UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2025

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

Commission File Number: 814-00646

MIDCAP FINANCIAL INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)

Maryland	52-2439556
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57th Street<br><br>New York, New York	10019
(Address of principal executive offices)	(Zip Code)

(212) 515-3450

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value<br><br>8.00% Notes due 2028	MFIC<br><br>MFICL	NASDAQ Global Select Market<br><br>NASDAQ Global Select Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or 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	x	Accelerated filer	¨	Non-accelerated filer	¨	Smaller reporting company	¨	Emerging growth company	¨

(Do not check if a smaller reporting company)

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

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

The number of shares of the Registrant’s common stock, $0.001 par value per share, outstanding as of November 5, 2025 was 93,303,622.

MIDCAP FINANCIAL INVESTMENT CORPORATION

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of<br>September 30, 2025 and December 31, 2024	1
	Consolidated Statements of Operations for the <br>three and nine months ended September 30, 2025 and September 30, 2024	2
	Consolidated Statements of Changes in Net Assets for the<br>three and nine months ended September 30, 2025 and September 30, 2024	3
	Consolidated Statements of Cash Flows for thenine months ended September 30, 2025 and September 30, 2024	4
	Consolidated Schedule of Investmentsas of<br><br>September 30, 2025	5
	Consolidated Schedule of Investments as of<br><br>December 31, 2024	61
	Notes to Consolidated Financial Statements	109
	Report of Independent Registered Public Accounting Firm	147
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	148
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	164
Item 4.	Controls and Procedures	166
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	167
Item 1A.	Risk Factors	167
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	168
Item 3.	Defaults Upon Senior Securities	170
Item 4.	Mine Safety Disclosures	171
Item 5.	Other Information	171
Item 6.	Exhibits	172
	Signatures	173

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “we,” “us,” and “our” refer to MidCap Financial Investment Corporation unless the context specifically states otherwise.

Item 1. Consolidated Financial Statements

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

			December 31, 2024

Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — 2,933,570 and 2,700,957, respectively)	2,828,608		$	2,605,329
Non-controlled/affiliated investments (cost — 177,206 and 142,686, respectively)	112,375			84,334
Controlled investments (cost — 227,373 and 333,754, respectively)	239,982			324,753
Cash and cash equivalents	62,502			74,357
Foreign currencies (cost — 2,902 and 1,487, respectively)	3,957			1,429
Receivable for investments sold	12,219			57,195
Interest receivable	26,222			19,289
Dividends receivable	430			709
Deferred financing costs	19,761			23,555
Prepaid expenses and other assets	3,438			—
Total Assets	3,309,494		$	3,190,950
Liabilities
Debt	1,915,074		$	1,751,621
Payable for investments purchased	780			4,190
Management fees payable	6,069			6,247
Performance-based incentive fees payable	5,818			5,336
Interest payable	11,473			12,813
Accrued administrative services expense	—			60
Other liabilities and accrued expenses	2,360			6,037
Total Liabilities	1,941,574		$	1,786,304
Commitments and contingencies (Note 8)
Net Assets	1,367,920		$	1,404,646
Net Assets
Common stock, 0.001 par value (130,000,000 shares authorized; 93,303,622 and 93,780,278 shares issued and outstanding, respectively)	93		$	94
Capital in excess of par value	2,652,015			2,658,090
Accumulated under-distributed (over-distributed) earnings	(1,284,188	)		(1,253,538	)
Net Assets	1,367,920		$	1,404,646
Net Asset Value Per Share	14.66		$	14.98

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	72,964		$	72,640		$	212,495		$	192,782
Dividend income		—			447			—			500
PIK interest income		3,785			2,938			11,724			7,371
Other income		458			992			1,003			3,593
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		1,548			697			4,293			2,098
Dividend income		200			241			640			476
PIK interest income		407			36			1,162			105
Controlled investments:
Interest income (excluding PIK interest income)		3,214			4,097			11,193			12,649
Other income		—			50			10			50
Total Investment Income	$	82,576		$	82,138		$	242,520		$	219,624
Expenses
Management fees	$	6,069		$	4,428		$	18,209		$	13,203
Performance-based incentive fees		5,818			4,601			16,100			16,212
Interest and other debt expenses		33,038			31,854			96,083			85,024
Administrative services expense		1,029			1,036			3,055			3,084
Other general and administrative expenses		1,599			2,246			4,457			6,478
Total expenses		47,553			44,165			137,904			124,001
Expense reimbursements		(284	)		(162	)		(1,370	)		(597	)
Net Expenses	$	47,269		$	44,003		$	136,534		$	123,404
Net Investment Income	$	35,307		$	38,135		$	105,986		$	96,220
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(18,988	)	$	527		$	(32,187	)	$	(6,914	)
Non-controlled/affiliated investments		(19	)		—			(324	)		—
Controlled investments		—			—			—			(15,700	)
Foreign currency forward contracts		—			—			(610	)		—
Foreign currency transactions		(160	)		(40	)		(196	)		(624	)
Net realized gains (losses)		(19,167	)		487			(33,317	)		(23,238	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		(3,688	)		(11,083	)		(12,300	)		(10,646	)
Non-controlled/affiliated investments		(1,173	)		(2,956	)		(3,565	)		(7,989	)
Controlled investments		15,316			3,566			21,610			21,121
Foreign currency forward contracts		—			—			(9	)		—
Foreign currency translations		859			(1,433	)		(2,505	)		(707	)
Net change in unrealized gains (losses)		11,314			(11,906	)		3,231			1,779
Net Realized and Change in Unrealized Gains (Losses)	$	(7,853	)	$	(11,419	)	$	(30,086	)	$	(21,459	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,454		$	26,716		$	75,900		$	74,761
Earnings (Loss) Per Share — Basic	$	0.29		$	0.31		$	0.81		$	1.03

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

	Three Months Ended<br>September 30,						Nine Months Ended<br>September 30,
	2025			2024			2025			2024
Operations
Net investment income	$	35,307		$	38,135		$	105,986		$	96,220
Net realized gains (losses)		(19,167	)		487			(33,317	)		(23,238	)
Net change in unrealized gains (losses)		11,314			(11,906	)		3,231			1,779
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,454		$	26,716		$	75,900		$	74,761
Distributions to Stockholders
Distribution of net investment income	$	(35,455	)	$	(54,392	)	$	(106,547	)	$	(103,988	)
Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(35,455	)	$	(54,392	)	$	(106,547	)	$	(103,988	)
Capital Share Transactions
Net proceeds from the issuance of common stock(1)	$	—		$	440,140		$	—		$	440,140
Repurchase of common stock		—			—			(6,079	)		—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	—		$	440,140		$	(6,079	)	$	440,140
Net Assets
Net increase (decrease) in net assets during the period	$	(8,001	)	$	412,464		$	(36,726	)	$	410,913
Net assets at beginning of period		1,375,921			1,003,759			1,404,646			1,005,310
Net Assets at End of Period	$	1,367,920		$	1,416,223		$	1,367,920		$	1,416,223
Capital Share Activity
Shares issued during the period		—			28,527,003			—			28,527,003
Shares repurchased during the period		—			—			(476,656	)		—
Shares issued and outstanding at beginning of period		93,303,622			65,253,275			93,780,278			65,253,275
Shares Issued and Outstanding at End of Period		93,303,622			93,780,278			93,303,622			93,780,278

(1) Refer to Note 10 for more information related to the Company's acquisitions of AFT and AIF.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

	Nine Months Ended September 30,
	2025			2024
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	75,900		$	74,761
Net realized (gains) losses on investments		32,511			22,614
Net change in unrealized (gains) losses		(3,231	)		(1,779	)
Net amortization of premiums and accretion of discounts on investments		(5,218	)		(6,126	)
Accretion of discount on notes		1,355			1,339
Amortization of deferred financing costs		3,877			3,905
PIK interest and dividends capitalized		(16,135	)		(9,108	)
Purchases of investments		(1,084,344	)		(714,495	)
Proceeds from sales and repayments of investments		954,071			561,462
Cash acquired in AFT and AIF Mergers		—			9,931
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable		(6,933	)		(5,331	)
Decrease (increase) in dividends receivable		279			868
Decrease (increase) in prepaid expenses and other assets		(3,438	)		10,004
Increase (decrease) in management and performance-based incentive fees payable		304			(1,700	)
Increase (decrease) in interest payable		(1,340	)		(5,901	)
Increase (decrease) in accrued administrative services expense		(60	)		197
Increase (decrease) in other liabilities and accrued expenses		(3,677	)		(4,946	)
Net Cash (Used in)/Provided by Operating Activities	$	(56,079	)	$	(64,305	)
Financing Activities
Issuances of debt	$	1,520,968		$	365,617
Payments of debt		(1,361,626	)		(234,371	)
Financing costs paid and deferred		—			(255	)
Repurchase of common stock		(6,079	)		—
Distributions paid		(106,547	)		(103,988	)
Net Cash (Used in)/Provided by Financing Activities	$	46,716		$	27,003
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	(9,363	)	$	(37,302	)
Effect of foreign exchange rate changes on cash and cash equivalents		36			(20	)
Cash, cash equivalents and foreign currencies at beginning of period		75,786			122,128
Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	66,459		$	84,806
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	92,310		$	85,736
Supplemental Disclosure of Non-Cash Activity
PIK income	$	12,886		$	7,476
Purchases of investments(1)		—			595,887
Debt assumed(1)		—			(177,000	)
Issuance of common stock(1)		—			440,140

(1) Refer to Note 10 for more information related to the Company's acquisitions of AFT and AIF.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Aerospace & Defense
Sperry Acquisition, LLC
Sperry Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	02/03/31	6,906	$	6,811		$	6,818		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	02/03/31			(13	)		(24	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	02/03/31			(15	)		(15	)	(8)(9)(21)(22)
Sperry Parent Holdings, L.P.	Common Equity - Common Stock	N/A	N/A			99			90		(9)(13)(23)
		Total Aerospace & Defense			$	6,882		$	6,869
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/29	15,141	$	14,994		$	15,066		(9)(30)
	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29	10,279		10,085			10,280		(9)(30)
		Total Air Freight & Logistics			$	25,079		$	25,346
Automobile Components
K&N Parent, Inc.
K&N Holdco, LLC	Common Equity - Common Stock	N/A	N/A		$	23,718		$	241		(13)
Truck-Lite Co., LLC
Truck-Lite Co., LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/13/32	3,250		3,252			3,218		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 0.75% Floor	02/13/32	342		327			334		(9)(21)(22)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	02/13/32			(5	)		(5	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	02/13/32			(1	)		(3	)	(8)(9)(21)(22)
						3,573			3,544
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Common Stock	N/A	N/A			138			86		(9)(13)(23)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/31/30	13,233		13,058			12,828		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/31/30			(19	)		(93	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/31/30	1,576		1,529			1,466		(9)(21)(22)(30)
						14,706			14,287
		Total Automobile Components			$	41,997		$	18,072

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)		Fair Value (1)(38)
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	03/17/31	$	5,302	$	5,228	$	5,222	(9)(30)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	03/17/31		—		(30)		(33)	(8)(9)(21)(22)
	Preferred Equity - Preferred Equity	N/A	N/A		1,000 Shares		100		100	(9)(13)(23)
	Common Equity - Common Stock	N/A	N/A		107 Shares		—		—	(9)(13)(23)
		Total Beverages				$	5,298	$	5,289
Biotechnology
Celerion
Celerion Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/05/29	$	11,032	$	10,852	$	11,033	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	11/05/29		—		(23)		—	(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/03/28		—		(10)		—	(9)(21)(22)
							10,819		11,033
Mannkind Corporation
Mannkind Corporation	Common Equity - Common Stock	N/A	N/A		34,226 Shares		—		184	(9)(10)(13)(17)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	Preferred Equity - Preferred Equity	N/A	N/A		55,556 Shares		333		401	(9)(13)
	Warrants - Warrants				73,333 Shares		389		198	(9)(13)
							722		599
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt - Term Loan	SOFR+661, 4.00% Floor	09/01/27		3,000		3,015		3,000	(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+661, 4.00% Floor	09/01/27		15,000		14,988		15,000	(9)(29)
							18,003		18,000
		Total Biotechnology				$	29,544	$	29,816
Building Products
Decks & Docks
D&D Buyer, LLC	First Lien Secured Debt - Delayed Draw	SOFR+650, 2.00% Floor	10/04/28	$	2,484	$	2,436	$	2,435	(9)(29)
OmniMax International, LLC
Omnimax International, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/06/30		15,204		14,931		14,867	(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	12/06/30		4,696		4,611		4,592	(9)(31)
							19,542		19,459

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
RF Fager
R.F. Fager Company, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	03/04/30	714	701		703		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	03/04/30	615	593		588		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/04/30	47	43		44		(9)(21)(22)(30)
					1,337		1,335
		Total Building Products			23,315		23,229
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 4.50% Floor	08/19/29	19,721	19,399		19,524		(9)(17)(29)
	First Lien Secured Debt - Revolver	SOFR+510, 2.50% Floor	08/19/29	15	15		15		(9)(17)(21)(22)<br>(29)
					19,414		19,539
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A		56,505		18,515		(13)(16)(23)
FC2 LLC (4)	Common Equity - Common Stock	N/A	N/A						(13)(23)
	Secured Debt - Promissory Note	6.50%	10/14/27	12,500	12,500		12,414
					69,005		30,929
Heubach
Heubach Holdings USA LLC	First Lien Secured Debt - Term Loan	7.00%	04/30/24	478	54		239		(14)(17)(18)
SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.)	First Lien Secured Debt - Term Loan	9.00%	01/03/29	9,438	29				(14)(17)
					83		239
Meristem Crop Performance
Lunar Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	10/03/30	9,023	8,866		8,797		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	10/03/30		(57	)	(170	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	10/03/30	1,727	1,658		1,625		(9)(21)(22)(29)
					10,467		10,252
W.R. Grace
W.R. Grace Holdings LLC	First Lien Secured Debt - Corporate Bond	4.88%	06/15/27	1,320	1,293		1,314		(10)
		Total Chemicals			100,262		62,273

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Commercial Services & Supplies
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	12/27/27	14,896	14,715		14,897		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+626, 1.00% Floor	12/27/27	3,765	3,731		3,765		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	12/27/27	1,102	1,085		1,103		(9)(21)(22)(30)
					19,531		19,765
Atlas Technical Consultants
GI Apple Midco LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/19/30	7,498	7,409		7,498		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/19/30	86	84		86		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/19/29	12	1		12		(9)(21)(22)(30)
					7,494		7,596
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/10/31	6,956	6,881		6,922		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/10/31	1,777	1,755		1,766		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/10/31	25	17		21		(9)(21)(22)(30)
					8,653		8,709
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC)	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/01/29	5,332	5,289		5,279		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	10/01/29		(8	)	(12	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	10/01/29		(5	)	(7	)	(8)(9)(21)(22)
					5,276		5,260
Flatworld Solutions
Flatworld Intermediate Corp	First Lien Secured Debt - Term Loan	SOFR+550, 1.50% Floor	03/25/30	7,960	7,814		7,829		(9)(29)
Heritage Environmental Services
Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.)	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	01/31/31	1,736	1,733		1,754		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	01/31/30						(9)(20)(21)(22)
					1,733		1,754

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
HMA
Health Management Associates Superholdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	03/30/29		3,897	3,822		3,858		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	03/30/29		505	495		500		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+635, 1.00% Floor	03/30/29	—		(5	)	(3	)	(8)(9)(20)(21)<br>(22)
						4,312		4,355
IronClad
Ironhorse Purchaser, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	09/30/27		2,962	2,928		2,902		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	09/30/27	—		(16	)	(29	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/30/27	—		(5	)	(10	)	(8)(9)(20)(21)<br>(22)
						2,907		2,863
IRP
Precision Refrigeration & Air Conditioning LLC	First Lien Secured Debt - Term Loan	SOFR+690, 1.00% Floor	03/08/28		10,888	10,766		10,616		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+690, 1.00% Floor	03/08/28		4,912	4,850		4,790		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+690, 1.00% Floor	03/08/28		1,023	1,007		966		(9)(21)(22)(30)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	158 Shares		183		211		(9)(13)(23)
						16,806		16,583
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt - Term Loan	SOFR+585 Cash plus 0.75% PIK, 1.00% Floor	01/31/27		22,266	22,281		22,046		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	01/31/27		1,589	1,589		1,559		(9)(21)(22)(29)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares		500		249		(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	11 Shares		11		1		(9)(13)
						24,381		23,855
Overhaul Group, Inc.
Overhaul Group, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30		10,714	10,662		10,661		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30	—		(21	)	(21	)	(8)(9)(22)
	Preferred Equity - Preferred Equity	N/A	N/A	5,405 Shares		100		100		(9)(23)
						10,741		10,740

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Pavement Preservation
Pavement Preservation Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/09/30	8,914		8,747			8,803		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/09/30	2,155		2,118			2,128		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/09/30	108		87			92		(9)(21)(22)(29)
						10,952			11,023
SafetyCo
HEF Safety Ultimate Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/19/29	7,369		7,229			7,327		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	11/19/29	3,284		3,198			3,250		(9)(21)(22)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/19/29	110		83			101		(9)(21)(22)(31)
						10,510			10,678
Smith System
Smith Topco, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	11/06/29	9,549		9,392			9,406		(9)(30)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	11/06/29			(18	)		(17	)	(8)(9)(21)(22)
						9,374			9,389
Vixxo
Vixxo Corporation	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30	3,722		3,670			3,694		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30			(8	)		(9	)	(8)(9)(21)(22)
						3,662			3,685
		Total Commercial Services & Supplies			$	144,146		$	144,084
Communications Equipment
MCA
Mobile Communications America, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/16/29	2,456	$	2,410		$	2,432		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/16/29	6,394		6,317			6,308		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/16/29			(23	)		(14	)	(8)(9)(21)(22)
						8,704			8,726
Mitel Networks
Mitel Networks (International) Limited	Common Equity - Common Stock	N/A	N/A			476			786		(13)(17)(23)
MLN US Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+200 Cash plus 6.00% PIK, 1.00% Floor	06/20/30	872		764			758		(17)(29)
						1,240			1,544

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)
Sorenson Holdings, LLC
Sorenson Holdings, LLC	First Lien Secured Debt - Term Loan	8% PIK	04/01/30	320		271		266		(14)
	First Lien Secured Debt - Term Loan	10% PIK	04/01/30	83		77		76		(14)
	Common Equity - Membership Interests	N/A	N/A			108		94		(13)
						456		436
		Total Communications Equipment			$	10,400		10,706
Construction & Engineering
Accelevation, LLC
Accelevation LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	01/02/31	9,208	$	9,082		9,162		(9)(29)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	01/02/31	290		265		273		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	01/02/31	385		354		373		(9)(21)(22)(30)
						9,701		9,808
American Restoration
American Restoration Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	07/24/30	6,415		6,302		6,383		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+510, 1.00% Floor	07/24/30	9,858		9,728		9,775		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	07/24/30	1,782		1,753		1,773		(9)(22)(30)
						17,783		17,931
Core Roofing
CRS Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	06/06/30	1,903		1,872		1,879		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	06/06/30			(56	)	(88	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	06/06/30			(15	)	(12	)	(8)(9)(20)(21)<br>(22)
						1,801		1,779
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A			250				(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt - Term Loan	10.6%	09/30/26	17,401		16,914		10,649		(9)(14)
	First Lien Secured Debt - Revolver	10.6%	09/30/26	1,307		1,245		800		(9)(14)(22)
						18,409		11,449

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Renovo
HomeRenew Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+650 PIK, 2.50% Floor	04/14/30	3,282	3,282		3,282		(9)(30)
	First Lien Secured Debt - Term Loan	SOFR+800 PIK, 2.50% Floor	04/14/30	1,387	1,387		1,387		(9)(30)
Renovo Home Partners	Preferred Equity - Preferred Equity	N/A	N/A		4,344		3,253		(9)(13)(23)
	Common Equity - Common Stock	N/A	N/A						(9)(13)(23)
					9,013		7,922
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/26/30	7,323	7,225		7,257		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/26/30	3,247	3,201		3,217		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/26/30		(19	)	(13	)	(8)(9)(21)(22)
					10,407		10,461
Trench Plate
Trench Plate Rental Co.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	12/04/28	17,591	17,455		17,415		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	12/04/28	800	788		782		(9)(20)(21)(22)<br>(30)
Trench Safety Solutions Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A		4		8		(9)(13)(23)
	Common Equity - Common Stock	N/A	N/A		50		45		(9)(13)
					18,297		18,250
		Total Construction & Engineering			85,411		77,600
Consumer Staples Distribution & Retail
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	09/20/30	8,496	8,358		8,326		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/20/30	242	229		224		(9)(21)(29)
					8,587		8,550
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A		169				(9)(13)
THLP CO. LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	01/31/28	27,573	27,509		27,174		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	01/31/28	2,255	2,249		2,188		(9)(22)(30)
					29,927		29,362
		Total Consumer Staples Distribution & Retail			38,514		37,912

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)
Containers & Packaging
Berry Tapes & Adhesives
Vybond Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/03/32	17,290	$	17,041		17,161		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	02/03/32			(30	)	(33	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	02/03/32			(45	)	(25	)	(8)(9)(21)(22)
						16,966		17,103
MSI Express, Inc.
NCP-MSI Buyer	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	03/24/31	5,819		5,751		5,746		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	03/24/31			(9	)	(19	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+375, 0.75% Floor	03/24/31	1,575		1,544		1,542		(9)(21)(22)(29)<br>(30)
						7,286		7,269
Truvant
NPPI Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/20/29	21,884		21,591		21,720		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/20/29			(28	)	(36	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/20/29			(37	)	(24	)	(8)(9)(21)(22)
						21,526		21,660
		Total Containers & Packaging			$	45,778		46,032
Diversified Consumer Services
Accelerate Learning
Eagle Purchaser, Inc.	First Lien Secured Debt - Term Loan	SOFR+250 Cash plus 4.75% PIK, 1.00% Floor	03/22/30	3,945	$	3,868		3,867		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+250 Cash plus 4.75% PIK, 1.00% Floor	03/22/29	677		664		666		(9)(22)(30)
						4,532		4,533
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.00% Floor	07/01/26	20,510		20,454		20,509		(29)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	07/01/26			(2	)			(21)(22)
						20,452		20,509
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	06/16/27	12,463		12,389		12,383		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	06/16/27	24,258		24,023		24,104		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+615, 1.00% Floor	06/16/27			(10	)	(10	)	(8)(9)(21)(22)
						36,402		36,477

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Excelligence
Excelligence Learning Corporation	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	01/18/30		15,301		15,029		14,919		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	01/18/30		370		330		308		(9)(20)(21)(22)<br>(30)
							15,359		15,227
Gateway Services
Gateway US Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/22/28		12,574		12,534		12,511		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	09/22/28		603		594		596		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	09/22/28	—			(1	)	(2	)	(8)(9)(21)(22)
							13,127		13,105
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/31/26		1,587		1,581		1,560		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	12/31/26		9,246		9,199		9,083		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/31/26	—		—			(7	)	(8)(9)(21)(22)
							10,780		10,636
Legacy.com
Lotus Topco Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	06/07/30		5,237		5,167		5,159		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	06/07/30		368		359		346		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	06/07/30	—			(7	)	(9	)	(8)(9)(21)(22)
							5,519		5,496
Mariani
CI (MG) GROUP, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	03/27/30		18,926		18,656		18,678		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	03/27/30		1,155		1,086		1,038		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	03/27/30		973		945		946		(9)(21)(22)(30)
							20,687		20,662
Regis
Regis Corporation	First Lien Secured Debt - Term Loan	SOFR+450, 2.50% Floor	06/24/29		6,659		6,542		6,559		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+450, 2.50% Floor	06/24/29		172		109		109		(9)(20)(21)(22)<br>(30)
							6,651		6,668

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
SEV
SEV Intermediate Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/21/30	8,229		8,092			8,085		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/21/30	658		634			629		(9)(21)(22)(30)
						8,726			8,714
Team Car Wash
TCW Midco LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	10/22/29	4,963		4,920			4,913		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	10/22/29	4,411		4,349			4,341		(9)(21)(22)(29)<br>(30)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	10/22/29			(7	)		(8	)	(8)(9)(21)(22)
						9,262			9,246
Ultra Clean Newco
Ultra Clean Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/01/30	2,469		2,429			2,426		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/01/30	5,491		5,371			5,298		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/01/30			(20	)		(25	)	(8)(9)(21)(22)
						7,780			7,699
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A			632			1,270		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+590, 1.00% Floor	05/31/26	28,148		28,061			28,094		(9)(30)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+590, 1.00% Floor	05/31/26	5,526		5,509			5,511		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+590, 1.00% Floor	05/31/26	603		600			600		(9)(21)(22)(29)<br>(30)
						34,802			35,475
Village Pet Care
Village Pet Care, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	09/22/29	1,500		1,478			1,470		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 1.00% Floor	09/22/29	1,050		1,012			950		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	09/22/29	803		789			783		(9)(21)(22)(30)
						3,279			3,203
		Total Diversified Consumer Services			$	197,358		$	197,650
Diversified Telecommunication Services
Cablevision Systems
CSC Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.00% Floor	01/18/28	976	$	954		$	972		(10)(17)(29)
	First Lien Secured Debt - Revolver	SOFR+225, 0.00% Floor	07/13/27	86		67			78		(10)(17)(21)(22)<br>(29)
	Unsecured Debt - Corporate Bond	4.13%	12/01/30	2,000		1,464			1,310		(10)(17)
		Total Diversified Telecommunication Services			$	2,485		$	2,360

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)
Electric Utilities
Dynagrid
Megavolt Borrower, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	02/13/32		4,156	4,079		4,125		(9)(30)
		Total Electric Utilities				4,079		4,125
Electrical Equipment
Brush Group
Brush Group Bidco Limited	First Lien Secured Debt - Term Loan	SON+500, 0.00% Floor	07/30/31		6,000	7,831		7,947		(9)(17)(28)
	First Lien Secured Debt - Revolver	SON+500, 0.00% Floor	07/30/31			(29	)	(30	)	(8)(9)(17)(21)<br>(22)
						7,802		7,917
Generator Buyer, Inc.
Generator Buyer, Inc.	First Lien Secured Debt - Term Loan	CORRA+525, 0.75% Floor	07/22/30	C	12,158	8,707		8,625		(9)(17)(33)
	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	07/22/30		3,837	3,779		3,818		(9)(17)(30)
	First Lien Secured Debt - Delayed Draw	CORRA+525, 0.75% Floor	07/22/30	C	2,193	1,574		1,544		(9)(17)(21)(22)<br>(33)
	First Lien Secured Debt - Revolver	CORRA+525, 0.75% Floor	07/22/30	C	280	186		185		(9)(17)(21)(22)<br>(33)
						14,246		14,172
International Wire Group
IW Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	06/28/29		13,554	13,410		13,419		(9)(29)(30)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	06/28/29		56	49		52		(9)(20)(21)(22)<br>(29)
						13,459		13,471
US MetalCo Holdings
US MetalCo Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	10/31/29		13,509	13,251		13,509		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	10/31/29			(23	)			(9)(21)(22)
						13,228		13,509
		Total Electrical Equipment				48,735		49,069
Electronic Equipment, Instruments & Components
AVAD, LLC
Surf Opco, LLC (4)	First Lien Secured Debt - Term Loan	SOFR+411, 1.00% Floor	09/10/26		9,517	14,456		9,480		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+411, 1.00% Floor	09/10/26		20,142	20,142		20,074		(9)(21)(22)(29)
	Preferred Equity - Class P-1 Preferred	N/A	N/A			1,713		2,350		(9)(13)(16)(23)
	Common Equity - Class A-1 Common	N/A	N/A					65		(9)(13)(16)(23)
						36,311		31,969

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Evolv Technologies
Evolv Technologies Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 2.00% Floor	07/01/30	6,000		5,942			5,940		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 2.00% Floor	07/01/30			(58	)		(60	)	(8)(9)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 2.00% Floor	07/01/30			(29	)		(30	)	(8)(9)(21)(22)
						5,855			5,850
Pro Vigil
Pro-Vigil Holding Company, LLC	First Lien Secured Debt - Term Loan	SOFR+585 Cash plus 2.75% PIK, 1.00% Floor	06/30/26	7,640		7,607			7,431		(9)(30)
	First Lien Secured Debt - Term Loan	SOFR+575 Cash plus 2.75% PIK, 1.00% Floor	06/30/26	2,022		2,022			1,967		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+585 Cash plus 2.75% PIK, 1.00% Floor	06/30/26	21,875		21,827			21,278		(9)(30)
						31,456			30,676
Wolfspeed
Wolfspeed Inc	First Lien Secured Debt - Corporate Bond	9.88% Cash plus 4.00% PIK	06/23/30	9,235		8,972			9,864		(9)(10)(17)
		Total Electronic Equipment, Instruments & Components			$	82,594		$	78,359
Energy Equipment & Services
Camin Cargo
Camin Cargo Control Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	12/07/29	983	$	966		$	973		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	12/07/29	877		845			846		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	12/07/29	737		718			728		(9)(21)(22)(27)<br>(30)
		Total Energy Equipment & Services			$	2,529		$	2,547
Entertainment
DHX
WildBrain Ltd.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	07/23/29	13,257	$	13,016		$	13,091		(9)(17)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	07/23/29	578		556			560		(9)(17)(21)(22)<br>(30)
						13,572			13,651
Shout Factory
Shout! Factory LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/30/31	13,337		13,142			13,137		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/30/31	276		253			253		(9)(21)(22)(30)
						13,395			13,390
		Total Entertainment			$	26,967		$	27,041

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Financial Services
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt - Term Loan	SOFR+195 Cash plus 4.45% PIK, 1.00% Floor	09/21/26	30,398	$	30,259		$	29,638		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+195 Cash plus 4.45% PIK, 1.00% Floor	09/21/26	1,289		1,283			1,256		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+195 Cash plus 4.45% PIK, 1.00% Floor	09/21/26	678		675			661		(9)(22)(30)
						32,217			31,555
Definiti LLC
Greylock Holdings LLC	Common Equity - Common Stock	N/A	N/A			100			102		(9)(13)
RHI Acquisition LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	03/16/29	5,939		5,820			5,850		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/16/29	1,477		1,438			1,430		(9)(21)(22)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	03/16/29			(12	)		(10	)	(8)(9)(21)(22)
						7,346			7,372
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42			14,012			8,153		(3)(17)
Lending Point
LendingPoint, LLC	First Lien Secured Debt - Term Loan	9%	12/31/27	39,063		38,450			31,160		(9)(14)
	First Lien Secured Debt - Term Loan	0.00%	12/31/27	3,719		3,365			2,967		(9)(14)
LendingPoint 2018-1 Funding Trust	First Lien Secured Debt - Delayed Draw	SOFR+300, 1.00% Floor	12/31/27	4,929		4,929			4,785		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+300, 1.00% Floor	12/31/27	5,395		5,395			5,281		(9)(21)(22)(30)
						52,139			44,193
Nexity
Evoriel	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	04/02/31	2,283		2,443			2,666		(9)(17)(34)
	First Lien Secured Debt - Delayed Draw	EURIBOR+525, 0.00% Floor	04/02/31	1,096		1,167			1,279		(9)(17)(21)(22)<br>(34)
						3,610			3,945
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P.	First Lien Secured Debt - Term Loan	SOFR+625, 2.00% Floor	10/25/27	6,647		6,576			6,564		(9)(17)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 2.00% Floor	10/25/27	1,808		1,785			1,780		(9)(17)(21)(22)<br>(30)
						8,361			8,344

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
PMA
PMA Parent Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	01/31/31	13,978		13,848			13,838		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	01/31/31			(9	)		(10	)	(8)(9)(21)(22)
						13,839			13,828
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	SOFR+710, 0.00% Floor	02/26/27	1,488		1,488			1,488		(9)(21)(22)(29)
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC	Preferred Equity - Preferred Stock	N/A	N/A			534			454		(13)(15)(16)(17)
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Common Equity - Common Stock	N/A	N/A			16,813			68		(13)(17)
Renew JV LLC	Common Equity - Membership Interests	N/A	N/A			175			348		(13)(17)
						17,522			870
Stretto
Stretto, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	10/13/28	11,100		11,058			10,934		(9)(30)
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4)	Structured Products and Other - Membership Interests	N/A	02/28/29			19,992			11,108		(9)(13)(24)
		Total Financial Services			$	181,584		$	141,790
Food Products
Amylu Foods
Amylu Borrower Sub, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/10/31	10,938	$	10,831		$	10,828		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/10/31			(9	)		(19	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/10/31	156		135			134		(9)(21)(22)(30)
						10,957			10,943
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt - Term Loan	SOFR+665, 1.00% Floor	07/30/27	34,038		33,722			33,356		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+665, 1.00% Floor	07/30/27	1,383		1,371			1,340		(9)(21)(22)(30)
						35,093			34,696

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interests	N/A	N/A		1,460		1,493		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A		448		425		(9)(13)
	Common Equity - Common Stock	N/A	N/A		3				(9)(13)
Hive Intermediate, LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	09/22/27	14,126	14,022		14,126		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	09/22/27	425	409		425		(9)(21)(22)(29)<br>(30)
					14,882		14,976
Nutpods
Green Grass Foods, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/26/29	3,684	3,628		3,675		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/26/29		(18	)	(3	)	(8)(9)(21)(22)
Nutpods Holdings, Inc.	Common Equity - Common Stock	N/A	N/A		125		105		(9)(13)
					3,735		3,777
Patriot Pickle
Patriot Foods Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	12/24/29	246	242		243		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	12/22/29		(3	)	(5	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	12/22/29		(4	)	(2	)	(8)(9)(21)(22)
					235		236
		Total Food Products			66,362		66,121
Ground Transportation
Bird Rides
Blue Jay Transit Inc. (4)	First Lien Secured Debt - Term Loan	SOFR+500 Cash plus 7.00% PIK, 1.00% Floor	03/22/28	20,272	20,069		20,272		(9)(29)
	First Lien Secured Debt - Term Loan	SOFR+500 Cash plus 7.00% PIK, 1.00% Floor	07/31/26	2,616	2,616		2,616		(9)(29)
Third Lane Mobility Inc. (4)	Common Equity - Common Stock	N/A	N/A		722		714		(9)(13)(23)
	Warrants - Warrants						23		(9)(13)
					23,407		23,625
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	06/30/28	3,516	3,509		3,507		(9)(29)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	06/30/28						(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	03/31/28		(1	)	(1	)	(8)(9)(20)(21)<br>(22)
					3,508		3,506

