	5.75	%	10.35	%	8/27/2024	8/27/2026	3,076	136		136		0.0	%
Douglas Holdings, Inc. (Delayed Draw)	(19)(20)	SF	5.75	%	10.35	%	8/27/2024	8/27/2030	5,957	—		—		0.0	%
Douglas Holdings, Inc. (Revolver)	(19)	SF	5.75	%	10.35	%	8/27/2024	8/27/2030	2,166	—		—		0.0	%
Drawbridge Partners, LLC	(7)	SF	6.25	%	11.10	%	9/1/2022	9/1/2028	15,000	14,781		15,000		0.8	%
Drawbridge Partners, LLC (Delayed Draw)	(19)(20)	SF	6.25	%	11.10	%	9/1/2022	9/1/2028	4,370	3,974		3,974		0.2	%
Drawbridge Partners, LLC (Revolver)	(19)	SF	6.25	%	11.10	%	9/1/2022	9/1/2028	2,609	—		—		0.0	%
Fortra, LLC	(11)	SF	4.10	%	8.95	%	12/11/2023	11/30/2026	14,865	14,403		14,215		0.8	%
Freedom U.S. Acquisition Corporation	(9)	SF	5.75	%	10.39	%	9/27/2024	9/27/2030	51,000	50,109		50,108		2.7	%
Freedom U.S. Acquisition Corporation (Revolver)	(19)	SF	5.75	%	10.39	%	9/27/2024	9/27/2030	5,100	—		—		0.0	%
Fueled Digital Media, LLC		SF	6.61	%	11.32% Cash/ 0.50% PIK		11/1/2022	11/1/2027	5,679	5,582		5,388		0.3	%
Fueled Digital Media, LLC		SF	6.61	%	11.32% Cash/ 0.50% PIK		11/1/2022	11/1/2027	500	500		475		0.0	%
Fueled Digital Media, LLC (Revolver)	(19)	SF	6.11	%	11.32	%	11/1/2022	11/1/2027	807	726		689		0.0	%
Medallia, Inc.	(7)	SF	6.60	%	6.85% Cash/ 4.00% PIK		8/15/2022	10/27/2028	12,134	11,980		12,025		0.6	%
Mindbody, Inc.	(7)	SF	7.15	%	12.40	%	2/15/2019	9/30/2025	1,867	1,865		1,867		0.1	%
Mindbody, Inc.	(7)	SF	7.15	%	12.40	%	9/22/2021	9/30/2025	2,270	2,270		2,270		0.1	%
Mindbody, Inc. (Revolver)	(19)	SF	7.15	%	12.40	%	2/15/2019	9/30/2025	190	—		—		0.0	%
Nasuni Corporation	(9)	SF	5.75	%	10.69	%	9/10/2024	9/10/2030	15,000	14,777		14,775		0.8	%
Nasuni Corporation (Revolver)	(19)	SF	5.75	%	10.69	%	9/10/2024	9/10/2030	3,125	—		—		0.0	%
Oranje Holdco, Inc.	(6)	SF	7.25	%	12.50	%	4/20/2024	2/1/2029	29,053	29,053		28,944		1.5	%
Oranje Holdco, Inc.	(6)(9)	SF	7.50	%	12.75	%	2/1/2023	2/1/2029	14,000	13,724		14,192		0.8	%
Oranje Holdco, Inc. (Revolver)	(19)	SF	7.50	%	12.75	%	2/1/2023	2/1/2029	1,750	—		—		0.0	%
Optomi, LLC	(6)(9)	SF	5.40	%	10.73	%	12/13/2022	12/16/2027	5,584	5,466		5,583		0.3	%
Optomi, LLC	(7)(9)	SF	5.40	%	10.73	%	12/16/2021	12/16/2027	13,162	13,004		13,162		0.7	%
Optomi, LLC (Revolver)	(19)	SF	5.40	%	10.73	%	12/16/2021	12/16/2027	3,189	—		—		0.0	%
Recorded Future, Inc.	(6)	SF	5.75	%	10.60	%	6/28/2024	6/28/2030	40,885	40,483		40,865		2.2	%
Recorded Future, Inc. (Delayed Draw)	(19)(20)	SF	5.75	%	10.88	%	6/28/2024	6/28/2030	9,481	2,311		2,310		0.1	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Recorded Future, Inc. (Revolver)	(19)	SF	5.75	%	10.60	%	6/28/2024	6/28/2030	4,444	$	—	$	—	0.0	%
Reorganized Mobileum AcquisitionCo, LLC (fka Matrix Parent, Inc.)	(6)(21)	SF	6.00	%	11.11	%	7/25/2024	1/23/2025	913	913		913		0.1	%
Securly, Inc.	(7)	SF	7.10	%	12.35	%	4/20/2022	4/22/2027	3,703	3,658		3,693		0.2	%
Securly, Inc.	(7)	SF	7.10	%	11.35	%	4/22/2021	4/22/2027	8,400	8,313		8,379		0.5	%
Securly, Inc.	(7)	SF	7.10	%	12.16	%	4/22/2021	4/22/2027	1,938	1,938		1,934		0.1	%
Securly, Inc.		SF	7.10	%	12.16	%	4/20/2022	4/22/2027	2,488	2,488		2,481		0.1	%
Securly, Inc. (Revolver)	(19)	SF	7.10	%	12.16	%	4/22/2021	4/22/2027	1,615	969		967		0.1	%
SoundHound AI, Inc. (fka Amelia Holding II, LLC)	(12)	SF	10.11	%	13.96% Cash/ 1.00% PIK		8/6/2024	6/30/2026	5,293	5,216		5,293		0.3	%
Sparq Holdings, Inc.	(7)	SF	5.75	%	11.01	%	6/16/2023	6/15/2029	1,975	1,925		1,992		0.1	%
Sparq Holdings, Inc.		SF	5.75	%	10.35	%	6/27/2024	6/25/2029	433	428		436		0.0	%
Sparq Holdings, Inc.		SF	5.75	%	10.35	%	6/16/2023	6/15/2029	442	442		446		0.0	%
Sparq Holdings, Inc. (Delayed Draw)	(19)(20)	SF	5.75	%	10.35	%	6/27/2024	6/25/2029	578	—		—		0.0	%
Sparq Holdings, Inc. (Revolver)	(19)	SF	5.75	%	10.35	%	6/16/2023	6/15/2029	409	—		—		0.0	%
Unanet, Inc.	(7)(9)	SF	6.00	%	11.26	%	12/9/2022	12/8/2028	22,000	21,661		22,000		1.2	%
Unanet, Inc. (Delayed Draw)	(19)(20)	SF	6.00	%	11.22	%	12/9/2022	12/8/2028	6,947	2,837		2,837		0.2	%
Unanet, Inc. (Revolver)	(19)	SF	6.00	%	11.20	%	12/9/2022	12/8/2028	2,316	116		116		0.0	%
Varicent Intermediate Holdings Corporation	(12)(36)	SF	6.00	%	7.35% Cash/ 3.25% PIK		8/23/2024	8/22/2031	25,726	25,348		25,340		1.3	%
Varicent Intermediate Holdings Corporation (Delayed Draw)	(12)(19)(20)(36)	SF	2.75	%	7.35	%	8/23/2024	8/22/2031	6,571	—		—		0.0	%
Varicent Intermediate Holdings Corporation (Revolver)	(12)(19)(36)	n/a	n/a		5.50	%	8/23/2024	8/22/2031	4,443	—		—		0.0	%
Watchguard Technologies, Inc.	(6)	SF	5.25	%	10.10	%	8/17/2022	6/29/2029	20,731	19,670		20,562		1.1	%
ZI Intermediate II, Inc.	(6)	SF	7.00	%	12.25	%	5/13/2024	5/13/2030	57,250	56,019		57,050		3.0	%
ZI Intermediate II, Inc. (Revolver)	(19)	SF	7.00	%	12.25	%	5/13/2024	5/13/2030	4,771	—		—		0.0	%
									519,005	439,777		444,001		23.6	%
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC	(7)(8)(9)	SF	5.60	%	10.80	%	11/24/2021	11/24/2026	15,581	15,428		15,581		0.8	%
95 Percent Buyer, LLC (Revolver)	(19)	SF	5.60	%	10.80	%	11/24/2021	11/24/2026	809	—		—		0.0	%
Calienger Holdings, L.L.C.	(8)	SF	5.85	%	11.05	%	10/21/2022	10/20/2028	4,925	4,833		4,925		0.3	%
Calienger Holdings, L.L.C. (Delayed Draw)	(19)(20)	SF	5.85	%	11.05	%	10/21/2022	10/20/2028	667	—		—		0.0	%
Calienger Holdings, L.L.C. (Revolver)	(19)	SF	5.85	%	11.05	%	10/21/2022	10/20/2028	909	—		—		0.0	%
CE Intermediate, LLC	(6)(7)(9)(10)	SF	5.60	%	10.20	%	10/11/2022	7/1/2027	38,244	37,779		38,244		2.0	%
Destination Media, Inc.	(8)(10)	SF	6.75	%	12.01	%	6/21/2023	6/21/2028	6,419	6,228		6,547		0.3	%
Destination Media, Inc. (Delayed Draw)	(19)(20)	SF	6.65	%	11.25	%	6/21/2023	6/21/2028	3,250	1,021		1,042		0.1	%
Destination Media, Inc. (Revolver)	(19)	SF	6.65	%	11.25	%	6/21/2023	6/21/2028	670	134		134		0.0	%
EverService Midco, LLC	(6)(8)(10)	SF	5.25	%	10.45	%	8/28/2024	6/28/2030	55,000	53,926		54,863		2.9	%
EverService Midco, LLC (Revolver)	(19)	SF	5.25	%	10.45	%	6/28/2024	6/28/2030	8,919	—		—		0.0	%
Madison Logic Holdings, Inc.	(6)	SF	7.00	%	11.85	%	12/30/2022	12/29/2028	13,790	13,465		13,562		0.7	%
Madison Logic Holdings, Inc. (Revolver)	(19)	SF	7.00	%	11.85	%	12/30/2022	12/30/2027	1,207	318		318		0.0	%
Really Great Reading Company, Inc.	(8)(9)	SF	5.85	%	11.18	%	12/9/2022	12/9/2028	11,820	11,591		11,820		0.6	%
Really Great Reading Company, Inc. (Delayed Draw)	(19)(20)	SF	5.85	%	11.18	%	12/9/2022	12/8/2028	2,526	—		—		0.0	%
Really Great Reading Company, Inc. (Revolver)	(19)	SF	5.85	%	11.18	%	12/9/2022	12/8/2028	3,200	—		—		0.0	%
Relevate Health Group, LLC		SF	6.35	%	11.47	%	9/9/2024	12/31/2026	1,115	1,096		1,114		0.1	%
Relevate Health Group, LLC	(7)(9)	SF	6.35	%	11.55	%	11/20/2020	11/20/2025	1,930	1,920		1,929		0.1	%
Relevate Health Group, LLC	(8)(9)	SF	6.35	%	11.55	%	3/28/2022	11/20/2025	5,145	5,108		5,142		0.3	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Relevate Health Group, LLC	(8)	SF	6.35	%	11.55	%	11/20/2020	11/20/2025	863	$	863	$	863	0.1	%
Relevate Health Group, LLC (Revolver)	(19)	SF	6.35	%	11.46	%	11/20/2020	11/20/2025	789	316		316		0.0	%
Spherix Global Inc.	(7)	SF	6.36	%	11.57	%	12/22/2021	12/22/2026	3,180	3,151		2,766		0.2	%
Spherix Global Inc. (Revolver)	(19)	SF	6.36	%	11.57	%	12/22/2021	12/22/2026	500	—		—		0.0	%
Touchmath Acquisition LLC	(11)	SF	5.75	%	10.95	%	2/28/2024	2/28/2030	9,975	9,790		10,139		0.5	%
Touchmath Acquisition LLC (Revolver)	(19)	SF	5.75	%	10.95	%	2/28/2024	2/28/2030	1,429	—		—		0.0	%
XanEdu Publishing, Inc.	(7)(8)	SF	6.11	%	10.96	%	1/28/2020	1/28/2025	5,587	5,576		5,587		0.3	%
XanEdu Publishing, Inc.	(8)	SF	6.11	%	10.96	%	8/31/2022	1/28/2025	2,221	2,212		2,221		0.1	%
XanEdu Publishing, Inc. (Revolver)	(19)	SF	6.11	%	10.96	%	1/28/2020	1/28/2025	977	—		—		0.0	%
									201,647	174,755		177,113		9.4	%
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC	(21)	SF	8.26	%	13.38% PIK		2/15/2024	1/31/2028	228	228		414		0.0	%
									228	228		414		0.0	%
Media: Diversified & Production
Bonterra LLC	(7)(9)	SF	7.00	%	11.60	%	9/8/2021	9/8/2027	19,042	18,886		18,875		1.0	%
Bonterra LLC		SF	7.75	%	13.08% PIK		9/28/2023	9/8/2027	2,976	2,945		3,006		0.2	%
Bonterra LLC (Revolver)	(19)	SF	7.00	%	11.60	%	9/8/2021	9/8/2027	1,814	1,052		1,043		0.1	%
Chess.com, LLC	(7)(8)	SF	6.60	%	11.20	%	12/31/2021	12/31/2027	12,675	12,518		12,548		0.7	%
Chess.com, LLC (Revolver)	(19)	SF	6.60	%	11.20	%	12/31/2021	12/31/2027	1,413	—		—		0.0	%
Crownpeak Technology, Inc.	(7)	SF	7.75	%	6.25% Cash/ 6.75% PIK		2/28/2019	11/28/2025	1,012	1,012		1,010		0.1	%
Crownpeak Technology, Inc.	(7)	SF	7.75	%	6.25% Cash/ 6.75% PIK		2/28/2019	11/28/2025	15	15		15		0.0	%
Crownpeak Technology, Inc.	(7)	SF	7.75	%	6.22% Cash/ 6.75% PIK		9/27/2022	11/28/2025	317	315		316		0.0	%
Crownpeak Technology, Inc.	(9)	SF	7.75	%	6.25% Cash/ 6.75% PIK		9/27/2022	11/28/2025	843	843		841		0.0	%
Crownpeak Technology, Inc. (Revolver)		SF	6.75	%	12.00	%	2/28/2019	11/28/2025	125	125		125		0.0	%
Research Now Group, Inc. and Survey Sampling International, LLC		SF	5.26	%	10.38	%	7/15/2024	7/15/2028	558	508		560		0.0	%
Sports Operating Holdings II, LLC	(6)	SF	5.85	%	10.70	%	11/3/2022	11/3/2027	4,900	4,817		4,900		0.3	%
Sports Operating Holdings II, LLC (Delayed Draw)	(19)(20)	SF	5.85	%	10.70	%	11/3/2022	11/3/2027	3,989	1,939		1,939		0.1	%
Sports Operating Holdings II, LLC (Revolver)	(19)	SF	5.85	%	10.70	%	11/3/2022	11/3/2027	865	—		—		0.0	%
STATS Intermediate Holdings, LLC		SF	5.51	%	10.64	%	3/26/2024	7/10/2026	14,346	14,211		13,970		0.7	%
Streamland Media MidCo LLC		SF	7.01	%	11.65	%	9/27/2024	12/31/2024	264	264		359		0.0	%
									65,154	59,450		59,507		3.2	%
Services: Business
Aperture Companies, LLC	(9)	SF	6.10	%	11.30	%	7/31/2024	12/31/2026	3,956	3,882		3,963		0.2	%
Aperture Companies, LLC	(7)(8)	SF	6.10	%	11.30	%	12/31/2021	12/31/2026	14,625	14,476		14,651		0.8	%
Aperture Companies, LLC	(7)	SF	6.10	%	11.30	%	12/31/2021	12/31/2026	4,250	4,250		4,250		0.2	%
Aperture Companies, LLC		SF	6.10	%	11.30	%	6/28/2024	12/31/2026	1,945	1,909		1,948		0.1	%
Aperture Companies, LLC (Revolver)	(19)	SF	6.10	%	11.30	%	12/31/2021	12/31/2026	1,347	—		—		0.0	%
Aras Corporation	(6)(9)	SF	5.50	%	10.10	%	4/13/2021	4/13/2029	5,313	5,273		5,367		0.3	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Aras Corporation (Revolver)	(19)	SF	5.50	%	10.10	%	4/13/2021	4/13/2029	726	$	169	$	169	0.0	%
ASG III, LLC	(6)(11)	SF	6.50	%	11.75	%	10/31/2023	10/31/2029	20,000	19,554		20,200		1.1	%
ASG III, LLC (Delayed Draw)	(19)(20)	SF	6.50	%	11.62	%	8/30/2024	10/31/2029	18,235	—		—		0.0	%
ASG III, LLC		SF	6.50	%	11.62	%	10/31/2023	10/31/2029	8,421	8,421		8,505		0.5	%
ASG III, LLC (Revolver)	(19)	SF	6.50	%	11.62	%	10/31/2023	10/31/2029	3,158	—		—		0.0	%
Bloomerang, LLC	(6)(9)(11)	SF	6.00	%	10.85	%	12/27/2023	12/27/2029	16,000	15,707		15,971		0.8	%
Bloomerang, LLC (Delayed Draw)	(19)(20)	SF	6.00	%	10.85	%	12/27/2023	12/27/2029	4,800	—		—		0.0	%
Bloomerang, LLC (Revolver)	(19)	SF	6.00	%	10.85	%	12/27/2023	12/27/2029	3,200	—		—		0.0	%
Cdata Software, Inc.	(9)(11)	SF	5.75	%	10.35	%	7/18/2024	7/18/2030	45,950	45,156		45,146		2.4	%
Cdata Software, Inc. (Delayed Draw)	(19)(20)	SF	5.75	%	10.35	%	7/18/2024	7/18/2030	4,255	—		—		0.0	%
Cdata Software, Inc. (Delayed Draw)	(19)(20)	SF	5.75	%	10.35	%	7/18/2024	7/18/2030	5,956	1,071		1,071		0.1	%
Cdata Software, Inc. (Revolver)	(19)	SF	5.75	%	10.35	%	7/18/2024	7/18/2030	5,106	—		—		0.0	%
Cosmos Bidco, Inc.	(7)(9)(11)	SF	6.50	%	11.76	%	9/15/2023	9/14/2029	36,000	35,210		36,324		1.9	%
Cosmos Bidco, Inc.		SF	6.50	%	11.76	%	9/15/2023	9/14/2029	6,750	6,750		6,811		0.4	%
Cosmos Bidco, Inc. (Delayed Draw)	(19)(20)	SF	6.50	%	11.76	%	5/17/2024	9/14/2029	12,000	1,714		1,730		0.1	%
Cosmos Bidco, Inc. (Revolver)	(19)	SF	6.50	%	11.76	%	9/15/2023	9/14/2029	5,625	—		—		0.0	%
E-Discovery Acquireco, LLC	(6)(9)	SF	6.50	%	11.56	%	8/29/2023	8/29/2029	20,000	19,561		20,400		1.1	%
E-Discovery Acquireco, LLC	(6)	SF	5.75	%	10.81	%	5/3/2024	8/29/2029	3,273	3,241		3,273		0.2	%
E-Discovery Acquireco, LLC (Revolver)	(19)	SF	6.50	%	11.56	%	8/29/2023	8/29/2029	1,818	—		—		0.0	%
ecMarket Inc. and Conexiom US Inc.	(7)(12)(36)	SF	7.10	%	11.70	%	9/21/2021	9/21/2027	16,535	16,355		16,535		0.9	%
ecMarket Inc. and Conexiom US Inc.	(7)(12)(36)	SF	7.10	%	11.70	%	9/21/2021	9/21/2027	1,291	1,291		1,291		0.1	%
ecMarket Inc. and Conexiom US Inc. (Delayed Draw)	(12)(19)(20)(36)	SF	7.10	%	11.70	%	3/28/2024	9/21/2027	2,718	1,515		1,515		0.1	%
ecMarket Inc. and Conexiom US Inc.	(12)(36)	SF	7.10	%	11.70	%	5/4/2023	9/21/2027	2,063	2,063		2,063		0.1	%
ecMarket Inc. and Conexiom US Inc. (Revolver)	(12)(19)(36)	SF	7.10	%	11.70	%	9/21/2021	9/21/2027	2,067	—		—		0.0	%
Edustaff, LLC	(6)(9)	SF	5.60	%	10.45	%	12/8/2022	12/8/2027	12,664	12,421		12,664		0.7	%
Edustaff, LLC (Revolver)	(19)	SF	5.60	%	10.45	%	12/8/2022	12/8/2027	2,364	—		—		0.0	%
Huckabee Acquisition, LLC	(6)(8)(10)	SF	5.75	%	10.35	%	1/16/2024	1/16/2030	29,850	29,295		30,149		1.6	%
Huckabee Acquisition, LLC (Delayed Draw)	(19)(20)	SF	5.75	%	10.35	%	1/16/2024	1/16/2030	6,522	—		—		0.0	%
Huckabee Acquisition, LLC (Revolver)	(19)	SF	5.75	%	10.35	%	1/16/2024	1/16/2030	3,913	—		—		0.0	%
HS4 Acquisitionco, Inc.	(7)	SF	5.85	%	10.70	%	7/9/2019	7/9/2025	3,870	3,856		3,870		0.2	%
HS4 Acquisitionco, Inc.	(7)	SF	5.85	%	10.70	%	10/6/2021	7/9/2025	4,204	4,204		4,204		0.2	%
HS4 Acquisitionco, Inc. (Revolver)	(19)	SF	5.85	%	10.70	%	7/9/2019	7/9/2025	325	228		228		0.0	%
iCIMS, Inc.	(7)	SF	6.25	%	11.17	%	10/24/2022	8/18/2028	8,000	7,895		8,000		0.4	%
Interstate BidCo, LLC	(6)(8)(10)	SF	5.75	%	10.35	%	12/27/2023	12/27/2029	14,925	14,651		14,918		0.8	%
Interstate BidCo, LLC (Delayed Draw)	(19)(20)	SF	5.75	%	10.81	%	12/27/2023	12/27/2029	8,297	4,859		4,857		0.3	%
Interstate BidCo, LLC (Revolver)	(19)	SF	5.75	%	10.35	%	12/27/2023	12/27/2029	3,125	—		—		0.0	%
Kingsley Gate Partners, LLC	(6)	SF	6.65	%	11.98	%	12/9/2022	12/11/2028	2,955	2,910		2,917		0.2	%
Kingsley Gate Partners, LLC	(8)	SF	6.65	%	11.98	%	12/9/2022	12/11/2028	948	948		936		0.0	%
Kingsley Gate Partners, LLC		SF	6.65	%	11.98	%	12/9/2022	12/11/2028	1,372	1,372		1,354		0.1	%
Kingsley Gate Partners, LLC (Revolver)	(19)	SF	6.60	%	11.80	%	12/9/2022	12/11/2028	1,200	600		592		0.0	%
Milrose Consultants, LLC	(6)(8)(10)	SF	7.15	%	12.21	%	8/31/2023	8/31/2028	44,550	43,536		44,907		2.4	%
Milrose Consultants, LLC (Revolver)	(19)	SF	7.15	%	12.21	%	8/31/2023	8/31/2028	2,308	—		—		0.0	%
Moonraker Acquisitionco LLC	(6)	SF	6.00	%	10.85	%	9/30/2022	8/4/2028	6,878	6,780		6,878		0.4	%
Moonraker Acquisitionco LLC (Revolver)	(19)	SF	6.00	%	10.85	%	9/30/2022	8/4/2028	933	280		280		0.0	%
NFM & J, L.P.	(6)(7)(9)	SF	5.85	%	10.96	%	11/15/2023	11/30/2027	13,236	13,022		13,296		0.7	%
NFM & J, L.P. (Delayed Draw)	(19)(20)	SF	5.85	%	10.59	%	11/15/2023	11/30/2027	7,414	245		245		0.0	%
NFM & J, L.P. (Revolver)	(19)	P	4.75	%	12.75	%	11/15/2023	11/30/2027	5,273	—		—		0.0	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Northeast Contracting Company, LLC		SF	6.26	%	11.36	%	8/16/2024	8/16/2029	7,500	$	7,353	$	7,350	0.4	%
Northeast Contracting Company, LLC (Revolver)	(19)	SF	6.26	%	11.36	%	8/16/2024	8/16/2029	1,591	—		—		0.0	%
Onix Networking Corp.	(6)(8)	SF	5.50	%	10.35	%	10/2/2023	10/2/2029	14,888	14,620		14,888		0.8	%
Onix Networking Corp. (Revolver)	(19)	SF	5.50	%	10.35	%	10/2/2023	10/2/2029	5,000	—		—		0.0	%
Parkhub, Inc.	(6)	SF	6.25	%	11.58	%	4/9/2024	4/9/2030	16,369	16,059		16,451		0.9	%
Parkhub, Inc.	(12)(23)	SF	6.50	%	11.83	%	4/9/2024	4/9/2030	36,113	33,584		36,293		1.9	%
Parkhub, Inc. (Delayed Draw)	(19)(20)	SF	6.25	%	11.58	%	4/9/2024	4/9/2030	16,833	—		—		0.0	%
Parkhub, Inc. (Delayed Draw)	(19)(20)	SF	6.25	%	11.58	%	4/9/2024	4/9/2030	1,762	—		—		0.0	%
Parkhub, Inc. (Delayed Draw)	(12)(19)(20)(23)	SF	6.25	%	11.58	%	4/9/2024	4/9/2030	3,544	—		—		0.0	%
Parkhub, Inc. (Revolver)	(19)	SF	6.25	%	11.58	%	4/9/2024	4/9/2030	6,733	—		—		0.0	%
PC Pest Buyer, LLC	(6)(8)	SF	4.75	%	10.09	%	6/20/2024	6/20/2030	14,000	13,762		13,944		0.7	%
PC Pest Buyer, LLC (Delayed Draw)	(19)(20)	SF	4.75	%	9.85	%	6/20/2024	6/20/2030	42,000	2,408		2,398		0.1	%
PC Pest Buyer, LLC (Revolver)	(19)	SF	4.75	%	9.85	%	6/20/2024	6/20/2030	8,400	—		—		0.0	%
Project Accelerate Parent, LLC		SF	5.25	%	10.54	%	2/22/2024	2/22/2031	11,845	11,737		11,845		0.6	%
Project Accelerate Parent, LLC (Revolver)	(19)	SF	5.25	%	10.54	%	2/22/2024	2/22/2031	3,125	—		—		0.0	%
Prototek LLC		SF	8.35	%	8.55% Cash/ 5.00% PIK		12/8/2022	12/8/2027	7,896	7,732		6,898		0.4	%
Prototek LLC (Revolver)	(19)	SF	8.35	%	8.55% Cash/ 5.00% PIK		12/8/2022	12/8/2027	921	—		—		0.0	%
Rampart Exterior Services Buyer, Inc.		SF	5.50	%	10.35	%	8/6/2024	8/6/2030	7,500	7,352		7,350		0.4	%
Rampart Exterior Services Buyer, Inc. (Delayed Draw)	(19)(20)	SF	5.50	%	10.35	%	8/6/2024	8/6/2030	7,143	—		—		0.0	%
Rampart Exterior Services Buyer, Inc. (Revolver)	(19)	SF	5.50	%	10.35	%	8/6/2024	8/6/2030	2,679	—		—		0.0	%
Security Services Acquisition Sub Corp.	(6)(11)	SF	5.85	%	10.70	%	6/17/2024	9/30/2027	43,877	43,877		43,877		2.3	%
Security Services Acquisition Sub Corp.	(6)(11)	SF	5.85	%	10.70	%	6/17/2024	9/30/2027	13,622	13,622		13,622		0.7	%
Security Services Acquisition Sub Corp.	(6)(11)	SF	5.85	%	10.70	%	6/17/2024	9/30/2027	13,458	13,458		13,458		0.7	%
Signal 88, LLC	(6)	SF	6.50	%	11.70	%	6/3/2024	6/3/2029	23,500	23,164		23,500		1.3	%
Sunstates Security, LLC		SF	5.00	%	9.85	%	8/9/2024	8/9/2030	20,000	19,703		19,700		1.0	%
Sunstates Security, LLC (Delayed Draw)	(19)(20)	SF	5.00	%	9.85	%	8/9/2024	8/9/2030	13,333	—		—		0.0	%
Teneo Holdings LLC	(11)	SF	4.75	%	10.09	%	3/8/2024	3/13/2031	6,965	6,897		7,006		0.4	%
Thryv, Inc.	(12)	SF	6.75	%	11.60	%	5/15/2024	5/1/2029	8,500	8,419		8,635		0.5	%
TIC Bidco Limited	(12)(23)(40)	SN	5.00	%	9.95	%	6/12/2024	6/14/2031	15,301	14,407		15,292		0.8	%
Valkyrie Buyer, LLC	(6)	SF	5.25	%	10.37	%	5/6/2024	5/6/2031	18,095	17,832		18,041		1.0	%
Valkyrie Buyer, LLC (Delayed Draw)	(19)(20)	SF	5.25	%	10.45	%	5/6/2024	5/6/2031	2,316	—		—		0.0	%
Valkyrie Buyer, LLC (Delayed Draw)	(19)(20)	SF	5.25	%	10.45	%	5/6/2024	5/6/2031	3,088	—		—		0.0	%
Valkyrie Buyer, LLC (Delayed Draw)	(19)(20)	SF	5.25	%	10.45	%	5/6/2024	5/6/2031	7,526	1,092		1,089		0.1	%
Valkyrie Buyer, LLC (Revolver)	(19)	SF	5.25	%	10.45	%	5/6/2024	5/6/2030	3,509	—		—		0.0	%
Vhagar Purchaser, LLC	(9)	SF	6.00	%	11.33	%	6/9/2023	6/11/2029	10,000	9,751		10,000		0.5	%
Vhagar Purchaser, LLC (Delayed Draw)	(19)(20)	SF	6.00	%	11.33	%	6/9/2023	6/11/2029	2,222	500		500		0.0	%
Vhagar Purchaser, LLC (Revolver)	(19)	SF	6.00	%	11.33	%	6/9/2023	6/11/2029	1,111	—		—		0.0	%
WPEngine, Inc.	(7)(9)	SF	6.50	%	11.62	%	8/14/2023	8/14/2029	16,500	16,068		16,649		0.9	%
WPEngine, Inc. (Revolver)	(19)	SF	6.50	%	11.62	%	8/14/2023	8/14/2029	1,650	—		—		0.0	%
									902,924	658,067		670,264		35.8	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Services: Consumer
AMS Parent, LLC		SF	4.86	%	9.71	%	4/8/2024	10/25/2028	9,716	$	9,586	$	9,574	0.5	%
Clydesdale Holdings, LLC	(6)	SF	6.40	%	11.00	%	12/28/2023	6/23/2028	4,963	4,854		4,992		0.3	%
Clydesdale Holdings, LLC	(6)(7)	SF	6.40	%	11.00	%	7/19/2023	6/23/2028	4,950	4,848		4,980		0.3	%
Clydesdale Holdings, LLC	(6)(8)(10)	SF	5.65	%	10.25	%	6/24/2022	6/23/2028	14,700	14,495		14,560		0.8	%
Clydesdale Holdings, LLC	(11)	SF	5.65	%	10.25	%	6/24/2022	6/23/2028	20,906	20,906		20,707		1.1	%
Clydesdale Holdings, LLC (Delayed Draw)	(19)(20)	SF	5.65	%	10.25	%	6/20/2024	6/23/2028	8,329	1,796		1,779		0.1	%
Clydesdale Holdings, LLC (Revolver)	(19)	SF	5.65	%	10.25	%	6/24/2022	6/23/2028	4,523	—		—		0.0	%
Denali Midco 2, LLC	(10)	SF	6.60	%	11.45	%	9/13/2022	12/22/2027	12,250	11,996		12,250		0.6	%
Denali Midco 2, LLC		SF	6.60	%	11.45	%	9/13/2022	12/22/2027	12,361	12,361		12,361		0.7	%
Expedited Travel, LLC	(7)(8)(9)(10)	SF	6.61	%	11.82	%	11/8/2023	11/8/2028	12,729	12,455		12,682		0.7	%
Expedited Travel, LLC (Revolver)	(19)	SF	6.61	%	11.82	%	11/8/2023	11/8/2028	1,500	—		—		0.0	%
Express Wash Acquisition Company, LLC		SF	6.76	%	12.09	%	7/14/2022	7/14/2028	9,985	9,944		9,985		0.5	%
Express Wash Acquisition Company, LLC		SF	6.76	%	12.09	%	7/14/2022	7/14/2028	2,122	2,122		2,122		0.1	%
Express Wash Acquisition Company, LLC (Revolver)	(19)	SF	6.76	%	12.09	%	7/14/2022	7/14/2028	536	295		295		0.0	%
Light Wave Dental Management, LLC		SF	7.00	%	11.60	%	7/16/2024	6/30/2029	533	518		533		0.0	%
Light Wave Dental Management, LLC	(8)(9)(10)(11)	SF	7.00	%	11.60	%	6/30/2023	6/30/2029	27,156	26,450		27,129		1.4	%
Light Wave Dental Management, LLC (Revolver)	(19)	SF	7.00	%	11.60	%	6/30/2023	6/30/2029	5,228	4,088		4,084		0.2	%
Mammoth Holdings, LLC	(10)(11)	SF	5.75	%	10.35	%	11/15/2023	11/15/2030	21,655	21,259		21,806		1.2	%
Mammoth Holdings, LLC		SF	5.75	%	10.41	%	11/15/2023	11/15/2030	5,442	5,442		5,480		0.3	%
Mammoth Holdings, LLC (Revolver)	(19)	SF	5.75	%	10.35	%	11/15/2023	11/15/2029	2,727	—		—		0.0	%
The Black Tux, LLC	(8)(9)(10)	SF	6.50	%	11.35	%	12/27/2023	12/27/2028	10,421	10,355		10,468		0.5	%
The Black Tux, LLC (Delayed Draw)	(19)(20)	SF	6.50	%	11.35	%	12/27/2023	12/27/2028	1,944	—		—		0.0	%
The Black Tux, LLC (Revolver)	(19)	SF	6.50	%	11.35	%	12/27/2023	12/27/2028	1,944	—		—		0.0	%
The Hertz Corporation	(12)	SF	3.86	%	9.20	%	12/12/2023	6/30/2028	8,307	8,140		7,452		0.4	%
The Hertz Corporation	(12)	SF	3.61	%	8.46	%	6/21/2024	6/30/2028	1,618	1,586		1,452		0.1	%
Ultra Clean Holdco LLC		SF	5.00	%	10.33	%	7/16/2024	7/1/2030	21,000	20,638		20,633		1.1	%
Ultra Clean Holdco LLC (Delayed Draw)	(19)(20)	SF	5.00	%	10.10	%	7/16/2024	7/1/2030	7,500	1,500		1,500		0.1	%
Ultra Clean Holdco LLC (Revolver)	(19)	SF	5.00	%	10.10	%	7/16/2024	7/1/2030	3,000	—		—		0.0	%
									238,045	205,634		206,824		11.0	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Telecommunications
American Broadband and Telecommunications Company LLC (Delayed Draw)	(6)(19)(20)	P	12.00	%	18.00% Cash/ 2.00% PIK		6/10/2022	6/10/2025	2,754	$	2,602	$	2,727	0.1	%
American Broadband and Telecommunications Company LLC (Revolver)	(19)	P	12.00	%	18.00% Cash/ 2.00% PIK		6/10/2022	6/10/2025	1,000	251		251		0.0	%
Calabrio, Inc.	(7)	SF	5.50	%	10.56	%	12/19/2023	4/16/2027	1,170	1,170		1,175		0.1	%
Calabrio, Inc.	(7)	SF	5.50	%	10.56	%	4/16/2021	4/16/2027	7,980	7,879		7,980		0.4	%
Calabrio, Inc. (Revolver)	(19)	SF	5.50	%	10.56	%	4/16/2021	4/16/2027	963	—		—		0.0	%
DataOnline Corp.	(7)(8)(9)(10)(11)	SF	5.40	%	10.46	%	11/13/2019	11/13/2025	34,766	34,700		34,766		1.9	%
DataOnline Corp. (Revolver)	(19)	SF	5.40	%	10.00	%	11/13/2019	11/13/2025	3,701	555		555		0.0	%
EOS Finco S.A.R.L.	(8)(12)(38)	SF	6.00	%	11.26	%	8/3/2022	8/20/2027	7,125	7,035		5,817		0.3	%
MB Purchaser, LLC	(8)(10)	SF	4.75	%	9.92	%	1/3/2024	1/3/2030	14,925	14,656		14,962		0.8	%
MB Purchaser, LLC (Delayed Draw)	(19)(20)	SF	4.75	%	9.70	%	1/3/2024	1/3/2030	12,469	3,219		3,227		0.2	%
MB Purchaser, LLC (Revolver)	(19)	SF	4.75	%	9.70	%	1/3/2024	1/3/2030	2,500	—		—		0.0	%
Patagonia Holdco LLC	(6)(12)	SF	5.75	%	10.85	%	8/5/2022	8/1/2029	14,700	12,611		13,706		0.7	%
Sandvine Corporation	(6)(21)	n/a	n/a		2.00	%	3/8/2021	6/28/2027	1,144	1,139		211		0.0	%
									105,197	85,817		85,377		4.5	%
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.	(6)	SF	4.85	%	9.97	%	5/26/2023	4/26/2028	6,235	6,028		6,252		0.3	%
Complete Innovations Inc.	(6)(12)(22)(36)	CA	6.30	%	10.58	%	12/16/2020	12/16/2025	8,052	8,488		8,052		0.4	%
Complete Innovations Inc.	(6)(12)(22)(36)	CA	6.30	%	10.58	%	12/16/2020	12/16/2025	1,021	1,090		1,021		0.1	%
Dusk Acquisition II Corporation		SF	6.00	%	10.60	%	7/12/2024	7/12/2029	27,720	27,184		27,166		1.4	%
Epika Fleet Services, Inc.	(6)(8)	SF	5.75	%	10.60	%	3/18/2024	3/18/2029	16,915	16,600		17,079		0.9	%
Epika Fleet Services, Inc.	(11)	SF	5.75	%	10.60	%	3/18/2024	3/18/2029	9,759	9,667		9,853		0.5	%
Epika Fleet Services, Inc. (Delayed Draw)	(19)(20)	SF	5.75	%	10.60	%	3/18/2024	3/18/2029	4,897	2,249		2,271		0.1	%
Epika Fleet Services, Inc. (Revolver)	(19)	SF	5.75	%	10.60	%	3/18/2024	3/18/2029	3,696	370		370		0.0	%
Fiasco Enterprises, LLC		SF	6.61	%	11.82	%	5/6/2022	5/6/2027	6,860	6,788		6,716		0.4	%
Fiasco Enterprises, LLC	(6)	SF	6.61	%	11.82	%	12/15/2022	5/6/2027	8,274	8,110		8,100		0.4	%
Fiasco Enterprises, LLC (Revolver)	(19)	SF	6.61	%	11.82	%	5/6/2022	5/6/2027	1,750	—		—		0.0	%
Randys Holdings, Inc.	(6)(7)(9)	SF	6.25	%	10.85	%	11/1/2022	11/1/2028	16,790	16,407		16,790		0.9	%
Randys Holdings, Inc. (Delayed Draw)	(19)(20)	SF	6.25	%	11.56	%	11/1/2022	11/1/2028	5,678	1,683		1,683		0.1	%
Randys Holdings, Inc. (Revolver)	(19)	SF	6.25	%	10.85	%	11/1/2022	11/1/2028	2,273	526		526		0.0	%
RS Acquisition, LLC	(7)	SF	8.10	%	11.30% Cash/ 2.00% PIK		12/13/2021	12/14/2026	10,900	10,792		10,172		0.5	%
RS Acquisition, LLC	(9)	SF	8.10	%	11.30% Cash/ 2.00% PIK		12/13/2021	12/14/2026	10,072	10,072		9,399		0.5	%
RS Acquisition, LLC (Revolver)	(19)	SF	8.10	%	11.30% Cash/ 2.00% PIK		12/13/2021	12/14/2026	1,280	900		840		0.0	%
									142,172	126,954		126,290		6.5	%
Utilities: Electric
Central Moloney, LLC	(11)	SF	6.75	%	11.35	%	2/9/2024	10/20/2028	15,648	15,298		15,961		0.8	%
Central Moloney, LLC	(6)(8)(10)(11)	SF	6.75	%	11.35	%	12/19/2023	10/20/2028	31,098	30,511		31,408		1.7	%
									46,746	45,809		47,369		2.5	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Wholesale
IF & P Holdings Company, LLC	(6)(8)	SF	5.63	%	10.99	%	10/6/2022	10/3/2028	23,449	$	23,017	$	23,449	1.2	%
IF & P Holdings Company, LLC	(6)	SF	6.00	%	11.36	%	5/25/2023	10/3/2028	6,583	6,415		6,583		0.4	%
IF & P Holdings Company, LLC		SF	5.25	%	10.48	%	7/30/2024	10/3/2028	1,109	1,093		1,112		0.1	%
IF & P Holdings Company, LLC (Delayed Draw)	(19)(20)	SF	5.63	%	10.86	%	7/30/2024	10/3/2028	959	—		—		0.0	%
IF & P Holdings Company, LLC (Revolver)	(19)	SF	5.63	%	10.86	%	10/6/2022	10/3/2028	5,296	971		971		0.1	%
S&S Holdings LLC	(6)	SF	5.10	%	10.06	%	3/10/2021	3/10/2028	2,895	2,844		2,887		0.2	%
									40,291	34,340		35,002		2.0	%
Total Non-Controlled/Non-Affiliate Senior Secured Loans									3,765,321	3,091,768		3,114,470		165.7	%

Unitranche Secured Loans (13)
Beverage, Food & Tobacco
Gargoyle Enterprises, Inc. (Revolver)	(19)(26)	SF	12.00	%	16.86	%	11/3/2023	11/3/2026	1,000	717		717		0.0	%
Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver)	(19)(27)	SF	10.00	%	12.85% Cash/ 2.00% PIK		12/8/2023	12/8/2026	336	202		202		0.0	%
									1,336	919		919		0.0	%
Construction & Building
Inversiones DP6 (BVI) Numero Dos, Ltd.	(12)(37)	n/a	n/a		9.00% Cash/ 4.75% PIK		10/14/2022	10/14/2026	26,910	26,910		27,252		1.5	%
									26,910	26,910		27,252		1.5	%
Consumer Goods: Durable
Jumpstart Holdco, Inc.	(6)	SF	5.65	%	10.93	%	4/19/2022	4/19/2028	23,030	22,731		21,224		1.1	%
									23,030	22,731		21,224		1.1	%
Healthcare & Pharmaceuticals
Evolve Biologics Inc.	(12)	SF	16.00	%	10.60% Cash/ 10.60% PIK		12/20/2022	12/18/2026	18,270	18,030		20,417		1.1	%
									18,270	18,030		20,417		1.1	%
Media: Advertising, Printing & Publishing
New Engen, Inc.	(7)(8)	SF	5.11	%	10.32	%	12/3/2021	12/3/2026	9,203	9,125		9,203		0.5	%
New Engen, Inc.	(7)(8)	SF	5.11	%	10.32	%	12/27/2021	12/3/2026	7,772	7,772		7,772		0.4	%
New Engen, Inc.	(9)	SF	5.11	%	10.20	%	9/17/2024	12/3/2026	2,346	2,305		2,393		0.1	%
									19,321	19,202		19,368		1.0	%
Media: Diversified & Production
Park County Holdings, LLC		SF	6.75	%	11.60	%	11/29/2023	11/29/2029	45,000	44,407		45,000		2.4	%
									45,000	44,407		45,000		2.4	%
Services: Business
ASG II, LLC	(6)	SF	6.40	%	11.65	%	5/25/2022	5/25/2028	15,000	14,791		14,981		0.8	%
ASG II, LLC		SF	6.40	%	11.65	%	5/25/2022	5/25/2028	2,250	2,250		2,247		0.1	%
Onit, Inc.	(6)	SF	7.40	%	12.01	%	12/20/2021	5/2/2025	16,800	16,732		16,800		0.9	%
									34,050	33,773		34,028		1.8	%
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans									167,917	165,972		168,208		8.9	%

