UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 2054923

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 March 31, 2026

¨ 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) 515-3200

(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 May 5, 2026 was 82,372,628.

MIDCAP FINANCIAL INVESTMENT CORPORATION

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of<br>March 31, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the <br>three months ended March 31, 2026 and March 31, 2025(Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the<br>three months ended March 31, 2026 and March 31, 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for thethree months ended March 31, 2026 and March 31, 2025(Unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)	5
	Consolidated Schedule of Investments as of December 31, 2025	56
	Notes to Consolidated Financial Statements	108
	Report of Independent Registered Public Accounting Firm	145
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	146
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	159
Item 4.	Controls and Procedures	161
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	162
Item 1A.	Risk Factors	162
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	163
Item 3.	Defaults Upon Senior Securities	166
Item 4.	Mine Safety Disclosures	166
Item 5.	Other Information	166
Item 6.	Exhibits	167
	Signatures	168

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, 2025

Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — 2,830,189 and 2,955,173, respectively)	2,654,656		$	2,819,511
Non-controlled/affiliated investments (cost — 181,645 and 176,978, respectively)	105,180			107,111
Controlled investments (cost — 201,373 and 224,619, respectively)	211,651			241,216
Cash and cash equivalents	42,626			98,184
Foreign currencies (cost — 101 and 1,286, respectively)	63			1,264
Receivable for investments sold	6,831			6,253
Interest receivable	23,426			23,678
Dividends receivable	459			630
Deferred financing costs	22,401			23,626
Unrealized appreciation on foreign currency forward contracts	799			—
Prepaid expenses and other assets	1,780			2,171
Total Assets	3,069,872		$	3,323,644
Liabilities
Debt (net of deferred financing costs and unamortized original discount of 5,612 and 5,838, respectively)	1,870,388		$	1,995,210
Payable for investments purchased	211			558
Shares Repurchase Payable	4,082			—
Management fees payable	5,641			6,034
Interest payable	10,729			12,867
Accrued administrative services expense	409			228
Other liabilities and accrued expenses	2,152			1,486
Total Liabilities	1,893,612		$	2,016,383
Commitments and contingencies (Note 8)
Net Assets	1,176,260		$	1,307,261
Net Assets
Common stock, 0.001 par value (130,000,000 shares authorized; 85,127,849 and 92,211,869 shares issued and outstanding, respectively)	85		$	92
Capital in excess of par value	2,576,962			2,652,891
Accumulated under-distributed (over-distributed) earnings	(1,400,787	)		(1,345,722	)
Net Assets	1,176,260		$	1,307,261
Net Asset Value Per Share	13.82		$	14.18

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 March 31,
	2026			2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	64,063		$	69,302
Dividend income		58			—
PIK interest income		3,373			3,170
Other income		574			324
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		912			1,229
Dividend income		252			240
PIK interest income		—			351
Controlled investments:
Interest income (excluding PIK interest income)		2,595			4,072
Other income		—			10
Total Investment Income	$	71,827		$	78,698
Expenses
Management fees	$	5,641		$	6,061
Performance-based incentive fees		—			6,433
Interest and other debt expenses		28,479			30,464
Administrative services expense		1,441			1,016
Other general and administrative expenses		2,059			1,248
Total expenses		37,620			45,222
Expense reimbursements		(62	)		(806	)
Net Expenses	$	37,558		$	44,416
Net Investment Income	$	34,269		$	34,282
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(9,300	)	$	3,588
Non-controlled/affiliated investments		(67	)		(188	)
Foreign currency forward contracts		904			—
Foreign currency transactions		(3,952	)		(313	)
Net realized gains (losses)		(12,415	)		3,087
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		(39,872	)		(6,088	)
Non-controlled/affiliated investments		(6,599	)		(1,509	)
Controlled investments		(6,319	)		1,348
Foreign currency forward contracts		799			24
Foreign currency translations		3,266			(814	)
Net change in unrealized gains (losses)		(48,725	)		(7,039	)
Net Realized and Change in Unrealized Gains (Losses)	$	(61,140	)	$	(3,952	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(26,871	)	$	30,330
Earnings (Loss) Per Share — Basic	$	(0.30	)	$	0.32

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 March 31,
	2026			2025
Operations
Net investment income	$	34,269		$	34,282
Net realized gains (losses)		(12,415	)		3,087
Net change in unrealized gains (losses)		(48,725	)		(7,039	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(26,871	)	$	30,330
Distributions to Stockholders
Distribution of net investment income	$	(28,105	)	$	(35,637	)
Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(28,105	)	$	(35,637	)
Capital Share Transactions
Repurchase of common stock		(76,025	)		(6,079	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(76,025	)	$	(6,079	)
Net Assets
Net increase (decrease) in net assets during the period	$	(131,001	)	$	(11,386	)
Net assets at beginning of period		1,307,261			1,404,646
Net Assets at End of Period	$	1,176,260		$	1,393,260
Capital Share Activity
Shares repurchased during the period		(7,084,020	)		(476,656	)
Shares issued and outstanding at beginning of period		92,211,869			93,780,278
Shares Issued and Outstanding at End of Period		85,127,849			93,303,622

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

	Three Months Ended March 31,
	2026			2025
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	(26,871	)	$	30,330
Net realized (gains) losses on investments		9,367			(3,400	)
Net change in unrealized (gains) losses		48,725			7,040
Net amortization of premiums and accretion of discounts on investments		(1,390	)		(1,863	)
Accretion of discount on notes		456			429
Amortization of deferred financing costs		1,227			1,396
PIK interest and dividends capitalized		(3,373	)		(4,055	)
Changes in operating assets and liabilities:
Purchases of investments		(102,803	)		(394,120	)
Proceeds from sales and repayments of investments		240,842			245,918
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable		252			(6,057	)
Decrease (increase) in dividends receivable		171			250
Decrease (increase) in prepaid expenses and other assets		391			(1,789	)
Increase (decrease) in Shares Repurchase Payable		4,082			—
Increase (decrease) in management and performance-based incentive fees payable		(393	)		911
Increase (decrease) in interest payable		(2,138	)		(3,410	)
Increase (decrease) in accrued administrative services expense		181			(60	)
Increase (decrease) in other liabilities and accrued expenses		666			(2,828	)
Net Cash (Used in)/Provided by Operating Activities	$	169,392		$	(131,308	)
Financing Activities
Issuances of debt	$	78,908		$	1,022,282
Payments of debt		(200,673	)		(840,000	)
Financing costs paid and deferred		(240	)		(33	)
Repurchase of common stock		(76,025	)		(6,079	)
Distributions paid		(28,105	)		(35,636	)
Net Cash (Used in)/Provided by Financing Activities	$	(226,135	)	$	140,534
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	(56,743	)	$	9,226
Effect of foreign exchange rate changes on cash and cash equivalents		(16	)		21
Cash, cash equivalents and foreign currencies at beginning of period		99,448			75,786
Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	42,689		$	85,033
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	28,933		$	32,129
Supplemental Disclosure of Non-Cash Activity
PIK income	$	3,373		$	3,521

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Aerospace & Defense
Beaufort
Eagle Aggregator Ltd	Preferred Equity - Preferred Equity	N/A	N/A		$	49		$	48		(9)(13)(15)(19)(32)
	Common Equity - Common Stock	N/A	N/A			1			3		(9)(13)(15)(19)(32)
Eagle U.S. Purchaser, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	12/31/32	8,529		8,404			8,404		(9)(15)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	12/31/32			(21	)		(21	)	(8)(9)(15)(17)<br>(18)
						8,433			8,434
Sperry Acquisition, LLC
Sperry Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/03/31	6,871		6,784			6,785		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	02/03/31	1,918		1,893			1,894		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	02/03/31			(7	)		(8	)	(8)(9)(17)(18)
Sperry Parent Holdings, L.P.	Common Equity - Common Stock	N/A	N/A			109			124		(9)(13)
						8,779			8,795
		Total Aerospace & Defense			$	17,212		$	17,229
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/29	14,072	$	13,947		$	14,037		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29	10,227		10,046			10,227		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+525, 0.00% Floor	05/01/29	993		984			990		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	05/01/29	995		986			980		(9)(23)
		Total Air Freight & Logistics			$	25,963		$	26,234
Automobile Components
K&N Parent, Inc.
K&N Holdco, LLC	Common Equity - Common Stock	N/A	N/A		$	23,718		$	147		(13)
Truck-Lite Co., LLC
Truck-Lite Co., LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	02/13/32	3,233		3,235			3,218		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	02/13/32	408		389			401		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	02/13/32			(1	)		(2	)	(8)(9)(17)(18)
						3,623			3,617

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Common Stock	N/A	N/A			138			33		(9)(13)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/31/30	13,167		13,005			12,676		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/31/30			(18	)		(113	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/31/30	3,636		3,594			3,499		(9)(18)(23)
						16,719			16,095
		Total Automobile Components			$	44,060		$	19,859
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	03/17/31	5,275	$	5,207		$	5,235		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	03/17/31	579		552			563		(9)(17)(18)(23)
	Preferred Equity - Preferred Equity	N/A	N/A			100			100		(9)(13)(19)
	Common Equity - Common Stock	N/A	N/A			—			—		(9)(13)(19)
		Total Beverages			$	5,859		$	5,898
Biotechnology
Celerion
Celerion Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/05/29	10,976	$	10,815		$	10,921		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/03/28			(8	)		(3	)	(8)(9)(17)(18)
						10,807			10,918
Mannkind Corporation
Mannkind Corporation	Common Equity - Common Stock	N/A	N/A			—			84		(9)(10)(13)(15)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	Preferred Equity - Preferred Equity	N/A	N/A			333			333		(9)(13)
	Warrants - Warrants	N/A	N/A			389			133		(9)(13)
						722			466
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt - Term Loan	SOFR+650, 4.00% Floor	09/01/27	2,250		2,260			2,250		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 4.00% Floor	09/01/27	11,250		11,246			11,250		(9)(22)
						13,506			13,500
		Total Biotechnology			$	25,035		$	24,968