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	12/03/26	28,317		28,173			27,963		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	12/03/26	3,369		3,364			3,320		(9)(21)(22)(29)
						31,537			31,283
Olympus Terminals
Olympus Terminals Holdco II LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	12/17/30	18,488		18,152			18,244		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	12/17/30			(61	)		(45	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	12/17/30			(52	)		(39	)	(8)(9)(21)(22)
						18,039			18,160
		Total Ground Transportation			$	76,491		$	76,574
Health Care Equipment & Supplies
Capsa Healthcare
CSHC Buyerco, LLC	First Lien Secured Debt - Term Loan	SOFR+485, 1.00% Floor	09/08/26	10,274	$	10,187		$	10,188		(9)(30)
Carestream Health
Carestream Health Holdings, Inc.	Common Equity - Common Stock	N/A	N/A			1,426			1,043		(13)(17)
Carestream Health, Inc.	First Lien Secured Debt - Term Loan	SOFR+760, 1.00% Floor	09/30/27	163		151			83		(10)(17)(30)
						1,577			1,126
Cerus
Cerus Corporation	First Lien Secured Debt - Term Loan	SOFR+660, 1.80% Floor	03/01/28	12,000		11,982			12,000		(9)(17)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.80% Floor	03/01/28	4,500		4,494			4,500		(9)(17)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.00% Floor	03/01/28	3,000		2,985			3,000		(9)(17)(22)(29)
	First Lien Secured Debt - Revolver	SOFR+560 Cash plus 1.00% PIK, 1.00% Floor	03/01/28	956		955			956		(9)(17)(21)(22)<br>(29)
						20,416			20,456
Compass Health
Roscoe Medical, Inc	First Lien Secured Debt - Term Loan	10%	04/11/25	7,372		6,915			6,193		(9)(14)(19)
	First Lien Secured Debt - Revolver	10%	04/11/25	164		129			33		(9)(14)(19)(22)
						7,044			6,226
Dr. Scholl's
DRS Holdings III, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/01/28	23,658		23,554			23,539		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/01/28			(6	)		(7	)	(8)(9)(21)(22)
						23,548			23,532

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/26/28	30,822		30,633			30,819		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	04/26/28	4,702		4,662			4,702		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/26/28	381		362			381		(9)(21)(22)(29)<br>(30)
						35,657			35,902
Natus Sensory
Natus Sensory, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/07/31	10,626		10,482			10,405		(9)(30)
	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	01/07/31	2,556		2,608			2,936		(9)(34)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	01/07/31			(18	)		(58	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/07/31			(18	)		(29	)	(8)(9)(21)(22)
						13,054			13,254
NeuroPace
NeuroPace, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 2.00% Floor	05/27/30	20,000		19,903			19,900		(9)(17)(29)
	First Lien Secured Debt - Revolver	SOFR+375, 2.00% Floor	05/27/30			(7	)		(7	)	(8)(9)(17)(21)<br>(22)(29)
						19,896			19,893
Project Titan
Titan Luxco I SARL	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/12/32	6,044		5,986			5,984		(9)(31)
	First Lien Secured Debt - Term Loan	EURIBOR+500, 0.75% Floor	06/12/32	1,178		1,351			1,368		(9)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/12/32			(8	)		(17	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/12/31	278		270			270		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	EURIBOR+500, 0.75% Floor	06/12/31	111		128			127		(9)(21)(22)(35)
						7,727			7,732
Treace
Treace Medical Concepts, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	04/01/27	14,583		14,556			14,583		(9)(17)(26)(29)
	First Lien Secured Debt - Revolver	SOFR+410, 1.00% Floor	04/01/27	400		395			400		(9)(17)(21)(22)<br>(26)(29)
						14,951			14,983
		Total Health Care Equipment & Supplies			$	154,057		$	153,292

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Health Care Providers & Services
Alcami
Alcami Corporation	First Lien Secured Debt - Term Loan	SOFR+710, 1.00% Floor	12/21/28	7,993	$	7,824		$	7,873		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+710, 1.00% Floor	12/21/28	588		576			579		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+710, 1.00% Floor	12/21/28			(21	)		(16	)	(8)(9)(21)(22)
						8,379			8,436
All Star
All Star Recruiting Locums, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/30	7,383		7,263			7,346		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	05/01/30	1,735		1,690			1,715		(9)(21)(22)(29)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	05/01/30	326		306			320		(9)(21)(22)(29)
						9,259			9,381
Allied Benefit Systems
Allied Benefit Systems Intermediate LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/31/30	5,829		5,829			5,829		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	10/31/30	1,069		1,062			1,069		(9)(29)
						6,891			6,898
Amplity
Amplity Parent, Inc.	First Lien Secured Debt - Term Loan	12.6%	01/31/27	26,468		25,910			20,574		(9)(14)
	First Lien Secured Debt - Revolver	SOFR+1260, 1.00% Floor	01/31/27	2,189		2,067			2,042		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	12.6%	01/31/27	1,480		1,436			1,035		(9)(14)(22)
						29,413			23,651
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR + 725 (Inclusive of 10.25% PIK), 1.00% Floor	12/16/29	15,973		15,813			14,785		(9)(30)
	First Lien Secured Debt - Revolver	SOFR + 725 (Inclusive of 10.25% PIK), 1.00% Floor	06/16/29	1,730		1,708			1,599		(9)(21)(22)(30)
						17,521			16,384
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC)	First Lien Secured Debt - Term Loan	SOFR+550, 0.50% Floor	12/17/29	17,505		17,091			17,417		(9)(30)
	First Lien Secured Debt - Term Loan	SOFR+575, 0.50% Floor	12/17/29	3,930		3,887			3,930		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 0.50% Floor	12/17/29			(43	)		(10	)	(8)(9)(21)(22)
						20,935			21,337

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	08/05/27		8,750	8,679			8,750		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	08/05/27	—		(6	)	—			(9)(21)(22)
						8,673			8,750
ExactCare
ExactCare Parent, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	11/05/29		17,762	17,351			17,762		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	11/05/29	—		(37	)	—			(9)(21)(22)
						17,314			17,762
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc)	First Lien Secured Debt - Term Loan	8%	03/06/28		3,831	3,432			1,305		(10)(14)
KCF Puerto Rico, LLC
KCF Puerto Rico, LLC	Secured Debt - Promissory Note	N/A	06/28/28		1,697	846			814		(17)
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A	133 Shares		133			280		(9)(13)
Kure Pain Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/30/30		17,981	17,960			17,972		(9)(29)
	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/31/30		4,189	4,151			4,187		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	08/30/30		175	135			135		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/30/30	—		(5	)	—			(9)(22)(29)
						22,374			22,574
LucidHealth
Premier Imaging, LLC	First Lien Secured Debt - Term Loan	SOFR+282 Cash plus 3.44% PIK, 1.00% Floor	03/31/26		7,300	7,287			6,205		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+282 Cash plus 3.44% PIK, 1.00% Floor	03/31/26		1,964	1,895			1,669		(9)(30)
						9,182			7,874
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29		9,925	9,841			9,851		(9)(29)
Maxor National Pharmacy Services, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29		13,084	12,813			12,986		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	03/01/29	—		(26	)		(11	)	(8)(9)(21)(22)
Maxor Topco, L.P.	Preferred Equity - Preferred Equity	N/A	N/A	50,000 Shares		50			83		(9)(13)
						22,678			22,909

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt - Term Loan	SOFR+100 Cash plus 5.75% PIK, 1.00% Floor	01/12/28		21,589	21,403			21,319		(9)(30)
	First Lien Secured Debt - Term Loan	SOFR+650 PIK, 1% Floor	01/12/28		1,127	1,117			879		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+100 Cash plus 5.75% PIK, 1.00% Floor	01/12/28		630	625			611		(9)(22)(30)
						23,145			22,809
Omega Healthcare
OMH-Healthedge Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+425, 1.00% Floor	04/01/30		11,958	11,948			11,958		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+425, 1.00% Floor	04/01/30	—		(1	)	—			(9)(21)(22)
						11,947			11,958
Rarebreed
Rarebreed Veterinary Partners, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	04/18/30		4,205	4,137			4,142		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	04/18/30		13,871	13,671			13,596		(9)(21)(22)(29)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	04/18/30	—		(15	)		(14	)	(8)(9)(21)(22)
						17,793			17,724
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	08/02/27		1,379	1,371			1,371		(9)(30)
	First Lien Secured Debt - Term Loan	SOFR+540, 1.00% Floor	08/02/27		460	459			456		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+540, 1.00% Floor	08/02/27		3,401	3,354			3,333		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+540, 1.00% Floor	08/02/27	—		(26	)		(5	)	(8)(9)(20)(21)<br>(22)
						5,158			5,155
Team Select
TS Investors, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	05/04/29		13,683	13,504			13,615		(9)(29)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	05/04/29		183	114			114		(9)(21)(22)(29)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	05/04/29	—		(20	)		(9	)	(8)(9)(21)(22)
						13,598			13,720
Thomas Scientific
BSP-TS, LP	Preferred Equity - Preferred Equity	N/A	N/A	30 Shares		25			32		(9)(13)(23)
	Common Equity - Common Stock	N/A	N/A	185 Shares		185			18		(9)(13)
Thomas Scientific, LLC	First Lien Secured Debt - Term Loan	SOFR+340 Cash plus 4.25% PIK, 1.00% Floor	12/14/27		32,473	32,180			31,298		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+340 Cash plus 4.25% PIK, 1.00% Floor	12/14/27		2,297	2,274			2,190		(9)(21)(22)(30)
						34,664			33,538

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)
WellDyneRx, LLC
WelldyneRX, LLC	First Lien Secured Debt - Term Loan	SOFR+685, 0.75% Floor	03/09/27	17,444		17,286		17,313		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+685, 0.75% Floor	03/09/26			(4	)	(5	)	(8)(9)(21)(22)
						17,282		17,308
		Total Health Care Providers & Services			$	300,484		290,287
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	08/12/32	10,714	$	10,609		10,607		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	08/12/32			(18	)	(18	)	(8)(9)(21)(22)
						10,591		10,589
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp)	First Lien Secured Debt - Term Loan	SOFR+400, 0.75% Floor	10/01/27	16,647		15,969		16,414		(10)(30)
Inovalon
Inovalon Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+286 Cash plus 2.75% PIK, 0.75% Floor	11/24/28	6,257		6,181		5,991		(29)
	Second Lien Secured Debt - Term Loan	SOFR+861 PIK, 0.75% Floor	11/25/33	94		90		72		(29)
						6,271		6,063
Merative
Merative L.P.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/30/32	4,118		4,097		4,097		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	09/30/32			(1	)	(2	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	09/30/32			(2	)	(2	)	(8)(9)(21)(22)
						4,094		4,093
MRO Parent Corporation
MRO Parent Corporation	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	06/09/32	4,259		4,197		4,195		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	06/09/32			(3	)	(6	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	06/09/32			(5	)	(6	)	(8)(9)(21)(22)
						4,189		4,183
TELA Bio, Inc.
TELA Bio, Inc.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	05/01/27	13,333		13,307		13,333		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	05/01/27			(2	)			(9)(22)
						13,305		13,333
		Total Health Care Technology			$	54,419		54,675

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Hotels, Restaurants & Leisure
CircusTrix
CircusTrix Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	07/18/28	980	964		965		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	07/18/28	6,969	6,851		6,864		(9)(29)(30)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	07/18/28		(15	)	(15	)	(8)(9)(21)(22)
					7,800		7,814
Crumbl
Crumbl Enterprises LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	05/05/32	9,236	9,148		9,144		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	05/05/32	120	113		113		(9)(21)(22)(30)
					9,261		9,257
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt - Term Loan	6.95%	11/18/26	1,588	1,583		1,552		(9)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	11/18/26						(9)(30)
					1,583		1,552
International Cruise & Excursion Gallery, Inc.
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) (4)	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	12/31/28	4,012	8,739		3,959		(30)
	Common Equity - Membership Interests	N/A	N/A		4,740		2,517		(13)(23)
					13,479		6,476
Munson
Munson Buffalo Restaurant Group LLC	First Lien Secured Debt - Term Loan	11%	05/31/29	3,489	3,446		2,826		(9)(14)
	First Lien Secured Debt - Delayed Draw	11%	05/31/29	5,491	5,429		4,268		(9)(14)(22)
					8,875		7,094
PARS Group LLC
PARS Group LLC	First Lien Secured Debt - Term Loan	SOFR+685, 1.50% Floor	04/03/28	8,681	8,598		8,247		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+685, 1.50% Floor	04/03/28		(1	)	(48	)	(8)(9)(22)
					8,597		8,199

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt - Term Loan	SOFR+636, 1.00% Floor	08/16/26	8,463		8,444			8,103		(9)(29)
Tasty Chick'n
Tasty Chick'n LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	05/16/29	11,679		11,541			9,664		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+600, 1.00% Floor	05/16/29	275		267			(734	)	(8)(9)(22)(29)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	05/16/29			(22	)		(352	)	(8)(9)(22)
						11,786			8,578
The Club Company
Eldrickco Limited	First Lien Secured Debt - Term Loan	SON+562, 0.50% Floor	11/26/26	8,945		11,562			11,951		(9)(17)(28)
	First Lien Secured Debt - Delayed Draw	SON+562, 0.50% Floor	11/26/26	10,747		13,483			14,359		(9)(17)(28)
	First Lien Secured Debt - Revolver	SON+512, 0.50% Floor	11/26/26	356		417			474		(9)(17)(22)(28)
	First Lien Secured Debt - Revolver	SON+512, 0.50% Floor	05/26/26			(2	)		(4	)	(8)(9)(17)(21)<br>(22)(28)
						25,460			26,780
Walters Wedding Estates
WH BorrowerCo, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/02/30	14,348		14,150			14,026		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/02/30	3,133		3,033			2,950		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/02/30	583		552			526		(9)(21)(22)(30)
						17,735			17,502
		Total Hotels, Restaurants & Leisure			$	113,020		$	101,355
Household Durables
Allstar Holdings
Athlete Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	04/26/29	1,913	$	1,881		$	1,755		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	04/26/30	22,007		21,558			20,191		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	04/26/29	1,549		1,524			1,410		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	04/26/29	3,201		3,132			2,768		(9)(21)(22)(30)
						28,095			26,124
Polywood
Poly-Wood, LLC	First Lien Secured Debt - Term Loan	SOFR+488, 1.00% Floor	03/20/30	2,734		2,688			2,720		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/20/30			(11	)		(2	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+488, 1.00% Floor	03/20/30			(7	)		(2	)	(8)(9)(21)(22)
						2,670			2,716
		Total Household Durables			$	30,765		$	28,840

All values are in British Pounds.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)
Independent Power & Renewable Electricity Producers
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt - Term Loan	8.00%	03/08/23	5,562	$	7,231		989		(11)(14)(17)
	Preferred Equity - Preferred Stock	N/A	N/A			5,623				(2)(13)(17)(25)
	Common Equity - Ordinary Shares	N/A	N/A			4				(2)(13)(17)(25)
		Total Independent Power & Renewable Electricity Producers			$	12,858		989
Insurance
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	04/14/28	10,021	$	9,934		9,971		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	04/14/28	19,031		18,885		18,936		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	04/16/27			(12	)	(11	)	(8)(9)(21)(22)
						28,807		28,896
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+615, 1.00% Floor	06/02/26	18,599		18,544		18,553		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+615, 1.00% Floor	06/02/26	694		692		692		(9)(21)(22)(30)
						19,236		19,245
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/29/28	14,000		13,900		13,930		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	06/29/28	3,823		3,735		3,779		(9)(21)(22)(29)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/29/27			(2	)	(2	)	(8)(9)(21)(22)
						17,633		17,707
		Total Insurance			$	65,676		65,848
Interactive Media & Services
Securus Technologies Holdings, Inc.
Aventiv Technologies, LLC (fka Securus Technologies Holdings, LLC)	First Lien Secured Debt - Term Loan	SOFR+1026, 1.00% Floor	03/25/26	2,205	$	2,174		2,323		(10)(30)
	Second Lien Secured Debt - Term Loan	13.05%	03/25/26	8,853		7,703				(14)
						9,877		2,323
The Weather Company
Zephyr Buyer, L.P.	First Lien Secured Debt - Term Loan	SOFR+525, 0.50% Floor	01/31/31	30,583		29,949		30,353		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 0.50% Floor	01/31/31			(75	)	(30	)	(8)(9)(21)(22)
						29,874		30,323
		Total Interactive Media & Services			$	39,751		32,646

All values are in British Pounds.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
IT Services
Avenu Insights & Analytics
ACP Avenu Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	10/02/29	3,685	3,637		3,648		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	10/02/29	5,472	5,360		5,417		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/02/29		(26	)	(58	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	10/02/29		(25	)	(14	)	(8)(9)(21)(22)
					8,946		8,993
Distinct
Distinct Holdings Inc	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	07/18/29	13,110	12,902		12,862		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	07/18/29		(24	)	(33	)	(8)(9)(21)(22)
					12,878		12,829
GrayMatter Systems
Genius Bidco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/30	1,323	1,302		1,294		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/01/30		(38	)	(112	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/01/30	155	137		129		(9)(20)(21)(22)<br>(30)
	Common Equity - Common Stock	N/A	N/A		77		48		(9)(13)
					1,478		1,359
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	06/30/30	12,513	12,513		12,513		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	06/30/30	866	866		866		(9)(21)(22)(30)
	Preferred Equity - Preferred Equity	N/A	N/A		10,818		10,818		(9)(23)
	Common Equity - Common Stock	N/A	N/A						(9)(23)
					24,197		24,197
VikingCloud
Bullcave Limited	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/06/30	29,179	28,807		28,960		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/06/30	3,684	3,616		3,643		(9)(21)(22)(30)
					32,423		32,603
		Total IT Services			79,922		79,981

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date			Fair Value (1)(38)
Leisure Products
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+710, 1.00% Floor	09/01/26	15,488	15,462	$	15,412		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+710, 1.00% Floor	02/01/26				(8	)	(8)(9)(21)(22)
	Preferred Equity - Preferred Equity	N/A	N/A		492		211		(9)(13)
					15,954		15,615
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	Common Equity - Common Stock	N/A	N/A		1,000		115		(2)(13)(17)(23)<br>(25)
LashCo
Lash OpCo, LLC	First Lien Secured Debt - Term Loan	SOFR+275 Cash plus 5.10% PIK, 1.00% Floor	09/17/27	44,476	44,234		43,639		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+275 Cash plus 5.10% PIK, 1.00% Floor	09/17/27	2,392	2,384		2,347		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+275 Cash plus 5.10% PIK, 1.00% Floor	09/17/27	415	401		379		(9)(21)(22)(29)
					47,019		46,365
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	11/12/27	5,890	5,838		5,840		(9)(17)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	11/12/27	923	919		915		(9)(17)(30)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	11/12/27	1,412	1,402		1,400		(9)(17)(22)(27)<br>(30)
	First Lien Secured Debt - Revolver	SON+585, 1.00% Floor	11/12/27	259	344		344		(9)(17)(21)(22)<br>(28)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A		93		108		(2)(9)(13)(17)<br>(23)
					8,596		8,607
		Total Leisure Products			72,569	$	70,702
Life Sciences Tools & Services
August Bio
August Bioservices, LLC	First Lien Secured Debt - Term Loan	SOFR+595, 2.00% Floor	06/01/29	12,000	11,952	$	11,640		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+595, 2.00% Floor	06/01/29	3,000	2,988		2,910		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+400, 2.00% Floor	06/01/29	281	279		266		(9)(21)(22)(29)
					15,219		14,816

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt - Term Loan	SOFR+555, 1.00% Floor	08/09/27	1,853		1,840			1,830		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+555, 1.00% Floor	08/09/27	2,195		2,184			2,167		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+555, 1.00% Floor	08/09/27			(5	)		(9	)	(8)(9)(21)(22)
						4,019			3,988
		Total Life Sciences Tools & Services			$	19,238		$	18,804
Machinery
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	10/02/29	14,700	$	14,413		$	14,441		(9)(29)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/31	5,320		5,244			5,293		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/01/31			(23	)		(17	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/01/31			(19	)		(7	)	(8)(9)(21)(22)
						5,202			5,269
Ideal Tridon
Ideal Components Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/30/32	13,092		12,900			12,895		(9)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/30/32			(17	)		(36	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/30/32			(29	)		(30	)	(8)(9)(21)(22)
						12,854			12,829
JPW
JPW Industries Holding Corporation	First Lien Secured Debt - Term Loan	SOFR+588, 2.00% Floor	11/22/28	2,406		2,406			2,376		(9)(30)
Milacron (Project Iota)
IOTA HOLDINGS 3	First Lien Secured Debt - Term Loan	SOFR+475, 0.00% Floor	03/31/32	22,619		22,291			22,562		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+475, 0.00% Floor	03/31/32	1,274		1,206			1,262		(9)(21)(22)(30)
						23,497			23,824
Relevant Industrial
Relevant Industrial, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	05/16/31	8,194		8,097			8,091		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	05/16/31	196		164			130		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	05/16/31	214		198			196		(9)(21)(22)(30)
						8,459			8,417
		Total Machinery			$	66,831		$	67,156

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Media
Accelerate360
Accelerate360 Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	02/11/27	3,589	$	3,589		$	3,580		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	02/11/27	1,382		1,382			1,375		(9)(21)(22)(30)
						4,971			4,955
Acosta
Acosta Holdings Corp.	Preferred Equity - Preferred Equity	N/A	N/A			473			626		(13)
	Common Equity - Common Stock	N/A	N/A			77			38		(13)
						550			664
ChyronHego Corporation
ChyronHego Corporation (5)	Preferred Equity - Preferred Equity	N/A	N/A		$	6,000		$	14,586		(13)(23)
ChyronHego US Holding Corporation (5)	First Lien Secured Debt - Term Loan	SOFR+350, 1.75% Floor	06/30/26	106,156		105,949			106,156
	First Lien Secured Debt - Revolver	SOFR+600, 1.75% Floor	06/30/26	14,467		14,459			14,467		(21)(22)(30)
						126,408			135,209
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	12/30/26	18,045		17,933			17,910		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+510, 1.00% Floor	12/30/26	8,150		8,089			8,039		(9)(21)(22)(29)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	12/30/26			(8	)		(15	)	(8)(9)(21)(22)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A			220			322		(9)(13)
						26,234			26,256
HALO Branded Solutions
HALO Buyer, Inc	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/07/29	8,652		8,499			8,500		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/07/29	250		228			227		(9)(21)(22)(27)<br>(29)
						8,727			8,727
Hero Digital
HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+210 Cash plus 4.00% PIK, 1.00% Floor	11/18/28	26,699		26,400			25,956		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+210 Cash plus 4.00% PIK, 1.00% Floor	11/18/26	917		904			819		(9)(20)(21)(22)<br>(30)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A			213			222		(9)(13)
						27,517			26,997

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Wilson Language Training
Owl Parent Holdings, LLC	Common Equity - Common Stock	N/A	N/A			100			187		(9)(13)
		Total Media			$	194,507		$	202,995
Multi-Utilities
Congruex
Congruex Group LLC	First Lien Secured Debt - Term Loan	SOFR+165 Cash plus 5.00% PIK, 1.50% Floor	05/03/29	15,486	$	15,286		$	13,163		(9)(10)(30)
SEER
GS SEER Group Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/29/30	3,184		3,113			3,168		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/29/30	1,165		1,137			1,159		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/30/29			(7	)		(2	)	(8)(9)(21)(22)
GS SEER Group Holdings, LLC	Common Equity - Common Stock	N/A	N/A			42			48		(9)(13)
						4,285			4,373
		Total Multi-Utilities			$	19,571		$	17,536
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/04/31	14,925	$	14,715		$	14,689		(9)(30)
		Total Paper & Forest Products			$	14,715		$	14,689
Passenger Airlines
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/25	26,075		26,075			26,075		(22)
	Common Equity - Membership Interests	N/A	N/A			74,890			78,698		(13)(23)
		Total Passenger Airlines			$	100,965		$	104,773

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)
Personal Care Products
Elida Beauty
PHOENIX YW BUYER, INC.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	05/31/30	7,456	$	7,290		7,307		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	05/31/30			(20	)	(23	)	(8)(9)(21)(22)
						7,270		7,284
RoC Skincare
RoC Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	02/21/31	12,613		12,389		12,455		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	02/21/31	4,138		4,107		4,087		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	02/21/30			(32	)	(27	)	(8)(9)(21)(22)
						16,464		16,515
Suave
Silk Holdings I Corp.	Common Equity - Common Stock	N/A	N/A			100		179		(9)(13)
Silk Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	05/01/29	26,618		26,115		26,352		(9)(29)
						26,215		26,531
Summer Fridays
Summer Fridays, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/16/31	23,090		22,756		22,744		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/16/31			(26	)	(28	)	(8)(9)(21)(22)<br>(30)
						22,730		22,716
		Total Personal Care Products			$	72,679		73,046
Pharmaceuticals
Alcresta Therapeutics Inc.
Alcresta Holdings, LP	Preferred Equity - Preferred Equity	N/A	N/A		$	116		133		(9)(13)
	Common Equity - Common Stock	N/A	N/A			1		88		(9)(13)
Alcresta Therapeutics Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	03/12/30	2,201		2,166		2,201		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	03/31/30	4,886		4,779		4,886		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	03/31/29			(6	)			(9)(21)(22)
						7,056		7,308

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Avid Bioservices
Space Finco, Inc.	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	02/05/32	10,612	10,458			10,453		(9)(17)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	02/05/32		(80	)		(168	)	(8)(9)(17)(21)<br>(22)(30)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	02/05/31		(45	)		(48	)	(8)(9)(17)(21)<br>(22)(30)
Space Parent, LP	Preferred Equity - Preferred Equity	N/A	N/A		99			99		(9)(13)(17)(23)
	Common Equity - Common Stock	N/A	N/A		1			1		(9)(13)(17)(23)
					10,433			10,337
Ora LLC
Orion Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/18/30	6,850	6,734			6,627		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/18/30		(13	)		(55	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/18/30	1,401	1,378			1,355		(9)(22)(27)(29)
TVG Orion Blocker, Inc.	Common Equity - Common Stock	N/A	N/A		110			57		(9)(13)
	Unsecured Debt - Promissory Note	11.34%	07/11/30	21	21			21		(9)
					8,230			8,005
PAI Pharma
Pai Middle Tier, LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	02/13/32	16,459	16,221			16,268		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	02/13/32		(48	)		(41	)	(8)(9)(21)(22)
PAI Co-Investor FT Aggregator LLC	Common Equity - Common Stock	N/A	N/A		100			106		(9)(13)(23)
					16,273			16,333
Sterling Pharma
Saffron Bidco Ltd	First Lien Secured Debt - Term Loan	SOFR+325 Cash plus 3.00% PIK, 0.75% Floor	09/23/31	13,474	13,234			13,069		(9)(17)(31)
	First Lien Secured Debt - Term Loan	EURIBOR+325 Cash plus 3.00% PIK, 0.75% Floor	09/23/31	96	106			110		(9)(17)(35)
	First Lien Secured Debt - Delayed Draw	SON+325 Cash plus 3.00% PIK, 0.75% Floor	09/23/31		(71	)		(248	)	(8)(9)(17)(21)<br>(22)
					13,269			12,931
TersSera
TerSera Therapeutics LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	04/04/29	16,623	16,261			16,623		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	04/04/29		(20	)	—			(9)(21)(22)
					16,241			16,623

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Trillium
Trillium Health Care Products Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/06/31		8,064		7,912			7,842		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/06/31		1,006		989			978		(9)(21)(22)(30)<br>(31)
	First Lien Secured Debt - Revolver	CORRA+557, 1.00% Floor	08/06/31	C	838		577			585		(9)(21)(22)(34)
							9,478			9,405
		Total Pharmaceuticals				$	80,980		$	80,942
Professional Services
AGDATA
AGDATA Midco, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	07/01/30		2,633	$	2,596		$	2,593		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	07/01/30		711		696			684		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	07/01/30		163		157			156		(9)(21)(22)(30)
							3,449			3,433
BDO USA
BDO USA, P.A.	First Lien Secured Debt - Term Loan	SOFR+500, 2.00% Floor	08/31/28		11,760		11,760			11,731		(9)(29)
DCM Services
DCM Parent, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	03/12/31		12,611		12,431			12,422		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/12/31				(32	)		(35	)	(8)(9)(21)(22)
							12,399			12,387
Escalent
M&M OPCO, LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	04/07/29		12,071		11,838			11,921		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	04/07/29		181		172			175		(9)(21)(22)(30)
							12,010			12,096
G&A
G&A Partners Holding Company II, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	03/03/31		6,662		6,568			6,645		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	03/01/31		928		897			917		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	03/01/30				(5	)		(1	)	(8)(9)(21)(22)
							7,460			7,561
Health & Safety Institute
HSI Halo Holdings, LLC	Common Equity - Common Stock	N/A	N/A				46			1,756		(9)(13)

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)
Lexitas
Chronicle Parent LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/15/31	7,019		6,954		6,949		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	04/15/31	182		172		160		(9)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/15/31			(7	)	(7	)	(8)(9)(21)(22)
						7,119		7,102
North Highland
The North Highland Company LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	12/22/31	3,042		3,014		3,011		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	12/22/31			(5	)	(11	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	12/20/30	395		388		387		(9)(21)(22)(30)
						3,397		3,387
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+115 Cash plus 7.75% PIK, 1.00% Floor	03/31/27	5,525		5,466		4,989		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+115 Cash plus 7.75% PIK, 1.00% Floor	03/31/27	562		561		504		(9)(22)(30)
						6,027		5,493
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt - Term Loan	SOFR+275 Cash plus 5.85% PIK, 1.00% Floor	10/24/25	6,316		6,366		6,255		(9)(29)
Team LINX, LLC
TeamLINX Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/18/30	11,001		10,851		10,836		(9)(29)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/18/30			(19	)	(21	)	(8)(9)(21)(22)
						10,832		10,815
		Total Professional Services			$	80,865		82,016
Software
Acronis AG
ACRONIS AG	First Lien Secured Debt - Term Loan	SOFR+595 Cash plus 1.00% PIK, 1.00% Floor	04/01/27	27,421	$	27,339		27,421		(9)(17)(29)
Align
RMCF V CIV L, L.P.	Common Equity - Common Stock	N/A	N/A			500		568		(13)
American Megatrends
AMI Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	10/17/31	13,030		12,840		13,030		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	10/17/31			(25	)			(9)(21)(22)
						12,815		13,030

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Asure Software
Asure Software, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 2.00% Floor	04/01/30		6,667	6,636			6,667	(9)(17)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 2.00% Floor	04/01/30		13,333	13,272			13,333	(9)(17)(29)
						19,908			20,000
BarTender
Sigma Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/04/28		13,481	13,269			13,447	(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	01/04/28		7,218	7,112			7,200	(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/04/28		700	679			696	(9)(21)(22)(31)
						21,060			21,343
Beeline
IQN Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+262 Cash plus 3.13% PIK, 0.75% Floor	05/02/29		4,407	4,407			4,368	(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	05/02/28		128	128			125	(9)(21)(22)(30)
						4,535			4,493
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/16/26		21,477	21,408			21,417	(29)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/16/26		265	258			259	(21)(22)(29)
						21,666			21,676
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/10/28		22,752	22,443			22,306	(9)(30)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/10/28		323	294			274	(9)(21)(22)(30)
						22,737			22,580
EVER.AG Corporation
EVER.AG Corporation	First Lien Secured Debt - Term Loan	SOFR+535, 1.00% Floor	06/24/27		20,642	20,457			20,418	(9)(29)(30)
	First Lien Secured Debt - Revolver	SOFR+535, 1.00% Floor	06/24/27		1,257	1,249			1,243	(9)(22)(29)
						21,706			21,661
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	03/18/32		16,901	16,743			16,901	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	03/18/32	—		(26	)	—		(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	03/18/32	—		(23	)	—		(9)(21)(22)
						16,694			16,901

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
G2CI
Evergreen IX Borrower 2023, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/30/30		7,079		7,079			7,079		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	10/01/29	—		—			—			(9)(21)(22)
							7,079			7,079
Go1
Apiom, Inc.	First Lien Secured Debt - Term Loan	SOFR+745, 2.00% Floor	05/02/28		2,500		2,488			2,500		(9)(17)(29)
GoHealth
Norvax, LLC (dba GoHealth)	First Lien Secured Debt - Term Loan	SOFR+550, 3.00% Floor	08/05/29		840		834			844		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 3.00% Floor	08/05/29	—			(6	)		4		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+465 Cash plus 6.60% PIK, 1.00% Floor	08/06/29		1,002		997			955		(9)(21)(22)(29)
	Common Equity - Common Stock	N/A	N/A	8,648 Shares		—				49		(9)(23)
							1,825			1,852
Gtreasury
G Treasury SS LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	06/29/29		250		247			247		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	06/29/29		591		556			565		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	06/29/29		67		64			64		(9)(21)(22)(30)
							867			876
Instem
Ichor Management Limited	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/08/29		8,905		8,733			8,638		(9)(17)(31)
Litify
Litify Holdings Inc.	Common Equity - Common Stock	N/A	N/A	217,892 Shares			107			495		(9)(13)
Litify LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	02/02/29		29,167		28,597			28,583		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	02/02/29	—			(14	)		(17	)	(8)(9)(21)(22)
							28,690			29,061
Lookout
Lookout, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 3.00% Floor	06/01/29		5,000		4,980			4,963		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 3.00% Floor	06/01/29		5,000		4,981			4,963		(9)(29)
							9,961			9,926

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
mPulse
mPulse Mobile, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	08/26/32		8,077		7,996			7,996		(9)(16)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	08/26/32	—			(4	)		(8	)	(8)(9)(16)(21)<br>(22)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	08/26/32	—			(12	)		(12	)	(8)(9)(16)(21)<br>(22)
							7,980			7,976
MYCOM
Magnate Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+625, 0.50% Floor	12/31/26		20,656		20,662			20,326		(9)(17)(30)
Naviga
Colonnade Parent Inc (fka Naviga Inc.)	First Lien Secured Debt - Term Loan	5%	09/30/26		12,989		11,060			6,623		(9)(14)
	First Lien Secured Debt - Delayed Draw	5%	09/30/26		2,220		1,876			1,132		(9)(14)
	First Lien Secured Debt - Revolver	5%	09/30/26		500		493			255		(9)(14)(22)
							13,429			8,010
New Relic
Crewline Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	11/08/30		5,623		5,577			5,623		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	11/08/30	—		—			—			(9)(21)(22)
							5,577			5,623
Poppulo, Inc.
Four Winds Interactive LLC	First Lien Secured Debt - Term Loan	SOFR+650, 0.75% Floor	02/20/30		7,542		7,405			7,410		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 0.75% Floor	02/20/30	—			(13	)		(26	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+650, 0.75% Floor	02/20/30	—			(17	)		(17	)	(8)(9)(21)(22)
							7,375			7,367
Riverbed Technology, Inc.
Riverbed Technology, Inc.	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	04/03/28	—			(5	)		(6	)	(8)(21)(22)
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt - Term Loan	11%	02/02/26		8,128		8,115			6,178		(9)(14)
	First Lien Secured Debt - Revolver	11%	02/02/26		884		876			672		(9)(14)(22)
							8,991			6,850
Solera
Polaris Newco, LLC	First Lien Secured Debt - Term Loan	SOFR+426, 0.50% Floor	06/02/28		8,087		8,041			7,811		(10)(30)
							8,041			7,811

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date					Fair Value (1)(38)
SPS Commerce, Inc.
SPS Commerce, Inc.	Common Equity - Common Stock	N/A	N/A	837 Shares		62			87		(10)(13)(17)<br>(23)
Stax Payments
Stax Purchaser, LLC	First Lien Secured Debt - Term Loan	SOFR+700, 1.00% Floor	06/06/30		9,975	9,833			9,825		(9)(29)
Texada
Texada Software LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	04/30/30		6,923	6,809			6,837		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	04/30/30		2,051	2,017			2,026		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	04/30/30	—		(16	)		(13	)	(8)(9)(21)(22)
						8,810			8,850
Uniguest
Uniguest Holdings, Inc	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/27/30		19,692	19,429			19,433		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/27/30	—		(26	)		(52	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/27/30	—		(15	)		(16	)	(8)(9)(21)(22)
						19,388			19,365
Uplight
Uplight, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 4.00% Floor	06/01/29		10,000	9,921			9,875		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 4.00% Floor	06/01/29	—					(124	)	(8)(9)(22)
	First Lien Secured Debt - Revolver	SOFR+360, 4.00% Floor	06/01/29	—					(12	)	(8)(9)(21)(22)
						9,921			9,739
Zafin
Zafin Labs Americas Incorporated	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	02/14/31		16,667	16,437			16,480		(9)(17)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	02/14/31	—		(45	)		(37	)	(8)(9)(17)(21)<br>(22)
						16,392			16,443
Zendesk
Zendesk, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/22/28		7,495	7,495			7,476		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	11/22/28		576	576			571		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/22/28	—					(2	)	(8)(9)(20)(21)<br>(22)
						8,071			8,045
		Total Software				373,130		$	365,916

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Specialty Retail
Club Champion
Club Champion LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/14/29	9,043	$	8,935		$	8,952		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/14/29	187		166			169		(9)(21)(22)(31)
						9,101			9,121
EG Group
EG Global Finance PLC	First Lien Secured Debt - Corporate Bond	SOFR+750, 0.50% Floor	11/30/28	6,267		6,408			6,690		(17)(30)
Tailored Brands
The Men's Wearhouse, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 0.00% Floor	02/26/29	775		773			779		(10)(29)
		Total Specialty Retail			$	16,282		$	16,590
Technology Hardware, Storage & Peripherals
Biamp
Biamp	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/30/30	827	$	813		$	809		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/30/30			(2	)		(3	)	(8)(9)(21)(22)
						811			806
BusPatrol
BusPatrol Holdco	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/02/29	8,333		8,265			8,249		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/02/29	3,333		3,307			3,250		(9)(22)(29)
	First Lien Secured Debt - Revolver	SOFR+400, 1.00% Floor	08/02/29	300		281			280		(9)(21)(22)(29)
						11,853			11,779
		Total Technology Hardware, Storage & Peripherals			$	12,664		$	12,585
Textiles, Apparel & Luxury Goods
Iconix Brand Group
IBG Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+515, 1.00% Floor	08/22/29	5,836	$	5,789		$	5,777		(9)(30)
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A			575			73		(13)(16)(17)
Galaxy Universal LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	05/12/28	16,241		16,230			16,028		(30)
	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	05/12/28	2,480		2,480			2,486		(30)
Swisstech IP CO, LLC	First Lien Secured Debt - Term Loan	6.00% PIK	11/24/25	160		149			160		(17)
						19,434			18,747
		Total Textiles, Apparel & Luxury Goods			$	25,223		$	24,524

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Trading Companies & Distributors
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+290 Cash plus 3.50% PIK, 3.75% Floor	05/31/27	12,192	12,154		11,162		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+290 Cash plus 3.50% PIK, 3.75% Floor	05/31/27	2,977	2,966		2,725		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+290 Cash plus 3.50% PIK, 3.75% Floor	05/31/27	3	(3	)	(161	)	(8)(9)(21)(22)<br>(30)
Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A		611		10		(9)(13)
					15,728		13,736
MacQueen Equipment, LLC
MacQueen Equipment, LLC	First Lien Secured Debt - Delayed Draw	SOFR+551, 1.00% Floor	01/07/28						(9)(21)(22)
Meritus Gas Partners
MGP Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	03/01/30	14,101	13,892		13,889		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	03/01/30	1,842	1,812		1,803		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	03/01/30	366	355		355		(9)(21)(22)(30)
					16,059		16,047
ORS Nasco
WC ORS Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/07/31	19,945	19,667		19,646		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/07/31	1,352	1,276		1,279		(9)(21)(22)(27)<br>(30)
WC ORS Holdings, L.P.	Common Equity - Common Stock	N/A	N/A		100		146		(9)(13)
					21,043		21,071
PSE
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A		244		215		(9)(13)
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/10/27	10,775	10,656		10,560		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	08/10/27	3,635	3,601		3,490		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/10/27	54	46		28		(9)(21)(22)(30)
					14,547		14,293
		Total Trading Companies & Distributors			67,377		65,147
Transportation Infrastructure
GAT-Airline Ground Support Inc
GAT-Airline Ground Support Inc	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/09/29	15,048	14,862		14,935		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/09/29	2,369	2,324		2,334		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/09/29	476	450		458		(9)(21)(22)(30)
		Total Transportation Infrastructure			17,636		17,727

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Wireless Telecommunication Services
Global Eagle
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)	Common Equity - Common Stock	N/A	N/A				(13)
Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC)	First Lien Secured Debt - Term Loan	SOFR+800, 0.00% Floor	09/27/27	5,048	3,934	4,922	(30)
	First Lien Secured Debt - Term Loan	8.25%	03/23/26	5,245	2,221	118	(14)
		Total Wireless Telecommunication Services			6,155	5,040
Total Investment before Cash Equivalents					3,338,149	3,180,965	(7)(12)
J.P. Morgan U.S. Government Money Market Fund		N/A	N/A	152	152	152	(36)
Goldman Sachs Financial Square Government Fund, Institutional		N/A	N/A	31	31	31	(36)
Total Investment after Cash Equivalents					3,338,332	3,181,148

All values are in US Dollars.