Junior Secured Loans
Aerospace & Defense
API Holdings III Corp.		SF	7.00	%	5.60% Cash/ 6.00% PIK		11/3/2023	5/9/2027	1,765	1,763		1,304		0.1	%
									1,765	1,763		1,304		0.1	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Automotive
First Brands Group, LLC	(8)(11)	SF	8.76	%	14.01	%	12/11/2023	3/30/2028	14,436	$	13,976	$	13,750	0.7	%
									14,436	13,976		13,750		0.7	%
Banking
MoneyLion, Inc.	(12)	SF	7.26	%	12.51	%	3/25/2022	3/24/2026	17,411	17,313		17,432		0.9	%
									17,411	17,313		17,432		0.9	%
Chemicals, Plastics & Rubber
Loparex Midco B.V. (fka PHM Netherlands Midco B.V.)	(12)(39)	SF	4.50	%	9.70	%	4/4/2023	2/1/2027	517	508		488		0.0	%
Loparex Midco B.V. (fka PHM Netherlands Midco B.V.)	(12)(39)	SF	4.50	%	9.70	%	4/4/2023	2/1/2027	221	217		149		0.0	%
									738	725		637		0.0	%
Construction & Building
601 Lafayette Mezz LLC (Delayed Draw)	(12)(19)(20)	SF	8.74	%	13.59	%	7/17/2024	2/9/2028	20,500	—		—		0.0	%
601 Lafayette Mezz LLC (Delayed Draw)	(12)(19)(20)	SF	8.74	%	13.59	%	7/17/2024	2/9/2028	20,500	—		—		0.0	%
Jesse Studio Mezz, LLC (Delayed Draw)	(12)(19)(20)	SF	9.00	%	14.20	%	6/7/2024	6/7/2027	41,930	34,097		34,558		1.9	%
Sundy Village West Mezz Borrower, LLC (Delayed Draw)	(12)(19)(20)	SF	6.25	%	11.37	%	12/21/2023	1/15/2027	37,349	27,184		27,814		1.5	%
Sundy Village West Mezz Borrower, LLC (Delayed Draw)	(12)(19)(20)	SF	11.25	%	16.37% PIK		12/21/2023	1/15/2027	13,062	3,424		3,468		0.2	%
									133,341	64,705		65,840		3.6	%
Consumer Goods: Non-Durable
Thrasio, LLC	(21)	SF	10.26	%	15.54% PIK		6/18/2024	6/18/2029	1,763	1,763		1,560		0.1	%
									1,763	1,763		1,560		0.1	%
FIRE: Real Estate
Avison Young (USA) Inc.	(12)(21)(36)	SF	8.26	%	6.71% Cash/ 6.50% PIK		4/26/2019	3/12/2029	1,892	1,823		1,490		0.1	%
Avison Young (USA) Inc.	(12)(21)(36)	SF	8.26	%	6.71% Cash/ 6.50% PIK		4/26/2019	3/12/2029	647	623		377		0.0	%
Florida East Coast Industries, LLC	(12)	n/a	n/a		18.00% PIK		8/9/2021	10/11/2024	1,797	1,797		1,797		0.1	%
KT Naples UB LLC (Delayed Draw)	(12)(19)(20)	SF	12.00	%	17.00	%	4/8/2024	4/8/2026	14,250	7,861		7,950		0.4	%
Witkoff/Monroe 700 JV LLC	(12)	n/a	n/a		8.00% Cash/ 4.00% PIK		7/26/2024	10/1/2026	450	450		450		0.0	%
Witkoff/Monroe 700 JV LLC	(12)	n/a	n/a		8.00% Cash/ 4.00% PIK		7/2/2021	10/1/2026	9,944	9,944		9,932		0.5	%
Witkoff/Monroe 700 JV LLC	(12)	n/a	n/a		8.00% Cash/ 4.00% PIK		5/16/2023	10/1/2026	1,720	1,720		1,718		0.1	%
Witkoff/Monroe 700 JV LLC	(12)	n/a	n/a		8.00% Cash/ 4.00% PIK		9/25/2023	10/1/2026	3,086	3,086		3,083		0.2	%
Witkoff/Monroe 700 JV LLC	(12)	n/a	n/a		8.00% Cash/ 4.00% PIK		5/8/2024	10/1/2026	2,116	2,116		2,113		0.1	%
									35,902	29,420		28,910		1.5	%
Healthcare & Pharmaceuticals
Radiology Partners, Inc.		SF	5.26	%	8.88% Cash/ 1.50% PIK		5/30/2024	1/31/2029	9,304	8,732		9,141		0.5	%
Sound Inpatient Physicians, Inc.	(6)(21)	SF	5.26	%	8.37% Cash/ 1.50% PIK		10/12/2022	6/28/2028	2,410	2,149		2,169		0.1	%
									11,714	10,881		11,310		0.6	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
High Tech Industries
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)	(16)	n/a	n/a		n/a		3/16/2021	3/16/2027	988	$	968	$	—	0.0	%
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)	(21)	n/a	n/a		9.00% PIK		8/29/2023	1/2/2029	430	401		457		0.0	%
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC)	(21)	n/a	n/a		9.00% PIK		7/14/2023	1/2/2029	440	401		468		0.0	%
									1,858	1,770		925		0.0	%
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC	(16)(28)	n/a	n/a		n/a		5/2/2019	n/a	477	477		—		0.0	%
Vice Acquisition Holdco, LLC	(16)(28)	n/a	n/a		n/a		5/2/2019	n/a	150	150		—		0.0	%
Vice Acquisition Holdco, LLC	(16)(28)	n/a	n/a		n/a		5/2/2019	n/a	57	57		—		0.0	%
Vice Acquisition Holdco, LLC	(16)(28)	n/a	n/a		n/a		11/4/2019	n/a	92	92		—		0.0	%
Vice Acquisition Holdco, LLC	(21)	SF	8.26	%	13.51% PIK		7/31/2023	1/31/2028	503	503		386		0.0	%
Vice Acquisition Holdco, LLC	(21)	SF	8.26	%	13.51% PIK		7/31/2023	1/31/2028	152	152		117		0.0	%
Vice Acquisition Holdco, LLC	(21)	SF	8.26	%	13.51% PIK		9/8/2023	1/31/2028	265	265		203		0.0	%
Vice Acquisition Holdco, LLC	(21)	SF	8.26	%	13.51% PIK		7/31/2023	1/31/2028	396	396		—		0.0	%
									2,092	2,092		706		0.0	%
Media: Diversified & Production
Research Now Group, Inc. and Survey Sampling International, LLC	(6)	SF	5.76	%	10.88	%	7/15/2024	10/15/2028	3,638	3,668		3,377		0.2	%
Streamland Media MidCo LLC		SF	9.26	%	12.26% Cash/ 2.25% PIK		8/26/2019	12/31/2024	1,859	1,859		1,521		0.1	%
Streamland Media MidCo LLC		SF	9.26	%	12.26% Cash/ 2.25% PIK		3/7/2022	12/31/2024	504	502		412		0.0	%
									6,001	6,029		5,310		0.3	%
Total Non-Controlled/Non-Affiliate Junior Secured Loans									227,021	150,437		147,684		7.8	%

Equity Securities (14)(15)
Automotive
Lifted Trucks Holdings, LLC (158,730 Class A shares)	(16)(17)	—	—		—		8/2/2021	—	—	159		113		0.0	%
										159		113		0.0	%
Banking
MV Receivables II, LLC (1,822 shares of common stock)	(12)(16)(17)	—	—		—		7/29/2021	—	—	750		—		0.0	%
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity)	(12)(16)(17)	—	—		—		7/28/2021	7/28/2031	—	453		—		0.0	%
										1,203		—		0.0	%
Beverage, Food & Tobacco
Sabrosura Foods, LLC et al (171,429 Class A interests)	(16)	—	—		—		10/18/2019	—	—	171		—		0.0	%
Sabrosura Foods, LLC et al (7,022 Class AA units)	(16)	—	—		—		11/22/2022	—	—	10		—		0.0	%
Sabrosura Foods, LLC et al (8,322 Class AAA units)	(16)	—	—		—		3/17/2023	—	—	8		—		0.0	%
										189		—		0.0	%
Capital Equipment
Adept AG Holdings, LLC (314,584 Class A preferred units)	(16)(17)	—	—		—		8/11/2022	—	—	650		—		0.0	%
Adept AG Holdings, LLC (45,874 Series B units)	(16)(17)	—	—		—		8/1/2023	—	—	46		—		0.0	%
Adept AG Holdings, LLC (67,283 Series C preferred units)	(16)(17)	—	—		—		12/20/2023	—	—	67		—		0.0	%
										763		—		0.0	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)	Interest Rate	Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Construction & Building
MEI Buyer LLC (2,275 units)	(16)	—	—	—	6/29/2023	—	—	$	2,275	$	3,189	0.2	%
								2,275		3,189		0.2	%
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units)	(16)	—	—	—	8/3/2021	—	—	169		57		0.0	%
Jumpstart Holdco, Inc. (1,566,667 Class A units)	(16)	—	—	—	4/19/2022	—	—	1,566		699		0.0	%
								1,735		756		0.0	%
Consumer Goods: Non-Durable
Thrasio, LLC (2,162,506 units)	(16)	—	—	—	6/18/2024	—	—	—		—		0.0	%
Thrasio, LLC (31,764 shares of common stock)	(16)	—	—	—	6/18/2024	—	—	3,192		1,461		0.1	%
								3,192		1,461		0.1	%
Energy: Oil & Gas
Talos Energy Inc. (12,138 shares of common stock)	(6)(12)(16)(29)	—	—	—	3/4/2024	—	—	133		126		0.0	%
								133		126		0.0	%
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	(16)	—	—	—	10/19/2020	3/17/2028	—	67		304		0.0	%
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	(16)	—	—	—	10/19/2021	3/17/2028	—	—		213		0.0	%
StormTrap, LLC (640,000 Class A preferred units)	(17)	n/a	n/a	8.00% PIK	3/25/2022	—	—	640		640		0.0	%
StormTrap, LLC (640,000 Class A common units)	(16)(17)	—	—	—	3/25/2022	—	—	—		139		0.0	%
Volt Bidco, Inc. (878 shares of common stock)	(16)	—	—	—	8/11/2021	—	—	892		1,091		0.1	%
								1,599		2,387		0.1	%
FIRE: Finance
Bench Walk Lead, LLC (commitment to purchase up to 3.2% of the equity)	(12)(16)(17)	—	—	—	6/12/2023	—	—	1,600		1,562		0.1	%
J2 BWA Funding LLC (0.3% profit sharing)	(12)(16)(17)	—	—	—	12/24/2020	—	—	—		45		0.0	%
J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity)	(12)(16)(17)(30)	—	—	—	4/29/2022	—	—	443		443		0.0	%
								2,043		2,050		0.1	%
FIRE: Real Estate
Avison Young (USA) Inc. (2,036,442 Class A preferred shares)	(12)(21)(36)	n/a	n/a	12.50% PIK	9/1/2022	—	—	2,036		686		0.1	%
Avison Young (USA) Inc. (1,521 Class F common shares)	(12)(16)(36)	—	—	—	9/1/2022	—	—	1,234		—		0.0	%
InsideRE, LLC (284,853 Class A common units)	(16)(17)	—	—	—	9/9/2019	—	—	420		526		0.0	%
Lessen LLC (128,737 preferred units)	(16)	—	—	—	1/5/2023	—	—	1,667		1,414		0.1	%
Residential Homes for Rent LLC (446,794 Series A preferred units)	(12)(16)(17)	—	—	—	3/5/2024	—	—	1,950		1,329		0.1	%
Residential Homes for Rent LLC (warrant to purchase up to 1.2% of the equity)	(12)(16)(17)	—	—	—	3/5/2024	3/5/2034	—	—		621		0.0	%
Witkoff/Monroe 700 JV LLC (2,992 preferred units)	(12)(16)(17)	—	—	—	7/2/2021	—	—	3		4,273		0.2	%
								7,310		8,849		0.5	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)	Interest Rate	Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units)	(17)	n/a	n/a	8.00% PIK	2/5/2020	—	—	$	726	$	677	0.1	%
Bluesight, Inc. (311 Class A preferred units)		n/a	n/a	9.00% PIK	7/17/2023	—	—	311		308		0.0	%
Bluesight, Inc. (166,310 Class B common units)	(16)	—	—	—	7/17/2023	—	—	—		—		0.0	%
Caravel Autism Health, LLC (3,600 Class A units)	(17)	n/a	n/a	8.00% PIK	6/11/2024	—	—	3,600		3,455		0.2	%
Caravel Autism Health, LLC (4,011 Class B units)	(16)(17)	—	—	—	6/11/2024	—	—	—		—		0.0	%
Dorado Acquisition, Inc. (531,783 Class A-1 units)	(16)	—	—	—	6/30/2021	—	—	578		425		0.0	%
Dorado Acquisition, Inc. (531,783 Class A-2 units)	(16)	—	—	—	6/30/2021	—	—	—		—		0.0	%
Evolve Biologics Inc. (0.1% of equity commitments)	(12)(16)	—	—	—	12/20/2022	—	—	—		—		0.0	%
Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity)	(12)(16)	—	—	—	12/20/2022	12/20/2032	—	—		—		0.0	%
Evolve Biologics Inc. (warrant to purchase up to 1.2% of the equity)	(6)(12)(16)	—	—	—	1/18/2024	1/18/2034	—	—		315		0.0	%
Forest Buyer, LLC (906 Class A units)	(17)	n/a	n/a	8.00% PIK	3/15/2024	—	—	906		841		0.1	%
Forest Buyer, LLC (906 Class B units)	(16)(17)	—	—	—	3/15/2024	—	—	—		624		0.0	%
KL Moon Acquisition, LLC (0.3% of the equity)	(16)	—	—	—	1/31/2023	—	—	1,006		376		0.0	%
NationsBenefits, LLC (369,827 Series B units)	(17)	n/a	n/a	5.00% PIK	8/20/2021	—	—	2,498		5,577		0.3	%
NationsBenefits, LLC (326,667 common units)	(16)(17)	—	—	—	8/20/2021	—	—	468		2,818		0.2	%
NQ PE Project Colosseum Midco Inc. (1,364,614 common units)	(16)	—	—	—	10/4/2022	—	—	1,366		361		0.0	%
Seran BioScience, LLC (26,666 common units)	(16)	—	—	—	7/30/2024	—	—	267		676		0.0	%
Vero Biotech Inc. (warrant to purchase up to 2.3% of the equity)	(16)	—	—	—	12/29/2023	12/29/2033	—	—		180		0.0	%
Xpress Wellness, LLC (18,310 Series A units)	(16)	—	—	—	5/8/2024	—	—	18,310		18,662		1.0	%
								30,036		35,295		1.9	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)	Interest Rate	Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
High Tech Industries
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (157,895 Class A common units)	(16)	—	—	—	3/16/2021	—	—	$	10,982	$	1,442	0.1	%
Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (294,118 Class B common units)	(16)	—	—	—	1/2/2024	—	—	—		2,687		0.2	%
Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (157,895 Class A common units)	(16)	—	—	—	1/2/2024	—	—	—		—		0.0	%
Arcserve Cayman GP LLC (fka Arcstor Midco, LLC) (294,118 Class B common units)	(16)	—	—	—	1/2/2024	—	—	—		—		0.0	%
Douglas Holdings, Inc. (573,847 Class A common units)	(16)	—	—	—	8/27/2024	—	—	574		574		0.0	%
Drawbridge Partners, LLC (652,174 Class A-1 units)	(16)	—	—	—	9/1/2022	—	—	652		768		0.1	%
Optomi, LLC (278 Class A units)	(16)(17)	—	—	—	12/16/2021	—	—	278		498		0.0	%
Recorded Future, Inc. (40,243 Class A units)	(16)(31)	—	—	—	7/3/2019	—	—	40		98		0.0	%
Reorganized Mobileum AcquisitionCo, LLC (fka Matrix Parent, Inc.) (37,185 shares of common stock)	(6)(16)	—	—	—	9/12/2024	—	—	1,877		462		0.0	%
SoundHound AI, Inc. (392,523 shares of common stock)	(12)(16)(24)(29)	—	—	—	8/7/2024	—	—	2,100		1,829		0.1	%
Sparq Holdings, Inc. (600,000 common units)	(16)	—	—	—	6/15/2023	—	—	600		678		0.0	%
Unanet, Inc. (1,621,053 shares of common stock)	(16)	—	—	—	12/5/2022	—	—	1,622		2,594		0.1	%
ZI Intermediate II, Inc. (3,790 shares of common stock)	(16)	—	—	—	5/13/2024	—	—	3,790		3,794		0.2	%
								22,515		15,424		0.8	%
Hotels, Gaming & Leisure
Equine Network, LLC (92 Class A units)	(16)(17)	—	—	—	12/31/2020	—	—	95		107		0.0	%
								95		107		0.0	%
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units)	(17)	n/a	n/a	8.00% PIK	11/24/2021	—	—	385		894		0.1	%
Calienger Holdings, L.L.C. (568,181 Class A units)	(16)(17)	—	—	—	10/21/2022	—	—	568		568		0.0	%
New Engen, Inc. (417 preferred units)		n/a	n/a	8.00% PIK	12/27/2021	—	—	417		493		0.0	%
New Engen, Inc. (5,067 Class B common units)	(16)	—	—	—	12/27/2021	—	—	5		1		0.0	%
Really Great Reading Company, Inc. (369 Series A units)	(16)	—	—	—	12/9/2022	—	—	369		302		0.0	%
Relevate Health Group, LLC (96 preferred units)		n/a	n/a	12.00% PIK	11/20/2020	—	—	96		61		0.0	%
Relevate Health Group, LLC (96 Class B common units)	(16)	—	—	—	11/20/2020	—	—	—		—		0.0	%
Spherix Global Inc. (42 Class A-2 units)	(16)	—	—	—	6/10/2024	—	—	42		13		0.0	%
Spherix Global Inc. (333 Class A units)	(16)	—	—	—	12/22/2021	—	—	333		—		0.0	%
XanEdu Publishing, Inc. (65,104 Class A units)		n/a	n/a	8.00% PIK	1/28/2020	—	—	65		342		0.0	%
								2,280		2,674		0.1	%
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (1,110,000 Class A units)	(16)	—	—	—	7/31/2023	—	—	1,110		—		0.0	%
								1,110		—		0.0	%
Media: Diversified & Production

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)	Interest Rate	Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Chess.com, LLC (5 Class A units)	(16)(17)	—	—	—	12/31/2021	—	—	$	189	$	92	0.0	%
Research Now Group, Inc. and Survey Sampling International, LLC (50,029 shares of common stock)	(6)(16)	—	—	—	7/15/2024	—	—	1,525		885		0.1	%
								1,714		977		0.1	%
Services: Business
Argano, LLC (62,574 common units)	(16)(17)	—	—	—	6/10/2021	—	—	317		568		0.0	%
Cosmos Bidco, Inc. (2,250,000 Class A Membership Interest)	(16)	—	—	—	9/15/2023	—	—	2,250		2,422		0.1	%
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares)	(12)(16)(36)	—	—	—	9/21/2021	—	—	723		722		0.0	%
Edustaff, LLC (591 shares of common stock)	(16)(17)	—	—	—	12/8/2022	—	—	591		1,011		0.1	%
Northeast Contracting Company, LLC (5,364,700 Class A-2 units)	(16)(17)	—	—	—	8/16/2024	—	—	5,365		5,257		0.3	%
Onix Networking Corp. (2,000,000 shares of common stock)	(16)	—	—	—	10/2/2023	—	—	2,000		1,709		0.1	%
Parkhub, Inc. (1,049,936 Series A preferred units)		n/a	n/a	8.00% PIK	4/9/2024	—	—	1,500		1,501		0.1	%
Rampart Exterior Services Buyer, Inc. (2,206 Series A-2 preferred units)		n/a	n/a	10.00% PIK	8/6/2024	—	—	2,206		2,206		0.1	%
Respida Software Equity CI LP (5,000,000 Series B Preferred Units)	(16)(17)	—	—	—	4/9/2024	—	—	4,850		5,014		0.3	%
Skillsoft Corp. (1,308 Class A shares)	(6)(12)(16)(29)	—	—	—	6/11/2021	—	—	508		20		0.0	%
								20,310		20,430		1.1	%
Services: Consumer
Express Wash Acquisition Company, LLC (34,944 Class A common units)	(16)(17)	—	—	—	11/15/2023	—	—	—		—		0.0	%
Express Wash Acquisition Company, LLC (35 Class A preferred units)	(17)	n/a	n/a	8.00% PIK	11/15/2023	—	—	35		24		0.0	%
Express Wash Acquisition Company, LLC (164,381 Class B common units)	(16)(17)	—	—	—	11/15/2023	—	—	—		—		0.0	%
Express Wash Acquisition Company, LLC (164 Class B preferred units)	(16)(17)	—	—	—	11/15/2023	—	—	169		—		0.0	%
IDIG Parent, LLC (192,908 shares of common stock)	(16)(17)(34)	—	—	—	1/4/2021	—	—	197		215		0.0	%
Light Wave Dental Management, LLC (306,152 Class A units)	(16)(17)	—	—	—	6/30/2023	—	—	3,062		3,037		0.2	%
								3,463		3,276		0.2	%
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)	(16)	—	—	—	6/10/2022	6/10/2032	—	84		73		0.0	%
Sandvine Corporation (23,212 Class A units)	(6)(16)	—	—	—	6/28/2024	—	—	—		—		0.0	%
Sandvine Corporation (37,522 Class B units)	(6)(16)	—	—	—	6/28/2024	—	—	—		—		0.0	%
								84		73		0.0	%
Transportation: Cargo
Epika Fleet Services, Inc. (44,348 preferred units)	(16)	—	—	—	3/18/2024	—	—	1,109		1,238		0.1	%
RS Acquisition, LLC (838,077 common units)	(16)(17)	—	—	—	1/12/2022	—	—	1,439		636		0.0	%
								2,548		1,874		0.1	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Utilities: Electric
Central Moloney, LLC (6,029 Class A preferred units)		n/a	n/a		10.00% PIK		10/20/2023	—	—	$	6,029	$	6,029	0.3	%
Central Moloney, LLC (6,029 Class B common units)	(16)	—	—		—		10/20/2023	—	—	996		9,528		0.5	%
Central Moloney, LLC (63 Class G units)	(16)	—	—		—		4/4/2024	—	—	—		60		0.0	%
										7,025		15,617		0.8	%
Wholesale
IF & P Holdings Company, LLC (1,566 Class A preferred units)	(16)	—	—		—		10/3/2022	—	—	1,566		1,489		0.1	%
IF & P Holdings Company, LLC (1,566 Class B common units)	(16)	—	—		—		10/3/2022	—	—	11		—		0.0	%
										1,577		1,489		0.1	%
Total Non-Controlled/Non-Affiliate Equity Securities										113,358		116,167		6.2	%
Total Non-Controlled/Non-Affiliate Company Investments										$	3,521,535	$	3,546,529	188.6	%

Non-Controlled Affiliate Company Investments (18)
Senior Secured Loans
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (Revolver)	(12)(19)	SF	7.00	%	12.34	%	8/11/2021	10/31/2024	4,875	$	1,836	$	1,873	0.1	%
									4,875	1,836		1,873		0.1	%
Healthcare & Pharmaceuticals
Summit Professional Education, LLC	(11)	SF	6.36	%	11.57	%	4/25/2024	4/25/2029	10,274	10,079		10,344		0.6	%
Summit Professional Education, LLC (Revolver)	(19)	SF	6.36	%	11.57	%	4/25/2024	4/25/2029	1,471	—		—		0.0	%
									11,745	10,079		10,344		0.6	%
Services: Business
Nastel Technologies, LLC	(7)	SF	6.61	%	11.86	%	9/21/2022	9/21/2027	3,500	3,448		3,478		0.2	%
Nastel Technologies, LLC (Revolver)	(19)	SF	6.61	%	11.86	%	9/21/2022	9/21/2027	368	—		—		0.0	%
Zodega Landscaping, LLC	(6)	SF	7.86	%	13.07	%	10/6/2023	10/6/2028	12,407	11,954		12,456		0.7	%
Zodega Landscaping, LLC (Revolver)	(19)	SF	7.86	%	13.07	%	10/6/2023	10/6/2028	1,984	992		992		0.0	%
									18,259	16,394		16,926		0.9	%
Transportation: Cargo
SheerTrans Solutions, LLC		SF	8.11	%	8.96% Cash/ 4.00% PIK		7/29/2022	7/29/2027	5,234	5,166		5,233		0.3	%
SheerTrans Solutions, LLC		SF	8.11	%	8.96% Cash/ 4.00% PIK		2/15/2024	7/29/2027	1,494	1,469		1,494		0.1	%
SheerTrans Solutions, LLC (Revolver)	(19)	SF	8.11	%	8.96% Cash/ 4.00% PIK		7/29/2022	7/29/2027	1,501	988		988		0.0	%
									8,229	7,623		7,715		0.4	%
Total Non-Controlled Affiliate Senior Secured Loans									43,108	35,932		36,858		2.0	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)

Junior Secured Loans
Automotive
BTR Opco LLC (fka Born to Run, LLC)	(21)	n/a	n/a		7.50% PIK		6/21/2024	12/31/2027	1,829	$	1,692	$	1,868	0.1	%
BTR Opco LLC (fka Born to Run, LLC)	(21)	n/a	n/a		5.00% PIK		6/21/2024	12/31/2027	9,423	8,716		59		0.0	%
BTR Opco LLC (fka Born to Run, LLC) (Delayed Draw)	(19)(20)(21)	SF	8.76	%	13.43% PIK		6/21/2024	12/31/2027	1,463	1,046		1,093		0.1	%
									12,715	11,454		3,020		0.2	%
FIRE: Real Estate
SFR Holdco, LLC	(12)	n/a	n/a		8.00	%	8/6/2021	8/11/2028	5,850	5,850		5,481		0.3	%
SFR Holdco, LLC	(12)	n/a	n/a		8.00	%	3/1/2022	8/11/2028	4,388	4,387		4,565		0.2	%
									10,238	10,237		10,046		0.5	%
Total Non-Controlled Affiliate Junior Secured Loans									22,953	21,691		13,066		0.7	%
Equity Securities (15)(18)
Automotive
BTR Opco LLC (fka Born To Run, LLC) (659 Class A common units)	(16)	—	—		—		6/21/2024	—	—	677		—		0.0	%
										677		—		0.0	%
FIRE: Finance
Triad Financial Services, Inc. ($4,803 of $41,855 equity commitment)	(12)(16)(32)	—	—		—		6/13/2024	—	—	4,803		4,803		0.3	%
										4,803		4,803		0.3	%
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments)	(12)(16)	—	—		—		8/6/2021	—	—	3,900		4,602		0.2	%
SFR Holdco, LLC (10.5% of equity commitments)	(12)(16)	—	—		—		3/1/2022	—	—	2,925		3,452		0.2	%
										6,825		8,054		0.4	%
Healthcare & Pharmaceuticals
Summit Professional Education, LLC (16,676 Class A units)	(16)(17)	—	—		—		4/25/2024	—	—	16,676		17,007		0.9	%
										16,676		17,007		0.9	%
High Tech Industries
ClearlyRated Capital, LLC (5,500,000 Class A units)	(16)(17)	—	—		—		6/1/2023	—	—	5,500		5,500		0.3	%
										5,500		5,500		0.3	%
Services: Business
Nastel Technologies, LLC (3,408 Class A units)	(16)(17)	—	—		—		9/21/2022	—	—	3,408		4,533		0.2	%
Zodega Landscaping, LLC (124,206 preferred interests)	(16)(33)	—	—		—		10/6/2023	—	—	12,421		12,711		0.7	%
										15,829		17,244		0.9	%
Transportation: Cargo
SheerTrans Solutions, LLC (12,233,889 preferred interests)	(16)(17)	—	—		—		7/29/2022	—	—	12,234		12,968		0.7	%
										12,234		12,968		0.7	%
Total Non-Controlled Affiliate Equity Securities										62,544		65,576		3.5	%
Total Non-Controlled Affiliate Company Investments										$	120,167	$	115,500	6.2	%

TOTAL INVESTMENTS										$	3,641,702	$	3,662,029	194.8	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contracts


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Gain (Loss)
Foreign currency forward contract	$	312	CAD	423	Bannockburn Global Forex, LLC	10/2/2024	$	(1)
Foreign currency forward contract	$	97	CAD	134	Bannockburn Global Forex, LLC	10/17/2024	(2)
Foreign currency forward contract	$	80	CAD	110	Bannockburn Global Forex, LLC	11/19/2024	(2)
Foreign currency forward contract	$	80	CAD	110	Bannockburn Global Forex, LLC	12/18/2024	(2)
Foreign currency forward contract	$	302	CAD	409	Bannockburn Global Forex, LLC	1/2/2025	(1)
Foreign currency forward contract	$	96	CAD	133	Bannockburn Global Forex, LLC	1/17/2025	(2)
Foreign currency forward contract	$	83	CAD	115	Bannockburn Global Forex, LLC	2/20/2025	(2)
Foreign currency forward contract	$	66	CAD	91	Bannockburn Global Forex, LLC	3/19/2025	(1)
Foreign currency forward contract	$	10,811	CAD	14,653	Bannockburn Global Forex, LLC	4/2/2025	(23)
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	4/17/2025	(2)
Foreign currency forward contract	$	73	CAD	101	Bannockburn Global Forex, LLC	5/19/2025	(1)
Foreign currency forward contract	$	78	CAD	107	Bannockburn Global Forex, LLC	6/18/2025	(2)
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	7/17/2025	(2)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	8/19/2025	(1)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	9/17/2025	(2)
Foreign currency forward contract	$	94	CAD	130	Bannockburn Global Forex, LLC	10/17/2025	(2)
Foreign currency forward contract	$	79	CAD	109	Bannockburn Global Forex, LLC	11/19/2025	(1)
Foreign currency forward contract	$	8,874	CAD	12,244	Bannockburn Global Forex, LLC	12/18/2025	(178)
Foreign currency forward contract	$	376	AUD	572	Bannockburn Global Forex, LLC	10/17/2024	(20)
Foreign currency forward contract	$	387	AUD	590	Bannockburn Global Forex, LLC	11/18/2024	(21)
Foreign currency forward contract	$	374	AUD	570	Bannockburn Global Forex, LLC	12/17/2024	(21)
Foreign currency forward contract	$	372	AUD	568	Bannockburn Global Forex, LLC	1/17/2025	(21)
Foreign currency forward contract	$	365	AUD	560	Bannockburn Global Forex, LLC	2/18/2025	(21)
Foreign currency forward contract	$	331	AUD	506	Bannockburn Global Forex, LLC	3/18/2025	(19)
Foreign currency forward contract	$	365	AUD	560	Bannockburn Global Forex, LLC	4/16/2025	(22)
Foreign currency forward contract	$	353	AUD	542	Bannockburn Global Forex, LLC	5/16/2025	(22)
Foreign currency forward contract	$	364	AUD	560	Bannockburn Global Forex, LLC	6/18/2025	(23)
Foreign currency forward contract	$	372	AUD	557	Bannockburn Global Forex, LLC	7/16/2025	(13)
Foreign currency forward contract	$	373	AUD	559	Bannockburn Global Forex, LLC	8/18/2025	(13)
Foreign currency forward contract	$	372	AUD	557	Bannockburn Global Forex, LLC	9/16/2025	(13)
Foreign currency forward contract	$	359	AUD	539	Bannockburn Global Forex, LLC	10/17/2025	(13)
Foreign currency forward contract	$	371	AUD	557	Bannockburn Global Forex, LLC	11/18/2025	(14)
Foreign currency forward contract	$	358	AUD	539	Bannockburn Global Forex, LLC	12/16/2025	(14)
Foreign currency forward contract	$	370	AUD	556	Bannockburn Global Forex, LLC	1/20/2026	(15)
Foreign currency forward contract	$	367	AUD	554	Bannockburn Global Forex, LLC	2/17/2026	(15)
Foreign currency forward contract	$	331	AUD	500	Bannockburn Global Forex, LLC	3/17/2026	(14)
Foreign currency forward contract	$	30,584	AUD	47,858	Bannockburn Global Forex, LLC	4/20/2026	(2,500)

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Gain (Loss)
Foreign currency forward contract	$	390	GBP	301	Bannockburn Global Forex, LLC	10/4/2024	(12)
Foreign currency forward contract	$	396	GBP	305	Bannockburn Global Forex, LLC	1/6/2025	(13)
Foreign currency forward contract	$	350	GBP	270	Bannockburn Global Forex, LLC	4/4/2025	(11)
Foreign currency forward contract	$	334	GBP	258	Bannockburn Global Forex, LLC	7/7/2025	(11)
Foreign currency forward contract	$	333	GBP	257	Bannockburn Global Forex, LLC	10/6/2025	(12)
Foreign currency forward contract	$	329	GBP	255	Bannockburn Global Forex, LLC	1/6/2026	(12)
Foreign currency forward contract	$	317	GBP	246	Bannockburn Global Forex, LLC	4/7/2026	(12)
Foreign currency forward contract	$	328	GBP	254	Bannockburn Global Forex, LLC	7/6/2026	(13)
Foreign currency forward contract	$	332	GBP	259	Bannockburn Global Forex, LLC	10/6/2026	(13)
Foreign currency forward contract	$	341	GBP	266	Bannockburn Global Forex, LLC	1/6/2027	(14)
Foreign currency forward contract	$	331	GBP	258	Bannockburn Global Forex, LLC	4/6/2027	(14)
Foreign currency forward contract	$	332	GBP	259	Bannockburn Global Forex, LLC	7/6/2027	(14)
							$	(3,192)

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)

____________________________________________________

(1) All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.

(2) The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”), Canadian Overnight Repo Rate Average ("CORRA" or "CA"), Prime Rate (“Prime” or “P”), or Sterling Overnight Index Average Rate ("SONIA" or "SN") which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over SOFR, CORRA, Prime, or SONIA, as applicable, and the current contractual interest rate in effect at September 30, 2024. Certain investments may be subject to an interest rate floor or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision.

(3) Except as otherwise noted, all of the Company’s portfolio company investments, which as of September 30, 2024 represented 194.8% of the Company’s net assets or 95.9% of the Company’s total assets, are subject to legal restrictions on sales.

(4) Except as otherwise noted, 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 Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).

(5) Percentages are based on net assets of $1,879,965 as of September 30, 2024.

(6) All or a portion of this security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company’s secured revolving credit facility (the “SPV Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(7) All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) as collateral for the Company’s asset-backed securitization (the “2022 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).

(8) All or a portion of this security was held in MC Income Plus Financing SPV II LLC (the “SPV II”) as collateral for the Company’s senior secured term credit facility (the “SPV II Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(9) All or a portion of this security was held in Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”) as collateral for the Company’s asset-backed securitization (the “2023 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).

(10) All or a portion of this security was held in MC Income Plus Financing SPV III LLC (the “SPV III”) as collateral for the Company’s secured revolving credit facility (the “SPV III Credit Facility”) with Goldman Sachs Bank USA. (See Note 7 in the accompanying notes to the consolidated financial statements).

(11) All or a portion of this security was held in MC Income Plus Financing SPV IV LLC (the “SPV IV”) as collateral for the Company’s secured revolving credit facility (the “SPV IV Credit Facility”) with Capital One, National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(12) This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2024, non-qualifying assets totaled 12.5% of the Company’s total assets.

(13) 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, is 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.

(14) Represents less than 5% ownership of the portfolio company’s voting securities.

(15) Ownership of certain equity investments may occur through a holding company or partnership.

(16) Represents a non-income producing security.

(17) 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.

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS - (continued)

(unaudited)

September 30, 2024

(in thousands, except for shares and units)

(18) As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).

(19) All or a portion of this commitment was unfunded at September 30, 2024. As such, interest is earned only on the funded portion of this commitment.

(20) This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.

(21) This position was on non-accrual status as of September 30, 2024, 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.

(22) This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.

(23) This loan is denominated in Great Britain Pounds and is translated into U.S. dollars as of the valuation date.

(24) The Company has recorded a contingent liability related to this equity investment. The contingent liability represents 143,302 of the 392,523 shares held as of September 30, 2024. See Note 11 in the accompanying notes to the consolidated financial statements for additional information.

(25) This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.

(26) The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 18.1%.

(27) The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 15.1%.

(28) This is a demand note with no stated maturity.

(29) The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.

(30) As of September 30, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $697.

(31) As of September 30, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.

(32) As of September 30, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $37,052 for a total commitment of $41,855.

(33) As of September 30, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,468.

(34) As of September 30, 2024, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.

(35) The headquarters of this portfolio company is located in Australia.

(36) The headquarters of this portfolio company is located in Canada.

(37) The headquarters of this portfolio company is located in Costa Rica.

(38) The headquarters of this portfolio company is located in France.

(39) The headquarters of this portfolio company is located in Netherlands.

(40) The headquarters of this portfolio company is located in United Kingdom.

n/a - not applicable

See Notes to Consolidated Financial Statements.