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Building Products
Decks & Docks
D&D Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 2.00% Floor	10/04/29	2,453	$	2,453		$	2,441		(9)(23)
RF Fager
R.F. Fager Company, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	03/04/30	714		702			703		(9)(24)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	03/04/30	1,543		1,513			1,516		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/04/30	31		28			29		(9)(17)(18)(24)
						2,243			2,248
		Total Building Products			$	4,696		$	4,689
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 4.50% Floor	08/19/29	17,131	$	16,882		$	16,617		(9)(15)(22)
	First Lien Secured Debt - Revolver	SOFR+510, 2.50% Floor	08/19/29	7		7			5		(9)(15)(17)(18)<br>(22)
						16,889			16,622
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			56,506			16,177		(13)(19)(30)
FC2 LLC (4)	Common Equity - Common Stock	N/A	N/A			—			—		(13)(19)
	Secured Debt - Promissory Note	6.50%	10/14/27	12,500		12,500			12,349
						69,006			28,526
Heubach
Heubach Holdings USA LLC	First Lien Secured Debt - Term Loan	13.72%	01/03/29	478		54			239		(14)(15)
SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.)	First Lien Secured Debt - Term Loan	10.72%	01/03/29	9,438		29			—		(14)(15)
						83			239
Meristem Crop Performance
Lunar Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	10/03/30	8,977		8,834			8,708		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	10/03/30			(52	)		(205	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	10/03/30	1,727		1,664			1,605		(9)(17)(18)(22)
						10,446			10,108
		Total Chemicals			$	96,424		$	55,495

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Commercial Services & Supplies
Atlas Technical Consultants
GI Apple Midco LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/19/30	7,460	$	7,371		$	7,404		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/19/30	85		84			85		(9)(15)(22)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/19/29	250		241			246		(9)(15)(17)(18)<br>(22)
						7,696			7,735
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	07/10/31	9,346		9,253			9,300		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	07/10/31	2,137		2,099			2,109		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	07/10/31	25		17			21		(9)(17)(18)(23)
						11,369			11,430
CARDS + Live Oak
CARDS-Live Oak Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	10/21/32	3,142		3,112			3,089		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	10/21/32	450		442			429		(9)(17)(18)(20)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	10/21/32	225		219			215		(9)(17)(18)(23)
						3,773			3,733
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC)	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/01/29	6,143		6,104			6,081		(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	10/01/29			(3	)		(3	)	(8)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	10/01/29			(5	)		(7	)	(8)(17)(18)
						6,096			6,071
Flatworld Solutions
Flatworld Intermediate Corp	First Lien Secured Debt - Term Loan	SOFR+550, 1.50% Floor	03/25/30	3,940		3,874			3,832		(9)
Heritage Environmental Services
Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.)	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/31/31	1,727		1,724			1,727		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/31/30			—			—		(9)(17)(18)
						1,724			1,727
HMA
Health Management Associates Superholdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	03/30/29	3,894		3,829			3,855		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	03/30/29	503		495			498		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	03/30/29			(8	)		(3	)	(8)(9)(17)(18)
						4,316			4,350

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
IronClad
Ironhorse Purchaser, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	09/30/27		2,962	2,936		2,902		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/30/27	—		(4	)	(10	)	(8)(9)(17)(18)
						2,932		2,892
IRP
Precision Refrigeration & Air Conditioning LLC	First Lien Secured Debt - Term Loan	SOFR+690, 1.00% Floor	03/08/28		10,842	10,743		10,571		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+690, 1.00% Floor	03/08/28		4,887	4,830		4,765		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+690, 1.00% Floor	03/08/28		1,136	1,124		1,080		(9)(17)(18)(23)<br>(24)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	158 Shares		183		223		(9)(13)
						16,880		16,639
Jacent
Jacent Strategic Merchandising, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	01/31/27		22,153	22,155		21,945		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	01/31/27		2,289	2,287		2,259		(9)(17)(18)(22)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares		500		150		(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	11 Shares		11		1		(9)(13)
						24,953		24,355
Overhaul Group, Inc.
Overhaul Group, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30		10,714	10,666		10,500		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30	—		(19	)	(86	)	(8)(9)(18)
	Preferred Equity - Preferred Equity	N/A	N/A	5,405 Shares		100		81		(9)(13)(19)
						10,747		10,495
Pavement Preservation
Pavement Preservation Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/09/30		10,818	10,624		10,520		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/09/30		2,155	2,121		2,096		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/09/30		133	98		83		(9)(17)(18)(22)
						12,843		12,699
SafetyCo
HEF Safety Ultimate Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/19/29		7,331	7,207		7,323		(9)(24)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	11/19/29		5,257	5,169		5,251		(9)(24)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/19/29	—		(24	)	(2	)	(8)(9)(17)(18)
						12,352		12,572

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Smith System
Smith Topco, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/06/29	9,501		9,360			9,358		(9)(23)(24)
	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/06/29	1,538		1,524			1,515		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/06/29			(16	)		(17	)	(8)(9)(17)(18)
						10,868			10,856
Vixxo
Vixxo Corporation	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30	1,441		1,421			1,423		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30			(7	)		(16	)	(8)(9)(17)(18)
						1,414			1,407
		Total Commercial Services & Supplies			$	131,837		$	130,793
Communications Equipment
MCA
Mobile Communications America, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/16/29	2,444	$	2,403		$	2,358		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/16/29	6,468		6,398			6,168		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/16/29			(20	)		(48	)	(8)(9)(17)(18)
						8,781			8,478
Mitel Networks
Mitel Networks (International) Limited	Common Equity - Common Stock	N/A	N/A			476			27		(9)(10)(13)(15)<br>(19)
MLN US Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+200 Cash plus 6.00% PIK, 1.00% Floor	06/20/30	895		797			403		(9)(10)(15)(22)
						1,273			430
Sorenson Holdings, LLC
Sorenson Holdings, LLC	First Lien Secured Debt - Term Loan	8.00%	04/01/30	334		271			267		(14)
	First Lien Secured Debt - Term Loan	10.00%	04/01/30	87		77			76		(14)
	Common Equity - Membership Interests	N/A	N/A			108			78		(13)
						456			421
		Total Communications Equipment			$	10,510		$	9,329
Construction & Engineering
Accelevation, LLC
Accelevation LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	01/02/31	9,162	$	9,043		$	9,116		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	01/02/31	2,217		2,182			2,200		(9)(17)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	01/02/31	769		741			758		(9)(17)(18)(22)
						11,966			12,074

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
American Restoration
American Restoration Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	07/24/30	7,532		7,416			7,438		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+510, 1.00% Floor	07/24/30	11,237		11,102			11,030		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	07/24/30	2,268		2,263			2,239		(9)(18)(23)
						20,781			20,707
Core Roofing
CRS Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	06/06/30	1,874		1,846			1,850		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	06/06/30	3,519		3,436			3,431		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	06/06/30			(13	)		(12	)	(8)(9)(16)(17)<br>(18)
						5,269			5,269
Dynagrid
Megavolt Borrower, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	02/13/32	4,135		4,063			4,104		(9)(23)
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/26/30	11,027		10,902			10,922		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/26/30	3,357		3,293			3,283		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/26/30			(37	)		(32	)	(8)(9)(17)(18)
						14,158			14,173
Trench Plate
Trench Plate Rental Co.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	12/04/28	17,500		17,373			17,325		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	12/04/28	1,564		1,553			1,545		(9)(16)(17)(18)<br>(23)
Trench Safety Solutions Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A			4			8		(9)(13)(19)
	Common Equity - Common Stock	N/A	N/A			50			35		(9)(13)(19)
						18,980			18,913
		Total Construction & Engineering			$	75,217		$	75,240
Consumer Finance
Lending Point
LendingPoint 2018-1 Funding Trust	First Lien Secured Debt - Delayed Draw	SOFR+300, 1.00% Floor	12/31/29	5,929	$	5,958		$	5,759		(17)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+300, 1.00% Floor	12/31/29	9,020		9,020			8,849		(17)(18)(22)
LendingPoint Consolidated, Inc.	Preferred Equity - Preferred Equity	N/A	N/A			2,943			—		(9)(13)(19)
	Common Equity - Common Stock	N/A	N/A			750			—		(9)(13)(19)
LendingPoint LLC	First Lien Secured Debt - Term Loan	SOFR+500 PIK, 1.00% Floor	12/31/29	20,879		38,425			20,121		(9)(22)
	Unsecured Debt - Term Loan	N/A	12/31/30	1,842		1,842			1,842		(9)(13)
						58,938			36,571

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (34)			Fair Value (1)(35)
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4)	Structured Products and Other - Membership Interests	N/A	N/A				18,986			9,128		(9)(13)(31)
		Total Consumer Finance				$	77,924		$	45,699
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		8,453	$	8,323		$	8,284		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/20/30				(12	)		(18	)	(8)(9)(17)
							8,311			8,266
Metz Culinary
Metz Culinary Management, LLC	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	12/23/29		4,178		4,138			4,137		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 1.00% Floor	12/23/29				(4	)		(8	)	(8)(9)(17)(18)
							4,134			4,129
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		27,538		27,471			27,277		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	01/31/28		3,154		3,148			3,109		(9)(17)(18)(20)<br>(22)(23)
							30,788			30,386
		Total Consumer Staples Distribution & Retail				$	43,233		$	42,781
Containers & Packaging
ACP Packaging
ACP Packaging Intermediateco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	10/22/31		10,617	$	10,467		$	10,450		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	10/22/31				(25	)		(29	)	(8)(9)(17)(18)
							10,442			10,421
Berry Tapes & Adhesives
Vybond Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/03/32		17,204		16,962			16,902		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	02/03/32				(28	)		(77	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	02/03/32				(41	)		(57	)	(8)(9)(17)(18)
							16,893			16,768
ePac Flexible Packaging
ePac Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	01/14/32		9,709		9,615			9,612		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	01/14/32	C	3,791		2,704			2,697		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	01/14/32				(39	)		(40	)	(8)(9)(17)(18)
							12,280			12,269

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
MSI Express, Inc.
NCP-MSI Buyer	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	03/24/31	5,790		5,727			5,572		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	03/24/31	1,500		1,483			1,444		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+375, 0.75% Floor	03/24/31	1,911		1,883			1,798		(9)(17)(18)(23)
						9,093			8,814
Truvant
NPPI Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/20/29	21,774		21,491			21,556		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/20/29			(24	)		(47	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/20/29			(32	)		(32	)	(8)(9)(17)(18)
						21,435			21,477
		Total Containers & Packaging			$	70,143		$	69,749
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	4,041	$	3,971		$	3,738		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+250 Cash plus 4.75% PIK, 1.00% Floor	03/22/29	689		678			649		(9)(18)(23)
						4,649			4,387
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.00% Floor	07/01/26	20,349		20,316			19,567		(22)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	07/01/26			(1	)		(26	)	(8)(17)(18)
						20,315			19,541
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	06/16/27	11,656		11,606			11,602		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	06/16/27	22,687		22,476			22,582		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+565, 1.00% Floor	06/16/27			(7	)		(7	)	(8)(9)(17)(18)
						34,075			34,177
Elase Med Spas
Birch Group of Clinics Acquireco Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	12/31/31	1,868		1,841			1,841		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	12/31/31	426		410			401		(9)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	12/31/31			(6	)		(6	)	(8)(9)(17)(18)
						2,245			2,236