Fair value is determined in good faith subject to the oversight of the board of directors of the Company (the “Board”) (See Note 2 to the consolidated financial statements).
Par amount is denominated in USD unless otherwise noted, and represents funded commitments. See Note 23 in the Consolidated Schedule of Investments and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.
Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of September 30, 2025, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Denotes investments in which we are an “Affiliated Person,” as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2024 and September 30, 2025 along with transactions during the nine months ended September 30, 2025 in these affiliated investments are as follows:

Name of Issuer	Fair Value at December 31, 2024
1244311 B.C. Ltd.,Common Stock	$	202	—		—		(87	)	115	—		—
Carbonfree Chemicals Holdings LLC,Common Equity / Interest		18,933	—		—		(418	)	18,515	—		—
FC2 LLC,Common Stock		—	—		—		—		—	—		—
FC2 LLC,Term Loan		12,459	—		—		(45	)	12,414	—		607
Golden Bear 2016-R, LLC,Membership Interests		9,736	201		(1,637	)	(145	)	8,153	—		636
Surf Opco, LLC,Class A-1 Common		—	375		—		(310	)	65	—		—
Surf Opco, LLC,Class P-1 Preferred		—	3,405		—		(1,055	)	2,350	—		—
Surf Opco, LLC,Revolver		—	26,791		(6,649	)	(68	)	20,074	—		1,328
Surf Opco, LLC,Term Loan		—	9,633		(116	)	5		9,480	(42	)	668
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests		16,366	—		(3,200	)	(2,057	)	11,108	—		—
Blue Jay Transit Inc.,Term Loan		19,940	3,592		(583	)	(61	)	22,888	—		2,531
Blue Jay Transit Inc.,Unfunded Delayed Draw		—	—		—		—		—	—		—
Bird Scooter Acquisition Corp.,Common Stock		373	—		(373	)	—		—	—		—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests		2,144	—		(1	)	375		2,517	—		—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan		4,183	(48	)	(186	)	291		3,959	(282	)	324
Third Lane Mobility Inc.,Common Stock		—	728		—		(14	)	714	—		—
Third Lane Mobility Inc.,Warrants		—	—		—		23		23	—		—
	$	84,334	44,676		(12,746	)	(3,565	)	112,375	(324	)	6,095

All values are in US Dollars.

Gross additions include increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of December 31, 2024 and September 30, 2025 along with transactions during the nine months ended September 30, 2025 in these controlled investments are as follows:

Name of Issuer	Fair Value at December 31, 2024
Majority Owned Company
ChyronHego US Holding Corporation	$	15,500	10,375	(11,400	)	(8	)	14,467	—	1,136
ChyronHego US Holding Corporation		106,406	—	(247	)	(3	)	106,156	—	6,303
ChyronHego US Holding Corporation		—	—	—		—		—	—	—
ChyronHego Corporation		19,456	—	—		(4,870	)	14,586	—	—
Merx Aviation Finance, LLC		123,815	—	(71,609	)	26,492		78,698	—	—
Merx Aviation Finance, LLC		59,576	0	(33,501	)	(0	)	26,075	—	3,764
Merx Aviation Finance Holdings, LLC		—	225,000	(225,000	)	—		—	—	—
	$	324,753	235,376	(341,757	)	21,610		239,982	—	11,203

All values are in US Dollars.

Gross additions include increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

As of September 30, 2025, the Company had a 87% and 100% equity ownership interest in ChyronHego Corporation and Merx Aviation Finance, LLC, respectively.

Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime rate on select contracts and switch to an alternative base rate contract in the future.
Substantially all securities are pledged as collateral to the Company's credit facilities (see Note 6 to the consolidated financial statements). For investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. As such, these securities are not available as collateral to our general creditors.
The negative fair value is the result of the commitment being valued below par.
These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)
Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).
The investments have a maturity date prior to the end of the current period. Additional proceeds are expected from Solarplicity Group after the resolution of bankruptcy proceedings, or other corporate actions, at each respective issuer.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Aggregate gross unrealized gain and loss for federal income tax purposes is $35,066 and $233,437, respectively. Net unrealized loss is $198,371 based on a tax cost of $3,379,336.
Non-income producing security.
Non-accrual status (see Note 2 to the consolidated financial statements).
The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.
AIC SB Holdings LLC, AIC SHD Holdings, AP Surf Investments, LLC and MFIC Epsilon SPV LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SHD Holdings LLC holds equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. MFIC Epsilon SPV LLC holds investments in mPulse Mobile, Inc.
Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2025, non-qualifying assets represented approximately 9.6% of the total assets of the Company.
The maturity date for these investments is expected to be extended past September 30, 2025. The final terms of the extension, restructuring or exit are still under negotiation between the Company and the respective portfolio company.
As of September 30, 2025, the portfolio company remains in maturity default. The respective lenders are pursuing foreclosure and sale-related steps in the absence of an agreement to extend or waive the default.
As of September 30, 2025, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.
The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

(22) As of September 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Name of Issuer	Total Commitment
Accelerate360 Holdings, LLC	$	2,544	1,382	—	1,162
Accelevation LLC		5,478	385	—	5,093
Acentra Holdings, LLC (fka CNSI Holdings, LLC)		2,000	—	—	2,000
ACP Avenu Buyer, LLC		7,247	—	—	7,247
AGDATA Midco, LLC		1,621	163	—	1,458
Alcami Corporation		1,096	—	—	1,096
Alcresta Therapeutics Inc.		2,643	—	—	2,643
All Star Recruiting Locums, LLC		3,478	326	—	3,152
Alpinex Opco, LLC		1,489	1,102	—	387
American Restoration Holdings, LLC		8,582	1,782	—	6,800
AMI Buyer, Inc.		1,905	—	—	1,905
Amplity Parent, Inc.		4,189	3,669	—	520
Amylu Borrower Sub, LLC		4,063	156	—	3,907
Arcadia Solutions, Inc.		1,786	—	—	1,786
Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.)		242	—	4	238
Aspen Aerogels, Inc.		100	15	—	85
Athlete Buyer, LLC		5,383	3,201	214	1,968
August Bioservices, LLC		500	281	—	219
Banner Buyer, LLC		1,935	3	—	1,932
Berner Food & Beverage, LLC		2,881	1,383	—	1,498
Biamp		120	—	4	116
Bingo Group Buyer, Inc.		1,196	25	—	1,171
Brush Group Bidco Limited*		2,017	—	—	2,017
Bullcave Limited		5,526	3,684	—	1,842
BusPatrol Holdco		7,000	300	—	6,700
Camin Cargo Control Holdings, Inc.		3,120	737	—	2,383
Celerion Buyer, Inc.		1,918	—	—	1,918
Cerus Corporation		5,000	956	—	4,044
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)		396	—	116	280
Chronicle Parent LLC		2,781	—	—	2,781
ChyronHego US Holding Corporation		21,000	14,467	—	6,533
CI (MG) GROUP, LLC		9,791	973	—	8,818
CircusTrix Holdings LLC		1,000	—	—	1,000
Club Car Wash Operating, LLC		1,625	—	—	1,625
Club Champion LLC		1,807	187	—	1,620
Colonnade Parent Inc (fka Naviga Inc.)		500	500	—	—
Cool Buyer, Inc.		6,667	1,576	73	5,018
Coretrust Purchasing Group LLC (HPG Enterprises LLC)		1,805	—	—	1,805
Crewline Buyer, Inc.		377	—	—	377
CRS Holdings, Inc.		8,000	—	145	7,855
Crumbl Enterprises LLC		741	120	—	621
CSC Holdings, LLC		100	86	7	7
DCM Parent, LLC		2,326	—	—	2,326
Digital.ai Software Holdings, Inc.		2,419	323	—	2,096
Distinct Holdings Inc		1,758	—	—	1,758
DRS Holdings III, Inc.		1,483	—	—	1,483
Eagle Purchaser, Inc.		677	677	—	—
Eldrickco Limited*		942	478	—	464

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Name of Issuer
EmpiRx Health LLC	909	—	227	682
EVER.AG Corporation	1,257	1,257	—	—
Evergreen IX Borrower 2023, LLC	795	—	—	795
Evolv Technologies Holdings, Inc.	9,000	—	—	9,000
Evoriel*	92	—	—	92
ExactCare Parent, Inc.	1,967	—	—	1,967
Excelligence Learning Corporation	2,466	370	223	1,873
F&M Buyer LLC	8,099	—	—	8,099
Flow Control Intermediate Holdings 2.0, LLC	4,667	—	—	4,667
Four Winds Interactive LLC	2,439	—	5	2,434
G Treasury SS LLC	1,659	67	—	1,592
G&A Partners Holding Company II, LLC	4,037	—	—	4,037
Gabriel Partners, LLC	678	678	—	—
GAT-Airline Ground Support Inc	4,782	476	22	4,284
Gateway US Holdings, Inc.	1,346	—	—	1,346
Generator Buyer, Inc.*	2,190	201	40	1,949
Genius Bidco LLC	6,160	155	77	5,928
GI Apple Midco LLC	556	12	50	494
Go Car Wash Management Corp.	417	—	—	417
Green Grass Foods, Inc.	1,250	—	—	1,250
GS SEER Group Borrower LLC	563	—	12	551
HALO Buyer, Inc	1,304	250	4	1,050
Health Management Associates Superholdings, Inc.	284	—	5	279
HEF Safety Ultimate Holdings, LLC	4,200	110	—	4,090
Heniff Holdco, LLC	3,925	3,369	164	392
High Street Buyer, Inc.	2,203	—	7	2,196
Hive Intermediate, LLC	2,326	425	—	1,901
HRO (Hero Digital) Holdings, LLC	2,654	917	32	1,705
Ideal Components Acquisition, LLC	4,408	—	—	4,408
IOTA HOLDINGS 3	4,825	1,274	6	3,545
IQN Holding Corp.	264	128	—	136
Ironhorse Purchaser, LLC	1,932	—	15	1,917
IW Buyer LLC	393	56	9	328
Jacent Strategic Merchandising	3,500	1,589	—	1,911
Kauffman Intermediate, LLC	1,307	1,307	—	—
KL Charlie Acquisition Company	8,612	—	—	8,612
Kure Pain Holdings, Inc.	2,654	175	—	2,479
Lash OpCo, LLC	1,612	415	—	1,197
LendingPoint 2018-1 Funding Trust	16,321	5,395	—	10,926
Lifelong Learner Holdings, LLC	597	562	—	35
Litify LLC	833	—	—	833
Lotus Topco Inc.	1,691	—	—	1,691
LS Clinical Services Holdings, Inc.	1,875	1,730	—	145
Lunar Buyer, LLC	10,909	1,727	—	9,182
M&M OPCO, LLC	476	181	—	295
MacQueen Equipment, LLC	9,900	—	—	9,900
Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	1,530	—	—	1,530
Medical Guardian, LLC	3,810	381	—	3,429
Merative L.P.	882	—	—	882
Merx Aviation Finance, LLC	26,075	26,075	—	—
MGP Holdings III Corp.	1,546	366	—	1,180
Midwest Vision Partners Management, LLC	630	630	—	—
Mobile Communications America, Inc.	3,558	—	—	3,558
mPulse Mobile, Inc.	1,923	—	—	1,923

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Name of Issuer
MRO Parent Corporation	741	—	—	741
Munson Buffalo Restaurant Group LLC	947	—	—	947
Natus Sensory, Inc.	4,150	—	—	4,150
NCP-MSI Buyer	4,167	1,575	25	2,567
NeuroPace, Inc.	1,500	—	—	1,500
New Era Technology, Inc.	1,732	866	—	866
Norvax, LLC (dba GoHealth)	1,790	1,002	—	788
NPPI Buyer, LLC	7,895	—	—	7,895
Olympus Terminals Holdco II LLC	6,373	—	2,142	4,231
OMH-Healthedge Holdings, Inc.	1,312	—	—	1,312
Origami Opportunities Fund III, L.P.	378	—	—	378
Orion Buyer, LLC	3,081	1,401	—	1,680
Overhaul Group, Inc.	4,286	—	—	4,286
Pace Health Companies, LLC	4,399	—	118	4,281
Pai Middle Tier, LLC	3,500	—	—	3,500
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)	4,973	54	—	4,919
Paladone Group Bidco Limited	1,412	1,412	—	—
Paladone Group Bidco Limited*	475	348	—	127
PARS Group LLC	952	—	—	952
Patriot Foods Buyer, Inc.	750	—	—	750
Pavement Preservation Acquisition, LLC	1,293	108	56	1,129
PHOENIX YW BUYER, INC.	1,136	—	—	1,136
PMA Parent Holdings, LLC	987	—	—	987
Poly-Wood, LLC	818	—	—	818
Precision Refrigeration & Air Conditioning LLC	2,273	1,023	—	1,250
Project Comfort Buyer, Inc.	1,731	—	—	1,731
Protein For Pets Opco, LLC	896	242	—	654
Purchasing Power Funding I, LLC	9,113	1,488	—	7,625
R.F. Fager Company, LLC	1,368	47	—	1,321
Rarebreed Veterinary Partners, Inc.	5,429	—	5	5,424
Regis Corporation	4,167	172	833	3,162
Relevant Industrial, LLC	6,589	214	—	6,375
RHI Acquisition LLC	2,310	—	—	2,310
Riverbed Technology, Inc.	160	—	—	160
RoC Holdco LLC	2,195	—	—	2,195
Ronnoco Holdings, Inc.	2,172	—	—	2,172
Roscoe Medical, Inc	819	164	—	655
Saffron Bidco Ltd*	8,269	—	—	8,269
SEV Intermediate Holdco, LLC	1,667	658	—	1,009
Shelby 2021 Holdings Corp.	5,247	—	—	5,247
Shout! Factory LLC	1,579	276	—	1,303
Sigma Buyer LLC	1,500	700	—	800
Simeio Group Holdings, Inc.	884	884	—	—
Smith Topco, Inc.	1,128	—	—	1,128
Space Finco, Inc.	14,362	—	—	14,362
Sperry Acquisition, LLC	3,077	—	—	3,077
Summer Fridays, LLC	1,852	—	—	1,852
Surf Opco, LLC	23,333	20,142	1,667	1,524
Tasty Chick'n LLC	7,614	—	—	7,614
TCW Midco LLC	3,361	—	—	3,361
TeamLINX Buyer, LLC	1,429	—	—	1,429
TELA Bio, Inc.	3,333	—	—	3,333
Telesoft Holdings, LLC	2,273	265	—	2,008
TerSera Therapeutics LLC	1,395	—	—	1,395
Texada Software LLC	1,026	—	—	1,026

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Name of Issuer	Total Commitment
The North Highland Company LLC		1,935	395	—	1,540
THLP CO. LLC		4,494	2,255	435	1,804
Thomas Scientific, LLC		3,040	2,297	300	443
Titan Luxco I SARL		2,667	278	—	2,389
Titan Luxco I SARL*		130	130	—	—
Traffic Management Solutions, LLC		1,583	—	51	1,532
Treace Medical Concepts, Inc.		3,000	400	—	2,600
Trench Plate Rental Co.		1,818	800	137	881
Trillium Health Care Products Inc.		1,038	1,006	—	32
Trillium Health Care Products Inc.*		602	602	—	—
Truck-Lite Co., LLC		1,391	—	4	1,387
TS Investors, LLC		15,472	—	—	15,472
Turbo Buyer, Inc.		923	694	—	229
Ultra Clean Holdco LLC		6,964	—	—	6,964
Unchained Labs, LLC		726	—	—	726
Uniguest Holdings, Inc		5,159	—	—	5,159
Uplight, Inc.		1,000	—	—	1,000
US MetalCo Holdings LLC		1,320	—	—	1,320
USLS Acquisition, Inc.		2,979	603	57	2,319
Village Pet Care, LLC		4,950	803	—	4,147
Vixxo Corporation		1,250	—	—	1,250
Vybond Buyer, LLC		7,666	—	—	7,666
WC ORS Buyer, Inc.		4,828	1,352	—	3,476
WelldyneRX, LLC		1,923	—	—	1,923
WH BorrowerCo, LLC		7,519	583	—	6,936
WildBrain Ltd.		1,446	578	—	868
Zafin Labs Americas Incorporated		3,333	—	—	3,333
Zendesk, Inc.		2,025	—	8	2,017
Zephyr Buyer, L.P.		3,952	—	—	3,952
Total Commitments	$	612,958	135,032	7,299	470,627

* These investments are in a foreign currency and the total commitment has been converted to USD using the September 30, 2025 exchange rate.

** For all letters of credit issued and outstanding on September 30, 2025, $3,732 expired in

2025

, $2,900 will expire in

2026

, $306 will expire in

2027

, $214 will expire in

2029

, $145 will expire in

2030

and $2 will expire in

2031

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

(23) Securities that are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities is $133,268 or 10% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer	Investment Type	Acquisition Date
1244311 B.C. Ltd.	Common Equity - Common Stock	9/30/2020
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc)	Common Equity - Membership Interests	12/31/2024
BSP-TS, LP	Preferred Equity - Preferred Equity	12/23/2024
Carbonfree Chemicals Holdings LLC	Common Equity - Common Equity / Interest	11/1/2019
ChyronHego Corporation	Preferred Equity - Preferred Equity	12/29/2020
Cool Acquisition Holdings, LP	Common Equity - Common Stock	10/31/2024
FC2 LLC	Common Equity - Common Stock	10/14/2022
Merx Aviation Finance, LLC	Common Equity - Membership Interests	9/1/2022
Mitel Networks (International) Limited	Common Equity - Common Stock	6/20/2025
New Era Technology, Inc.	Common Equity - Common Stock	8/21/2025
New Era Technology, Inc.	Preferred Equity - Preferred Equity	8/21/2025
Norvax, LLC (dba GoHealth)	Common Equity - Common Stock	8/6/2025
Overhaul Group, Inc.	Preferred Equity - Preferred Equity	8/18/2025
PAI Co-Investor FT Aggregator LLC	Common Equity - Common Stock	2/13/2025
Paladone Group Holdings Limited	Common Equity - Common Stock	5/1/2025
Renovo Home Partners	Preferred Equity - Preferred Equity	4/14/2025
Renovo Home Partners	Common Equity - Common Stock	4/14/2025
Ronnoco Holdings, Inc.	Preferred Equity - Preferred Equity	3/17/2025
Ronnoco Holdings, Inc.	Common Equity - Common Stock	4/1/2025
SMC IR Holdings, LLC	Common Equity - Common Stock	12/24/2024
Space Parent, LP	Common Equity - Common Stock	2/5/2025
Space Parent, LP	Preferred Equity - Preferred Equity	2/5/2025
Sperry Parent Holdings, L.P.	Common Equity - Common Stock	2/3/2025
SPS Commerce, Inc.	Common Equity - Common Stock	2/10/2025
Surf Opco, LLC	Common Equity - Class A-1 Common	3/17/2021
Surf Opco, LLC	Preferred Equity - Class P-1 Preferred	3/17/2021
Third Lane Mobility Inc.	Common Equity - Common Stock	3/22/2024
Trench Safety Solutions Holdings, LLC	Preferred Equity - Preferred Equity	4/3/2025
TVG Orion Blocker, Inc.	Common Equity - Common Stock	7/18/2024
WC ORS Holdings, L.P.	Common Equity - Common Stock	8/7/2024

The Company has approximately 22.5% ownership interest in Auto Pool 2023 Trust. Auto Pool 2023 Trust holds underlying assets that consist of a pool of retail auto loans and residual interests in auto loan trusts. The Company also continues to have an interest in any residual assets from the bankruptcy proceedings related to U.S. Auto Finance.
Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments. Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments.
Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.
The interest rate on these loans is subject to Prime, which as of September 30, 2025 was 7.25%.
The interest rate on these loans is subject to SONIA, which as of September 30, 2025 was 3.97%.
The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.
The interest rate on these loans is subject to 3 months SOFR, which as of September 30, 2025 was 3.98%.
The interest rate on these loans is subject to 6 months SOFR, which as of September 30, 2025 was 3.85%.
The interest rate on these loans is subject to 12 months SOFR, which as of September 30, 2025 was 3.66%.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

The interest rate on these loans is subject to 1 month CORRA, which as of September 30, 2025 was 2.54%.
The interest rate on these loans is subject to 3 months EURIBOR, which as of September 30, 2025 was 2.03%.
The interest rate on these loans is subject to 6 months EURIBOR, which as of September 30, 2025 was 2.10%.
This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of September 30, 2025:

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/<br>Interests		Warrants		Total
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense	$	6,783	$	—	$	—	$	—	$	—	$	99	$	—	$	6,882
Air Freight & Logistics		25,079		—		—		—		—		—		—		25,079
Automobile Components		18,141		—		—		—		—		23,856		—		41,997
Beverages		5,198		—		—		—		100		—		—		5,298
Biotechnology		28,822		—		—		—		333		—		389		29,544
Building Products		23,315		—		—		—		—		—		—		23,315
Chemicals		31,257		—		—		—		—		—		—		31,257
Commercial Services & Supplies		143,352		—		—		—		111		683		—		144,146
Communications Equipment		9,816		—		—		—		—		584		—		10,400
Construction & Engineering		80,763		—		—		—		4,348		300		—		85,411
Consumer Staples Distribution & Retail		38,345		—		—		—		—		169		—		38,514
Containers & Packaging		45,778		—		—		—		—		—		—		45,778
Diversified Consumer Services		196,726		—		—		—		—		632		—		197,358
Diversified Telecommunication Services		1,021		—		1,464		—		—		—		—		2,485
Electric Utilities		4,079		—		—		—		—		—		—		4,079
Electrical Equipment		48,735		—		—		—		—		—		—		48,735
Electronic Equipment, Instruments & Components		46,283		—		—		—		—		—		—		46,283
Energy Equipment & Services		2,529		—		—		—		—		—		—		2,529
Entertainment		26,967		—		—		—		—		—		—		26,967
Financial Services		129,958		—		—		—		534		17,088		—		147,580
Food Products		64,326		—		—		—		448		1,588		—		66,362
Ground Transportation		53,084		—		—		—		—		—		—		53,084
Health Care Equipment & Supplies		152,631		—		—		—		—		1,426		—		154,057
Health Care Providers & Services		300,091		—		—		—		75		318		—		300,484
Health Care Technology		54,329		90		—		—		—		—		—		54,419
Hotels, Restaurants & Leisure		99,541		—		—		—		—		—		—		99,541
Household Durables		30,765		—		—		—		—		—		—		30,765
Independent Power & Renewable Electricity Producers		7,231		—		—		—		5,623		4		—		12,858
Insurance		65,676		—		—		—		—		—		—		65,676
Interactive Media & Services		32,048		7,703		—		—		—		—		—		39,751

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/<br>Interests		Warrants		Total
IT Services		69,027		—		—		—		10,818		77		—	$	79,922
Leisure Products		70,984		—		—		—		492		93		—		71,569
Life Sciences Tools & Services		19,238		—		—		—		—		—		—		19,238
Machinery		66,831		—		—		—		—		—		—		66,831
Media		67,016		—		—		—		473		610		—		68,099
Multi-Utilities		19,529		—		—		—		—		42		—		19,571
Paper & Forest Products		14,715		—		—		—		—		—		—		14,715
Personal Care Products		72,579		—		—		—		—		100		—		72,679
Pharmaceuticals		80,532		—		21		—		215		212		—		80,980
Professional Services		80,819		—		—		—		—		46		—		80,865
Software		372,461		—		—		—		—		669		—		373,130
Specialty Retail		16,282		—		—		—		—		—		—		16,282
Technology Hardware, Storage & Peripherals		12,664		—		—		—		—		—		—		12,664
Textiles, Apparel & Luxury Goods		24,648		—		—		—		—		575		—		25,223
Trading Companies & Distributors		66,422		—		—		—		—		955		—		67,377
Transportation Infrastructure		17,636		—		—		—		—		—		—		17,636
Wireless Telecommunication Services		6,155		—		—		—		—		—		—		6,155
Total Non-Controlled / <br>Non-Affiliated Investments	$	2,850,207	$	7,793	$	1,485	$	—	$	23,570	$	50,126	$	389	$	2,933,570
Non-Controlled / Affiliated Investments
Chemicals		12,500		—		—		—		—		56,505		—	$	69,005
Electronic Equipment, Instruments & Components		34,596		—		—		—		1,715		—		—		36,311
Financial Services		—		—		—		34,004		—		—		—		34,004
Ground Transportation		22,685		—		—		—		—		722		—		23,407
Hotels, Restaurants & Leisure		8,739		—		—		—		—		4,740		—		13,479
Leisure Products		—		—		—		—		—		1,000		—		1,000
Total Non-Controlled / Affiliated Investments	$	78,520	$	—	$	—	$	34,004	$	1,715	$	62,967	$	—	$	177,206
Controlled Investments
Media		120,408		—		—		—		6,000		—		—	$	126,408
Passenger Airlines		26,075		—		—		—		—		74,890		—		100,965
Total Controlled Investments	$	146,483	$	—	$	—	$	—	$	6,000	$	74,890	$	—	$	227,373
Total	$	3,075,210	$	7,793	$	1,485	$	34,004	$	31,285	$	187,983	$	389	$	3,338,149

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of September 30, 2025:

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/<br>Interests		Warrants		Total
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense	$	6,779	$	—	$	—	$	—	$	—	$	90	$	—	$	6,869	0.50	%
Air Freight & Logistics		25,346		—		—		—		—		—		—		25,346	1.85	%
Automobile Components		17,745		—		—		—		—		327		—		18,072	1.32	%
Beverages		5,189		—		—		—		100		—		—		5,289	0.39	%
Biotechnology		29,033		—		—		—		401		184		198		29,816	2.18	%
Building Products		23,229		—		—		—		—		—		—		23,229	1.70	%
Chemicals		31,344		—		—		—		—		—		—		31,344	2.29	%
Commercial Services & Supplies		143,523		—		—		—		101		460		—		144,084	10.53	%
Communications Equipment		9,826		—		—		—		—		880		—		10,706	0.78	%
Construction & Engineering		74,294		—		—		—		3,261		45		—		77,600	5.67	%
Consumer Staples Distribution & Retail		37,912		—		—		—		—		—		—		37,912	2.77	%
Containers & Packaging		46,032		—		—		—		—		—		—		46,032	3.37	%
Diversified Consumer Services		196,380		—		—		—		—		1,270		—		197,650	14.45	%
Diversified Telecommunication Services		1,050		—		1,310		—		—		—		—		2,360	0.17	%
Electric Utilities		4,125		—		—		—		—		—		—		4,125	0.30	%
Electrical Equipment		49,069		—		—		—		—		—		—		49,069	3.59	%
Electronic Equipment, Instruments & Components		46,390		—		—		—		—		—		—		46,390	3.39	%
Energy Equipment & Services		2,547		—		—		—		—		—		—		2,547	0.19	%
Entertainment		27,041		—		—		—		—		—		—		27,041	1.98	%
Financial Services		121,557		—		—		—		454		518		—		122,529	8.96	%
Food Products		64,098		—		—		—		425		1,598		—		66,121	4.83	%
Ground Transportation		52,949		—		—		—		—		—		—		52,949	3.87	%
Health Care Equipment & Supplies		152,249		—		—		—		—		1,043		—		153,292	11.21	%
Health Care Providers & Services		289,874		—		—		—		115		298		—		290,287	21.22	%

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/<br>Interests			Warrants			Total
Health Care Technology		54,603			72			—			—			—			—			—		$	54,675		4.00	%
Hotels, Restaurants & Leisure		94,879			—			—			—			—			—			—			94,879		6.94	%
Household Durables		28,840			—			—			—			—			—			—			28,840		2.11	%
Independent Power & Renewable Electricity Producers		989			—			—			—			—			—			—			989		0.07	%
Insurance		65,848			—			—			—			—			—			—			65,848		4.81	%
Interactive Media & Services		32,646			—			—			—			—			—			—			32,646		2.39	%
IT Services		69,115			—			—			—			10,818			48			—			79,981		5.85	%
Leisure Products		70,268			—			—			—			211			108			—			70,587		5.16	%
Life Sciences Tools & Services		18,804			—			—			—			—			—			—			18,804		1.37	%
Machinery		67,156			—			—			—			—			—			—			67,156		4.91	%
Media		66,391			—			—			—			626			769			—			67,786		4.96	%
Multi-Utilities		17,488			—			—			—			—			48			—			17,536		1.28	%
Paper & Forest Products		14,689			—			—			—			—			—			—			14,689		1.07	%
Personal Care Products		72,867			—			—			—			—			179			—			73,046		5.34	%
Pharmaceuticals		80,437			—			21			—			232			252			—			80,942		5.92	%
Professional Services		80,260			—			—			—			—			1,756			—			82,016		6.00	%
Software		364,717			—			—			—			—			1,199			—			365,916		26.75	%
Specialty Retail		16,590			—			—			—			—			—			—			16,590		1.21	%
Technology Hardware, Storage & Peripherals		12,585			—			—			—			—			—			—			12,585		0.92	%
Textiles, Apparel & Luxury Goods		24,451			—			—			—			—			73			—			24,524		1.79	%
Trading Companies & Distributors		64,776			—			—			—			—			371			—			65,147		4.86	%
Transportation Infrastructure		17,727			—			—			—			—			—			—			17,727		1.30	%
Wireless Telecommunication Services		5,040			—			—			—			—			—			—			5,040		0.37	%
Total Non-Controlled / <br>Non-Affiliated Investments	$	2,798,747		$	72		$	1,331		$	—		$	16,744		$	11,516		$	198		$	2,828,608		206.78	%
% of Net Assets		204.60	%		0.01	%		0.10	%		0.00	%		1.22	%		0.84	%		0.01	%		206.78	%

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/<br>Interests			Warrants			Total
Non-Controlled / Affiliated Investments
Chemicals		12,414			—			—			—			—			18,515			—		$	30,929		2.26	%
Electronic Equipment, Instruments & Components		29,554			—			—			—			2,350			65			—			31,969		2.34	%
Financial Services		—			—			—			19,261			—			—			—			19,261		1.41	%
Ground Transportation		22,888			—			—			—			—			714			23			23,625		1.73	%
Hotels, Restaurants & Leisure		3,959			—			—			—			—			2,517			—			6,476		0.47	%
Leisure Products		—			—			—			—			—			115			—			115		0.01	%
Total Non-Controlled / Affiliated Investments	$	68,815		$	—		$	—		$	19,261		$	2,350		$	21,926		$	23		$	112,375		8.22	%
% of Net Assets		5.03	%		0.00	%		0.00	%		1.41	%		0.17	%		1.60	%		0.00	%		8.22	%
Controlled Investments
Media		120,623			—			—			—			14,586			—			—			135,209		9.88	%
Passenger Airlines		26,075			—			—			—			—			78,698			—			104,773		7.66	%
Total Controlled Investments	$	146,698		$	—		$	—		$	—		$	14,586		$	78,698		$	—		$	239,982		17.54	%
% of Net Assets		10.72	%		0.00	%		0.00	%		0.00	%		1.07	%		5.75	%		0.00	%		17.54	%
Total	$	3,014,260		$	72		$	1,331		$	19,261		$	33,680		$	112,140		$	221		$	3,180,965		232.54	%
% of Net Assets		220.35	%		0.01	%		0.10	%		1.41	%		2.46	%		8.20	%		0.02	%		232.54	%

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of September 30, 2025
Software	11.5%
Health Care Providers & Services	9.1%
Media	6.4%
Diversified Consumer Services	6.2%
Health Care Equipment & Supplies	4.8%
Commercial Services & Supplies	4.5%
Financial Services	4.5%
Passenger Airlines	3.3%
Hotels, Restaurants & Leisure	3.2%
Professional Services	2.6%
Pharmaceuticals	2.5%
IT Services	2.5%
Electronic Equipment, Instruments & Components	2.5%
Construction & Engineering	2.4%
Ground Transportation	2.4%
Personal Care Products	2.3%
Leisure Products	2.2%
Machinery	2.1%
Food Products	2.1%
Insurance	2.1%
Chemicals	2.0%
Health Care Technology	1.7%
Trading Companies & Distributors	1.5%
Electrical Equipment	1.5%
Containers & Packaging	1.4%
Consumer Staples Distribution & Retail	1.2%
Interactive Media & Services	1.0%
Biotechnology	0.9%
Household Durables	0.9%
Entertainment	0.9%
Air Freight & Logistics	0.8%
Textiles, Apparel & Luxury Goods	0.8%
Building Products	0.7%
Life Sciences Tools & Services	0.6%
Automobile Components	0.6%
Transportation Infrastructure	0.6%
Multi-Utilities	0.6%
Specialty Retail	0.5%
Oil, Gas & Consumable Fuels	0.5%
Paper & Forest Products	0.5%
Technology Hardware, Storage & Peripherals	0.4%
Communications Equipment	0.3%
Aerospace & Defense	0.2%
Beverages	0.2%
Wireless Telecommunication Services	0.2%
Electric Utilities	0.1%
Energy Equipment & Services	0.1%
Diversified Telecommunication Services	0.1%
Total Investments	100.0%

Effective March 31, 2025, the Company transitioned its industry classification methodology from Moody’s to the Global Industry Classification Standard (GICS).