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Non-Controlled/Non-Affiliate Company Investments
Senior Secured Loans
Aerospace & Defense
API Holdings III Corp.	(6)	SF	7.00	%	6.18% Cash/ 6.17% PIK		11/3/2023	3/25/2027	147	$	145	$	143	0.0	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	6.10	%	11.45	%	7/25/2019	7/25/2025	1,915	1,902		1,915		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	6.10	%	11.45	%	12/24/2019	7/25/2025	1,000	993		1,000		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	6.10	%	11.45	%	2/17/2021	7/25/2025	1,729	1,728		1,729		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	6.10	%	11.45	%	6/15/2021	7/25/2025	1,014	1,000		1,014		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(7)(9)	SF	6.10	%	11.45	%	8/10/2021	7/25/2025	990	981		990		0.1	%
SI Holdings, Inc. (Integrated Polymer Solutions)	(6)(7)(9)	SF	6.10	%	11.45	%	12/8/2023	12/31/2027	2,203	2,203		2,203		0.2	%
SI Holdings, Inc. (Integrated Polymer Solutions) (Revolver)	(17)	SF	6.10	%	11.46	%	7/25/2019	7/25/2025	316	47		47		0.0	%
									9,314	8,999		9,041		0.7	%
Automotive
Born To Run, LLC		SF	6.26	%	11.64	%	4/1/2021	4/1/2027	8,820	8,710		6,596		0.5	%
Born To Run, LLC		SF	6.26	%	11.64	%	4/1/2021	4/1/2027	1,201	1,201		898		0.1	%
Burgess Point Purchaser Corporation	(6)	SF	5.35	%	10.71	%	6/30/2022	7/25/2029	4,950	4,524		4,705		0.4	%
Lifted Trucks Holdings, LLC	(7)(8)	SF	5.85	%	11.16	%	8/2/2021	8/2/2027	9,800	9,671		9,545		0.7	%
Lifted Trucks Holdings, LLC (Revolver)	(17)	SF	5.90	%	11.29	%	8/2/2021	8/2/2027	2,381	794		773		0.1	%
Panda Acquisition, LLC	(6)	SF	6.35	%	11.70	%	12/20/2022	10/18/2028	9,750	8,196		8,239		0.6	%
Tenneco Inc.	(6)(20)	SF	5.10	%	10.45	%	11/3/2023	11/17/2028	7,107	6,088		6,290		0.5	%
Truck-Lite Co., LLC	(6)	SF	6.35	%	11.71	%	7/8/2022	12/14/2026	126	124		126		0.0	%
Truck-Lite Co., LLC	(6)	SF	6.35	%	11.71	%	3/11/2020	12/14/2026	3,348	3,331		3,339		0.3	%
Truck-Lite Co., LLC	(6)	SF	6.35	%	11.71	%	11/23/2021	12/14/2026	622	622		620		0.0	%
Truck-Lite Co., LLC	(6)	SF	6.35	%	11.71	%	3/11/2020	12/14/2026	496	496		495		0.0	%
Truck-Lite Co., LLC	(6)	SF	6.35	%	11.71	%	11/23/2021	12/14/2026	551	551		550		0.0	%
Truck-Lite Co., LLC	(6)	SF	6.35	%	11.71	%	11/23/2021	12/14/2026	707	707		705		0.1	%
									49,859	45,015		42,881		3.3	%
Banking
MV Receivables II, LLC	(10)	SF	9.75	%	15.09	%	7/29/2021	7/29/2026	10,125	9,672		9,618		0.8	%
StarCompliance MidCo, LLC	(9)	SF	6.85	%	12.20	%	5/31/2023	1/12/2027	385	376		383		0.0	%
StarCompliance MidCo, LLC	(7)	SF	6.85	%	12.20	%	1/12/2021	1/12/2027	3,000	2,966		2,989		0.2	%
StarCompliance MidCo, LLC	(7)	SF	6.85	%	12.20	%	10/12/2021	1/12/2027	503	497		501		0.1	%
StarCompliance MidCo, LLC (Revolver)	(17)	SF	6.85	%	12.20	%	1/12/2021	1/12/2027	484	285		284		0.0	%
									14,497	13,796		13,775		1.1	%
Beverage, Food & Tobacco
Aspire Bakeries Holdings LLC		SF	4.25	%	9.61	%	12/15/2023	12/23/2030	13,500	13,365		13,568		1.0	%
Demakes Borrower, LLC		SF	6.25	%	11.61	%	12/15/2023	12/12/2029	4,878	4,757		4,756		0.4	%
Demakes Borrower, LLC (Delayed Draw)	(17)(18)	SF	6.25	%	11.61	%	12/15/2023	12/12/2029	1,372	—		—		0.0	%
LVF Holdings, Inc.	(6)	SF	5.90	%	11.25	%	6/10/2021	6/10/2027	3,421	3,377		3,421		0.3	%
LVF Holdings, Inc.	(6)	SF	5.90	%	11.25	%	6/10/2021	6/10/2027	3,274	3,274		3,274		0.3	%
LVF Holdings, Inc. (Revolver)	(17)	SF	5.90	%	11.25	%	6/10/2021	6/10/2027	554	—		—		0.0	%
Project Cloud Holdings, LLC	(6)	SF	6.60	%	11.96	%	6/14/2023	3/29/2029	12,000	12,000		12,000		0.9	%
Sabrosura Foods, LLC et al	(6)(7)	SF	5.60	%	10.96	%	10/18/2019	10/18/2024	4,587	4,569		4,518		0.3	%
Sabrosura Foods, LLC et al	(6)	SF	5.65	%	11.03	%	10/18/2019	10/18/2024	259	259		255		0.0	%
Sabrosura Foods, LLC et al (Revolver)		SF	5.60	%	10.96	%	10/18/2019	10/18/2024	1,286	1,286		1,266		0.1	%
									45,131	42,887		43,058		3.3	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Capital Equipment
Adept AG Holdings, LLC	(8)	SF	7.15	%	11.00% Cash/ 1.50% PIK		8/11/2022	8/11/2027	6,437	$	6,337	$	5,950	0.5	%
Adept AG Holdings, LLC	(6)(10)(21)	SF	7.40	%	11.25% Cash/ 1.50% PIK		8/11/2022	8/11/2027	10,961	10,609		10,212		0.8	%
Adept AG Holdings, LLC	(8)	SF	7.15	%	11.00% Cash/ 1.50% PIK		8/11/2022	8/11/2027	1,613	1,613		1,491		0.1	%
Adept AG Holdings, LLC (Revolver)	(10)(17)(21)	SF	7.35	%	11.21% Cash/ 1.50% PIK		8/11/2022	8/11/2027	1,107	1,058		1,009		0.1	%
Adept AG Holdings, LLC (Revolver)		SF	7.10	%	10.96% Cash/ 1.50% PIK		8/11/2022	8/11/2027	1,304	1,304		1,205		0.1	%
BLP Buyer, Inc.	(6)(9)	SF	5.75	%	11.11	%	12/22/2023	12/21/2029	50,000	49,000		49,000		3.8	%
BLP Buyer, Inc. (Delayed Draw)	(17)(18)	SF	5.75	%	11.11	%	12/21/2023	12/21/2029	6,000	—		—		0.0	%
BLP Buyer, Inc. (Revolver)	(17)	SF	5.75	%	11.11	%	12/22/2023	12/21/2029	6,849	514		503		0.0	%
CGI Automated Manufacturing, LLC	(6)	SF	7.26	%	12.61	%	9/9/2022	12/17/2026	8,719	8,524		8,555		0.7	%
CGI Automated Manufacturing, LLC	(6)	SF	7.26	%	12.61	%	9/30/2022	12/17/2026	5,548	5,443		5,444		0.4	%
CGI Automated Manufacturing, LLC	(6)	SF	7.26	%	12.61	%	9/9/2022	12/17/2026	10,616	10,378		10,417		0.8	%
DS Parent, Inc.	(20)	SF	5.75	%	11.21	%	12/15/2023	12/8/2028	20,000	19,000		20,040		1.5	%
Incompass, LLC	(6)(9)	SF	7.75	%	13.13	%	11/27/2023	11/27/2028	24,000	23,409		23,400		1.8	%
Specialty Manufacturing Buyer, LLC	(8)	SF	6.51	%	11.91	%	6/30/2023	6/30/2028	15,960	15,588		15,960		1.2	%
Specialty Manufacturing Buyer, LLC (Delayed Draw)	(17)(18)	SF	6.51	%	11.91	%	6/30/2023	6/30/2028	6,004	—		—		0.0	%
Specialty Manufacturing Buyer, LLC (Revolver)	(17)	SF	6.51	%	11.91	%	6/30/2023	6/30/2028	3,002	—		—		0.0	%
									178,120	152,777		153,186		11.8	%
Chemicals, Plastics & Rubber
PHM Netherlands Midco B.V.	(6)(10)(22)	SF	4.76	%	10.14	%	4/4/2023	7/31/2026	754	738		555		0.0	%
									754	738		555		0.0	%
Construction & Building
MEI Buyer LLC	(8)	SF	6.50	%	11.86	%	6/30/2023	6/29/2029	25,544	24,815		26,054		2.0	%
MEI Buyer LLC (Delayed Draw)	(17)(18)	SF	6.50	%	11.86	%	6/30/2023	6/29/2029	4,054	—		—		0.0	%
MEI Buyer LLC (Revolver)	(17)	SF	6.50	%	11.84	%	6/30/2023	6/29/2029	5,253	96		96		0.0	%
Premier Roofing L.L.C.	(6)	SF	7.65	%	12.04% Cash/ 1.00% PIK		8/31/2020	8/29/2025	3,071	3,048		3,058		0.2	%
Premier Roofing L.L.C. (Revolver)	(17)	SF	7.65	%	12.04% Cash/ 1.00% PIK		8/31/2020	8/29/2025	1,207	398		397		0.0	%
TCFIII Owl Buyer LLC	(7)(8)	SF	5.61	%	10.97	%	4/19/2021	4/17/2026	4,388	4,347		4,377		0.4	%
TCFIII Owl Buyer LLC	(8)	SF	5.61	%	10.97	%	4/19/2021	4/17/2026	5,357	5,357		5,344		0.4	%
TCFIII Owl Buyer LLC	(7)(8)	SF	5.61	%	10.97	%	12/17/2021	4/17/2026	4,808	4,758		4,796		0.4	%
									53,682	42,819		44,122		3.4	%
Consumer Goods: Durable
Independence Buyer, Inc.	(7)(8)	SF	5.90	%	11.28	%	8/3/2021	8/3/2026	11,456	11,325		11,270		0.9	%
Independence Buyer, Inc. (Revolver)	(17)	SF	5.90	%	11.28	%	8/3/2021	8/3/2026	2,964	—		—		0.0	%
Recycled Plastics Industries, LLC	(7)(8)	SF	7.60	%	12.19% Cash/ 0.75% PIK		8/4/2021	8/4/2026	4,418	4,365		4,363		0.3	%
Recycled Plastics Industries, LLC (Revolver)	(17)	SF	7.60	%	12.19% Cash/ 0.75% PIK		8/4/2021	8/4/2026	446	—		—		0.0	%
Snap One Holdings Corp.	(6)(10)	SF	4.65	%	10.00	%	4/3/2023	12/8/2028	6,029	5,688		5,883		0.5	%
									25,313	21,378		21,516		1.7	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Consumer Goods: Non-Durable
Arizona Natural Resources, LLC	(6)(8)(9)	SF	5.61	%	10.96	%	5/18/2021	5/18/2026	13,685	$	13,534	$	13,610	1.1	%
Arizona Natural Resources, LLC	(9)	SF	5.61	%	10.96	%	12/15/2021	5/18/2026	2,512	2,482		2,498		0.2	%
Arizona Natural Resources, LLC	(6)	SF	5.61	%	10.96	%	8/12/2022	5/18/2026	6,815	6,720		6,777		0.5	%
Arizona Natural Resources, LLC	(7)	SF	5.61	%	10.96	%	8/12/2022	5/18/2026	2,943	2,943		2,927		0.2	%
Arizona Natural Resources, LLC (Revolver)	(17)	SF	5.61	%	10.96	%	5/18/2021	5/18/2026	2,222	1,778		1,768		0.1	%
Hanesbrands Inc.	(10)(20)	SF	3.75	%	9.11	%	12/19/2023	3/8/2030	5,000	4,994		5,000		0.4	%
PetIQ, LLC	(6)(10)	SF	4.25	%	10.17	%	5/10/2023	4/13/2028	9,482	9,080		9,434		0.7	%
The Kyjen Company, LLC	(6)(7)	SF	7.75	%	12.13% Cash/ 1.00% PIK		5/14/2021	4/3/2026	2,963	2,946		2,934		0.2	%
The Kyjen Company, LLC		SF	7.50	%	12.96% PIK		9/13/2022	4/3/2026	3	3		3		0.0	%
The Kyjen Company, LLC (Revolver)	(17)	SF	7.75	%	12.13% Cash/ 1.00% PIK		5/14/2021	4/3/2026	315	—		—		0.0	%
Thrasio, LLC	(7)(9)(19)	SF	7.26	%	12.61	%	12/18/2020	12/18/2026	4,865	4,823		2,816		0.2	%
									50,805	49,303		47,767		3.6	%
Containers, Packaging & Glass
B2B Industrial Products LLC	(6)(8)	SF	6.90	%	12.29	%	12/6/2022	10/7/2026	9,900	9,711		9,806		0.8	%
B2B Industrial Products LLC	(6)	SF	6.90	%	12.29	%	4/4/2023	10/7/2026	2,291	2,243		2,269		0.2	%
Polychem Acquisition, LLC	(6)	SF	5.11	%	10.47	%	4/8/2019	3/17/2025	1,905	1,903		1,903		0.1	%
									14,096	13,857		13,978		1.1	%
Energy: Oil & Gas
Liquid Tech Solutions Holdings, LLC	(6)	SF	5.01	%	10.36	%	3/18/2021	3/17/2028	2,226	2,218		2,196		0.2	%
Long Ridge Energy & Power LLC		SF	10.60	%	15.96	%	11/17/2023	11/17/2026	17,500	17,162		17,150		1.3	%
									19,726	19,380		19,346		1.5	%
Environmental Industries
Quest Resource Management Group, LLC	(7)(8)	SF	6.61	%	11.96	%	10/19/2020	10/20/2025	852	808		857		0.1	%
Quest Resource Management Group, LLC	(8)	SF	6.61	%	11.96	%	10/19/2020	10/20/2025	935	935		941		0.1	%
Quest Resource Management Group, LLC	(7)(8)	SF	6.61	%	11.96	%	12/7/2021	10/20/2025	3,326	3,289		3,326		0.3	%
Quest Resource Management Group, LLC	(7)	SF	6.61	%	11.96	%	12/7/2021	10/20/2025	335	335		335		0.0	%
Trilon Group, LLC	(8)	SF	6.40	%	11.78	%	10/28/2022	5/25/2029	5,459	5,327		5,418		0.4	%
Trilon Group, LLC	(7)(9)	SF	6.40	%	11.78	%	10/28/2022	5/25/2029	4,367	4,367		4,334		0.3	%
Trilon Group, LLC		SF	6.40	%	11.78	%	9/12/2023	5/25/2029	1,088	1,056		1,080		0.1	%
Trilon Group, LLC (Delayed Draw)	(17)(18)	SF	6.40	%	11.75	%	9/12/2023	5/25/2029	1,253	387		384		0.0	%
Trilon Group, LLC (Revolver)	(17)	SF	6.40	%	11.75	%	9/12/2023	5/25/2029	413	57		56		0.0	%
Volt Bidco, Inc.	(7)	SF	6.50	%	11.85	%	8/11/2021	8/11/2027	9,136	9,009		9,136		0.7	%
Volt Bidco, Inc.		SF	6.50	%	11.85	%	8/11/2021	8/11/2027	1,717	1,717		1,717		0.1	%
Volt Bidco, Inc. (Delayed Draw)	(17)(18)	SF	6.50	%	11.85	%	12/28/2023	8/11/2027	1,086	304		304		0.0	%
Volt Bidco, Inc. (Revolver)	(17)	SF	6.50	%	11.85	%	8/11/2021	8/11/2027	956	268		268		0.0	%
									30,923	27,859		28,156		2.1	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
FIRE: Finance
Avalara, Inc.	(7)	SF	7.25	%	12.60	%	10/19/2022	10/19/2028	10,000	$	9,787	$	10,100	0.8	%
Avalara, Inc. (Revolver)	(17)	SF	7.25	%	12.60	%	10/19/2022	10/19/2028	1,000	—		—		0.0	%
Bench Walk Lead, LLC	(10)	SF	9.50	%	14.83	%	6/9/2023	6/14/2027	29,600	29,370		29,600		2.3	%
Bench Walk Lead, LLC (Delayed Draw)	(10)(17)(18)	SF	9.50	%	14.83	%	6/9/2023	6/14/2027	2,400	1,420		1,420		0.1	%
BW 51f, L.P.	(10)	SF	8.00	%	13.35	%	12/27/2023	12/31/2029	9,000	9,000		9,000		0.7	%
Exiger LLC	(7)	SF	6.60	%	11.94	%	9/30/2021	9/30/2027	14,360	14,163		14,360		1.1	%
Exiger LLC	(7)	SF	6.60	%	11.94	%	8/26/2022	9/30/2027	2,004	1,965		2,004		0.2	%
Exiger LLC	(7)	SF	6.60	%	11.94	%	9/30/2021	9/30/2027	4,295	4,295		4,295		0.3	%
Exiger LLC (Delayed Draw)	(17)(18)	SF	6.60	%	11.94	%	8/26/2022	9/30/2027	7,016	2,088		2,088		0.2	%
Exiger LLC (Revolver)	(17)	SF	6.60	%	11.94	%	9/30/2021	9/30/2027	1,400	—		—		0.0	%
GC Champion Acquisition LLC	(7)	SF	6.25	%	11.71	%	8/19/2022	8/18/2028	12,968	12,750		12,968		1.0	%
GC Champion Acquisition LLC	(6)	SF	6.25	%	11.71	%	8/19/2022	8/18/2028	3,602	3,602		3,602		0.3	%
GC Champion Acquisition LLC	(6)	SF	6.50	%	11.96	%	8/1/2023	8/18/2028	10,806	10,495		10,901		0.8	%
J2 BWA Funding III, LLC (Delayed Draw)	(10)(17)(18)	n/a	n/a		10.00	%	4/29/2022	4/28/2028	7,600	912		910		0.1	%
J2 BWA Funding LLC (Revolver)	(10)(17)	n/a	n/a		10.00	%	12/14/2020	12/24/2026	2,850	1,636		1,636		0.1	%
Oceana Australian Fixed Income Trust	(6)(10)(22)(23)	SF	8.25	%	13.59	%	6/8/2023	4/1/2026	32,224	31,770		32,224		2.5	%
Oceana Australian Fixed Income Trust	(10)(22)(23)	SF	8.25	%	13.61	%	12/27/2023	4/1/2026	14,971	15,048		14,971		1.1	%
SCP Intermediate Holdings, LLC	(6)(10)	SF	5.85	%	11.21	%	12/28/2022	12/28/2028	2,970	2,905		3,000		0.2	%
Slater Slater Schulman LLP (Delayed Draw)	(17)(18)	SF	7.50	%	12.86	%	12/6/2023	12/4/2026	22,000	14,143		14,001		1.1	%
TEAM Public Choices, LLC	(6)	SF	5.25	%	10.75	%	8/23/2022	12/17/2027	4,515	4,334		4,488		0.3	%
Transnetwork LLC	(20)	SF	3.75	%	9.11	%	11/20/2023	12/29/2028	12,000	11,770		11,970		0.9	%
W3 Monroe RE Debt LLC	(10)	n/a	n/a		10.00% PIK		2/5/2021	2/4/2028	2,145	2,145		2,199		0.2	%
W3 Monroe RE Debt LLC (Delayed Draw)	(10)(17)(18)	n/a	n/a		10.00% PIK		3/31/2023	2/4/2028	164	104		107		0.0	%
									209,890	183,702		185,844		14.3	%
FIRE: Insurance
Simplicity Financial Marketing Group Holdings Inc.	(6)(8)	SF	6.15	%	11.50	%	9/23/2022	12/2/2026	9,916	9,695		9,733		0.7	%
Simplicity Financial Marketing Group Holdings Inc.		SF	6.15	%	11.50	%	9/23/2022	12/2/2026	14,153	14,153		13,891		1.1	%
Simplicity Financial Marketing Group Holdings Inc. (Revolver)	(17)	SF	6.15	%	11.50	%	9/23/2022	12/2/2026	761	—		—		0.0	%
									24,830	23,848		23,624		1.8	%
FIRE: Real Estate
300 N. Michigan Mezz, LLC (Delayed Draw)	(6)(10)(17)(18)	SF	14.32	%	19.93% PIK		7/15/2020	7/15/2024	1,000	997		997		0.1	%
Avison Young (USA) Inc.	(10)(19)(22)	SF	6.50	%	11.97	%	4/26/2019	1/30/2026	1,915	1,907		627		0.0	%
Avison Young (USA) Inc.	(10)(19)(22)	SF	7.00	%	12.47	%	9/1/2022	1/30/2026	4,143	3,902		1,357		0.1	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC	(10)	SF	8.25	%	13.60	%	5/3/2022	4/30/2025	13,500	13,360		13,635		1.1	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC	(10)	SF	8.25	%	13.60	%	5/3/2022	4/30/2025	1,380	1,380		1,394		0.1	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Delayed Draw)	(10)(17)(18)	SF	8.25	%	13.61	%	10/6/2023	4/30/2027	4,058	1,536		1,561		0.1	%
Centaur (Palm Beach) Owner LLC and Panther National Golf Club LLC (Revolver)	(10)(17)	SF	8.25	%	13.60	%	5/3/2022	4/30/2025	6,763	2,647		2,647		0.2	%
InsideRE, LLC	(7)(8)	SF	5.65	%	11.00	%	12/22/2021	12/22/2027	7,353	7,247		7,353		0.6	%
InsideRE, LLC	(9)	SF	5.65	%	11.00	%	12/22/2021	12/22/2027	2,857	2,857		2,857		0.2	%
InsideRE, LLC (Revolver)	(17)	SF	5.65	%	11.00	%	12/22/2021	12/22/2027	965	—		—		0.0	%
Lessen Inc.		SF	8.50	%	13.85	%	1/5/2023	1/5/2028	8,000	7,715		7,810		0.6	%
									51,934	43,548		40,238		3.1	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Healthcare & Pharmaceuticals
Animal Dermatology Group, Inc.	(6)(9)	SF	6.25	%	11.60	%	6/7/2023	6/7/2029	9,950	$	9,717	$	9,980	0.8	%
Animal Dermatology Group, Inc. (Delayed Draw)	(17)(18)	SF	6.25	%	11.60	%	6/7/2023	6/7/2029	3,748	2,910		2,919		0.2	%
Animal Dermatology Group, Inc. (Revolver)	(17)	SF	6.25	%	11.60	%	6/7/2023	6/7/2029	2,500	—		—		0.0	%
Appriss Health, LLC	(7)	SF	6.90	%	12.32	%	5/6/2021	5/6/2027	6,435	6,351		6,422		0.5	%
Appriss Health, LLC (Revolver)	(17)	SF	6.90	%	12.32	%	5/6/2021	5/6/2027	433	—		—		0.0	%
Avalign Technologies, Inc.	(6)	SF	4.60	%	9.98	%	7/10/2023	12/22/2025	9,804	9,422		9,158		0.7	%
Bluesight, Inc.	(8)(9)	SF	7.25	%	12.61	%	7/17/2023	7/17/2029	30,000	29,135		29,946		2.3	%
Bluesight, Inc. (Revolver)	(17)	SF	7.25	%	12.61	%	7/17/2023	7/17/2029	2,609	—		—		0.0	%
Brickell Bay Acquisition Corp.	(7)(8)	SF	6.65	%	12.04	%	2/12/2021	2/12/2026	2,791	2,754		2,791		0.2	%
Caravel Autism Health, LLC	(6)	SF	5.76	%	11.16	%	6/30/2021	6/30/2027	8,019	7,914		7,950		0.6	%
Caravel Autism Health, LLC	(6)	SF	5.76	%	11.16	%	6/30/2021	6/30/2027	2,227	2,227		2,208		0.2	%
Caravel Autism Health, LLC (Revolver)	(17)	SF	5.76	%	11.16	%	6/30/2021	6/30/2027	2,030	390		390		0.0	%
Dorado Acquisition, Inc.	(6)(7)(9)	SF	6.85	%	12.19	%	6/30/2021	6/30/2026	13,685	13,526		13,281		1.0	%
Dorado Acquisition, Inc.	(6)(8)	SF	6.90	%	12.29	%	11/27/2022	6/30/2026	11,343	11,130		11,008		0.8	%
Dorado Acquisition, Inc. (Revolver)	(17)	SF	6.85	%	12.19	%	6/30/2021	6/30/2026	1,670	—		—		0.0	%
Golden State Buyer, Inc.	(6)(8)	SF	4.85	%	10.19	%	8/25/2022	6/19/2026	9,868	9,590		9,504		0.7	%
HAH Group Holding Company LLC	(6)	SF	5.00	%	10.46	%	5/19/2023	10/29/2027	2,876	2,809		2,859		0.2	%
HAH Group Holding Company LLC	(6)	SF	5.00	%	10.46	%	5/19/2023	10/29/2027	759	739		757		0.1	%
HAH Group Holding Company LLC	(6)	SF	5.00	%	10.46	%	5/19/2023	10/29/2027	364	364		362		0.0	%
INH Buyer, Inc.	(6)	SF	7.00	%	8.95% Cash/ 3.50% PIK		6/30/2021	6/28/2028	5,042	5,009		4,893		0.4	%
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC)	(6)	SF	6.75	%	12.13	%	2/1/2023	2/1/2029	9,950	9,687		9,950		0.8	%
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Delayed Draw)	(17)(18)	SF	6.75	%	12.14	%	2/1/2023	2/1/2029	3,404	1,979		1,979		0.2	%
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (Revolver)	(17)	SF	6.75	%	12.13	%	2/1/2023	2/1/2029	1,626	705		705		0.1	%
LSCS Holdings, Inc.	(6)	SF	4.61	%	9.97	%	5/24/2023	12/15/2028	2,977	2,894		2,939		0.2	%
NationsBenefits, LLC	(6)	SF	7.10	%	12.44	%	8/20/2021	8/26/2027	12,005	11,861		12,099		0.9	%
NationsBenefits, LLC	(6)	SF	7.10	%	12.44	%	8/26/2022	8/26/2027	14,307	14,307		14,419		1.1	%
NationsBenefits, LLC		SF	7.10	%	12.44	%	8/26/2022	8/26/2027	15,511	15,511		15,632		1.2	%
NationsBenefits, LLC (Revolver)	(17)	SF	7.10	%	12.44	%	8/20/2021	8/26/2027	6,805	2,722		2,722		0.2	%
NQ PE Project Colosseum Midco Inc.	(6)(8)(9)	SF	5.65	%	11.00	%	10/4/2022	10/4/2028	14,454	14,210		14,599		1.1	%
NQ PE Project Colosseum Midco Inc. (Delayed Draw)	(17)(18)	SF	5.65	%	11.00	%	10/4/2022	10/4/2028	3,244	—		—		0.0	%
NQ PE Project Colosseum Midco Inc. (Revolver)	(17)	SF	5.65	%	11.00	%	10/4/2022	10/4/2028	1,825	—		—		0.0	%
OIS Management Services, LLC	(6)(9)	SF	5.85	%	11.20	%	12/14/2022	11/16/2028	9,925	9,712		10,024		0.8	%
OIS Management Services, LLC		SF	5.85	%	11.20	%	12/14/2022	11/16/2028	3,830	3,830		3,868		0.3	%
OIS Management Services, LLC (Revolver)	(17)	SF	5.85	%	11.20	%	12/14/2022	11/16/2028	1,154	—		—		0.0	%
QF Holdings, Inc.		SF	6.35	%	11.73	%	12/15/2023	12/15/2027	910	896		910		0.1	%
QF Holdings, Inc.	(7)	SF	6.35	%	11.73	%	9/19/2019	12/15/2027	4,550	4,536		4,550		0.3	%
QF Holdings, Inc.	(7)	SF	6.35	%	11.73	%	12/15/2021	12/15/2027	4,368	4,321		4,368		0.3	%
QF Holdings, Inc.	(7)	SF	6.35	%	11.73	%	9/19/2019	12/15/2027	910	910		910		0.1	%
QF Holdings, Inc.	(7)	SF	6.35	%	11.73	%	8/21/2020	12/15/2027	910	910		910		0.1	%
QF Holdings, Inc. (Revolver)	(17)	SF	6.35	%	11.73	%	9/19/2019	12/15/2027	1,092	—		—		0.0	%
SCP Eye Care Holdco, LLC	(6)(9)	SF	5.85	%	11.21	%	10/7/2022	10/5/2029	9,162	8,920		8,796		0.7	%
SCP Eye Care Holdco, LLC (Delayed Draw)	(17)(18)	SF	5.85	%	11.21	%	10/7/2022	10/5/2029	8,027	5,118		4,914		0.4	%
SCP Eye Care Holdco, LLC (Revolver)	(17)	SF	5.85	%	11.21	%	10/7/2022	10/5/2029	1,442	986		915		0.1	%
SDG Mgmt Company, LLC	(6)	SF	6.10	%	11.45	%	12/29/2023	6/30/2028	21,450	21,022		21,021		1.6	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
SDG Mgmt Company, LLC (Delayed Draw)	(17)(18)	SF	6.10	%	11.45	%	12/29/2023	6/30/2028	8,569	$	—	$	—	0.0	%
Seran BioScience, LLC	(7)(8)	SF	6.25	%	11.64	%	12/31/2020	7/8/2027	1,945	1,927		1,945		0.1	%
Seran BioScience, LLC (Delayed Draw)	(17)(18)	SF	6.25	%	11.66	%	8/21/2023	7/8/2027	1,156	267		267		0.0	%
Seran BioScience, LLC		SF	6.25	%	11.66	%	7/8/2022	7/8/2027	2,206	2,206		2,206		0.2	%
Seran BioScience, LLC (Revolver)	(17)	SF	6.25	%	11.64	%	12/31/2020	7/8/2027	356	—		—		0.0	%
SIP Care Services, LLC	(6)	SF	5.85	%	11.19	%	7/21/2023	12/30/2026	152	152		136		0.0	%
SIP Care Services, LLC	(6)(7)	SF	5.85	%	11.19	%	12/30/2021	12/30/2026	3,734	3,684		3,355		0.3	%
SIP Care Services, LLC (Delayed Draw)	(17)(18)	SF	5.85	%	11.19	%	12/30/2021	12/30/2026	3,040	—		—		0.0	%
SIP Care Services, LLC (Revolver)	(17)	SF	5.85	%	11.19	%	12/30/2021	12/30/2026	760	228		205		0.0	%
Sound Inpatient Physicians, Inc.	(6)(19)	SF	3.26	%	8.64	%	10/12/2022	6/27/2025	2,785	2,326		935		0.1	%
TigerConnect, Inc.	(7)	SF	6.90	%	12.28	%	2/16/2022	2/16/2028	10,000	9,850		9,800		0.8	%
TigerConnect, Inc. (Delayed Draw)	(17)(18)	SF	6.90	%	12.28	%	2/16/2022	2/16/2028	750	453		444		0.0	%
TigerConnect, Inc. (Revolver)	(17)	SF	6.90	%	12.28	%	2/16/2022	2/16/2028	1,429	—		—		0.0	%
Vero Biotech Inc.		P	3.75	%	12.25	%	12/29/2023	12/28/2029	30,000	29,700		29,700		2.3	%
WebPT, Inc.	(7)	SF	6.85	%	12.24	%	8/28/2019	1/18/2028	5,000	4,983		5,000		0.4	%
WebPT, Inc. (Revolver)	(17)	SF	6.85	%	12.22	%	8/28/2019	1/18/2028	521	124		124		0.0	%
Whistler Parent Holdings III, Inc.	(7)	SF	8.90	%	9.53% Cash/ 4.75% PIK		6/3/2022	6/2/2028	21,252	20,906		21,040		1.6	%
Whistler Parent Holdings III, Inc.		SF	8.90	%	9.53% Cash/ 4.75% PIK		6/3/2022	6/2/2028	266	266		263		0.0	%
Whistler Parent Holdings III, Inc. (Revolver)		SF	8.90	%	9.53% Cash/ 4.75% PIK		6/3/2022	6/2/2028	2,657	2,657		2,630		0.2	%
									376,569	328,753		328,708		25.3	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
High Tech Industries
Acquia Inc.	(7)	SF	7.25	%	12.74	%	11/1/2019	10/31/2025	15,429	$	15,288	$	15,429	1.2	%
Acquia Inc. (Delayed Draw)	(17)(18)	SF	7.50	%	12.99	%	11/11/2023	10/31/2025	3,092	—		—		0.0	%
Acquia Inc. (Revolver)	(17)	SF	7.25	%	12.43	%	11/1/2019	10/31/2025	588	289		289		0.0	%
Amelia Holding II, LLC	(9)	SF	10.26	%	14.61% Cash/ 1.00% PIK		12/21/2022	12/21/2027	10,104	9,850		10,142		0.8	%
Amelia Holding II, LLC (Delayed Draw)	(17)(18)	SF	10.26	%	14.61% Cash/ 1.00% PIK		12/21/2022	12/21/2027	3,339	2,539		2,548		0.2	%
Amelia Holding II, LLC (Revolver)	(17)	SF	10.00	%	14.36% Cash/ 1.00% PIK		12/21/2022	12/21/2027	667	133		133		0.0	%
Arcstor Midco, LLC	(19)	SF	8.10	%	13.46% PIK		8/29/2023	3/16/2027	413	401		413		0.0	%
BTRS Holdings Inc.	(9)	SF	8.00	%	13.38	%	12/16/2022	12/15/2028	10,000	9,737		10,000		0.8	%
BTRS Holdings Inc. (Delayed Draw)	(17)(18)	SF	8.00	%	13.38	%	12/16/2022	12/15/2028	845	414		414		0.0	%
BTRS Holdings Inc. (Revolver)	(17)	SF	7.25	%	12.63	%	12/16/2022	12/15/2028	1,067	267		267		0.0	%
Drawbridge Partners, LLC	(7)	SF	6.75	%	12.10	%	9/1/2022	9/1/2028	15,000	14,753		15,003		1.2	%
Drawbridge Partners, LLC (Delayed Draw)	(17)(18)	SF	6.75	%	12.10	%	9/1/2022	9/1/2028	4,370	2,480		2,480		0.2	%
Drawbridge Partners, LLC (Revolver)	(17)	SF	6.75	%	12.10	%	9/1/2022	9/1/2028	2,609	—		—		0.0	%
Fortra, LLC		SF	4.10	%	9.48	%	12/11/2023	11/30/2026	6,982	6,618		6,635		0.5	%
Fueled Digital Media, LLC	(8)	SF	6.11	%	11.46	%	11/1/2022	11/1/2027	5,710	5,593		5,752		0.4	%
Fueled Digital Media, LLC	(6)	SF	6.11	%	11.46	%	11/1/2022	11/1/2027	503	503		507		0.0	%
Fueled Digital Media, LLC (Revolver)	(17)	SF	6.11	%	11.47	%	11/1/2022	11/1/2027	807	726		726		0.1	%
Idera, Inc.	(20)	SF	3.90	%	9.28	%	12/12/2023	3/2/2028	4,123	4,112		4,112		0.3	%
Matrix Parent, Inc.	(6)(8)	SF	5.00	%	10.33	%	11/2/2022	3/1/2029	2,493	2,300		1,704		0.1	%
Medallia, Inc.	(7)	SF	6.60	%	7.95% Cash/ 4.00% PIK		8/15/2022	10/27/2028	11,770	11,590		11,776		0.9	%
Mindbody, Inc.	(7)	SF	7.15	%	12.53	%	2/15/2019	2/14/2025	1,867	1,859		1,867		0.1	%
Mindbody, Inc.	(7)	SF	7.15	%	12.53	%	9/22/2021	2/14/2025	5,194	5,194		5,194		0.4	%
Mindbody, Inc. (Revolver)	(17)	SF	7.15	%	12.53	%	2/15/2019	2/14/2025	190	—		—		0.0	%
Oranje Holdco, Inc.	(6)(9)	SF	7.50	%	12.88	%	2/1/2023	2/1/2029	14,000	13,688		14,105		1.1	%
Oranje Holdco, Inc. (Revolver)	(17)	SF	7.50	%	12.88	%	2/1/2023	2/1/2029	1,750	—		—		0.0	%
Optomi, LLC	(6)(9)	SF	8.40	%	13.79	%	12/13/2022	12/16/2027	5,626	5,487		5,626		0.4	%
Optomi, LLC	(7)(9)	SF	5.65	%	11.04	%	12/16/2021	12/16/2027	13,264	13,075		13,114		1.0	%
Optomi, LLC (Revolver)	(17)	SF	5.65	%	11.04	%	12/16/2021	12/16/2027	3,189	—		—		0.0	%
Securly, Inc.	(7)	SF	7.10	%	12.48	%	4/20/2022	4/22/2027	3,702	3,648		3,693		0.3	%
Securly, Inc.	(7)	SF	7.10	%	12.45	%	4/22/2021	4/22/2027	8,400	8,294		8,379		0.6	%
Securly, Inc.	(7)	SF	7.10	%	12.49	%	4/22/2021	4/22/2027	1,938	1,938		1,934		0.2	%
Securly, Inc. (Delayed Draw)	(17)(18)	SF	7.10	%	12.49	%	4/20/2022	4/22/2027	2,585	1,984		1,979		0.2	%
Securly, Inc. (Revolver)		SF	7.10	%	12.49	%	4/22/2021	4/22/2027	969	969		967		0.1	%
Sparq Holdings, Inc.	(7)	SF	6.25	%	11.43	%	6/16/2023	6/15/2029	1,990	1,934		2,023		0.2	%
Sparq Holdings, Inc. (Delayed Draw)	(17)(18)	SF	6.25	%	11.43	%	6/16/2023	6/15/2029	444	—		—		0.0	%
Sparq Holdings, Inc. (Revolver)	(17)	SF	6.25	%	11.43	%	6/16/2023	6/15/2029	409	—		—		0.0	%
Transact Holdings Inc.	(6)	SF	4.36	%	9.83	%	4/18/2019	4/30/2026	710	705		712		0.1	%
Unanet, Inc.	(7)(9)	SF	6.00	%	11.35	%	12/9/2022	12/8/2028	22,000	21,617		22,000		1.7	%
Unanet, Inc. (Delayed Draw)	(17)(18)	SF	6.00	%	11.45	%	12/9/2022	12/8/2028	6,947	2,837		2,837		0.2	%
Unanet, Inc. (Revolver)	(17)	SF	6.00	%	11.45	%	12/9/2022	12/8/2028	2,316	—		—		0.0	%
Watchguard Technologies, Inc.	(6)	SF	5.25	%	10.61	%	8/17/2022	6/29/2029	20,889	19,698		20,113		1.5	%
									218,290	190,520		192,873		14.8	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC	(7)(8)(9)	rds.	5.60	%	10.94	%	11/24/2021	11/24/2026	16,067	$	15,863	$	16,067	1.2	%
95 Percent Buyer, LLC (Revolver)	(17)	SF	5.60	%	10.94	%	11/24/2021	11/24/2026	808	—		—		0.0	%
Calienger Holdings, L.L.C.	(8)	SF	5.85	%	11.19	%	10/21/2022	10/20/2028	4,962	4,857		4,956		0.4	%
Calienger Holdings, L.L.C. (Delayed Draw)	(17)(18)	SF	5.85	%	11.19	%	10/21/2022	10/20/2028	667	—		—		0.0	%
Calienger Holdings, L.L.C. (Revolver)	(17)	SF	5.85	%	11.19	%	10/21/2022	10/20/2028	909	—		—		0.0	%
CE Intermediate, LLC	(6)(7)(9)	SF	5.60	%	10.95	%	10/11/2022	7/1/2027	38,998	38,423		38,998		3.0	%
Destination Media, Inc.	(8)	SF	7.25	%	12.43	%	6/21/2023	6/21/2028	6,467	6,258		6,564		0.5	%
Destination Media, Inc. (Delayed Draw)	(17)(18)	SF	7.00	%	12.35	%	6/21/2023	6/21/2028	3,250	395		400		0.0	%
Destination Media, Inc. (Revolver)	(17)	SF	7.00	%	12.35	%	6/21/2023	6/21/2028	670	134		134		0.0	%
Madison Logic Holdings, Inc.	(6)	SF	7.00	%	12.35	%	12/30/2022	12/29/2028	13,895	13,530		13,774		1.1	%
Madison Logic Holdings, Inc. (Revolver)	(17)	SF	7.00	%	12.35	%	12/30/2022	12/30/2027	1,207	—		—		0.0	%
North Haven USHC Acquisition, Inc.	(7)(9)	SF	6.60	%	11.95	%	10/30/2020	10/30/2025	2,425	2,404		2,399		0.2	%
North Haven USHC Acquisition, Inc.	(7)(9)	SF	6.60	%	11.95	%	3/12/2021	10/30/2025	703	703		695		0.1	%
North Haven USHC Acquisition, Inc.	(9)	SF	6.60	%	11.95	%	9/3/2021	10/30/2025	1,419	1,419		1,404		0.1	%
North Haven USHC Acquisition, Inc.	(9)	SF	6.35	%	11.73	%	7/29/2022	10/30/2025	2,566	2,542		2,528		0.2	%
North Haven USHC Acquisition, Inc. (Delayed Draw)	(17)(18)	SF	6.35	%	11.76	%	7/29/2022	10/30/2025	1,056	358		353		0.0	%
North Haven USHC Acquisition, Inc. (Revolver)	(17)	SF	6.60	%	12.00	%	10/30/2020	10/30/2025	416	104		103		0.0	%
Really Great Reading Company, Inc.	(6)(9)	SF	5.85	%	11.20	%	12/9/2022	12/9/2028	11,910	11,649		12,029		0.9	%
Really Great Reading Company, Inc. (Delayed Draw)	(17)(18)	SF	5.85	%	11.20	%	12/9/2022	12/8/2028	2,526	—		—		0.0	%
Really Great Reading Company, Inc. (Revolver)	(17)	SF	5.85	%	11.20	%	12/9/2022	12/8/2028	3,200	—		—		0.0	%
Relevate Health Group, LLC	(7)(9)	SF	6.10	%	11.44	%	11/20/2020	11/20/2025	1,945	1,928		1,927		0.2	%
Relevate Health Group, LLC	(8)(9)	SF	6.10	%	11.44	%	3/28/2022	11/20/2025	5,184	5,125		5,136		0.4	%
Relevate Health Group, LLC	(8)	SF	6.10	%	11.44	%	11/20/2020	11/20/2025	870	870		862		0.1	%
Relevate Health Group, LLC (Revolver)	(17)	SF	6.10	%	11.43	%	11/20/2020	11/20/2025	789	211		211		0.0	%
Renaissance Holding Corp.	(6)	SF	4.75	%	10.11	%	3/16/2023	4/5/2030	7,481	7,272		7,518		0.6	%
Spherix Global Inc.	(6)(7)	SF	6.36	%	11.71	%	12/22/2021	12/22/2026	4,421	4,371		4,289		0.3	%
Spherix Global Inc. (Revolver)	(17)	SF	6.36	%	11.71	%	12/22/2021	12/22/2026	500	—		—		0.0	%
XanEdu Publishing, Inc.	(7)(8)	SF	6.50	%	11.97	%	1/28/2020	1/28/2025	5,844	5,807		5,844		0.4	%
XanEdu Publishing, Inc.	(8)	SF	6.50	%	11.97	%	8/31/2022	1/28/2025	2,322	2,295		2,326		0.2	%
XanEdu Publishing, Inc. (Revolver)	(17)	SF	6.50	%	11.97	%	1/28/2020	1/28/2025	977	—		—		0.0	%
									144,454	126,518		128,517		9.9	%
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.)		SF	8.26	%	13.64% PIK		7/31/2023	1/31/2028	503	503		494		0.1	%
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.)		SF	8.26	%	13.64% PIK		7/31/2023	1/31/2028	152	152		149		0.0	%
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (Delayed Draw)	(17)(18)	SF	8.26	%	13.65% PIK		9/8/2023	1/31/2028	265	223		219		0.0	%
									920	878		862		0.1	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Media: Diversified & Production
Bonterra LLC	(7)(9)	SF	7.25	%	12.60	%	9/8/2021	9/8/2027	19,042	$	18,859	$	18,685	1.4	%
Bonterra LLC		SF	8.00	%	13.35% PIK		9/28/2023	9/8/2027	2,692	2,656		2,702		0.2	%
Bonterra LLC (Revolver)	(17)	SF	7.25	%	12.60	%	9/8/2021	9/8/2027	1,814	544		534		0.0	%
Chess.com, LLC	(7)(8)	SF	6.60	%	11.95	%	12/31/2021	12/31/2027	12,772	12,587		12,725		1.0	%
Chess.com, LLC (Revolver)	(17)	SF	6.60	%	11.95	%	12/31/2021	12/31/2027	1,413	—		—		0.0	%
Crownpeak Technology, Inc.	(7)	SF	7.35	%	12.69	%	2/28/2019	2/28/2025	1,000	1,000		1,000		0.1	%
Crownpeak Technology, Inc.	(7)	SF	7.35	%	12.69	%	2/28/2019	2/28/2025	15	15		15		0.0	%
Crownpeak Technology, Inc.	(7)	SF	7.50	%	12.97	%	9/27/2022	2/28/2025	318	315		318		0.0	%
Crownpeak Technology, Inc.	(9)	SF	7.35	%	12.69	%	9/27/2022	2/28/2025	833	833		834		0.1	%
Crownpeak Technology, Inc. (Revolver)	(17)	SF	7.35	%	12.69	%	2/28/2019	2/28/2025	125	17		17		0.0	%
Research Now Group, Inc. and Survey Sampling International, LLC	(6)	SF	5.76	%	11.14	%	11/28/2022	12/20/2024	5,345	4,516		3,992		0.3	%
Sports Operating Holdings II, LLC	(6)	SF	5.85	%	11.21	%	11/3/2022	11/3/2027	4,938	4,837		4,938		0.4	%
Sports Operating Holdings II, LLC (Delayed Draw)	(17)(18)	SF	5.85	%	11.21	%	11/3/2022	11/3/2027	3,997	402		402		0.0	%
Sports Operating Holdings II, LLC (Revolver)	(17)	SF	5.85	%	11.21	%	11/3/2022	11/3/2027	865	—		—		0.0	%
Streamland Media MidCo LLC	(6)(7)	SF	7.25	%	12.39% Cash/ 0.50% PIK		8/26/2019	12/31/2024	1,957	1,951		1,941		0.1	%
Streamland Media MidCo LLC	(6)	SF	7.25	%	12.39% Cash/ 0.50% PIK		3/7/2022	12/31/2024	530	523		526		0.0	%
									57,656	49,055		48,629		3.6	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Services: Business
Aduro Advisors, LLC	(6)(9)	SF	6.25	%	11.61	%	5/26/2023	5/26/2028	8,458	$	8,262	$	8,507	0.7	%
Aduro Advisors, LLC (Revolver)		SF	6.25	%	11.61	%	5/26/2023	5/26/2028	944	944		944		0.1	%
Aperture Companies, LLC	(7)(8)	SF	6.35	%	11.69	%	12/31/2021	12/31/2026	14,737	14,542		14,417		1.1	%
Aperture Companies, LLC	(7)	SF	6.35	%	11.69	%	12/31/2021	12/31/2026	4,283	4,283		4,190		0.3	%
Aperture Companies, LLC (Revolver)	(17)	SF	6.35	%	11.69	%	12/31/2021	12/31/2026	1,347	—		—		0.0	%
Aras Corporation	(6)(9)	SF	6.90	%	9.04% Cash/ 3.25% PIK		4/13/2021	4/13/2027	4,837	4,787		4,875		0.4	%
Aras Corporation (Revolver)	(17)	P	5.50	%	14.00	%	4/13/2021	4/13/2027	325	282		282		0.0	%
Argano, LLC	(6)	SF	6.60	%	11.94	%	4/18/2023	4/14/2025	1,200	1,185		1,206		0.1	%
Argano, LLC	(7)(8)	SF	6.35	%	11.69	%	6/10/2021	6/10/2026	8,895	8,797		8,895		0.7	%
Argano, LLC	(6)(8)	SF	6.35	%	11.69	%	6/10/2021	6/10/2026	3,939	3,939		3,939		0.3	%
Argano, LLC	(6)(9)	SF	6.35	%	11.69	%	10/7/2022	6/10/2026	684	670		684		0.1	%
Argano, LLC	(9)	SF	6.35	%	11.69	%	3/16/2022	6/10/2026	4,709	4,709		4,709		0.4	%
Argano, LLC (Delayed Draw)	(17)(18)	SF	6.35	%	11.70	%	12/6/2023	6/10/2026	1,924	481		481		0.0	%
Argano, LLC (Revolver)		SF	6.35	%	11.69	%	6/10/2021	6/10/2026	965	965		965		0.1	%
ASG III, LLC	(6)	SF	6.50	%	11.88	%	10/31/2023	10/31/2029	20,000	19,506		19,500		1.5	%
ASG III, LLC (Delayed Draw)	(17)(18)	SF	6.50	%	11.88	%	10/31/2023	10/31/2029	8,421	—		—		0.0	%
ASG III, LLC (Revolver)	(17)	SF	6.50	%	11.88	%	10/31/2023	10/31/2029	3,158	—		—		0.0	%
Bloomerang, LLC	(6)	SF	6.00	%	11.19	%	12/27/2023	12/27/2029	16,000	15,681		15,680		1.2	%
Bloomerang, LLC (Delayed Draw)	(17)(18)	SF	6.00	%	11.19	%	12/27/2023	12/27/2029	4,800	—		—		0.0	%
Bloomerang, LLC (Revolver)	(17)	SF	6.00	%	11.19	%	12/27/2023	12/27/2029	3,200	—		—		0.0	%
Cosmos Bidco, Inc.	(7)(9)	SF	6.75	%	11.93	%	9/15/2023	9/14/2029	36,000	35,136		36,126		2.8	%
Cosmos Bidco, Inc. (Delayed Draw)	(17)(18)	SF	6.75	%	11.93	%	9/15/2023	9/14/2029	6,750	—		—		0.0	%
Cosmos Bidco, Inc. (Revolver)	(17)	SF	6.75	%	11.93	%	9/15/2023	9/14/2029	5,625	—		—		0.0	%
E-Discovery Acquireco, LLC	(6)(9)	SF	6.50	%	11.89	%	8/29/2023	8/29/2029	20,000	19,514		20,000		1.5	%
E-Discovery Acquireco, LLC (Revolver)	(17)	SF	6.50	%	11.89	%	8/29/2023	8/29/2029	1,818	—		—		0.0	%
ecMarket Inc. and Conexiom US Inc.	(7)(10)(22)	SF	6.85	%	12.20	%	9/21/2021	9/21/2027	16,535	16,323		16,535		1.3	%
ecMarket Inc. and Conexiom US Inc.	(7)(10)(22)	SF	6.85	%	12.20	%	9/21/2021	9/21/2027	1,291	1,291		1,291		0.1	%
ecMarket Inc. and Conexiom US Inc. (Delayed Draw)	(10)(17)(18)(22)	SF	6.85	%	12.20	%	5/4/2023	9/21/2027	2,063	1,677		1,677		0.1	%
ecMarket Inc. and Conexiom US Inc. (Revolver)	(10)(17)(22)	SF	6.85	%	12.20	%	9/21/2021	9/21/2027	2,067	—		—		0.0	%
Edustaff, LLC	(6)(9)	SF	6.10	%	11.46	%	12/8/2022	12/8/2027	12,870	12,576		12,999		1.0	%
Edustaff, LLC (Revolver)	(17)	SF	6.10	%	11.46	%	12/8/2022	12/8/2027	2,364	—		—		0.0	%
HS4 Acquisitionco, Inc.	(7)	SF	6.85	%	12.21	%	7/9/2019	7/9/2025	3,900	3,874		3,888		0.3	%
HS4 Acquisitionco, Inc.	(7)	SF	6.85	%	12.21	%	10/6/2021	7/9/2025	4,237	4,237		4,224		0.3	%
HS4 Acquisitionco, Inc. (Revolver)	(17)	SF	6.85	%	12.21	%	7/9/2019	7/9/2025	325	219		218		0.0	%
iCIMS, Inc.	(7)	SF	7.25	%	12.62	%	10/24/2022	8/18/2028	8,000	7,879		8,030		0.6	%
Interstate BidCo, LLC	(6)	SF	6.00	%	11.35	%	12/27/2023	12/27/2029	15,000	14,701		14,700		1.1	%
Interstate BidCo, LLC (Delayed Draw)	(17)(18)	SF	6.00	%	11.35	%	12/27/2023	12/27/2029	8,333	—		—		0.0	%
Interstate BidCo, LLC (Revolver)	(17)	SF	6.00	%	11.35	%	12/27/2023	12/27/2029	3,125	—		—		0.0	%
Kingsley Gate Partners, LLC	(6)	SF	6.65	%	12.04	%	12/9/2022	12/11/2028	2,978	2,926		2,940		0.2	%
Kingsley Gate Partners, LLC		SF	6.65	%	12.04	%	12/9/2022	12/11/2028	955	955		943		0.1	%
Kingsley Gate Partners, LLC (Delayed Draw)	(17)(18)	SF	6.65	%	12.04	%	12/9/2022	12/11/2028	2,998	658		650		0.0	%
Kingsley Gate Partners, LLC (Revolver)	(17)	SF	6.65	%	12.04	%	12/9/2022	12/11/2028	1,200	—		—		0.0	%
Milrose Consultants, LLC	(6)(8)	SF	7.15	%	12.54	%	8/31/2023	8/31/2028	44,888	43,715		45,044		3.5	%
Milrose Consultants, LLC (Delayed Draw)	(17)(18)	SF	7.15	%	12.54	%	8/31/2023	8/31/2028	2,009	—		—		0.0	%
Milrose Consultants, LLC (Revolver)	(17)	SF	7.15	%	12.54	%	8/31/2023	8/31/2028	2,308	—		—		0.0	%
Moonraker Acquisitionco LLC	(6)	SF	6.00	%	11.36	%	9/30/2022	8/4/2028	6,930	6,814		6,930		0.5	%
Moonraker Acquisitionco LLC (Delayed Draw)	(17)(18)	SF	6.00	%	11.36	%	9/30/2022	8/4/2028	2,333	—		—		0.0	%
Moonraker Acquisitionco LLC (Revolver)	(17)	SF	6.00	%	11.35	%	9/30/2022	8/4/2028	933	93		93		0.0	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
NFM & J, L.P.	(6)(7)(9)	SF	5.85	%	11.22	%	11/15/2023	11/30/2027	13,348	$	13,088	$	13,081	1.0	%
NFM & J, L.P. (Delayed Draw)	(17)(18)	SF	5.85	%	11.22	%	11/15/2023	11/30/2027	7,416	—		—		0.0	%
NFM & J, L.P. (Revolver)	(17)	SF	5.85	%	11.22	%	11/15/2023	11/30/2027	5,273	—		—		0.0	%
Onix Networking Corp.	(6)	SF	5.75	%	11.10	%	10/2/2023	10/2/2029	15,000	14,702		14,700		1.1	%
Onix Networking Corp. (Revolver)	(17)	SF	5.75	%	11.10	%	10/2/2023	10/2/2029	5,000	—		—		0.0	%
Prototek LLC		SF	7.85	%	12.44% Cash/ 0.75% PIK		12/8/2022	12/8/2027	7,943	7,742		7,617		0.6	%
Prototek LLC (Revolver)	(17)	SF	7.85	%	12.44% Cash/ 0.75% PIK		12/8/2022	12/8/2027	921	—		—		0.0	%
Relativity ODA LLC	(6)(9)	SF	6.60	%	11.96% PIK		5/12/2021	5/12/2027	5,267	5,186		5,262		0.4	%
Relativity ODA LLC (Revolver)	(17)	SF	6.60	%	11.96% PIK		5/12/2021	5/12/2027	450	—		—		0.0	%
Sundance Group Holdings, Inc.	(7)	SF	6.25	%	11.73	%	7/2/2021	7/2/2027	4,148	4,092		4,142		0.3	%
Sundance Group Holdings, Inc.	(9)	SF	6.25	%	11.74	%	11/30/2022	7/2/2027	166	162		166		0.0	%
Sundance Group Holdings, Inc.	(9)	SF	6.25	%	11.72	%	7/2/2021	7/2/2027	1,244	1,244		1,242		0.1	%
Sundance Group Holdings, Inc. (Revolver)	(17)	SF	6.35	%	11.72	%	7/2/2021	7/2/2027	498	249		248		0.0	%
Teneo Holdings LLC	(6)	SF	5.35	%	10.71	%	5/25/2023	7/11/2025	2,977	2,977		2,979		0.2	%
The GEO Group, Inc.	(6)(10)	SF	7.13	%	12.48	%	4/5/2023	3/23/2027	9,807	9,956		10,052		0.8	%
Thryv, Inc.	(6)(10)	SF	8.61	%	13.97	%	9/7/2022	2/27/2026	6,592	6,545		6,600		0.5	%
Verdantas LLC	(6)	SF	7.60	%	12.96	%	2/28/2023	7/1/2026	3,970	3,887		3,966		0.3	%
Verdantas LLC (Delayed Draw)	(17)(18)	SF	7.60	%	12.96	%	2/28/2023	7/1/2026	2,000	—		—		0.0	%
Vhagar Purchaser, LLC	(9)	SF	7.00	%	12.39	%	6/9/2023	6/8/2029	10,000	9,723		10,000		0.8	%
Vhagar Purchaser, LLC (Delayed Draw)	(17)(18)	SF	7.00	%	12.39	%	6/9/2023	6/8/2029	2,222	500		500		0.0	%
Vhagar Purchaser, LLC (Revolver)	(17)	SF	7.00	%	12.39	%	6/9/2023	6/8/2029	1,111	—		—		0.0	%
WPEngine, Inc.	(7)(9)	SF	6.50	%	11.92	%	8/14/2023	8/14/2029	16,500	16,021		16,550		1.3	%
WPEngine, Inc. (Revolver)	(17)	SF	6.50	%	11.92	%	8/14/2023	8/14/2029	1,650	—		—		0.0	%
									454,164	357,695		362,667		27.8	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Services: Consumer
The Black Tux, LLC	(9)	SF	6.50	%	11.86	%	12/27/2023	12/27/2028	10,500	$	10,421	$	10,421	0.8	%
The Black Tux, LLC (Delayed Draw)	(17)(18)	SF	6.50	%	11.86	%	12/27/2023	12/27/2028	1,944	—		—		0.0	%
The Black Tux, LLC (Revolver)	(17)	SF	6.50	%	11.86	%	12/27/2023	12/27/2028	1,944	—		—		0.0	%
Clydesdale Holdings, LLC	(6)	SF	6.25	%	11.60	%	12/28/2023	6/23/2028	5,000	4,875		5,040		0.4	%
Clydesdale Holdings, LLC	(6)(7)	SF	6.40	%	11.75	%	7/19/2023	6/23/2028	4,988	4,871		5,027		0.4	%
Clydesdale Holdings, LLC	(6)	SF	5.65	%	11.00	%	6/24/2022	6/23/2028	14,813	14,577		14,598		1.1	%
Clydesdale Holdings, LLC (Delayed Draw)	(17)(18)	SF	5.65	%	11.00	%	6/24/2022	6/23/2028	21,057	17,232		16,982		1.3	%
Clydesdale Holdings, LLC (Revolver)	(17)	SF	5.65	%	11.00	%	6/24/2022	6/23/2028	4,523	—		—		0.0	%
Denali Midco 2, LLC		SF	6.60	%	11.96	%	9/13/2022	12/22/2027	12,344	12,042		12,381		1.0	%
Denali Midco 2, LLC (Delayed Draw)	(17)(18)	SF	6.60	%	11.96	%	9/13/2022	12/22/2027	12,445	8,612		8,638		0.7	%
Expedited Travel, LLC	(6)(7)(9)	SF	6.61	%	11.96	%	11/8/2023	11/8/2028	16,000	15,608		15,600		1.2	%
Expedited Travel, LLC (Revolver)	(17)	SF	6.61	%	11.96	%	11/8/2023	11/8/2028	1,500	—		—		0.0	%
Express Wash Acquisition Company, LLC	(6)	SF	6.76	%	12.16	%	7/14/2022	7/14/2028	9,985	9,937		9,985		0.8	%
Express Wash Acquisition Company, LLC		SF	6.76	%	12.16	%	7/14/2022	7/14/2028	2,138	2,138		2,138		0.2	%
Express Wash Acquisition Company, LLC (Revolver)	(17)	SF	6.76	%	12.16	%	7/14/2022	7/14/2028	536	295		295		0.0	%
The Hertz Corporation	(10)(20)	SF	3.75	%	9.11	%	12/12/2023	6/30/2028	5,000	4,975		4,975		0.4	%
Light Wave Dental Management, LLC	(8)(9)	SF	7.00	%	12.35	%	6/30/2023	6/30/2029	27,363	26,576		27,390		2.1	%
Light Wave Dental Management, LLC (Revolver)	(17)	SF	7.00	%	12.35	%	6/30/2023	6/30/2029	3,802	2,757		2,757		0.2	%
Mammoth Holdings, LLC		SF	5.75	%	11.10	%	11/15/2023	11/15/2030	21,818	21,389		21,382		1.6	%
Mammoth Holdings, LLC (Delayed Draw)	(17)(18)	SF	5.75	%	11.10	%	11/15/2023	11/15/2030	5,455	—		—		0.0	%
Mammoth Holdings, LLC (Revolver)	(17)	SF	5.75	%	11.10	%	11/15/2023	11/15/2029	2,727	—		—		0.0	%
Pacific Bells, LLC	(8)	SF	4.50	%	10.11	%	11/2/2022	11/10/2028	2,909	2,750		2,902		0.2	%
Viad Corp	(6)(10)	SF	5.11	%	10.47	%	9/12/2022	7/28/2028	4,043	3,966		4,038		0.3	%
									192,834	163,021		164,549		12.7	%
Telecommunications
American Broadband and Telecommunications Company LLC (Delayed Draw)	(6)(17)(18)	P	12.00	%	18.50% Cash/ 2.00% PIK		6/10/2022	6/10/2025	2,754	2,532		2,861		0.2	%
American Broadband and Telecommunications Company LLC (Revolver)	(17)	P	12.00	%	18.50% Cash/ 2.00% PIK		6/10/2022	6/10/2025	1,000	247		247		0.0	%
Calabrio, Inc. (Delayed Draw)	(7)(17)(18)	SF	7.13	%	12.48	%	12/19/2023	4/16/2027	1,173	—		—		0.0	%
Calabrio, Inc.	(7)	SF	7.13	%	12.48	%	4/16/2021	4/16/2027	8,000	7,873		8,050		0.6	%
Calabrio, Inc. (Revolver)	(17)	SF	7.13	%	12.48	%	4/16/2021	4/16/2027	963	551		551		0.0	%
DataOnline Corp.	(7)(9)	SF	5.65	%	11.04	%	11/13/2019	11/13/2025	35,040	34,921		35,022		2.7	%
DataOnline Corp. (Revolver)		SF	5.65	%	11.00	%	11/13/2019	11/13/2025	3,701	3,701		3,701		0.3	%
EOS Finco S.A.R.L.	(6)(8)(10) (22)	SF	5.75	%	11.10	%	8/3/2022	8/20/2027	7,265	7,164		6,702		0.5	%
Patagonia Holdco LLC	(6)(10)(22)	SF	5.75	%	11.12	%	8/5/2022	8/1/2029	14,813	12,489		13,520		1.0	%
Sandvine Corporation	(6)	SF	4.50	%	9.97	%	3/8/2021	10/31/2025	1,143	1,143		926		0.1	%
									75,852	70,621		71,580		5.4	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.	(6)	SF	4.85	%	10.21	%	5/26/2023	4/26/2028	6,284	$	6,040	$	6,248	0.5	%
Complete Innovations Inc.	(6)(10)(21)(22)	C	6.00	%	11.40	%	12/16/2020	12/16/2025	8,285	8,530		8,285		0.6	%
Complete Innovations Inc.	(6)(10)(21)(22)	C	6.00	%	11.40	%	12/16/2020	12/16/2025	1,051	1,098		1,051		0.1	%
Fiasco Enterprises, LLC	(8)	SF	6.36	%	11.71	%	5/6/2022	5/6/2027	6,913	6,822		6,774		0.5	%
Fiasco Enterprises, LLC	(6)	SF	6.61	%	11.96	%	12/15/2022	5/6/2027	8,337	8,133		8,179		0.6	%
Fiasco Enterprises, LLC (Revolver)	(17)	SF	6.61	%	11.96	%	5/6/2022	5/6/2027	1,750	—		—		0.0	%
Kenco PPC Buyer LLC	(6)(8)(9)	SF	5.00	%	10.39	%	11/17/2022	11/15/2029	21,722	21,246		21,678		1.7	%
Kenco PPC Buyer LLC (Delayed Draw)	(17)(18)	SF	5.00	%	10.39	%	11/17/2022	11/15/2029	3,870	—		—		0.0	%
Kenco PPC Buyer LLC (Revolver)	(17)	SF	5.00	%	10.39	%	11/17/2022	11/15/2029	4,787	—		—		0.0	%
Randys Holdings, Inc.	(6)(7)(9)	SF	6.50	%	11.68	%	11/1/2022	11/1/2028	16,875	16,434		16,824		1.3	%
Randys Holdings, Inc. (Delayed Draw)	(17)(18)	SF	6.50	%	11.68	%	11/1/2022	11/1/2028	5,682	—		—		0.0	%
Randys Holdings, Inc. (Revolver)	(17)	SF	6.50	%	11.68	%	11/1/2022	11/1/2028	2,273	656		654		0.1	%
RS Acquisition, LLC	(7)(8)	SF	6.10	%	11.44	%	12/13/2021	12/14/2026	10,808	10,667		10,620		0.8	%
RS Acquisition, LLC	(6)(9)	SF	6.10	%	11.44	%	12/13/2021	12/14/2026	9,986	9,986		9,812		0.8	%
RS Acquisition, LLC (Revolver)	(17)	SF	6.10	%	11.44	%	12/13/2021	12/14/2026	1,264	885		885		0.1	%
									109,887	90,497		91,010		7.1	%
Utilities: Electric
Central Moloney, LLC	(6)(8)	SF	6.75	%	12.10	%	12/19/2023	10/20/2028	36,500	35,594		35,588		2.7	%
									36,500	35,594		35,588		2.7	%
Wholesale
IF & P Holdings Company, LLC	(6)(8)	SF	5.63	%	11.07	%	10/6/2022	10/3/2028	23,628	23,130		23,385		1.8	%
IF & P Holdings Company, LLC	(6)	SF	6.00	%	11.45	%	5/25/2023	10/3/2028	6,633	6,445		6,633		0.5	%
IF & P Holdings Company, LLC (Revolver)	(17)	SF	5.63	%	10.91	%	10/6/2022	10/3/2028	2,800	1,442		1,442		0.1	%
S&S Holdings LLC	(6)	SF	5.10	%	10.50	%	3/10/2021	3/10/2028	2,918	2,858		2,861		0.2	%
									35,979	33,875		34,321		2.6	%
Total Non-Controlled/Non-Affiliate Senior Secured Loans									2,481,979	2,136,933		2,146,391		164.8	%