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(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		15,224	14,965		13,107		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	01/18/30		1,627	1,591		1,285		(9)(16)(17)(18)<br>(20)(23)
						16,556		14,392
Gateway Services
Gateway US Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/22/28		12,510	12,476		12,417		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	09/22/28		721	713		710		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	09/22/28	—		(1	)	(3	)	(8)(9)(17)(18)
						13,188		13,124
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	06/30/28		1,579	1,572		1,542		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	06/30/28		83	83		73		(9)(17)(18)(22)
Go Car Wash Management, Corp.	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	06/30/28		9,198	9,142		8,981		(9)(22)
						10,797		10,596
Legacy.com
Lotus Topco Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	06/07/30		5,211	5,148		5,146		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	06/07/30		1,095	1,087		1,077		(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	06/07/30	—		(6	)	(7	)	(8)(9)(17)(18)
						6,229		6,216
Mariani
CI (MG) GROUP, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	03/27/30		18,831	18,573		18,518		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	03/27/30		4,699	4,613		4,551		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	03/27/30		1,176	1,151		1,142		(9)(17)(18)(23)
						24,337		24,211
Regis
Regis Corporation	First Lien Secured Debt - Term Loan	SOFR+450, 2.50% Floor	06/24/29		6,589	6,476		6,490		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 2.50% Floor	06/24/29		172	117		109		(9)(16)(17)(18)<br>(23)
						6,593		6,599
SEV
SEV Intermediate Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/21/30		8,188	8,051		8,085		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	06/21/30		2,329	2,281		2,288		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/21/30		492	469		471		(9)(17)(18)(23)
						10,801		10,844

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Team Car Wash
TCW Midco LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	10/22/29	4,938		4,900			4,839		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	10/22/29	6,605		6,550			6,467		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	10/22/29			(6	)		(17	)	(8)(9)(17)(18)
						11,444			11,289
Ultra Clean Newco
Ultra Clean Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	07/01/30	2,456		2,417			2,413		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	07/01/30	5,464		5,355			5,271		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	07/01/30			(18	)		(25	)	(8)(9)(17)(18)
						7,754			7,659
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A			632			1,245		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	06/01/26	28,023		27,974			27,933		(9)(23)(24)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	06/01/26	5,497		5,494			5,471		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+590, 1.00% Floor	06/01/26	563		562			558		(9)(17)(18)(23)
						34,662			35,207
Village Pet Care
Village Pet Care, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	09/22/29	1,500		1,480			1,463		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 1.00% Floor	09/22/29	1,050		1,017			925		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	09/22/29	803		791			778		(9)(17)(18)(23)
						3,288			3,166
		Total Diversified Consumer Services			$	206,933		$	203,644
Diversified Telecommunication Services
Cablevision Systems
CSC Holdings, LLC	First Lien Secured Debt - Revolver	SOFR+225, 0.00% Floor	07/13/27	86	$	72		$	73		(10)(15)(17)<br>(18)(22)
	Unsecured Debt - Corporate Bond	4.13%	12/01/30	2,000		1,504			1,202		(10)(15)
		Total Diversified Telecommunication Services			$	1,576		$	1,275
Electrical Equipment
Brush Group
Brush Group Bidco Limited	First Lien Secured Debt - Term Loan	SON+500, 0.00% Floor	07/30/31	5,970	$	7,799		$	7,936		(9)(15)(21)
	First Lien Secured Debt - Revolver	SON+500, 0.00% Floor	07/30/31			(27	)		—		(9)(15)(17)(18)
						7,772			7,936

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (34)			Fair Value (1)(35)
International Wire Group
IW Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	06/28/29		13,554		13,426			13,485		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	06/28/29				(6	)		(2	)	(8)(9)(16)(17)<br>(18)
							13,420			13,483
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A				250			—		(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt - Term Loan	10.30%	09/30/26		18,331		16,914			7,666		(9)(14)
	First Lien Secured Debt - Term Loan	SOFR+460, 1.00% Floor	09/30/26		301		277			301		(9)(23)
	First Lien Secured Debt - Revolver	10.30%	09/30/26		1,371		1,245			574		(9)(14)(18)
							18,686			8,541
		Total Electrical Equipment				$	39,878		$	29,960
Electronic Equipment, Instruments & Components
AVAD, LLC
Surf Opco, LLC (4)	First Lien Secured Debt - Term Loan	SOFR+411, 1.00% Floor	05/10/27		9,402	$	14,253		$	9,356		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+411, 1.00% Floor	05/10/27		18,390		18,390			18,304		(9)(17)(18)(22)
	Preferred Equity - Class P-1 Preferred	N/A	N/A				1,713			2,898		(9)(13)(19)(30)
	Common Equity - Class A-1 Common	N/A	N/A				—			140		(9)(13)(19)(30)
							34,356			30,698
Evolv Technologies
Evolv Technologies Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 2.00% Floor	07/01/30		6,000		5,947			5,970		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 2.00% Floor	07/01/30				(52	)		(30	)	(8)(9)(15)(18)
	First Lien Secured Debt - Revolver	SOFR+525, 2.00% Floor	07/01/30				(26	)		(15	)	(8)(9)(15)(17)<br>(18)
							5,869			5,925
Generator Buyer, Inc.
Total Power Limited	First Lien Secured Debt - Term Loan	CORRA+450, 0.75% Floor	07/22/30	C	12,066		8,653			8,497		(9)(15)(26)
	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	07/22/30		3,818		3,765			3,761		(9)(15)(23)
	First Lien Secured Debt - Delayed Draw	CORRA+450, 0.75% Floor	07/22/30	C	2,182		1,571			1,518		(9)(15)(17)(18)<br>(26)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	07/22/30				1			(69	)	(8)(9)(15)(17)(18)
	First Lien Secured Debt - Revolver	CORRA+450, 0.75% Floor	07/22/30	C			(16	)		(31	)	(8)(9)(15)(17)<br>(18)
							13,974			13,676

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Pro Vigil
Pro-Vigil Holding Company, LLC	First Lien Secured Debt - Term Loan	SOFR+860 (Inclusive of 12.04% PIK), 1.00% Floor	06/30/26	10,004		9,995			9,871		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+860 (Inclusive of 12.04% PIK), 1.00% Floor	06/30/26	22,615		22,589			22,315		(9)(22)
						32,584			32,186
Team LINX, LLC
TeamLINX Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/18/30	17,768		17,565			17,501		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/18/30			(17	)		(21	)	(8)(9)(17)(18)
						17,548			17,480
Wolfspeed
Wolfspeed Inc	First Lien Secured Debt - Corporate Bond	9.88% Cash plus 4.00% PIK	06/23/30	4,329		4,220			4,768		(9)(10)(15)
		Total Electronic Equipment, Instruments & Components			$	108,551		$	104,733
Energy Equipment & Services
Camin Cargo
Camin Cargo Control Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	12/07/29	978	$	962		$	941		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	12/07/29	2,056		2,029			1,980		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	12/07/29	670		653			632		(9)(17)(18)(20)<br>(23)
		Total Energy Equipment & Services			$	3,644		$	3,553
Entertainment
Shout Factory
Shout! Factory LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/30/31	13,169	$	12,992		$	12,873		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/30/31	592		571			557		(9)(17)(18)(23)
		Total Entertainment			$	13,563		$	13,430
Financial Services
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	05/17/27	31,162	$	31,050		$	30,539		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	05/17/27	1,321		1,316			1,295		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+635, 1.00% Floor	05/17/27	699		695			685		(9)(18)(22)
						33,061			32,519

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Definiti LLC
Greylock Holdings LLC	Common Equity - Common Stock	N/A	N/A			100			90		(9)(13)
RHI Acquisition LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	03/16/29	5,909		5,805			5,806		(9)(24)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/16/29	2,115		2,072			2,061		(9)(17)(18)(24)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	03/16/29			(10	)		(12	)	(8)(9)(17)(18)
						7,967			7,945
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	N/A			13,517			7,457		(3)(15)
Nexity
Evoriel	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	04/02/31	2,283		2,446			2,625		(9)(15)(27)
	First Lien Secured Debt - Delayed Draw	EURIBOR+525, 0.00% Floor	04/02/31	1,174		1,254			1,350		(9)(15)(27)
						3,700			3,975
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P.	First Lien Secured Debt - Term Loan	SOFR+625, 2.00% Floor	10/25/27	6,767		6,713			6,699		(9)(15)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 2.00% Floor	10/25/27	2,182		2,165			2,160		(9)(15)(17)(18)<br>(23)
						8,878			8,859
PMA
PMA Parent Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	01/31/31	13,978		13,858			13,838		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	01/31/31			(8	)		(10	)	(8)(9)(17)(18)
						13,850			13,828
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC	Preferred Equity - Preferred Stock	N/A	N/A			534			472		(13)(15)(29)
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Common Equity - Common Stock	N/A	N/A			16,813			96		(13)
Renew JV LLC	Common Equity - Membership Interests	N/A	N/A			97			337		(13)(15)
						17,444			905
Stretto
Stretto, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	10/13/28	10,800		10,765			10,503		(9)(23)
		Total Financial Services			$	109,182		$	85,991

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Food Products
Amylu Foods
Amylu Borrower Sub, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/10/31	10,883	$	10,778		$	10,801		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/10/31	315		305			301		(9)(17)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/10/31			(19	)		(16	)	(8)(9)(17)(18)
						11,064			11,086
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt - Term Loan	SOFR+615, 1.00% Floor	07/30/27	33,861		33,585			33,268		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+615, 1.00% Floor	07/30/26	1,833		1,828			1,811		(9)(17)(18)<br>(23)
						35,413			35,079
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interests	N/A	N/A			1,460			1,520		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A			448			476		(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	13,540		13,464			13,540		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	09/22/27	1,147		1,135			1,147		(9)(17)(18)(22)
						15,050			15,163
Justin's
Justin's LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/15/31	4,167		4,106			4,104		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/15/31			(12	)		(12	)	(8)(9)(17)(18)
	Common Equity - Common Stock	N/A	N/A			100			100		(9)(13)(19)
						4,194			4,192
Nutpods
Green Grass Foods, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/26/29	3,666		3,615			3,666		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.00% Floor	12/26/29			(16	)		—		(9)(17)(18)
Nutpods Holdings, Inc.	Common Equity - Common Stock	N/A	N/A			125			132		(9)(13)
						3,724			3,798
Patriot Pickle
Patriot Foods Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	12/24/29	244		241			242		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	12/24/29	166		163			161		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	12/24/29	47		44			44		(9)(17)(18)(23)
						448			447
		Total Food Products			$	71,353		$	71,285