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Advertising, Printing & Publishing
Accelerate360
Accelerate360 Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	02/11/27	3,875	$	3,875		$	3,836		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	02/11/27	1,382		1,382			1,356		(9)(21)(23)(31)
						5,257			5,192
Acosta
Acosta Holdings Corp.	Preferred Equity - Preferred Equity	N/A	N/A			473			491		(13)(24)
	Common Equity - Common Stock	N/A	N/A			77			80		(13)(24)
						550			571
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	12/30/26	18,185		18,041			18,003		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	12/30/26	5,399		5,360			5,294		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	12/30/26	—		(17	)		(20	)	(8)(9)(21)(23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A			220			320		(9)(13)
						23,604			23,597
Hero Digital
HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+210 Cash plus 5.00% PIK, 1.00% Floor	11/18/28	19,182		18,961			18,365		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+210 Cash plus 5.00% PIK, 1.00% Floor	11/18/28	6,980		6,895			6,683		(9)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+210 Cash plus 5.00% PIK, 1.00% Floor	11/18/26	2,545		2,523			2,412		(9)(20)(21)(23)<br>(31)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A			213			269		(9)(13)
						28,592			27,729
Houghton Mifflin
Houghton Mifflin Harcourt Company	First Lien Secured Debt - Term Loan	SOFR+525, 0.50% Floor	04/09/29	6,151		5,863			6,074		(10)(30)
		Total Advertising, Printing & Publishing			$	63,866		$	63,163
Automotive
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	06/16/27	12,463	$	12,361		$	12,353		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	06/16/27	18,065		17,800			17,851		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	06/16/27	—		(14	)		(14	)	(8)(9)(21)(23)
						30,147			30,190

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date			Cost (37)			Fair Value (1)(38)
K&N Parent, Inc.
K&N Holdco, LLC	Common Equity - Common Stock	N/A	N/A	125,967 Shares			23,718			252		(13)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares			350			828		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt - Term Loan	SOFR+575, 0.75% Floor	02/13/31		2,448		2,412			2,426		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 0.75% Floor	02/13/31		—		(4	)		(2	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	02/13/30		—		(4	)		(2	)	(8)(9)(21)(23)
							2,754			3,250
Ultra Clean Newco
Ultra Clean Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/01/30		2,488		2,447			2,450		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/01/30		4,423		4,296			4,257		(9)(21)(23)(30)<br>(31)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/01/30		—		(23	)		(21	)	(8)(9)(21)(23)
							6,720			6,686
		Total Automotive				$	63,339		$	40,378
Aviation and Consumer Transport
Bird
Bird Scooter Acquisition Corp. (4)	Common Equity - Common Stock	N/A	N/A	4,656,670 Shares		$	366		$	373		(9)(13)(24)
Blue Jay Transit Inc. (4)	First Lien Secured Debt - Term Loan	SOFR+300, 1.00% Floor	03/22/28		19,940		19,676			19,939		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+300, 1.00% Floor	03/22/28		—		—			—		(9)(23)
							20,042			20,312
GAT-Airline Ground Support Inc
GAT-Airline Ground Support Inc	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/09/29		15,162		14,956			15,010		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	05/09/29		951		929			927		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	05/09/29		—		(31	)		(24	)	(8)(9)(21)(23)
							15,854			15,913
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/25		59,575		59,575			59,576		(23)
	Common Equity - Membership Interests	N/A	N/A		—		146,500			123,815		(13)(24)
							206,075			183,391

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29	10,358		10,142			10,358		(9)(31)(32)
	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/29	3,250		3,206			3,218		(9)(31)
						13,348			13,576
		Total Aviation and Consumer Transport			$	255,319		$	233,192
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	07/30/27	34,302	$	33,923		$	33,531		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+565, 1.00% Floor	07/30/26	—		(22	)		(50	)	(8)(9)(21)(23)
						33,901			33,481
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interests	N/A	N/A			1,147			1,423		(13)
Cave
Cave Enterprises Operations, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.50% Floor	08/09/28	8,551		8,425			8,551		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.50% Floor	08/09/28	—		(1	)		—		(9)(23)
						8,424			8,551
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A			448			229		(9)(13)
	Common Equity - Common Stock	N/A	N/A			3			—		(9)(13)
Hive Intermediate, LLC	First Lien Secured Debt - Term Loan	SOFR+610 Cash plus 2.00% PIK, 1.00% Floor	09/22/27	14,126		13,988			13,914		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+610 Cash plus 2.00% PIK, 1.00% Floor	09/22/27	843		822			809		(9)(21)(23)(30)
						15,261			14,952
Nutpods
Green Grass Foods, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	12/26/29	3,713		3,648			3,703		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	12/26/29	—		(21	)		(3	)	(8)(9)(21)(23)
Nutpods Holdings, Inc.	Common Equity - Common Stock	N/A	N/A			125			153		(9)(13)
						3,752			3,853
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A			90			1,999		'(13)

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Patriot Pickle
Patriot Foods Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/24/29	248		243			245		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+600, 1.00% Floor	12/24/29	—		(4	)		(5	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	12/24/29	—		(4	)		(2	)	(8)(9)(21)(23)
						235			238
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A			169			-		(9)(13)
THLP CO. LLC	First Lien Secured Debt - Term Loan	SOFR+600 Cash plus 2.00% PIK, 1.00% Floor	05/31/25	26,172		26,127			25,911		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+600 Cash plus 6.00% PIK, 1.00% Floor	05/31/25	1,453		1,449			1,453		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600 Cash plus 2.00% PIK, 1.00% Floor	05/31/25	1,921		1,915			1,876		(9)(20)(21)(23)<br>(31)
						29,660			29,240
		Total Beverage, Food & Tobacco			$	92,470		$	93,737
Business Services
Accelerate Learning
Eagle Purchaser, Inc.	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	03/22/30	3,361	$	3,281		$	3,344		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	03/22/30	469		455			464		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	03/22/29	658		643			648		(9)(23)(31)
						4,379			4,456
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	12/27/27	17,308		17,069			17,271		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+626, 1.00% Floor	12/27/27	4,374		4,323			4,374		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	12/27/27	1,102		1,081			1,103		(9)(21)(23)(31)
						22,473			22,748
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt - Term Loan	SOFR+640, 1.00% Floor	09/21/26	29,956		29,739			29,503		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+640, 1.00% Floor	09/21/26	1,270		1,260			1,251		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+640, 1.00% Floor	09/21/26	338		332			328		(9)(21)(23)(31)
						31,331			31,082

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Atlas Technical Consultants
GI Apple Midco LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/19/30		7,556	7,465		7,556		(9)(30)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/19/30		86	67		86		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/19/29		214	202		214		(9)(20)(21)(23)<br>(30)
						7,734		7,856
Avenu
ACP Avenu Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	10/02/29		1,238	1,209		1,219		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	10/02/29		2,240	2,158		2,158		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	10/02/29		167	150		156		(9)(21)(23)(31)
						3,517		3,533
BDO USA
BDO USA, P.A.	First Lien Secured Debt - Term Loan	SOFR+500, 2.00% Floor	08/31/28		11,850	11,850		11,850		(9)(30)
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/10/31		7,009	6,926		6,939		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/10/31		—	(13	)	(21	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/10/31		25	15		17		(9)(21)(23)(31)
						6,928		6,935
Carestream Health
Carestream Health Holdings, Inc.	Common Equity - Common Stock	N/A	N/A	173,887 Shares		1,426		1,443		(17)(24)
Carestream Health, Inc.	First Lien Secured Debt - Term Loan	SOFR+750, 1.00% Floor	09/30/27		167	151		128		(10)(17)(31)
						1,577		1,571
Core Roofing
CRS Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	06/06/30		1,918	1,882		1,889		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	06/06/30		—	(65	)	(106	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	06/06/30		—	(17	)	(14	)	(8)(9)(20)(21)<br>(23)
						1,800		1,769
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC)	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/01/29		5,373	5,323		5,319		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	10/01/29		—	(10	)	(12	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	10/01/29		—	(6	)	(7	)	(8)(9)(21)(23)
						5,307		5,300

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Distinct
Distinct Holdings Inc	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	07/18/29	13,209	12,994		12,996		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	07/18/29	—	(28	)	(28	)	(8)(9)(21)(23)
					12,966		12,968
Escalent
M&M OPCO, LLC	First Lien Secured Debt - Term Loan	SOFR+810, 1.00% Floor	04/07/29	12,226	11,952		11,982		(9)(31)(32)
	First Lien Secured Debt - Revolver	SOFR+810, 1.00% Floor	04/07/29	—	(5	)	(5	)	(8)(9)(21)(23)
					11,947		11,977
G&A
G&A Partners Holding Company II, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	03/01/31	3,223	3,165		3,167		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	03/01/31	574	514		462		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	03/01/30	—	(6	)	(6	)	(8)(9)(21)(23)
					3,673		3,623
Go1
Apiom, Inc.	First Lien Secured Debt - Term Loan	SOFR+745, 2.00% Floor	05/02/28	2,500	2,485		2,513		(9)(17)(30)
Heritage Environmental Services
Heritage Environmental Services, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/31/31	1,749	1,745		1,763		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 4.50% Floor	01/31/30	—	(1	)	—		(9)(20)(21)(23)
					1,744		1,763
HMA
Health Management Associates Superholdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	03/30/29	3,897	3,810		3,877		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	03/30/29	350	335		347		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+010, 0.00% Floor	03/30/29	135	129		134		(9)(20)(21)(23)<br>(28)
					4,274		4,358
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc)	First Lien Secured Debt - Term Loan	SOFR+425, 0.75% Floor	03/06/28	2,880	2,608		1,711		(10)(31)
	First Lien Secured Debt - Term Loan	SOFR+425, 0.50% Floor	03/06/28	980	887		603		(10)(31)
					3,495		2,314

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
IRP
Precision Refrigeration & Air Conditioning LLC	First Lien Secured Debt - Term Loan	SOFR+690, 1.00% Floor	03/08/28		10,956	10,804		10,683		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+690, 1.00% Floor	03/08/28		4,950	4,880		4,826		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+690, 1.00% Floor	03/08/28		1,932	1,912		1,875		(9)(21)(23)(31)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	153 Shares		179		270		(9)(13)
						17,775		17,654
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt - Term Loan	SOFR+510 Cash plus 0.75% PIK, 1.00% Floor	10/23/25		22,207	22,199		22,050		(9)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	10/23/25		1,564	1,559		1,541		(9)(23)(30)
	Common Equity - Common Stock	N/A	N/A	498 Shares		500		151		(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	11 Shares		11		1		(9)(13)
						24,269		23,743
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	07/31/26		7,730	7,705		7,721		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	07/31/26		5,101	5,082		5,094		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	07/31/26		879	872		877		(9)(23)(31)
						13,659		13,692
North Highland
The North Highland Company LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	12/22/31		3,065	3,034		3,034		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	12/22/31			(6	)	(6	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	12/20/30		161	153		153		(9)(21)(23)(31)
						3,181		3,181
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+790, 1.00% Floor	10/20/25		4,354	4,305		4,344		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+790, 1.00% Floor	10/20/25		927	913		924		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+790, 1.00% Floor	10/20/25		537	536		536		(9)(21)(23)(31)
						5,754		5,804
SafetyCo
HEF Safety Ultimate Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/19/29		7,425	7,265		7,425		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	11/19/29		—	(56	)	—		(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/17/29		710	679		710		(9)(21)(23)(31)
						7,888		8,135

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt - Term Loan	SOFR+275 Cash plus 5.85% PIK, 1.00% Floor	07/12/25		11,942	11,957		11,705		(9)(30)
SEER
GS SEER Group Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/29/30		3,208	3,128		3,160		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/29/30		709	676		688		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/30/29		—	(8	)	(6	)	(8)(9)(21)(23)
GS SEER Group Holdings, LLC	Common Equity - Common Stock	N/A	N/A	42 Shares		42		43		(9)(13)
						3,838		3,885
Smith System
Smith Topco, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	11/06/29		8,783	8,616		8,783		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	11/06/29		—	(21	)	—		(9)(21)(23)
						8,595		8,783
Solera
Polaris Newco, LLC	First Lien Secured Debt - Term Loan	SOFR+426, 0.50% Floor	06/02/28		6,716	6,733		6,737		(10)(31)
Solera, LLC	Second Lien Secured Debt - Term Loan	SOFR+910, 1.00% Floor	06/04/29		5,686	5,636		5,627		(10)(31)
						12,369		12,364
Trench Plate
Trench Plate Rental Co.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	12/03/26		17,727	17,581		17,417		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	12/03/26		1,427	1,414		1,395		(9)(20)(21)(23)<br>(31)
Trench Safety Solutions Holdings, LLC	Common Equity - Common Stock	N/A	N/A	331 Shares		50		32		(9)(13)
						19,045		18,844
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		1,055		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+590, 1.00% Floor	06/01/26		28,370	28,225		28,235		(9)(31)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+590, 1.00% Floor	06/01/26		4,428	4,412		4,411		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+590, 1.00% Floor	12/01/27		804	796		798		(9)(20)(23)(31)
						34,065		34,499
Vixxo
Vixxo Corporation	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30		3,750	3,697		3,694		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30		—	(9	)	(19	)	(8)(9)(21)(23)
						3,688		3,675

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Wilson Language Training
Owl Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+535, 1.00% Floor	02/04/28	9,635		9,515			9,586		(9)(30)
Owl Parent Holdings, LLC	Common Equity - Common Stock	N/A	N/A			100			172		(9)(13)
						9,615			9,758
		Total Business Services			$	313,178		$	312,338
Chemicals, Plastics & Rubber
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 4.50% Floor	08/19/29	23,605	$	23,161		$	23,133		(9)(17)(30)
	First Lien Secured Debt - Revolver	SOFR+460, 2.50% Floor	08/19/29	43		43			43		(9)(17)(21)(23)<br>(30)
						23,204			23,176
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A			56,505			18,933		(13)(16)(24)
FC2 LLC (4)	Common Equity - Common Stock	N/A	N/A			-			-		(24)
	Secured Debt - Promissory Note	6.50%	10/14/27	12,500		12,501			12,459
						69,006			31,392
Heubach
Heubach Holdings USA LLC	First Lien Secured Debt - Term Loan	10.00%	04/30/24	1,631		383			815		(14)(17)(18)
SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.)	First Lien Secured Debt - Term Loan	7.00%	01/03/29	9,438		—			—		(14)(17)
						383			815
IPS
SI Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/31/27	34,624		34,495			34,552		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/31/27	—		(12	)		(15	)	(8)(9)(21)(23)
						34,483			34,537
Meristem Crop Performance
Lunar Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	10/03/30	9,091		8,915			8,909		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	10/03/30	—		(65	)		(68	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	10/03/30	455		376			373		(9)(21)(23)(30)
						9,226			9,214
W.R. Grace
W.R. Grace Holdings LLC	First Lien Secured Debt - Corporate Bond	4.88%	06/15/27	2,000		1,943			1,938		(10)
		Total Chemicals, Plastics & Rubber			$	138,245		$	101,072

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Construction & Building
Allstar Holdings
Athlete Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	04/26/29	$	1,927	$	1,890		$	1,908		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	04/26/29		23,681		23,172			23,442		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	04/26/29		3,292		3,211			3,240		(9)(20)(21)(23)(31)
							28,273			28,590
American Restoration
American Restoration Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	07/24/30		6,463		6,340			6,350		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+510, 1.00% Floor	07/24/30		5,222		5,109			5,105		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	07/24/30		389		356			358		(9)(21)(23)(31)
							11,805			11,813
OmniMax International, LLC
Omnimax International, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/06/30		15,280		14,977			14,975		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	12/06/30		—		(47	)		(47	)	(8)(9)(23)
							14,930			14,928
Pave America
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)	First Lien Secured Debt - Term Loan	SOFR+690, 1.00% Floor	02/07/28		14,310		13,993			14,095		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+690, 1.00% Floor	02/07/28		1,423		1,394			1,402		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+690, 1.00% Floor	02/07/28		1,371		1,321			1,332		(9)(21)(23)(31)
							16,708			16,829
Pavement Preservation
Pavement Preservation Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/09/30		8,999		8,826			8,819		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/09/30		2,155		2,114			2,112		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/09/30		—		(24	)		(26	)	(8)(9)(21)(23)
							10,916			10,905
Renovo
HomeRenew Buyer, Inc.	First Lien Secured Debt - Term Loan	8.65%	11/23/27		9,073		8,177			4,900		(9)(14)(30)
	First Lien Secured Debt - Term Loan	SOFR+900, 2.50% Floor	03/13/25		1,276		1,241			1,244		(9)(30)
	First Lien Secured Debt - Delayed Draw	8.65%	11/23/27		7,998		7,198			4,319		(9)(14)(30)
	First Lien Secured Debt - Revolver	8.65%	11/23/27		2,161		1,975			1,167		(9)(14)(23)(30)
							18,591			11,630

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
RF Fager
R.F. Fager Company, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	03/04/30	930		911			914		(9)(30)(31)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	03/04/30	—		(17	)		(32	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	03/04/30	—		(5	)		(4	)	(8)(9)(21)(23)
						889			878
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/26/30	7,379		7,269			7,268		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/26/30	—		(45	)		(46	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/26/30	121		100			100		(9)(21)(23)(31)
						7,324			7,322
		Total Construction & Building			$	109,436		$	102,895
Consumer Goods - Durable
Club Champion
Club Champion LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/14/29	8,152	$	8,039		$	8,009		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/14/29	663		638			631		(9)(21)(23)(32)
						8,677			8,640
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	Common Equity - Common Stock	N/A	N/A			1,000			202		(13)(17)(24)(26)
Polywood
Poly-Wood, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	03/20/30	2,165		2,120			2,165		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/20/30	—		(13	)		—		(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	03/20/30	—		(8	)		—		(9)(21)(23)
						2,099			2,165
Sorenson Holdings, LLC
Sorenson Holdings, LLC	First Lien Secured Debt - Term Loan	8.00% PIK	04/01/30	247		197			203
	First Lien Secured Debt - Term Loan	10.00% PIK	04/01/30	60		54			55
	Common Equity - Membership Interests	N/A	N/A			108			119		(13)
						359			377
		Total Consumer Goods – Durable			$	12,135		$	11,384

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Consumer Goods - Non-durable
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	09/20/30	8,561	$	8,410		$	8,411		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/20/30	—		(15	)		(16	)	(8)(9)(21)
						8,395			8,395
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+710, 1.00% Floor	02/01/26	17,757		17,716			17,653		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+710, 1.00% Floor	02/01/26	—		(3	)		(9	)	(8)(9)(21)(23)
	Preferred Equity - Preferred Equity	N/A	N/A			493			246		(9)(13)
						18,206			17,890
Elida Beauty
PHOENIX YW BUYER, INC.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	05/31/30	8,137		7,968			7,975		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	05/31/30	—		(23	)		(23	)	(8)(9)(21)(23)
						7,945			7,952
Excelligence
Excelligence Learning Corporation	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	01/18/30	15,418		15,123			15,264		(9)(31)
	First Lien Secured Debt - Revolver	P+475	01/18/30	148		101			123		(9)(20)(21)(23)<br>(28)
						15,224			15,387
Iconix Brand Group
IBG Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/22/29	5,953		5,897			5,894		(9)(31)
LashCo
Lash OpCo, LLC	First Lien Secured Debt - Term Loan	SOFR+275 Cash plus 5.10% PIK, 1.00% Floor	03/18/26	42,662		42,398			41,794		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+275 Cash plus 5.10% PIK, 1.00% Floor	03/18/26	2,302		2,293			2,256		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+275 Cash plus 5.10% PIK, 1.00% Floor	03/18/26	1,673		1,658			1,637		(9)(23)(32)
						46,349			45,687
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	11/12/27	5,936		5,867			5,913		(9)(17)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	11/12/27	930		924			926		(9)(17)(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	11/12/27	659		645			653		(9)(17)(21)(23)<br>(28)(31)
	First Lien Secured Debt - Revolver	SON+550, 1.00% Floor	11/12/27	353		469			439		(9)(17)(23)(29)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A			92			121		(9)(13)(17)
						7,997			8,052

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
RoC Skincare
RoC Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	02/21/31	12,709		12,480			12,486		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	02/21/30	—		(38	)		(38	)	(8)(9)(21)(23)
						12,442			12,448
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A			2,041			106		(16)(17)
Galaxy Universal LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	11/12/26	1,241		1,229			1,237		(17)(31)
Swisstech IP CO, LLC	First Lien Secured Debt - Term Loan	6.00% PIK	05/28/25	201		154			201		(17)
						3,424			1,544
Suave
Silk Holdings I Corp.	Common Equity - Common Stock	N/A	N/A			100			215		(9)(13)
Silk Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29	29,652		29,046			29,355		(9)(31)
						29,146			29,570
Tailored Brands
The Men's Wearhouse, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 0.00% Floor	02/26/29	1,270		1,268			1,271		(10)(31)
		Total Consumer Goods – Non-durable			$	156,293		$	154,090
Consumer Services
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.00% Floor	07/01/25	21,078	$	21,012		$	21,075		(31)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	07/01/25	—		(2	)		—		(21)(23)
						21,010			21,075
Gateway Services
Gateway US Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/22/28	10,225		10,184			10,172		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/22/26	2,349		2,340			2,337		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	09/22/26	533		532			531		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	11/14/26	—		(9	)		(5	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+650, 0.75% Floor	09/22/26	—		(1	)		(2	)	(8)(9)(21)(23)
						13,046			13,033

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/31/26		1,600	1,588		1,557		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	12/31/26		9,318	9,243		9,080		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+635, 1.00% Floor	12/31/26			—		(11	)	(8)(9)(21)(23)
						10,831		10,626
Legacy.com
Lotus Topco Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	06/07/30		2,926	2,886		2,883		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	06/07/30		—	(10	)	(22	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	06/07/30		—	(8	)	(9	)	(8)(9)(21)(23)
						2,868		2,852
Regis
Regis Corporation	First Lien Secured Debt - Term Loan	SOFR+450, 2.50% Floor	06/24/29		6,942	6,814		6,802		(9)(30)(31)
	First Lien Secured Debt - Revolver	SOFR+450, 2.50% Floor	06/24/29		721	646		638		(9)(20)(21)(23)<br>(31)
						7,460		7,440
SEV
SEV Intermediate Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/21/30		8,292	8,148		8,147		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/21/30		633	605		604		(9)(21)(23)(31)<br>(32)
						8,753		8,751
Team Car Wash
TCW Midco LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	10/22/29		5,000	4,952		4,950		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	10/22/29		—	(40	)	(42	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	10/22/29		—	(8	)	(8	)	(8)(9)(21)(23)
						4,904		4,900
The Club Company
Eldrickco Limited	First Lien Secured Debt - Term Loan	SON+578, 0.50% Floor	11/26/26	£	9,057	11,696		11,038		(9)(17)(29)
	First Lien Secured Debt - Delayed Draw	SON+578, 0.50% Floor	11/26/26	£	8,497	10,516		10,275		(9)(17)(21)(23)<br>(29)
	First Lien Secured Debt - Revolver	SON+578, 0.50% Floor	11/26/26	£	356	416		433		(9)(17)(23)(29)
	First Lien Secured Debt - Revolver	SON+553, 0.50% Floor	05/26/26	£	—	(1	)	(11	)	(8)(9)(17)(21)<br>(23)
						22,627		21,735

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
The Weather Company
Zephyr Buyer, L.P.	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	01/31/30		30,816		30,134			30,272		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	01/31/30		—		(84	)		(69	)	(8)(9)(21)(23)
							30,050			30,203
Village Pet Care
Village Pet Care, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	09/22/29		1,500		1,475			1,485		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 1.00% Floor	09/22/29		750		708			700		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	P+550	09/22/29		800		784			790		(9)(21)(23)(28)
							2,967			2,975
Walters Wedding Estates
WH BorrowerCo, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30		14,348		14,140			14,129		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30				(114	)		(122	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/01/30		1,223		1,188			1,185		(9)(21)(23)(31)
							15,214			15,192
		Total Consumer Services				$	139,730		$	138,782
Containers, Packaging & Glass
Truvant
NPPI Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/20/29	$	22,050	$	21,737		$	21,719		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/20/29		—		(33	)		(71	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/20/29		—		(44	)		(47	)	(8)(9)(21)(23)
		Total Containers, Packaging & Glass				$	21,660		$	21,601
Diversified Investment Vehicles, Banking, Finance, Real Estate
Basswood Park CLO Ltd
Basswood Park CLO Ltd 2021-1	Asset Backed Security - CLO Debt		04/20/34	$	2,000	$	2,011		$	2,003		(10)(17)
Celink
Compu-Link Corporation (dba Celink)	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	11/30/29		18,076		17,695			17,819		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	11/30/29		—		(5	)		(41	)	(8)(9)(21)(23)
Peer Advisors, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	11/30/29		4,347		4,340			4,285		(9)(30)
							22,030			22,063

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)
Churchill Middle Market CLO Lt
Churchill Middle Market CLO Ltd 2021-1	Asset Backed Security - CLO Debt		10/24/33		4,000	4,000		4,002		(10)(17)
Definiti LLC
Greylock Holdings LLC	Common Equity - Common Stock	N/A	N/A			100		96		(9)(13)
RHI Acquisition LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	03/16/29		5,985	5,843		5,864		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/16/29		1,302	1,259		1,240		(9)(21)(23)(32)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	03/16/29		—	(14	)	(13	)	(8)(9)(21)(23)
						7,188		7,187
Fortress Credit BSL Limited
Fortress Credit BSL Limited 2021-3	Asset Backed Security - CLO Debt		07/20/34		3,000	3,001		3,005		(10)(17)
Fortress Credit Opportunities
Fortress Credit Opportunities CLO LLC 2024-25	Asset Backed Security - CLO Debt		01/15/37		4,000	4,000		4,000		(10)(17)
Generator Buyer, Inc.
Generator Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	07/22/30	C	16,086	12,536		12,188		(9)(17)(31)(33)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	07/22/30	C	416	286		259		(9)(17)(21)(23)<br>(33)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	07/22/30	C	—	(21	)	(15	)	(8)(9)(17)(20)(21)<br>(23)
						12,801		12,432
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42			15,451		9,736		(3)(17)
Golub Capital Partners CLO, LT
Golub Capital Partners CLO, LTD 2021-55	Asset Backed Security - CLO Debt		07/20/34		2,000	2,016		2,013		(10)(17)
Insight XI Aggregator, L.P.
Insight XI Aggregator, L.P.	First Lien Secured Debt - Term Loan	SOFR+325, 0.00% Floor	08/28/25		3,041	3,041		3,041		(9)(17)(31)
Lending Point
LendingPoint 2018-1 Funding Trust	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/31/27		36,294	35,918		36,109		(9)(31)
LendingPoint LLC	First Lien Secured Debt - Term Loan	0.00%	12/30/26		2,197	2,197		2,192		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+300, 1.00% Floor	12/31/27		6,971	6,971		6,945		(9)(21)(23)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	12/31/27		—	—		(8	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+300, 1.00% Floor	12/31/27		—	—		(21	)	(8)(9)(21)(23)
						45,086		45,217

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Nexity
Evoriel	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	04/02/31	2,283		2,438			2,335		(9)(17)(34)
	First Lien Secured Debt - Delayed Draw	EURIBOR+525, 0.00% Floor	04/02/31	391		402			390		(9)(17)(21)(23)<br>(34)
						2,840			2,725
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P.	First Lien Secured Debt - Term Loan	SOFR+625, 2.00% Floor	10/25/27	6,667		6,572			6,567		(9)(17)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 2.00% Floor	10/25/27	—		(47	)		(50	)	(8)(9)(17)(21)<br>(23)
						6,525			6,517
PMA
PMA Parent Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/31/31	14,013		13,869			13,865		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	01/31/31	—		(10	)		(10	)	(8)(9)(21)(23)
						13,859			13,855
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	SOFR+710, 0.00% Floor	02/26/27	2,825		2,825			2,825		(9)(21)(23)(30)
Redfin
Redfin Corporation	First Lien Secured Debt - Term Loan	SOFR+575, 1.50% Floor	10/20/28	3,456		3,385			3,378		(9)(17)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.50% Floor	10/20/28	3,474		3,402			3,396		(9)(17)(31)
						6,787			6,774
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC	Preferred Equity - Preferred Stock	N/A	N/A			534			193		(15)(17)
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Common Equity - Common Stock	N/A	N/A			16,813			69		(13)(17)
Renew JV LLC	Common Equity - Membership Interests	N/A	N/A			233			400		(13)(17)
						17,580			662
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/29/28	14,109		13,985			14,039		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	06/29/28	412		357			393		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	06/29/27	—		(3	)		(2	)	(8)(9)(21)(23)
						14,339			14,430
Stretto
Stretto, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	10/13/28	11,194		11,143			11,138		(9)(31)
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4)	Structured Products and Other - Membership Interests	N/A	02/28/29			23,192			16,366		(9)(25)
		Total Diversified Investment Vehicles, Banking, Finance, Real Estate			$	219,715		$	189,991

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Energy - Electricity
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt - Term Loan	4.00%	03/08/23	5,562	$	7,231		$	1,997		(11)(14)(17)
	Preferred Equity - Preferred Stock	N/A	N/A			5,623			—		(13)(17)(26)
	Common Equity - Ordinary Shares	N/A	N/A			4			—		(13)(17)(26)
		Total Energy – Electricity			$	12,858		$	1,997
Environmental Industries
Liberty Tire Recycling
LTR Intermediate Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	05/05/28	2,067	$	2,030		$	2,036		(10)(30)
		Total Environmental Industries			$	2,030		$	2,036
Healthcare & Pharmaceuticals
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt - Term Loan	SOFR+691, 2.50% Floor	11/01/27	13,125	$	13,142		$	13,093		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+691, 2.50% Floor	11/01/27	9,375		9,357			9,353		(9)(30)
						22,499			22,446
Alcami
Alcami Corporation	First Lien Secured Debt - Term Loan	SOFR+710, 1.00% Floor	12/21/28	8,055		7,853			7,874		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+710, 1.00% Floor	12/21/28	593		578			579		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+710, 1.00% Floor	12/21/28	82		56			58		(9)(21)(23)(30)
						8,487			8,511
Alcresta Therapeutics Inc.
Alcresta Holdings, LP	Preferred Equity - Preferred Equity	N/A	N/A			116			124		(9)(24)
	Common Equity - Common Stock	N/A	N/A			1			28		(9)(24)
Alcresta Therapeutics Inc.	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	03/12/30	2,276		2,236			2,242		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/12/30	—		(123	)		(106	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	03/31/29	—		(7	)		(7	)	(8)(9)(21)(23)
						2,223			2,281
All Star
All Star Recruiting Locums, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/30	6,922		6,793			6,887		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	05/01/30	—		(15	)		(9	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	05/01/30	217		194			211		(9)(21)(23)(31)
						6,972			7,089

All values are in British Pounds.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Allied Benefit Systems
Allied Benefit Systems Intermediate LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/31/30	5,873	5,873		5,873		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	10/31/30	1,077	1,069		1,077		(9)(30)
					6,942		6,950
August Bio
August Bioservices, LLC	First Lien Secured Debt - Term Loan	SOFR+595, 2.00% Floor	06/01/29	12,000	11,945		11,850		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+595, 2.00% Floor	06/01/29	3,000	2,987		2,963		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+400, 2.00% Floor	06/01/29	—	(2	)	(7	)	(8)(9)(21)(23)
					14,930		14,806
Azurity Pharmaceuticals
Azurity Pharmaceuticals, Inc.	First Lien Secured Debt - Term Loan	SOFR+662, 0.75% Floor	09/20/27	4,765	4,729		4,670		(10)(30)
Bausch Health
Bausch Health Companies Inc. (f/k/a Valeant Pharmaceuticals International, Inc.)	First Lien Secured Debt - Term Loan	SOFR+525, 0.50% Floor	02/01/27	7,200	6,747		7,047		(10)(17)(30)
	First Lien Secured Debt - Corporate Bond	5.50%	11/01/25	1,088	1,048		1,061		(10)(17)
					7,795		8,108
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+751, 1.00% Floor	12/16/27	14,782	14,612		14,227		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+751, 1.00% Floor	06/16/27	1,609	1,585		1,544		(9)(21)(23)(31)
					16,197		15,771
Celerion
Celerion Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/05/29	11,117	10,908		11,006		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	11/05/29	—	(27	)	(13	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	11/03/28	—	(12	)	(6	)	(8)(9)(21)(23)
					10,869		10,987
Cerus
Cerus Corporation	First Lien Secured Debt - Term Loan	SOFR+660, 1.80% Floor	03/01/28	12,000	11,978		12,000		(9)(17)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.80% Floor	03/01/28	4,500	4,492		4,500		(9)(17)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.00% Floor	03/01/28	3,000	2,980		3,000		(9)(17)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+385, 1.00% Floor	03/01/28	415	414		415		(9)(17)(21)(23)<br>(30)
					19,864		19,915