Unitranche Secured Loans (11)
Aerospace & Defense
Cassavant Holdings, LLC	(6)(7)	SF	7.61	%	12.96	%	9/8/2021	9/8/2026	13,784	13,623		13,784		1.1	%
									13,784	13,623		13,784		1.1	%
Beverage, Food & Tobacco
Gargoyle Enterprises, Inc. (Revolver)	(17)(24)	SF	12.00	%	17.34	%	11/3/2023	11/3/2026	1,000	167		165		0.0	%
Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver)	(17)(25)	SF	10.00	%	13.36% Cash/ 2.00% PIK		12/8/2023	12/8/2026	333	200		197		0.0	%
									1,333	367		362		0.0	%
Construction & Building
Inversiones DP6 (BVI) Numero Dos, Ltd.	(10)(22)	n/a	n/a		9.00% Cash/ 4.75% PIK		10/14/2022	10/14/2026	25,946	25,946		26,041		2.0	%
									25,946	25,946		26,041		2.0	%
Consumer Goods: Durable
Jumpstart Holdco, Inc.	(6)	SF	5.60	%	10.96	%	4/19/2022	4/19/2028	23,206	22,848		21,497		1.7	%
									23,206	22,848		21,497		1.7	%
Environmental Industries
StormTrap, LLC	(8)	SF	5.25	%	10.72	%	3/25/2022	3/24/2028	6,437	6,348		6,437		0.5	%
StormTrap, LLC (Delayed Draw)	(17)(18)	SF	5.25	%	10.72	%	3/25/2022	3/24/2028	2,222	—		—		0.0	%
									8,659	6,348		6,437		0.5	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Healthcare & Pharmaceuticals
Evolve Biologics Inc.	(6)(10)	SF	16.00	%	10.67% Cash/ 10.67% PIK		12/20/2022	12/18/2026	19,093	$	18,785	$	18,997	1.5	%
Evolve Biologics Inc. (Delayed Draw)	(10)(17)(18)	SF	16.00	%	10.67% Cash/ 10.67% PIK		12/20/2022	12/18/2026	19,410	—		—		0.0	%
									38,503	18,785		18,997		1.5	%
Media: Advertising, Printing & Publishing
New Engen, Inc.	(7)(8)	SF	5.11	%	10.46	%	12/3/2021	12/3/2026	9,358	9,252		9,358		0.7	%
New Engen, Inc.	(7)(8)	SF	5.11	%	10.46	%	12/27/2021	12/3/2026	7,902	7,902		7,902		0.6	%
									17,260	17,154		17,260		1.3	%
Media: Diversified & Production
Park County Holdings, LLC		SF	6.75	%	12.11	%	11/29/2023	11/29/2029	45,000	44,337		44,325		3.4	%
									45,000	44,337		44,325		3.4	%
Services: Business
ASG II, LLC	(6)	SF	6.40	%	11.78	%	5/25/2022	5/25/2028	15,000	14,756		15,000		1.1	%
ASG II, LLC (Delayed Draw)	(17)(18)	SF	6.40	%	11.78	%	5/25/2022	5/25/2028	2,250	1,350		1,350		0.1	%
Onit, Inc.	(6)	SF	7.50	%	12.97	%	12/20/2021	5/2/2025	16,800	16,663		16,800		1.3	%
									34,050	32,769		33,150		2.5	%
Telecommunications
VB E1, LLC	(6)	SF	7.75	%	13.10	%	11/18/2020	11/18/2026	3,000	3,000		3,000		0.2	%
									3,000	3,000		3,000		0.2	%
Total Non-Controlled/Non-Affiliate Unitranche Secured Loans									210,741	185,177		184,853		14.2	%

Junior Secured Loans
Aerospace & Defense
API Holdings III Corp.	(6)	SF	7.00	%	6.18% Cash/ 6.17% PIK		11/3/2023	5/7/2027	1,687	1,684		1,046		0.1	%
									1,687	1,684		1,046		0.1	%
Automotive
First Brands Group, LLC (fka Trico Group, LLC)	(20)	SF	8.50	%	14.38	%	12/11/2023	12/29/2028	9,936	9,507		9,470		0.7	%
									9,936	9,507		9,470		0.7	%
Banking
MoneyLion, Inc.	(6)(10)	SF	9.51	%	14.86	%	3/25/2022	3/24/2026	17,411	17,290		17,563		1.4	%
									17,411	17,290		17,563		1.4	%
Construction & Building
Sundy Village West Mezz Borrower, LLC (Delayed Draw)	(10)(17)(18)	SF	6.25	%	11.61	%	12/21/2023	12/21/2026	37,349	24,110		23,870		1.9	%
Sundy Village West Mezz Borrower, LLC (Delayed Draw)	(10)(17)(18)	SF	11.25	%	16.61% PIK		12/21/2023	12/21/2026	12,651	3,012		2,982		0.2	%
									50,000	27,122		26,852		2.1	%
FIRE: Real Estate
Florida East Coast Industries, LLC	(10)	n/a	n/a		16.00% PIK		8/9/2021	6/28/2024	1,933	1,923		1,934		0.2	%
Witkoff/Monroe 700 JV LLC	(10)	n/a	n/a		8.00% Cash/ 4.00% PIK		7/2/2021	7/2/2026	9,643	9,643		9,493		0.7	%
Witkoff/Monroe 700 JV LLC	(10)	n/a	n/a		8.00% Cash/ 4.00% PIK		5/16/2023	7/2/2026	1,668	1,668		1,642		0.1	%
Witkoff/Monroe 700 JV LLC (Delayed Draw)	(10)(17)(18)	n/a	n/a		8.00% Cash/ 4.00% PIK		9/25/2023	7/22/2026	3,001	1,925		1,895		0.1	%
									16,245	15,159		14,964		1.1	%
High Tech Industries
Arcstor Midco, LLC	(6)(19)	SF	7.85	%	13.21% PIK		3/16/2021	3/16/2027	12,192	11,950		5,828		0.5	%
Arcstor Midco, LLC	(6)(19)	SF	8.10	%	13.46% PIK		7/14/2023	3/16/2027	413	401		413		0.0	%
									12,605	12,351		6,241		0.5	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.)	(14)(26)	n/a	n/a		n/a		5/2/2019	n/a	477	$	477	$	—	0.0	%
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.)	(14)(26)	n/a	n/a		n/a		5/2/2019	n/a	150	150		—		0.0	%
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.)	(14)(26)	n/a	n/a		n/a		5/2/2019	n/a	57	57		—		0.0	%
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.)	(14)(26)	n/a	n/a		n/a		11/4/2019	n/a	92	92		—		0.0	%
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.)		SF	8.26	%	13.64% PIK		7/31/2023	1/31/2028	396	396		348		0.0	%
									1,172	1,172		348		0.0	%
Services: Business
Argano, LLC	(15)	P	(1.00)	%	7.50	%	11/7/2023	6/29/2024	28	28		28		0.0	%
									28	28		28		0.0	%
Total Non-Controlled/Non-Affiliate Junior Secured Loans									109,084	84,313		76,512		5.9	%

Equity Securities (12)(13)
Automotive
Born To Run, LLC (692,841 Class A units)	(14)	—	—		—		4/1/2021	—	—	693		—		0.0	%
Lifted Trucks Holdings, LLC (158,730 Class A shares)	(14)(15)	—	—		—		8/2/2021	—	—	159		82		0.0	%
										852		82		0.0	%
Banking
MV Receivables II, LLC (1,822 shares of common stock)	(10)(15)	—	—		—		7/29/2021	—	—	750		—		0.0	%
MV Receivables II, LLC (warrant to purchase up to 1.0% of the equity)	(10)(15)	—	—		—		7/28/2021	7/28/2031	—	453		—		0.0	%
										1,203		—		0.0	%
Beverage, Food & Tobacco
Sabrosura Foods, LLC et al (171,429 Class A interests)	(14)	—	—		—		10/18/2019	—	—	171		—		0.0	%
Sabrosura Foods, LLC et al (7,022 Class AA units)	(14)	—	—		—		11/22/2022	—	—	10		—		0.0	%
Sabrosura Foods, LLC et al (8,322 Class AAA units)	(14)	—	—		—		3/17/2023	—	—	8		—		0.0	%
										189		—		0.0	%
Capital Equipment
Adept AG Holdings, LLC (314,584 Class A preferred units)	(14)(15)	—	—		—		8/11/2022	—	—	650		172		0.0	%
Adept AG Holdings, LLC (45,874 Series B units)	(14)(15)	—	—		—		8/1/2023	—	—	46		47		0.0	%
Adept AG Holdings, LLC (42,816 Series C preferred units)	(14)(15)	—	—		—		12/20/2023	—	—	43		43		0.0	%
										739		262		0.0	%
Construction & Building
MEI Buyer LLC (1,982 units)	(14)	—	—		—		6/29/2023	—	—	1,982		2,017		0.2	%
										1,982		2,017		0.2	%
Consumer Goods: Durable
Independence Buyer, Inc. (169 Class A units)	(14)	—	—		—		8/3/2021	—	—	169		117		0.0	%
Jumpstart Holdco, Inc. (1,566,667 Class A units)	(14)	—	—		—		4/19/2022	—	—	1,566		749		0.1	%
										1,735		866		0.1	%
Energy: Oil & Gas
QuarterNorth Energy Inc. (4,376 shares of common stock)	(6)(14)	—	—		—		1/11/2020	—	—	748		593		0.0	%
										748		593		0.0	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)	Interest Rate	Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Environmental Industries
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	(14)	—	—	—	10/19/2020	3/17/2028	—	$	67	$	256	0.0	%
Quest Resource Management Group, LLC (warrant to purchase up to 0.2% of the equity)	(14)	—	—	—	10/19/2021	3/17/2028	—	—		180		0.0	%
StormTrap, LLC (640,000 Class A preferred units)	(15)	n/a	n/a	8.00% PIK	3/25/2022	—	—	640		640		0.1	%
StormTrap, LLC (640,000 Class A common units)	(14)(15)	—	—	—	3/25/2022	—	—	—		151		0.0	%
Volt Bidco, Inc. (878 shares of common stock)	(14)	—	—	—	8/11/2021	—	—	891		1,144		0.1	%
								1,598		2,371		0.2	%
FIRE: Finance
Bench Walk Lead, LLC (commitment to purchase up to 3.2% of the equity)	(10)(14)(15)	—	—	—	6/12/2023	—	—	1,600		1,765		0.2	%
J2 BWA Funding LLC (0.3% profit sharing)	(10)(14)(15)	—	—	—	12/24/2020	—	—	—		42		0.0	%
J2 BWA Funding III, LLC (commitment to purchase up to 3.8% of the equity)	(10)(14)(15)(27)	—	—	—	4/29/2022	—	—	443		443		0.0	%
								2,043		2,250		0.2	%
FIRE: Real Estate
InsideRE, LLC (284,853 Class A common units)	(14)(15)	—	—	—	9/9/2019	—	—	420		659		0.1	%
Lessen Inc. (128,737 preferred units)	(14)	—	—	—	1/5/2023	—	—	1,667		1,667		0.1	%
Witkoff/Monroe 700 JV LLC (2,992 preferred units)	(10)(15)	n/a	n/a	8.00% Cash/ 4.00% PIK	7/2/2021	—	—	5		3,007		0.2	%
								2,092		5,333		0.4	%
Healthcare & Pharmaceuticals
Ascent Midco, LLC (725,806 Class A units)	(15)	n/a	n/a	8.00% PIK	2/5/2020	—	—	726		690		0.1	%
Bluesight, Inc. (311 Class A preferred units)		n/a	n/a	9.00% PIK	7/17/2023	—	—	311		286		0.0	%
Bluesight, Inc. (166,310 Class B common units)	(14)	—	—	—	7/17/2023	—	—	—		—		0.0	%
Dorado Acquisition, Inc. (531,783 Class A-1 units)	(14)	—	—	—	6/30/2021	—	—	578		584		0.0	%
Dorado Acquisition, Inc. (531,783 Class A-2 units)	(14)	—	—	—	6/30/2021	—	—	—		88		0.0	%
Evolve Biologics Inc. (0.1% of equity commitments)	(10)(14)	—	—	—	12/20/2022	—	—	—		—		0.0	%
Evolve Biologics Inc. (warrant to purchase up to 1.5% of the equity)	(10)(14)	—	—	—	12/20/2022	12/20/2032	—	—		146		0.0	%
KL Moon Acquisition, LLC (fka Spectrum Science Communications, LLC) (0.3% of the equity)	(14)	—	—	—	1/31/2023	—	—	981		844		0.1	%
NationsBenefits, LLC (356,658 Series B units)	(15)	n/a	n/a	5.00% PIK	8/20/2021	—	—	2,393		2,162		0.2	%
NationsBenefits, LLC (326,667 common units)	(14)(15)	—	—	—	8/20/2021	—	—	468		—		0.0	%
NQ PE Project Colosseum Midco Inc. (1,364,614 common units)	(14)	—	—	—	10/4/2022	—	—	1,365		1,361		0.1	%
Seran BioScience, LLC (26,666 common units)	(14)(15)	—	—	—	12/31/2020	—	—	267		604		0.0	%
Vero Biotech Inc. (warrant to purchase up to 2.3% of the equity)	(14)	—	—	—	12/29/2023	12/29/2033	—	—		—		0.0	%
								7,089		6,765		0.5	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)	Interest Rate	Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
High Tech Industries
Amelia Holding II, LLC (warrant to purchase up to 0.1% of the equity)	(14)	—	—	—	12/21/2022	12/21/2032	—	$	—	$	144	0.0	%
Drawbridge Partners, LLC (652,174 Class A-1 units)	(14)	—	—	—	9/1/2022	—	—	652		735		0.1	%
Optomi, LLC (278 Class A units)	(14)(15)	—	—	—	12/16/2021	—	—	278		447		0.0	%
Recorded Future, Inc. (40,243 Class A units)	(14)(28)	—	—	—	7/3/2019	—	—	40		130		0.0	%
Sparq Holdings, Inc. (600,000 common units)	(14)	—	—	—	6/15/2023	—	—	600		624		0.1	%
Unanet, Inc. (1,621,053 shares of common stock)	(14)	—	—	—	12/5/2022	—	—	1,622		2,237		0.2	%
								3,192		4,317		0.4	%
Hotels, Gaming & Leisure
Equine Network, LLC (92 Class A units)	(14)(15)	—	—	—	12/31/2020	—	—	95		95		0.0	%
								95		95		0.0	%
Media: Advertising, Printing & Publishing
95 Percent Buyer, LLC (385,027 Class A units)	(15)	n/a	n/a	8.00% PIK	11/24/2021	—	—	385		922		0.1	%
Calienger Holdings, L.L.C. (568,181 Class A units)	(14)(15)	—	—	—	10/21/2022	—	—	568		568		0.0	%
New Engen, Inc. (417 preferred units)		n/a	n/a	8.00% PIK	12/27/2021	—	—	417		353		0.0	%
New Engen, Inc. (5,067 Class B common units)	(14)	—	—	—	12/27/2021	—	—	5		—		0.0	%
Really Great Reading Company, Inc. (369 Series A units)	(14)	—	—	—	12/9/2022	—	—	369		466		0.0	%
Relevate Health Group, LLC (96 preferred units)		n/a	n/a	12.00% PIK	11/20/2020	—	—	96		46		0.0	%
Relevate Health Group, LLC (96 Class B common units)	(14)	—	—	—	11/20/2020	—	—	—		—		0.0	%
Spherix Global Inc. (333 Class A units)	(14)	—	—	—	12/22/2021	—	—	333		143		0.0	%
XanEdu Publishing, Inc. (65,104 Class A units)		n/a	n/a	8.00% PIK	1/28/2020	—	—	65		296		0.0	%
								2,238		2,794		0.1	%
Media: Broadcasting & Subscription
Vice Acquisition Holdco, LLC (fka Vice Group Holding Inc.) (1,110,000 Class A units)	(14)	—	—	—	7/31/2023	—	—	1,110		453		0.0	%
								1,110		453		0.0	%
Media: Diversified & Production
Chess.com, LLC (5 Class A units)	(14)(15)	—	—	—	12/31/2021	—	—	189		162		0.0	%
								189		162		0.0	%
Services: Business
Argano, LLC (62,574 common units)	(14)(15)	—	—	—	6/10/2021	—	—	317		552		0.0	%
Cosmos Bidco, Inc. (2,250,000 Class A Membership Interest)	(14)	—	—	—	9/15/2023	—	—	2,250		2,188		0.2	%
ecMarket Inc. and Conexiom US Inc. (96,603 preferred shares)	(10)(14)(22)	—	—	—	9/21/2021	—	—	723		761		0.1	%
Edustaff, LLC (591 shares of common stock)	(14)(15)	—	—	—	12/8/2022	—	—	591		795		0.1	%
Onix Networking Corp. (2,000,000 shares of common stock)	(14)	—	—	—	10/2/2023	—	—	2,000		2,000		0.2	%
Skillsoft Corp. (1,308 Class A shares)	(6)(10)(14) (29)	—	—	—	6/11/2021	—	—	508		23		0.0	%
								6,389		6,319		0.6	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Services: Consumer
Express Wash Acquisition Company, LLC (34,944 Class A common units)	(14)(15)	—	—		—		11/15/2023	—	—	$	—	$	—	0.0	%
Express Wash Acquisition Company, LLC (35 Class A preferred units)	(15)	n/a	n/a		8.00% PIK		11/15/2023	—	—	35		36		0.0	%
Express Wash Acquisition Company, LLC (164,381 Class B common units)	(14)(15)	—	—		—		11/15/2023	—	—	—		—		0.0	%
Express Wash Acquisition Company, LLC (164 Class B preferred units)	(14)(15)	—	—		—		11/15/2023	—	—	142		29		0.0	%
IDIG Parent, LLC (192,908 shares of common stock)	(14)(15)(30)	—	—		—		1/4/2021	—	—	196		240		0.0	%
Light Wave Dental Management, LLC (300,218 Class A units)	(14)(15)	—	—		—		6/30/2023	—	—	3,002		2,880		0.2	%
										3,375		3,185		0.2	%
Telecommunications
American Broadband and Telecommunications Company LLC (warrant to purchase up to 0.4% of the equity)	(14)	—	—		—		6/10/2022	6/10/2032	—	84		99		0.0	%
										84		99		0.0	%
Transportation: Cargo
RS Acquisition, LLC (838,077 common units)	(14)(15)	—	—		—		1/12/2022	—	—	1,439		1,162		0.1	%
										1,439		1,162		0.1	%
Utilities: Electric
Central Moloney, LLC (4,451 Class A preferred units)		n/a	n/a		10.00% PIK		10/20/2023	—	—	4,451		4,451		0.3	%
Central Moloney, LLC (4,451 Class B common units)	(14)	—	—		—		10/20/2023	—	—	—		—		0.0	%
										4,451		4,451		0.3	%
Wholesale
IF & P Holdings Company, LLC (1,500 Class A preferred units)	(14)	—	—		—		10/3/2022	—	—	1,500		1,521		0.1	%
IF & P Holdings Company, LLC (1,500 Class B common units)	(14)	—	—		—		10/3/2022	—	—	—		—		0.0	%
										1,500		1,521		0.1	%
Total Non-Controlled/Non-Affiliate Equity Securities										44,332		45,097		3.4	%
Total Non-Controlled/Non-Affiliate Company Investments										$	2,450,755	$	2,452,853	188.3	%

Non-Controlled Affiliate Company Investments (16)
Senior Secured Loans
FIRE: Real Estate
Second Avenue SFR Holdings II LLC (Revolver)	(10)(17)	SF	7.00	%	12.34	%	8/11/2021	8/9/2024	4,875	3,323		3,323		0.3	%
									4,875	3,323		3,323		0.3	%
Services: Business
Nastel Technologies, LLC	(7)	SF	6.61	%	11.96	%	9/21/2022	9/21/2027	3,500	3,441		3,500		0.3	%
Nastel Technologies, LLC (Revolver)	(17)	SF	6.61	%	11.96	%	9/21/2022	9/21/2027	368	—		—		0.0	%
Zodega Landscaping, LLC	(6)	SF	7.86	%	13.21	%	10/6/2023	10/6/2028	12,500	11,983		11,969		0.9	%
Zodega Landscaping, LLC (Revolver)	(17)	SF	7.86	%	13.21	%	10/6/2023	10/6/2028	1,984	—		—		0.0	%
									18,352	15,424		15,469		1.2	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Portfolio Company (1)	Footnotes	Index (2)	Spread (2)		Interest Rate		Acquisition Date (3)	Maturity	Principal	Amortized Cost		Fair Value (4)		% of Net Assets (5)
Transportation: Cargo
SheerTrans Solutions, LLC	(6)	SF	8.11	%	9.47% Cash/ 4.00% PIK		7/29/2022	7/29/2027	5,101	$	5,020	$	5,101	0.3	%
SheerTrans Solutions, LLC (Revolver)	(17)	SF	8.11	%	9.47% Cash/ 4.00% PIK		7/29/2022	7/29/2027	1,466	959		959		0.1	%
									6,567	5,979		6,060		0.4	%
Total Non-Controlled/Affiliate Senior Secured Loans									29,794	24,726		24,852		1.9	%

Junior Secured Loans
FIRE: Real Estate
SFR Holdco, LLC	(10)	n/a	n/a		8.00	%	8/6/2021	7/28/2028	5,850	5,850		6,557		0.5	%
SFR Holdco, LLC	(10)	n/a	n/a		8.00	%	3/1/2022	7/28/2028	4,388	4,387		4,917		0.4	%
									10,238	10,237		11,474		0.9	%
Total Non-Controlled/Affiliate Junior Secured Loans									10,238	10,237		11,474		0.9	%

Equity Securities (13)(16)
FIRE: Real Estate
SFR Holdco, LLC (13.9% of equity commitments)	(10)(14)	—	—		—		8/6/2021	—	—	3,900		4,371		0.3	%
SFR Holdco, LLC (10.5% of equity commitments)	(10)(14)	—	—		—		3/1/2022	—	—	2,925		3,278		0.3	%
										6,825		7,649		0.6	%
High Tech Industries
ClearlyRated Capital, LLC (5,500,000 Class A units)	(14)	—	—		—		6/1/2023	—	—	5,500		5,500		0.4	%
										5,500		5,500		0.4	%
Services: Business
Nastel Technologies, LLC (3,408 Class A units)	(14)(15)	—	—		—		9/21/2022	—	—	3,408		4,226		0.3	%
Zodega Landscaping, LLC (124,206 preferred interests)	(14)(31)	—	—		—		10/6/2023	—	—	12,421		12,421		1.0	%
										15,829		16,647		1.3	%
Transportation: Cargo
SheerTrans Solutions, LLC (9,191,624 preferred interests)	(14)(15)	—	—		—		7/29/2022	—	—	9,192		9,192		0.7	%
										9,192		9,192		0.7	%
Total Non-Controlled/Affiliate Equity Securities										37,346		38,988		3.0	%
Total Non-Controlled/Affiliate Company Investments										$	72,309	$	75,314	5.8	%

TOTAL INVESTMENTS										$	2,523,064	$	2,528,167	194.1	%

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)

Derivative Instruments

Foreign currency forward contracts


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Gain (Loss)
Foreign currency forward contract	$	316	CAD	429	Bannockburn Global Forex, LLC	1/4/2024	$	(7)
Foreign currency forward contract	$	104	CAD	143	Bannockburn Global Forex, LLC	1/17/2024	(4)
Foreign currency forward contract	$	81	CAD	112	Bannockburn Global Forex, LLC	2/19/2024	(3)
Foreign currency forward contract	$	76	CAD	105	Bannockburn Global Forex, LLC	3/19/2024	(3)
Foreign currency forward contract	$	313	CAD	424	Bannockburn Global Forex, LLC	4/3/2024	(7)
Foreign currency forward contract	$	103	CAD	143	Bannockburn Global Forex, LLC	4/17/2024	(4)
Foreign currency forward contract	$	78	CAD	108	Bannockburn Global Forex, LLC	5/17/2024	(3)
Foreign currency forward contract	$	86	CAD	118	Bannockburn Global Forex, LLC	6/19/2024	(4)
Foreign currency forward contract	$	308	CAD	417	Bannockburn Global Forex, LLC	7/3/2024	(7)
Foreign currency forward contract	$	95	CAD	131	Bannockburn Global Forex, LLC	7/17/2024	(4)
Foreign currency forward contract	$	80	CAD	111	Bannockburn Global Forex, LLC	8/19/2024	(3)
Foreign currency forward contract	$	83	CAD	114	Bannockburn Global Forex, LLC	9/18/2024	(3)
Foreign currency forward contract	$	312	CAD	423	Bannockburn Global Forex, LLC	10/2/2024	(7)
Foreign currency forward contract	$	97	CAD	134	Bannockburn Global Forex, LLC	10/17/2024	(4)
Foreign currency forward contract	$	80	CAD	110	Bannockburn Global Forex, LLC	11/19/2024	(3)
Foreign currency forward contract	$	80	CAD	110	Bannockburn Global Forex, LLC	12/18/2024	(3)
Foreign currency forward contract	$	302	CAD	409	Bannockburn Global Forex, LLC	1/2/2025	(7)
Foreign currency forward contract	$	96	CAD	133	Bannockburn Global Forex, LLC	1/17/2025	(4)
Foreign currency forward contract	$	83	CAD	115	Bannockburn Global Forex, LLC	2/20/2025	(3)
Foreign currency forward contract	$	66	CAD	91	Bannockburn Global Forex, LLC	3/19/2025	(3)
Foreign currency forward contract	$	10,811	CAD	14,653	Bannockburn Global Forex, LLC	4/2/2025	(254)
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	4/17/2025	(4)
Foreign currency forward contract	$	73	CAD	101	Bannockburn Global Forex, LLC	5/19/2025	(3)
Foreign currency forward contract	$	78	CAD	107	Bannockburn Global Forex, LLC	6/18/2025	(3)
Foreign currency forward contract	$	93	CAD	128	Bannockburn Global Forex, LLC	7/17/2025	(4)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	8/19/2025	(3)
Foreign currency forward contract	$	75	CAD	103	Bannockburn Global Forex, LLC	9/17/2025	(3)
Foreign currency forward contract	$	94	CAD	130	Bannockburn Global Forex, LLC	10/17/2025	(4)
Foreign currency forward contract	$	79	CAD	109	Bannockburn Global Forex, LLC	11/19/2025	(3)
Foreign currency forward contract	$	8,874	CAD	12,243	Bannockburn Global Forex, LLC	12/18/2025	(371)
Foreign currency forward contract	$	366	AUD	555	Bannockburn Global Forex, LLC	1/17/2024	(12)
Foreign currency forward contract	$	429	AUD	648	Bannockburn Global Forex, LLC	2/16/2024	(12)
Foreign currency forward contract	$	397	AUD	599	Bannockburn Global Forex, LLC	3/18/2024	(12)
Foreign currency forward contract	$	420	AUD	635	Bannockburn Global Forex, LLC	4/17/2024	(13)
Foreign currency forward contract	$	402	AUD	609	Bannockburn Global Forex, LLC	5/16/2024	(13)
Foreign currency forward contract	$	332	AUD	506	Bannockburn Global Forex, LLC	6/19/2024	(12)
Foreign currency forward contract	$	75	AUD	111	Bannockburn Global Forex, LLC	6/20/2024	(1)
Foreign currency forward contract	$	381	AUD	579	Bannockburn Global Forex, LLC	7/16/2024	(13)
Foreign currency forward contract	$	391	AUD	594	Bannockburn Global Forex, LLC	8/16/2024	(14)
Foreign currency forward contract	$	389	AUD	592	Bannockburn Global Forex, LLC	9/17/2024	(14)
Foreign currency forward contract	$	376	AUD	572	Bannockburn Global Forex, LLC	10/17/2024	(14)
Foreign currency forward contract	$	387	AUD	590	Bannockburn Global Forex, LLC	11/18/2024	(15)
Foreign currency forward contract	$	374	AUD	570	Bannockburn Global Forex, LLC	12/17/2024	(15)
Foreign currency forward contract	$	372	AUD	568	Bannockburn Global Forex, LLC	1/17/2025	(16)
Foreign currency forward contract	$	367	AUD	560	Bannockburn Global Forex, LLC	2/18/2025	(16)
Foreign currency forward contract	$	331	AUD	506	Bannockburn Global Forex, LLC	3/18/2025	(15)

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)


Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Gain (Loss)
Foreign currency forward contract	$	365	AUD	560	Bannockburn Global Forex, LLC	4/16/2025	(16)
Foreign currency forward contract	$	353	AUD	542	Bannockburn Global Forex, LLC	5/16/2025	(16)
Foreign currency forward contract	$	364	AUD	560	Bannockburn Global Forex, LLC	6/18/2025	(17)
Foreign currency forward contract	$	372	AUD	557	Bannockburn Global Forex, LLC	7/16/2025	(7)
Foreign currency forward contract	$	373	AUD	559	Bannockburn Global Forex, LLC	8/18/2025	(7)
Foreign currency forward contract	$	372	AUD	557	Bannockburn Global Forex, LLC	9/16/2025	(8)
Foreign currency forward contract	$	359	AUD	539	Bannockburn Global Forex, LLC	10/17/2025	(8)
Foreign currency forward contract	$	371	AUD	557	Bannockburn Global Forex, LLC	11/18/2025	(9)
Foreign currency forward contract	$	358	AUD	539	Bannockburn Global Forex, LLC	12/16/2025	(9)
Foreign currency forward contract	$	306	AUD	460	Bannockburn Global Forex, LLC	1/19/2026	(8)
Foreign currency forward contract	$	64	AUD	96	Bannockburn Global Forex, LLC	1/20/2026	(2)
Foreign currency forward contract	$	367	AUD	554	Bannockburn Global Forex, LLC	2/17/2026	(10)
Foreign currency forward contract	$	331	AUD	500	Bannockburn Global Forex, LLC	3/17/2026	(9)
Foreign currency forward contract	$	30,584	AUD	47,858	Bannockburn Global Forex, LLC	4/16/2026	(2,016)
							$	(3,087)

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)

____________________________________

(1) All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.