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Ground Transportation
Bird Rides
Blue Jay Transit Inc. (4)	First Lien Secured Debt - Term Loan	15.84%	03/22/28	22,137	$	20,414		$	13,491		(9)(14)
	First Lien Secured Debt - Term Loan	15.84%	07/31/26	2,789		2,596			1,674		(9)(14)
	First Lien Secured Debt - Delayed Draw	15.84%	07/31/26	7,569		7,569			7,569		(9)(14)(18)
Third Lane Mobility Inc. (4)	Common Equity - Common Stock	N/A	N/A			722			—		(9)(13)(19)
	Warrants - Warrants	N/A	N/A			—			—		(9)(13)(19)
						31,301			22,734
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	06/30/28	3,498		3,492			3,463		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	03/31/28			—			(3	)	(8)(9)(17)(18)
						3,492			3,460
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	12/03/26	27,928		27,813			26,183		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	12/03/26	3,793		3,790			3,547		(9)(18)(23)
						31,603			29,730
Olympus Terminals
Olympus Terminals Holdco II LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	12/17/30	18,395		18,085			18,018		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	12/17/30			(55	)		(70	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	12/17/30			(47	)		(60	)	(8)(9)(17)(18)
						17,983			17,888
		Total Ground Transportation			$	84,379		$	73,812
Health Care Equipment & Supplies
Capsa Healthcare
CSHC Buyerco, LLC	First Lien Secured Debt - Term Loan	SOFR+485, 1.00% Floor	09/08/26	10,223	$	10,174		$	10,130		(9)(23)
Cerus
Cerus Corporation	First Lien Secured Debt - Term Loan	SOFR+660, 1.80% Floor	03/01/28	12,000		11,986			12,000		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.80% Floor	03/01/28	4,500		4,495			4,500		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.00% Floor	03/01/28	3,000		2,987			3,000		(9)(15)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+560 Cash plus 1.00% PIK, 1.00% Floor	03/01/28	1,043		1,043			1,043		(9)(15)(17)(18)<br>(22)
						20,511			20,543

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
CQ Medical
BW ISO Acquisition LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/01/27	4,975		4,935			4,917		(9)(24)
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/26/28	30,663		30,489			30,662		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	04/26/28	4,679		4,644			4,679		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/26/28	381		366			381		(9)(17)(18)(22)
						35,499			35,722
Natus Sensory
Natus Sensory, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/07/31	10,573		10,440			10,196		(9)(23)
	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	01/07/31	2,543		2,597			2,835		(9)(27)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	01/07/31			(17	)		(99	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/07/31			(17	)		(49	)	(8)(9)(17)(18)
						13,003			12,883
NeuroPace
NeuroPace, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 2.00% Floor	05/27/30	20,000		19,912			19,750		(9)(15)(22)
	First Lien Secured Debt - Revolver	SOFR+550, 2.00% Floor	05/27/30			(6	)		(22	)	(8)(9)(15)(17)<br>(18)
						19,906			19,728
Project Titan
Tyber Medical LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/12/32	6,029		5,974			5,924		(9)
	First Lien Secured Debt - Term Loan	EURIBOR+500, 0.75% Floor	06/12/32	1,175		1,348			1,327		(9)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/12/32			(17	)		(29	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/12/31	456		449			442		(9)(17)(18)(23)<br>(24)
	First Lien Secured Debt - Revolver	EURIBOR+500, 0.75% Floor	06/12/31	200		234			224		(9)(17)(18)
						7,988			7,888
		Total Health Care Equipment & Supplies			$	112,016		$	111,811
Health Care Providers & Services
Alcami
Alcami Corporation	First Lien Secured Debt - Term Loan	SOFR+710, 1.00% Floor	12/21/28	7,952	$	7,806		$	7,853		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+710, 1.00% Floor	12/21/28	585		575			578		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+710, 1.00% Floor	12/21/28	342		325			329		(9)(17)(18)(22)
						8,706			8,760

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
All Star
All Star Recruiting Locums, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/30		7,346	7,237		7,291		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	05/01/30		1,726	1,686		1,697		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	05/01/30		935	917		925		(9)(17)(18)(23)
						9,840		9,913
Amplity
Amplity Parent, Inc.	First Lien Secured Debt - Term Loan	12.27%	01/31/27		26,805	25,921		15,949		(9)(14)
	First Lien Secured Debt - Revolver	SOFR+1260 PIK, 1.00% Floor	01/31/27		1,284	1,206		1,188		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	12.27%	01/31/27		1,498	1,440		688		(9)(14)(18)
						28,567		17,825
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+875 (Inclusive of 9.95% PIK), 1.00% Floor	12/16/29		16,798	16,653		12,790		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+875 (Inclusive of 9.95% PIK), 1.00% Floor	06/16/29		1,050	1,031		643		(9)(17)(18)(23)
						17,684		13,433
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	08/05/29		8,705	8,624		8,639		(9)(22)
	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	08/06/29		4,988	4,943		4,950		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	08/05/29	—		(6	)	(7	)	(8)(9)(17)(18)
						13,561		13,582
ExactCare
ExactCare Parent, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	11/05/29		17,672	17,268		17,672		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	11/05/29	—		(33	)	—		(9)(17)(18)
						17,235		17,672
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc)	First Lien Secured Debt - Term Loan	8.18%	03/06/28		3,811	3,252		1,363		(14)
KCF Puerto Rico, LLC
	Secured Debt - Promissory Note	N/A	06/28/28		1,697	962		675		(13)(15)
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A	133 Shares		133		228		(9)(13)
Kure Pain Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/30/30		17,885	17,866		17,726		(9)(22)
	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/31/30		4,263	4,227		4,225		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/30/30		505	469		480		(9)(17)(18)(22)<br>(23)
						22,695		22,659

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
LucidHealth
Premier Imaging, LLC	First Lien Secured Debt - Term Loan	SOFR+426 Cash plus 2.00% PIK, 1.00% Floor	10/31/27		8,768	8,676		6,554		(9)(23)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29		9,875	9,801		9,801		(9)(22)
Maxor National Pharmacy Services, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29		13,017	12,766		12,920		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	03/01/29	—		(23	)	(11	)	(8)(9)(17)(18)
Maxor Topco, L.P.	Preferred Equity - Preferred Equity	N/A	N/A	50,000 Shares		50		89		(9)(13)
						22,594		22,799
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt - Term Loan	10.45%	01/12/28		21,936	21,770		16,836		(9)(14)
	First Lien Secured Debt - Term Loan	10.20%	01/12/28		1,127	1,118		865		(9)(14)
	First Lien Secured Debt - Revolver	10.45%	01/12/28		639	635		490		(9)(14)(18)
						23,523		18,191
Omega Healthcare
OMH-Healthedge Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	04/01/30		11,898	11,889		11,541		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	04/01/30	—		(1	)	(39	)	(8)(9)(17)(18)
						11,888		11,502
Rarebreed
Rarebreed Veterinary Partners, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	04/18/30		4,184	4,122		4,121		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	04/18/30		18,256	18,052		17,983		(9)(22)
	First Lien Secured Debt - Revolver	P+425, 1.00% Floor	04/18/30		144	131		129		(9)(17)(18)(20)
						22,305		22,233
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	08/02/27		1,372	1,366		1,365		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+540, 1.00% Floor	08/02/27		458	457		454		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+540, 1.00% Floor	08/02/27		3,385	3,351		3,323		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+540, 1.00% Floor	08/02/27	—		(34	)	(5	)	(8)(9)(16)(17)<br>(18)
						5,140		5,137
Tarrytown
Tarrytown Acquisition Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	11/12/32		3,583	3,550		3,549		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	11/12/32	—		(4	)	(7	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	11/12/32	—		(6	)	(6	)	(8)(9)(17)(18)
						3,540		3,536

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Team Select
TS Investors, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	05/04/29	13,613		13,449			13,511		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	05/04/29	13,701		13,572			13,599		(9)(22)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	05/04/29			(17	)		(14	)	(8)(9)(17)(18)
						27,004			27,096
Thomas Scientific
BSP-TS, LP	Preferred Equity - Preferred Equity	N/A	N/A			25			59		(9)(13)
	Common Equity - Common Stock	N/A	N/A			185			10		(9)(13)
Thomas Scientific, LLC	First Lien Secured Debt - Term Loan	SOFR+640, 1.00% Floor	12/14/27	32,850		32,608			31,625		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+640, 1.00% Floor	12/14/27	2,352		2,333			2,239		(9)(17)(18)(20)<br>(23)
						35,151			33,933
WellDyneRx, LLC
	First Lien Secured Debt - Term Loan	SOFR+685, 0.75% Floor	12/31/27	17,354		17,198			17,094		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+685, 0.75% Floor	12/31/27			(9	)		(29	)	(8)(9)(17)(18)
						17,189			17,065
Xanitos
Pure Upper Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	12/03/31	6,428		6,365			6,332		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	12/03/31			(8	)		(27	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	12/03/31			(17	)		(27	)	(8)(9)(17)(18)
Xanitos TopCo, LLC	Common Equity - Membership Interests	N/A	N/A			100			104		(9)(13)(19)
						6,440			6,382
		Total Health Care Providers & Services			$	305,952		$	280,310
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	08/12/32	10,714	$	10,615		$	10,473		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	08/12/32			(16	)		(40	)	(8)(9)(17)(18)
						10,599			10,433
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC)	First Lien Secured Debt - Term Loan	SOFR+550, 0.50% Floor	12/17/29	17,415		17,044			17,415		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+575, 0.50% Floor	12/17/29	3,910		3,872			3,910		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 0.50% Floor	12/17/29			(38	)		—		(9)(17)(18)
						20,878			21,325

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp)	First Lien Secured Debt - Term Loan	SOFR+400, 0.75% Floor	10/01/27	16,560		16,041			16,111		(10)(23)
Inovalon
Inovalon Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+286 Cash plus 2.75% PIK, 0.75% Floor	11/24/28	6,315		6,250			5,621		(23)
	Second Lien Secured Debt - Term Loan	12.28%	11/24/33	98		91			51		(14)
						6,341			5,672
Merative
Merative L.P.	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	09/30/32	4,107		4,088			4,087		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	09/30/32			(1	)		(2	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	09/30/32			(2	)		(2	)	(8)(9)(17)(18)
						4,085			4,083
MRO Parent Corporation
MRO Parent Corporation	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	06/09/32	4,238		4,180			4,238		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	06/09/32			(2	)		—		(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	06/09/32			(5	)		—		(9)(17)(18)
						4,173			4,238
		Total Health Care Technology			$	62,117		$	61,862
Hotels, Restaurants & Leisure
CircusTrix
CircusTrix Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	07/18/28	975	$	962		$	951		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	07/18/28	6,934		6,836			6,761		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	07/18/28	600		588			575		(9)(17)(18)(22)
						8,386			8,287
Crumbl
Crumbl Enterprises LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	05/05/32	9,190		9,107			9,006		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	05/05/32			(6	)		(15	)	(8)(9)(17)(18)
						9,101			8,991
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt - Term Loan	6.95%	11/18/26	1,515		1,513			1,493		(9)
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			3,944		(23)
	Common Equity - Membership Interests	N/A	N/A			4,740			2,628		(13)(19)
						13,479			6,572