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC)	First Lien Secured Debt - Term Loan	SOFR+550, 0.50% Floor	12/17/29		17,640	17,167		17,462		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+575, 0.50% Floor	12/17/28		3,960	3,912		3,940		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 0.50% Floor	12/17/29		213	163		193		(9)(21)(23)(31)
						21,242		21,595
Compass Health
Roscoe Medical, Inc	First Lien Secured Debt - Term Loan	SOFR+636, 1.00% Floor	03/31/25		7,391	7,309		7,354		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+011, 0.00% Floor	03/31/25		492	482		488		(9)(21)(23)(28)
						7,791		7,842
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	08/05/27		8,818	8,721		8,818		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	08/05/27		—	(8	)	-		(9)(20)(21)(23)
						8,713		8,818
ExactCare
ExactCare Parent, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	11/05/29		17,898	17,468		17,808		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	11/05/29		—	(44	)	(10	)	(8)(9)(21)(23)
						17,424		17,798
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp)	First Lien Secured Debt - Term Loan	SOFR+400, 0.75% Floor	10/01/27		16,778	15,875		16,293		(10)(31)
Health & Safety Institute
HSI Halo Holdings, LLC	Common Equity - Common Stock	N/A	N/A	104 Shares		16		21		(9)
HSI HALO Acquisition, Inc.	Common Equity - Common Stock	N/A	N/A	500 Shares		31		2,026		(9)(13)
						47		2,047
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A	133 Shares		133		305		(9)(13)
Kure Pain Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	08/27/27		21,047	21,006		21,047		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	08/27/27		—	(6	)	-		(9)(21)(23)
						21,133		21,352
LucidHealth
Premier Imaging, LLC	First Lien Secured Debt - Term Loan	SOFR+426 Cash plus 2.00% PIK, 1.00% Floor	03/31/26		7,057	7,025		5,716		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+426 Cash plus 2.00% PIK, 1.00% Floor	03/31/26		1,911	1,837		1,548		(9)(31)
						8,862		7,264

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Mannkind Corporation
Mannkind Corporation	Common Equity - Common Stock	N/A	N/A	34,226 Shares		-		220		(9)(10)(13)(17)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29		10,000	9,900		9,900		(9)(13)
Maxor National Pharmacy Services, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29		13,185	12,882		13,053		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+700, 1.00% Floor	03/01/29		—	(32	)	(15	)	(8)(9)(21)(23)
Maxor Topco, L.P.	Preferred Equity - Preferred Equity	N/A	N/A	50,000 Shares		50		75		(9)(13)
						22,800		23,013
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	04/26/28		31,062	30,844		30,902		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	04/26/28		4,738	4,690		4,714		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+635, 1.00% Floor	04/26/28		—	(24	)	(19	)	(8)(9)(21)(23)
						35,510		35,597
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt - Term Loan	SOFR+450 Cash plus 2.00% PIK, 1.00% Floor	01/12/27		20,776	20,548		20,517		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+650 PIK, 1.00% Floor	01/12/27		1,127	1,115		899		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	01/12/27		612	606		595		(9)(23)(31)
						22,269		22,011
Omega Healthcare
OMH-Healthedge Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	10/08/29		9,850	9,804		9,850		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	10/08/29		—	(5	)	—		(9)(21)(23)
						9,799		9,850
Ora LLC
Orion Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/18/30		6,901	6,771		6,763		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/18/30			(15	)	(34	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	P+400	07/18/30		280	254		252		(9)(21)(23)(28)
TVG Orion Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	2 Shares		110		103		(9)(24)
	Unsecured Debt - Promissory Note	11.34%	07/18/30		21	21		21		(9)
						7,141		7,105

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Partner Therapeutics, Inc
Partner Therapeutics, Inc	Preferred Equity - Preferred Equity	N/A	N/A		333		333		(9)(13)
	Warrants - Warrants				389		136		(9)(13)
					722		469
PHS
PHS Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+410 Cash plus 1.00% PIK, 1.00% Floor	01/31/27	25,785	25,598		21,853		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+410 Cash plus 1.00% PIK, 1.00% Floor	01/31/27	1,441	1,417		1,136		(9)(21)(23)(31)
					27,015		22,989
Rarebreed
Rarebreed Veterinary Partners, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	04/18/30	4,237	4,160		4,152		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	04/18/30	6,457	6,286		6,088		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	04/18/30	—	(17	)	(19	)	(8)(9)(21)(23)
					10,429		10,221
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	08/02/25	1,389	1,381		1,384		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+540, 1.00% Floor	08/02/25	464	463		461		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+540, 1.00% Floor	08/02/25	3,231	3,221		3,209		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	08/02/25	195	190		191		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+540, 1.00% Floor	08/02/25	—	(30	)	(3	)	(8)(9)(20)(21)<br>(23)
					5,225		5,242
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt - Term Loan	SOFR+661, 1.50% Floor	09/01/27	3,000	3,019		3,000		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+661, 1.50% Floor	09/01/27	15,000	14,981		15,000		(9)(30)
					18,000		18,000
Sterling Pharma
Saffron Bidco Ltd	First Lien Secured Debt - Term Loan	SOFR+575, 0.75% Floor	09/11/31	13,467	13,216		13,201		(9)(17)(30)(35)
	First Lien Secured Debt - Delayed Draw	SON+575, 0.75% Floor	09/11/31	—	(79	)	(154	)	(8)(9)(17)(21)<br>(23)
					13,137		13,047

All values are in British Pounds.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Team Select
TS Investors, LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	05/04/29	9,526		9,372			9,407		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	05/04/29	110		92			76		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	05/04/29	—		(4	)		(2	)	(8)(9)(21)(23)
						9,460			9,481
TELA Bio, Inc.
TELA Bio, Inc.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	05/01/27	13,333		13,296			13,333		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	05/01/27	—		(1	)		-		(9)(23)
						13,295			13,333
TersSera
TerSera Therapeutics LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	04/04/29	16,750		16,373			16,750		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	04/04/29	—		(24	)		—		(9)(21)(23)
						16,349			16,750
Treace
Treace Medical Concepts, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	04/01/27	14,583		14,543			14,438		(9)(17)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 1.00% Floor	04/01/27			(3	)		(87	)	(8)(9)(17)(23)
	First Lien Secured Debt - Revolver	SOFR+410, 1.00% Floor	04/01/27	400		393			370		(9)(17)(21)(23)<br>(27)(30)
						14,933			14,721
Trillium
AHP Timberwolf Bidco Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/06/31	8,125		7,969			7,963		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/06/31	—		(35	)		(37	)	(8)(9)(21)(23)
						7,934			7,926
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt - Term Loan	SOFR+555, 1.00% Floor	08/09/27	1,868		1,850			1,854		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+555, 1.00% Floor	08/09/27	2,212		2,200			2,195		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+555, 1.00% Floor	08/09/27	—		(6	)		(5	)	(8)(9)(21)(23)
						4,044			4,044
WellDyneRx, LLC
WelldyneRX, LLC	First Lien Secured Debt - Term Loan	SOFR+685, 0.75% Floor	03/09/27	17,580		17,387			17,228		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+685, 0.75% Floor	03/09/26	—		(12	)		(24	)	(8)(9)(21)(23)
						17,375			17,204
		Total Healthcare & Pharmaceuticals			$	478,031		$	475,766

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
High Tech Industries
Acronis AG
ACRONIS AG	First Lien Secured Debt - Term Loan	SOFR+595 Cash plus 1.00% PIK, 1.00% Floor	04/01/27	27,213	$	27,096		$	27,211		(9)(17)(30)
AGDATA
AGDATA Midco, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	07/01/30	2,653		2,615			2,613		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	07/01/30	—		(12	)		(27	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	07/01/30	—		(7	)		(8	)	(8)(9)(21)(23)
						2,596			2,578
Align
RMCF V CIV L, L.P.	Common Equity - Common Stock	N/A	N/A			500			508		(13)(24)
American Megatrends
AMI Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/17/31	13,095		12,903			12,899		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	10/17/31	463		435			435		(9)(21)(23)(32)
						13,338			13,334
Anaplan
Anaplan, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/21/29	11,301		11,301			11,273		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	06/21/28	—		-			(2	)	(8)(9)(21)(23)
						11,301			11,271
Avalara
Avalara, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 0.75% Floor	10/19/28	9,091		9,153			9,091		(31)
	First Lien Secured Debt - Revolver	SOFR+625, 0.75% Floor	10/19/28	—		—			—		(21)(23)
						9,153			9,091
BarTender
Sigma Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/04/28	13,584		13,339			13,414		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	01/04/28	7,273		7,135			7,182		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/04/28	700		672			681		(9)(21)(23)(32)
						21,146			21,277
Beeline
IQN Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	05/02/29	4,007		4,007			4,007		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	05/02/28	126		126			126		(9)(21)(23)(31)
						4,133			4,133

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Biamp
Biamp	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/30/30	873	857		850		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/30/30	—	(2	)	(3	)	(8)(9)(21)(23)
					855		847
BusPatrol
BusPatrol Holdco	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/02/29	8,333	8,254		8,249		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+600, 1.00% Floor	08/02/29	—	(31	)	(33	)	(8)(9)(23)
	First Lien Secured Debt - Revolver	SOFR+400, 1.00% Floor	08/02/29	300	286		285		(9)(21)(23)(30)
					8,509		8,501
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/16/26	21,648	21,536		21,507		(30)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/16/26	568	557		553		(21)(23)(30)
					22,093		22,060
Carbon6
Carbon6 Technologies, Inc.	Preferred Equity - Preferred Equity	N/A	N/A		250		250		(9)(13)
ChyronHego Corporation
ChyronHego Corporation (5)	Preferred Equity - Preferred Equity	N/A	N/A		6,000		19,456		(13)(24)
ChyronHego US Holding Corporation (5)	First Lien Secured Debt - Term Loan	SOFR+350, 1.75% Floor	06/30/26	106,406	106,196		106,406		(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.75% Floor	06/30/26	15,500	15,483		15,500		(20)(21)(23)(31)
	First Lien Secured Debt - Revolver	3.50%	11/14/25	—	—		—		(23)
					127,679		141,362
Dairy.com
Momentx Corporation	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	06/24/27	14,892	14,754		14,594		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	06/24/27	1,343	1,325		1,330		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	06/24/27	1,257	1,245		1,232		(9)(23)(31)
					17,324		17,156
DigiCert
Dcert Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+400, 0.00% Floor	10/16/26	8,591	8,259		8,275		(10)(30)
	Second Lien Secured Debt - Term Loan	SOFR+700, 0.00% Floor	02/19/29	7,860	7,057		6,406		(10)(30)
					15,316		14,681

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/10/28		22,931	22,588		22,475		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/10/28		242	206		194		(9)(21)(23)(31)
						22,794		22,669
ELECTRONICS FOR IMAGING
Electronics for Imaging, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.00% Floor	07/23/28		2,861	2,451		2,335		(10)(31)
G2CI
Evergreen IX Borrower 2023, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/30/30		7,133	7,133		7,062		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	10/01/29		—	—		(8	)	(8)(9)(21)(23)
						7,133		7,054
GrayMatter Systems
Genius Bidco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/30		1,334	1,309		1,310		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/01/30			(44	)	(87	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/01/30			(21	)	(20	)	(8)(9)(20)(21)<br>(23)
	Common Equity - Common Stock	N/A	N/A	773 Shares		77		68		(9)(24)
						1,321		1,271
Gtreasury
G Treasury SS LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	06/29/29		250	246		246		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	06/29/29		591	576		582		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	12/31/25		—	(20	)	(21	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	06/29/29		—	(4	)	(4	)	(8)(9)(21)(23)
						798		803
Inovalon
Inovalon Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 0.75% Floor	11/24/28		6,704	6,597		6,318		(31)
	First Lien Secured Debt - Delayed Draw	SOFR+350, 0.75% Floor	11/24/28		509	504		484		(31)
	Second Lien Secured Debt - Term Loan	SOFR+1050, 0.75% Floor	11/25/33		153	146		132		(31)
						7,247		6,934
Litify
Litify Holdings Inc.	Common Equity - Common Stock	N/A	N/A	217,892 Shares		107		447		(9)(13)
Litify LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.00% Floor	02/02/29		29,167	28,494		28,657		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	02/02/29		—	(17	)	(15	)	(8)(9)(21)(23)
						28,584		29,089

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Lookout
Lookout, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 3.00% Floor	06/01/29		5,000	4,977		5,000	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 3.00% Floor	06/01/29		5,000	4,978		5,000	(9)(30)
						9,955		10,000
Modern Campus
Destiny Solutions U.S., Inc.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	06/08/26		13,100	12,996		13,100	(19)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	06/08/26		12,026	11,913		12,026	(19)(30)
RMCF IV CIV XXXV, L.P.	Common Equity - Common Stock	N/A	N/A	482 Shares		1,000		1,868	(13)
						25,909		26,994
MYCOM
Magnate Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+615, 0.50% Floor	02/28/25		18,748	18,755		18,337	(9)(17)(31)
Naviga
Colonnade Parent Inc (fka Naviga Inc.)	First Lien Secured Debt - Term Loan	7.10%	04/27/24		11,200	11,176		8,848	(9)(14)(18)(31)
	First Lien Secured Debt - Delayed Draw	7.10%	04/27/24		1,926	1,909		1,522	(9)(14)(18)(31)
	First Lien Secured Debt - Revolver	7.10%	04/27/24		500	500		395	(9)(14)(18)(23)(28)<br>(31)
						13,585		10,765
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt - Term Loan	SOFR+640, 1.00% Floor	10/31/26		13,773	13,686		13,463	(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+640, 1.00% Floor	10/31/26		17,811	17,663		17,410	(9)(31)
	First Lien Secured Debt - Revolver	SOFR+640, 1.00% Floor	10/30/26		1,732	1,720		1,693	(9)(23)(31)
						33,069		32,566
New Relic
Crewline Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	11/08/30		5,623	5,573		5,623	(9)(30)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	11/08/30		—	—		—	(9)(21)(23)
						5,573		5,623
Omada
Omada Health, Inc.	First Lien Secured Debt - Term Loan	SOFR+710, 2.50% Floor	06/01/28		1,450	1,439		1,450	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+710, 2.50% Floor	06/01/28		—	(10	)	—	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+410, 2.50% Floor	06/01/28		5	4		5	(9)(21)(23)(30)
						1,433		1,455

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Pro Vigil
Pro-Vigil Holding Company, LLC	First Lien Secured Debt - Term Loan	SOFR+860, 1.00% Floor	01/11/26	7,700	7,643		7,570		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+860, 1.00% Floor	01/11/26	18,791	18,601		18,419		(9)(21)(23)(31)
					26,244		25,989
Riverbed Technology, Inc.
Riverbed Technology, Inc.	First Lien Secured Debt - Revolver	6.00%	04/03/28	—	(5	)	(6	)	(8)(14)(21)(23)
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+310 Cash plus 4.00% PIK, 1.00% Floor	02/02/26	8,128	8,105		7,539		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+310 Cash plus 4.00% PIK, 1.00% Floor	02/02/26	884	881		820		(9)(23)(30)
					8,986		8,359
Team LINX, LLC
TeamLINX Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/18/30	8,571	8,444		8,443		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/18/30	—	(21	)	(21	)	(8)(9)(21)(23)
					8,423		8,422
Texada
Texada Software LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	04/30/30	6,923	6,794		6,802		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	04/30/30	—	(18	)	(36	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	04/30/30	—	(18	)	(18	)	(8)(9)(21)(23)
					6,758		6,748
Uniguest
Uniguest Holdings, Inc	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/27/30	19,841	19,547		19,544		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/27/30	—	(28	)	(30	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/27/30	—	(18	)	(18	)	(8)(9)(21)(23)
					19,501		19,496
Uplight
Uplight, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 4.00% Floor	06/01/29	10,000	9,908		9,900		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 4.00% Floor	06/01/29	—	-		(100	)	(8)(9)(23)
	First Lien Secured Debt - Revolver	SOFR+360, 4.00% Floor	06/01/29	120	120		110		(9)(21)(23)(30)
					10,028		9,910

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
VikingCloud
Bullcave Limited	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/06/30	29,400		28,981			28,959		(9)(31)
Sysnet North America, Inc.	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/06/30	2,947		2,870			2,864		(9)(21)(23)(31)
						31,851			31,823
Wolfspeed
Wolfspeed, Inc.	First Lien Secured Debt - Corporate Bond	10.88%	06/23/30	11,045		10,716			11,045		(9)(17)
Zendesk
Zendesk, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/22/28	7,550		7,550			7,531		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	11/22/28	—		—			(5	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/22/28	—		—			(2	)	(8)(9)(20)(21)<br>(23)
						7,550			7,524
Zinnia
Zinnia Corporate Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+800, 2.00% Floor	09/23/29	17,647		17,308			17,294		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+800, 2.00% Floor	09/23/29	—		(24	)		(47	)	(8)(9)(23)
						17,284			17,247
		Total High Tech Industries			$	607,232		$	616,712
Hotel, Gaming, Leisure, Restaurants
CircusTrix
CircusTrix Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	07/18/28	987	$	968		$	987		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 1.00% Floor	07/18/28	2,388		2,339			2,388		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	07/18/28	1,000		982			1,000		(9)(23)(30)
						4,289			4,375
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt - Term Loan	6.95%	11/18/26	1,691		1,684			1,619		(9)
	First Lien Secured Debt - Delayed Draw	SOFR+595, 1.00% Floor	11/18/26	—		(1	)		—		(9)(23)
						1,683			1,619
International Cruise & Excursion Gallery, Inc.
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) (4)	First Lien Secured Debt - Term Loan	6.00%	12/31/28	4,250		9,255			4,183		(14)(30)
	Common Equity - Membership Interests	N/A	N/A			4,740			2,143		(13)
						13,995			6,326

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Munson
Munson Buffalo Restaurant Group LLC	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	05/31/29		3,503		3,456			3,468		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 1.00% Floor	05/31/29		5,510		5,440			5,446		(9)(21)(23)(30)
							8,896			8,914
PARS Group LLC
PARS Group LLC	First Lien Secured Debt - Term Loan	SOFR+685, 1.50% Floor	04/03/28		8,794		8,706			8,662		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+685, 1.50% Floor	04/03/28		—		—			(14	)	(8)(9)(23)
							8,706			8,648
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt - Term Loan	SOFR+636, 1.00% Floor	08/16/26		8,900		8,858			8,589		(9)(30)
Tasty Chick'n
Tasty Chick'n LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	05/16/29		11,768		11,607			11,562		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+600, 1.00% Floor	05/16/29		549		540			442		(9)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	05/16/29		—		(27	)		(36	)	(8)(9)(23)
							12,120			11,968
		Total Hotel, Gaming, Leisure, Restaurants				$	58,547		$	50,439
Insurance
GoHealth
Norvax, LLC	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	06/30/25	$	539	$	536		$	539		(9)(21)(23)(31)
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	04/14/28		10,100		9,990			10,049		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	04/14/28		19,180		18,990			19,084		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	04/16/27		—		(17	)		(11	)	(8)(9)(21)(23)
							28,963			29,122
KCF Puerto Rico, LLC
KCF Puerto Rico, LLC	Secured Debt - Promissory Note	N/A	06/28/28		1,697		700			634		(17)
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	12/02/25		16,681		16,591			16,347		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 1.00% Floor	12/02/25		2,010		1,997			1,970		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	12/02/25		462		458			443		(9)(21)(23)(31)
							19,046			18,760
		Total Insurance				$	49,245		$	49,055

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Manufacturing, Capital Equipment
AVAD, LLC
Surf Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+411, 1.00% Floor	09/10/26	9,633	$	14,612		$	9,633		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+411, 1.00% Floor	09/10/26	15,677		15,677			15,677		(9)(20)(21)(23)<br>(30)
	Preferred Equity - Class P-1 Preferred	N/A	N/A			1,713			3,405		(9)(13)(16)
	Common Equity - Class A-1 Common	N/A	N/A			—			375		(9)(13)(16)
						32,002			29,090
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	10/02/29	14,813		14,499			14,561		(9)(30)
International Wire Group
IW Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	06/28/29	2,521		2,472			2,496		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	06/28/29	—		(9	)		(4	)	(8)(9)(20)(21)<br>(23)
						2,463			2,492
JPW
JPW Industries Holding Corporation	First Lien Secured Debt - Term Loan	SOFR+588, 2.00% Floor	11/22/28	2,463		2,463			2,444		(9)(31)
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A			250			43		(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.00% Floor	05/08/25	16,758		16,723			15,903		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	05/08/25	1,246		1,240			1,182		(9)(21)(23)(31)
						18,213			17,128
US MetalCo Holdings
US MetalCo Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	10/31/29	13,611		13,347			13,407		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	10/31/29	—		(26	)		(20	)	(8)(9)(21)(23)
						13,321			13,387
		Total Manufacturing, Capital Equipment			$	82,961		$	79,102
Media - Diversified & Production
DHX
WildBrain Ltd.	First Lien Secured Debt - Term Loan	SOFR+600, 0.50% Floor	07/23/29	13,486	$	13,235		$	13,250		(9)(17)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 0.50% Floor	07/23/29	217		190			192		(9)(17)(21)(23)<br>(31)
		Total Media – Diversified & Production			$	13,425		$	13,442

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)		Fair Value (1)(38)
Retail
EG Group
EG Global Finance PLC	First Lien Secured Debt - Corporate Bond	SOFR+750, 0.50% Floor	11/30/28	6,267	$	6,436	$	6,564	(17)(31)
PetSmart
PetSmart Inc / PetSmart Finance Corp	Unsecured Debt - Corporate Bond	7.75%	02/15/29	2,000		1,958		1,937	(10)
PetSmart LLC	First Lien Secured Debt - Term Loan	SOFR+375, 0.75% Floor	02/11/28	8,961		8,936		8,942	(10)(30)
						10,894		10,879
		Total Retail			$	17,330	$	17,443
Telecommunications
Cablevision Systems
CSC Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.00% Floor	01/18/28	984	$	955	$	967	(10)(17)(30)
	First Lien Secured Debt - Revolver	SOFR+235, 0.00% Floor	07/13/27	77		60		69	(17)(23)(30)
	Unsecured Debt - Corporate Bond	4.13%	12/01/30	2,000		1,408		1,448	(10)(17)
						2,423		2,484
CommScope
Commscope, LLC (f/k/a Commscope, Inc.)	First Lien Secured Debt - Term Loan	SOFR+550, 2.00% Floor	12/17/29	7,046		6,511		7,148	(10)(17)(30)
	First Lien Secured Debt - Corporate Bond	9.50%	12/15/31	54		53		56	(10)(17)
						6,564		7,204
Global Eagle
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)	Common Equity - Common Stock	N/A	N/A			—		—	(13)(24)
Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC)	First Lien Secured Debt - Term Loan	4.00%	09/27/27	4,974		3,971		4,277	(14)(31)
	First Lien Secured Debt - Term Loan	8.25%	03/23/26	4,770		2,221		1,431	(14)
						6,192		5,708
MCA
Mobile Communications America, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	10/16/29	2,475		2,422		2,469	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	10/16/29	1,648		1,561		1,626	(9)(21)(23)(30)<br>(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	10/16/29	340		312		336	(9)(21)(23)(31)
						4,295		4,431
Mitel Networks
MLN US Holdco LLC	First Lien Secured Debt - Term Loan	6.44%	10/18/27	1,021		899		745	(14)(17)(31)
	Second Lien Secured Debt - Term Loan	6.70%	10/18/27	6,092		2,912		914	(14)(17)
						3,811		1,659

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.	Second Lien Secured Debt - Term Loan	1.26%	11/01/25		7,998		7,703			4,719		(14)(31)
		Total Telecommunications				$	30,988		$	26,205
Transportation - Cargo, Distribution
Beacon Mobility
Beacon Mobility Corp.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	12/31/25	$	12,767	$	12,741		$	12,684		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	12/31/25		23,833		23,854			23,678		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+635, 0.00% Floor	12/31/25		2,146		2,126			2,120		(9)(20)(21)(23)<br>(28)
	First Lien Secured Debt - Revolver	4.10%	05/22/25		—		—			—		(9)(23)
							38,721			38,482
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	06/30/28		3,542		3,534			3,533		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	06/30/28		—		—			—		(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	07/01/26		—		(1	)		(1	)	(8)(9)(20)(21)<br>(23)
							3,533			3,532
Camin Cargo
Camin Cargo Control Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	12/07/29		990		971			978		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	12/07/29		—		(26	)		(35	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	12/07/29		553		534			542		(9)(21)(23)(28)<br>(31)
							1,479			1,485
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/03/26		29,133		28,940			28,987		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/03/26		2,584		2,576			2,564		(9)(20)(21)(23)(30)
							31,516			31,551
IronClad
Ironhorse Purchaser, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	09/30/27		3,037		2,991			2,976		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	09/30/27		—		(21	)		(29	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/30/27		157		150			147		(9)(20)(21)(23)<br>(30)
							3,120			3,094

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (37)			Fair Value (1)(38)
Meritus Gas Partners
MGP Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	03/01/30	7,846		7,706			7,729		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	03/01/30	963		943			944		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	03/01/30	183		170			171		(9)(21)(23)(28)<br>(31)
						8,819			8,844
Olympus Terminals
Olympus Terminals Holdco II LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	12/17/30	18,627		18,255			18,255		(9)(16)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	12/17/30	—		(34	)		(34	)	(8)(9)(16)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	12/17/30	—		(59	)		(59	)	(8)(9)(16)(21)(23)
						18,162			18,162
		Total Transportation – Cargo, Distribution			$	105,350		$	105,150
Utilities - Electric
Congruex
Congruex Group LLC	First Lien Secured Debt - Term Loan	SOFR+165 Cash plus 5.00% PIK, 0.75% Floor	05/03/29	14,923	$	14,688		$	11,612		(9)(10)(31)
		Total Utilities – Electric			$	14,688		$	11,612
Wholesale
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Common Equity - Common Stock	N/A	N/A		$	11,961		$	—		(13)(24)
	Unsecured Debt - Term Loan	11% PIK	12/15/31	363		2,672			96		(14)
	Warrants - Warrants	N/A	N/A			576			—
						15,209			96
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+590 Cash plus 0.50% PIK, 1.00% Floor	10/31/25	11,968		11,929			11,692		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+590 Cash plus 0.50% PIK, 1.00% Floor	10/31/25	2,921		2,910			2,854		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+590 Cash plus 0.50% PIK, 1.00% Floor	10/31/25	388		381			343		(9)(21)(23)(31)
Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A			613			140		(9)(13)
						15,833			15,029

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date			Cost (37)			Fair Value (1)(38)
ORS Nasco
WC ORS Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/07/31		25,281		24,918			24,902		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	08/07/31		—		(34	)		(72	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/07/31		1,255		1,187			1,183		(9)(21)(23)(30)<br>(31)
WC ORS Holdings, L.P.	Common Equity - Common Stock	N/A	N/A	100,000 Shares			100			103		(9)(24)
							26,171			26,116
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/10/27		10,858		10,732			10,696		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	08/10/27		3,663		3,619			3,553		(9)(21)(23)(30)<br>(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/10/27		828		815			808		(9)(21)(23)(30)<br>(31)
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares			244			296		(9)(13)
							15,410			15,353
Thomas Scientific
BSP-TS, LP	Preferred Equity - Preferred Equity	N/A	N/A	30 Shares			25			28		(9)(13)(24)
	Common Equity - Common Stock	N/A	N/A	185 Shares			185			97		(9)(13)
Thomas Scientific, LLC	First Lien Secured Debt - Term Loan	SOFR+340 Cash plus 4.50% PIK, 1.00% Floor	12/14/27		31,448		31,083			30,746		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+335 Cash plus 4.50% PIK, 1.00% Floor	12/14/27		2,239		2,209			2,176		(9)(20)(21)(23)<br>(31)
							33,502			33,047
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Common Stock	N/A	N/A	137,931 Shares			138			138		(9)(24)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/31/30		13,333		13,138			13,133		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/31/30		—		(22	)		(23	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/31/30		—		(53	)		(55	)	(8)(9)(21)(23)
							13,201			13,193
		Total Wholesale				$	119,326		$	102,834
Total Investments before Cash Equivalents						$	3,177,397		$	3,014,416
J.P. Morgan U.S. Government Money Market Fund		N/A	N/A		147	$	147		$	147		(36)
Goldman Sachs Financial Square Government Fund		N/A	N/A		2,663	$	2,663		$	2,663		(36)
Total Investments after Cash Equivalents						$	3,180,207		$	3,017,226		(7)(12)

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Fair value is determined in good faith subject to the oversight of the Board of Directors of the Company (See Note 2 to the consolidated financial statements).
Par amount is denominated in USD unless otherwise noted, and represents funded commitments. See Note 23 in the Consolidated Schedule of Investments and Note 9 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.
Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of December 31, 2024 we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.
Denotes investments in which we are an “Affiliated Person,” as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these affiliated investments are as follows:

Name of Issuer	Fair Value at December 31, 2023
1244311 B.C. Ltd.,Common Stock	$	1,087	—	—		(885	)	202	—		—
1244311 B.C. Ltd.,Term Loan		3,740	168	(4,016	)	107		—	—		271
Carbonfree Chemicals Holdings LLC,Common Equity / Interest		18,727	—	—		206		18,933	—		—
FC2 LLC,Common Stock		—	—	—		—		—	—		—
FC2 LLC,Term Loan		12,501	—	—		(41	)	12,459	—		812
Golden Bear 2016-R, LLC,Membership Interests		10,712	21	(1,698	)	700		9,736	—		726
Pelican Energy, LLC,Membership Interests		140	—	(134	)	11,662		—	(11,668	)	—
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests		30,621	2,533	(7,206	)	(9,582	)	16,366	—		—
Blue Jay Transit Inc.,Term Loan		—	22,140	(2,464	)	264		19,940	—		1,737
Blue Jay Transit Inc.,Unfunded Delayed Draw		—	—	—		—		—	—		—
Bird Scooter Acquisition Corp.,Common Stock		—	366	—		6		373	—		4
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests		—	4,740	—		(2,598	)	2,144	—		—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan		—	9,255	—		(5,071	)	4,183	—		—
	$	77,528	39,223	(15,518	)	(5,232	)	84,334	(11,668	)	3,551

All values are in US Dollars.

Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these controlled investments are as follows:

Name of Issuer	Fair Value at December 31, 2023
Majority Owned Company
ChyronHego US Holding Corporation	$	1,300	14,183		—		17		15,500	—		747
ChyronHego US Holding Corporation		106,906	—		(494	)	(6	)	106,406	—		9,505
ChyronHego US Holding Corporation		—	—		—		—		—	—		—
ChyronHego Corporation		20,628	—		—		(1,172	)	19,456	—		—
Merx Aviation Finance, LLC		—	—		—		—		—	—		—
Merx Aviation Finance, LLC		117,043	—		—		6,772		123,815	—		—
Merx Aviation Finance, LLC		74,076	(0	)	(14,500	)	0		59,576	—		6,624
MSEA Tankers LLC		45	—		(91	)	15,746		—	(15,700	)	—
Controlled Company
SHD Oil & Gas, LLC		346	—		(79	)	43,108		—	(43,376	)	—
SHD Oil & Gas, LLC		—	—		—		1,411		—	(1,411	)	—
	$	320,344	14,183		(15,164	)	65,876		324,753	(60,487	)	16,876

All values are in US Dollars.

Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

As of December 31, 2024, the Company had a 87% and 100% equity ownership interest in ChyronHego Corporation and Merx Aviation Finance, LLC, respectively.

Unless otherwise indicated, loans contain a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to LIBOR, the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime rate on select contracts and switch to an alternative base rate contract in the future.
Substantially all securities are pledged as collateral to the Company's credit facilities (see Note 7 to the consolidated financial statements). For investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. As such, these securities are not available as collateral to our general creditors.
The negative fair value is the result of the commitment being valued below par.
These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 4 to the consolidated financial statements for discussion of the exemptive order from the SEC.)
Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

The investment have a maturity date prior to the end of the current period. Additional proceeds are expected from Solarplicity Group after the resolution of bankruptcy proceedings, or other corporate actions, at each respective issuer.
Aggregate gross unrealized gain and loss for federal income tax purposes is $38,550 and $259,520, respectively. Net unrealized loss is $220,970 based on a tax cost of $3,235,403.
Non-income producing security.
Non-accrual status (See Note 2 to the consolidated financial statements).
The underlying investment of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.
AIC SB Holdings LLC, AP Surf Investments, LLC, and MFIC Poseidon SPV LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC. MFIC Poseidon SPV LLC holds investments in Olympus Terminals.
Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2024, non-qualifying assets represented approximately 8.5% of the total assets of the Company.
These investments have a maturity date prior to the end of the current period. The final terms of an extension, restructuring or exit are still under negotiation with the respective portfolio company.
In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.
As of December 31, 2024, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.
The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.
A letter of credit associated with this investment has been issued through the Company’s Senior Secured Facility. In the event of draw of funds the related funding would be pro-rated for all existing lenders in the investment.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

As of December 31, 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 9 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Name of Issuer	Total Commitment
ACP Avenu Buyer, LLC	$	3,999	167	—	3,832
AGDATA Midco, LLC		2,334	—	—	2,334
AHP Timberwolf Bidco Corp.		1,875	—	—	1,875
AMI Buyer, Inc.		1,905	463	—	1,442
Accelerate360 Holdings, LLC		2,545	1,382	—	1,163
Acentra Holdings, LLC (fka CNSI Holdings, LLC)		2,000	213	—	1,787
Alcami Corporation		1,096	82	—	1,014
Alcresta Therapeutics Inc.		7,529	—	—	7,529
All Star Recruiting Locums, LLC		3,043	217	—	2,826
Alpinex Opco, LLC		1,489	1,102	—	387
American Restoration Holdings, LLC		3,285	389	—	2,896
Anaplan, Inc.		699	—	—	699
Aspen Aerogels, Inc.		100	43	—	57
Athlete Buyer, LLC		5,437	3,292	181	1,964
August Bioservices, LLC		500	—	—	500
Avalara, Inc.		909	—	—	909
Banner Buyer, LLC		1,936	388	—	1,548
Beacon Mobility Corp.		59,146	2,146	4,842	52,158
Berner Food & Beverage, LLC		2,881	—	—	2,881
Biamp		120	—	—	120
Bingo Group Buyer, Inc.		2,973	25	—	2,948
Blue Jay Transit Inc.		667	—	—	667
BusPatrol Holdco		4,833	300	—	4,533
CRS Holdings, Inc.		8,000	—	125	7,875
CSC Holdings, LLC		100	77	—	23
Camin Cargo Control Holdings, Inc.		4,000	553	—	3,447
Cave Enterprises Operations, LLC		1,333	—	—	1,333
Celerion Buyer, Inc.		1,918	—	—	1,918
Cerus Corporation		5,000	415	—	4,585
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)		396	—	73	323
ChyronHego US Holding Corporation		20,633	15,500	3,212	1,921
ChyronHego US Holding Corporation*		1,578	—	—	1,578
CircusTrix Holdings LLC		1,600	1,000	—	600
Club Car Wash Operating, LLC		7,875	—	—	7,875
Club Champion LLC		1,808	663	—	1,145
Colonnade Parent Inc (fka Naviga Inc.)		500	500	—	—
Compu-Link Corporation (dba Celink)		2,883	—	—	2,883
Cool Buyer, Inc.		6,667	—	—	6,667
Coretrust Purchasing Group LLC (HPG Enterprises LLC)		1,805	—	—	1,805
Crewline Buyer, Inc.		377	—	—	377
Digital.ai Software Holdings, Inc.		2,419	242	—	2,177
Distinct Holdings Inc		1,758	—	—	1,758
Eagle Purchaser, Inc.		1,105	658	—	447
Eldrickco Limited*		3,693	445	—	3,248
EmpiRx Health LLC		909	—	227	682
Evergreen IX Borrower 2023, LLC		795	—	—	795
Evoriel*		811	—	—	811
ExactCare Parent, Inc.		1,967	—	—	1,967

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Name of Issuer
Excelligence Learning Corporation	2,466	148	259	2,059
G Treasury SS LLC	1,659	—	—	1,659
G&A Partners Holding Company II, LLC	6,184	—	—	6,184
GAT-Airline Ground Support Inc	3,810	—	—	3,810
GI Apple Midco LLC	1,262	214	41	1,007
GS SEER Group Borrower LLC	1,028	—	—	1,028
Gabriel Partners, LLC	665	338	—	327
Gateway US Holdings, Inc.	1,416	—	—	1,416
Generator Buyer, Inc.*	3,360	—	27	3,333
Genius Bidco LLC	6,160	—	77	6,083
Go Car Wash Management Corp.	417	—	—	417
Graffiti Buyer, Inc.	4,973	828	—	4,145
Green Grass Foods, Inc.	1,250	—	—	1,250
Guernsey Holdings SDI LA LLC	1,167	—	—	1,167
HEF Safety Ultimate Holdings, LLC	7,500	710	—	6,790
HRO (Hero Digital) Holdings, LLC	2,579	2,545	31	3
Health Management Associates Superholdings, Inc.	640	135	5	500
Heniff Holdco, LLC	3,925	2,584	164	1,177
Heritage Environmental Services, Inc.	242	—	4	238
High Street Buyer, Inc.	2,203	—	—	2,203
Hive Intermediate, LLC	2,326	843	—	1,483
HomeRenew Buyer, Inc.	2,161	2,161	—	—
IQN Holding Corp.	321	126	—	195
IW Buyer LLC	393	—	9	384
Ironhorse Purchaser, LLC	1,932	157	15	1,760
JF Acquisition, LLC	1,569	879	—	690
Jacent Strategic Merchandising	3,500	1,564	—	1,936
KL Charlie Acquisition Company	6,962	—	—	6,962
Kauffman Intermediate, LLC	1,248	1,246	—	2
Kure Pain Holdings, Inc.	2,654	—	—	2,654
LS Clinical Services Holdings, Inc.	1,875	1,609	—	266
Lash OpCo, LLC	1,673	1,673	—	—
LendingPoint LLC	15,904	—	—	15,904
Lifelong Learner Holdings, LLC	597	537	—	60
Litify LLC	833	—	—	833
Lotus Topco Inc.	2,059	—	—	2,059
Lunar Buyer, LLC	10,909	455	—	10,454
M&M OPCO, LLC	238	—	—	238
MGP Holdings III Corp.	1,126	183	—	943
Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	1,530	—	—	1,530
Medical Guardian, LLC	3,810	—	—	3,810
Merx Aviation Finance, LLC	59,575	59,575	—	—
Midwest Vision Partners Management, LLC	612	612	—	—
Mobile Communications America, Inc.	8,345	340	—	8,005
Momentx Corporation	1,257	1,257	—	—
Munson Buffalo Restaurant Group LLC	947	—	—	947
NPPI Buyer, LLC	7,895	—	—	7,895
New Era Technology, Inc.	1,732	1,732	—	—
Norvax, LLC	1,591	539	—	1,052
OMH-Healthedge Holdings, Inc.	1,075	—	—	1,075
Olympus Terminals Holdco II LLC	6,373	—	—	6,373
Omada Health, Inc.	1,550	5	—	1,545
Omnimax International, LLC	4,720	—	—	4,720
Origami Opportunities Fund III, L.P.	3,333	—	—	3,333

See notes to the consolidated financial statements.