(2) The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), Canadian dollar Offered rate (“CDOR” or “C”) or Prime Rate (“Prime” or “P”) which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over SOFR, CDOR, or Prime, as applicable, and the current contractual interest rate in effect at December 31, 2023. Certain investments may be subject to an interest rate floor, or rate cap. Certain investments contain a payment-in-kind (“PIK”) provision.

(3) Except as otherwise noted, all of the Company’s portfolio company investments, which as of December 31, 2023 represented 194.1% of the Company’s net assets or 95.9% of the Company’s total assets, are subject to legal restrictions on sales.

(5) Percentages are based on net assets of $1,302,667 as of December 31, 2023.

(6) All or a portion of this security was held in MC Income Plus Financing SPV LLC (the “SPV”) as collateral for the Company's secured revolving credit facility (the “SPV Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(7) All or a portion of this security was held in Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) as collateral for the Company's asset-backed securitization (the “2022 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).

(8) All or a portion of this security was held in MC Income Plus Financing SPV II LLC (the “SPV II”) as collateral for the Company's senior secured term credit facility (the “SPV II Credit Facility”) with KeyBank National Association. (See Note 7 in the accompanying notes to the consolidated financial statements).

(9) All or a portion of this security was held in Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”) as collateral for the Company's asset-backed securitization (the “2023 ABS”). (See Note 7 in the accompanying notes to the consolidated financial statements).

(10) 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 December 31, 2023, non-qualifying assets totaled 13.9% of the Company’s total assets.

(11) 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, is 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.

(12) Represents less than 5% ownership of the portfolio company's voting securities.

(13) Ownership of certain equity investments may occur through a holding company or partnership.

(14) Represents a non-income producing security.

(15) 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.

(16) As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).

(17) All or a portion of this commitment was unfunded at December 31, 2023. As such, interest is earned only on the funded portion of this commitment.

(18) This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings by the Company.

Table of Contents

MONROE CAPITAL INCOME PLUS CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)

December 31, 2023

(in thousands, except for shares and units)

(19) This position was on non-accrual status as of December 31, 2023, 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.

(20) Investment position or portion thereof unsettled as of December 31, 2023.

(21) This loan is denominated in Canadian dollars and is translated into U.S. dollars as of the valuation date.

(22) This is an international company.

(23) This loan is denominated in Australian dollars and is translated into U.S. dollars as of the valuation date.

(24) The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 18.05%.

(25) The investment is subject to a servicing agreement whereby the Fund earns a pooled effective yield of 15.71%.

(26) This is a demand note with no stated maturity.

(27) As of December 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $697.

(28) As of December 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $8.

(29) The fair value of this investment was valued using Level 1 inputs. See Note 4 in the accompanying notes to the consolidated financial statements.

(30) As of December 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $34.

(31) As of December 31, 2023, the Company was party to a subscription agreement with a commitment to fund an additional equity investment of $1,468.

n/a - not applicable

See Notes to Consolidated Financial Statements.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 1. Organization and Principal Business

Monroe Capital Income Plus Corporation (together with its subsidiaries, the “Company”) is a Maryland corporation that was formed as an externally managed, closed-end, non-diversified investment company. The Company is a specialty finance company organized to maximize the total return to the Company’s stockholders in the form of current income and capital appreciation through a variety of investments. The Company is managed by Monroe Capital BDC Advisors, LLC (“MC Advisors”). The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company currently qualifies and intends to qualify annually to be treated as a RIC for U.S. federal income tax purposes.

The Company may conduct private offerings, subject to approval by the Company’s Board of Directors (the “Board”). The Company is conducting its second best efforts, continuous private offering of its common stock to “accredited investors” in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At each closing, an investor purchases shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. See Note 10 for additional information on the Company’s share activity.

On March 12, 2019, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV LLC (the “SPV”), for purposes of entering into a senior secured revolving credit facility (the “SPV Credit Facility”) with KeyBank National Association. See Note 7 for additional information on the SPV Credit Facility.

On April 7, 2022, the Company created a wholly-owned subsidiary, Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”), for purposes of completing an asset-backed securitization (the “2022 ABS”) and issuing secured notes through a private placement. See Note 7 for additional information on the 2022 ABS.

On December 20, 2022, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV II LLC (the “SPV II”), for purposes of entering into a senior secured term credit facility (the “SPV II Credit Facility”) with KeyBank National Association. See Note 7 for additional information on the SPV II Credit Facility.

On September 15, 2023, the Company created a wholly-owned subsidiary, Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”), for purposes of completing an asset-backed securitization (the “2023 ABS”) and issuing secured notes through a private placement. See Note 7 for additional information on the 2023 ABS.

On January 24, 2024, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV III LLC (the “SPV III”), for purposes of entering into a senior secured revolving credit facility (the “SPV III Credit Facility”) with Goldman Sachs Bank USA. See Note 7 for additional information on the SPV III Credit Facility.

On May 31, 2024, the Company created a wholly-owned subsidiary, MC Income Plus Financing SPV IV LLC (the "SPV IV"), for purposes of entering into a senior secured revolving credit facility (the “SPV IV Credit Facility”) with Capital One, National Association. See Note 7 for additional information on the SPV IV Credit Facility.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 – Financial Services – Investment Companies (“ASC Topic 946”). Certain prior period amounts have been reclassified to conform to current period presentation.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation

As permitted under ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiaries, including the SPV, SPV II, SPV III, SPV IV, the 2022 Issuer, the 2023 Issuer and the Company’s wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”) in its consolidated financial statements. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes while complying with the “source of income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary is subject to U.S. federal corporate income tax on its taxable income. All intercompany balances and transactions have been eliminated.

Fair Value of Financial Instruments

The Company applies fair value to substantially all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 for further discussion regarding the fair value measurements and hierarchy.

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, restricted cash and cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.

Revenue Recognition

The Company’s revenue recognition policies are as follows:

Investments and related investment income: Interest and dividend income is recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. The Company records fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recorded as other income in the period the service is completed.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Dividend income on preferred equity investments is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the applicable distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. For the three and nine months ended September 30, 2024, the Company received return of capital distributions from its equity investments of zero and $16, respectively. For the three and nine months ended September 30, 2023, the Company received return of capital distributions from its equity investments of zero and $122, respectively.

The Company has certain investments in its portfolio that contain a payment-in-kind (“PIK”) provision, which represents contractual interest or dividends that are added to the principal balance and recorded as income. The Company stops accruing PIK interest or PIK dividends when it is determined that PIK interest or PIK dividends are no longer collectible. To maintain RIC tax treatment, and to avoid incurring corporate U.S. federal income tax, substantially all income accrued from PIK provisions must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash.

Loan origination fees, original issue discount and market discount or premiums are capitalized and amortized into interest income over the contractual life of the respective investment using the effective interest method. Unamortized discounts and loan origination fees totaled $53,739 and $45,234 as of September 30, 2024 and December 31, 2023, respectively. Upfront loan origination and closing fees received for the three and nine months ended September 30, 2024 totaled $8,726 and $32,195, respectively. Upfront loan origination and closing fees received for the three and nine months ended September 30, 2023 totaled $5,921 and $14,544, respectively. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The components of the Company’s investment income were as follows:


	Three months ended September 30,
	2024		2023
Interest income	$	101,733	$	55,527
PIK interest income	4,001		1,767
Dividend income (1)	498		128
Other income	3,405		453
Prepayment gain (loss)	1,448		117
Accretion of discounts and amortization of premiums	2,234		1,220
Total investment income	$	113,319	$	59,212


	Nine Months Ended September 30,
	2024		2023
Interest income	$	266,721	$	143,959
PIK interest income	10,003		5,500
Dividend income (2)	1,061		372
Other income	6,065		1,093
Prepayment gain (loss)	3,942		596
Accretion of discounts and amortization of premiums	7,323		4,104
Total investment income	$	295,115	$	155,624

_________________________________________

(1)During the three months ended September 30, 2024 and 2023, dividend income includes PIK dividends of $431 and $101, respectively.

(2)During the nine months ended September 30, 2024 and 2023, dividend income includes PIK dividends of $975 and $290, respectively.

Investment transactions are recorded on a trade-date basis. Realized gains or losses on portfolio investments are calculated based upon the difference between the net proceeds from the disposition and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized. Realized gains and losses are recorded within net realized gain (loss) on investments on the consolidated statements of operations. Changes in the fair value of investments from the prior period, as determined through the application of the Company’s valuation policy, are included within net change in unrealized gain (loss) on investments on the consolidated statements of operations.

Non-accrual: Loans or preferred equity investments are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans or preferred equity investments are restored to accrual status when past due principal, interest, or dividends are paid, or are expected to be paid, and, in management’s judgment are likely to remain current. As of September 30, 2024 and December 31, 2023, there were ten and four borrowers, respectively, with a loan or preferred equity investments on non-accrual status. The fair value of the Company’s investments on non-accrual status totaled $23,628 and $12,389 at September 30, 2024 and December 31, 2023, respectively.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Distributions

Distributions to stockholders are recorded on the applicable record date. The amount, if any, to be distributed to stockholders is determined by the Board at least quarterly and is generally based upon the Company’s earnings as estimated by management. Net realized capital gains, if any, are generally distributed at least annually.

The determination of the tax attributes for the Company’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. When the Company declares a dividend or distribution, the Company’s stockholders’ cash distributions will only be reinvested in additional shares of the Company’s common stock if a stockholder specifically “opts in” to the DRIP at least ten (10) days prior to the record date fixed by the Board. Shares issued under the DRIP will be issued at a price per share equal to the net asset value (“NAV”) per share as of the last day of the Company’s fiscal quarter immediately preceding the date that the distribution was declared. On August 23, 2024, the Board approved an amended and restated dividend reinvestment plan (the "Amended and Restated DRIP"), which was amended solely to appoint UMB Fund Services, Inc., as the Plan Administrator (as defined in the Amended and Restated DRIP). See Note 9 and Note 13 for additional information on the Company’s distributions and Amended and Restated DRIP.

Segments

In accordance with ASC Topic 280 – Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure.

Cash and Cash Equivalents

Cash, including cash denominated in foreign currencies, primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. The Company deposits its cash and cash equivalents in a financial institution and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. The Company’s deposits are held in high-quality financial institutions. As of September 30, 2024 and December 31, 2023, the Company held cash denominated in foreign currencies of GBP 443 ($593 in U.S. Dollars) and AUD 1,522 ($1,037 in U.S. Dollars), respectively.

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents includes amounts held within the SPV, SPV II, SPV III, SPV IV, 2022 Issuer and 2023 Issuer. Cash and cash equivalents held within the SPV, SPV II, SPV III, SPV IV, 2022 Issuer and 2023 Issuer is generally restricted to use for the originations of new investments, the repayment of outstanding debt and the related payment of interest expense and the quarterly release of earnings to the Company. Restricted cash and cash equivalents consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less, and are subject to credit risk to the extent those balances exceed FDIC limitations. As of September 30, 2024 and December 31, 2023, restricted cash and cash equivalents consisted of the following:

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


	As of September 30, 2024		As of December 31, 2023
Restricted cash and cash equivalents:
SPV	$	22,512	$	38,388
SPV II	19,864		3,057
SPV III	3,722		—
SPV IV	6,146		—
2022 Issuer	27,725		10,996
2023 Issuer	10,222		7,728
Total restricted cash and cash equivalents	$	90,191	$	60,169

Debt Issuance Costs

Debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of September 30, 2024 and December 31, 2023, the Company had unamortized debt issuance costs of $20,931 and $14,612, respectively, presented as a direct reduction of the carrying amount of debt on the consolidated statements of assets and liabilities. These amounts are amortized and included in interest and other debt financing expenses on the consolidated statements of operations over the estimated average life of the borrowings. Amortization of debt issuance costs for the three and nine months ended September 30, 2024 and was $2,508 and $6,733, respectively. Amortization of debt issuance costs for the three and nine months ended September 30, 2023 and was $1,578 and $3,831, respectively.

Investments Denominated in Foreign Currency

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into U.S. dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into U.S. dollars using the rates of exchange prevailing on the respective dates of such transactions.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into U.S. dollars using the applicable foreign exchange rates described above, the Company does not isolate the portion of the change in fair value resulting from foreign currency exchange rates fluctuations from the change in fair value of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on investments on the Company’s consolidated statements of operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain consideration and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Derivative Instruments

The Company has entered and may continue to enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market based on the difference between the forward rate and the exchange rate at the current period end. Unrealized gain (loss) on foreign currency forward contracts is recorded on the Company’s consolidated statements of assets and liabilities by counterparty on a net basis.

The Company does not utilize hedge accounting and as such values its foreign currency forward contracts at fair value with the change in unrealized gain or loss recorded in net change in unrealized gain (loss) on foreign currency forward contracts and the realized gain or loss recorded in net realized gain (loss) on foreign currency forward contracts on the Company’s consolidated statements of operations.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Income Taxes

The Company has elected to be treated, qualifies and intends to qualify annually as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment available to RICs. As long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders. Rather, any tax liability related to income earned by the Company represents an obligation of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC under Subchapter M of the Code, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for the preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay U.S. federal income tax and a 4% nondeductible U.S. federal excise tax on this income. For the three and nine months ended September 30, 2024, the Company recorded a net expense on the consolidated statements of operations of $199 and $569 for U.S. federal excise tax, respectively. For the three and nine months ended September 30, 2023, the Company recorded a net expense on the consolidated statements of operations of $150 and $495 for U.S. federal excise tax, respectively. As of September 30, 2024 and December 31, 2023, the Company recorded an accrual for U.S. federal excise taxes of $536 and $450, respectively, which were included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

The Company’s consolidated Taxable Subsidiaries may be subject to U.S. federal and state corporate-level income taxes. For the three and nine months ended September 30, 2024, the Company recorded a net tax expense of zero and $104, respectively, on the consolidated statements of operations for these subsidiaries. For the three and nine months ended September 30, 2023, the Company recorded a net tax expense of zero and $39, respectively, on the consolidated statements of operations for these subsidiaries. As of both September 30, 2024 and December 31, 2023, there were no payables for corporate-level income taxes.

The Company accounts for income taxes in conformity with ASC Topic 740 – Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company did not take any material uncertain income tax positions through September 30, 2024. The 2020 through 2023 tax years remain subject to examination by U.S. federal and state tax authorities.

Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the nine months ended September 30, 2024, except as disclosed in Note 13.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2024. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 for both the nine months ended September 30, 2024 and 2023.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2024 and interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements.

Note 3. Investments

The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments):


	September 30, 2024				December 31, 2023
Amortized Cost:
Senior secured loans	$	3,127,700	85.9	%	$	2,161,659	85.7	%
Unitranche secured loans	165,972		4.6		185,177		7.3
Junior secured loans	172,128		4.7		94,550		3.8
Equity securities	175,902		4.8		81,678		3.2
Total	$	3,641,702	100.0	%	$	2,523,064	100.0	%

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


	September 30, 2024				December 31, 2023
Fair Value:
Senior secured loans	$	3,151,328	86.1	%	$	2,171,243	85.9	%
Unitranche secured loans	168,208		4.6		184,853		7.3
Junior secured loans	160,750		4.3		87,986		3.5
Equity securities	181,743		5.0		84,085		3.3
Total	$	3,662,029	100.0	%	$	2,528,167	100.0	%

The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:


	September 30, 2024				December 31, 2023
Amortized Cost:
United States:
Midwest	$	591,211	16.2	%	$	464,411	18.4	%
Northeast	866,767		23.8		602,303		23.9
Northwest	73,222		2.0		72,401		2.9
Southeast	896,322		24.7		609,720		24.2
Southwest	488,643		13.4		303,643		12.0
West	565,970		15.5		354,469		14.0
International	159,567		4.4		116,117		4.6
Total	$	3,641,702	100.0	%	$	2,523,064	100.0	%


	September 30, 2024				December 31, 2023
Fair Value:
United States:
Midwest	$	586,637	16.0	%	$	462,371	18.3	%
Northeast	868,406		23.7		605,226		23.9
Northwest	74,998		2.0		73,706		2.9
Southeast	914,696		25.0		616,182		24.4
Southwest	499,728		13.6		303,605		12.0
West	560,174		15.3		355,000		14.1
International	157,390		4.4		112,077		4.4
Total	$	3,662,029	100.0	%	$	2,528,167	100.0	%

_______________________________________________________

*Represents an amount less than 0.1%.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments):


	September 30, 2024				December 31, 2023
Amortized Cost:
Aerospace & Defense	$	24,126	0.7	%	$	24,306	1.0	%
Automotive	73,449		2.0		55,374		2.2
Banking	62,871		1.7		32,289		1.3
Beverage, Food & Tobacco	26,829		0.7		43,443		1.7
Capital Equipment	187,230		5.1		153,516		6.1
Chemicals, Plastics & Rubber	1,047		0.0	*	738		0.0	*
Construction & Building	161,033		4.4		97,869		3.9
Consumer Goods: Durable	40,211		1.1		45,961		1.8
Consumer Goods: Non-Durable	59,700		1.6		49,303		2.0
Containers, Packaging & Glass	13,813		0.4		13,857		0.5
Energy: Oil & Gas	133		0.0	*	20,128		0.8
Environmental Industries	56,348		1.6		35,805		1.4
FIRE: Finance	231,348		6.4		185,745		7.4
FIRE: Insurance	25,558		0.7		23,848		0.9
FIRE: Real Estate	75,848		2.1		81,184		3.2
Healthcare & Pharmaceuticals	543,753		14.9		354,627		14.1
High Tech Industries	469,562		12.9		211,563		8.4
Hotels, Gaming & Leisure	95		0.0	*	95		0.0	*
Media: Advertising, Printing & Publishing	196,237		5.4		145,910		5.8
Media: Broadcasting & Subscription	3,430		0.1		3,160		0.1
Media: Diversified & Production	111,600		3.1		93,581		3.7
Services: Business	744,373		20.4		428,134		17.0
Services: Consumer	209,097		5.7		166,396		6.6
Telecommunications	85,901		2.4		73,705		2.9
Transportation: Cargo	149,359		4.1		107,107		4.2
Utilities: Electric	52,834		1.5		40,045		1.6
Wholesale	35,917		1.0		35,375		1.4
Total	$	3,641,702	100.0	%	$	2,523,064	100.0	%

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


	September 30, 2024				December 31, 2023
Fair Value:
Aerospace & Defense	$	23,845	0.7	%	$	23,871	0.9	%
Automotive	64,446		1.8		52,433		2.1
Banking	58,775		1.6		31,338		1.2
Beverage, Food & Tobacco	26,830		0.7		43,420		1.7
Capital Equipment	185,880		5.1		153,448		6.1
Chemicals, Plastics & Rubber	974		0.0	*	555		0.0	*
Construction & Building	165,069		4.5		99,032		3.9
Consumer Goods: Durable	37,436		1.0		43,879		1.7
Consumer Goods: Non-Durable	58,459		1.6		47,767		1.9
Containers, Packaging & Glass	13,582		0.4		13,978		0.6
Energy: Oil & Gas	126		0.0	*	19,939		0.8
Environmental Industries	57,684		1.6		36,964		1.5
FIRE: Finance	235,187		6.5		188,094		7.4
FIRE: Insurance	25,588		0.7		23,624		0.9
FIRE: Real Estate	78,110		2.1		82,981		3.3
Healthcare & Pharmaceuticals	550,246		15.0		354,470		14.0
High Tech Industries	465,850		12.7		208,931		8.3
Hotels, Gaming & Leisure	107		0.0	*	95		0.0	*
Media: Advertising, Printing & Publishing	199,155		5.5		148,571		5.9
Media: Broadcasting & Subscription	1,120		0.0	*	1,663		0.1
Media: Diversified & Production	110,794		3.0		93,116		3.7
Services: Business	758,892		20.7		434,280		17.2
Services: Consumer	210,100		5.7		167,734		6.6
Telecommunications	85,450		2.3		74,679		3.0
Transportation: Cargo	148,847		4.1		107,424		4.2
Utilities: Electric	62,986		1.7		40,039		1.6
Wholesale	36,491		1.0		35,842		1.4
Total	$	3,662,029	100.0	%	$	2,528,167	100.0	%

_______________________________________________________

*Represents an amount less than 0.1%.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 4. Fair Value Measurements

Investments

The Company values all investments in accordance with ASC Topic 820. ASC Topic 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity.

ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

•Level 2 – Valuations based on inputs other than quoted prices in active markets, including quoted prices for similar assets or liabilities, which are either directly or indirectly observable.

•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. This includes situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and may require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

For periods prior to September 30, 2022, the Board determined the fair value of the Company’s investments. On September 30, 2022, pursuant to SEC Rule 2a-5 of the 1940 Act, the Board designated MC Advisors as the Company’s valuation designee (the “Valuation Designee”). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of the Company’s investments, based on input of the Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.

With respect to investments for which market quotations are not readily available, the Valuation Designee undertakes a multi-step valuation process each quarter, as described below:

•the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the credit monitoring of the portfolio investment;

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

•the Valuation Designee engages an independent valuation firm to conduct independent appraisals of a selection of investments for which market quotations are not readily available. The Valuation Designee will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;

•to the extent an independent valuation firm is not engaged to conduct an investment appraisal on an investment for which market quotations are not readily available, the investment will be valued by the Valuation Designee;

•preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;

•the valuation conclusions are approved by the valuation committee of the Valuation Designee; and

•a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.

The accompanying consolidated schedules of investments held by the Company consist primarily of private debt instruments (“Level 3 debt”). The Valuation Designee generally uses the income approach to determine fair value for Level 3 debt where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, the Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may include probability weighting of alternative outcomes. The Valuation Designee generally considers the Company’s Level 3 debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner; the loan is in covenant compliance or is otherwise not deemed to be impaired. In determining the fair value of the performing Level 3 debt, the Valuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a Level 3 debt instrument is not performing, as defined above, the Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the Level 3 debt instrument.

Under the income approach, discounted cash flow models are utilized to determine the present value of the future cash flow streams of its debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.

Under the market approach, the enterprise value methodology is typically utilized to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Valuation Designee derives a single estimate of enterprise value. In estimating the enterprise value of a portfolio company, the Valuation Designee analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. Typically, the enterprise values of private companies are based on multiples of earnings before interest, income taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value.

In addition, for certain investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

As of September 30, 2024, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuation procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

Foreign Currency Forward Contracts

The valuation for the Company’s foreign currency forward contracts is based on the difference between the exchange rate associated with the forward contract and the exchange rate at the current period end. Foreign currency forward contracts are categorized as Level 2 in the fair value hierarchy.

Fair Value Disclosures

The following tables present fair value measurements of investments and foreign currency forward contracts, by major class according to the fair value hierarchy:


	Fair Value Measurements
September 30, 2024	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Senior secured loans	$	—	$	—	$	3,151,328	$	3,151,328
Unitranche secured loans	—		—		168,208		168,208
Junior secured loans	—		—		160,750		160,750
Equity securities	1,975		—		179,768		181,743
Total assets, at fair value:	$	1,975	$	—	$	3,660,054	$	3,662,029
Liabilities, at fair value:
Foreign currency forward contracts asset (liability)	—		(3,192)		—		(3,192)


	Fair Value Measurements
December 31, 2023	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Senior secured loans	$	—	$	—	$	2,171,243	$	2,171,243
Unitranche secured loans	—		—		184,853		184,853
Junior secured loans	—		—		87,986		87,986
Equity securities	23		—		84,062		84,085
Total investments	$	23	$	—	$	2,528,144	$	2,528,167
Liabilities, at fair value:
Foreign currency forward contracts asset (liability)	$	—	$	(3,087)	$	—	$	(3,087)

Senior secured loans, unitranche secured loans and junior secured loans are collateralized by tangible and intangible assets of the borrowers. These investments include loans to entities that have some level of challenge in obtaining financing from other, more conventional institutions, such as a bank. Interest rates on these loans are either fixed or floating and are based on current market conditions and credit ratings of the borrower. Excluding loans on non-accrual, the contractual interest rates on the loans ranged from 5.50% to 21.32% at September 30, 2024 and 7.50% to 21.34% at December 31, 2023. The maturity dates on the loans outstanding at September 30, 2024 range between October 2024 and August 2031.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and nine months ended September 30, 2024:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity securities		Total investments
Balance as of June 30, 2024	$	2,906,171	$	168,253	$	154,998	$	157,553	$	3,386,975
Net realized gain (loss) on investments	342		—		—		153		495
Net change in unrealized gain (loss) on investments	(713)		2,486		2,550		5,970		10,293
Purchases of investments and other adjustments to cost (1)	422,547		3,425		3,037		13,457		442,466
Proceeds from principal payments and sales of investments (2)	(173,211)		(5,956)		(240)		(768)		(180,175)
Reclassifications (3)	(3,808)		—		405		3,403		—
Balance as of September 30, 2024	$	3,151,328	$	168,208	$	160,750	$	179,768	$	3,660,054


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity securities		Total investments
Balance as of December 31, 2023	$	2,171,243	$	184,853	$	87,986	$	84,062	$	2,528,144
Net realized gain (loss) on investments	563		—		—		156		719
Net change in unrealized gain (loss) on investments	10,102		2,560		(873)		3,716		15,505
Purchases of investments and other adjustments to cost (1)	1,371,221		7,098		65,204		72,681		1,516,204
Proceeds from principal payments and sales of investments (2)	(372,092)		(26,303)		(587)		(1,403)		(400,385)
Reclassifications (3)	(29,709)		—		9,020		20,689		—
Transfers in (out) of Level 3 (4)	—		—		—		(133)		(133)
Balance as of September 30, 2024	$	3,151,328	$	168,208	$	160,750	$	179,768	$	3,660,054

_________________________________________

(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest.

(2)Represents net proceeds from investments sold and principal paydowns received.

(3)Represents non-cash reclassification of investment type due to a restructuring.

(4)Represents non-cash transfers between fair value categories.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and nine months ended September 30, 2023:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity securities		Total investments
Balance as of June 30, 2023	$	1,529,436	$	129,399	$	44,190	$	61,717	$	1,764,742
Net realized gain (loss) on investments	38		—		—		—		38
Net change in unrealized gain (loss) on investments	(1,481)		180		(2,016)		657		(2,660)
Purchases of investments and other adjustments to cost (1)	228,395		1,289		2,662		3,177		235,523
Proceeds from principal payments and sales of investments (2)	(21,252)		(1,028)		(1,254)		—		(23,534)
Reclassifications (3)	(9,049)		—		7,939		1,110		—

Balance as of September 30, 2023	$	1,726,087	$	129,840	$	51,521	$	66,661	$	1,974,109


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity securities		Total investments
Balance as of December 31, 2022	$	1,250,788	$	127,378	$	44,469	$	46,327	$	1,468,962
Net realized gain (loss) on investments	(1,571)		—		—		949		(622)
Net change in unrealized gain (loss) on investments	2,784		756		(3,020)		(1,381)		(861)
Purchases of investments and other adjustments to cost (1)	579,749		3,172		6,712		20,726		610,359
Proceeds from principal payments and sales of investments (2)	(94,538)		(1,466)		(6,655)		(1,070)		(103,729)
Reclassifications (3)	(11,125)		—		10,015		1,110		—

Balance as of September 30, 2023	$	1,726,087	$	129,840	$	51,521	$	66,661	$	1,974,109

_________________________________________

(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest.

(2)Represents net proceeds from investments sold and principal paydowns received.

(3)Represents non-cash reclassification of investment type due to a restructuring.

The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2024, attributable to Level 3 investments still held at September 30, 2024, was $16,806 and $10,096, respectively. The total net change in unrealized gain (loss) on investments included on the consolidated statements of operations for the three and nine months ended September 30, 2023, attributable to Level 3 investments still held at September 30, 2023, was ($2,913) and ($949), respectively. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period in which the reclassifications occur. During the three and nine months ended September 30, 2024, zero and one investment transferred from Level 3 to Level 1 as a result of a restructuring, respectively. There were no transfers among Levels 1, 2 and 3 during the three and nine months ended September 30, 2023.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Significant Unobservable Inputs

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner. The tables below are not intended to be all-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The following tables present quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of September 30, 2024 and December 31, 2023:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	2,013,789		Discounted cash flow	EBITDA multiples	11.0x		4.3x		31.1x
					Market yields	10.2	%	6.7	%	22.0	%
Senior secured loans	879,125			Discounted cash flow	Revenue multiples	7.4x		0.9x		18.0x
					Market yields	10.3	%	7.9	%	24.3	%
Senior secured loans	11,197			Enterprise value	Revenue multiples	0.5x		0.3x		1.9x
Senior secured loans	8,562			Enterprise value	EBITDA multiples	7.1x		7.0x		7.5x
Senior secured loans	6,353			Liquidation	Probability weighting of alternative outcomes	62.8	%	62.8	%	62.8	%
Unitranche secured loans	134,180			Discounted cash flow	EBITDA multiples	9.8x		6.3x		12.0x
					Market yields	12.7	%	8.5	%	20.0	%
Unitranche secured loans	34,028			Discounted cash flow	Revenue multiples	9.3x		6.3x		12.5x
					Market yields	12.2	%	11.5	%	13.0	%
Junior secured loans	120,361			Discounted cash flow	Market yields	13.1	%	10.9	%	18.6	%
Junior secured loans	6,585			Enterprise value	Revenue multiples	0.8x		0.3x		1.9x
Equity securities	117,488			Enterprise value	EBITDA multiples	11.4x		4.3x		21.5x
Equity securities	55,637			Enterprise value	Revenue multiples	3.8x		0.4x		11.8x
Equity securities	3,148			Option pricing model	Volatility	47.1	%	25.0	%	69.0	%
Total Level 3 Assets	$	3,390,453	(2)

_________________________________________

(1)The weighted average mean and weighted average range of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $269,601 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range (Weighted Average)
								Minimum		Maximum
Assets:
Senior secured loans	$	1,351,324		Discounted cash flow	EBITDA multiples	11.1x		5.0x		22.2x
					Market yields	11.4	%	8.7	%	24.0	%
Senior secured loans	559,534			Discounted cash flow	Revenue multiples	7.2x		0.7x		19.5x
					Market yields	11.6	%	9.0	%	16.6	%
Senior secured loans	10,310			Enterprise value	EBITDA multiples	7.4x		5.3x		8.3x
Senior secured loans	9,618			Liquidation	Probability weighting of alternative outcomes	95.0	%	95.0	%	95.0	%
Senior secured loans	6,473			Enterprise value	Revenue multiples	0.6x		0.5x		1.6x
Unitranche secured loans	151,703			Discounted cash flow	EBITDA multiples	10.5x		7.3x		14.8x
					Market yields	15.0	%	8.6	%	24.6	%
Unitranche secured loans	33,150			Discounted cash flow	Revenue multiples	9.4x		6.0x		12.8x
					Market yields	12.3	%	11.9	%	12.7	%
Junior secured loans	70,881			Discounted cash flow	EBITDA multiples	13.5x		13.5x		13.5x
					Market yields	12.6	%	11.6	%	18.4	%
Junior secured loans	6,241			Enterprise value	Revenue multiples	1.6x		1.6x		1.6x
Junior secured loans	348			Discounted cash flow	Revenue multiples	0.9x		0.9x		0.9x
					Market yields	16.2	%	16.2	%	16.2	%
Equity securities	52,062			Enterprise value	EBITDA multiples	10.7x		6.3x		20.5x
Equity securities	29,920			Enterprise value	Revenue multiples	3.6x		0.5x		11.8x
Equity securities	1,487			Option pricing model	Volatility	59.6	%	35.0	%	74.0	%
Total Level 3 Assets	$	2,283,051	(2)

_________________________________________

(1)The weighted average mean and weighted average range of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $245,093 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The significant unobservable input used in the income approach of fair value measurement of the Company’s investments is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases (decreases) in the discount rate would result in a decrease (increase) in the fair value estimate of the investment. Included in the consideration and selection of discount rates are the following factors: risk of default, rating of the investment and comparable investments, and call provisions.

The significant unobservable inputs used in the market approach of fair value measurement of the Company’s investments are the market multiples of EBITDA or revenue of the comparable guideline public companies. The Valuation Designee selects a population of public companies for each investment with similar operations and attributes of the portfolio company. Using these guideline public companies’ data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The Valuation Designee selects percentages from the range of multiples for purposes of determining the portfolio company’s estimated enterprise value based on said multiple and generally the latest twelve months EBITDA or revenue of the portfolio company (or other meaningful measure). Increases (decreases) in the multiple will result in an increase (decrease) in enterprise value, resulting in an increase (decrease) in the fair value estimate of the investment.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and restricted cash and cash equivalents, receivables and payables approximate the fair value of such items due to the short maturity of such instruments.

Fair value is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. The following table presents the carrying values and fair values of the Company's debt as of September 30, 2024 and December 31, 2023:


	As of September 30, 2024				As of December 31, 2023
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility(2)	$	251,319	$	251,319	$	253,579	$	253,579
SPV Credit Facility	308,380		308,380		178,098		178,098
SPV II Credit Facility	212,325		212,325		119,240		119,240
SPV III Credit Facility	58,624		58,624		—		—
SPV IV Credit Facility	145,800		145,800		—		—
2022 ABS	303,786		296,767		300,810		299,866
2023 ABS	184,377		186,629		183,840		187,345
2028 Notes	198,059		203,388		197,767		197,767
2029 Notes	202,268		202,268		—		—
Total Debt	$	1,864,938	$	1,865,500	$	1,233,334	$	1,235,895

_____________________________________________

(1)Represents the principal amount outstanding, less unamortized debt issuance costs.

(2)Amounts include borrowings denominated in foreign currencies converted at the period end exchange rate.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The below table presents fair value measurements of the Company’s debt obligations as of the following periods:


	September 30, 2024		December 31, 2023
Level 1	$	—	$	—
Level 2	—		—
Level 3	1,865,500		1,235,895
Total Debt	$	1,865,500	$	1,235,895

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 5. Transactions with Affiliate Companies

An affiliated company is a company in which the Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate company is a company in which the Company has an ownership interest of more than 25% of its voting securities. Please see the Company’s consolidated schedule of investments for the type of investment, principal amount, interest rate including the spread, and the maturity date. Transactions related to the Company’s investments with affiliates for the nine months ended September 30, 2024 and 2023 were as follows:


Portfolio Company	Fair value at December 31, 2023		Transfers in (out) (1)		Purchases (cost)		Sales and paydowns (cost)		PIK interest (cost)		Discount accretion		Net realized gain (loss)		Net change in unrealized gain (loss)		Fair value at September 30, 2024
Non-controlled affiliate company investment:
ClearlyRated Capital, LLC (5,500,000 Class A units)	$	5,500	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5,500
	5,500		—		—		—		—		—		—		—		5,500

BTR Opco LLC (fka Born to Run, LLC)	—		—		1,080		(34)		—		—		—		47		1,093
BTR Opco LLC (fka Born to Run, LLC)	—		1,611		81		—		—		—		—		176		1,868
BTR Opco LLC (fka Born to Run, LLC)	—		8,300		418		(2)		—		—		—		(8,657)		59
BTR Opco LLC (fka Born To Run, LLC) (659 Class A common units)	—		677		—		—		—		—		—		(677)		—
	—		10,588		1,579		(36)		—		—		—		(9,111)		3,020

Nastel Technologies, LLC	3,500		—		—		—		—		7		—		(29)		3,478
Nastel Technologies, LLC (Revolver)	—		—		—		—		—		—		—		—		—
Nastel Technologies, LLC (3,408 Class A units)	4,226		—		—		—		—		—		—		307		4,533
	7,726		—		—		—		—		7		—		278		8,011

Second Avenue SFR Holdings II LLC (Revolver) (2)	3,323		—		—		(1,487)		—		—		—		37		1,873
	3,323		—		—		(1,487)		—		—		—		37		1,873

SFR Holdco, LLC (Junior secured loan)	6,557		—		—		—		—		—		—		(1,076)		5,481
SFR Holdco, LLC (Delayed draw junior secured loan)	4,917		—		—		—		—		—		—		(352)		4,565
SFR Holdco, LLC (13.9% of equity commitments)	4,371		—		—		—		—		—		—		231		4,602
SFR Holdco, LLC (10.5% of equity commitments)	3,278		—		—		—		—		—		—		174		3,452
	19,123		—		—		—		—		—		—		(1,023)		18,100

SheerTrans Solutions, LLC	5,101		—		—		(26)		159		13		—		(14)		5,233
SheerTrans Solutions, LLC	—		—		1,436		(8)		38		3		—		25		1,494
SheerTrans Solutions, LLC (Revolver)	959		—		—		—		29		—		—		—		988
SheerTrans Solutions, LLC (12,233,889 preferred interests)	9,192		—		3,042		—		—		—		—		734		12,968
	15,252		—		4,478		(34)		226		16		—		745		20,683

Summit Professional Education, LLC	—		—		10,094		(24)		—		9		—		265		10,344
Summit Professional Education, LLC (Revolver)	—		—		—		—		—		—		—		—		—
Summit Professional Education, LLC (16,676 Class A units)	—		—		16,676		—		—		—		—		331		17,007
	—		—		26,770		(24)		—		9		—		596		27,351

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


Portfolio Company	Fair value at December 31, 2023		Transfers in (out) (1)		Purchases (cost)		Sales and paydowns (cost)		PIK interest (cost)		Discount accretion		Net realized gain (loss)		Net change in unrealized gain (loss)		Fair value at September 30, 2024
Triad Financial Services, Inc. ($4,803 of $41,855 equity commitment)	—		—		4,803		—		—		—		—		—		4,803
	—		—		4,803		—		—		—		—		—		4,803

Zodega Landscaping, LLC	11,969		—		—		(89)		—		60		—		516		12,456
Zodega Landscaping, LLC (Revolver)	—		—		992		—		—		—		—		—		992
Zodega Landscaping, LLC (124,206 preferred interests)	12,421		—		—		—		—		—		—		290		12,711
	24,390		—		992		(89)		—		60		—		806		26,159
Total non-controlled affiliate company investments	$	75,314	$	10,588	$	38,622	$	(1,670)	$	226	$	92	$	—	$	(7,672)	$	115,500


Portfolio Company	Fair value at December 31, 2022		Transfers in (out) (1)		Purchases (cost)		Sales and paydowns (cost)		PIK interest (cost)		Discount accretion		Net realized gain (loss)		Net change in unrealized gain (loss)		Fair value at September 30, 2023
Non-controlled affiliate company investment:
ClearlyRated Capital, LLC (5,500,000 Class A units)	$	—	$	—	$	5,500	$	—	$	—	$	—	$	—	$	—	$	5,500
	—		—		5,500		—		—		—		—		—		5,500

Nastel Technologies, LLC	3,500		—		—		—		—		8		—		10		3,518
Nastel Technologies, LLC (Revolver)	—		—		—		—		—		—		—		—		—
Nastel Technologies, LLC (3,408 Class A units)	3,578		—		—		—		—		—		—		546		4,124
	7,078		—		—		—		—		8		—		556		7,642

Second Avenue SFR Holdings II LLC (Revolver) (2)	4,755		—		—		—		—		—		—		6		4,761
	4,755		—		—		—		—		—		—		6		4,761

SFR Holdco, LLC (Junior secured loan)	5,850		—		—		—		—		—		—		508		6,358
SFR Holdco, LLC (Delayed draw junior secured loan)	2,316		—		2,071		—		—		—		—		381		4,768
SFR Holdco, LLC (13.9% of equity commitments)	3,900		—		—		—		—		—		—		338		4,238
SFR Holdco, LLC (10.5% of equity commitments)	1,545		—		1,380		—		—		—		—		253		3,178
	13,611		—		3,451		—		—		—		—		1,480		18,542

SheerTrans Solutions, LLC	5,101		—		—		(38)		—		11		—		(11)		5,063
SheerTrans Solutions, LLC (Revolver)	—		—		293		—		—		—		—		—		293
SheerTrans Solutions, LLC (9,191,624 preferred interests)	8,643		—		549		—		—		—		—		—		9,192
	13,744		—		842		(38)		—		11		—		(11)		14,548
Total non-controlled affiliate company investments	$	39,188	$	—	$	9,793	$	(38)	$	—	$	19	$	—	$	2,031	$	50,993

_________________________________________

(1)Transfers in (out) may include increases (decreases) in the cost basis of investments resulting from the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category as a result of a restructuring.

(2)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and is being presented as a non-controlled affiliate for that reason.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


	For the nine months ended September 30,
	2024						2023
Portfolio Company	Interest Income		Dividend Income		Other Income		Interest Income		Dividend Income		Other Income
Non-controlled affiliate company investments:
BTR Opco LLC (fka Born To Run, LLC)	$	—	$	—	$	—	$ n/a		$ n/a		$ n/a
BTR Opco LLC (fka Born To Run, LLC)	—		—		—		n/a		n/a		n/a
BTR Opco LLC (fka Born To Run, LLC)	—		—		—		n/a		n/a		n/a
BTR Opco LLC (fka Born To Run, LLC) (Class A units)	—		—		—		n/a		n/a		n/a
	—		—		—		—		—		—

ClearlyRated Capital (Class A units)	—		—		—		—		—		—
	—		—		—		—		—		—

Nastel Technologies, LLC	326		—		—		314		—		—
Nastel Technologies, LLC (Revolver)	—		—		—		—		—		—
Nastel Technologies, LLC (Class A units)	—		—		—		—		—		—
	326		—		—		314		—		—

Second Avenue SFR Holdings II LLC (Revolver) (1)	283		—		—		435		—		—
	283		—		—		435		—		—

SFR Holdco, LLC (Junior secured loan)	351		—		—		351		—		—
SFR Holdco, LLC (Delayed draw junior secured loan)	264		—		—		231		—		—
SFR Holdco, LLC (LLC interest)	—		—		—		—		—		—
SFR Holdco, LLC (LLC interest)	—		—		—		—		—		—
	615		—		—		582		—		—

SheerTrans Solutions, LLC	540		—		—		495		—		—
SheerTrans Solutions, LLC	129		—		—		n/a		n/a		n/a
SheerTrans Solutions, LLC (Revolver)	101		—		—		11		—		—
SheerTrans Solutions, LLC (Preferred interests)	—		—		—		—		—		—
	770		—		—		506		—		—

Summit Professional Education, LLC	540		—		—		n/a		n/a		n/a
Summit Professional Education, LLC (Revolver)	3		—		—		n/a		n/a		n/a
Summit Professional Education, LLC (Class A units)	—		—		—		n/a		n/a		n/a
	543		—		—		—		—		—

Triad Financial Services, Inc. (Equity commitment)	—		—		—		n/a		n/a		n/a
	—		—		—		—		—		—

Zodega Landscaping, LLC	1,312		—		1		n/a		n/a		n/a
Zodega Landscaping, LLC (Revolver)	28		—		—		n/a		n/a		n/a
Zodega Landscaping, LLC (Preferred interests)	—		—		2		n/a		n/a		n/a
	1,340		—		3		—		—		—
Total non-controlled affiliate company investments	$	3,877	$	—	$	3	$	1,837	$	—	$	—

_________________________________________

(1)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and is being presented as a non-controlled affiliate for that reason.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 6. Transactions with Related Parties

The Company has entered into an investment advisory agreement with MC Advisors (the “Investment Advisory Agreement”), under which MC Advisors, subject to the overall supervision of the Board, provides investment advisory services to the Company. The Company pays MC Advisors a fee for its services under the Investment Advisory Agreement consisting of two components – a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are borne by the Company’s stockholders, unless such fees are waived by MC Advisors.