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Munson
Munson Buffalo Restaurant Group LLC	First Lien Secured Debt - Term Loan	10.16%	05/31/29	3,474		3,400			2,553		(9)(14)
	First Lien Secured Debt - Delayed Draw	10.16%	05/31/29	5,468		5,357			3,768		(9)(14)(18)
						8,757			6,321
PARS Group LLC
PARS Group LLC	First Lien Secured Debt - Term Loan	SOFR+685, 1.50% Floor	04/03/28	8,590		8,518			7,302		(9)(22)
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt - Term Loan	SOFR+636, 1.00% Floor	08/16/26	7,983		7,981			7,644		(9)(22)
Tasty Chick'n
Tasty Chick'n LLC	First Lien Secured Debt - Term Loan	9.91%	05/16/29	11,620		11,281			7,495		(9)(14)
	First Lien Secured Debt - Delayed Draw	9.91%	05/16/29	272		267			176		(9)(14)
	First Lien Secured Debt - Revolver	9.91%	05/16/29	878		841			153		(9)(14)(18)
						12,389			7,824
The Club Company
Eldrickco Limited	First Lien Secured Debt - Term Loan	SON+528, 0.50% Floor	11/26/29	8,945		11,544			11,735		(9)(15)(21)
	First Lien Secured Debt - Delayed Draw	SON+528, 0.50% Floor	11/26/29	10,747		13,420			14,093		(9)(15)(21)
	First Lien Secured Debt - Revolver	SON+528, 0.50% Floor	11/26/29	356		418			464		(9)(15)(18)(21)
	First Lien Secured Debt - Revolver	SON+500, 0.50% Floor	11/26/29			(1	)		(6	)	(8)(9)(15)(17)<br>(18)
						25,381			26,286
Walters Wedding Estates
WH BorrowerCo, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/02/30	11,243		11,089			10,822		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/02/30	4,347		4,264			4,067		(9)(17)(18)(22)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/02/30	583		555			489		(9)(17)(18)(23)
						15,908			15,378
		Total Hotels, Restaurants & Leisure			$	111,413		$	96,098
Household Durables
Allstar Holdings
Athlete Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	04/26/29	1,903	$	1,875		$	1,589		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 1.00% Floor	04/26/29	22,923		22,504			19,141		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 1.00% Floor	04/24/29	513		507			428		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	04/26/29	3,201		3,140			2,336		(9)(17)(18)(23)
						28,026			23,494

All values are in British Pounds.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Polywood
Poly-Wood, LLC	First Lien Secured Debt - Term Loan	SOFR+488, 1.00% Floor	03/20/30	2,720		2,679			2,706		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+488, 1.00% Floor	03/20/30	191		184			189		(9)(17)(18)(22)
						2,863			2,895
		Total Household Durables			$	30,889		$	26,389
Insurance
GoHealth
Norvax, LLC (dba GoHealth)	First Lien Secured Debt - Term Loan	SOFR+550, 3.00% Floor	08/05/29	840	$	835		$	780		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 3.00% Floor	08/05/29	199		194			185		(9)
	First Lien Secured Debt - Revolver	15.21%	08/06/29	1,044		997			105		(9)(14)(18)
	Common Equity - Common Stock	N/A	N/A			—			—		(9)(13)(19)
						2,026			1,070
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	04/14/28	9,969		9,898			9,919		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	04/14/28	18,932		18,817			18,837		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	04/16/27			(8	)		(11	)	(8)(9)(17)(18)
						28,707			28,745
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/29/28	13,927		13,840			13,823		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	06/29/28	6,377		6,292			6,312		(9)(17)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/29/27			(1	)		(3	)	(8)(9)(17)(18)
						20,131			20,132
		Total Insurance			$	50,864		$	49,947
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	09/30/26	2,205	$	2,184		$	2,306		(10)(23)
	Second Lien Secured Debt - Term Loan	12.98%	09/30/26	9,451		7,687			—		(14)
		Total Interactive Media & Services			$	9,871		$	2,306

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
IT Services
Avenu Insights & Analytics
ACP Avenu Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	10/02/29	3,667	$	3,624		$	3,538		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	10/02/29	5,444		5,322			5,051		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	10/02/29			(22	)		(50	)	(8)(9)(17)(18)
						8,924			8,539
Distinct
Distinct Holdings Inc	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	07/18/29	13,044		12,837			11,765		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	07/18/29	1,260		1,239			1,085		(9)(17)(18)(23)<br>(24)
						14,076			12,850
GrayMatter Systems
Genius Bidco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/30	1,317		1,297			1,271		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/01/30	4,988		4,904			4,813		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/01/30	309		293			269		(9)(16)(17)(18)<br>(23)
	Common Equity - Common Stock	N/A	N/A			77			43		(9)(13)
						6,571			6,396
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt - Term Loan	SOFR+640 PIK, 1.00% Floor	06/30/30	13,325		13,325			12,859		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+625, 0.00% Floor	06/30/30	485		485			424		(9)(17)(18)(23)
	Preferred Equity - Preferred Equity	N/A	N/A			10,818			6,100		(9)(13)(19)
	Common Equity - Common Stock	N/A	N/A			—			—		(9)(13)(19)
						24,628			19,383
VikingCloud
Bullcave Limited	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/06/30	29,032		28,683			28,669		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/06/30	3,684		3,622			3,615		(9)(17)(18)(23)
						32,305			32,284
		Total IT Services			$	86,504		$	79,452

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Leisure Products
Dan Dee
Project Comfort Buyer, Inc.	Preferred Equity - Preferred Equity	N/A	N/A		$	492		$	211		(9)(13)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	Common Equity - Common Stock	N/A	N/A			1,000			65		(2)(13)(19)(32)
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	11/12/27	5,860		5,819			5,789		(9)(15)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	11/12/27	918		915			907		(9)(15)(23)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	11/12/27	1,130		1,122			1,113		(9)(15)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SON+585, 1.00% Floor	11/12/27	353		471			461		(9)(15)(18)(21)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A			93			118		(2)(9)(13)(15)<br>(19)(32)
						8,420			8,388
		Total Leisure Products			$	9,912		$	8,664
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	$	11,958		$	11,430		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+595, 2.00% Floor	06/01/29	3,000		2,990			2,858		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+400, 2.00% Floor	06/01/29	364		362			340		(9)(17)(18)(22)
						15,310			14,628
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt - Term Loan	SOFR+555, 1.00% Floor	08/09/27	1,844		1,834			1,816		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+555, 1.00% Floor	08/09/27	2,183		2,172			2,150		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+555, 1.00% Floor	08/09/27			(3	)		(11	)	(8)(9)(17)(18)
						4,003			3,955
		Total Life Sciences Tools & Services			$	19,313		$	18,583
Machinery
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	10/02/29	14,625	$	14,355		$	14,349		(9)(22)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/31	5,293		5,223			5,214		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/01/31	813		786			763		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/01/31			(17	)		(20	)	(8)(9)(17)(18)
						5,992			5,957

All values are in British Pounds.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Ideal Tridon
Ideal Components Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/30/32	13,026		12,846			12,831		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/30/32			(16	)		(36	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/30/32	267		240			237		(9)(17)(18)(22)
						13,070			13,032
JPW
JPW Industries Holding Corporation	First Lien Secured Debt - Term Loan	SOFR+588, 2.00% Floor	11/22/28	2,393		2,393			2,357		(9)(23)
Milacron (Project Iota)
IOTA HOLDINGS 3	First Lien Secured Debt - Term Loan	SOFR+475, 0.00% Floor	03/31/32	22,505		22,190			21,830		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.00% Floor	03/31/32	1,327		1,264			1,206		(9)(17)(18)(23)
						23,454			23,036
Relevant Industrial
Relevant Industrial, LLC	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	05/16/31	8,153		8,058			7,990		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 1.00% Floor	05/16/31	195		165			88		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	05/16/31			(15	)		(29	)	(8)(9)(17)(18)
						8,208			8,049
		Total Machinery			$	67,472		$	66,780
Media
Accelerate360
Accelerate360 Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	02/11/27	3,368	$	3,368		$	3,309		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	02/11/27	1,345		1,345			1,300		(9)(17)(18)(23)
						4,713			4,609
Acosta
Acosta Holdings Corp.	Preferred Equity - Preferred Equity	N/A	N/A			527			727
	Common Equity - Common Stock	N/A	N/A			77			39
						604			766
ChyronHego Corporation
ChyronHego Corporation (5)	Preferred Equity - Preferred Equity	N/A	N/A			6,000			6,827		(13)(19)
ChyronHego US Holding Corporation (5)	First Lien Secured Debt - Term Loan	SOFR+350, 1.75% Floor	06/30/29	105,656		105,455			105,656
	First Lien Secured Debt - Revolver	SOFR+600, 1.75% Floor	06/30/29	18,467		18,453			18,467		(17)(18)(23)
						129,908			130,950

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	12/30/29	12,843		12,747			12,715		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+510, 1.00% Floor	12/30/29	9,217		9,166			9,093		(9)(17)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	12/30/29			(14	)		(20	)	(8)(9)(17)(18)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A			220			328		(9)(13)
						22,119			22,116
HALO Branded Solutions
HALO Buyer, Inc	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/07/29	8,609		8,473			8,325		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/07/29	402		382			359		(9)(17)(18)(22)
						8,855			8,684
Hero Digital
HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	11/18/28	24,514		24,287			23,713		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	11/18/28	2,112		2,083			2,043		(9)(23)
	First Lien Secured Debt - Revolver	P+460, 1.00% Floor	11/18/26	1,772		1,765			1,663		(9)(17)(18)(20)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A			213			200		(9)(13)
						28,348			27,619
Wilson Language Training
Owl Parent Holdings, LLC	Common Equity - Common Stock	N/A	N/A			100			166		(9)
		Total Media			$	194,647		$	194,910
Multi-Utilities
Congruex
Congruex Group LLC	First Lien Secured Debt - Term Loan	SOFR+590, 1.50% Floor	05/03/29	16,014	$	15,838		$	10,910		(9)(10)(23)
SEER
GS SEER Group Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/29/30	3,167		3,103			3,017		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/29/30	1,159		1,134			1,095		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/30/29	147		141			129		(9)(17)(18)(22)
GS SEER Group Holdings, LLC	Common Equity - Common Stock	N/A	N/A			42			32		(9)(13)
						4,420			4,273
		Total Multi-Utilities			$	20,258		$	15,183

