Monroe Capital : Q1 2023

Proprietary, Trade Secret & Confidential

For professional use only, not for general distribution.

MONROE CAPITAL CORPORATION

(NASDAQ: MRCC)

Q 1 2 0 2 3

WHY INVEST IN MONROE CAPITAL CORPORATION?

Proprietary, Trade Secret & Confidential For professional use only, not for general distribution.

MONROE'S SENIOR MANAGEMENT HAS SUCCESSFULLY INVESTED THROUGH MULTIPLE CREDIT CYCLES

CURRENTLY TRADING AT AN ATTRACTIVE DISCOUNT TO NAV1

FOCUSED ON SAFETY AND SECURITY, WITH APPROXIMATELY 84% OF PORTFOLIO ASSETS IN FIRST LIEN LOANS2

EXPERIENCED TEAM WITH OVER 90 INVESTMENT PROFESSIONALS3

DEEP INDUSTRY EXPERTISE IN THE HIGHLY FRAGMENTED LOWER MIDDLE MARKET

MANAGED BY MONROE CAPITAL BDC ADVISORS, LLC, AN AFFILIATE OF MONROE CAPITAL MANAGEMENT ADVISORS, LLC (TOGETHER WITH MONROE CAPITAL LLC AND THEIR AFFILIATES, "MONROE" OR "MONROE CAPITAL"), AN AWARD- WINNING MANAGER AND LEADING PROVIDER OF SENIOR AND JUNIOR DEBT AND EQUITY CO-INVESTMENTS TO MIDDLE MARKET COMPANIES IN THE U.S. AND CANADA, WITH APPROXIMATELY $15.9 BILLION ASSETS UNDER MANAGEMENT AS OF APRIL 1, 2023.

AWARD WINNING FIRM4

1. The Net Asset Value (NAV) is as of December 31, 2022 and based on stock price as of February 28, 2023. These figures will fluctuate and differ depending upon the level of any discount or premium to NAV at which the fund's share traded during the period. Shares of closed-end funds frequently trade at a discount to their net asset value.
2. As of March 31, 2023.
3. As of March 31, 2023.
4. Please refer to the Disclaimer Notice section entitled "Third Party Recognitions and Rankings" (which is integral to the information contained in this slide and are hereby incorporated by reference)

for important additional information regarding Monroe award considerations and specific details about the awards on this slide.

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FINANCIAL HIGHLIGHTS1-4

Proprietary, Trade Secret & Confidential For professional use only, not for general distribution.

	1Q'20	2Q'20	3Q'20	4Q'20	1Q'21	2Q'21	3Q'21	4Q'21	1Q'22	2Q'22	3Q'22	4Q'22	1Q'23
ADJUSTED NET INVESTMENT	$0.33	$0.62	$0.27	$0.25	$0.25	$0.25	$0.30	$0.25	$0.25	$0.25	$0.33	$0.26	$0.32
INCOME PER SHARE
NET INVESTMENT INCOME PER	$0.33	$0.61	$0.26	$0.25	$0.25	$0.24	$0.29	$0.25	$0.25	$0.23	$0.29	$0.25	$0.31
SHARE
NET GAIN (LOSS) PER SHARE	($2.14)	$0.08	$0.45	$0.17	$0.08	$0.29	$0.05	$0.07	($0.21)	($0.57)	($0.32)	($0.05)	($0.15)

NET INCOME (LOSS) PER SHARE NET ASSET VALUE PER SHARE DISTRIBUTIONS PAID PER SHARE

ADJUSTED NII / DISTRIBUTIONS PER SHARE

($1.81)	$0.69	$0.71	$0.42	$0.33	$0.53	$0.34	$0.32	$0.04	($0.34)	($0.03)	$0.21	$0.16
$10.04	$10.37	$10.83	$11.00	$11.08	$11.36	$11.45	$11.51	$11.30	$10.71	$10.43	$10.39	$10.29
$0.35	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25	$0.25
94.3%	248.0%	108.0%	100.0%	100.0%	100.0%	120.0%	100.0%	100.0%	100.0%	132.0%	104.0%	128.0%

TOTAL INVESTMENTS AT FMV NET ASSETS

TOTAL DEBT

DEBT TO EQUITY AT QUARTER- END

FIRST LIEN DEBT INVESTMENTS AS A % OF FAIR VALUE

$590,837	$563,296	$522,267	$547,039	$521,379	$529,989	$553,744	$561,693	$545,989	$536,039	$508,018	$541,040	$532,100
$205,352	$220,596	$230,683	$234,434	$236,163	$244,797	$246,650	$249,471	$244,901	$232,121	$225,956	$225,019	$222,961
$416,046	$370,016	$323,351	$350,559	$309,791	$343,568	$331,325	$337,945	$318,300	$320,000	$301,200	$334,600	$332,800
2.03x	1.68x	1.40x	1.50x	1.31x	1.40x	1.34x	1.35x	1.30x	1.38x	1.33x	1.49x	1.49x
90.9%	89.5%	87.4%	85.8%	84.5%	84.9%	84.8%	84.6%	83.1%	83.8%	83.3%	84.0%	83.7%