On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management fees and incentive fees payable by the Company to MC Advisors under the Investment Advisory Agreement pursuant to a fee waiver letter. The base management fee waiver took effect beginning April 1, 2022 (the “Effective Date”) and the incentive fee waivers took effect beginning January 1, 2022.

Beginning with the Effective Date, the base management fee is calculated at an annual rate of 1.25% of average total assets (reduced from 1.50%), which includes assets financed using leverage. Following any future quotation or listing of the Company’s securities on a national securities exchange (an “Exchange Listing”) or any future quotation or listing of its securities on any other public trading market, the base management fee will be calculated at an annual rate of 1.75% of average invested assets (calculated as total assets excluding cash). The base management fee is payable in arrears.

Base management fees for the three and nine months ended September 30, 2024 were $11,542 and $30,169, respectively. Base management fees for the three and nine months ended September 30, 2023 were $6,206 and $16,435, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the preceding quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee), any expenses payable under the administration agreement (the “Administration Agreement”) between the Company and Monroe Capital Management Advisors, LLC (“MC Management”) and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income will include, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash. MC Advisors is not under any obligation to reimburse the Company for any part of the incentive fee it receives that was based on accrued interest that the Company never actually receives.

Pre-incentive fee net investment income does not include any realized capital gains or losses or unrealized capital gains or losses. If any distributions from portfolio companies are characterized as a return of capital, such returns of capital would affect the capital gains incentive fee to the extent a gain or loss is realized. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where it incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if it has incurred a loss in that quarter due to realized and unrealized capital losses.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.50% per quarter (6% annually).

As of and beginning with the Effective Date, prior to an Exchange Listing, the Company shall pay MC Advisors an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:

•no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6% annually);

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

•100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing. This portion of the Company’s pre-incentive fee net investment income is referred to as the “catch-up” provision; and

•prior to an Exchange Listing, 12.5% of the amount of the Company’s pre-incentive fee net investment income (a reduction from 15.0% of the amount of the Company’s pre-incentive fee net income), if any, that exceeds 1.7143% (reduced from 1.76% pursuant to the fee waiver letter effective April 1, 2022) in any calendar quarter, and following an Exchange Listing, 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.88% in any calendar quarter.

These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 12.5% (reduced from 15.0% effective January 1, 2022 pursuant to the fee waiver letter) of the Company’s realized capital gains as of the end of the fiscal year. In determining the capital gains incentive fee payable to MC Advisors, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since the Company’s inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the Company’s portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the amortized cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the amortized cost of such investment since the Company’s inception. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the amortized cost of such investment. At the end of the applicable year, the amount of capital gains that will serve as the basis for the calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to the Company’s portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year equals 12.5% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of the Company’s portfolio in all prior years.

While the Investment Advisory Agreement with MC Advisors neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, the Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to MC Advisors if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though MC Advisors is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The composition of the Company’s incentive fees was as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Part one incentive fees (1)	$	7,614	$	4,419	$	20,205	$	11,663
Part two incentive fees (2)	698		(87)		1,638		(100)
Total incentive fees	$	8,312	$	4,332	$	21,843	$	11,563

_________________________________________

(1)Based on pre-incentive fee net investment income.

(2)Based upon net realized and unrealized gains and losses, or capital gains and losses. The Company accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. If, on a cumulative basis, the sum of net realized gain (loss) plus net unrealized gain (loss) decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 12.5% of the sum of net realized gain (loss) plus net unrealized gain (loss).

The Company has entered into an administration agreement with MC Management (the "Administration Agreement"), under which the Company reimburses MC Management, subject to the review and approval of the Board, for its allocable portion of overhead and other expenses, including the costs of furnishing the Company with office facilities and equipment and providing clerical, bookkeeping, record-keeping and other administrative services at such facilities, and the Company’s allocable portion of the cost of the chief financial officer and chief compliance officer and their respective staffs. To the extent that MC Management outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit, to MC Management. For the three and nine months ended September 30, 2024, the Company incurred $2,876 and $7,172, respectively, in administrative expenses (included within professional fees, administrative service fees and general and administrative expenses on the consolidated statements of operations) under the Administration Agreement, of which $790 and $2,039, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. For the three and nine months ended September 30, 2023, the Company incurred $1,218 and $3,865, respectively, in administrative expenses (included within professional fees, administrative service fees and general and administrative expenses on the consolidated statements of operations) under the Administration Agreement, of which $450 and $1,212, respectively, was related to MC Management overhead and salary allocation and paid directly to MC Management. As of September 30, 2024 and December 31, 2023, $771 and $530, respectively, of expenses were due to MC Management under this agreement and are included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities.

The Company has entered into a license agreement with Monroe Capital LLC under which Monroe Capital LLC has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in its business. Under this agreement, the Company has the right to use the “Monroe Capital” name at no cost, subject to certain conditions, for so long as MC Advisors or one of its affiliates remains its investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Monroe Capital” name or logo.

As of September 30, 2024 and December 31, 2023, the Company had accounts payable to members of the Board of $38 and zero, respectively, representing accrued and unpaid fees for their services.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 7. Borrowings

In accordance with the 1940 Act, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2024 and December 31, 2023, the Company’s asset coverage ratio based on aggregate borrowings outstanding was 200% and 204%, respectively.

The Company’s outstanding debt as of September 30, 2024 and December 31, 2023 was as follows:


	As of September 30, 2024
	Aggregate Principal Amount Committed (1)		Principal Amount Outstanding		Carrying Value (2)		Unamortized Debt Issuance Costs
Revolving Credit Facility (3)	$	385,000	$	254,606	$	251,319	$	3,287
SPV Credit Facility	450,000		312,000		308,380		3,620
SPV II Credit Facility	214,113		214,113		212,325		1,788
SPV III Credit Facility	100,000		60,000		58,624		1,376
SPV IV Credit Facility	350,000		149,300		145,800		3,500
2022 ABS (4)	306,000		306,000		303,786		2,214
2023 ABS (5)	185,850		185,850		184,377		1,473
2028 Notes	200,000		200,000		198,059		1,941
2029 Notes	204,000		204,000		202,268		1,732
Total	$	2,394,963	$	1,885,869	$	1,864,938	$	20,931

_________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

(2)Represents the principal amount outstanding, less unamortized debt issuance costs.

(3)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.

(4)As of September 30, 2024, the 2022 Class C Notes and 2022 Subordinated Notes (as defined below) totaling $36,125 and $81,182, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

(5)As of September 30, 2024, the 2023 Subordinated Notes (as defined below) totaling $65,319 are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


	As of December 31, 2023
	Aggregate Principal Amount Committed (1)		Principal Amount Outstanding		Carrying Value (2)		Unamortized Debt Issuance Costs
Revolving Credit Facility (3)	$	325,000	$	256,808	$	253,579	$	3,229
SPV Credit Facility	450,000		179,000		178,098		902
SPV II Credit Facility	120,288		120,288		119,240		1,048


2022 ABS (4)	306,000		306,000		300,810		5,190
2023 ABS (5)	185,850		185,850		183,840		2,010
2028 Notes	200,000		200,000		197,767		2,233

Total	$	1,587,138	$	1,247,946	$	1,233,334	$	14,612

_________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

(2)Represents the principal amount outstanding, less unamortized debt issuance costs.

(3)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.

(4)As of December 31, 2023, the 2022 Class C Notes and 2022 Subordinated Notes (as defined below) totaling $36,125 and $82,875, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

(5)As of and December 31, 2023, the 2023 Subordinated Notes (as defined below) totaling $65,319 are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

Credit Facilities

Revolving Credit Facility

On October 20, 2023, the Company entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement”), with ING Capital, LLC, as administrative agent and joint lead arranger.

The initial principal amount of the Revolving Credit Facility was $295,000, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $450,000, subject to the satisfaction of certain conditions. On December 22, 2023, March 18, 2024 and June 27, 2024, the Company increased the facility amount pursuant to the accordion feature of the Revolving Credit Facility from $295,000 of aggregate commitments to $325,000, $350,000 and $385,000, respectively, of aggregate commitments. As of September 30, 2024 and December 31, 2023, the Company had outstanding U.S. dollar borrowings under the Revolving Credit Facility of $188,000 and $240,800, respectively, and non-U.S. dollar borrowings denominated in Australian dollars of AUD 21,978 ($15,193 in U.S. dollars) and AUD 23,500 ($16,008 in U.S. dollars), respectively, and Great Britain pounds of £38,440 ($51,413 in U.S. dollars) and zero, respectively. The borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond the control of the Company and cannot be predicted. The borrowings denominated in foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on the Company’s consolidated statements of operations and totaled ($2,998) and ($2,703) for the three and nine months ended September 30, 2024, respectively, and zero for both the three and nine months ended September 30, 2023, respectively.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Advances under the Revolving Credit Facility initially bear interest at a per annum rate equal to, (a) in the case of any U.S. dollar advances, (i) 1.50% per annum (or, at any time the Rating Condition is satisfied, 1.35% per annum) plus an “alternate base rate” (as described in the Revolving Credit Agreement) or (ii) 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus Term SOFR, (b) in the case of any foreign currency advances (other than Pounds Sterling), 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the applicable benchmark rate and (c) in the case of any Pounds Sterling advances, 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the Daily Simple Risk Free Rate, in each case, depending on the nature of the advances being requested under the Revolving Credit Facility. The “Rating Condition” shall be satisfied at any time the Company maintains a public credit rating of at least BBB- from S&P Global Ratings (or equivalent rating from Moody’s Investors Service, Inc. or Fitch, Inc.). As of September 30, 2024 and December 31, 2023, the outstanding borrowings were accruing at a weighted average interest rate of 7.8% and 7.9%, respectively.

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced varies depending upon the types of assets in the Company’s portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

The Company’s ability to borrow under the Revolving Credit Facility is subject to availability under the borrowing base, which permits the Company to borrow up to 72.5% of the fair market value of its portfolio company investments depending on the type of investment the Company holds and whether the investment is quoted. The Company’s ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by the Company under the Revolving Credit Facility. The Revolving Credit Facility contains certain financial covenants, including, but not limited to, the Company’s maintenance of: (1) minimum consolidated total net assets of the greater of (a) $500,000 and (b) an amount equal to the sum of (i) $660,865 plus (ii) an amount equal to 65% of the difference of (x) the net proceeds to the Company from sales of its equity securities during each quarter following October 20, 2023 and (y) the amount paid or distributed to purchase or redeem its common stock in connection with a tender offer during such quarter; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; (3) a senior debt coverage ratio of at least 2 to 1; and (4) minimum net worth equal to or greater than $215,000. The Revolving Credit Facility also requires the Company to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the Revolving Credit Facility. The Revolving Credit Facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions, failure to comply with financial and negative covenants, and failure to maintain the Company’s relationship with MC Advisors. If the Company incurs an event of default under the Revolving Credit Facility and fails to remedy such default under any applicable grace period, if any, then the entire Revolving Credit Facility could become immediately due and payable, which would materially and adversely affect the Company’s liquidity, financial condition, results of operations and cash flows.

The Revolving Credit Facility also imposes certain conditions that may limit the amount of the Company’s distributions to stockholders. Distributions payable in the Company’s common stock under the DRIP are not limited by the Revolving Credit Facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain the Company’s status as a RIC.

The Revolving Credit Facility is guaranteed by certain subsidiary guarantors (primarily the Taxable Subsidiaries). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including, without limitation, making distributions, contributions and investments and such other uses as permitted under the Revolving Credit Agreement.

The period during which the Company may borrow under the Revolving Credit Facility expires on October 20, 2027, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by October 20, 2028. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and the subsidiary guarantors, subject to certain exceptions. See Note 13 for discussion of a subsequent event related to an amendment to the Revolving Credit Facility.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

SPV Credit Facilities

SPV Credit Facility

The Company has a $450,000 SPV Credit Facility with KeyBank National Association, as agent, through the Company’s wholly-owned subsidiary, the SPV. The Company’s ability to borrow under the SPV Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 72% of the principal balance of its portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. The Company entered into an amendment to the SPV Credit Facility on July 15, 2024 to, among other things, reduce the interest rate applicable to the borrowings to SOFR plus 2.40%, remove the SOFR credit spread adjustment as a component of pricing thereunder, extend the reinvestment period and the maturity date of the SPV Credit Facility. Under the terms of the amended SPV Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the SPV Credit Facility through July 16, 2027. The maturity date of the SPV Credit Facility is July 16, 2029. Distributions from the SPV to the Company are limited by the terms of the SPV Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of September 30, 2024 and December 31, 2023, the fair value of investments of the Company that were held in the SPV as collateral for the SPV Credit Facility was $796,018 and $759,141, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

During the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR (one or three month, at the SPV’s option and subject to a SOFR minimum of 0.50%) plus a margin ranging from 2.40% to a maximum of 2.70%, depending on the level of utilization of the facility and the number of obligors of eligible loans pledged as collateral in the SPV. After the reinvestment period, borrowings under the SPV Credit Facility bear interest at an annual rate of SOFR plus 3.00%. In addition to the stated interest rate on borrowings, the SPV is required to pay an unused commitment fee of (i) 0.50% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are less than or equal to 60% of the facility amount and (ii) 0.35% per annum on any unused portion of the SPV Credit Facility when the outstanding borrowings are greater than 60% of the facility amount. As of September 30, 2024 and December 31, 2023, the outstanding borrowings were accruing at a weighted average interest rate of 7.6% and 8.2%, respectively.

SPV II Credit Facility

On December 20, 2022, the Company entered into the SPV II Credit Facility with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, SPV II. The SPV II Credit Facility initially allowed SPV II to borrow an aggregate principal amount of $100,000, and includes an accordion feature, which allows the Company, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with the consent of one or more increasing or additional lenders. Through a series of amendments, most recently on June 18, 2024, the Company increased the facility amount pursuant to the accordion feature of the SPV II Credit Facility to $245,447. As of September 30, 2024, the aggregate commitments and principal amount outstanding under the SPV II Credit Facility were $214,113. As of September 30, 2024 and December 31, 2023 the fair value of the Company’s investments held in SPV II as collateral for the SPV II Credit Facility was $334,137 and $216,104, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the SPV II Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 0.50%) plus an applicable margin rate of 2.40% per annum during the initial period, December 20, 2022 through December 20, 2025, and 3.40% per annum during the amortization period, December 21, 2025 through December 20, 2026. The SPV II Credit Facility matures on December 20, 2026, unless sooner terminated in accordance with its terms. As of September 30, 2024 and December 31, 2023, the outstanding borrowings were accruing at a weighted average interest rate of 7.6% and 7.7%, respectively.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Under the terms of the SPV II Credit Facility, pursuant to a monthly waterfall and subject to the satisfaction of certain coverage tests and portfolio quality tests, SPV II is permitted to reinvest 25% of principal proceeds during the initial period, with the remaining 75% applied to prepay the SPV II Credit Facility. During the amortization period, pursuant to a monthly waterfall, 100% of principal proceeds must be applied to prepay the SPV II Credit Facility. The SPV II Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV II Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees, breach of covenants, voluntary or involuntary bankruptcy proceedings and change of control of the borrower.

SPV III Credit Facility

On March 28, 2024, the Company entered into the SPV III Credit Facility with Goldman Sachs Bank USA, as administrative agent, through a special purpose wholly-owned subsidiary, SPV III. The SPV III Credit Facility allows the Company, through SPV III, to borrow an aggregate principal amount of $100,000, and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $250,000 upon request to the administrative agent and with consent of the lenders. The Company's ability to borrow under the SPV III Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits the Company to borrow up to 70% of the principal balance of its portfolio company investments, depending on the type of investment. Under the terms of the SPV III Credit Facility, the SPV III is permitted to reinvest available cash and make new borrowings under the SPV III Credit Facility through April 5, 2027. The maturity date of the SPV III Credit Facility is April 5, 2029, unless sooner terminated in accordance with its terms. As of September 30, 2024 and December 31, 2023, the fair value of investments of the Company that were held in the SPV III as collateral for the SPV III Credit Facility was $94,857 and zero, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

Borrowings under the SPV III Credit Facility bear interest at Adjusted Term SOFR (subject to a SOFR minimum of 1.00%) plus an applicable margin rate of 2.95% per annum. In addition to the stated interest rate on borrowings, the SPV III is required to pay an unused commitment fee of (i) 0.75% per annum on any unused portion of the SPV III Credit Facility through September 5, 2024 and (ii) 0.50% per annum on any unused portion of the SPV III Credit Facility after September 5, 2024. As of September 30, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 7.9%.

SPV IV Credit Facility

On July 11, 2024, the Company entered into the SPV IV Credit Facility with Capital One, National Association as administrative agent, through a special purpose wholly-owned subsidiary, SPV IV.

The SPV IV Credit Facility allows the Company, through SPV IV, to borrow an aggregate principal amount of up to $350,000 and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $450,000 upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV IV Credit Facility, SPV IV is permitted to reinvest available cash and make new borrowings under the SPV IV Credit Facility through July 11, 2027. The SPV IV Credit Facility matures on July 11, 2029, unless terminated earlier at the election of the Company, subject to the payment of a customary prepayment fee, or at the election of the administrative agent following the occurrence of an event of default thereunder. Borrowings under the SPV IV Credit Facility bear interest at SOFR (subject to a SOFR minimum of 0.00%) plus an applicable margin rate of 2.15% per annum. Advances under the SPV IV Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV IV Credit Facility of up to 75%. Undrawn capacity under the SPV IV Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV IV Credit Facility. As of September 30, 2024, the fair value of investments of the Company that were held in the SPV IV as collateral for the SPV IV Credit Facility was $269,665, and these investments are identified on the accompanying consolidated schedules of investments.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The SPV IV Credit Facility contains representations and warranties and affirmative and negative covenants customary for secured financings of this type. The SPV IV Credit Facility also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; voluntary or involuntary bankruptcy proceedings; and change of control of SPV IV. As of September 30, 2024, the outstanding borrowings were accruing at a weighted average interest rate of 6.8%.

Borrowing under the SPV IV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

Asset-Backed Securitizations

2022 Asset-Backed Securitization

On April 7, 2022, the Company completed a $425,000 asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261,375 of Class A Senior Secured Notes, which bear interest at 4.05% (the “2022 Class A Notes”), $44,625 of Class B Senior Secured Notes, which bear interest at 5.15% (the “2022 Class B Notes”) and $36,125 of Class C Senior Secured Notes, which bear interest at 7.75% (the “2022 Class C Notes” and collectively with the 2022 Class A Notes and the 2022 Class B Notes, the “2022 Secured Notes”), and $82,875 of Subordinated Notes, which do not bear interest (the “2022 Subordinated Notes” and, together with the 2022 Secured Notes, the “2022 Notes”). The Company retained all of the 2022 Class C Notes and the 2022 Subordinated Notes. The 2022 Class A Notes and the 2022 Class B Notes are included as debt on the Company’s consolidated statements of assets and liabilities. As of both September 30, 2024 and December 31, 2023, the 2022 Class C Notes and the 2022 Subordinated Notes were eliminated in consolidation.

Through April 22, 2024, the 2022 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing the Company to maintain the initial leverage in the 2022 ABS. The 2022 Notes are due on April 30, 2032.

As of September 30, 2024 and December 31, 2023, the fair value of investments of the Company that were held in the 2022 Issuer as collateral was $411,500 and $425,146, respectively, and these investments are identified on the consolidated schedule of investments. As of both September 30, 2024 and December 31, 2023, the 2022 Class A Notes were accruing at a weighted average interest rate of 4.05%. As of both September 30, 2024 and December 31, 2023, the 2022 Class B Notes were accruing at a weighted average interest rate of 5.15%.

Distributions from the 2022 Issuer to the Company are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the 2022 Secured Notes and the distribution of remaining net interest income to the holders of the 2022 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

2023 Asset-Backed Securitization

On September 15, 2023, the Company completed a $251,169 asset-backed securitization (the “2023 ABS”). The notes offered in the 2023 ABS were issued by the 2023 Issuer, a wholly-owned subsidiary of the Company, and are secured by a diversified portfolio of middle market loans and recurring revenue loans. The transaction was executed through a private placement of $160,750 of Class A Senior Secured Notes, which bear interest at Term SOFR plus 3.50% (the “2023 Class A Notes”), $25,100 of Class B Senior Secured Notes, which bear interest at 11.16% (the “2023 Class B Notes” and collectively with the 2023 Class A Notes, the “2023 Secured Notes”), and $65,319 of Subordinated Notes, which do not bear interest (the “2023 Subordinated Notes” and, together with the 2023 Secured Notes, the “2023 Notes”). The Company retained all of the 2023 Subordinated Notes. The 2023 Class A Notes and the 2023 Class B Notes are included as debt on the consolidated statements of assets and liabilities. As of both September 30, 2024 and December 31, 2023, the 2023 Subordinated Notes were eliminated in consolidation. As of September 30, 2024 and December 31, 2023, the 2023 Class A Notes were accruing at a weighted average interest rate of 8.8% and 8.9%, respectively. As of both September 30, 2024 and December 31, 2023, the 2023 Class B Notes were accruing at a weighted average interest rate of 11.2%.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Through October 22, 2025, the 2023 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2023 Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2023 ABS, allowing the Company to maintain the initial leverage in the 2023 ABS. The 2023 Notes are due on September 22, 2033.

As of September 30, 2024 and December 31, 2023, the fair value of investments of the Company that were held in the 2023 Issuer as collateral was $249,379 and $248,175, respectively, and these investments are identified on the consolidated schedule of investments.

Distributions from the 2023 Issuer to the Company are limited by the terms of the indenture governing the 2023 ABS, which generally allows for the payment of interest on the 2023 Secured Notes and the distribution of remaining net interest income to the holders of the 2023 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

Unsecured Notes

2028 Notes

On November 15, 2023, the Company entered into a note purchase agreement (the “2028 Note Purchase Agreement”) governing the issuance of $100,000 in aggregate principal amount of unsecured notes (the “Series A Notes”), due November 15, 2028, with a fixed interest rate of 9.42% per year and $100,000 in aggregate principal amount of unsecured notes (the “Series B Notes”), due December 13, 2028, with a fixed interest rate of 9.42% per year (collectively, the “2028 Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) in a private placement. The 2028 Notes are guaranteed by various subsidiaries of the Company.

Interest on the 2028 Notes is due semiannually on May 15 and November 15 each year, beginning on May 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of both September 30, 2024 and December 31, 2023, the Company had $100,000 in aggregate principal amount of Series A Notes outstanding and $100,000 in aggregate principal amount of Series B Notes outstanding.

The 2028 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, as amended, a minimum net worth of $660,865 and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2028 Note Purchase Agreement) occurs, the 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The 2028 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The 2028 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The 2028 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of both September 30, 2024 and December 31, 2023, the Series A Notes and the Series B Notes were accruing at a weighted average interest rate of 9.42%.

2029 Notes

On July 24, 2024, the Company entered into a note purchase agreement (the “2029 Note Purchase Agreement”) governing the issuance of $156,000 in aggregate principal amount of unsecured notes (the "Series C Notes"), due July 24, 2029, with a fixed interest rate of 7.47% per year and $48,000 in aggregate principal amount of unsecured notes (the "Series D Notes"), due September 18, 2029, with a fixed interest rate of 7.47% per year (collectively, the “2029 Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the Series C Notes occurred on July 24, 2024, and the closing for the Series D Notes occurred on September 18, 2024. The 2029 Notes are guaranteed by various subsidiaries of the Company.

Interest on the 2029 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2024. The 2029 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option, upon notice, in an amount not less than 10% of the aggregate principal amount of 2029 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the 2029 Note Purchase Agreement) applicable to 2029 Notes determined for the prepayment date with respect to such principal amount. In addition, the Company is obligated to offer to prepay 100% of the principal amount of 2029 Notes, together with interest on such 2029 Notes accrued to, but excluding, the date of prepayment. The 2029 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of September 30, 2024, the Company had $156,000 in aggregate principal amount of Series C Notes outstanding and $48,000 in aggregate principal amount of Series D Notes outstanding.

The 2029 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500,000 and (B) an amount equal to the sum of (i) $660,865 plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the 2029 Note Purchase Agreement) by the Company and its subsidiaries during each quarter after October 20, 2023 (other than the proceeds of sales of Equity Interests by and among the Company and its subsidiaries) and (y) the amount paid or distributed by the Company to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 2029 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2029 Note Purchase Agreement) occurs, the 2029 Notes will bear interest at the interest rate per annum which is 1.50% above the stated rate of the 2029 Note from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured

Debt Ratio Event is no longer continuing. In the event that a Below Investment Grade Event and a Secured Debt Ratio Event are both continuing at the same time, the 2029 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 2029 Notes from the date on which both such events first simultaneously existed until the date on which either or both events is no longer continuing.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The 2029 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of September 30, 2024, the Series C Notes and the Series D Notes were accruing at a weighted average interest rate of 7.47%.

Short-Term Borrowings

To finance the purchase of certain investments, the Company may enter into participation agreements for par/near par trades with a third-party counterparty, whereby the Company simultaneously agrees to sell an investment and re-purchase the same investment back at a premium within a specified period of time, generally not to exceed 60-days from the date it was sold (each such transaction a “Short-Term Borrowing”). The amount, interest rate and terms of these Short-Term Borrowings are negotiated on a transaction-by transaction basis. Each transaction is secured by an interest in an underlying asset which is participated or assigned to the counterparty for the duration of the transaction.

The Company accounts for its Short-Term Borrowings as a type of secured borrowing under ASC Topic 860 – Transfers and Servicing and continues to present the participated investment as an asset and the obligation to repurchase the investment as a liability within debt on the consolidated statements of assets and liabilities. Interest income earned on investments participated under the Short-Term Borrowings and financing charges associated with the Short-Term Borrowings are included within interest income and interest and other debt financing expenses, respectively, on the consolidated statements of operations. Accrued interest receivable on investments and accrued financing charges on the Short-Term Borrowings are included within interest and dividend receivable and interest payable, respectively, on the consolidated statements of assets and liabilities.

As of both of September 30, 2024 and December 31, 2023, the Company had no outstanding Short-Term Borrowings.

Components of Interest Expense

The components of the Company’s interest and other debt financing expenses, average debt outstanding and average stated interest rate (i.e., the rate in effect plus spread) were as follows:


	Three months ended September 30,
	2024			2023
Interest expense - Revolving Credit Facility	$	4,898		$	—
Interest expense - SPV Credit Facility	7,534			6,422
Interest expense - SPV II Credit Facility	4,473			2,899
Interest expense - SPV III Credit Facility	1,322			—
Interest expense - SPV IV Credit Facility	2,478			—
Interest expense - 2022 ABS	3,221			3,221
Interest expense - 2023 ABS	4,312			755
Interest expense - 2028 Notes	4,710			—
Interest expense - 2029 Notes	2,298			—
Interest expense - Short-Term Borrowings	—			1,386
Amortization of debt issuance costs	2,508			1,578
Total interest and other debt financing expenses	$	37,754		$	16,261
Average debt outstanding	$	1,852,615		$	846,873
Average stated interest rate	7.6		%	6.9		%

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


	Nine months ended September 30,
	2024			2023
Interest expense - Revolving Credit Facility	$	16,029		$	—
Interest expense - SPV Credit Facility	18,210			17,632
Interest expense - SPV II Credit Facility	10,605			8,070
Interest expense - SPV III Credit Facility	2,310			—
Interest expense - SPV IV Credit Facility	2,478			—
Interest expense - 2022 ABS	9,663			9,663
Interest expense - 2023 ABS	12,890			755
Interest expense - 2028 Notes	14,130			—
Interest expense - 2029 Notes	2,298			—
Interest expense - Short-Term Borrowings	—			1,465
Amortization of debt issuance costs	6,733			3,831
Total interest and other debt financing expenses	$	95,346		$	41,416
Average debt outstanding	$	1,542,805		$	785,129
Average stated interest rate	7.7		%	6.4		%

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 8. Derivative Instruments

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on future principal and interest cash flows from the Company’s investments denominated in foreign currencies. As of September 30, 2024 and December 31, 2023, the counterparty to these foreign currency forward contracts was Bannockburn Global Forex, LLC. Net unrealized gain or loss on foreign currency forward contracts are included in net change in unrealized gain (loss) on foreign currency forward contracts and net realized gain or loss on forward currency forward contracts are included in net realized gain (loss) on foreign currency forward contracts on the accompanying consolidated statements of operations.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2024 and December 31, 2023.


	As of September 30, 2024
Description	Notional Amount to be Sold		Settlement Date	Gross Amount of Unrealized Gain		Gross Amount of Unrealized Loss		Balance Sheet location of Net Amounts
Foreign currency forward contract	CAD	423	10/2/2024	$	—	$	(1)	Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	134	10/17/2024	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	110	11/19/2024	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	110	12/18/2024	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	409	1/2/2025	—		(1)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	133	1/17/2025	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	115	2/20/2025	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	91	3/19/2025	—		(1)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	14,653	4/2/2025	—		(23)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	128	4/17/2025	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	101	5/19/2025	—		(1)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	107	6/18/2025	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	128	7/17/2025	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	103	8/19/2025	—		(1)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	103	9/17/2025	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	130	10/17/2025	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	109	11/19/2025	—		(1)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	12,244	12/18/2025	—		(178)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	572	10/17/2024	—		(20)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	590	11/18/2024	—		(21)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	570	12/17/2024	—		(21)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	568	1/17/2025	—		(21)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	560	2/18/2025	—		(21)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	506	3/18/2025	—		(19)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	560	4/16/2025	—		(22)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	542	5/16/2025	—		(22)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	560	6/18/2025	—		(23)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	557	7/16/2025	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	559	8/18/2025	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	557	9/16/2025	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	539	10/17/2025	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	557	11/18/2025	—		(14)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	539	12/16/2025	—		(14)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	556	1/20/2026	—		(15)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	554	2/17/2026	—		(15)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	500	3/17/2026	—		(14)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	47,858	4/20/2026	—		(2,500)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	301	10/4/2024	—		(12)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	305	1/6/2025	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	270	4/4/2025	—		(11)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	258	7/7/2025	—		(11)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	257	10/6/2025	—		(12)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	255	1/6/2026	—		(12)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	246	4/7/2026	—		(12)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	254	7/6/2026	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	259	10/6/2026	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	266	1/6/2027	—		(14)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	258	4/6/2027	—		(14)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	GBP	259	7/6/2027	—		(14)		Net unrealized loss on foreign currency forward contracts
				$	—	$	(3,192)

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)


	As of December 31, 2023
Description	Notional Amount to be Sold		Settlement Date	Gross Amount of Unrealized Gain		Gross Amount of Unrealized Loss		Balance Sheet location of Net Amounts
Foreign currency forward contract	CAD	429	1/4/2024	$	—	$	(7)	Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	143	1/17/2024	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	112	2/19/2024	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	105	3/19/2024	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	424	4/3/2024	—		(7)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	143	4/17/2024	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	108	5/17/2024	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	118	6/19/2024	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	417	7/3/2024	—		(7)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	131	7/17/2024	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	111	8/19/2024	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	114	9/18/2024	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	423	10/2/2024	—		(7)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	134	10/17/2024	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	110	11/19/2024	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	110	12/18/2024	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	409	1/2/2025	—		(7)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	133	1/17/2025	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	115	2/20/2025	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	91	3/19/2025	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	14,653	4/2/2025	—		(254)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	128	4/17/2025	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	101	5/19/2025	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	107	6/18/2025	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	128	7/17/2025	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	103	8/19/2025	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	103	9/17/2025	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	130	10/17/2025	—		(4)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	109	11/19/2025	—		(3)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	CAD	12,243	12/18/2025	—		(371)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	555	1/17/2024	—		(12)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	648	2/16/2024	—		(12)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	599	3/18/2024	—		(12)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	635	4/17/2024	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	609	5/16/2024	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	506	6/19/2024	—		(12)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	111	6/20/2024	—		(1)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	579	7/16/2024	—		(13)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	594	8/16/2024	—		(14)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	592	9/17/2024	—		(14)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	572	10/17/2024	—		(14)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	590	11/18/2024	—		(15)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	570	12/17/2024	—		(15)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	568	1/17/2025	—		(16)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	560	2/18/2025	—		(16)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	506	3/18/2025	—		(15)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	560	4/16/2025	—		(16)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	542	5/16/2025	—		(16)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	560	6/18/2025	—		(17)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	557	7/16/2025	—		(7)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	559	8/18/2025	—		(7)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	557	9/16/2025	—		(8)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	539	10/17/2025	—		(8)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	557	11/18/2025	—		(9)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	539	12/16/2025	—		(9)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	460	1/19/2026	—		(8)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	96	1/20/2026	—		(2)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	554	2/17/2026	—		(10)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	500	3/17/2026	—		(9)		Net unrealized loss on foreign currency forward contracts
Foreign currency forward contract	AUD	47,858	4/16/2026	—		(2,016)		Net unrealized loss on foreign currency forward contracts
				$	—	$	(3,087)

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

For the three and nine months ended September 30, 2024, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of ($1,786) and ($105), respectively. For the three and nine months ended September 30, 2024, the Company recognized net realized gain (loss) on foreign currency forward contracts of ($25) and ($23), respectively.

For the three and nine months ended September 30, 2023, the Company recognized net change in unrealized gain (loss) on foreign currency forward contracts of $1,948 and ($1,211), respectively. For the three and nine months ended September 30, 2023, the Company recognized net realized gain (loss) on foreign currency forward contracts of ($2) and $1,739, respectively.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 9. Distributions

The Company’s distributions to stockholders are recorded on the applicable record date. The following table summarizes the distributions declared during the nine months ended September 30, 2024 and 2023:

Date
Declared

Record
Date

Payment

Date (1)

Dividend
Type

Amount
Per
Share

Distribution
Declared

Nine months ended September 30, 2024:

January 4, 2024

January 16, 2024

March 29, 2024

Regular

0.09

11,451

January 4, 2024

February 15, 2024

March 29, 2024

Regular

0.09

11,451

January 4, 2024

March 14, 2024

March 29, 2024

Regular

0.09

11,451

April 5, 2024

April 15, 2024

June 28, 2024

Regular

0.09

13,726

April 5, 2024

April 15, 2024

June 28, 2024

Supplemental

0.02

3,050

April 5, 2024

May 15, 2024

June 28, 2024

Regular

0.09

13,726

April 5, 2024

June 17, 2024

June 28, 2024

Regular

0.09

14,786

July 5, 2024

July 15, 2024

September 30, 2024

Regular

0.09

14,848

July 5, 2024

July 15, 2024

September 30, 2024

Supplemental

0.02

3,299

July 5, 2024

August 15, 2024

September 30, 2024

Regular

0.09

14,848

July 5, 2024

September 16, 2024

September 30, 2024

Regular

0.09

16,264

Total distributions declared

0.85

128,900

Nine months ended September 30, 2023:

January 13, 2023

January 17, 2023

March 31, 2023

Regular

0.09

6,217

January 13, 2023

February 15, 2023

March 31, 2023

Regular

0.08

6,208

January 13, 2023

March 15, 2023

March 31, 2023

Regular

0.08

6,208

April 6, 2023

April 17, 2023

June 30, 2023

Regular

0.09

7,539

April 6, 2023

April 17, 2023

June 30, 2023

Supplemental

0.01

838

April 6, 2023

May 15, 2023

June 30, 2023

Regular

0.09

7,539

April 6, 2023

June 15, 2023

June 30, 2023

Regular

0.09

8,287

July 6, 2023

July 17, 2023

September 29, 2023

Regular

0.09

8,311

July 6, 2023

July 17, 2023

September 29, 2023

Supplemental

0.01

923

July 6, 2023

August 15, 2023

September 29, 2023

Regular

0.09

8,311

July 6, 2023

September 15, 2023

September 29, 2023

Regular

0.09

9,899

Total distributions declared

0.81

70,280

_________________________________________

(1)The portion of the Company’s distribution that is to be reinvested pursuant to the DRIP is issued to the Company’s stockholders on the payment date.

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The following tables summarize the Company’s distributions reinvested during the nine months ended September 30, 2024 and 2023:


Payment Date	NAV Per Share		DRIP Shares Issued	DRIP Shares Value
Nine months ended September 30, 2024:
March 29, 2024	$	10.24	1,406,628	$	14,404
June 28, 2024	10.34		1,824,171	18,862
September 30, 2024	10.34		2,031,890	21,010
Total distributions reinvested			5,262,689	$	54,276


Payment Date	NAV Per Share		DRIP Shares Issued	DRIP Shares Value
Nine months ended September 30, 2023:
March 31, 2023	$	10.13	664,510	$	6,731
June 30, 2023	10.25		916,989	9,400
September 29, 2023	10.22		1,044,254	10,672
Total distributions reinvested			2,625,753	$	26,803

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 10. Stock Issuances and Share Repurchase Program

Stock Issuances

As of September 30, 2024, the total number of shares of all classes of capital stock that the Company has the authority to issue was 300,000,000 shares of common stock, par value $0.001 per share.

The following tables summarize the issuance of shares during the nine months ended September 30, 2024 and 2023:


Date	Price Per Share		Shares Issued	Proceeds
Nine months ended September 30, 2024:
March 15, 2024	$	10.24	25,864,010	$	264,847
May 16, 2024	10.34		11,786,647	121,874
August 16, 2024	10.34		15,732,189	162,671
Total			53,382,846	$	549,392


Date	Price Per Share		Shares Issued	Proceeds
Nine months ended September 30, 2023:
March 16, 2023	$	10.13	9,474,500	$	95,977
May 16, 2023	10.25		8,321,086	85,291
August 16, 2023	10.22		17,653,821	180,422
Total			35,449,407	$	361,690

During the nine months ended September 30, 2024 and 2023, the Company also issued 5,262,689 and 2,625,753 shares, with an aggregate value of $54,276 and $26,803, respectively, under the DRIP as disclosed in Note 9.

Share Repurchase Program

During 2022, the Company commenced a quarterly share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of the Board. Any such repurchases are subject to approval by the Board, in its discretion, and the availability of cash to fund such repurchases. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company’s best interest and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the 1940 Act and subject to compliance with applicable covenants and restrictions under the Company’s financing arrangements. All shares repurchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

100

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

The following tables summarize the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the nine months ended September 30, 2024 and 2023:


Date	Price Per Share		Shares Repurchased	Total Cost
Nine months ended September 30, 2024:
March 28, 2024	$	10.24	1,996,254	$	20,442
June 27, 2024	10.34		1,142,195	11,810
September 27, 2024	10.34		1,752,160	18,118
Total			4,890,609	$	50,370


Date	Price Per Share		Shares Repurchased	Total Cost
Nine months ended September 30, 2023:
March 30, 2023	$	10.13	906,750	$	9,185
June 29, 2023	10.25		664,987	6,816
September 28, 2023	10.22		618,326	6,319
Total			2,190,063	$	22,320

Note 11. Commitments and Contingencies

Commitments: As of September 30, 2024 and December 31, 2023, the Company had $744,988 and $358,797, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements. Management believes that the Company’s available cash balances and/or ability to draw on existing credit facilities or raise additional leverage facilities provide sufficient funds to cover its unfunded commitments as of September 30, 2024.

Indemnification: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnification provisions to be remote.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Market risk: The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Company’s consolidated financial statements.

101

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Contingencies: As of September 30, 2024, the Company has recorded a contingent liability related to a Level 1 equity investment, identified on the consolidated schedule of investments, that has a contingency in which a portion of the shares held by the Company would need to be returned. The contingent liability was initially recorded at an amortized cost of $767. As of September 30, 2024, the contingent liability is recorded at a fair value of $668 and is included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities. For both the three and nine months ended September 30, 2024, the Company recorded an unrealized gain on the contingent liability of $99 which is included in net change in unrealized gain (loss) on foreign currency and other transactions on the consolidated statements of operations. Please refer to the footnotes to the consolidated schedule of investments as of September 30, 2024 for additional information.

Note 12. Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2024 and 2023:


	September 30, 2024			September 30, 2023
Per share data:
Net asset value at beginning of period	$	10.24		$	10.13
Net investment income (1)	0.91			0.92
Net gain (loss) (1)	0.08			—
Net increase (decrease) in net assets resulting from operations (1)	0.99			0.92
Stockholder distributions declared (2)	(0.85)			(0.81)
Other (3)	0.01			0.01
Net asset value at end of period	$	10.39		$	10.25
Total return based on average net asset value (4)	9.46		%	8.78		%
Ratio/Supplemental data:
Net assets at end of period	$	1,879,965		$	1,131,752
Shares outstanding at end of period	180,987,700			110,418,299
Portfolio turnover (5)	12.92		%	6.15		%
Ratio of total investment income to average net assets (6)	24.39		%	22.56		%
Ratio of expenses to average net assets (6)	12.38		%	10.29		%
Ratio of net investment income to average net assets (6)	12.01		%	12.27		%

_________________________________________

(1)The per share data was derived by using the weighted average shares outstanding during the periods presented.

(2)The per share data for distributions reflects the actual amount of distributions declared during the period. Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal year. However, if the character of such distributions were determined as of September 30, 2024 and 2023, none of the distributions would have been characterized as a tax return of capital to the Company’s stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.

(3)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(4)Total return based on average net asset value is calculated by dividing the net increase (decrease) in net assets resulting from operations by the average net asset value. Return calculations are not annualized.

(5)Ratio is not annualized.

(6)Ratios are annualized. To the extent incentive fees are included within the ratio, they are not annualized.

102

Table of Content s

MONROE CAPITAL INCOME PLUS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(in thousands, except share and per share data)

Note 13. Subsequent Events

The Company has evaluated subsequent events through November 8, 2024, the date on which the consolidated financial statements were issued.

Change in Transfer Agent: On August 23, 2024, the Company and UMB Fund Services, Inc., (“UMB”) entered into a transfer agent agreement (the “Transfer Agent Agreement”), pursuant to which UMB was appointed to provide transfer agent services on behalf of the Company. Either party may terminate the Transfer Agent Agreement at the end of the Initial Term (as defined in the Transfer Agent Agreement) or at the end of any successive Renewal Term (as defined in the Transfer Agent Agreement) upon ninety (90) days’ prior written notice. The Company expects to complete the transition to UMB, as transfer agent, during the fourth quarter.

On August 23, 2024, the Board of the Company approved an amended and restated dividend reinvestment plan (the “Amended and Restated DRIP”), which was amended solely to appoint UMB Fund Services, Inc., as the Plan Administrator (as defined in the Amended and Restated DRIP). The Amended and Restated DRIP became effective on November 1, 2024.

Distributions: On October 4, 2024, the Board declared the following regular distributions:

Record Date

Payment Date

Amount Per Share

October 15, 2024

December 30, 2024

0.09

November 14, 2024

December 30, 2024

0.09

December 16, 2024

December 30, 2024

0.09

Total regular distributions declared

0.27

Additionally, on October 4, 2024, the Board also declared a supplemental dividend of $0.02 per share, to stockholders of record as of the close of business on October 15, 2024, payable on December 30, 2024.

Affiliate Strategic Transaction: On October 22, 2024, Monroe Capital, an affiliate of the Company, announced that Monroe Capital has entered into a definitive agreement with Wendel Group (Euronext: MF:FP) (“Wendel”) relating to Wendel’s strategic investment in Monroe Capital.