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/04/31	14,850	$	14,651		$	14,317		(9)(22)
		Total Paper & Forest Products			$	14,651		$	14,317
Passenger Airlines
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10%	10/31/26		$	—		$	—		(18)
	Common Equity - Membership Interests	N/A	N/A			71,465			80,701		(13)(19)
		Total Passenger Airlines			$	71,465		$	80,701
Personal Care Products
Dr. Scholl's
DRS Holdings III, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/01/28	23,115	$	23,028		$	22,884		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/01/28			(5	)		(15	)	(8)(9)(17)(18)
						23,023			22,869
LashCo
Lash OpCo, LLC	First Lien Secured Debt - Term Loan	SOFR+510 Cash plus 2.00% PIK, 1.00% Floor	09/17/27	45,189		44,989			41,553		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+510 Cash plus 2.00% PIK, 1.00% Floor	09/17/27	2,431		2,424			2,235		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+510 Cash plus 2.00% PIK, 1.00% Floor	09/17/27			(13	)		(135	)	(8)(9)(17)(18)
						47,400			43,653
RoC Skincare
RoC Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	02/21/31	12,549		12,326			12,423		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	02/21/31	4,117		4,089			4,076		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	02/21/30			(29	)		(22	)	(8)(9)(17)(18)
						16,386			16,477
Suave
Silk Holdings I Corp.	Common Equity - Common Stock	N/A	N/A			100			237		(9)(13)
Silk Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+450, 0.50% Floor	12/03/32	25,640		25,153			25,384		(9)(22)
						25,253			25,621
Summer Fridays
Summer Fridays, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/16/31	22,975		22,660			22,630		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/16/31			(24	)		(28	)	(8)(9)(17)(18)
						22,636			22,602
		Total Personal Care Products			$	134,698		$	131,222

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Pharmaceuticals
Alcresta Therapeutics Inc.
Alcresta Holdings, LP	Preferred Equity - Preferred Equity	N/A	N/A		$	116		$	83		(9)(13)
	Common Equity - Common Stock	N/A	N/A			1			113		(9)(13)
Alcresta Therapeutics Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	03/12/31	9,260		9,209			9,168		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	03/12/31	103		95			99		(9)(17)(18)(23)
						9,421			9,463
Avid Bioservices
Space Finco, Inc.	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	02/05/32	10,532		10,390			10,372		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	02/05/32	6,898		6,773			6,730		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	02/05/31			(41	)		(48	)	(8)(9)(17)(18)
Space Parent, LP	Preferred Equity - Preferred Equity	N/A	N/A			100			98		(9)(13)
	Common Equity - Common Stock	N/A	N/A			1			1		(9)(13)
						17,223			17,153
Ora LLC
Orion Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/18/30	6,815		6,710			6,338		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/18/30			(12	)		(118	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	P+400, 1.00% Floor	07/18/30	1,401		1,380			1,303		(9)(18)(20)
TVG Orion Blocker, Inc.	Common Equity - Common Stock	N/A	N/A			108			—		(9)(13)
	Unsecured Debt - Promissory Note	11.34%	07/11/30	21		20			—		(9)
						8,206			7,523
PAI Pharma
Pai Middle Tier, LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	02/13/32	26,351		25,937			25,648		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	02/13/32	350		306			257		(9)(17)(18)(23)
PAI Co-Investor FT Aggregator LLC	Common Equity - Common Stock	N/A	N/A			100			83		(9)(13)
						26,343			25,988
Sterling Pharma
Saffron Bidco Ltd	First Lien Secured Debt - Term Loan	SOFR+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31	13,679		13,455			13,269		(9)(15)(24)
	First Lien Secured Debt - Term Loan	EURIBOR+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31	98		107			110		(9)(15)(28)
	First Lien Secured Debt - Delayed Draw	SON+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31			(65	)		(244	)	(8)(9)(15)(17)<br>(18)
						13,497			13,135

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)				Fair Value (1)(35)
Trillium
Trillium Health Care Products Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/06/31		8,023	7,872			7,763		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/06/31		1,006	990			973		(9)(17)(18)(23)<br>(24)
	First Lien Secured Debt - Revolver	CORRA+525, 1.00% Floor	08/06/31	C					(20	)	(8)(9)(17)(18)
						8,862			8,716
		Total Pharmaceuticals				83,552		$	81,978
Professional Services
AGDATA
AGDATA Midco, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	07/01/30		5,405	5,342		$	5,297		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	07/01/30		708	683			628		(9)(17)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	07/01/30		174	168			163		(9)(17)(18)(22)
						6,193			6,088
BDO USA
BDO USA, P.A.	First Lien Secured Debt - Term Loan	SOFR+500, 2.00% Floor	08/31/28		11,700	11,700			11,413		(9)(23)
DCM Services
DCM Parent, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	03/12/31		12,548	12,376			12,359		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/12/31			(29	)		(35	)	(8)(9)(17)(18)
						12,347			12,324
DecisionHR
DecisionHR Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	12/08/31		6,809	6,743			6,743		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 1.00% Floor	12/08/31			(10	)		(20	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	12/08/31			(10	)		(10	)	(8)(9)(17)(18)
						6,723			6,713
Escalent
M&M OPCO, LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	04/07/29		11,885	11,682			11,647		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	04/07/29			(7	)		(10	)	(8)(9)(17)(18)
						11,675			11,637
G&A
G&A Partners Holding Company II, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	03/03/31		6,628	6,541			6,612		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	03/01/31		2,298	2,277			2,292		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+618, 0.75% Floor	03/01/30			(5	)		(1	)	(8)(9)(17)(18)
						8,813			8,903

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Health & Safety Institute
HSI Halo Holdings, LLC	Common Equity - Common Stock	N/A	N/A			46			1,394		(9)(13)
Lexitas
Chronicle Parent LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/15/31	6,984		6,924			6,845		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	04/15/31	300		291			256		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/15/31			(6	)		(15	)	(8)(9)(17)(18)
						7,209			7,086
North Highland
The North Highland Company LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	12/20/31	3,026		3,000			2,981		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	12/20/31			(5	)		(17	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	12/20/30	137		131			125		(9)(17)(18)(22)
						3,126			3,089
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+115 Cash plus 6.75% PIK, 1.00% Floor	04/12/27	5,727		5,672			4,705		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+115 Cash plus 6.75% PIK, 1.00% Floor	04/12/27	584		583			477		(9)(18)(23)
						6,255			5,182
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt - Term Loan	SOFR+585 Cash plus 0.50% PIK, 1.00% Floor	03/31/27	6,281		6,318			5,917		(9)(22)
		Total Professional Services			$	80,405		$	79,746
Software
Acronis AG
Angel Lux Bidco S.a.r.l.	First Lien Secured Debt - Term Loan	SOFR+525, 0.00% Floor	12/20/32	5,000	$	4,950		$	4,950		(15)(23)
Align
RMCF V CIV L, L.P.	Common Equity - Common Stock	N/A	N/A			500			546		(9)(13)(15)
American Megatrends
AMI Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	10/17/31	12,964		12,775			12,705		(9)(25)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	10/17/31			(23	)		(43	)	(8)(9)(17)(18)
						12,752			12,662
Asure Software
Asure Software, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 2.00% Floor	04/01/30	6,667		6,639			6,550		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 2.00% Floor	04/01/30	13,333		13,278			13,100		(9)(15)(22)
						19,917			19,650

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Beeline
IQN Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+263 Cash plus 3.13% PIK, 0.75% Floor	05/02/29		4,460	4,460		4,259		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	05/02/28		154	154		142		(9)(17)(18)(23)
						4,614		4,401
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/16/26		21,364	21,324		21,099		(22)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/16/26		265	261		237		(17)(18)(22)
						21,585		21,336
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/10/28		22,633	22,342		21,847		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/10/28	—		(24	)	(85	)	(8)(9)(17)(18)
						22,318		21,762
EVER.AG Corporation
EVER.AG Corporation	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	06/24/27		20,535	20,383		20,311		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	06/24/27	—		(6	)	(14	)	(8)(9)(17)(18)
						20,377		20,297
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	03/18/32		16,901	16,753		16,732		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	03/18/32	—		(24	)	(56	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	03/18/32	—		(21	)	(25	)	(8)(9)(17)(18)
						16,708		16,651
G2CI
Evergreen IX Borrower 2023, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/30/30		7,043	7,043		6,867		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	10/01/29	—		—		(20	)	(8)(9)(17)(18)
						7,043		6,847
Instem
Ichor Management Limited	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/08/29		8,861	8,706		8,418		(9)(15)(24)
Litify
Litify Holdings Inc.	Common Equity - Common Stock	N/A	N/A	217,892 Shares		107		423		(9)(13)
Litify LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	02/02/29		29,167	28,662		28,146		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	02/02/29	—		(12	)	(29	)	(8)(9)(17)(18)
						28,757		28,540

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(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	4,983		4,950		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 3.00% Floor	06/01/29		5,000	4,983		4,950		(9)(22)
						9,966		9,900
mPulse
mPulse Mobile, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	08/26/32		8,057	7,978		7,674		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	08/26/32	—		(8	)	(37	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	08/26/32	—		(11	)	(58	)	(8)(9)(17)(18)
						7,959		7,579
MYCOM
Magnate Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+625, 0.50% Floor	12/31/26		20,656	20,663		19,642		(9)(15)(23)
Naviga
Colonnade Parent Inc (fka Naviga Inc.)	First Lien Secured Debt - Term Loan	4.65%	09/30/26		12,918	10,677		5,813		(9)(14)
	First Lien Secured Debt - Delayed Draw	4.65%	09/30/26		2,208	1,808		993		(9)(14)
	First Lien Secured Debt - Revolver	4.65%	09/30/26		500	480		225		(9)(14)(18)
						12,965		7,031
New Relic
Crewline Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	11/08/30		5,623	5,581		5,468		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	11/08/30	—		—		(10	)	(8)(9)(17)(18)
						5,581		5,458
Poppulo, Inc.
Four Winds Interactive LLC	First Lien Secured Debt - Term Loan	SOFR+575, 0.75% Floor	02/20/30		7,504	7,381		7,260		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 0.75% Floor	02/20/30	—		(11	)	(48	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	02/20/30	—		(15	)	(32	)	(8)(9)(17)(18)
						7,355		7,180
Riverbed Technology, Inc.
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	04/03/28	—		(5	)	(10	)	(8)(17)(18)
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt - Term Loan	11.03%	02/02/26		8,128	8,115		5,690		(9)(14)(33)
	First Lien Secured Debt - Revolver	11.03%	02/02/26		884	876		619		(9)(14)(18)(33)
						8,991		6,309