100 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Name of Issuer
Orion Buyer, LLC	3,081	280	—	2,801
PARS Group LLC	952	—	—	952
PHOENIX YW BUYER, INC.	1,136	—	—	1,136
PHS Buyer, Inc.	2,000	1,441	—	559
PMA Parent Holdings, LLC	987	—	—	987
Pace Health Companies, LLC	1,400	—	118	1,282
Paladone Group Bidco Limited	1,412	659	—	753
Paladone Group Bidco Limited*	442	442	—	—
Patriot Foods Buyer, Inc.	750	—	—	750
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)	1,995	1,371	—	624
Pavement Preservation Acquisition, LLC	1,293	—	—	1,293
Poly-Wood, LLC	818	—	—	818
Precision Refrigeration & Air Conditioning LLC	2,273	1,932	—	341
Pro-Vigil Holding Company, LLC	3,248	—	—	3,248
Project Comfort Buyer, Inc.	1,731	—	—	1,731
Protein For Pets Opco, LLC	896	—	—	896
Purchasing Power Funding I, LLC	9,113	2,825	—	6,288
R.F. Fager Company, LLC	2,063	—	—	2,063
RHI Acquisition LLC	2,495	—	—	2,495
Rarebreed Veterinary Partners, Inc.	12,930	—	—	12,930
Regis Corporation	4,167	721	625	2,821
Riverbed Technology, Inc.	160	—	—	160
RoC Holdco LLC	2,195	—	—	2,195
Roscoe Medical, Inc	819	492	—	327
SEV Intermediate Holdco, LLC	1,667	633	—	1,034
SI Holdings, Inc.	4,246	—	—	4,246
Saffron Bidco Ltd*	7,697	—	—	7,697
Shelby 2021 Holdings Corp.	3,933	—	—	3,933
Sigma Buyer LLC	1,500	700	—	800
Simeio Group Holdings, Inc.	884	884	—	—
Smith Topco, Inc.	1,128	—	—	1,128
Surf Opco, LLC	23,333	15,677	667	6,989
Sysnet North America, Inc.	5,526	2,947	—	2,579
TCW Midco LLC	5,000	—	—	5,000
TELA Bio, Inc.	3,333	—	—	3,333
THLP CO. LLC	4,494	1,921	182	2,391
TS Investors, LLC	2,796	—	—	2,796
Tasty Chick'n LLC	7,614	—	—	7,614
TeamLINX Buyer, LLC	1,429	—	—	1,429
Telesoft Holdings, LLC	2,273	568	—	1,705
TerSera Therapeutics LLC	1,395	—	—	1,395
Texada Software LLC	3,077	—	—	3,077
The North Highland Company LLC	1,935	161	—	1,774
Thomas Scientific, LLC	2,963	2,239	296	428
Traffic Management Solutions, LLC	7,621	121	—	7,500
Treace Medical Concepts, Inc.	11,750	400	—	11,350
Trench Plate Rental Co.	1,818	1,427	125	266
Truck-Lite Co., LLC	533	—	—	533
Turbo Buyer, Inc.	923	462	—	461
US MetalCo Holdings LLC	1,320	—	—	1,320
USLS Acquisition, Inc.	1,608	804	73	731
Ultra Clean Holdco LLC	8,071	—	—	8,071
Unchained Labs, LLC	726	—	—	726
Uniguest Holdings, Inc	5,159	—	—	5,159
Uplight, Inc.	11,000	120	—	10,880

See notes to the consolidated financial statements.

101 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Name of Issuer	Total Commitment
Village Pet Care, LLC		5,250	800	—	4,450
Vixxo Corporation		1,250	—	—	1,250
WC ORS Buyer, Inc.		9,655	1,255	—	8,400
WH BorrowerCo, LLC		10,652	1,223	—	9,429
WelldyneRX, LLC		1,923	—	—	1,923
WildBrain Ltd.		1,446	217	—	1,229
Zendesk, Inc.		2,603	—	5	2,598
Zephyr Buyer, L.P.		3,952	—	—	3,952
Zinnia Corporate Holdings, LLC		2,353	—	—	2,353
Total Commitments	$	641,639	155,979	11,383	474,277

All values are in US Dollars.

*These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2024 exchange rate.

** For all letters of credit issued and outstanding on December 31, 2024, $8,169 will expire in

2025

and $3,214 will expire in

2026

Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $168,016 or 12% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer	Investment Type	Acquisition Date
1244311 B.C. Ltd.	Common Equity - Common Stock	9/30/2020
Acosta Holdings Corp.*	Preferred Equity - Preferred Equity	7/22/2024
Alcresta Holdings, LP	Preferred Equity - Preferred Equity	3/12/2024
Ambrosia Buyer Corp.	Common Equity - Common Stock	2/1/2024
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)*	Common Equity - Common Stock	7/22/2024
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc)	Common Equity - Membership Interests	12/31/2024
Bird Scooter Acquisition Corp.	Common Equity - Common Stock	3/22/2024
BSP-TS, LP	Preferred Equity - Preferred Equity	12/23/2024
Carbonfree Chemicals Holdings LLC	Common Equity - Common Equity / Interest	11/1/2019
Carestream Health Holdings, Inc.*	Common Equity - Common Stock	7/22/2024
ChyronHego Corporation	Preferred Equity - Preferred Equity	12/29/2020
Cool Acquisition Holdings, LP	Common Equity - Common Stock	10/31/2024
FC2 LLC	Common Equity - Common Stock	10/14/2022
Fortress Credit BSL Limited 2021-3	Asset Backed Security - CLO Debt	7/22/2024
Fortress Credit Opportunities CLO LLC 2024-25	Asset Backed Security - CLO Debt	11/12/2024
Genius Bidco LLC	Common Equity - Common Stock	5/1/2024
Merx Aviation Finance, LLC	Common Equity - Membership Interests	9/1/2022
RMCF V CIV L, L.P.	Common Equity - Common Stock	9/5/2024
TVG Orion Blocker, Inc.	Common Equity - Common Stock	7/18/2024
WC ORS Holdings, L.P.	Common Equity - Common Stock	8/7/2024

*Securities acquired as part of the AFT and AIF mergers on July 22, 2024.

The Company has approximately 22.5% ownership interest in the Auto Pool 2023. Auto Pool 2023 Trust holds underlying assets that consist of a pool of retail auto loans and residual interests in auto loan trusts. The Company also continues to have an interest in any residual assets from the bankruptcy proceedings related to U.S. Auto Finance.
Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments. Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments.
Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.
The interest rate on these loans is subject to Prime, which as of December 31, 2024 was 7.50%.
The interest rate on these loans is subject to SONIA, which as of December 31, 2024 was 4.70%.

See notes to the consolidated financial statements.

102 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.
The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2024 was 4.31%.
The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2024 was 4.25%.
The interest rate on these loans is subject to 1 month CORRA, which as of December 31, 2024 was 4.25%.
The interest rate on these loans is subject to 3 months EURIBOR, which as of December 31, 2024 was 2.71%.
The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2024 was 2.57%.
This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

See notes to the consolidated financial statements.

103 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of December 31, 2024:

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	62,883	$	—	$	—	$	—	$	473	$	510	$	—	$	63,866
Automotive		39,271		—		—		—		—		24,068		—		63,339
Aviation and Consumer Transport		29,202		—		—		—		—		—		—		29,202
Beverage, Food & Tobacco		90,488		—		—		—		448		1,534		—		92,470
Business Services		304,602		5,636		—		—		11		2,929		—		313,178
Chemicals, Plastics & Rubber		69,239		—		—		—		—		—		—		69,239
Construction & Building		109,436		—		—		—		—		—		—		109,436
Consumer Goods – Durable		11,027		—		—		—		—		108		—		11,135
Consumer Goods – Non-durable		153,567		—		—		—		493		2,233		—		156,293
Consumer Services		139,730		—		—		—		—		—		—		139,730
Containers, Packaging & Glass		21,660		—		—		—		—		—		—		21,660
Diversified Investment Vehicles, Banking, Finance, Real Estate		148,364		—		—		15,028		534		17,146		—		181,072
Energy – Electricity		7,231		—		—		—		5,623		4		—		12,858
Environmental Industries		2,030		—		—		—		—		—		—		2,030
Healthcare & Pharmaceuticals		476,831		—		21		—		499		291		389		478,031
High Tech Industries		470,416		7,203		—		—		250		1,684		—		479,553
Hotel, Gaming, Leisure, Restaurants		44,552		—		—		—		—		—		—		44,552
Insurance		49,245		—		—		—		—		—		—		49,245
Manufacturing, Capital Equipment		80,998		—		—		—		1,713		250		—		82,961
Media – Diversified & Production		13,425		—		—		—		—		—		—		13,425
Retail		15,372		—		1,958		—		—		—		—		17,330
Telecommunications		18,965		10,615		1,408		—		—		—		—		30,988
Transportation – Cargo, Distribution		105,350		—		—		—		—		—		—		105,350
Utilities – Electric		14,688		—		—		—		—		—		—		14,688
Wholesale		102,812		—		2,672		—		25		13,241		576		119,326
Total Non-Controlled / <br>Non-Affiliated Investments	$	2,581,384	$	23,454	$	6,059	$	15,028	$	10,069	$	63,998	$	965	$	2,700,957
Non-Controlled / Affiliated Investments
Aviation and Consumer Transport	$	19,676	$	—	$	—	$	—	$	—	$	366	$	—	$	20,042
Chemicals, Plastics & Rubber		12,501		—		—		—		—		56,505		—		69,006
Consumer Goods – Durable		—		—		—		—		—		1,000		—		1,000
Consumer Services		—		—		—		—		—		—		—		—
Diversified Investment Vehicles, Banking, Finance, Real Estate		—		—		—		38,643		—		—		—		38,643
Hotel, Gaming, Leisure, Restaurants		9,255		—		—		—		—		4,740		—		13,995
Total Non-Controlled / Affiliated Investments	$	41,432	$	—	$	—	$	38,643	$	—	$	62,611	$	—	$	142,686

See notes to the consolidated financial statements.

104 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Controlled Investments
Aviation and Consumer Transport	$	59,575	$	—	$	—	$	—	$	—	$	146,500	$	—	$	206,075
High Tech Industries		121,679		—		—		—		6,000		—		—		127,679
Total Controlled Investments	$	181,254	$	—	$	—	$	—	$	6,000	$	146,500	$	—	$	333,754
Total	$	2,804,070	$	23,454	$	6,059	$	53,671	$	16,069	$	273,109	$	965	$	3,177,397

See notes to the consolidated financial statements.

105 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of December 31, 2024:

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	62,003		$	—		$	—		$	—		$	491		$	669		$	—		$	63,163		4.50	%
Automotive		39,298			—			—			—			—			1,080			—			40,378		2.87	%
Aviation and Consumer Transport		29,489			—			—			—			—			—			—			29,489		2.10	%
Beverage, Food & Tobacco		89,933			—			—			—			229			3,575			—			93,737		6.67	%
Business Services		303,544			5,627			—			—			1			3,166			—			312,338		22.24	%
Chemicals, Plastics & Rubber		69,680			—			—			—			—			—			—			69,680		4.96	%
Construction & Building		102,895			—			—			—			—			—			—			102,895		7.33	%
Consumer Goods – Durable		11,063			—			—			—			—			119			—			11,182		0.80	%
Consumer Goods – Non-durable		153,402			—			—			—			246			442			—			154,090		10.96	%
Consumer Services		138,782			—			—			—			—			—			—			138,782		9.88	%
Containers, Packaging & Glass		21,601			—			—			—			—			—			—			21,601		1.54	%
Diversified Investment Vehicles, Banking, Finance, Real Estate		148,108			—			—			15,023			193			565			—			163,889		11.67	%
Energy – Electricity		1,997			—			—			—			—			—			—			1,997		0.14	%
Environmental Industries		2,036			—			—			—			—			—			—			2,036		0.14	%
Healthcare & Pharmaceuticals		472,374			—			21			—			532			2,703			136			475,766		33.87	%
High Tech Industries		465,671			6,538			—			—			250			2,891			—			475,350		33.84	%
Hotel, Gaming, Leisure, Restaurants		44,113			—			—			—			—			—			—			44,113		3.14	%
Insurance		49,055			—			—			—			—			—			—			49,055		3.49	%
Manufacturing, Capital Equipment		75,279			—			—			—			3,405			418			—			79,102		5.63	%
Media – Diversified & Production		13,442			—			—			—			—			—			—			13,442		0.96	%
Retail		15,506			—			1,937			—			—			—			—			17,443		1.24	%
Telecommunications		19,124			5,633			1,448			—			—			—			—			26,205		1.87	%
Transportation – Cargo, Distribution		105,150			—			—			—			—			—			—			105,150		7.49	%
Utilities – Electric		11,612			—			—			—			—			—			—			11,612		0.83	%
Wholesale		101,936			—			96			—			28			774			—			102,834		7.32	%
Total Non-Controlled / <br>Non-Affiliated Investments	$	2,547,093		$	17,798		$	3,502		$	15,023		$	5,375		$	16,402		$	136		$	2,605,329		185.48	%
% of Net Assets		181.33	%		1.27	%		0.25	%		1.07	%		0.38	%		1.17	%		0.01	%		185.48	%

See notes to the consolidated financial statements.

106 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Non-Controlled / Affiliated Investments
Aviation and Consumer Transport	$	19,939		$	—		$	—		$	—		$	—		$	373		$	—		$	20,312		1.45	%
Chemicals, Plastics & Rubber		12,459			—			—			—			—			18,933			—			31,392		2.23	%
Consumer Goods – Durable		—			—			—			—			—			202			—			202		0.01	%
Consumer Services		—			—			—			—			—			—			—			—		0.00	%
Diversified Investment Vehicles, Banking, Finance, Real Estate		—			—			—			26,102			—			—			—			26,102		1.86	%
Hotel, Gaming, Leisure, Restaurants		4,183			—			—			—			—			2,143			—			6,326		0.45	%
Total Non-Controlled / Affiliated Investments	$	36,581		$	—		$	—		$	26,102		$	—		$	21,651		$	—		$	84,334		6.00	%
% of Net Assets		2.60	%		0.00	%		0.00	%		1.86	%		0.00	%		1.54	%		0.00	%		6.00	%
Controlled Investments
Aviation and Consumer Transport	$	59,576		$	—		$	—		$	—		$	—		$	123,815		$	—		$	183,391		13.06	%
High Tech Industries		121,906			—			—			—			19,456			—			—			141,362		10.06	%
Total Controlled Investments	$	181,482		$	—		$	—		$	—		$	19,456		$	123,815		$	—		$	324,753		23.12	%
% of Net Assets		12.92	%		0.00	%		0.00	%		0.00	%		1.39	%		8.81	%		0.00	%		23.12	%
Total	$	2,765,156		$	17,798		$	3,502		$	41,125		$	24,831		$	161,868		$	136		$	3,014,416		214.60	%
% of Net Assets		196.85	%		1.27	%		0.25	%		2.93	%		1.77	%		11.52	%		0.01	%		214.60	%

See notes to the consolidated financial statements.

107 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of December 31, 2024
High Tech Industries	20.5%
Healthcare & Pharmaceuticals	15.8%
Business Services	10.3%
Aviation and Consumer Transport	7.7%
Diversified Investment Vehicles, Banking, Finance, Real Estate	6.3%
Consumer Goods – Non-durable	5.1%
Consumer Services	4.6%
Transportation – Cargo, Distribution	3.5%
Construction & Building	3.4%
Wholesale	3.4%
Chemicals, Plastics & Rubber	3.4%
Beverage, Food & Tobacco	3.1%
Manufacturing, Capital Equipment	2.6%
Advertising, Printing & Publishing	2.1%
Hotel, Gaming, Leisure, Restaurants	1.7%
Insurance	1.6%
Automotive	1.3%
Telecommunications	0.9%
Containers, Packaging & Glass	0.7%
Retail	0.6%
Media – Diversified & Production	0.4%
Utilities – Electric	0.4%
Consumer Goods – Durable	0.4%
Environmental Industries	0.1%
Energy – Electricity	0.1%
Total Investments	100.0%

See notes to the consolidated financial statements.

108 MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except share and per share data)

Note 1. Organization

MidCap Financial Investment Corporation (the “Company,” “we,” “us,” or “our”), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on April 8, 2004 receiving net proceeds of $870,000 from our initial public offering by selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through September 30, 2025, we have raised approximately $2,240,067 in net proceeds from additional offerings of common stock, including the Mergers with AFT and AIF (see Note 10 “Mergers with AFT and AIF” for additional information), and repurchased common stock for $254,186.

On November 7, 2023, the Company entered into (i) an Agreement and Plan of Merger (the “AFT Merger Agreement”) with Apollo Senior Floating Rate Fund Inc., a Maryland corporation (“AFT”), AFT Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AFT Merger Sub”), and, solely for the limited purposes set forth therein, Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”), and (ii) an Agreement and Plan of Merger (the “AIF Merger Agreement” and, together with the AFT Merger Agreement, the “Merger Agreements”) with Apollo Tactical Income Fund Inc., a Maryland corporation (“AIF”), AIF Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AIF Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser. The Merger Agreements provide that, subject to the terms and conditions set forth in the applicable Merger Agreement, at the effective time of such merger, AFT and AIF will, through a two-step merger process, merge with and into the Company, with the Company continuing as the surviving company. Each of the board of directors of the Company (the “Board”), and AFT’s and AIF’s Board of Directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AFT and AIF, as applicable, approved the applicable Merger Agreement and the transactions contemplated thereby. The Company's stockholders approved the necessary proposal related to the mergers of AFT and AIF with and into the Company at a special meeting of stockholders held on May 28, 2024. AFT and AIF received stockholder approval of the necessary proposals related to their previously announced mergers with and into the Company at the AFT and AIF special meetings of stockholders reconvened on June 21, 2024. On July 22, 2024, the Company completed its acquisition of AFT and AIF. For more information on the Mergers, please see Note 10 “Mergers with AFT and AIF” to our consolidated financial statements included in this report.

Apollo Investment Management, L.P. is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board, manages the day-to-day operations of and provides investment advisory services to the Company.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us.

These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ materially.

Consolidation

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a 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 the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

As of September 30, 2025, the Company's consolidated subsidiaries were MFIC Bethesda CLO 1 LLC, Bethesda CLO 1 Depositor LLC, MFIC Bethesda CLO 2 LLC, Bethesda CLO 2 Depositor LLC, MFIC Lender LLC, MFIC Alpha SPV LLC, MFIC Beta SPV LLC, MFIC Gamma SPV LLC, MFIC Delta SPV LLC, MFIC Epsilon SPV LLC, MFIC Zeta SPV, MFIC Eta SPV LLC, MFIC Theta SPV LLC, MFIC Iota SPV LLC, and MFIC Kappa SPV LLC.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury Bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents. Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of September 30, 2025 was $62,502. Cash and cash equivalents held as of December 31, 2024 was $74,357.

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a payable for investment purchased and receivable for investment sold, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as 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. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Investment Valuation Process

The Board has designated the Investment Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Investment Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Company's Investment Adviser as “valuation designee,” the Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Investment Adviser values investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of the Investment Adviser including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Investment Adviser. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Investment Adviser undertakes a multi-step valuation process each quarter, as described below:

Our quarterly valuation process begins with independent valuation firms conducting independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged during a particular quarter, the valuation may be conducted by the Investment Adviser;
At least each quarter, the valuation will be reassessed and updated by the Investment Adviser or an independent valuation firm to reflect company specific events and latest market data;
Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser;
The Investment Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and
For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the three months ended September 30, 2025, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and the Company presents changes in fair value and realized gains or losses through current period earnings.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Investment Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. 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 at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.

Offsetting Assets and Liabilities

The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

As of September 30, 2025 and December 31, 2024, the Company did not hold any derivatives.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Investment Income Recognition

The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.

The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pool of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are and will be payable solely from the cash flows from such assets. As such, any unforeseen event in these underlying pools of assets might impact the expected recovery of principal and future accrual of income.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. 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 regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Financing Costs

The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the Consolidated Statements of Assets and Liabilities. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of capital upon utilization, in accordance with ASC 946-20-25, or charged to expense if no offering is completed.

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability, except that incurred under the Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), which the Company presents as an asset on the Consolidated Statements of Assets and Liabilities. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments (“ASC 470-50”). For modifications to or exchanges of our Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), any unamortized deferred financing costs relating to lenders who are not part of the new lending group are expensed. For extinguishments of our senior secured notes and senior unsecured notes, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Dividends and Distributions

Dividends and distributions to common stockholders are recorded as of the ex-dividend date. The amount to be paid out as a distribution is determined by the Board each quarter. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Share Repurchases

In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through September 30, 2025 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending December 31, 2025. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the consolidated financial statements. As of September 30, 2025, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Retroactive Adjustments for Common Stock Reverse Split

The Company’s Board approved a one-for-three reverse stock split of the Company’s common stock on October 30, 2018, which was effective as of close of business as of November 30, 2018 (the “Reverse Stock Split”). All common stock and common per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split as disclosed in Note 7.

Purchase Accounting

Pursuant to the AFT Merger Agreement, AFT Merger Sub was first merged with and into AFT, with AFT continuing as the surviving company (the “AFT First Merger”), and, following the effectiveness of the AFT First Merger, AFT was then merged with and into the Company, with the Company continuing as the surviving company (together with the AFT First Merger, the “AFT Mergers”). Pursuant to the AIF Merger Agreement, AIF Merger Sub was first merged with and into AIF, with AIF continuing as the surviving company (the “AIF First Merger”), and, following the effectiveness of the AIF First Merger, AIF was then merged with and into the Company, with the Company continuing as the surviving company (together with the AIF First Merger, the “AIF Mergers” and, together with the AFT Mergers, the “Mergers”).

The Mergers were accounted for under the asset acquisition method of accounting in accordance with ASC 805-50 — Business Combinations — Related Issues (“ASC Topic 805”), also referred to as “purchase accounting.” Under the asset acquisition method of accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the assets carrying amounts on the acquiring entity’s books.

Immediately following the acquisitions of AFT and AIF, the Company recorded its assets at their respective fair values. Since the fair value of the net assets acquired exceeded the merger consideration paid by the Company, the Company recognized a deemed contribution from Investment Adviser. See Note 10 for additional information regarding the Mergers.

Segment Reporting

The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company operates under one operating segment and reporting unit, investment management. The CODM is the chief executive officer of the Company, who is responsible for determining the Company’s investment strategy, capital allocation, expense structure, and significant transactions impacting the Company. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that is reported on the Consolidated Statements of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company’s stockholders.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Recent Accounting Pronouncements

Income Taxes

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its year-end financial statements.

Income Statement - Reporting Comprehensive Income

In November 2024, the FASB issued Accounting Standard Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the consolidated financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement with AIM

The Company has an investment advisory management agreement with the Investment Adviser (the “Investment Advisory Agreement”) under which AIM receives a fee from the Company, consisting of two components — a base management fee and a performance-based incentive fee.

Base Management Fee

The base management fee is calculated at an annual rate of 1.75% (0.4375% per quarter) of the Company's net asset value as of the final business day of the prior calendar quarter; provided, however, that the base management fee shall not be greater than 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company's gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company's gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter. The base management fee is payable quarterly in arrears. The value of the Company's gross assets is calculated in accordance with the Company's valuation procedures.

Performance-Based Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

(i) Incentive Fee on Pre-Incentive Fee Net Income

The Incentive Fee on pre-incentive fee net investment income is determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters (in either case, the “Trailing Twelve Quarters”) exceeds (y) the preferred return amount in respect of the Trailing Twelve Quarters; provided, however, that the pre-incentive fee net investment income in respect of the current calendar quarter exceeds the multiple of (A) 1.75% and (B) the Company's net asset value at the beginning of such calendar quarter. For the purposes of the Incentive Fee calculations, each calendar quarter comprising the relevant Trailing Twelve Quarters that commenced prior to January 1, 2023 shall be known as a “Legacy Fee Quarter” while a calendar quarter that commenced on or after January 1, 2023 shall be known as a “Current Fee Quarter.”

The preferred return amount is determined on a quarterly basis, and is calculated by summing the amounts obtained by multiplying 1.75% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The preferred return amount is calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

The amount of the Incentive Fee on Income that is paid to the Investment Adviser for a particular quarter equals the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant Trailing Twelve Quarters.

The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the Trailing Twelve Quarters does not exceed the preferred return amount.

(2) 100% of our pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the preferred return amount but is less than or equal to the catch-up amount, which shall be the sum of (i) the product of 2.1875% multiplied by the Company's net asset value at the beginning of each applicable Legacy Fee Quarter included in the relevant Trailing Twelve Quarters and (ii) the product of 2.1212% multiplied by the Company's net asset value at the beginning of each applicable Current Fee Quarter included in the relevant Trailing Twelve Quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the Trailing Twelve Quarters exceeds the catch-up amount, the incentive fee shall equal 20.00% for each Legacy Fee Quarter and 17.50% otherwise of the amount of the Company’s pre-incentive fee net investment income for such Trailing Twelve Quarters, provided, however, that the incentive fee on income for any quarter shall not be greater than 20.00% or 17.50%, as applicable, of the amount of the Company's current quarter’s pre-incentive fee net investment income.

The Incentive Fee on Income as calculated is subject to the Incentive Fee Cap. The Incentive Fee Cap in any quarter is an amount equal to (a) 20.00% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Legacy Fee Quarters included in the relevant Trailing Twelve Quarters and 17.50% of the Cumulative Pre-Incentive Fee Net Return during the relevant Current Fee Quarters included in the relevant Trailing Twelve Quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant trailing twelve quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the trailing twelve quarters less (y) any Net Capital Loss, since April 1, 2018, in respect of the trailing twelve quarters. If, in any quarter, the Incentive Fee Cap was zero or a negative value, the Company shall pay no Incentive Fee on Income to the Investment Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap was equal to or greater than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee on Income for such quarter.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

(ii) Incentive Fee Based on Cumulative Net Realized Gains

The incentive fee on capital gains (the "Incentive Fee on Capital Gains") is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee shall equal 17.50% of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

For accounting purposes only, we are required under GAAP to accrue a theoretical capital gains incentive fee based upon net realized capital gains and unrealized capital gain and loss on investments held at the end of each period. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. There was no accrual for theoretical capital gains incentive fee for the three and nine months ended September 30, 2025 and 2024. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three and nine months ended September 30, 2025, the Company recognized $6,069 and $18,209, respectively, of management fees, and $5,818 and $16,100, respectively, of incentive fees before impact of waived fees. For the three and nine months ended September 30, 2024, the Company recognized $4,428 and $13,203, respectively, of management fees, and $4,601 and $16,212, respectively, of incentive fees before impact of waived fees. For the three and nine months ended September 30, 2025 and 2024, no management fees and no incentive fees were waived.

As of September 30, 2025 management and performance-based incentive fees payable were $6,069 and $5,818, respectively. As of December 31, 2024, management and performance-based incentive fees payable were $6,247 and $5,336, respectively.

In connection with the Mergers, the Company and the Investment Adviser agreed that, for purposes of incentive fee calculations under the Investment Advisory Agreement, any amortization or accretion of any purchase premium or purchase discount to interest income or any gains or losses resulting solely from accounting adjustments to the cost basis of the assets beneficially owned by AFT and AIF assets acquired in the Mergers as required under applicable accounting guidance under ASC 805 will be excluded.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Fee Offset

On January 16, 2019, the Company and AIM entered into a fee offset agreement (the "Fee Offset Agreement") in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. The Company received an offsetting credit against total incentive fees otherwise due to AIM under the Investment Advisory Agreement. The amount offset was initially 20% of the management fee revenue earned and incentive fee revenue realized by AIM and its affiliates in connection with managing aircraft assets on related insurance balance sheets (“New Balance Sheet Investments”), new aircraft managed account capital (“New Managed Accounts”) and new dedicated aircraft funds (“New Aircraft Funds”). Once the aggregate capital raised by the New Aircraft Funds or New Managed Accounts and capital invested by the New Balance Sheet Investments exceeded $3 billion cumulatively, the fee offset would step down to 10% of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. The fee offset was supposed to be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period would also be used to offset incentive fees payable to AIM by the Company. The offset would be limited to the amount of incentive fee payable by the Company to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by the Company in subsequent quarters.

Effective February 21, 2023, as a result of the planned reduction and the pending departure of certain Merx personnel, Merx and Apollo agreed to terminate the fee offset agreement in exchange for a termination fee of $7.5 million.

There was no management fee and performance-based incentive fee offset for the three and nine months ended September 30, 2025 and 2024, respectively.

Administration Agreement with AIA

The Company has also entered into an administration agreement with the Administrator (the “Administration Agreement”) under which AIA provides administrative services for the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator and requested to be reimbursed by the Administrator in performing its obligations under the Administration Agreement. The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. For the three and nine months ended September 30, 2025, the Company recognized administrative services expense under the Administration Agreement of $1,029 and $3,055, respectively. For the three and nine months ended September 30, 2024, the Company recognized administrative services expense under the Administration Agreement of $1,036 and $3,084, respectively. There was no amount payable to AIA and its affiliates for expenses paid on our behalf as of September 30, 2025 and December 31, 2024.

Administrative Service Expense Reimbursement

Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator, as amended (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx and several Merx managed entities for a quarterly fee of $250, effective as of January 1, 2025.

For the three and nine months ended September 30, 2025, the Company recognized administrative service expense reimbursements of $252 and $1,269, respectively, under the Merx Administration Agreement. For the three and nine months ended September 30, 2024, the Company recognized administrative service expense reimbursements of $75 and $225, respectively, under the Merx Administration Agreement.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies, which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf. For the three and nine months ended September 30, 2025, the Company recognized debt expense reimbursements of $32 and $101, respectively, under the debt expense reimbursement agreements. For the three and nine months ended September 30, 2024, the Company recognized debt expense reimbursements of $87 and $372, respectively, under the debt expense reimbursement agreements.

Co-Investment Activity

The Company, the Investment Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the “Order”), that permits us, among other things, to co-invest with other funds and accounts managed by the Investment Adviser or its affiliates, subject to certain conditions. Pursuant to such Order, the Board has approved co-investment policies and procedures describing how the Company will comply with the Order. Further, the Investment Adviser has adopted policies and procedures (the “Adviser Allocation Policy”) describing the allocation of investment opportunities in which we will have the opportunity to participate with one or more Apollo-managed BDCs, including us (the “Apollo BDCs”), certain Apollo-managed registered investment companies (the “Apollo RICs” and, together with the Apollo BDCs, the “Apollo Regulated Funds”) and other public or private Apollo funds that target similar assets. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Investment Adviser. The Company may determine to participate or not to participate, depending on whether the Investment Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). The investment would generally be allocated to us, any other Apollo Regulated Funds and the other Apollo funds that target similar assets pro rata based on available capital in the applicable asset class. If the Investment Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us.

As of September 30, 2025, the Company’s co-investment holdings were 87% of the portfolio or $2,775,216, measured at fair value. On a cost basis, 85% of the portfolio or $2,830,152 were co-investments. As of December 31, 2024, the Company’s co-investment holdings were 80% of the portfolio or $2,417,102, measured at fair value. On a cost basis, 77% of the portfolio or $2,448,523 were co-investments.

Merx Aviation

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with ACM (the “Servicing Agreement”), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM (the “Research Support Agreement”), Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. In addition, on the same date the Company and AIM entered into the Fee Offset Agreement under which the Company receives an offsetting credit against fees otherwise due to AIM under the Investment Advisory Agreement.