The transaction is expected to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearances and approvals and client consents. In connection with the transaction, the Company expects to seek approval of a new investment advisory agreement between the Company and its investment adviser, MC Advisors, an affiliate of Monroe Capital, from the Board and its stockholders, the terms of which are expected to remain substantively similar to the current investment advisory agreement. It is anticipated that all of the officers and investment professionals of MC Advisors will remain at MC Advisors.

Revolving Credit Facility: On October 29, 2024, the Company entered into an amendment (the “Third Credit Facility Amendment”) to the Revolving Credit Facility. The Third Credit Facility Amendment amended the Revolving Credit Facility to, among other things, (i) extend the expiration of the revolver availability period from October 20, 2027 to October 31, 2028, (ii) extend the stated maturity date from October 20, 2028 to October 31, 2029, (iii) increase the total facility size to an aggregate amount of $567,500, (iv) increase the maximum total facility amount contemplated by the accordion provision to permit increases to a total facility amount of up to $800,000, (v) remove the credit-spread adjustment for ABR Loans based on Adjusted Term SOFR and for SOFR Loans, (vi) reduce the applicable margin (a) with respect to any ABR Loan, from 1.50% to 1.25% per annum (or, at any time the rating condition is satisfied, from 1.35% to 1.15% per annum), (b) with respect to any SOFR Loan, CORRA Loan, Eurocurrency Loan or RFR Loan, from 2.50% to 2.25% per annum (or at any time the rating condition is satisfied, from 2.35% to 2.15% per annum), and (vii) reset the minimum shareholders’ equity test and increases the minimum obligors’ net worth test.

The terms of the Third Credit Facility Amendment became effective on October 31, 2024.

103

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except as otherwise specified, references to “we,” “us” and “our” refer to Monroe Capital Income Plus Corporation and its consolidated subsidiaries; MC Advisors refers to Monroe Capital BDC Advisors, LLC, our investment adviser and a Delaware limited liability company; MC Management refers to Monroe Capital Management Advisors, LLC, our administrator and a Delaware limited liability company; and Monroe Capital refers to Monroe Capital LLC, a Delaware limited liability company, and its subsidiaries and affiliates. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in our annual report on Form 10-K (the “Annual Report”) for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 12, 2024. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements and related notes and other financial information appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).

FORWARD-LOOKING STATEMENTS

This Quarterly Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties, including statements as to:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•political and regulatory conditions that contribute to uncertainty and market volatility including the impact of the upcoming U.S. presidential election and legislative, regulatory, trade and policy changes associated with a new administration;

•the impact of the ongoing military conflict in the Middle East and Europe and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China;

•the impact of a protracted decline in the liquidity of credit markets on our business;

•the impact of increased competition;

•the impact of changing interest rates and elevated inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;

•our contractual arrangements and relationships with third parties;

•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

•actual and potential conflicts of interest with MC Advisors, MC Management and other affiliates of Monroe Capital;

•the ability of our portfolio companies to achieve their objectives;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

104

Table of Contents

•the ability of MC Advisors to locate suitable investments for us and to monitor and administer our investments;

•the ability of MC Advisors or its affiliates to attract and retain highly talented professionals;

•our ability to qualify and maintain our qualification as a regulated investment company and as a business development company; and

•the impact of future legislation and regulation on our business and our portfolio companies.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates,” “targets” and similar expressions to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Part I-Item 1A. Risk Factors” in our Annual Report and “Part II-Item 1A. Risk Factors” in this Quarterly Report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved.

We have based the forward-looking statements included in this Quarterly Report on information available to us on the date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Quarterly Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the Securities and Exchange Commission (the "SEC"), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Overview

Monroe Capital Income Plus Corporation is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). We currently qualify and intend to continue to qualify annually to be treated as a RIC for U.S. federal income tax purposes.

As an emerging growth company, we intend to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”) for complying with new or revised accounting standards.

105

Table of Contents

We are a specialty finance company that is focused on providing financing solutions primarily to lower middle-market companies in the United States and Canada. We seek to provide investors with attractive risk-adjusted returns and downside protection associated with investing in asset based and secured corporate private credit opportunities in a manner that is decoupled from public markets’ volatility. We seek to provide attractive risk-adjusted returns and downside protection by investing primarily in secured private credit transactions and assets, targeting investments that have significant downside protection through a focus on asset coverage. We expect to invest primarily in: (i) senior secured and junior secured and unsecured loans, notes, bonds, preferred equity (including preferred partnership equity), convertible debt and other securities; (ii) unitranche secured loans (a combination of senior secured and junior secured debt in the same facility in which we syndicate a “first out” portion of the loan to an investor and retain a “last out” portion of the loan) and securities; (iii) asset-based loans and securities; (iv) small business loans and leases; (v) structured debt and structured equity; (vi) syndicated loans; (vii) securitized debt and subordinated notes of collateralized loan obligations facilities, asset-backed securities and other securitized products and warehouse loan facilities; (viii) opportunities to acquire illiquid investments from other third-party funds as a result of liquidity constraints resulting from investor redemptions and market dislocations; and (ix) capital investments in the secondary markets. As of September 30, 2024, our portfolio included approximately 86.1% senior secured loans, 4.6% unitranche secured loans, 4.3% junior secured loans and 5.0% equity securities, compared to December 31, 2023, when our portfolio included approximately 85.9% senior secured loans, 7.3% unitranche secured loans, 3.5% junior secured loans and 3.3% equity securities. We expect that the companies in which we invest may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and, in certain cases, will not be rated by national ratings agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies.

We use Monroe Capital’s extensive leveraged finance origination infrastructure and broad expertise in sourcing loans to invest in senior secured, unitranche secured and junior secured debt of middle-market companies. Our investment size will vary proportionately with the size of our capital base. We believe that our focus on lending to lower middle-market companies offers several advantages as compared to lending to larger companies, including more attractive economics, lower leverage, more comprehensive and restrictive covenants, more expansive events of default, relatively small debt facilities that provide us with enhanced influence over our borrowers, direct access to borrower management and improved information flow.

Stock Issuances and Share Repurchase Program

Stock Issuances: We are conducting our second best efforts, continuous private offering of our common stock to “accredited investors” in reliance on an exemption from the registration requirements of the Securities Act (the “Second Private Offering”). At each closing an investor purchases shares of our common stock pursuant to a subscription agreement entered into with us. At each closing, investors are required to fund their full subscription to purchase shares of our common stock.

The following table summarizes the issuance of shares of our common stock pursuant to the Second Private Offering during the nine months ended September 30, 2024 and 2023 (in thousands except shares and per share data):


Date	Price Per Share		Shares Issued	Proceeds
Nine months ended September 30, 2024:
March 15, 2024	$	10.24	25,864,010	$	264,847
May 16, 2024	10.34		11,786,647	121,874
August 16, 2024	10.34		15,732,189	162,671
Total			53,382,846	$	549,392

106

Table of Contents


Date	Price Per Share		Shares Issued	Proceeds
Nine months ended September 30, 2023:
March 16, 2023	$	10.13	9,474,500	$	95,977
May 16, 2023	10.25		8,321,086	85,291
August 16, 2023	10.22		17,653,821	180,422
Total			35,449,407	$	361,690

Share Repurchase Program: During 2022, we commenced a quarterly share repurchase program in which we intend to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of our board of directors (the “Board”) and the availability of cash to fund such repurchases. Our Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our stockholders.

The following tables summarize the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the nine months ended September 30, 2024 and 2023 (in thousands except shares and per share data):


Date	Price Per Share		Shares Repurchased	Total Cost
Nine months ended September 30, 2024:
March 28, 2024	$	10.24	1,996,254	$	20,442
June 27, 2024	10.34		1,142,195	11,810
September 27, 2024	10.34		1,752,160	18,118
Total			4,890,609	$	50,370


Date	Price Per Share		Shares Repurchased	Total Cost
Nine months ended September 30, 2023:
March 30, 2023	$	10.13	906,750	$	9,185
June 29, 2023	10.25		664,987	6,816
September 28, 2023	10.22		618,326	6,319
Total			2,190,063	$	22,320

107

Table of Contents

Investment income

We generate interest income on the debt investments in portfolio company investments that we originate or acquire. Our debt investments, whether in the form of senior secured, unitranche secured or junior secured debt, typically have an initial term of three to seven years and bear interest at a fixed or floating rate. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. In some cases, our investments provide for deferred interest of payment-in-kind (“PIK”) interest. In addition, we may generate revenue in the form of commitment, origination, amendment, structuring or due diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums and prepayment gains (losses) on loans as interest income. As the frequency or volume of the repayments that trigger these prepayment premiums and prepayment gains (losses) may fluctuate significantly from period to period, the associated interest income recorded may also fluctuate significantly from period to period. Interest and fee income is recorded on the accrual basis to the extent we expect to collect such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recorded as other income in the period the service is completed.

Dividend income on preferred equity investments is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, we will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. The frequency and volume of the distributions on common equity securities and LLC and LP investments may fluctuate significantly from period to period.

Expenses

Our primary operating expenses include the payment of base management and incentive fees to MC Advisors under the investment advisory agreement entered into on December 5, 2018 (the “Investment Advisory Agreement”), the payment of fees to MC Management for our allocable portion of overhead and other expenses under the administration agreement entered into on December 5, 2018 (the “Administration Agreement”), and other operating costs. See Note 6 to our consolidated financial statements and “Related Party Transactions” below for additional information on our Investment Advisory Agreement and Administration Agreement. Our expenses also include interest expense on indebtedness. We bear all other out-of-pocket costs and expenses of our operations and transactions.

Net gain (loss)

We recognize realized gains or losses on investments, foreign currency forward contracts and foreign currency and other transactions based on the difference between the net proceeds from the disposition and the cost basis without regard to unrealized gains or losses previously recognized within net realized gain (loss) on the consolidated statements of operations. We record current period changes in fair value of investments, foreign currency forward contracts, foreign currency and other transactions within net change in unrealized gain (loss) on the consolidated statements of operations.

Portfolio and Investment Activity

During the three months ended September 30, 2024, we invested $291.3 million in 13 new portfolio companies, $147.0 million in 72 existing portfolio companies and had $180.2 million in aggregate amount of sales and principal repayments, resulting in net investments of $258.1 million for the period.

108

Table of Contents

During the nine months ended September 30, 2024, we invested $1,017.6 million in 46 new portfolio companies, $483.4 million in 111 existing portfolio companies and had $400.4 million in aggregate amount of sales and principal repayments, resulting in net investments of $1,100.6 million for the period.

During the three months ended September 30, 2023, we invested $175.4 million in eight new portfolio companies, and $57.1 million in 49 existing portfolio companies, and had $23.5 million in aggregate amount of sales and principal repayments, resulting in net investments of $209.0 million for the period.

During the nine months ended September 30, 2023, we invested $445.1 million in 33 new portfolio companies, $155.6 million in 141 existing portfolio companies and had $103.7 million in aggregate amount of sales and principal repayments, resulting in net investments of $497.0 million for the period.

The following table shows portfolio yield by security type:


	September 30, 2024				December 31, 2023
	Weighted Average Annualized Contractual Coupon Yield (1)		Weighted Average Annualized Effective Yield (2)		Weighted Average Annualized Contractual Coupon Yield (1)		Weighted Average Annualized Effective Yield (2)
Senior secured loans	11.1	%	11.1	%	11.8	%	11.8	%
Unitranche secured loans	12.8		13.3		13.1		13.5
Junior secured loans	11.0		11.0		10.8		10.8
Equity securities	8.5		8.5		8.3		8.3
Total	11.2	%	11.2	%	11.8	%	11.9	%

_________________________________________

(1)The weighted average annualized contractual coupon yield at period end is computed by dividing (a) the interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end contractual coupon rate for each investment by (b) the par value of our debt investments and the cost basis of our preferred equity investments.

(2)The weighted average annualized effective yield on portfolio investments at period end is computed by dividing (a) interest income on our debt investments and preferred equity investments (with a stated coupon rate) at the period end effective rate for each investment by (b) the par value of our debt investments and the cost basis of our preferred equity investments. The weighted average annualized effective yield on portfolio investments is a metric on the investment portfolio alone and does not represent a return to stockholders. This metric is not inclusive of our fees and expenses, the impact of leverage on the investment portfolio or sales load that may be paid by stockholders.

The following table shows the composition of our investment portfolio at fair value and as percentage of our total investments at fair value (in thousands):


	September 30, 2024				December 31, 2023
Fair Value:
Senior secured loans	$	3,151,328	86.1	%	$	2,171,243	85.9	%
Unitranche secured loans	168,208		4.6		184,853		7.3
Junior secured loans	160,750		4.3		87,986		3.5
Equity securities	181,743		5.0		84,085		3.3
Total	$	3,662,029	100.0	%	$	2,528,167	100.0	%

Our portfolio composition at September 30, 2024 remained relatively consistent with our portfolio at December 31, 2023. The decreases in yields were primarily due to the decline in base rates during the quarter ended September 30, 2024.

109

Table of Contents

The following table shows our portfolio composition by industry at fair value and as percentage of our total investments at fair value (in thousands):


	September 30, 2024				December 31, 2023
Fair Value:
Aerospace & Defense	$	23,845	0.7	%	$	23,871	0.9	%
Automotive	64,446		1.8		52,433		2.1
Banking	58,775		1.6		31,338		1.2
Beverage, Food & Tobacco	26,830		0.7		43,420		1.7
Capital Equipment	185,880		5.1		153,448		6.1
Chemicals, Plastics & Rubber	974		0.0	*	555		0.0	*
Construction & Building	165,069		4.5		99,032		3.9
Consumer Goods: Durable	37,436		1.0		43,879		1.7
Consumer Goods: Non-Durable	58,459		1.6		47,767		1.9
Containers, Packaging & Glass	13,582		0.4		13,978		0.6
Energy: Oil & Gas	126		0.0	*	19,939		0.8
Environmental Industries	57,684		1.6		36,964		1.5
FIRE: Finance	235,187		6.5		188,094		7.4
FIRE: Insurance	25,588		0.7		23,624		0.9
FIRE: Real Estate	78,110		2.1		82,981		3.3
Healthcare & Pharmaceuticals	550,246		15.0		354,470		14.0
High Tech Industries	465,850		12.7		208,931		8.3
Hotels, Gaming & Leisure	107		0.0	*	95		0.0	*
Media: Advertising, Printing & Publishing	199,155		5.5		148,571		5.9
Media: Broadcasting & Subscription	1,120		0.0	*	1,663		0.1
Media: Diversified & Production	110,794		3.0		93,116		3.7
Services: Business	758,892		20.7		434,280		17.2
Services: Consumer	210,100		5.7		167,734		6.6
Telecommunications	85,450		2.3		74,679		3.0
Transportation: Cargo	148,847		4.1		107,424		4.2
Utilities: Electric	62,986		1.7		40,039		1.6
Wholesale	36,491		1.0		35,842		1.4
Total	$	3,662,029	100.0	%	$	2,528,167	100.0	%

________________________________________________________

*Represents an amount less than 0.1%.

Portfolio Asset Quality

MC Advisors’ portfolio management staff closely monitors all credits, with senior portfolio managers covering agented and more complex investments. MC Advisors segregates our capital markets investments by industry. The MC Advisors’ monitoring process and projections developed by Monroe Capital both have daily, weekly, monthly and quarterly components and related reports, each to evaluate performance against historical, budget and underwriting expectations. MC Advisors’ analysts will monitor performance using standard industry software tools to provide consistent disclosure of performance. When necessary, MC Advisors will update our internal risk ratings, borrowing base criteria and covenant compliance reports.

110

Table of Contents

As part of the monitoring process, MC Advisors regularly assesses the risk profile of each of our investments and rates each of them based on an internal proprietary system that uses the categories listed below, which we refer to as MC Advisors’ investment performance risk rating. For any investment rated in Grades 3, 4 or 5, MC Advisors, through its internal Portfolio Management Group (“PMG”), will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions. The PMG is responsible for oversight and management of any investments rated in Grades 3, 4, or 5. MC Advisors monitors and, when appropriate, changes the investment ratings assigned to each investment in our portfolio. In connection with our valuation process, MC Advisors reviews these investment performance risk ratings on a quarterly basis. The investment performance risk rating system is described as follows:


Investment Performance Risk Rating						Summary Description
Grade 1						Includes investments exhibiting the least amount of risk in our portfolio. The issuer is performing above expectations or the issuer’s operating trends and risk factors are generally positive.

Grade 2						Includes investments exhibiting an acceptable level of risk that is similar to the risk at the time of origination. The issuer is generally performing as expected or the risk factors are neutral to positive.

Grade 3						Includes investments performing below expectations and indicates that the investment’s risk has increased somewhat since origination. The issuer may be out of compliance with debt covenants; however, scheduled loan payments are generally not past due.

Grade 4						Includes an issuer performing materially below expectations and indicates that the issuer’s risk has increased materially since origination. In addition to the issuer being generally out of compliance with debt covenants, scheduled loan payments may be past due (but generally not more than six months past due).

Grade 5						Indicates that the issuer is performing substantially below expectations and the investment risk has substantially increased since origination. Most or all of the debt covenants are out of compliance or payments are substantially delinquent. Investments graded 5 are not anticipated to be repaid in full.

Our investment performance risk ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or reflect or represent any third-party assessment of any of our investments.

In the event of a delinquency or a decision to rate an investment Grade 4 or Grade 5, the PMG, in consultation with the investment committee, will develop an action plan. Such a plan may require a meeting with the borrower’s management or the lender group to discuss reasons for the default and the steps management is undertaking to address the under-performance, as well as amendments and waivers that may be required. In the event of a dramatic deterioration of a credit, MC Advisors and the PMG will form a team or engage outside advisors to analyze, evaluate and take further steps to preserve our value in the credit. In this regard, we would expect to explore all options, including in a private equity sponsored investment, assuming certain responsibilities for the private equity sponsor or a formal sale of the business with oversight of the sale process by us. The PMG and the investment committee have extensive experience in running debt work-out transactions and bankruptcies.

111

Table of Contents

The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of September 30, 2024 (in thousands):


Investment Performance Risk Rating	Investments at Fair Value		Percentage of Total Investments
1	$	—	—	%
2	3,323,994		90.8
3	310,398		8.5
4	26,517		0.7
5	1,120		0.0 *
Total	$	3,662,029	100.0	%

________________________________________________________

*Represents an amount less than 0.1%.

The following table shows the distribution of our investments on the 1 to 5 investment performance risk rating scale as of December 31, 2023 (in thousands):


Investment Performance Risk Rating	Investments at Fair Value		Percentage of Total Investments
1	$	—	—	%
2	2,360,087		93.3
3	158,849		6.3
4	9,231		0.4
5	—		—
Total	$	2,528,167	100.0	%

As of September 30, 2024, there were ten borrowers with loans or preferred equity investments on non-accrual status (Arcserve Cayman Opco LP (fka Arcstor Midco, LLC) (“Arcserve”), Avison Young (USA) Inc. (“Avison Young”), BTR Opco LLC (fka Born To Run, LLC), INH Buyer, Inc., Matrix Parent, Inc., MV Receivables II, LLC, Sandvine Corporation, Sound Inpatient Physicians, Inc. (“SIP”), Thrasio, LLC (“Thrasio”) and Vice Acquisition Holdco, LLC), and these investments totaled $23.6 million at fair value, or 0.6% of our total investments at fair value at September 30, 2024. As of December 31, 2023, there were four borrowers with loans or preferred equity investments on non-accrual status (Arcserve, Avison Young, SIP and Thrasio) and these investments totaled $12.4 million at fair value, or 0.5% of our total investments at fair value at December 31, 2023.

112

Table of Contents

Results of Operations

Operating results were as follows (in thousands):


	Three months ended September 30,
	2024		2023
Total investment income	$	113,319	$	59,212
Total operating expenses	60,522		28,040
Net investment income before income taxes	52,797		31,172
Income taxes, including excise taxes	199		150
Net investment income	52,598		31,022
Net realized gain (loss) on investments	495		38
Net realized gain (loss) on foreign currency forward contracts	(25)		(2)
Net realized gain (loss) on foreign currency and other transactions	(220)		(10)
Net realized gain (loss)	250		26
Net change in unrealized gain (loss) on investments	10,002		(2,668)
Net change in unrealized gain (loss) on foreign currency forward contracts	(1,786)		1,948
Net unrealized gain (loss) on foreign currency and other transactions	(2,881)		—
Net change in unrealized gain (loss)	5,335		(720)
Net increase (decrease) in net assets resulting from operations	$	58,183	$	30,328


	Nine months ended September 30,
	2024		2023
Total investment income	$	295,115	$	155,624
Total operating expenses	154,643		73,348
Net investment income before income taxes	140,472		82,276
Income taxes, including excise taxes	673		534
Net investment income	139,799		81,742
Net realized gain (loss) on investments	719		(622)
Net realized gain (loss) on foreign currency forward contracts	(23)		1,739
Net realized gain (loss) on foreign currency and other transactions	(126)		166
Net realized gain (loss)	570		1,283
Net change in unrealized gain (loss) on investments	15,224		(871)
Net change in unrealized gain (loss) on foreign currency forward contracts	(105)		(1,211)
Net unrealized gain (loss) on foreign currency and other transactions	(2,588)		—
Net change in unrealized gain (loss)	12,531		(2,082)
Net increase (decrease) in net assets resulting from operations	$	152,900	$	80,943

113

Table of Contents

Investment Income

The composition of our investment income was as follows (in thousands):


	Three months ended September 30,
	2024		2023
Interest income	$	101,733	$	55,527
PIK interest income	4,001		1,767
Dividend income (1)	498		128
Other income	3,405		453
Prepayment gain (loss)	1,448		117
Accretion of discounts and amortization of premiums	2,234		1,220
Total investment income	$	113,319	$	59,212


	Nine months ended September 30,
	2024		2023
Interest income	$	266,721	$	143,959
PIK interest income	10,003		5,500
Dividend income (2)	1,061		372
Other income	6,065		1,093
Prepayment gain (loss)	3,942		596
Accretion of discounts and amortization of premiums	7,323		4,104
Total investment income	$	295,115	$	155,624

_________________________________________

(1)During the three months ended September 30, 2024 and 2023, dividend income includes PIK dividends of $431 and $101, respectively.

(2)During the nine months ended September 30, 2024 and 2023, dividend income includes PIK dividends of $975 and $290, respectively.

The increase in total investment income of $54.1 and $139.5 million during the three and nine months ended September 30, 2024, as compared to the three and nine months ended September 30, 2023, respectively, is primarily due to the increase in interest income and PIK interest income due to the growth of our investment portfolio and the higher base interest rates during the current year periods. Additionally, the current year periods included an increase in fee income stemming from portfolio investment realizations during the three months ended September 30, 2024 which is included in other income on the consolidated statements of operations.

114

Table of Contents

Operating Expenses

The composition of our operating expenses was as follows (in thousands):


	Three months ended September 30,
	2024		2023
Interest and other debt financing expenses	$	37,754	$	16,261
Base management fees	11,542		6,206
Incentive fees (1)	8,312		4,332
Professional fees	749		495
Administrative service fees	790		450
General and administrative expenses	1,337		273
Directors’ fees	38		23
Total operating expenses	$	60,522	$	28,040


	Nine months ended September 30,
	2024		2023
Interest and other debt financing expenses	$	95,346	$	41,416
Base management fees	30,169		16,435
Incentive fees (1)	21,843		11,563
Professional fees	1,803		1,318
Administrative service fees	2,039		1,212
General and administrative expenses	3,330		1,335
Directors’ fees	113		69
Total operating expenses	$	154,643	$	73,348

_________________________________________

(1)Incentive fees for the three and nine months ended September 30, 2024 were $8,312 and $21,843, comprised of part one incentive fees of $7,614 and $20,205 and part two capital gains incentive fees of $698 and $1,638, respectively. Incentive fees for the three and nine months ended September 30, 2023 were $4,332 and $11,563, comprised of part one incentive fees of $4,419 and $11,663 and a reversal of previously accrued part two capital gains incentive fees of $87 and $100, respectively. See Note 6 to our consolidated financial statements and “Capital Gains Incentive Fee” for additional information.

115

Table of Contents

The composition of our interest and other debt financing expenses, average debt outstanding and average stated interest rate (i.e., the rate in effect plus spread) were as follows (in thousands):


	Three months ended September 30,
	2024		2023
Interest expense - Revolving Credit Facility	$	4,898	$	—
Interest expense - SPV Credit Facility	7,534		6,422
Interest expense - SPV II Credit Facility	4,473		2,899
Interest expense - SPV III Credit Facility	1,322		—
Interest expense - SPV IV Credit Facility	2,478		—
Interest expense - 2022 ABS	3,221		3,221
Interest expense - 2023 ABS	4,312		755
Interest expense - 2028 Notes	4,710		—
Interest expense - 2029 Notes	2,298		—
Interest expense - Short-Term Borrowings	—		1,386
Amortization of debt issuance costs	2,508		1,578
Total interest and other debt financing expenses	$	37,754	$	16,261
Average debt outstanding	$	1,852,615	$	846,873
Average stated interest rate	7.6%		6.9%


	Nine months ended September 30,
	2024		2023
Interest expense - Revolving Credit Facility	$	16,029	$	—
Interest expense - SPV Credit Facility	18,210		17,632
Interest expense - SPV II Credit Facility	10,605		8,070
Interest expense - SPV III Credit Facility	2,310		—
Interest expense - SPV IV Credit Facility	2,478		—
Interest expense - 2022 ABS	9,663		9,663
Interest expense - 2023 ABS	12,890		755
Interest expense - 2028 Notes	14,130		—
Interest expense - 2029 Notes	2,298		—
Interest expense - Short-Term Borrowings	—		1,465
Amortization of debt issuance costs	6,733		3,831
Total interest and other debt financing expenses	$	95,346	$	41,416
Average debt outstanding	$	1,542,805	$	785,129
Average stated interest rate	7.7%		6.4%

The increase in total operating expenses of $32.5 million and $81.3 million during the three and nine months ended September 30, 2024, as compared to the three and nine months ended September 30, 2023, respectively, is primarily due to an increase in interest expense, driven by higher average borrowings to support the growth of the portfolio. Additionally, increases in base management fees driven by higher average invested assets, and incentive fees, resulting from higher net investment income contributed to the increase in operating expenses.

116

Table of Contents

Income Taxes, Including Excise Taxes

We have elected to be treated, currently qualify and intend to continue to qualify annually as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the U.S. federal income tax treatment available to RICs. To maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next year and pay U.S. federal income tax at corporate rates and a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three and nine months ended September 30, 2024, we recorded a net expense on the consolidated statements of operations of $0.2 million and $0.6 million for U.S. federal excise tax, respectively. For the three and nine months ended September 30, 2023, we recorded a net expense on the consolidated statements of operations of $0.2 million and $0.5 million for U.S. federal excise tax, respectively.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and nine months ended September 30, 2024, we recorded a net tax expense of zero and 0.1 million, respectively, on the consolidated statements of operations for these subsidiaries. For the three and nine months ended September 30, 2023, we recorded a net tax expense of zero and $39 thousand, respectively, on the consolidated statements of operations for these subsidiaries.

Net Realized Gain (Loss)

During the three months ended September 30, 2024 and 2023, we had sales of investments of $28.0 million and $4.4 million, respectively, resulting in $0.5 million and $38 thousand of net realized gain (loss) on investments, respectively. During the nine months ended September 30, 2024 and 2023, we had sales of investments of $45.1 million and $9.0 million, respectively, resulting in $0.7 million and ($0.6) million of net realized gain (loss) on investments, respectively.

We have entered and may continue to enter into foreign currency forward contracts to reduce our exposure to foreign currency exchange rate fluctuations. During the three months ended September 30, 2024 and 2023, we had ($25) thousand and ($2) thousand net realized gain (loss) on foreign currency forward contracts, respectively. During the nine months ended September 30, 2024 and 2023, we had ($23) thousand and $1.7 million net realized gain (loss) on foreign currency forward contracts, respectively. During the three months ended September 30, 2024 and 2023, we had ($0.2) million and ($10) thousand of net realized gain (loss) on foreign currency and other transactions, respectively. During the nine months ended September 30, 2024 and 2023, we had ($0.1) million and $0.2 million of net realized gain (loss) on foreign currency and other transactions, respectively.

Net Change in Unrealized Gain (Loss)

For the three months ended September 30, 2024 and 2023, our investments had $10.0 million and ($2.7) million of net change in unrealized gain (loss), respectively. For the nine months ended September 30, 2024 and 2023, our investments had $15.2 million and $(0.9) million of net change in unrealized gain (loss), respectively. The net change in unrealized gain (loss) includes both unrealized gain on investments in our portfolio with mark-to-market gains during the periods and unrealized loss on investments in our portfolio with mark-to-market losses during the periods.

During the three and nine months ended September 30, 2024, the net change in unrealized gain on investments was primarily attributable to broad market movements and improvements in fundamental performance at many of our portfolio companies, partially offset by net unrealized losses attributable to certain portfolio companies that have underlying credit performance concerns that were still held as of September 30, 2024.

During both the three and nine months ended September 30, 2023, the net change in unrealized loss on investments was primarily attributable to unrealized losses on certain portfolio companies that have underlying credit or fundamental performance concerns that were still held as of September 30, 2023.

117

Table of Contents

For the three months ended September 30, 2024 and 2023, our foreign currency forward contracts had ($1.8) million and $1.9 million of net change in unrealized gain (loss), respectively. For the nine months ended September 30, 2024 and 2023, our foreign currency forward contracts had ($0.1) million and ($1.2) million of net change in unrealized gain (loss), respectively.

For the three and nine months ended September 30, 2024, our foreign currency and other transactions had ($2.9) million and ($2.6) million of net change in unrealized gain (loss), respectively. For the three and nine months ended September 30, 2023, there were no foreign currency and other transactions. Net unrealized gains (losses) on foreign currency and other transactions primarily relate to our foreign currency borrowings.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended September 30, 2024 and 2023, the net increase (decrease) in net assets resulting from operations was $58.2 million and $30.3 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended September 30, 2024 and 2023, our per share net increase (decrease) in net assets resulting from operations was $0.34 and $0.30, respectively.

For the nine months ended September 30, 2024 and 2023, the net increase (decrease) in net assets resulting from operations was $152.9 million and $80.9 million, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2024 and 2023, our per share net increase (decrease) in net assets resulting from operations was $0.99 and $0.92, respectively.

The $27.9 million and $72.0 million increases in net assets resulting from operations during the three and nine months ended September 30, 2024, as compared to the three and nine months ended September 30, 2023, respectively, is primarily the result of increased net investment income due to the significant portfolio growth and net gains on investments during the current year periods.

Liquidity and Capital Resources

We generate cash primarily from (i) the net proceeds of private offerings, (ii) cash flows from our operations, and (iii) borrowings under our existing leverage facilities and any financing arrangements we may enter into in the future. These financings may come in the form of borrowings from banks and issuances of senior securities. Our primary uses of cash are for (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying MC Advisors and reimbursements to MC Management), (iii) debt service of any borrowings, (iv) share repurchases under our share repurchase program and (v) cash distributions to our stockholders.

As of September 30, 2024, we had $20.4 million in cash and cash equivalents, $22.5 million in restricted cash and cash equivalents at MC Income Plus Financing SPV LLC (the “SPV”), $19.9 million in restricted cash and cash equivalents at MC Income Plus Financing SPV II LLC (the “SPV II”), $3.7 million in restricted cash and cash equivalents at MC Income Plus Financing SPV III LLC (the “SPV III”), $6.1 million in restricted cash and cash equivalents at MC Income Plus Financing SPV IV LLC (the “SPV IV”), $27.7 million in restricted cash and cash equivalents at Monroe Capital Income Plus ABS Funding, LLC (the “2022 Issuer”) and $10.2 million in restricted cash and cash equivalents at Monroe Capital Income Plus ABS Funding II, LLC (the “2023 Issuer”). Additionally, we had $1.9 billion in total debt outstanding with $130.4 million, $138.0 million, $40.0 million and $200.7 million available for additional borrowings on our Revolving Credit Facility (as defined below), SPV Credit Facility (as defined below), SPV III Credit Facility (as defined below) and SPV IV Credit Facility (as defined below), respectively, subject to borrowing base availability. See “Borrowings” below for additional information.

In accordance with the 1940 Act, we are permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2024 and December 31, 2023, our asset coverage ratio based on aggregate borrowings outstanding was 200% and 204%, respectively.

118

Table of Contents

Cash Flows

For the nine months ended September 30, 2024 and 2023, we experienced a net increase (decrease) in cash and restricted cash and cash equivalents of $32.8 million and $27.5 million, respectively. For the nine months ended September 30, 2024 and 2023, cash used in operating activities was $1.0 billion and $433.6 million, respectively, primarily driven by purchases of portfolio investments, partially offset by proceeds from principal payments and sale of investments and settlement of forward contracts and net investment income. During the nine months ended September 30, 2024 and 2023, cash provided by financing activities was $1.0 billion and $461.2 million, respectively, primarily driven by net borrowings on our debt facilities and proceeds from issuances of common stock, partially offset by distributions to stockholders and repurchases of common stock.

Capital Resources

As a BDC, we distribute substantially all of our net income to our stockholders and have an ongoing need to raise additional capital for investment purposes. We intend to generate additional cash primarily from future offerings of securities, including our current Second Private Offering and any subsequent offerings, future borrowings and cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be to invest in portfolio companies, fund share repurchases under our share repurchase program and make cash distributions to our stockholders. We may also use available funds to repay outstanding borrowings.

As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value (“NAV”) per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock if our Board, including our independent directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders have approved such sales. As of September 30, 2024 and December 31, 2023, we had 180,987,700 and 127,232,772 shares outstanding, respectively.

Distributions

Distributions to stockholders are recorded on the applicable record date. The amount, if any, to be distributed to stockholders is determined by our Board at least quarterly and is generally based upon our earnings estimated by management. Net realized capital gains, if any, are generally distributed at least annually.

The determination of the tax attributes for our distributions is made annually, based upon our taxable income for the full year and distributions paid for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital. Distributions to stockholders for the three and nine months ended September 30, 2024, totaled $49.3 million ($0.29 per share) and $128.9 million ($0.85 per share), respectively. Distributions to stockholders for the three and nine months ended September 30, 2023, totaled $27.4 million ($0.28 per share) and $70.3 million ($0.81 per share), respectively. The tax character of such distributions is determined at the end of the fiscal year. However, if the character of such distributions were determined as of September 30, 2024 and 2023, no portion of these distributions would have been characterized as a return of capital to stockholders.

We have adopted a dividend reinvestment plan (the "DRIP") that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. As a result, if we declare a dividend or distribution, our stockholders’ cash distributions will only be reinvested in additional shares of our common stock if a stockholder specifically “opts in” to the DRIP at least ten (10) days prior to the record date fixed by our Board. Shares issued under the DRIP will be issued at a price per share equal to the NAV per share as of the last day of our fiscal quarter immediately preceding the date that the distribution was declared. On August 23, 2024, the Board approved an amended and restated dividend reinvestment plan (the "Amended and Restated DRIP"), which was amended solely to appoint UMB Fund Services, Inc., as the Plan Administrator (as defined in the Amended and Restated DRIP). See Note 9 to our consolidated financial statements for additional information on our distributions and Amended and Restated DRIP.

119

Table of Contents

Borrowings

Our outstanding debt as of September 30, 2024 and December 31, 2023 was as follows (in thousands):


	As of September 30, 2024
	Aggregate Principal Amount Committed (1)		Principal Amount Outstanding		Carrying Value (2)		Unamortized Debt Issuance Costs
Revolving Credit Facility (3)	$	385,000	$	254,606	$	251,319	$	3,287
SPV Credit Facility	450,000		312,000		308,380		3,620
SPV II Credit Facility	214,113		214,113		212,325		1,788
SPV III Credit Facility	100,000		60,000		58,624		1,376
SPV IV Credit Facility	350,000		149,300		145,800		3,500
2022 ABS (4)	306,000		306,000		303,786		2,214
2023 ABS (5)	185,850		185,850		184,377		1,473
2028 Notes	200,000		200,000		198,059		1,941
2029 Notes	204,000		204,000		202,268		1,732
Total	$	2,394,963	$	1,885,869	$	1,864,938	$	20,931

_________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

(2)Represents the principal amount outstanding, less unamortized debt issuance costs.

(3)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.

(4)As of September 30, 2024, the 2022 Class C Notes and 2022 Subordinated Notes (as defined below) totaling $36.1 million and $81.2 million, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

(5)As of September 30, 2024, the 2023 Subordinated Notes (as defined below) totaling $65.3 million are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

120

Table of Contents


	As of December 31, 2023
	Aggregate Principal Amount Committed (1)		Principal Amount Outstanding		Carrying Value (2)		Unamortized Debt Issuance Costs
Revolving Credit Facility (3)	$	325,000	$	256,808	$	253,579	$	3,229
SPV Credit Facility	450,000		179,000		178,098		902
SPV II Credit Facility	120,288		120,288		119,240		1,048
2022 ABS (4)	306,000		306,000		300,810		5,190
2023 ABS (5)	185,850		185,850		183,840		2,010
2028 Notes	200,000		200,000		197,767		2,233
Total	$	1,587,138	$	1,247,946	$	1,233,334	$	14,612

_________________________________________

(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.

(2)Represents the principal amount outstanding, less unamortized debt issuance costs.

(3)Principal amount outstanding includes borrowings denominated in foreign currencies converted at the period end exchange rate.

(4)As of December 31, 2023, the 2022 Class C Notes and 2022 Subordinated Notes (as defined below) totaling $36.1 million and $82.9 million, respectively, are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

(5)As of December 31, 2023, the 2023 Subordinated Notes (as defined below) totaling $65.3 million are excluded from the total aggregate principal amount committed/outstanding amount as these notes are eliminated in consolidation.

Credit Facilities

Revolving Credit Facility

On October 20, 2023, we entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “Revolving Credit Agreement”), with ING Capital, LLC, as administrative agent and joint lead arranger.

The initial principal amount of the Revolving Credit Facility was $295.0 million, subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $450.0 million, subject to the satisfaction of certain conditions. On December 22, 2023, March 18, 2024 and June 27, 2024, we increased the facility amount pursuant to the accordion feature of the Revolving Credit Facility from $295.0 million of aggregate commitments to $325.0 million, $350.0 million and $385.0 million, respectively, of aggregate commitments. As of September 30, 2024 and December 31, 2023, we had outstanding U.S. dollar borrowings under the Revolving Credit Facility of $188.0 million and $240.8 million, respectively, and non-U.S. dollar borrowings denominated in Australian dollars of AUD 22.0 million ($15.2 million in U.S. dollars) and AUD 23.5 million ($16.0 million in U.S. dollars), respectively, and Great Britain pounds of £38.4 million ($51.4 million in U.S. dollars) and zero, respectively. The borrowings denominated in a foreign currency may be positively or negatively affected by movements in the rate of exchange between the U.S. dollar and the respective foreign currency. These movements are beyond our control and cannot be predicted. The borrowings denominated in foreign currency are translated into U.S. dollars based on the spot rate at each balance sheet date. The impact resulting from changes in foreign currency borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions on our consolidated statements of operations and totaled ($3.0) million and ($2.7) million for the three and nine months ended September 30, 2024, respectively, and zero for both the three and nine months ended September 30, 2023, respectively.

121

Table of Contents

Advances under the Revolving Credit Facility initially bear interest at a per annum rate equal to, (a) in the case of any U.S. dollar advances, (i) 1.50% per annum (or, at any time the Rating Condition is satisfied, 1.35% per annum) plus an “alternate base rate” (as described in the Revolving Credit Agreement) or (ii) 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus Term SOFR, (b) in the case of any foreign currency advances (other than Pounds Sterling), 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the applicable benchmark rate and (c) in the case of any Pounds Sterling advances, 2.50% per annum (or, at any time the Rating Condition is satisfied, 2.35% per annum) plus the Daily Simple Risk Free Rate, in each case, depending on the nature of the advances being requested under the Revolving Credit Facility. The “Rating Condition” shall be satisfied at any time we maintain a public credit rating of at least BBB- from S&P Global Ratings (or equivalent rating from Moody’s Investors Service, Inc. or Fitch, Inc.). As of September 30, 2024 and December 31, 2023, the outstanding borrowings were accruing at a weighted average interest rate of 7.8% and 7.9%, respectively.

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced varies depending upon the types of assets in our portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

Our ability to borrow under the Revolving Credit Facility is subject to availability under the borrowing base, which permits us to borrow up to 72.5% of the fair market value of its portfolio company investments depending on the type of investment we hold and whether the investment is quoted. Our ability to borrow is also subject to certain concentration limits, and continued compliance with the representations, warranties and covenants given by us under the Revolving Credit Facility. The Revolving Credit Facility contains certain financial covenants, including, but not limited to, our maintenance of: (1) minimum consolidated total net assets of the greater of (a) $500.0 million and (b) an amount equal to the sum of (i) $660.9 million plus (ii) an amount equal to 65% of the difference of (x) the net proceeds to us from sales of our equity securities during each quarter following October 20, 2023 and (y) the amount paid or distributed to purchase or redeem our common stock in connection with a tender offer during such quarter; (2) a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of not less than 1.5 to 1; (3) a senior debt coverage ratio of at least 2 to 1; and (4) minimum net worth equal to or greater than $215.0 million. The Revolving Credit Facility also requires us to undertake customary indemnification obligations with respect to ING Capital LLC and other members of the lending group and to reimburse the lenders for expenses associated with entering into the Revolving Credit Facility. The Revolving Credit Facility also has customary provisions regarding events of default, including events of default for nonpayment, change in control transactions, failure to comply with financial and negative covenants, and failure to maintain our relationship with MC Advisors. If we incur an event of default under the Revolving Credit Facility and fail to remedy such default under any applicable grace period, if any, then the entire Revolving Credit Facility could become immediately due and payable, which would materially and adversely affect our liquidity, financial condition, results of operations and cash flows.

The Revolving Credit Facility also imposes certain conditions that may limit the amount of our distributions to stockholders. Distributions payable in our common stock under the DRIP are not limited by the Revolving Credit Facility. Distributions in cash or property other than common stock are generally limited to 115% of the amount of distributions required to maintain our status as a RIC.

The period during which we may borrow under the Revolving Credit Facility expires on October 20, 2027, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by October 20, 2028. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and the subsidiary guarantors, subject to certain exceptions. See "Recent Developments" for discussion of a recent amendment to an amendment to the Revolving Credit Facility.

122

Table of Contents

SPV Credit Facilities

SPV Credit Facility

We have a $450.0 million senior secured revolving credit facility (the “SPV Credit Facility”) with KeyBank National Association, as agent, through our wholly-owned subsidiary, the SPV. Our ability to borrow under the SPV Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 72% of the principal balance of our portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 67%. We entered into an amendment to the SPV Credit Facility on July 15, 2024 to, among other things, reduce the interest rate applicable to the borrowings to SOFR plus 2.40%, remove the SOFR credit spread adjustment as a component of pricing thereunder, and extend both the reinvestment period and the maturity date of the SPV Credit Facility. Under the terms of the amended SPV Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the SPV Credit Facility through July 16, 2027. The maturity date of the SPV Credit Facility is July 16, 2029. Distributions from the SPV to us are limited by the terms of the SPV Credit Facility, which generally allows for the distribution of net interest income pursuant to a waterfall quarterly during the reinvestment period. As of September 30, 2024 and December 31, 2023, the fair value of our investments that were held in the SPV as collateral for the SPV Credit Facility was $796.0 million and $759.1 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

SPV II Credit Facility

On December 20, 2022, we entered into a senior secured term credit facility (the “SPV II Credit Facility”) with KeyBank National Association, as lead arranger and administrative agent, through a special purpose wholly-owned subsidiary, SPV II. The SPV II Credit Facility initially allowed SPV II to borrow an aggregate principal amount of $100.0 million, and includes an accordion feature, which allows us, under certain circumstances, to increase the total size of the facility upon request to the administrative agent and with the consent of one or more increasing or additional lenders. Through a series of amendments, most recently on June 18, 2024, we increased the facility amount pursuant to the accordion feature of the SPV II Credit Facility to $245.4 million. As of September 30, 2024, the aggregate commitments and principal amount outstanding under the SPV II Credit Facility were $214.1 million. As of September 30, 2024 and December 31, 2023, the fair value of our investments held in SPV II as collateral for the SPV II Credit Facility was $334.1 million and $216.1 million, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

123

Table of Contents

SPV III Credit Facility

On March 28, 2024, we entered into a senior secured revolving credit facility (the "SPV III Credit Facility") with Goldman Sachs Bank USA, as administrative agent, through a special purpose wholly-owned subsidiary, SPV III. The SPV III Credit Facility allows SPV III to borrow an aggregate principal amount of $100.0 million, and includes an accordion feature which allows us, under certain circumstances, to increase the total size of the facility to $250.0 million upon request to the administrative agent and with consent of the lenders. Our ability to borrow under the SPV III Credit Facility is subject to certain financial and restrictive covenants as well as availability under the borrowing base, which permits us to borrow up to 70% of the principal balance of its portfolio company investments depending on the type of investment. Under the terms of the SPV III Credit Facility, the SPV III is permitted to reinvest available cash and make new borrowings under the SPV III Credit Facility through April 5, 2027. The maturity date of the SPV III Credit Facility is April 5, 2029, unless sooner terminated in accordance with its terms. As of September 30, 2024 and December 31, 2023, the fair value of investments that were held in the SPV III as collateral for the SPV III Credit Facility was $94.9 million and zero, respectively, and these investments are identified on the accompanying consolidated schedules of investments.