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date			Cost (34)			Fair Value (1)(35)
Solera
Polaris Newco, LLC	First Lien Secured Debt - Term Loan	SOFR+426, 0.50% Floor	06/02/28		8,045		8,007			7,102		(10)(23)
SPS Commerce, Inc.
	Common Equity - Common Stock	N/A	N/A	837 Shares			62			47		(10)(13)(15)
Texada
Texada Software LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	04/30/30		6,923		6,819			6,646		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	04/30/30		2,051		2,020			1,969		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	04/30/30		77		63			36		(9)(17)(18)(22)
							8,902			8,651
The Weather Company
Zephyr Buyer, L.P.	First Lien Secured Debt - Term Loan	SOFR+475, 0.50% Floor	01/31/31		30,427		29,823			29,819		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.50% Floor	01/31/31	—			(68	)		(79	)	(8)(9)(17)(18)
							29,755			29,740
Uniguest
Uniguest Holdings, Inc	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/27/30		19,593		19,349			18,772		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/27/30	—			(23	)		(166	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/27/30	—			(14	)		(50	)	(8)(9)(17)(18)
							19,312			18,556
Uplight
Uplight, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 4.00% Floor	06/01/29		10,000		9,930			9,850		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+600, 4.00% Floor	06/01/29	—			—			(150	)	(8)(9)(18)
	First Lien Secured Debt - Revolver	SOFR+350, 4.00% Floor	06/01/29		300		300			285		(9)(17)(18)(22)
							10,230			9,985
Zafin
Zafin Labs Americas Incorporated	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	02/14/31		16,667		16,454			16,422		(9)(15)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	02/14/31	—			(41	)		(49	)	(8)(9)(15)(17)<br>(18)
							16,413			16,373
Zendesk
Zendesk, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/22/28		6,603		6,603			6,273		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	11/22/28		1,684		1,684			1,600		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/22/28	—			—			(35	)	(8)(9)(17)(18)
							8,287			7,838
		Total Software				$	342,670		$	327,441

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)		Fair Value (1)(35)
Specialty Retail
Club Champion
Club Champion LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/14/29	8,997	$	8,900	$	8,907	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/14/29	669		651		651	(9)(17)(18)(23)
						9,551		9,558
EG Group
EG Global Finance PLC	First Lien Secured Debt - Corporate Bond	SOFR+750, 0.50% Floor	11/30/28	6,267		6,388		6,627	(15)(23)
		Total Specialty Retail			$	15,939	$	16,185
Technology Hardware, Storage & Peripherals
Biamp
Biamp	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	04/30/30	822	$	810	$	766	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	04/30/30	40		38		32	(9)(17)(18)(23)
						848		798
BusPatrol
BusPatrol Holdco	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/02/29	8,333		8,272		8,249	(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/02/29	6,666		6,643		6,583	(9)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+400, 1.00% Floor	08/02/29	1,733		1,716		1,713	(9)(17)(18)(22)
						16,631		16,545
		Total Technology Hardware, Storage & Peripherals			$	17,479	$	17,343
Textiles, Apparel & Luxury Goods
Iconix Brand Group
IBG Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+515, 1.00% Floor	08/22/29	5,758	$	5,717	$	5,614	(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/22/31	3,387		3,323		3,303	(9)(23)
						9,040		8,917
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A			575		244	(13)(30)
Galaxy Universal LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	05/12/28	16,241		16,232		15,272	(23)(24)
	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	05/12/28	2,480		2,480		2,368	(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	05/12/28	761		748		714	(23)
						20,035		18,598
		Total Textiles, Apparel & Luxury Goods			$	29,075	$	27,515

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (34)			Fair Value (1)(35)
Trading Companies & Distributors
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt - Term Loan	10.24%	05/31/27	12,377	$	11,903		$	7,137		(9)(14)
	First Lien Secured Debt - Delayed Draw	10.24%	05/31/27	3,014		2,891			1,738		(9)(14)
	First Lien Secured Debt - Revolver	10.24%	05/31/27	592		565			(227	)	(8)(9)(14)(17)<br>(18)
Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A			613			—		(9)(13)
						15,972			8,648
LSG
Lindstrom, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	12/30/32	11,500		11,328			11,256		(9)(24)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	12/30/32	653		602			579		(9)(17)(18)(24)
						11,930			11,835
MacQueen Equipment, LLC
	First Lien Secured Debt - Delayed Draw	SOFR+551, 1.00% Floor	01/07/28	3,513		3,499			3,502		(9)(17)(18)(23)
McNichols Company
Patriot MCN Buyer Corp.	First Lien Secured Debt - Term Loan	SOFR+475, 1.75% Floor	10/01/31	3,873		3,828			3,827		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.75% Floor	10/01/31			(4	)		(8	)	(8)(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+475, 1.75% Floor	10/01/31			(5	)		(5	)	(8)(9)(17)(18)
						3,819			3,814
Meritus Gas Partners
MGP Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	03/01/30	14,030		13,841			13,819		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	03/01/30	1,833		1,805			1,794		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	03/01/30	209		206			198		(9)(17)(18)(23)
						15,852			15,811
ORS Nasco
WC ORS Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	08/07/31	9,398		9,273			9,304		(9)(23)
WC ORS Holdings, L.P.	Common Equity - Common Stock	N/A	N/A			100			207		(9)(13)
						9,373			9,511

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (34)			Fair Value (1)(35)
PSE
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A		2,439 Shares			244			171		(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			10,720		10,602			10,425		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	08/10/27			3,617		3,588			3,417		(9)(17)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/10/27		—			(6	)		(36	)	(8)(9)(17)(18)
								14,428			13,977
		Total Trading Companies & Distributors					$	74,873		$	67,098
Total Investments before Cash Equivalents							$	3,213,207		$	2,971,487		(7)(12)
J.P. Morgan U.S. Government Money Market Fund		N/A	N/A	$	155		$	155		$	155		(11)
Goldman Sachs Financial Square Government Fund, Institutional		N/A	N/A	$	100		$	100		$	100		(11)
Total Investment after Cash Equivalents							$	3,213,462		$	2,971,742
Derivative Instrument	Settlement Date	Notional amount to be purchased		Notional amount to be sold		Footnote Reference
---	---	---	---	---	---	---
Foreign currency forward contract	6/17/2026	$	13,463	C$	18,169	Note 5
Foreign currency forward contract	6/17/2026		8,477	€	7,295	Note 5
Foreign currency forward contract	6/17/2026		36,501	£	27,286	Note 5

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 18 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 March 31, 2026, 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)

March 31, 2026

(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, 2025 and March 31, 2026 along with transactions during the three months ended March 31, 2026 in these affiliated investments are as follows:

Name of Issuer	Fair Value at December 31, 2025
1244311 B.C. Ltd.,Common Stock	$	66	—	—		(1	)	65	—		—
Carbonfree Chemicals Holdings LLC,Common Equity / Interest		18,332	—	—		(2,153	)	16,179	—		—
FC2 LLC,Common Stock		—	—	—		—		—	—		—
FC2 LLC,Term Loan		12,373	—	—		(24	)	12,349	—		200
Golden Bear 2016-R, LLC,Membership Interests		8,033	81	(576	)	(80	)	7,457	—		253
Surf Opco, LLC,Class A-1 Common		115	—	—		25		140	—		—
Surf Opco, LLC,Class P-1 Preferred		2,683	—	—		215		2,898	—		—
Surf Opco, LLC,Revolver		19,829	3,117	(4,610	)	(33	)	18,304	—		413
Surf Opco, LLC,Term Loan		9,431	18	(58	)	36		9,356	(71	)	201
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests		10,317	—	(423	)	(766	)	9,128	—		—
Blue Jay Transit Inc.,Term Loan		19,344	7,319	(133	)	(3,800	)	22,734	4		—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests		2,628	—	—		—		2,628	—		—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan		3,962	—	—		(18	)	3,944	—		97
	$	107,111	10,534	(5,801	)	(6,599	)	105,180	(67	)	1,164

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)

March 31, 2026

(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, 2025 and March 31, 2026 along with transactions during the three months ended March 31, 2026 in these controlled investments are as follows:

Name of Issuer	Fair Value at December 31, 2025
Majority Owned Company
ChyronHego US Holding Corporation	$	19,467	1,500	(2,500	)	(1	)	18,467	—	485
ChyronHego US Holding Corporation		105,906	—	(247	)	(3	)	105,656	—	1,901
ChyronHego Corporation		13,045	—	—		(6,218	)	6,827	—	—
Merx Aviation Finance, LLC		84,222	—	(3,425	)	(96	)	80,701	—	—
Merx Aviation Finance, LLC		18,576	0	(18,575	)	(0	)	—	—	209
	$	241,216	1,500	(24,747	)	(6,319	)	211,651	—	2,595

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 March 31, 2026, the Company had a 72.9% 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.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

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”).
This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.
Aggregate gross unrealized gain and loss for federal income tax purposes is $26,894 and $308,160, respectively. Net unrealized loss is $281,266 based on a tax cost of $3,252,753.
Non-income producing security.
Non-accrual status (see Note 2 to the consolidated financial statements).
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 March 31, 2026, non-qualifying assets represented approximately 8.3% of the total assets of the Company.
As of March 31, 2026, 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)

March 31, 2026

(In thousands, except share data)