In 2022, we announced our plans to reduce our aviation leasing platform that is operating through Merx. Effective February 21, 2023, as a result of the planned reduction and the pending departure of certain Merx personnel, Merx and Apollo agreed to an Amended Servicing Agreement and to terminate the Research Support Agreement, the Technical Support Agreement and the Fee Offset Agreement in exchange for a termination fee of $7.5 million. Under the Amended Servicing Agreement and the subservicing agreement, as amended, with an affiliate, as part of the February 21, 2023 termination payment, Merx will continue to service certain legacy Apollo aircraft investments during its reduction.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

On September 1, 2022, $110,700 of the Merx first lien secured revolver held by the Company was converted into common equity. On September 30, 2023, Merx amended its credit agreement and the commitment of the Merx first lien secured revolver decreased to $100,000. During the quarter of September 30, 2025, the Company received a net repayment from Merx totaling approximately $97 million from insurers related to three aircraft detained in Russia and the sale of the majority of its aircraft. The balance of the Merx revolver as of September 30, 2025 was $26,075 and as of December 31, 2024 was $59,575.

Sub-Servicing Agreement

On November 2, 2023, MFIC Bethesda CLO 1 LLC entered into a sub-servicing agreement with MidCap Financial Services, LLC (the “Sub-Servicing Agreement”), under which MidCap Financial Services, LLC provides management services to Bethesda CLO 1 Issuer in connection with the issuance of the Bethesda CLO 1 Notes. Under the Sub-Servicing Agreement, MFIC Bethesda CLO 1 LLC will pay MidCap Financial Services, LLC a fee in the amount of $100 on an annual basis. The Company paid $50 and $50 to Midcap Financial Services, LLC during the three and nine months ended September 30, 2025, respectively. The Company paid $— and $41 to Midcap Financial Services, LLC during the three and nine months ended September 30, 2024, respectively.

On February 24, 2025, MFIC Bethesda CLO 2 LLC entered into a sub-servicing agreement with MidCap Financial Services, LLC (the “CLO2 Sub-Servicing Agreement”), under which MidCap Financial Services, LLC provides management services to Bethesda CLO 2 Issuer in connection with the issuance of the Bethesda CLO 2 Notes. Under the Sub-Servicing Agreement, MFIC Bethesda CLO 2 LLC will pay MidCap Financial Services, LLC a fee in the amount of $100 on an annual basis. The Company paid $10 and $10 to Midcap Financial Services, LLC during the three and nine months ended September 30, 2025.

Note 4. Earnings Per Share

The following table sets forth the computation of earnings (loss) per share, pursuant to ASC 260-10, for the three and nine months ended September 30, 2025 and 2024:



Basic Earnings Per Share
Net increase (decrease) in net assets resulting from operations	27,454	26,716	75,900	74,761
Weighted average shares outstanding	93,303,622	87,268,679	93,426,714	72,645,309
Basic earnings (loss) per share	0.29	0.31	0.81	1.03

All values are in US Dollars.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 5. Investments

Fair Value Measurement and Disclosures

The following table shows the composition of our investment portfolio as of September 30, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	3,075,210	$	3,014,260	$	—	$	54,106	$	2,960,154
Second Lien Secured Debt		7,793		72		—		—		72
Unsecured Debt		1,485		1,331		—		1,310		21
Structured Products and Other		34,004		19,261		—		—		19,261
Preferred Equity		31,285		33,680		—		—		33,680
Common Equity/Interests		187,983		112,140		271		—		111,869
Warrants		389		221		—		—		221
Total Investments	$	3,338,149	$	3,180,965	$	271	$	55,416	$	3,125,278
Money Market Fund	$	183	$	183	$	183	$	—	$	—
Total Cash Equivalents	$	183	$	183	$	183	$	—	$	—
Total Investments after Cash Equivalents	$	3,338,332	$	3,181,148	$	454	$	55,416	$	3,125,278

The following table shows the composition of our investment portfolio as of December 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	2,804,070	$	2,765,156	$	—	$	88,903	$	2,676,253
Second Lien Secured Debt		23,454		17,798		—		12,034		5,764
Unsecured Debt		6,059		3,502		—		3,385		117
Structured Products and Other		53,671		41,125		—		15,024		26,101
Preferred Equity		16,069		24,831		—		—		24,831
Common Equity/Interests		273,109		161,868		220		—		161,648
Warrants		965		136		—		—		136
Total Investments	$	3,177,397	$	3,014,416	$	220	$	119,346	$	2,894,850
Money Market Fund	$	2,810	$	2,810	$	2,810	$	—	$	—
Total Cash Equivalents	$	2,810	$	2,810	$	2,810	$	—	$	—
Total Investments after Cash Equivalents	$	3,180,207	$	3,017,226	$	3,030	$	119,346	$	2,894,850

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2025:

	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt		Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Fair value as of June 30, 2025	$	3,035,815		$	75		$	21	$	21,599		$	23,895		$	168,052		$	162		$	3,249,619
Net realized gains (losses)		(4,974	)		198			—		—			—			(10,627	)		(576	)		(15,979	)
Net change in unrealized gains (losses)		(16,191	)		(8	)		—		(747	)		(1,132	)		27,460			635			10,017
Net amortization on investments		2,225			—			—		—			—			—			—			2,225
Purchases, including capitalized PIK (3)		165,541			5			—		48			10,917			225,311			—			401,822
Sales (3)		(228,952	)		(198	)		—		(1,639	)		—			(298,327	)		—			(529,116	)
Transfers out of Level 3 (1)		—			—			—		—			—			—			—			—
Transfers into Level 3 (1)		6,690			—			—		—			—			—			—			6,690
Fair value as of September 30, 2025	$	2,960,154		$	72		$	21	$	19,261		$	33,680		$	111,869		$	221		$	3,125,278
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	(23,185	)	$	261		$	—	$	(747	)	$	(1,135	)	$	16,261		$	59		$	(8,485	)

Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
Includes unfunded commitments measured at fair value of $(7,219).
Includes reorganizations and restructuring of investments.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2025:

	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Fair value as of December 31, 2024	$	2,676,253		$	5,764		$	117		$	26,101		$	24,831		$	161,648		$	136		$	2,894,850
Net realized gains (losses)		(13,123	)		(2,303	)		(2,672	)		—			—			(8,644	)		(576	)		(27,318	)
Net change in unrealized gains (losses)		(21,851	)		(2,724	)		2,576			(2,202	)		(6,367	)		35,410			661			5,503
Net amortization on investments		5,470			—			—			—			—			—			—			5,470
Purchases, including capitalized PIK (3)		848,147			14			—			200			15,466			226,584			—			1,090,411
Sales (3)		(534,673	)		(679	)		—			(4,838	)		(250	)		(303,129	)		—			(843,569	)
Transfers out of Level 3 (1)		(69	)		—			—			—			—			—			—			(69	)
Transfers into Level 3 (1)		—			—			—			—			—			—			—			—
Fair value as of September 30, 2025	$	2,960,154		$	72		$	21		$	19,261		$	33,680		$	111,869		$	221		$	3,125,278
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	(28,622	)	$	(7,705	)	$	—		$	(2,202	)	$	(6,368	)	$	27,086		$	85		$	(17,727	)

Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
Includes unfunded commitments measured at fair value of $(7,219).
Includes reorganizations and restructuring of investments.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2024:

	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Fair value as of June 30, 2024	$	2,202,813		$	5,446		$	325		$	34,705		$	32,610		$	158,583		$	170		$	2,434,652
Net realized gains (losses)		472			(9	)		—			—			—			1,267			—			1,730
Net change in unrealized gains (losses)		(9,268	)		(596	)		(219	)		(1,682	)		2,503			(1,285	)		(36	)		(10,583	)
Net amortization on investments		2,078			7			—			—			—			—			—			2,085
Purchases, including capitalized PIK (3)		540,814			3,619			20			—			473			2,334			—			547,260
Sales (3)		(124,197	)		(201	)		—			(4,492	)		(10,136	)		(1,573	)		—			(140,599	)
Transfers out of Level 3 (1)		—			—			—			—			—			—			—			—
Transfers into Level 3 (1)		—			—			—			—			—			—			—			—
Fair value as of September 30, 2024	$	2,612,712		$	8,266		$	126		$	28,531		$	25,450		$	159,326		$	134		$	2,834,545
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024	$	(8,387	)	$	(553	)	$	(154	)	$	(1,682	)	$	(1,227	)	$	95		$	(36	)	$	(11,944	)

The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2024:

	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Fair value as of December 31, 2024	$	2,075,031		$	31,887		$	—		$	41,333		$	32,405		$	152,127		$	199		$	2,332,982
Net realized gains (losses)		(2,318	)		264			—			—			—			(14,074	)		—			(16,128	)
Net change in unrealized gains (losses)		(9,974	)		11,434			(2,566	)		(7,754	)		2,592			8,526			(641	)		1,617
Net amortization on investments		5,655			13			—			—			—			—			—			5,668
Purchases, including capitalized PIK (3)		1,115,734			3,918			2,692			2,533			590			14,739			576			1,140,782
Sales (3)		(571,416	)		(31,540	)		—			(7,581	)		(10,137	)		(1,992	)		—			(622,666	)
Transfers out of Level 3 (1)		—			(7,710	)		—			—			—			—			—			(7,710	)
Transfers into Level 3 (1)		—			—			—			—			—			—			—			—
Fair value as of September 30, 2024	$	2,612,712		$	8,266		$	126		$	28,531		$	25,450		$	159,326		$	134		$	2,834,545
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024	$	(18,701	)	$	(1,454	)	$	(2,566	)	$	(7,754	)	$	(1,961	)	$	6,902		$	(641	)	$	(26,175	)

Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
Includes unfunded commitments measured at fair value of $(4,777).
Includes reorganizations and restructuring of investments. Includes all activities from the Mergers.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2025 were as follows:

		Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	2,665,125	Yield Analysis	Discount Rate	3.9%	42.5%	10.7%
	146,493	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	81,862	Recent Transaction	Recent Transaction	N/A	N/A	N/A
	49,499	Cost Approach	Cost Approach	N/A	N/A	N/A
	12,680	Market Comparable Technique	Comparable Multiple	0.4x	4.8x	3.2x
	4,494	Transactional Value	Transactional Value	N/A	N/A	N/A
Second Lien Secured Debt	72	Yield Analysis	Discount Rate	16.4%	16.4%	16.4%
Unsecured Debt	21	Market Comparable Technique	Comparable Multiple	19.3x	19.3x	19.3x
Structured Products and Other	19,261	Yield Analysis	Discount Rate	8.8%	13.0%	10.6%
Preferred Equity	22,209	Market Comparable Technique	Comparable Multiple	0.4x	16.8x	9.0x
	10,818	Recent Transaction	Recent Transaction	N/A	N/A	N/A
	454	Yield Analysis	Discount Rate	12.0%	12.0%	12.0%
	100	Cost Approach	Cost Approach	N/A	N/A	N/A
	99	Transactional Value	Transactional Value	N/A	N/A	N/A
Common Equity/Interests	79,159	Yield Analysis	Discount Rate	12.0%	13.0%	0.0%
	18,515	Estimated Proceeds	Estimated Proceeds	N/A	N/A	N/A
	13,298	Market Comparable Technique	Comparable Multiple	0.4x	19.3x	5.5x
	715	Transactional Value	Transactional Value	N/A	N/A	N/A
	133	Option Pricing Model	Expected Volatility	95.0%	95.0%	48.7%
	49	Recent Transaction	Recent Transaction	N/A	N/A	N/A
Warrants	198	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
	14	Transactional Value	Transactional Value	N/A	N/A	N/A
	9	Market Comparable Technique	Comparable Multiple	19.3x	19.3x	19.3x
Total Level 3 Investments	3,125,278

All values are in US Dollars.

_________________

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2024 were as follows:

		Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	2,409,833	Yield Analysis	Discount Rate	4.1%	31.4%	11.3%
	136,535	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	119,051	Recent Transaction	Recent Transaction	N/A	N/A	N/A
	10,765	Market Comparable Technique	Comparable Multiple	3.5x	3.5x	3.5x
	69	Broker Quote	Broker Quote	N/A	N/A	N/A
Second Lien Secured Debt	4,718	Market Comparable Technique	Comparable Multiple	6.2x	6.2x	6.2x
	914	Recovery Analysis	Recoverable Amount	3.5x	3.5x	3.5x
	132	Yield Analysis	Discount Rate	17.6%	17.6%	17.6%
Unsecured Debt	117	Market Comparable Technique	Comparable Multiple	4.3x	4.3x	4.3x
Structured Products and Other	26,101	Yield Analysis	Discount Rate	11.3%	12.3%	11.6%
Preferred Equity	24,119	Market Comparable Technique	Comparable Multiple	2.3x	17.8x	10.8x
	519	Recent Transaction	Recent Transaction	N/A	N/A	N/A
	193	Yield Analysis	Discount Rate	13.5%	13.5%	13.5%
	—	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
Common Equity/Interests	124,215	Yield Analysis	Discount Rate	9.6%	13.5%	9.6%
	18,933	Estimated Proceeds	Estimated Proceeds	N/A	N/A	N/A
	17,838	Market Comparable Technique	Comparable Multiple	0.7x	22.0x	11.3x
	444	Option Pricing Model	Expected Volatility	25.0%	85.0%	34.3%
	218	Recent Transaction	Recent Transaction	N/A	N/A	N/A
	—	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
Warrants	136	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
	—	Market Comparable Technique	Comparable Multiple	4.3x	4.3x	4.3x
Total Level 3 Investments	2,894,850

All values are in US Dollars.

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

Investment Transactions

For the three and nine months ended September 30, 2025, purchases of investments on a trade date basis were $400,391 and $1,081,031, respectively. For the three and nine months ended September 30, 2024, purchases of investments on a trade date basis including all activities from the Mergers were $911,941 and $1,310,094, respectively.

For the three and nine months ended September 30, 2025, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $548,414 and $914,685, respectively. For the three and nine months ended September 30, 2024, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis including all activities from the Mergers were $327,347 and $619,093, respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as a receivable up to the capitalization date. During the three and nine months ended September 30, 2025, PIK income earned was $4,192 and $12,886, respectively. During the three and nine months ended September 30, 2024, PIK income earned was $2,974 and $7,476, respectively.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The following table shows the change in capitalized PIK balance for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended<br>September 30,				Nine Months Ended<br>September 30,
	2025		2024		2025			2024
PIK balance at beginning of period	$	47,116	$	28,909	$	36,656		$	24,485
PIK income capitalized		4,745		4,302		16,135			8,726
Adjustments due to investments exited or written off		—		—		(930	)		—
PIK income received in cash		—		—		—			—
PIK balance at end of period	$	51,861	$	33,211	$	51,861		$	33,211

Dividend Income on Collateralized Loan Obligations (“CLOs”) and Structured Finance Products

The Company holds structured finance products and other investments. The CLO equity investments and structured finance products are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after meeting contractual obligations to debt holders and paying fund expenses. The Company recognizes dividend income on its beneficial interests in structured products, such as CLOs, based on projected cash flows subject to various uncertainties and contingencies. During the three and nine months ended September 30, 2025, dividend income from structured products was $200 and $640, respectively. During the three and nine months ended September 30, 2024, dividend income from structured products was $241 and $476, respectively.

Investments on Non-Accrual Status

As of September 30, 2025, 4.4% of total investments at amortized cost, or 3.1% of total investments at fair value, were on non-accrual status. As of December 31, 2024, 2.1% of total investments at amortized cost, or 1.3% of total investments at fair value, were on non-accrual status.

Derivative Instruments

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

At the beginning of the second quarter, the Company held forward currency contracts with notional amounts totaling $9,684. These contracts were settled during the quarter ended June 30, 2025, resulting in a net realized loss of $610 which is included in "Net realized gain (loss) on forward contracts" in the Statement of Operations. No derivative contracts were outstanding as of September 30, 2025.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 6. Debt and Foreign Currency Transactions and Translations

On April 4, 2018, the Company’s Board, including a “required majority” (as defined in Section 57(o) of the 1940 Act, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

The Company’s outstanding debt obligations as of September 30, 2025 were as follows:

	Date Issued/<br>Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	10/17/2024	$	1,660,000	**	$	1,084,913		*	$	1,084,913	(1	)	10/17/2029
MFIC Bethesda CLO I LLC Class A-1 Notes	11/2/2023		232,000			232,000				232,116	(2	)	10/23/2035
MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C)	2/24/2025		399,000			399,000				398,227	(2	)	1/23/2037
2026 Notes	7/16/2021		125,000			125,000				123,375	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				80,608	(3	)	12/15/2028
Total Debt Obligations		$	2,496,000		$	1,920,913			$	1,919,239
Deferred Financing Costs and Debt Discount						(5,839	)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,915,074

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** As of September 30, 2025, total lender commitments were $1,660,000.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2025. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of September 30, 2025. The valuation is based on broker quoted prices.
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of September 30, 2025. The valuation is arrived using the closing price on exchange as on the relevant date.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The Company’s outstanding debt obligations as of December 31, 2024 were as follows:

	Date Issued/<br>Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	10/17/2024	$	1,660,000	**	$	970,148		*	$	970,148	(1	)	10/17/2029
Bethesda CLO 1 Class A-1	11/2/2023		232,000			232,000				232,812	(2	)	10/23/2035
2025 Notes	3/3/2015		350,000			350,000				349,342	(2	)	3/3/2025
2026 Notes	7/16/2021		125,000			125,000				120,918	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				81,472	(3	)	12/15/2028
Total Debt Obligations		$	2,447,000		$	1,757,148			$	1,754,692
Deferred Financing Costs and Debt Discount						(5,527	)
Total Debt Obligations, net of Deferred<br>Financing Cost and Debt Discount					$	1,751,621

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** Between October 17, 2024 and December 22, 2024, total lender commitments were $1,815,000. As of December 31, 2024, total lender commitments were $1,660,000.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2024. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2024. The valuation is based on broker quoted prices.
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2024. The valuation is arrived using the closing price on exchange as on the relevant date.

Senior Secured Facility

On October 17, 2024 (the "Amendment and Restatement Date"), the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of April 19, 2023, December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through October 17, 2029. Lender commitments under the Senior Secured Facility increased from $1,705,000 to $1,815,000 until December 22, 2024 and decreased to $1,660,000 thereafter. The Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Senior Secured Facility to $2,722,500. The Senior Secured Facility is guaranteed by certain subsidiaries of the Company in existence as of the Amendment and Restatement Date, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company thereafter (each a “Guarantor” and collectively, the “Guarantors”). The Senior Secured Facility is secured by substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

Commencing October 17, 2028, the Company is required to repay, the outstanding amount under the Senior Secured Facility as of October 17, 2028 out of the proceeds of certain asset sales and other recovery events and equity and debt issuances. The stated interest rates on outstanding borrowings under the Senior Secured Facility depend on the type of borrowing and the “gross borrowing base” at the time. USD borrowings accrue at (a) either Term SOFR plus 1.85% per annum or Term SOFR plus 1.975% per annum, or (b) either Alternate Base Rate plus 0.75% per annum or Alternate Base Rate plus 0.875% per annum. The Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Senior Secured Facility and fronting fees (which fronting fee is exclusive of the applicable margin) of 0.25% per annum on the letters of credit issued.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The Senior Secured Facility contains affirmative and restrictive covenants, events of default and other customary provisions for similar debt facilities, including (subject to the exceptions set forth in the Senior Secured Facility): (a) periodic financial reporting requirements, (b) maintaining minimum stockholders’ equity of $1,000,000 plus 25% of the net proceeds from the sale of equity interests in the Company after July 22, 2024, (c) maintaining a ratio of total assets, less total liabilities (and indebtedness not represented by “senior securities”) to total “senior securities” representing indebtedness, in each case of the Company and its consolidated subsidiaries, of not less than 1.5:1.0, (d) limitations on the incurrence of additional indebtedness, (e) limitations on liens, (f) limitations on investments (other than, among other exceptions, as permitted under the 1940 Act, as amended, and the Company's investment policies), (g) limitations on mergers and disposition of assets (other than, among other exceptions, in the normal course of the Company’s business activities), (h) limitations on the creation or existence of agreements that permit liens on properties of the Company’s consolidated subsidiaries and (i) limitations on the repurchase or redemption of certain unsecured debt and debt securities. In addition to the asset coverage ratio described in clause (c) of the preceding sentence, borrowings under the Senior Secured Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio will also depend on the relevant asset coverage ratio as of the date of determination. Borrowings under the Senior Secured Facility will also continue to be subject to the leverage restrictions contained in the 1940 Act.

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000. As of September 30, 2025 and December 31, 2024, the Company had $— and $7,828, respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was $575,087 and $682,024 as of September 30, 2025 and December 31, 2024, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

Senior Unsecured Notes

2025 Notes

On March 3, 2015, the Company issued $350,000 aggregate principal amount of senior unsecured notes for net proceeds of $343,650 (the “2025 Notes”). The 2025 Notes matured on March 3, 2025. Interest on the 2025 Notes was due semi-annually on March 3 and September 3, at an annual rate of 5.25%, commencing on September 3, 2015. The 2025 Notes were general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The Company paid off the 2025 Notes on March 3, 2025.

2026 Notes

On July 16, 2021, the Company issued $125,000 aggregate principal amount of general unsecured notes for net proceeds of $122,965 (the “2026 Notes”). The 2026 Notes will mature on July 16, 2026. Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50%, commencing on January 16, 2022. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

2028 Notes

On December 13, 2023, the Company issued $80,000 aggregate principal amount of 8.00% Notes due 2028 (inclusive of $5,000 aggregate principal amount pursuant to the underwriters’ overallotment option to purchase additional Notes) (the “2028 Notes”). As of December 31, 2023, the principal amount outstanding was $80,000. The 2028 Notes will mature on December 15, 2028. The 2028 Notes bear interest at a rate of 8.00% per year, commencing December 13, 2023. The Company will pay interest on the 2028 Notes on March 15, June 15, September 15 and December 15 of each year, beginning on March 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after December 15, 2025, at a redemption price of $25 per 2028 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

MFIC Bethesda CLO 1 LLC Debt Securitization

On November 2, 2023, the Company completed a $402,360 term debt securitization (the “Bethesda CLO 1”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the Bethesda CLO 1 (collectively, the “Bethesda CLO 1 Notes”) were issued by MFIC Bethesda CLO 1 LLC (the “Bethesda CLO 1 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein.

The notes offered by Bethesda CLO 1 Issuer in connection with the CLO transaction consist of $232,000 of AAA(sf) Class A-1 Senior Secured Floating Rate due

2035

, which bear interest at three-month

SOFR

plus 2.40%, $16,000 of AAA(sf) Class A-2 Senior Secured Floating Rate due

2035

, which bear interest at three-month

SOFR

plus 2.90%, and $154,360 of Subordinated Notes due in

2123

, which do not bear interest. The Company, through a newly formed wholly owned subsidiary of the Company (the “Bethesda CLO 1 Depositor”), has retained 100% of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1, which are eliminated in consolidation. The Class A-1 Notes and the Class A-2 Notes are scheduled to mature in October 2035 and the Subordinated Notes are scheduled to mature in October 2123; however the Bethesda CLO 1 Notes may be redeemed by the Issuer, at the direction of the Bethesda CLO 1 Depositor (at the direction of the Company) as holder of the Subordinated Notes, on any business day after October 23, 2025. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The Class A-1 Notes and Class A-2 Notes are secured obligations of the Bethesda CLO 1 Issuer, the Subordinated Notes are the unsecured obligations of the Bethesda CLO 1 Issuer, and the indenture governing the Bethesda CLO 1 Notes includes customary covenants and events of default.

The Bethesda CLO 1 Notes are not, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the Bethesda CLO 1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

MFIC Bethesda CLO 2 LLC Debt Securitization

On February 24, 2025, the Company completed a $529,600 CLO transaction (the “Bethesda CLO 2”), a form of secured financing incurred by MFIC Bethesda CLO 2 LLC (the “Bethesda CLO 2 Issuer”), an indirect wholly owned, consolidated subsidiary of the Company. The notes offered by Bethesda CLO 2 Issuer in connection with Bethesda CLO 2 (collectively, the “Bethesda CLO 2 Notes”) consist of $304,500 of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due

2037

, which bear interest at the three-month

SOFR

plus 1.48%, $21,000 of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due

2037

, which bear interest at three-month

SOFR

plus 1.70%, $31,500 of AA(sf) Class B Senior Secured Floating Rate Notes due

2037

, which bear interest at three-month

SOFR

plus 1.85%, $42,000 of A(sf) Class C Senior Secured Floating Rate Notes due

2037

, which bear interest at three-month

SOFR

plus 2.30%, $31,500 of Class D Senior Secured Floating Rate Notes due

2037

, which bear interest at three-month

SOFR

plus 3.75% and $99,100 of Subordinated notes due

2125

, which do not bear interest. The CLO transaction is backed by a diversified portfolio of middle-market commercial loans, which Bethesda CLO 2 Issuer purchased from the Company pursuant to a loan sale agreement entered into on February 24, 2025, using the proceeds of the CLO transaction. The Company, through a newly formed wholly owned subsidiary of the Company (the “Bethesda CLO 2 Depositor”), has retained all of the Class D Notes and the Subordinated Notes issued in the Bethesda CLO 2, which are eliminated in consolidation. The proceeds from the CLO transaction were used to repay borrowings under the Senior Secured Facility. The Company serves as collateral manager to Bethesda CLO 2 Issuer, Citigroup Global Markets Inc. acted as initial purchaser and Apollo Global Securities, LLC acted as placement agent. The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and nine months ended September 30, 2025 and 2024:



Average debt outstanding	1,949,909		1,715,216		1,894,872		1,509,102
Maximum amount of debt outstanding (2)	2,277,816		1,791,303		2,325,684		1,791,303
Weighted average annualized interest cost (1)	6.37	%	6.94	%	6.40	%	7.01	%
Annualized amortized debt issuance cost	0.33	%	0.41	%	0.36	%	0.46	%
Total annualized interest cost	6.70	%	7.35	%	6.76	%	7.47	%

All values are in US Dollars.

________________

Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three and nine months ended September 30, 2025 were $440 and $1,603, respectively. Commitment fees for the three and nine months ended September 30, 2024 were $724 and $2,720, respectively.
The maximum amount of debt outstanding during the nine months ended September 30, 2025 is inclusive of $399 million of Class A1, Class A2, Class B, and Class C Notes of MFIC Bethesda CLO 2 that were sold on February 24, 2025. The Company used the proceeds received to repay borrowings under its Senior Secured Facility on February 25, 2025, the day following the closing of MFIC Bethesda CLO 2.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of September 30, 2025:

	Original Principal Amount (Local)		Principal Amount Outstanding		Unrealized Gain/(Loss)
British Pound	£	30,200	$	40,607	$	(2,971	)	10/31/2025
European Euro	€	6,600		7,744		(433	)	10/31/2025
Canadian Dollar	C$	14,980		10,761		128		10/29/2025
Total			$	59,112	$	(3,276	)

All values are in US Dollars.

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2024:

	Original Principal Amount (Local)		Principal Amount Outstanding		Unrealized Gain/(Loss)
British Pound	£	17,700	$	22,153	$	(95	)	1/31/2025
European Euro	€	2,700		2,796		195		1/31/2025
Canadian Dollar	C$	12,800		8,899		405		1/31/2025
Total			$	33,848	$	505

All values are in US Dollars.

As of September 30, 2025 and December 31, 2024, the Company was in compliance with all debt covenants for all outstanding debt obligations.

Note 7. Stockholders’ Equity

The Company adopted the following plans, approved by the Board, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the Securities Exchange Act of 1934 (the “Repurchase Plans”):

Date of Agreement/Amendment	Maximum Cost of Shares That May Be Repurchased		Cost of Shares Repurchased		Remaining Cost of Shares That May Be Repurchased
August 5, 2015	$	50,000	$	50,000	$	—
December 14, 2015		50,000		50,000		—
September 14, 2016		50,000		50,000		—
October 30, 2018		50,000		50,000		—
February 6, 2019		50,000		50,000		—
February 3, 2022		25,000		4,186		20,814
Total as of September 30, 2025	$	275,000	$	254,186	$	20,814

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date	Termination Date	Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015	November 5, 2015	$	5,000
January 1, 2016	February 5, 2016		10,000
April 1, 2016	May 19, 2016		5,000
July 1, 2016	August 5, 2016		15,000
September 30, 2016	November 8, 2016		20,000
January 4, 2017	February 6, 2017		10,000
March 31, 2017	May 19, 2017		10,000
June 30, 2017	August 7, 2017		10,000
October 2, 2017	November 6, 2017		10,000
January 3, 2018	February 8, 2018		10,000
June 18, 2018	August 9, 2018		10,000
September 17, 2018	October 31, 2018		10,000
December 12, 2018	February 7, 2019		10,000
February 25, 2019	May 17, 2019		25,000
March 18, 2019	May 17, 2019		10,000
June 4, 2019	August 7, 2019		25,000
June 17, 2019	August 7, 2019		20,000
September 16, 2019	November 6, 2019		20,000
December 6, 2019	February 5, 2020		25,000
December 16, 2019	February 5, 2020		15,000
March 12, 2020	March 19, 2020		20,000
March 30, 2021	May 21, 2021		10,000
June 16, 2021	November 5, 2021		10,000
December 16, 2021	August 3, 2022		5,000
December 27, 2022	February 22, 2023		10,000

During the three months ended September 30, 2025, the Company did not repurchase any shares.

During the nine months ended September 30, 2025, the Company repurchased 476,656 shares at a weighted average price per share of $12.75, inclusive of commissions, for a total cost of $6,079. This represents a discount of approximately 14.72% of the average net asset value per share for the nine months ended September 30, 2025.

During the three and nine months ended September 30, 2024, the Company did not repurchase any shares.

Since the inception of the Repurchase Plans through September 30, 2025, the Company repurchased 16,069,776 shares at a weighted average price per share of $15.82, inclusive of commissions, for a total cost of $254,186. Including fractional shares, the Company has repurchased 16,069,806 shares at a weighted average price per share of $15.82, inclusive of commissions for a total cost of $254,186.

On October 30, 2018, the Board approved a one-for-three reverse stock split of the Company’s common stock which was effective as of the close of business on November 30, 2018 (the "Reverse Stock Split"). The Company's common stock began trading on a split-adjusted basis on December 3, 2018. The fractional shares that resulted from the Reverse Stock Split were approximately 29 shares and they were canceled by paying cash in lieu of the fair value.

On July 22, 2019, the Board approved Articles of Amendment which amended the Company’s charter to reduce the amount of authorized capital stock from 400,000,000 shares, par value $0.001 per share, to 130,000,000 shares, par value $0.001 per share. The Articles of Amendment were accepted for record by the Department of Assessments and Taxation of the State of Maryland on July 22, 2019 and immediately became effective.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

On August 2, 2022, the Company entered into a share subscription agreement (“Purchase Agreement”) with MFIC Holdings, LP, a subsidiary of MidCap FinCo Designated Activity Company (together with its subsidiaries, “MidCap Financial”), a middle-market specialty finance firm discretionarily managed by an affiliate of the Investment Adviser, in connection with the issuance and sale of the Company's common stock, par value $0.001 per share (the “Offering”). Pursuant to the Purchase Agreement, the Company issued 1,932,641 shares of its common stock at a purchase price of $15.52 per share, the net asset value per share of the Company's common stock as of June 30, 2022. The total proceeds of the offering excluding expenses was approximately $30,000. The shares are subject to a two-year lock-up period. MidCap Financial agreed to bear any expenses that the Company incurred in connection with the Offering greater than $300.

On July 22, 2024, the Company completed the Mergers with AFT and AIF. In connection with the Mergers, the Company issued an aggregate of 28,527,003 shares of the Company's common stock valued at approximately $440,140. For more information, please see Note 10 “Mergers with AFT and AIF” to our consolidated financial statements included in this report.

On August 13, 2024, the Company entered into (i) an equity distribution agreement by and among the Company, the Investment Adviser, the Administrator and Truist Securities, Inc. (“Truist”) and (ii) an equity distribution agreement by and among the Company, the Investment Adviser, the Administrator and Jefferies LLC (“Jefferies,” and together with Truist, the “Sales Agents”). The equity distribution agreements with the Sales Agents described in the preceding sentence are collectively referred to herein as the “Equity Distribution Agreements.” The Equity Distribution Agreements provided that the Company may from time to time issue and sell shares of its common stock, par value $0.001 per share (“Shares”), having an aggregate offering price of up to $200,000, through the Sales Agents, or to them as principal for their own respective accounts. Sales of the shares, if any, may be made in transactions that are deemed to be an “at the market” (“ATM”) offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including without limitation sales made directly on or through the NASDAQ Global Select Market, sales made to or through market makers and sales made through any other existing trading market or electronic communications network, and by any other method permitted by law, including but not limited to privately negotiated transactions, which may include block trades, as the Company and the Sales Agents may agree. The Sales Agents will receive a commission from the Company up to 1.5% of the gross sales price of any Shares sold through the Sales Agents under the Equity Distribution Agreements. The Company may from time to time issue and sell shares of its common stock through public or ATM offerings. For the nine months ended September 30, 2025, there were no shares issued through ATM offerings.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 8. Commitments and Contingencies

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2025, and December 31, 2024, the Company had the following unfunded commitments to its portfolio companies:

	September 30, 2025		December 31, 2024
Unfunded revolver obligations and bridge loan commitments (1)	$	218,155	$	233,293
Standby letters of credit issued and outstanding (2)		6,260		11,381
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)		253,506		240,984
Total Unfunded Commitments (4)	$	477,921	$	485,658

The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of September 30, 2025 and December 31, 2024, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of September 30, 2025 and December 31, 2024, the bridge loan commitments included in the balances were $0 and $0, respectively.
For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.
The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.
The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $73,925 and $40,425 as of September 30, 2025 and December 31, 2024, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 9. Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2025 and 2024:

	Nine Months Ended September 30,
	2025			2024
Per Share Data*
Net asset value at beginning of period	$	14.98		$	15.41
Net investment income (1)		1.13			1.31
Net realized and change in unrealized gains (losses) (1)		(0.32	)		(0.28	)
Net increase in net assets resulting from operations		0.81			1.03
Distribution of net investment income (2)		(1.14	)		(1.34	)
Distribution of return of capital (2)		—			—
Accretion due to share repurchases		0.01			—
Net asset value at end of period	$	14.66		$	15.10
Per share market value at end of period	$	11.99		$	13.39
Total return (3)		(2.87	)%		7.29	%
Shares outstanding at end of period		93,303,622			93,780,278
Weighted average shares outstanding		93,426,714			72,645,309
Ratio/Supplemental Data
Net assets at end of period (in millions)	$	1,367.9		$	1,416.2
Annualized ratio of operating expenses to average net assets (4)(5)		3.93	%		4.67	%
Annualized ratio of interest and other debt expenses to average net assets (5)		9.27	%		10.21	%
Annualized ratio of total expenses to average net assets (4)(5)		13.20	%		14.88	%
Annualized ratio of net investment income to average net assets (5)		10.21	%		11.60	%
Average debt outstanding (in millions)	$	1,894.9		$	1,509.1
Average debt per share	$	20.31		$	20.77
Annualized portfolio turnover rate (5)(7)		29.39	%		32.49	%
Asset coverage per unit (6)	$	1,712		$	1,796

* Totals may not foot due to rounding.