SPV IV Credit Facility

On July 11, 2024, we entered into a senior secured revolving credit facility (the “SPV IV Credit Facility”) with Capital One, National Association as administrative agent, through a special purpose wholly-owned subsidiary, MC Income Plus Financing SPV IV LLC (“SPV IV”).

The SPV IV Credit Facility allows us, through SPV IV, to borrow an aggregate principal amount of up to $350.0 million, and includes an accordion feature which allows the Company, under certain circumstances, to increase the total size of the facility to $450.0 million upon request to the administrative agent and with consent of the lenders. Under the terms of the SPV IV Credit Facility, SPV IV is permitted to reinvest available cash and make new borrowings under the SPV IV Credit Facility through July 11, 2027. The SPV IV Credit Facility matures on July 11, 2029, unless terminated earlier at our election, subject to the payment of a customary prepayment fee, or at the election of the administrative agent following the occurrence of an event of default thereunder. Borrowings under the SPV IV Credit Facility bear interest at SOFR subject to a SOFR minimum of 0.00% plus an applicable margin rate of 2.15% per annum. Advances under the SPV IV Credit Facility are subject to availability governed by a borrowing base comprised of eligible loan assets, which receive advance rates under the SPV IV Credit Facility of up to 75%. Undrawn capacity under the SPV IV Credit Facility is subject to a non-usage fee of between 0.25% and 0.75% per annum on such undrawn capacity, depending on the level of usage of the SPV IV Credit Facility. As of September 30, 2024, the fair value of investments of the Company that were held in the SPV IV as collateral for the SPV IV Credit Facility was $269.7 million, and these investments are identified on the accompanying consolidated schedules of investments.

124

Table of Contents

Borrowing under the SPV IV Credit Facility remains subject to the leverage restrictions contained in the 1940 Act.

Asset Backed Securitizations

2022 Asset-Backed Securitization

On April 7, 2022, we completed a $425.0 million asset-backed securitization (the “2022 ABS”). The notes offered in the 2022 ABS were issued by the 2022 Issuer, a wholly-owned subsidiary, and are secured by a diversified portfolio of senior secured loans. The transaction was executed through a private placement of $261.4 million of Class A Senior Secured Notes, which bear interest at 4.05% (the “2022 Class A Notes”), $44.6 million of Class B Senior Secured Notes, which bear interest at 5.15% (the “2022 Class B Notes”) and $36.1 million of Class C Senior Secured Notes, which bear interest at 7.75% (the “2022 Class C Notes” and collectively with the 2022 Class A Notes and the 2022 Class B Notes, the “2022 Secured Notes”), and $82.9 million of Subordinated Notes, which do not bear interest (the “2022 Subordinated Notes” and, together with the 2022 Secured Notes, the “2022 Notes”). We retained all of the 2022 Class C Notes and the 2022 Subordinated Notes. The 2022 Class A Notes and the 2022 Class B Notes are included as debt on the accompanying consolidated statements of assets and liabilities. As of both September 30, 2024 and December 31, 2023, the 2022 Class C Notes and the 2022 Subordinated Notes were eliminated in consolidation.

Through April 22, 2024, the 2022 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2022 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2022 ABS, allowing us to maintain the initial leverage in the 2022 ABS. The 2022 Notes are due on April 30, 2032.

As of September 30, 2024 and December 31, 2023, the fair value of our investments held in the 2022 Issuer as collateral was $411.5 million and $425.1 million, respectively, and these investments are identified on the accompanying consolidated schedule of investments. As of both September 30, 2024 and December 31, 2023, the 2022 Class A Notes were accruing at a weighted average interest rate of 4.05%. As of both September 30, 2024 and December 31, 2023, the 2022 Class B Notes were accruing at a weighted average interest rate of 5.15%.

Distributions from the 2022 Issuer to us are limited by the terms of the indenture governing the 2022 ABS, which generally allows for the payment of interest on the 2022 Secured Notes and the distribution of remaining net interest income to the holders of the 2022 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

2023 Asset-Backed Securitization

On September 15, 2023, we completed a $251.2 million asset-backed securitization (the “2023 ABS”). The notes offered in the 2023 ABS were issued by the 2023 Issuer, a wholly-owned subsidiary, and are secured by a diversified portfolio of middle market loans and recurring revenue loans. The transaction was executed through a private placement of $160.8 million of Class A Senior Secured Notes, which bear interest at Term SOFR plus 3.50% (the “2023 Class A Notes”), $25.1 million of Class B Senior Secured Notes, which bear interest at 11.16% (the “2023 Class B Notes” and collectively with the 2023 Class A Notes, the “2023 Secured Notes”), and $65.3 million of Subordinated Notes, which do not bear interest (the “2023 Subordinated Notes” and, together with the 2023 Secured Notes, the “2023 Notes”). We retained all of the 2023 Subordinated Notes. The 2023 Class A Notes and the 2023 Class B Notes are included as debt on the consolidated statements of assets and liabilities. As of both September 30, 2024 and December 31, 2023, the 2023 Subordinated Notes were eliminated in consolidation. As of September 30, 2024 and December 31, 2023, the 2023 Class A Notes were accruing at a weighted average interest rate of 8.8% and 8.9%, respectively. As of both September 30, 2024 and December 31, 2023, the 2023 Class B Notes were accruing at a weighted average interest rate of 11.2%.

Through October 22, 2025, the 2023 Issuer is permitted to use all principal collections received on the underlying collateral to purchase new collateral under the direction of MC Advisors, in its capacity as collateral manager of the 2023 Issuer, in accordance with our investment strategy and subject to customary conditions set forth in the documents governing the 2023 ABS, allowing us to maintain the initial leverage in the 2023 ABS. The 2023 Notes are due on September 22, 2033.

As of September 30, 2024 and December 31, 2023, the fair value of investments that were held in the 2023 Issuer as collateral was $249.4 million and $248.2 million, respectively, and these investments are identified on the consolidated schedule of investments.

125

Table of Contents

Distributions from the 2023 Issuer to us are limited by the terms of the indenture governing the 2023 ABS, which generally allows for the payment of interest on the 2023 Secured Notes and the distribution of remaining net interest income to the holders of the 2023 Subordinated Notes pursuant to a waterfall quarterly during the reinvestment period.

Unsecured Notes

2028 Notes

On November 15, 2023, we entered into a note purchase agreement (the “2028 Note Purchase Agreement”) governing the issuance of $100.0 million in aggregate principal amount of unsecured notes (the “Series A Notes”), due November 15, 2028, with a fixed interest rate of 9.42% per year and $100.0 million in aggregate principal amount of unsecured notes (the “Series B Notes”), due December 13, 2028, with a fixed interest rate of 9.42% per year (collectively, the “2028 Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) in a private placement. The 2028 Notes are guaranteed by our various subsidiaries.

Interest on the 2028 Notes is due semiannually on May 15 and November 15 each year, beginning on May 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2028 Notes are our general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of both September 30, 2024 and December 31, 2023, we had $100.0 million in aggregate principal amount of Series A Notes outstanding and $100.0 million in aggregate principal amount of Series B Notes outstanding.

The 2028 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, as amended, a minimum net worth of $660.9 million and a minimum asset coverage ratio of 1.50 to 1.00.

The 2028 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under our other indebtedness, certain judgments and orders and certain events of bankruptcy.

As of both September 30, 2024 and December 31, 2023, the Series A Notes and the Series B Notes were accruing at a weighted average interest rate of 9.42%.

126

Table of Contents

2029 Notes

On July 24, 2024, we entered into a note purchase agreement (the “2029 Note Purchase Agreement”) governing the issuance of $156.0 million in aggregate principal amount of unsecured notes (the "Series C Notes"), due July 24, 2029, with a fixed interest rate of 7.47% per year and $48.0 million in aggregate principal amount of unsecured notes (the "Series D Notes"), due September 18, 2029, with a fixed interest rate of 7.47% per year (collectively, the “2029 Notes”), to institutional accredited investors (as defined in Regulation D under the Securities Act) in a private placement. The closing for the Series C Notes occurred on July 24, 2024, and the closing for the Series D Notes occurred on September 18, 2024. The 2029 Notes are guaranteed by our various subsidiaries.

Interest on the 2029 Notes is due semiannually on May 15 and November 15 each year, beginning on November 15, 2024. The 2029 Notes may be redeemed in whole or in part at any time or from time to time at our option, upon notice, in an amount not less than 10% of the aggregate principal amount of 2029 Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount (as defined in the 2029 Note Purchase Agreement) applicable to 2029 Notes determined for the prepayment date with respect to such principal amount. In addition, we are obligated to offer to prepay 100% of the principal amount of 2029 Notes, together with interest on such 2029 Notes accrued to, but excluding, the date of prepayment. The 2029 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of September 30, 2024, we had $156.0 million in aggregate principal amount of Series C Notes outstanding and $48.0 million in aggregate principal amount of Series D Notes outstanding.

The 2029 Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our regulation as a business development company within the meaning of the 1940 Act and as a regulated investment company under the Code, a minimum net worth of the greater of (A) $500.0 million and (B) an amount equal to the sum of (i) $660.9 million plus (ii) an amount equal to 65% of the difference, of (x) the aggregate net proceeds of all sales of Equity Interests (as defined in the 2029 Note Purchase Agreement) by us and our subsidiaries during each quarter after October 20, 2023 (other than the proceeds of sales of Equity Interests by and among us and our subsidiaries) and (y) the amount paid or distributed by us to purchase or redeem its shares of common stock in connection with a tender offer during such quarter and a minimum asset coverage ratio of 1.50 to 1.00.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of ours, certain judgments and orders and certain events of bankruptcy.

As of September 30, 2024, the Series C Notes and the Series D Notes were accruing at a weighted average interest rate of 7.47%.

127

Table of Contents

Short-Term Borrowings

To finance the purchase of certain investments, we may enter into participation agreements for par/near par trades with a third-party counterparty, whereby we simultaneously agree to sell an investment and re-purchase the same investment back at a premium within a specified period of time, generally not to exceed 60-days from the date it was sold (each such transaction a “Short-Term Borrowing”). The amount, interest rate and terms of these Short-Term Borrowings are negotiated on a transaction-by transaction basis. Each transaction is secured by an interest in an underlying asset which is participated or assigned to the counterparty for the duration of the transaction.

We account for our Short-Term Borrowings as a type of secured borrowing under ASC Topic 860 – Transfers and Servicing and continue to present the participated investment as an asset and the obligation to repurchase the investment as a liability within debt on the consolidated statements of assets and liabilities. Interest income earned on investments participated under the Short-Term Borrowings and financing charges associated with the Short-Term Borrowings are included within interest income and interest and other debt financing expenses, respectively, on the consolidated statements of operations. Accrued interest receivable on investments and accrued financing charges on the Short-Term Borrowings are included within interest and dividend receivable and interest payable, respectively, on the consolidated statements of assets and liabilities.

As of both of September 30, 2024 and December 31, 2023, we had no outstanding Short-Term Borrowings.

Related Party Transactions

We have a number of business relationships with affiliated or related parties, including the following:

•We have an Investment Advisory Agreement with MC Advisors, an investment advisor registered with the SEC, to manage our investing activities. We pay MC Advisors a fee for its services under the Investment Advisory Agreement consisting of two components — a base management fee and an incentive fee. See Note 6 to our consolidated financial statements and “Significant Accounting Estimates and Critical Accounting Policies – Capital Gains Incentive Fee” for additional information.

•We have an Administration Agreement with MC Management to provide us with the office facilities and administrative services necessary to conduct our day-to-day operations. See Note 6 to our consolidated financial statements for additional information.

•Theodore L. Koenig, our Chief Executive Officer and Chairman of our Board is also a manager of MC Advisors and the Chairman and Chief Executive Officer of MC Management. Lewis W. Solimene, Jr., our Chief Financial Officer and Chief Investment Officer and is also a managing director of MC Management.

•We have a license agreement with Monroe Capital LLC, under which Monroe Capital LLC has agreed to grant us a non-exclusive, royalty-free license to use the name “Monroe Capital” for specified purposes in our business.

In addition, we have adopted a formal code of ethics that governs the conduct of MC Advisors’ officers, directors and employees. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the Maryland General Corporation Law.

128

Table of Contents

Commitments and Contingencies and Off-Balance Sheet Arrangements

Commitments: As of September 30, 2024 and December 31, 2023, we had outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements totaling $745.0 million and $358.8 million, respectively. We believe that our available cash balances and/or ability to draw on existing credit facilities or raise additional leverage facilities provide sufficient funds to cover our unfunded commitments as of September 30, 2024. Additionally, we have entered into certain contracts with other parties that contain a variety of indemnification provisions. Our maximum exposure under these arrangements is unknown. However, as of September 30, 2024, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnification provisions to be remote.

Contingencies: As of September 30, 2024, we have recorded a contingent liability related to a Level 1 equity investment, identified on the consolidated schedule of investments, that has a contingency in which a portion of the shares held by us would need to be returned. The contingent liability was initially recorded at an amortized cost of $0.8 million. As of September 30, 2024, the contingent liability is recorded at a fair value of $0.7 million and is included in accounts payable and accrued expenses on the consolidated statements of assets and liabilities. For both the three and nine months ended September 30, 2024, the Company recorded an unrealized gain on the contingent liability of $0.1 million which is included in net change in unrealized gain (loss) on foreign currency and other transactions on the consolidated statements of operations. Please refer to the footnotes to the schedule of investments as of September 30, 2024 for additional information.

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities.

Market Trends

We have identified the following general trends that may affect our business:

Target Market: We believe that small and middle-market companies in the United States with annual revenues between $10.0 million and $2.5 billion represent a significant growth segment of the U.S. economy and often require substantial capital investments to grow. Middle-market companies have generated a significant number of investment opportunities for investment funds managed or advised by Monroe Capital, and we believe that this market segment will continue to produce significant investment opportunities for us.

Specialized Lending Requirements: We believe that several factors render many U.S. financial institutions ill-suited to lend to U.S. middle-market companies. For example, based on the experience of our management team, lending to U.S. middle-market companies (1) is generally more labor intensive than lending to larger companies due to the smaller size of each investment and the fragmented nature of information for such companies, (2) requires due diligence and underwriting practices consistent with the demands and economic limitations of the middle-market and (3) may also require more extensive ongoing monitoring by the lender.

Demand for Debt Capital: We believe there is a large pool of uninvested private equity capital for middle-market companies. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and mezzanine debt from other sources, such as us.

Competition from Other Lenders: We believe that many traditional bank lenders, in recent years, de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital market transactions. In addition, many commercial banks face significant balance sheet constraints as they seek to build capital and meet future regulatory capital requirements. These factors may result in opportunities for alternative funding sources to middle-market companies and therefore drive increased new investment opportunities for us. Conversely, there has been a significant amount of capital raised over the past several years dedicated to middle market lending which has increased competitive pressure in the BDC and investment company marketplace for senior and subordinated debt which in turn could result in lower yields and weaker financial covenants for new assets.

129

Table of Contents

Pricing and Deal Structures: We believe that the volatility in global markets over the last several years and current macroeconomic issues including changes in bank regulations for middle-market banks has reduced access to, and availability of, debt capital to middle-market companies, causing a reduction in competition and generally more favorable capital structures and deal terms. Sizable recent capital raises in the private debt marketplace have created significantly increased competition over the last few years, reducing available pricing and creating less favorable capital structures; however, we believe that current market conditions for our target market may continue to create favorable opportunities to invest at attractive risk-adjusted returns.

Market Environment: We believe middle market investments are attractive in the uncertain market environments such as the current market environment where inflationary pressure and interest rates remain elevated. Directly originated middle market loans have demonstrated the ability to outperform competing markets through varying economic cycles including downturns and prior periods of monetary policy tightening. Through the global financial crisis, the higher interest rate environment in 2005-2006, market bottom in 2008 and the subsequent recovery period, as well as throughout the COVID-19 pandemic, these investments have historically generated considerable yield premium with more favorable capital structures for lenders, resulting in higher returns when compared to the market for U.S. high yield bonds and U.S. traded loans. (1) Middle market direct lending also offers a natural hedge to higher interest rates with floating rate structures that benefit from higher interest rates, while providing broad diversification in an environment where there is a risk of increased default rate activity. We believe that direct lending volumes will continue outpacing syndicated loan transaction volumes due to capital requirements and liquidity constraints faced by banks. From late 2022 and throughout 2023, the middle market saw a consistent trend toward lower leverage and loan-to-value structures coupled with increased spreads. However, as M&A activity has shown signs of a rebound in the first half of 2024, leverage and loan-to-value attachment points have stabilized while spreads have compressed in certain pockets of the market. (2) That said, we note that a softening macroeconomic environment and elevated interest rates could result in increased default rates. If default rates become more prevalent, we would expect to experience decreased net interest income, lower yields and increased risk of credit loss. However, we believe that Monroe Capital’s scale, product suite, diversification, and strong historical recovery rate track record will continue to allow us to find attractive investment opportunities and navigate this uncertain market environment while generating attractive risk-adjusted returns.

_________________________________________

(1)As of September 30, 2023. Credit Suisse for US Traded Loans represented by the Credit Suisse Leveraged Loan Index. Bloomberg Indices for US Credit. Cliffwater for Direct Lending by the Cliffwater Direct Lending Index (CDLI). ICE, Bank of America for US High Yield represented by the ICE BofA High Yield Index.

(2)LSEG LPC’s 2Q24 Sponsored Middle Market Private Deals Analysis – July 2024.

Recent Developments

Change in Transfer Agent: On August 23, 2024, we entered into a transfer agent agreement (the “Transfer Agent Agreement”) with UMB Fund Services, Inc., (“UMB”), pursuant to which UMB was appointed to provide transfer agent services on behalf of us. Either party may terminate the Transfer Agent Agreement at the end of the Initial Term (as defined in the Transfer Agent Agreement) or at the end of any successive Renewal Term (as defined in the Transfer Agent Agreement) upon ninety (90) days’ prior written notice. We expect to complete the transition to UMB, as transfer agent, during the fourth quarter.

On August 23, 2024, our Board approved an amended and restated dividend reinvestment plan (the “Amended and Restated DRIP”), which was amended solely to appoint UMB Fund Services, Inc., as the Plan Administrator (as defined in the Amended and Restated DRIP). The Amended and Restated DRIP became effective on November 1, 2024.

130

Table of Contents

Distributions: On October 4, 2024, the Board declared the following regular distributions:

Record Date

Payment Date

Amount Per Share

October 15, 2024

December 30, 2024

0.09

November 14, 2024

December 30, 2024

0.09

December 16, 2024

December 30, 2024

0.09

Total regular distributions declared

0.27

Affiliate Strategic Transaction: On October 22, 2024, Monroe Capital, an affiliate of ours, announced that Monroe Capital has entered into a definitive agreement with Wendel Group (Euronext: MF:FP) (“Wendel”) relating to Wendel’s strategic investment in Monroe Capital.

The transaction is expected to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearances and approvals and client consents. In connection with the transaction, we expect to seek approval of a new investment advisory agreement between us and our investment adviser, MC Advisors, an affiliate of Monroe Capital, from the Board and our stockholders, the terms of which are expected to remain substantively similar to the current investment advisory agreement. It is anticipated that all of the officers and investment professionals of MC Advisors will remain at MC Advisors.

Revolving Credit Facility: On October 29, 2024, we entered into an amendment (the “Third Credit Facility Amendment”) to the Revolving Credit Facility. The Third Credit Facility Amendment amended the Revolving Credit Facility to, among other things, (i) extend the expiration of the revolver availability period from October 20, 2027 to October 31, 2028, (ii) extend the stated maturity date from October 20, 2028 to October 31, 2029, (iii) increase the total facility size to an aggregate amount of $567.5 million, (iv) increase the maximum total facility amount contemplated by the accordion provision to permit increases to a total facility amount of up to $800.0 million, (v) remove the credit-spread adjustment for ABR Loans based on Adjusted Term SOFR and for SOFR Loans, (vi) reduce the applicable margin (a) with respect to any ABR Loan, from 1.50% to 1.25% per annum (or, at any time the rating condition is satisfied, from 1.35% to 1.15% per annum), (b) with respect to any SOFR Loan, CORRA Loan, Eurocurrency Loan or RFR Loan, from 2.50% to 2.25% per annum (or at any time the rating condition is satisfied, from 2.35% to 2.15% per annum), and (vii) reset the minimum shareholders’ equity test and increases the minimum obligors’ net worth test.

The terms of the Third Credit Facility Amendment became effective on October 31, 2024.

Significant Accounting Estimates and Critical Accounting Policies

Revenue Recognition

We record interest and fee income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, we do not accrue PIK interest if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and then we amortize such amounts using the effective interest method as interest income over the life of the investment. Upon the prepayment of a loan or debt security, any unamortized premium or discount or loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Interest income is accrued based upon the outstanding principal amount and contractual terms of debt and preferred equity investments. Interest is accrued on a daily basis. We record fees on loans based on the determination of whether the fee is considered a yield enhancement or payment for a service. If the fee is considered a yield enhancement associated with a funding of cash on a loan, the fee is generally deferred and recognized into interest income using the effective interest method if captured in the cost basis or using the straight-line method if the loan is unfunded and therefore there is no cost basis. If the fee is not considered a yield enhancement because a service was provided, and the fee is payment for that service, the fee is deemed earned and recorded as other income in the period the service is completed.

131

Table of Contents

Valuation of Portfolio Investments

For periods prior to September 30, 2022, the Board determined the fair value of our investments in good faith on a quarterly basis. On September 30, 2022, pursuant to SEC Rule 2a-5 under the 1940 Act, the Board designated MC Advisors as our valuation designee (the “Valuation Designee”). The Board is responsible for oversight of the Valuation Designee. The Valuation Designee has established a valuation committee to determine in good faith the fair value of our investments, based on input of the Valuation Designee’s management and personnel and independent valuation firms which are engaged at the direction of the valuation committee to assist in the valuation of certain portfolio investments lacking a readily available market quotation. The valuation committee determines fair values pursuant to a valuation policy approved by the Board and pursuant to a consistently applied valuation process.

Under the valuation policy, the Valuation Designee values investments for which market quotations are readily available and within a recent date at such market quotations. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with generally accepted accounting principles in the United States of America (“GAAP”) to determine the fair value of the security. Debt and equity securities that are not publicly traded or whose market prices are not readily available or whose market prices are not regularly updated are valued at fair value as determined in good faith by the Valuation Designee. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by our Valuation Designee using a documented valuation policy and a consistently applied valuation process. Such determination of fair values may involve subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize amounts that are different from the amounts presented and such differences could be material.

With respect to investments for which market quotations are not readily available, the Valuation Designee undertakes a multi-step valuation process each quarter, as described below:

•our Valuation Designee engages an independent valuation firm to conduct independent appraisals of a selection of investments for which market quotations are not readily available. We will consult with an independent valuation firm relative to each portfolio company at least once in every calendar year, but the independent appraisals are generally received quarterly for each investment;

•preliminary valuation conclusions are then documented and discussed with the valuation committee of the Valuation Designee;

•the valuation conclusions are approved by the valuation committee of the Valuation Designee; and

•a report prepared by the Valuation Designee is presented to the Board quarterly to allow the Board to perform its oversight duties of the valuation process and the Valuation Designee.

132

Table of Contents

The Valuation Designee generally uses the income approach to determine fair value for loans where market quotations are not readily available, as long as it is appropriate. If there is deterioration in credit quality or a debt investment is in workout status, the Valuation Designee may consider other factors in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. This liquidation analysis may also include probability weighting of alternative outcomes. The Valuation Designee generally considers our debt to be performing if the borrower is not in default, the borrower is remitting payments in a timely manner, the loan is in covenant compliance and the loan is otherwise not deemed to be impaired. In determining the fair value of the performing debt, the Valuation Designee considers fluctuations in current interest rates, the trends in yields of debt instruments with similar credit ratings, financial condition of the borrower, economic conditions and other relevant factors, both qualitative and quantitative. In the event that a debt instrument is not performing, as defined above, the Valuation Designee will evaluate the value of the collateral utilizing the same framework described above for a performing loan to determine the value of the debt instrument.

Under the income approach, discounted cash flow models are utilized to determine the present value of the future cash flow streams of our debt investments, based on future interest and principal payments as set forth in the associated loan agreements. In determining fair value under the income approach, the Valuation Designee also considers the following factors: applicable market yields and leverage levels, recent transactions, credit quality, prepayment penalties, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made.

In addition, for certain investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that we and others may be willing to pay. Ask prices represent the lowest price that we and others may be willing to accept. The Valuation Designee generally use the midpoint of the bid/ask range as our best estimate of fair value of such investment.

As of September 30, 2024, our Valuation Designee determined, in good faith, the fair value of our investment portfolio in accordance with GAAP and our valuation procedures based on the facts and circumstances known by us at that time, or reasonably expected to be known at that time.

Net Realized Gain or Loss and Net Change in Unrealized Gain or Loss

We measure realized gain or loss by the difference between the net proceeds from the sale and the amortized cost basis of the investment, without regard to unrealized gain or loss previously recognized. Net change in unrealized gain or loss reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gain or loss, when gain or loss is realized. Additionally, we do not isolate the change in fair value resulting from foreign currency exchange rate fluctuations from the changes in the fair values of the underlying investment. All fluctuations in fair value are included in net change in unrealized gain (loss) on investments on our consolidated statements of operations. The impact resulting from changes in foreign exchange rates on the Revolving Credit Facility borrowings is included in net change in unrealized gain (loss) on foreign currency and other transactions.

133

Table of Contents

Capital Gains Incentive Fee

Pursuant to the terms of the Investment Advisory Agreement with MC Advisors, the incentive fee on capital gains earned on liquidated investments of our portfolio is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee equals 12.5% (reduced from 15.0% as a result of MC Advisors April 18, 2022 agreement to permanently waive a portion of the incentive fees starting on January 1, 2022) of our incentive fee capital gains (i.e., our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. On a quarterly basis, we accrue for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.

While the Investment Advisory Agreement with MC Advisors neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of an American Institute for Certified Public Accountants Technical Practice Aid for investment companies, we include unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to MC Advisors if our entire portfolio was liquidated at its fair value as of the balance sheet date even though MC Advisors is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

During the three and nine months ended September 30, 2024, we accrued capital gains incentive fees of $0.7 million and $1.6 million, respectively, based on the performance of our portfolio. During the three and nine months ended September 30, 2024, $31 thousand and $71 thousand, respectively, was payable to MC Advisors as a result of realized gains. The remainder was based on unrealized appreciation, none of which was payable to MC Advisors under the Investment Advisory Agreement. During both the three and nine months ended September 30, 2023, we reversed $0.1 million of previously accrued capital gains incentive fees based on the performance of our portfolio.

New Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2024. We did not utilize the optional expedients and exceptions provided by ASU 2020-04 for both the nine months ended September 30, 2024 and 2023.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820) (“ASU 2022-03”), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2024 and interim periods within those fiscal years. We are currently evaluating the impact of the adoption of ASU 2022-03 on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We are currently assessing the impact of this guidance, however, we do not expect a material impact on our consolidated financial statements.

134

Table of Contents

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. We are currently evaluating the impact of adopting ASU 2023-09 on our consolidated financial statements.

135

Table of Contents

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk and inflation and supply chain risk. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; legislative reform; local, regional, national or global political, social or economic instability, including related to the elevated inflation; and interest rate fluctuations.

Valuation Risk

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5 under the 1940 Act), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Valuation Designee in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

In accordance with Rule 2a-5 under the 1940 Act, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.

Interest Rate Risk

The majority of the loans in our portfolio have floating interest rates and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our Revolving Credit Facility, SPV Credit Facility, SPV II Credit Facility, SPV III Credit Facility, SPV IV Credit Facility and 2023 Class A Notes have a floating interest rate provision, whereas our 2022 Secured Notes, 2023 Class B Notes, 2028 Notes and 2029 Notes have fixed interest rates until maturity. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

Assuming that the consolidated statement of assets and liabilities as of September 30, 2024 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (in thousands):


Change in Interest Rates	Increase (decrease) in interest income		Increase (decrease) in interest expense		Net increase (decrease) in net investment income
Down 300 basis points	$	(99,283)	$	(34,523)	$	(64,760)
Down 200 basis points	(66,955)		(23,015)		(43,940)
Down 100 basis points	(33,704)		(11,508)		(22,196)
Up 100 basis points	34,240		11,508		22,732
Up 200 basis points	68,480		23,015		45,465
Up 300 basis points	102,719		34,523		68,196

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments, including borrowing under the Revolving Credit Facility, SPV Credit Facility, SPV II Credit Facility, SPV III Credit Facility, SPV IV Credit Facility, 2023 Class A Notes or other borrowings that could affect net increase in net assets resulting from operations, or net income. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis above.

136

Table of Contents

We may in the future hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates or interest rate floors.

Currency Risk

We may also have exposure to foreign currencies (currently Canadian dollars, Australian dollars and Great Britain pounds) related to certain investments and Australian dollars and Great Britain pounds borrowings through the Revolving Credit Facility. Such investments are translated into U.S. dollars based on the spot rate at each balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we may borrow in foreign currency under our Revolving Credit Facility to finance such investments or we may enter into foreign currency forward contracts. As of September 30, 2024, we had foreign currency forward contracts in place for CAD 29.3 million, AUD 57.8 million and GBP 3.2 million associated with future principal and interest payments on certain investments.

Inflation and Supply Chain Risk

Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that, at the end of the period covered by our Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

Changes in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

137

Table of Contents

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to certain legal proceedings, from time to time, in the ordinary course of business. From time to time, we, our executive officers, directors and our investment adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in our portfolio companies and may, as a result, incur significant costs and expenses in connection with such litigation. We and our investment adviser are also subject to extensive regulation, which may result in regulatory proceedings or investigations against us or our investment adviser, respectively. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, neither us nor our investment adviser expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors

You should carefully consider the risks described below and all other information contained in this quarterly report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

If any of the following risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment. Other than as set forth below, there have been no material changes known to us during the period ended September 30, 2024 to the risk factors discussed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 12, 2024.

Risks Related to Our Business and Structure

Political and regulatory conditions that contribute to uncertainty and market volatility including the impact of the upcoming U.S. presidential election and legislative, regulatory, trade and policy changes associated with a new administration could materially impact our business operations and financial performance and business and financial performance of our portfolio companies.

The political and economic environment in the U.S. has resulted in and will continue to result in some uncertainty. Changing regulatory policies because of the changing political environment could impact our regulatory and compliance costs and future revenues, all of which could materially and adversely affect our business, financial condition and operating results. Failure to adapt to or comply with evolving regulatory requirements or investor or stakeholder expectations and standards could negatively impact our reputation, ability to do business with certain partners and access to capital. Further, a change in the U.S. presidential administration and congressional seat turnover following the 2024 election cycle may result in increased regulatory and economic uncertainty. Changes in federal policy by the executive branch and regulatory agencies may occur over time through the new presidential administration’s and/or Congress’s policy and personnel changes, which could lead to changes involving the level of oversight and focus on our industry; however, the nature, timing and economic and political effects of such potential changes remain highly uncertain. Any future changes in federal and state laws and regulations, as well as the interpretation and implementation of such laws and regulations, could affect us and our portfolio companies in substantial and unpredictable ways. At this time, it is unclear what laws, regulations and policies may change and whether future changes or uncertainty surrounding future changes will adversely affect our operating environment and therefore our business, the business of our portfolio companies, our financial condition and results of operations.

Risks Related to Our Investments

We may be subject to risks associated with investments in credit return swaps and other derivatives products.

On a limited basis, we may purchase and sell credit derivative contracts, including credit default swaps. Generally, credit default swaps carry a number of risks, including but not limited to, high levels of leverage, wide bid/offer spreads and documentation risks.

138

Table of Contents

In addition to general market risks, credit default swaps are subject to leverage risk, liquidity risk and credit risk. Our use of credit default swaps may result in losses due to adverse market movements. It is also subject to leverage risk which means that small changes in the value of the underlying assets or instruments may produce disproportionate losses to us. Any such credit default swaps of us are expected to be illiquid and not to trade. In addition, there can be no assurance that the counterparty to a credit default swap will be able to fulfill its obligations to us if a credit event occurs. The market for credit default swaps is relatively illiquid, and there are considerable risks that may make it difficult either to buy or sell the contracts as needed or to do so at reasonable prices. Liquidity risk also includes risks arising from margin requirements, which include the risk that we will be required to pay additional margin or set aside additional collateral to maintain open credit default swap positions. The size and relative immaturity of the credit default swap market may expose us to large and unexpected risks. During periods of economic stress the credit default swaps market may not function as expected and may experience disruption, illiquidity, counterparty default, extreme volatility or imperfect price discovery.

Additionally, standard credit derivative swap contracts generally do not prohibit swap counterparties from transacting with the underlying reference entity or in any underlying reference obligations. As a result, there is a risk that our investment in a credit default swap may be materially and adversely affected by the actions taken by our counterparty to the swap, the reference entity, the controlling person of such reference entity or any other person who has an economic incentive that differs from those of us, whether or not such actions are intended to directly or indirectly affect the value of the credit default swap itself.

The financial stability and creditworthiness of the buyer play a crucial role in determining the ultimate effectiveness of the credit default protection. As such, we would be exposed to both the borrower’s and counterparty’s credit risk. This risk increases if our credit default swap transactions are concentrated with one or few counterparties. Although we intend to only enter into credit default swap transactions with banks, brokers and other creditworthy financial institutions, there can be no guarantee such counterparties will honor their obligations to us.

The use of credit default swaps is also subject to operational risk which generally refers to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error, as well as legal risk which refers to risks of loss resulting from insufficient documentation or legality or enforceability of a contract. In addition, there may be disputes between the buyer and the seller of a credit default swap agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or the seller.

Credit default swaps are a relatively recent development in the financial markets. Consequently, there are certain legal, tax and market uncertainties that present risks in entering into credit default swaps. There is currently little or no case law or litigation characterizing credit default swaps, interpreting their provisions or characterizing their tax treatment. Moreover, additional regulations and laws may apply to credit default swaps that have not heretofore been applied. There can be no assurance that future decisions construing similar provisions to those in any credit default swap or other related documents or additional regulations and laws will not have a material adverse effect on us.

It should be noted that the structure and operation of credit default swaps may differ between jurisdictions. To the extent such differences exist, the risks associated with credit default swaps may also differ.

139

Table of Contents

On a limited basis, we may also utilize customized derivative instruments, such as a total return swaps (“TRS”), to receive synthetically the economic attributes associated with an investment in a security or financial instrument or a basket of securities or financial instruments. TRS allow investors to gain exposure to an underlying instrument without actually owning the instrument. Just like other derivative instruments, TRS are subject to risks related to changes in interest rates, credit spreads, credit quality and expected recovery rates of the underlying credit instrument as well as renewal risks. TRS are also subject to leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk as described above. There may be circumstances in which MC Advisors would conclude that the best or only means by which we could make a desirable investment is through the use of such derivative structures. We may be exposed to certain risks should MC Advisors use derivatives as a means to implement synthetically its investment strategies. If we enter into a derivative instrument whereby it agrees to receive the economic return of an individual security or financial instrument or a basket of securities or financial instruments, it will typically contract to receive such returns for a predetermined period of time. During such period, we may not have the ability to increase or decrease its exposure. In addition, such customized derivative instruments are expected to be highly illiquid and it is possible that we will not be able to terminate such derivative instruments prior to their expiration date or that the penalties associated with such a termination might impact our performance in a materially adverse manner. Finally, certain aspects of the U.S. federal income tax treatment of such customized derivative instruments are uncertain and, if the U.S. federal income tax treatment of such instruments is successfully challenged by the IRS, a Limited Partner’s after-tax return from its investment may be adversely affected.

We may be subject to risk associated with margin calls in connection with our credit default swaps or other derivatives transactions.

We may be subject to margin calls in connection with its credit default swap and other derivative transactions that are subject to initial and/or variation margin requirements. The dynamic nature of the margin models utilized in such transactions and the fact that the margin models might be changed at any time could subject us to an unexpected increase in collateral obligations to counterparties during a volatile market environment, which could have a detrimental effect on us. Further, the credit default swap initial and/or variation margin models may use other securities or assets other than the reference obligation to determine margin requirements. Accordingly, we may be required to post most more margin than it otherwise would have if the margin was determined solely by the value of the reference obligation.

140

Table of Contents

We may be subject to risks associated with the value of the collateral involved in our derivatives transactions.

To the extent we sell credit default swaps, we may mitigate its credit default swap risk by requiring credit default swap buyers to deliver a loan or other instrument with a first lien on the reference borrower’s collateral in the event of a credit event. However, the value of the collateral subject to the lien may be subject to fluctuations due to market conditions, economic factors, or other unforeseen events. In cases where we do not have continuous access to updated collateral valuations, there is a risk that the collateral may not adequately cover our obligations in the event of default. There are also risks that operational or administrative challenges may hinder our ability to access and manage the collateral effectively in the event of a credit event. These challenges could include issues related to the proper documentation, recording, and safekeeping of collateral assets. The market liquidity of certain types of collateral may also affect our ability to quickly convert the collateral into cash. Illiquid markets can lead to delays in the liquidation process, potentially resulting in increased exposure to losses.

Further, changes in legal or regulatory frameworks governing collateral rights may impact our ability to enforce and realize the value of the collateral in case of borrower default. Adverse legal developments could lead to delays or restrictions in the foreclosure process, which may adversely impact us. Additionally, we face the risk of undiscovered or undisclosed liabilities associated with the collateral. In some cases, the borrower may not fully disclose encumbrances, legal claims, or other issues that could affect the value or availability of the collateral any of which would adversely impact us. Furthermore, in the event of insolvency or bankruptcy of the borrower, our claim on the collateral may be subject to competing claims from other creditors. The priority of claims and the legal framework governing the distribution of assets can impact our recovery rate. Moreover, we may have fewer rights in connection with the first lien it receives upon the occurrence of a credit event than if it made a loan to a defaulting borrower directly, which may adversely impact our ability to recover.

Commodity Futures Trading Commission (the "CFTC") rules may have a negative impact on us and MC Advisors.

The CFTC and the SEC have issued rules establishing that certain swap transactions are subject to CFTC regulation. Engaging in such swap or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of “commodity pool” under the Commodity Exchange Act and related CFTC regulations. MC Advisors has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

141

Table of Contents

Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.

Under SEC Rule 18f-4, related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies, we are permitted to enter into derivatives and other transactions that create future payment or delivery obligations, including short sales, notwithstanding the senior security provisions of the 1940 Act if we comply with certain value-at-risk leverage limits and derivatives risk management program and board oversight and reporting requirements or comply with a “limited derivatives users” exception. Rule 18f-4 also permits us to enter into reverse repurchase agreements or similar financing transactions notwithstanding the senior security provisions of the 1940 Act if we aggregate the amount of indebtedness associated with our reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating our asset coverage ratios as discussed above. In addition, we are permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security under the 1940 Act, provided that (i) we intend to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). We may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as we treat any such transaction as a “derivatives transaction” for purposes of compliance with the rule. Furthermore, we are permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if we reasonably believe, at the time we enter into such agreement, that we will have sufficient cash and cash equivalents to meet our obligations with respect to all such agreements as they come due.

Future legislation or rules may modify how we treat derivatives and other financial arrangements for purposes of our compliance with the leverage limitations of the 1940 Act. Future legislation or rules may modify how leverage is calculated under the 1940 Act and, therefore, may increase or decrease the amount of leverage currently available to us under the 1940 Act, which may be materially adverse to us and our stockholders.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 16, 2024, we issued 15,732,189 shares of our common stock, par value $0.01 per share, at a price of $10.34 per share for proceeds of $162.7 million.

The sale of shares of our common stock was made pursuant to subscription agreements entered into by us, on the one hand, and each of our investors, on the other hand. The issuance and sale of the shares of our common stock are exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D or Regulation S thereunder, as applicable.

Except as previously reported by us in this Item 2 or on our current reports on Form 8-K, we did not sell any securities during the period covered by this Form 10-Q that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

142

Table of Contents

Item 5. Other Information

(a) None.

(b) None.

During the quarterly period ended September 30, 2024, no director or executive officer of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement.” The Company has adopted insider trading policies and procedures governing the purchase, sale and disposition of the Company's securities by directors and executive officers of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

143

Table of Contents

Item 6. Exhibits


Exhibit Number						Description of Document
3.1						Articles of Incorporation (1)

3.2						Articles of Amendment and Restatement (2)

3.3						Articles of Amendment (3)

3.4						Amended and Restated Bylaws (4)

10.1						Facility Amount Increase Request, dated April 9, 2024, between MC Income Plus Financing SPV II LLC, a wholly-owned subsidiary of the Company as borrower, and the Company, as collateral manager, with KeyBank National Association, as administrative agent and lead arranger, the lenders from time to time party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian .(5)

10.2						Loan, Security and Servicing Agreement, dated as of July 11, 2024, by and among the SPV IV LLC, as borrower; the Company, as the servicer; the lenders from time to time party thereto; Capital One, National Association, as administrative agent, and as swingline lender thereunder; U.S. Bank Trust Company, National Association, as collateral custodian and as the collateral administrator; and U.S. Bank National Association , as the document custodian .(6)

10.3						Purchase and Sale Agreement, dated as of July 11, 2024, by and among the Company, as seller, and the SPV IV LLC, as buyer .(6)

10.4						Master Participation Agreement, dated as of July 11, 2024, by and among the Company, as seller, and the SPV IV LLC, as buyer .(6)

10.5						Note Purchase Agreement, dated July 24, 2024 by and among the Company and the purchasers party thereto .(7)

10.6						Amended and Restated Dividend Reinvestment Plan of Monroe Capital Income Plus Corporation(8)

10.7						Transfer Agent Agreement between the Company and UMB Fund Services, Inc., as transfer agent .(8)

31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

32.1						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)

144

Table of Contents

_________________________________________

*Filed herewith

(1)Previously filed as an exhibit to amendment no. 1 to the registration Statement on Form 10 (File No. 000-55941) filed with the SEC on July 30, 2018.

(2)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on December 7, 2018.

(3)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on June 21, 2023.

(4)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on April 29, 2022.

(5)Previously filed as an exhibit to the quarterly report on Form 10-Q filed with the SEC on August 9, 2024.

(6)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on July 17, 2024.

(7)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on July 30, 2024.

(8)Previously filed as an exhibit to the current report on Form 8-K filed with the SEC on August 28, 2024.

145

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: November 8, 2024	By	/s/ Theodore L. Koenig
		Theodore L. Koenig Chairman, Chief Executive Officer and Director (Principal Executive Officer) Monroe Capital Income Plus Corporation

Date: November 8, 2024	By	/s/ Lewis W. Solimene, Jr.
		Lewis W. Solimene, Jr. Chief Financial Officer and Chief Investment Officer (Principal Financial and Accounting Officer) Monroe Capital Income Plus Corporation

146