1. The Net Asset Value (NAV) as of March 31, 2023 is $10.29 per share. These figures will fluctuate and differ depending upon the level of any discount or premium to NAV at which the fund's share traded during the period. Shares of closed-end funds frequently trade at a discount to their net asset value.
2. Distributions are not guaranteed and may be suspended, modified or terminated at the discretion of the board of directors.
3. Adjusted Net Investment Income - Non-GAAP Financial Measure ("Adjusted NII"). The Company discloses Adjusted NII (including on a per share basis) in its press releases and latest Form 8-K, which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the U.S. ("non-GAAP"). Adjusted NII represents net investment income, excluding the net capital gains incentive fee and income taxes, including excise taxes. Adjusted NII may not be comparable to similar measures presented by other companies, as it is a non- GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted NII should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP. See the Company's press releases at www.monroebdc.com for a reconciliation from net investment income to Adjusted NII.

4. In thousands, except per share data.	2

		Proprietary, Trade Secret & Confidential
ORIGINATION TEAM	For professional use only, not for general distribution.

TOM ARONSON

VICE CHAIRMAN, HEAD OF ORIGINATIONS

39 Years Experience

CHRIS BABICK	CAREY DAVIDSON
MANAGING DIRECTOR	MANAGING DIRECTOR
(SOUTHEAST FOCUS)	(CAPITAL MARKETS)
BRAD BERNSTEIN	MATTHEW EVANS
MANAGING DIRECTOR	MANAGING DIRECTOR
(INDEPENDENT SPON.)	(HEALTHCARE)

SAN

FRANCISCO,

CA

STEWART HANLON

MANAGING DIRECTOR

(TECHNOLOGY)

LOS

ANGELES,

CA

ALEX PATIL

MANAGING DIRECTOR, REGION HEAD

(WEST COAST FOCUS)

STEVE HINRICHS

MANAGING DIRECTOR

(WEST COAST &

SOUTHWEST FOCUS)

WALTER WILLIAMS

VICE PRESIDENT

(WEST COAST FOCUS)

Geographic Focus

Industry Focus

CHRIS LARSON	MATT LONDON	JEREMY SIMMONS
MANAGING DIRECTOR	MANAGING DIRECTOR	MANAGING DIRECTOR
(INDEPENDENT SPON.)	(INDEPENDENT SPON.)	(DIRECT)
DAN LETIZIA	TOMMY RYAN	MARK SOLOVY
MANAGING DIRECTOR	MANAGING DIRECTOR	MANAGING DIRECTOR
(MIDWEST FOCUS)	(HEALTHCARE)	(TECHNOLOGY)
		HQ:
		CHICAGO,
		IL

JARED RUBENSTEIN

DIRECTOR

(INDEPENDENT SPON.)

PATRICK MALONE

ASST. VICE PRESIDENT

(DIRECT)

NEW YORK,

NY

BEN MARZOUK

MANAGING DIRECTOR,

REGION HEAD

(NORTHEAST FOCUS)

JACK BERNSTEIN

MANAGING DIRECTOR (EAST COAST FOCUS)

DAVID WELINSKY

MANAGING DIRECTOR

(CAPITAL MARKETS)

AMANDA TALLMAN

VICE PRESIDENT

(DIRECT)

JASON RAINER VICE PRESIDENT (CAPITAL MARKETS)

GORDON SAINT-DENISMANAGING DIRECTOR, HEAD OF SPORTS FINANCE

MATT ROSENBURG

MANAGING DIRECTOR,

HEAD OF

ENTERTAINMENT

LENDING

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BOOK VALUE PER SHARE AND CUMULATIVE DIVIDENDS PAID1

Proprietary, Trade Secret & Confidential For professional use only, not for general distribution.

	AT
	IPO				ANNUAL									QUARTERLY
$25.00
													$23.36	$23.67	$23.71	$23.37	$23.34	$23.55	$23.70
													$23.02
											$22.49
								$22.26	$22.16
					$20.38	$21.03	$21.32
$20.00					$18.65
					$17.11										$12.16	$12.41
				$15.62	$5.86	$7.26	$8.66	$10.06	$11.16	$11.41	$11.66	$11.91	$12.66	$12.91	$13.16	$13.41
$14.72	$14.88	$4.46
	$3.06
$15.00		$0.34	$1.70

$10.00
$14.72	$14.54	$13.92	$14.05	$14.19	$14.52	$13.77
						$12.66	$12.20	$11.08	$11.36	$11.45	$11.51	$11.30
$5.00							$11.00	$10.71	$10.43	$10.39	$10.29

$-

At IPO FYE	FYE	FYE	FYE		FYE	FYE	FYE		FYE	FYE	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2021	2021	2021	2022	2022	2022	2022	2023
					Book Value per Share		Cumulative Dividend Paid per Share

1. Distributions are not guaranteed and may be suspended, modified or terminated at the discretion of the board of directors. Distributions may include a return of principal or borrowed funds, which may lower overall returns to the investor and may not be sustainable; Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Please see additional information in the Disclaimer Notice.

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