Monroe Capital Income Plus expands non-traded BDC lending focus in the U.S.
Founded in January 2019 and based in Chicago, Monroe Capital Income Plus Corporation operates as a business development company focused on lending to lower-middle-market companies in the U.S. The vehicle raises capital on a continuous basis and offers shareholder liquidity through quarterly tenders of up to 5% of outstanding shares.
Highlights
- Monroe Capital Income Plus Corporation (MCIP) lends mainly to lower-middle-market U.S. companies via senior secured first lien loans, focusing on strong creditor protections.
- MCIP operates as a non-traded, continuously offered business development company, enabling ongoing capital raising instead of single-issuance fundraising.
- MCIP delivers quarterly tender offers allowing shareholders to sell up to 5% of outstanding shares, providing limited liquidity within its long-term investment model.
Company structure and lending strategy
As reported by Kroll Bond Rating Agency, Monroe Capital Income Plus Corporation, or MCIP, primarily provides senior secured first lien loans to lower-middle-market businesses across the U.S.The company seeks to qualify each year as a regulated investment company for tax purposes and is externally managed by Monroe Capital BDC Advisors, LLC. Its strategy centers on private credit exposure through senior secured lending, a structure typically aimed at providing stronger creditor protections within the capital stack.
Capital raising model and investor liquidity
MCIP operates as a non-traded, continuously offered business development company, allowing it to raise capital on an ongoing basis rather than through a single issuance event.For investors, the company provides liquidity through quarterly tender offers of up to 5% of outstanding shares. That structure gives shareholders a limited exit mechanism while supporting the company’s longer-term investment approach in the lower-middle-market lending segment.
Our earlier coverage of KBRA’s surveillance review of the CGCMT 2017-C4 CMBS transaction highlighted that the agency affirmed all ratings despite weaker pool performance and higher estimated losses since securitization. We also noted that paydowns, amortization, and defeasance continued to provide credit support, helping cushion the capital structure even as certain loans showed deterioration.
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