Financial highlights are based on the weighted average number of shares outstanding for the period presented.
The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through September 30, 2025 may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.
Total return is based on the change in market price per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return does not reflect sales load.
The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (see Note 3 to the consolidated financial statements). For the nine months ended September 30, 2025, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 4.05% and 13.33%, respectively, without the voluntary fee waivers. For the nine months ended September 30, 2024, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 4.70% and 14.95%, respectively, without the voluntary fee waivers.
Annualized for the nine months ended September 30, 2025 and 2024.
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of September 30, 2025, the Company's asset coverage was 171%.
Includes investments acquired from the Mergers.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 10. Mergers with AFT and AIF

On July 22, 2024, the Company completed its mergers with AFT and AIF. Pursuant to the AFT Merger Agreement, AFT Merger Sub was first merged with and into AFT, with AFT continuing as the surviving company, and, following the effectiveness of the AFT First Merger, AFT was then merged with and into the Company, with the Company continuing as the surviving company. In accordance with the terms of the AFT Merger Agreement, at the effective time of the AFT First Merger, each outstanding share of common stock, par value $0.001 per share, of AFT was converted into the right to receive 0.9547 shares of common stock, par value $0.001 per share, of the Company (with AFT stockholders receiving cash in lieu of fractional shares of the Company). Pursuant to the AIF Merger Agreement, AIF Merger Sub was first merged with and into AIF, with AIF continuing as the surviving company, and, following the effectiveness of the AIF First Merger, AIF was then merged with and into the Company, with the Company continuing as the surviving company. In accordance with the terms of the AIF Merger Agreement, at the effective time of the AIF First Merger, each outstanding share of common stock, par value $0.001 per share, of AIF was converted into the right to receive 0.9441 shares of common stock, par value $0.001 per share, of the Company (with AIF stockholders receiving cash in lieu of fractional shares of the Company). As a result of the Mergers, the Company issued an aggregate of 28,527,003 shares of its common stock to former AFT and AIF stockholders.

The Mergers were considered asset acquisitions under generally accepted accounting principles with the Company being the accounting survivor. The Mergers were accounted for under the asset acquisition method of accounting by the Company in accordance with ASC 805. Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC 805-50-30-1, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s records. ASC 805-50-30-2 provides that asset acquisitions in which the consideration given is cash are measured by the amount of cash paid. However, if the consideration given is not in the form of cash (that is, in the form of noncash assets, liabilities incurred, or equity interests issued), measurement is based on the cost to the acquiring entity or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measured.

The Company determined the fair value of the shares of the Company's common stock that were issued to former AFT and AIF stockholders pursuant to the AFT Merger Agreement and AIF Merger Agreement plus transaction costs to be the consideration paid in connection with the Mergers under ASC 805. The consideration paid to AFT and AIF stockholders was less than the aggregate fair values of the AFT and AIF assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). Since the fair value of the net assets acquired exceeded the merger consideration paid by the Company, the Company recognized a deemed contribution from Investment Adviser.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The Mergers were considered a tax-free reorganization and the Company has carried forward the historical adjusted tax cost of AFT and AIF investments for tax purposes. The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers:


Common stock issued by the Company(1)	228,076		209,529		437,605
Deemed contribution from the Investment Adviser	1,313		1,222		2,535
Total Purchase Consideration	229,389		210,751		440,140
Assets Acquired:
Investments, at fair value	310,795		285,092		595,887
Cash & Cash Equivalents(2)	2,699		7,232		9,931
Other Assets	7,592		8,506		16,098
Total Assets Acquired	321,086		300,830		621,916
Liabilities Assumed(3)(4)	(91,697	)	(90,079	)	(181,776	)
Net Assets Acquired	229,389		210,751		440,140

All values are in US Dollars.

Based on the Company's closing market price on July 19, 2024 of $15.34 and 28,527,003 shares of common stock issued by the Company in conjunction with the Mergers. The Company paid $1 to stockholders in cash in lieu of fractional shares resulting from the Mergers.
Includes $2 and $2 foreign cash and cash equivalents for AFT and AIF, respectively.
Includes $207 and $191 management fee accrued through the closing date of the Mergers pursuant to an investment advisory agreement between AFT and AIF and an affiliate of the Investment Adviser respectively, which was terminated upon the closing of the Mergers. The payable for these fees was assumed by the Company and paid by the Company to the affiliate of the Investment Adviser in August 2024.
On July 22, 2024, the Company paid down outstanding debt obligations of AFT and AIF totaling $177 million.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 11. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

Distribution Declarations

On November 4, 2025, the Company’s Board declared a base distribution of $0.38 per share, payable on December 23, 2025 to stockholders of record as of December 9, 2025. There can be no assurances that the Board will continue to declare a base distribution of $0.38 per share.

Credit Facility Amendment and Extension

On October 1, 2025, the Company amended and extended the Senior Secured Facility (the "Amended Senior Secured Facility"). Lender commitments under the Amended Senior Secured Facility decreased from $1,660,000 to $1,610,000. The Amended Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Facility to $2,415,000. The final maturity date under the Amended Senior Secured Facility was extended from October 17, 2029 to October 1, 2030. In connection with the amendment, the unused commitment fee was reduced from 0.375% to 0.325%, and the interest rate on funded borrowings decreased 10 bps. The remaining material business terms and conditions of the Amended Senior Secured Facility remain substantially the same. The Amended Senior Secured Facility continues to include usual and customary events of default for senior secured revolving credit facilities of this type. Borrowings under the Amended Senior Secured Facility (and the incurrence of certain other permitted debt) continue to be subject to compliance with a Borrowing Base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio depends on the relevant asset coverage ratio as of the date of determination. Borrowings under the Amended Senior Secured Facility continue to be subject to the leverage restrictions contained in the 1940 Act. Terms used in this disclosure have the meanings set forth in the Amended Senior Secured Facility.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

MFIC CLO 1 Upsize and Reprice

On October 23, 2025, the Company upsized, extended the maturity, and reduced the pricing on Bethesda CLO 1 ("Bethesda CLO 1 Upsize"). The size of Bethesda CLO 1 increased from $402,360 to $646,360. The notes offered by Bethesda CLO 1 increased from $248,000 to $492,000. The notes sold by Bethesda CLO 1 increased from $232,000 to $456,000. The notes offered by the Bethesda CLO 1 Issuer in connection with the Bethesda CLO 1 Upsize consist of $348,000 of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due

2037

, which bear interest at the three-month

SOFR

plus 1.49%, $24,000 of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due

2037

, which bear interest at the three-month

SOFR

plus 1.65%, $36,000 of AA(sf) Class B Senior Secured Floating Rate Notes due

2037

, which bear interest at three-month

SOFR

plus 1.85%, $48,000 of A(sf) Class C Senior Secured Floating Rate Notes due

2037

, which bear interest at three-month

SOFR

plus 2.30%, $36,000 of BBB-(sf) Class D Senior Secured Floating Rate Notes due

2037

, which bear interest at three-month

SOFR

plus 3.30% and $154,360 of Subordinated notes due

2123

, which do not bear interest. The Bethesda CLO 1 Upsize is backed by a diversified portfolio of middle-market commercial loans, which the Bethesda CLO 1 Issuer purchased from the Company pursuant to a loan sale agreement entered into on the closing date of the Bethesda CLO 1 Upsize using the proceeds of the Bethesda CLO 1 Upsize. The Company retained all Class D Notes and all Subordinated Notes and the proceeds from the Bethesda CLO 1 Upsize were used to repay borrowings under the Senior Secured Facility. The Company serves as collateral manager to the Bethesda CLO 1 Issuer, Sumitomo Mitsui Banking Corporation acted as initial purchaser and Apollo Global Securities, LLC acted as placement agent.

Report of Independent Registered Public Accounting Firm

To the stockholders and Board of Directors of MidCap Financial Investment Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of MidCap Financial Investment Corporation (the "Company") as of September 30, 2025, the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2025 and 2024, the consolidated statements of cash flows and the financial highlights for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Company as of December 31, 2024, and the related consolidated statements of operations, changes in net assets, cash flows, and financial highlights for the year then ended (not presented herein); and in our report dated February 25, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, New York

November 6, 2025

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

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

our future operating results;
our business prospects and the prospects of our portfolio companies;
the impact of investments that we expect to make;
our contractual arrangements and relationships with third parties;
the dependence of our future success on the general economy and its impact on the industries in which we invest;
changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation;
the ability of our portfolio companies to achieve their objectives;
our expected financings and investments;
the adequacy of our cash resources and working capital; and
the timing of cash flows, if any, from the operations of our portfolio companies.

We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this 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, 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 in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

MidCap Financial Investment Corporation (the “Company,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through September 30, 2025, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $254.2 million.

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors (the “Board”), manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. The Company, the Investment Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the “Order”), that permits us, among other things, to co-invest with other funds and accounts managed by the Investment Adviser or its affiliates, subject to certain conditions. Certain types of negotiated co-investments may be made only in accordance with the terms of the Order. Pursuant to such Order, the Board has approved co-investment policies and procedures describing how the Company will comply with the Order. Further, the Investment Adviser has adopted policies and procedures (the “Adviser Allocation Policy”) describing the allocation of investment opportunities in which we will have the opportunity to participate with one or more Apollo-managed BDCs, including us (the “Apollo BDCs”), certain Apollo-managed registered investment companies (the “Apollo RICs” and, together with the Apollo BDCs, the “Apollo Regulated Funds”) and other public or private Apollo funds that target similar assets. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Investment Adviser. The Company may determine to participate or not to participate, depending on whether the Investment Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). The investment would generally be allocated to us, any other Apollo Regulated Funds and the other Apollo funds that target similar assets pro rata based on available capital in the applicable asset class. If the Investment Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

Investments

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of September 30, 2025, non-qualifying assets represented approximately 9.6% of the total assets of the Company.

Revenue

We generate revenue primarily in the form of interest and dividend income from the securities we hold and capital gains, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of mezzanine or senior secured loans, generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as SOFR, the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments provide for payment-in-kind (“PIK”) interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees, etc.

Expenses

For all investment professionals of AIM and their staff, when and to the extent engaged in providing investment advisory and management services to us, the compensation and routine overhead expenses of that personnel which is allocable to those services are provided and paid for by AIM. We bear all other costs and expenses of our operations and transactions, including those relating to:

investment advisory and management fees;
expenses incurred by AIM payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;
calculation of our net asset value (including the cost and expenses of any independent valuation firm);
direct costs and expenses of administration, including independent registered public accounting and legal costs;
costs of preparing and filing reports or other documents with the SEC;
interest payable on debt, if any, incurred to finance our investments;
offerings of our common stock and other securities;
registration and listing fees;
fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;
transfer agent and custodial fees;
taxes;
independent directors’ fees and expenses;
marketing and distribution-related expenses;
the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;
our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
organizational costs; and

all other expenses incurred by us or the Administrator in connection with administering our business, such as our allocable portion of overhead under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

We expect our general and administrative operating expenses related to our ongoing operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities relative to comparative periods, among other factors.

Portfolio and Investment Activity

Our portfolio and investment activity during the three and nine months ended September 30, 2025 and 2024, was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)*	2025			2024			2025			2024
Investments made in portfolio companies(1)	$	400.4		$	911.9		$	1,081.0		$	1,310.1
Investments sold(1)		(37.5	)		(188.5	)		(96.4	)		(188.5	)
Net activity before repaid investments(1)		362.8			723.4			984.6			1,121.6
Investments repaid(1)		(510.9	)		(138.8	)		(818.3	)		(430.6	)
Net investment activity(1)	$	(148.0	)	$	584.6		$	166.3		$	691.0
Portfolio companies, at beginning of period		249			165			233			152
Number of investments in new portfolio companies(1)		9			131			43			156
Number of exited companies(1)		(12	)		(46	)		(30	)		(58	)
Portfolio companies at end of period(1)		246			250			246			250
Number of investments in existing portfolio companies		83			60			241			97

* Totals may not foot due to rounding.

Includes investments acquired from the Mergers.

Our portfolio composition and weighted average yields as of September 30, 2025 and December 31, 2024 were as follows:

	September 30, 2025				December 31, 2024
Portfolio composition, at fair value:
First lien secured debt			95	%			92	%
Second lien secured debt			0	%			1	%
Total secured debt			95	%			93	%
Unsecured debt			0	%			0	%
Structured products and other			1	%			1	%
Preferred equity			1	%			1	%
Common equity/interests and warrants			3	%			5	%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)			10.2	%			10.8	%
Second lien secured debt (2)			13.5	%			14.4	%
Secured debt portfolio (2)			10.2	%			10.8	%
Unsecured debt portfolio (2)			11.1	%			9.5	%
Total debt portfolio (2)			10.2	%			10.8	%
Total portfolio (3)			9.0	%			9.5	%
Interest rate type, at fair value (4):
Fixed rate amount	$	0.0 billion			$	0.0 billion
Floating rate amount	$	2.9 billion			$	2.7 billion
Fixed rate, as percentage of total			0	%			1	%
Floating rate, as percentage of total			100	%			99	%
Interest rate type, at amortized cost (4):
Fixed rate amount	$	0.0 billion			$	0.0 billion
Floating rate amount	$	2.9 billion			$	2.7 billion
Fixed rate, as percentage of total			0	%			1	%
Floating rate, as percentage of total			100	%			99	%

An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
Exclusive of investments on non-accrual status.
Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.
The interest rate type information is calculated using the Company's corporate debt portfolio and excludes aviation and investments on non-accrual status.

Since the initial public offering of the Company in April 2004 and through September 30, 2025, invested capital totaled $26.6 billion in 837 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

Recent Developments

Chief Accounting Officer Appointment

On September 4, 2025, the Board appointed Joseph Durkin as Chief Accounting Officer of the Company, effective as of the close of business on September 4, 2025.

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements.

Fair Value Measurements

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 3: Unobservable inputs for the asset or liability.

As of September 30, 2025, $3.13 billion or 98.2% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.

Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.

Investment Valuation Process

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Investment Adviser as its “valuation designee” to perform the fair value determinations for all investments held by the Company. The Board continues to be responsible for overseeing the processes for determining fair valuation. Under the Company's valuation policies and procedures, the Investment Adviser values investments, including certain secured debt, unsecured debt, and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case, such investments shall be valued at fair value as determined in good faith by or under the direction of the Investment Adviser, including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Investment Adviser. Such determination of fair values may involve subjective judgments and estimates.

Our quarterly valuation process begins with each portfolio company or investment being initially valued by using certain inputs provided, among others, by the investment professionals of our Investment Adviser who are responsible for the portfolio investment;
At least each quarter, the valuation will be reassessed and updated by the Investment Adviser or an independent valuation firm to reflect company specific events and latest market data;
Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser;
The Investment Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and
For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the nine months ended September 30, 2025, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by the Investment Adviser, as the valuation designee, as described herein. 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. Additionally, the fair value of our investments may differ significantly from the values that would have been used had an active market existed for such investments and may differ materially from the values that we may ultimately realize.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Results of Operations

Operating results for the three and nine months ended September 30, 2025 and 2024 were as follows:

	Three Months Ended September 30,
(in millions)*	2025			2024					2024
Investment Income
Interest income	$	77.7		$	77.4		228.0		$	207.5
Dividend income		0.2			0.7		0.6			1.0
PIK interest income		4.2			3.0		12.9			7.5
Other income		0.5			1.0		1.0			3.6
Total investment income	$	82.6		$	82.1		242.5		$	219.6
Expenses
Management and performance-based incentive fees, net of amounts waived	$	11.9		$	9.0		34.3		$	29.4
Interest and other debt expenses, net of reimbursements		32.8			31.8		94.7			84.7
Administrative services expense, net of reimbursements		1.0			1.0		3.1			2.9
Other general and administrative expenses		1.6			2.2		4.5			6.5
Net Expenses	$	47.3		$	44.0		136.5		$	123.4
Net Investment Income	$	35.3		$	38.1		106.0		$	96.2
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)	$	(19.2	)	$	0.5		(33.3	)	$	(23.2	)
Net change in unrealized gains (losses)		11.3			(11.9	)	3.2			1.8
Net Realized and Change in Unrealized Gains (Losses)	$	(7.9	)	$	(11.4	)	(30.1	)	$	(21.5	)
Net Increase in Net Assets Resulting from Operations	$	27.5		$	26.7		75.9		$	74.8
Net Investment Income on Per Average Share Basis (1)	$	0.38		$	0.44		1.13		$	1.32
Earnings per share — basic (1)	$	0.29		$	0.31		0.81		$	1.03

All values are in US Dollars.

* Totals may not foot due to rounding.

(1) Based on the weighted average number of shares outstanding for the period presented.

Total Investment Income

For the three months ended September 30, 2025 as compared to the three months ended September 30, 2024

The total investment income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 remained consistent. The average debt yielding portfolio increased from 2.76 billion to 2.94 billion and was partially offset by a decrease in the average yield for the total debt portfolio, from 11.5% for the three months ended September 30, 2024 to 10.3% for the three months ended September 30, 2025.

For the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

The increase in total investment income for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by increase in interest income (including PIK) of $22.9 million. The increase in total interest income was due to a higher income-bearing investment portfolio, primarily related to the assets acquired in the Mergers. This was partially offset by a decrease in the average yield for the total debt portfolio, from 11.5% for the nine months ended September 30, 2024 to 10.5% for the nine months ended September 30, 2025.

Net Expenses

For the three months ended September 30, 2025 as compared to the three months ended September 30, 2024

Net expenses increased by $3.3 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily driven by the increase in management and performance-based incentive fees of $2.9 million due to increase in yielding portfolio from Mergers. The increase in interest and other debt expense was attributed to an increase in average debt outstanding, from $1.7 billion for the three months ended September 30, 2024 to $1.9 billion for the three months ended September 30, 2025. This was partially offset by the decrease in the total annualized cost of debt, from 7.4% for the three months ended September 30, 2024 to 6.5% for the three months ended September 30, 2025.

For the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

Net expenses increased by $13.1 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by the increase in interest and other debt expenses of $10 million. The increase in interest and other debt expenses was attributed to an increase in average debt outstanding, from $1.5 billion for the nine months ended September 30, 2024 to $1.9 billion for the nine months ended September 30, 2025. This was partially offset by the decrease in the total annualized cost of debt, from 7.5% for the nine months ended September 30, 2024 to 6.7% for the nine months ended September 30, 2025. Management and performance based incentive fee has increased $4.9 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was due to increase in yielding portfolio due to the Mergers.

Net Realized Gains (Losses)

For the three months ended September 30, 2025 as compared to the three months ended September 30, 2024

During the three months ended September 30, 2025, we recognized gross realized gains of $2.6 million and gross realized losses of $21.8 million, resulting in net realized losses of $19.2 million. Net realized losses for the three months ended September 30, 2025 was primarily driven by the write off of Ambrosia Buyer Corp. and the restructure of New Era Technology, Inc. Significant realized gains (losses) for the three months ended September 30, 2025 are summarized below:

(in millions)	Net Realized Gain (Loss)
Truck-Lite Co., LLC	$	1.3
Ambrosia Buyer Corp.		(12.5	)
New Era Technology, Inc.		(8.8	)

During the three months ended September 30, 2024, we recognized gross realized gains of $1.3 million and gross realized losses of $0.8 million, resulting in net realized losses of $0.5 million. Net realized losses for the three months ended September 30, 2024 was primarily driven by the sale of Soliant. Significant realized gains (losses) for the three months ended September 30, 2024 are summarized below:

(in millions)	Net Realized Gain (Loss)
Soliant*	$	1.3

*Soliant was sold during the quarter and the realized gain was previously recorded as an unrealized gain.

For the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

During the nine months ended September 30, 2025, we recognized gross realized gains of $7.0 million and gross realized losses of $40.4 million, resulting in net realized losses of $33.3 million. Net realized losses for the nine months ended September 30, 2025 was primarily driven by the restructure of Renovo, Mitel Network and New Era Technology and partial write off of Ambrosia Buyer Corp. The loss was partially offset by the exit of Orgain, Inc., partial exit of Heubach and Truck-Lite Co, LLC. Significant realized gains (losses) for the nine months ended September 30, 2025 are summarized below:

(in millions)	Net Realized Gain (Loss)
Truck-Lite Co., LLC	$	1.3
Orgain, Inc.		1.2
Heubach		1.0
Ambrosia Buyer Corp.		(15.2	)
Renovo		(9.8	)
New Era Technology, Inc.		(8.8	)
Mitel Networks		(3.2	)

During the nine months ended September 30, 2024, we recognized gross realized gains of $2.0 million and gross realized losses of $25.2 million, resulting in net realized losses of $23.2 million. Net realized losses for the nine months ended September 30, 2024 was primarily driven by the write off of the Company's investment in MSEA Tankers LLC and ViewRay. Significant realized gains (losses) for the nine months ended September 30, 2024 are summarized below:

(in millions)	Net Realized Gain (Loss)
Soliant*	$	1.3
MSEA Tankers LLC*		(15.7	)
ViewRay*		(7.1	)

*Soliant was sold during the quarter and the realized gain was previously recorded as an unrealized gain. MSEA Tankers LLC and ViewRay were written off during the period as no proceeds were expected to be realized. The realized gain (losses) on these investments were previously recorded as unrealized gain (losses).

Net Change in Unrealized Gains (Losses)

For the three months ended September 30, 2025 as compared to the three months ended September 30, 2024

During the three months ended September 30, 2025, we recognized gross unrealized gains of $44.7 million and gross unrealized losses of $33.4 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains in investments of $11.3 million. Net change in unrealized gains for the three months ended September 30, 2025 was primarily driven by the increased fair market value of New Era Technology following restructures, write off of Ambrosia Buyer Corp., as well as increase in Merx given settlement on Russian insurance claims and certain recoveries. The net change in unrealized gains was offset by the underperformance of Lending Point, Kauffman, Allstar Holdings, Naviga, Munson and Simeio. Significant changes in unrealized gains (losses) for the three months ended September 30, 2025 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
Merx Aviation Finance, LLC	$	16.6
Ambrosia Buyer Corp.		12.5
New Era Technology, Inc.		7.8
Lending Point		(7.9	)
Kauffman		(6.0	)
Allstar Holdings		(2.0	)
Naviga		(1.7	)
Munson		(1.7	)
Simeio		(1.5	)
ChyronHego Corporation		(1.2	)
Solarplicity Group Limited (f/k/a AMP Solar UK)		(1.1	)

During the three months ended September 30, 2024, we recognized gross unrealized gains of $11.6 million and gross unrealized losses of $23.5 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $11.9 million. Net change in unrealized gains (losses) for the three months ended September 30, 2024 was primarily driven by the write off of MSEA Tankers LLC and the financial under-performance of US Auto, Renovo and PHS. Significant changes in unrealized gains (losses) for the three months ended September 30, 2024 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
Merx Aviation Finance, LLC	$	3.4
AVAD, LLC		(3.1	)
International Cruise & Excursion Gallery, Inc.		(2.3	)
US Auto		(1.7	)
Soliant*		(1.4	)
K&N Parent, Inc.		(1.4	)
KLO Holdings, LLC		(1.2	)
Ambrosia Buyer Corp.		(1.2	)
PHS		(1.2	)

*Soliant was sold during the quarter and the realized gain was previously recorded as an unrealized gain.

For the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

During the nine months ended September 30, 2025, we recognized gross unrealized gains of $66.8 million and gross unrealized losses of $63.6 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $3.2 million. Net change in unrealized gains for the nine months ended September 30, 2025 was primarily driven by the increased fair market value of Renovo and Mitel Networks following restructures, the write off of Ambrosia Buyer Corp., as well as the increase in Merx given settlement on Russian insurance claims and certain recoveries. The net change in unrealized gains was offset by the underperformance of a handful of portfolio companies including Lending Point, Kauffman, ChyronHego Corporation, Securus Technologies Holdings Inc., Tasty Chick'n. Significant changes in unrealized gains (losses) for the nine months ended September 30, 2025 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
Merx Aviation Finance, LLC	$	26.5
Ambrosia Buyer Corp.		15.1
Renovo		5.9
Mitel Networks		2.5
The Club Company		2.2
Sequential Brands Group, Inc.		1.2
Lending Point		(8.1	)
Kauffman		(5.9	)
ChyronHego Corporation		(4.9	)
Securus Technologies Holdings, Inc.		(4.6	)
Tasty Chick’n		(3.1	)
Naviga		(2.6	)
Allstar Holdings		(2.3	)
US Auto		(2.1	)
Orgain, Inc.		(1.9	)
Munson		(1.8	)

During the nine months ended September 30, 2024, we recognized gross unrealized gains of $48.6 million and gross unrealized losses of $46.8 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $1.8 million. Net change in unrealized gains for the nine months ended September 30, 2024 was primarily driven by write off of MSEA Tankers LLC and ViewRay, the increase in cashflows and new lease extensions from Merx Aviation Finance, partially offset by the underperformance of US Auto, International Cruise & Excursion Gallery and Naviga. Significant changes in unrealized gains (losses) for the nine months ended September 30, 2024 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
MSEA Tankers LLC*	$	15.7
ViewRay*		7.1
Merx Aviation Finance, LLC		6.2
US Auto		(8.4	)
International Cruise & Excursion Gallery, Inc.		(5.4	)
PHS		(4.0	)
Naviga		(3.1	)
Renovo		(2.8	)
AVAD, LLC		(2.3	)
Ambrosia Buyer Corp.		(2.1	)
K&N Parent, Inc.		(1.4	)
LucidHealth		(1.3	)
Soliant*		(1.1	)

Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through periodic follow-on equity and debt offerings, our Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), our senior secured notes, our senior unsecured notes, investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from the sale of our 2025 Notes, 2026 Notes, 2028 Notes and Bethesda CLO 1, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (see Note 2 to the consolidated financial statements). At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. The Company may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate.

Debt

See Note 6 to the consolidated financial statements for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of September 30, 2025:


(in millions)	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
Senior Secured Facility (1)		1,084.9	$	—	$	—	$	1,084.9	$	—
2026 Notes		125.0		125.0		—		—		—
2028 Notes		80.0		—		—		80.0		—
MFIC Bethesda CLO 1 LLC Class A-1		232.0		—		—		—		232.0
MFIC Bethesda CLO 2 LLC (Class A-1, Class A-2, Class B and Class C)		399.0		—		—		—		399.0
Total Debt Obligations		1,920.9	$	125.0	$	—	$	1,164.9	$	631.0

All values are in US Dollars.

____________________

As of September 30, 2025, aggregate lender commitments under the Senior Secured Facility totaled $1.66 billion and $575.1 million of unused capacity. As of September 30, 2025, the Company had $— million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the consolidated financial statements.

Stockholders’ Equity

See Note 7 to the consolidated financial statements for information on the Company’s public offerings and share repurchase plans.

Equity Issuances

We may from time to time issue and sell shares of our common stock through public or at-the-market ("ATM”) offerings. On August 13, 2024, we entered into (i) an equity distribution agreement by and among us, the Investment Adviser, the Administrator and Truist Securities, Inc. (“Truist”) and (ii) an equity distribution agreement by and among us, the Investment Adviser, the Administrator and Jefferies LLC (“Jefferies,” and together with Truist, the “Sales Agents”). The equity distribution agreements with Sales Agents described in the preceding sentence are collectively referred to herein as the “Equity Distribution Agreements.” For further details regarding the Equity Distribution Agreements, see Note 7 "Stockholders’ Equity—Equity Issuances — At-the-market (“ATM”) Offering” to our consolidated financial statements included in this report.

Distributions

Distributions paid to stockholders during the three and nine months ended September 30, 2025 totaled $35.5 million ($0.38 per share) and $106.5 million ($1.14 per share), respectively. Distributions paid to stockholders during the three and nine months ended September 30, 2024 totaled $54.4 million ($0.58 per share) and $104 million ($1.34 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through September 30, 2025 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended December 31, 2025. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board.

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash dividends.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.

PIK Income

For the three and nine months ended September 30, 2025, PIK income totaled $4.2 million and $12.9 million on total investment income of $82.6 million and $242.5 million, respectively. For the three and nine months ended September 30, 2024, PIK income totaled $3.0 million and $7.5 million on total investment income of $82.1 million and $219.6 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the consolidated financial statements for more information on the Company’s PIK income.

Related Party Transactions

See Note 3 to the consolidated financial statements for information on the Company’s related party transactions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio.

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, we value all of our portfolio investments at fair value as determined in good faith by our Board based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our Board to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). 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. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our consolidated financial statements for the three and nine months ended September 30, 2025 for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of September 30, 2025, the majority of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, our Senior Secured Facility, Class A-1 Notes under the Bethesda CLO 1 and the Notes under MFIC Bethesda CLO 2 LLC bears interest at SOFR rates with no interest rate floors, while our 2026 Notes and 2028 Notes bear interest at a fixed rate.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of September 30, 2025, assuming no changes in our investment and borrowing structure:

Basis Point Change	Net Investment Income(1)		Net Investment Income Per Share
Up 150 basis points	$	14.7 million	$	0.158
Up 100 basis points		9.8 million		0.105
Up 50 basis points		4.9 million		0.052
Down 50 basis points		(4.7) million		(0.051	)
Down 100 basis points		(9.4) million		(0.101	)
Down 150 basis points		(14.0) million		(0.150	)

(1) Net investment income presented in the sensitivity table is after applying a 17.5% performance-based incentive fee.

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of 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 our portfolio of investments.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that 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. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the twelve months ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

Date of Agreement/Amendment	Maximum Cost of Shares That May Be Repurchased		Cost of Shares Repurchased		Remaining Cost of Shares That May Be Repurchased
August 5, 2015	$	50.0 million	$	50.0 million	$	— million
December 14, 2015		50.0 million		50.0 million		— million
September 14, 2016		50.0 million		50.0 million		— million
October 30, 2018		50.0 million		50.0 million		— million
February 6, 2019		50.0 million		50.0 million		— million
February 3, 2022		25.0 million		4.2 million		20.8 million
Total as of September 30, 2025	$	275.0 million	$	254.2 million	$	20.8 million

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date	Termination Date	Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015	November 5, 2015	$	5.0 million
January 1, 2016	February 5, 2016		10.0 million
April 1, 2016	May 19, 2016		5.0 million
July 1, 2016	August 5, 2016		15.0 million
September 30, 2016	November 8, 2016		20.0 million
January 4, 2017	February 6, 2017		10.0 million
March 31, 2017	May 19, 2017		10.0 million
June 30, 2017	August 7, 2017		10.0 million
October 2, 2017	November 6, 2017		10.0 million
January 3, 2018	February 8, 2018		10.0 million
June 18, 2018	August 9, 2018		10.0 million
September 17, 2018	October 31, 2018		10.0 million
December 12, 2018	February 7, 2019		10.0 million
February 25, 2019	May 17, 2019		25.0 million
March 18, 2019	May 17, 2019		10.0 million
June 4, 2019	August 7, 2019		25.0 million
June 17, 2019	August 7, 2019		20.0 million
September 16, 2019	November 6, 2019		20.0 million
December 6, 2019	February 5, 2020		25.0 million
December 16, 2019	February 5, 2020		15.0 million
March 12, 2020	March 19, 2020		20.0 million
March 30, 2021	May 21, 2021		10.0 million
June 16, 2021	November 5, 2021		10.0 million
December 16, 2021	August 3, 2022		5.0 million
December 27, 2022	February 22, 2023		10.0 million

The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through September 30, 2025:

Month				Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans
August 2015	510,000		510,000	$	$ 40.0 million
September 2015	603,466		603,466		28.8 million
November 2015	1,116,666	18.10	1,116,666		8.6 million
December 2015	627,443		627,443		47.6 million
January 2016	670,708		670,708		37.6 million
June 2016	362,933		362,933		31.5 million
July 2016	16,491		16,491		31.2 million
August 2016	596,294		596,294		20.7 million
September 2016	411,523		411,523		63.2 million
October 2016	527,417		527,417		53.8 million
November 2016	239,289		239,289		49.6 million
August 2017	33,333		33,333		49.0 million
September 2017	186,767		186,767		45.7 million
October 2017	144,867		144,867		43.1 million
November 2017	64,500		64,500		41.9 million
December 2017	50,100		50,100		41.0 million
January 2018	577,386		577,386		31.0 million
February 2018	70,567		70,567		29.9 million
May 2018	263,667		263,667		25.4 million
June 2018	198,601		198,601		22.0 million
July 2018	8,867		8,867		21.9 million
August 2018	502,767		502,767		13.3 million
September 2018	444,467		444,467		5.9 million
October 2018	160,800		160,800		53.3 million
November 2018	595,672		595,672		43.9 million
December 2018	741,389		741,359		33.9 million
February 2019	19,392		19,392		83.6 million
March 2019	291,426	15.40	291,426		79.1 million
April 2019	44,534		44,534		78.4 million
May 2019	298,026		298,026		73.6 million
June 2019	607,073		607,073		63.9 million
July 2019	89,610	16.10	89,610		62.5 million
August 2019	758,020		758,020		50.3 million
September 2019	32,371		32,371		49.7 million
October 2019	495,464		495,464		42.0 million
November 2019	6,147		6,147		41.9 million
March 2020	1,286,565		1,286,565		26.9 million
May 2021	145,572		145,572		24.9 million
July 2021	44,418		44,418		24.3 million
August 2021	45,675		45,675		23.7 million
September 2021	360,860		360,860		19.0 million
October 2021	308,005	13.30	308,005		14.9 million
November 2021	419,372		419,372		9.4 million
December 2021	227,429		227,429		6.6 million
January 2022	60,605	12.70	60,605		30.8 million
April 2022	88,478		88,478		29.7 million
May 2022	40,044		40,044		29.2 million
May 2023	171,061		171,061		27.2 million
June 2023	27,023		27,023		26.9 million
March 2025	476,656		476,656		20.8 million
Total	16,069,806	15.82	16,069,776

All values are in US Dollars.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits

Exhibits

3.1(a)	Articles of Amendment and Restatement (1)
3.2	Sixth Amended and Restated Bylaws (2)
31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document*
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents*
104	Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)*

_________________________

* Filed herewith.

Incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, filed on August 12, 2022.
Incorporated by reference to Exhibit 3.3 to the Registrant’s Current Report on Form 8-K, filed on August 12, 2022.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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 on November 6, 2025.

MIDCAP FINANCIAL INVESTMENT CORPORATION
By:	/s/ TANNER POWELL
Tanner Powell
Chief Executive Officer
(Principal Executive Officer)
By:	/s/ KENNETH SEIFERT
Kenneth Seifert
Chief Financial Officer and Treasurer
(Principal Financial Officer)
By:	/s/ JOSEPH DURKIN
Joseph Durkin
Chief Accounting Officer
(Principal Accounting Officer)

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Tanner Powell, Chief Executive Officer of MidCap Financial Investment Corporation (the “Registrant”), certify that:

I have reviewed this quarterly report on Form 10-Q of the Registrant;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	November 6, 2025
/s/ TANNER POWELL
Tanner Powell
Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Kenneth Seifert, Chief Financial Officer of MidCap Financial Investment Corporation (the “Registrant”), certify that:

I have reviewed this quarterly report on Form 10-Q of the Registrant;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:	November 6, 2025
/s/ KENNETH SEIFERT
Kenneth Seifert
Chief Financial Officer and Treasurer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of MidCap Financial Investment Corporation (the “Company”) on Form 10-Q for the period ended September 30, 2025 (the “Report”), I, Tanner Powell, Chief Executive Officer of the Company, and I, Kenneth Seifert, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ TANNER POWELL
Tanner Powell
Chief Executive Officer
November 6, 2025
/s/ KENNETH SEIFERT
---
Kenneth Seifert
Chief Financial Officer and Treasurer
November 6, 2025

10-Q

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2025

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

Commission File Number: 814-00646

MIDCAP FINANCIAL INVESTMENT CORPORATION

(212) 515-3450

Securities registered pursuant to Section 12(b) of the Act:

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

Table of Contents

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025