As of March 31, 2026, 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	1,346	—	1,198
Accelevation LLC		3,540	769	—	2,771
Acentra Holdings, LLC (fka CNSI Holdings, LLC)		2,000	—	—	2,000
ACP Avenu Buyer, LLC		7,247	—	—	7,247
ACP Packaging Intermediateco, LLC		1,829	—	—	1,829
AGDATA Midco, LLC		3,828	174	—	3,654
Alcami Corporation		1,096	342	—	754
Alcresta Therapeutics Inc.		441	103	—	338
All Star Recruiting Locums, LLC		3,478	935	—	2,543
American Restoration Holdings, LLC		7,634	2,268	—	5,366
AMI Buyer, Inc.		1,905	—	—	1,905
Amplity Parent, Inc.		2,000	1,498	—	502
Amylu Borrower Sub, LLC		3,747	—	—	3,747
Arcadia Solutions, Inc.		1,786	—	—	1,786
Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.)		242	—	12	230
Aspen Aerogels, Inc.		100	7	—	93
Athlete Buyer, LLC		5,237	3,201	291	1,745
August Bioservices, LLC		500	364	—	136
Banner Buyer, LLC		1,935	592	—	1,343
Berner Food & Beverage, LLC		2,881	1,833	—	1,048
Biamp		120	40	4	76
Bingo Group Buyer, Inc.		4,130	25	—	4,105
Birch Group of Clinics Acquireco Inc.		1,702	—	—	1,702
Blue Jay Transit Inc.		—	—	—	—
Brush Group Bidco Limited*		1,984	—	—	1,984
Bullcave Limited		5,526	3,684	—	1,842
BusPatrol Holdco		3,667	1,733	—	1,934
Camin Cargo Control Holdings, Inc.		1,000	670	—	330
CARDS-Live Oak Holdings, Inc.		1,400	225	—	1,175
Celerion Buyer, Inc.		639	—	—	639
Cerus Corporation		5,000	1,043	—	3,957
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)		333	—	128	205
Chronicle Parent LLC		2,663	—	—	2,663
ChyronHego US Holding Corporation		21,000	18,467	—	2,533
CI (MG) GROUP, LLC		6,223	1,176	—	5,047
CircusTrix Holdings LLC		1,000	600	—	400
Club Car Wash Operating, LLC		1,625	—	—	1,625
Club Champion LLC		1,807	669	—	1,138
Colonnade Parent Inc (fka Naviga Inc.)		500	500	—	—
Cool Buyer, Inc.		6,667	3,636	—	3,031
Coretrust Purchasing Group LLC (HPG Enterprises LLC)		963	—	—	963
Crewline Buyer, Inc.		377	—	—	377
CRS Holdings, Inc.		4,472	—	150	4,322
Crumbl Enterprises LLC		741	—	—	741
CSC Holdings, LLC		100	86	7	7

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Name of Issuer
DCM Parent, LLC	2,326	—	—	2,326
DecisionHR Holdings, Inc.	3,191	—	—	3,191
Digital.ai Software Holdings, Inc.	2,419	—	—	2,419
Distinct Holdings Inc	1,758	1,260	469	29
DRS Holdings III, Inc.	1,483	—	—	1,483
Eagle Purchaser, Inc.	689	689	—	—
Eagle U.S. Purchaser, Inc.	1,421	—	—	1,421
Eldrickco Limited*	926	470	—	456
EmpiRx Health LLC	909	—	—	909
ePac Holdings LLC	4,000	—	227	3,773
EVER.AG Corporation	1,257	—	—	1,257
Evergreen IX Borrower 2023, LLC	795	—	—	795
Evolv Technologies Holdings, Inc.	9,000	—	—	9,000
ExactCare Parent, Inc.	1,967	—	—	1,967
Excelligence Learning Corporation	2,466	1,627	223	616
F&M Buyer LLC	8,099	—	—	8,099
Flow Control Intermediate Holdings 2.0, LLC	3,853	—	—	3,853
Four Winds Interactive LLC	2,439	—	5	2,434
G&A Partners Holding Company II, LLC	352	—	—	352
Gabriel Partners, LLC	699	699	—	—
Gateway US Holdings, Inc.	1,226	—	—	1,226
Genius Bidco LLC	1,160	309	77	774
GI Apple Midco LLC	556	250	75	231
Go Car Wash Management Corp.	417	83	—	334
Green Grass Foods, Inc.	1,250	—	—	1,250
GS SEER Group Borrower LLC	563	147	12	404
HALO Buyer, Inc	1,304	402	—	902
Health Management Associates Superholdings, Inc.	284	—	—	284
HEF Safety Ultimate Holdings, LLC	1,500	—	—	1,500
Heniff Holdco, LLC	3,925	3,793	132	—
High Street Buyer, Inc.	2,203	—	7	2,196
Hive Intermediate, LLC	2,326	1,147	—	1,179
HRO (Hero Digital) Holdings, LLC	2,657	1,772	—	885
Ideal Components Acquisition, LLC	4,408	267	40	4,101
IOTA HOLDINGS 3	4,825	1,327	6	3,492
IQN Holding Corp.	264	154	—	110
Ironhorse Purchaser, LLC	483	—	21	462
IW Buyer LLC	393	—	9	384
Jacent Strategic Merchandising, LLC	3,500	2,289	—	1,211
Justin's LLC	833	—	—	833
Kauffman Intermediate, LLC	1,371	1,371	—	—
KL Charlie Acquisition Company	5,141	—	—	5,141
Kure Pain Holdings, Inc.	2,654	505	—	2,149
Lash OpCo, LLC	1,612	—	—	1,612
LendingPoint 2018-1 Funding Trust	12,821	9,020	—	3,801
Lifelong Learner Holdings, LLC	597	584	—	13
Lindstrom, LLC	3,500	653	488	2,359
Litify LLC	833	—	—	833
Lotus Topco Inc.	962	—	—	962
LS Clinical Services Holdings, Inc.	1,875	1,050	—	825
Lunar Buyer, LLC	10,909	1,727	—	9,182
M&M OPCO, LLC	476	—	—	476
MacQueen Equipment, LLC	6,369	—	—	6,369
Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	1,530	—	—	1,530

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Name of Issuer
Medical Guardian, LLC	3,810	381	—	3,429
Merative L.P.	882	—	—	882
Merx Aviation Finance, LLC	—	—	—	—
Metz Culinary Management, LLC	822	—	—	822
MGP Holdings III Corp.	1,546	209	—	1,337
Midwest Vision Partners Management, LLC	639	639	—	—
Mobile Communications America, Inc.	3,449	—	—	3,449
mPulse Mobile, Inc.	1,923	—	—	1,923
MRO Parent Corporation	741	—	—	741
Munson Buffalo Restaurant Group LLC	947	—	—	947
Natus Sensory, Inc.	4,150	—	—	4,150
NCP-MSI Buyer	2,667	1,911	—	756
NeuroPace, Inc.	1,500	—	—	1,500
New Era Technology, Inc.	1,732	485	—	1,247
Norvax, LLC (dba GoHealth)	1,591	1,044	—	547
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.	3	—	—	3
Orion Buyer, LLC	3,081	1,401	—	1,680
Overhaul Group, Inc.	4,286	—	—	4,286
Pace Health Companies, LLC	4,399	—	138	4,261
Pai Middle Tier, LLC	3,500	350	—	3,150
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)	4,973	—	—	4,973
Paladone Group Bidco Limited	1,412	1,130	—	282
Paladone Group Bidco Limited*	467	467	—	—
Patriot Foods Buyer, Inc.	584	47	—	537
Patriot MCN Buyer Corp.	1,127	—	—	1,127
Pavement Preservation Acquisition, LLC	1,829	133	42	1,654
PMA Parent Holdings, LLC	987	—	—	987
Poly-Wood, LLC	409	191	—	218
Precision Refrigeration & Air Conditioning LLC	2,273	1,137	—	1,136
Protein For Pets Opco, LLC	896	—	—	896
Pure Upper Holdco LLC	3,556	—	—	3,556
R.F. Fager Company, LLC	437	31	—	406
Rarebreed Veterinary Partners, Inc.	957	144	43	770
Regis Corporation	4,167	172	833	3,162
Relevant Industrial, LLC	6,589	—	—	6,589
RHI Acquisition LLC	1,663	—	—	1,663
Riverbed Technology, Inc.	160	—	—	160
RoC Holdco LLC	2,195	—	—	2,195
Ronnoco Holdings, Inc.	2,172	579	—	1,593
Saffron Bidco Ltd*	8,135	—	—	8,135
SEV Intermediate Holdco, LLC	2,666	492	—	2,174
Shelby 2021 Holdings Corp.	2,664	—	—	2,664
Shout! Factory LLC	1,579	592	—	987
Simeio Group Holdings, Inc.	884	884	—	—
Smith Topco, Inc.	1,128	—	—	1,128
Space Finco, Inc.	7,447	—	—	7,447
Sperry Acquisition, LLC	615	—	—	615
Summer Fridays, LLC	1,852	—	73	1,779
Surf Opco, LLC	23,333	18,390	1,667	3,276
Tarrytown Acquisition Holdings, LLC	1,417	—	—	1,417
Tasty Chick'n LLC	2,041	878	—	1,163
TCW Midco LLC	1,145	—	—	1,145

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Name of Issuer	Total Commitment
TeamLINX Buyer, LLC		1,429	—	—	1,429
Telesoft Holdings, LLC		2,273	265	—	2,008
Texada Software LLC		1,026	77	—	949
The North Highland Company LLC		1,935	137	—	1,798
THLP CO., LLC		4,494	3,155	242	1,097
Thomas Scientific, LLC		3,092	2,352	—	740
Total Power Limited		4,615	—	—	4,615
Total Power Limited*		2,467	—	9	2,458
Traffic Management Solutions, LLC		7,704	—	59	7,645
Trench Plate Rental Co.		1,818	1,564	137	117
Trillium Health Care Products Inc.		1,038	1,003	—	35
Trillium Health Care Products Inc.*		602	—	—	602
Truck-Lite Co., LLC		1,274	—	4	1,270
TS Investors, LLC		1,885	—	—	1,885
Tyber Medical LLC		2,578	456	—	2,122
Tyber Medical LLC*		231	231	—	—
Ultra Clean Holdco LLC		6,964	—	—	6,964
Unchained Labs, LLC		726	—	—	726
Uniguest Holdings, Inc		5,159	—	—	5,159
USLS Acquisition, Inc.		2,979	563	86	2,330
Village Pet Care, LLC		4,950	803	—	4,147
Vixxo Corporation		1,250	—	—	1,250
Vybond Buyer, LLC		7,666	—	—	7,666
WelldyneRX, LLC		1,923	—	—	1,923
WH BorrowerCo, LLC		5,627	583	—	5,044
Zafin Labs Americas Incorporated		3,333	—	—	3,333
Zendesk, Inc.		696	—	—	696
Zephyr Buyer, L.P.		3,952	—	—	3,952
Total Commitments	$	495,763	120,457	7,858	367,448

All values are in US Dollars.

* These investments are in a foreign currency and the total commitment has been converted to USD using the March 31, 2026 exchange rate.

**For all letters of credit issued and outstanding on March 31, 2026, $5,833 will expire in

2026

, $1,623 will expire in

2027

, $214 will expire in

2029

and $187 will expire in

2030

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

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 March 31, 2026, the aggregate fair value of these securities is $116,025 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
Carbonfree Chemicals Holdings LLC	Common Equity - Common Equity / Interest	11/1/2019
ChyronHego Corporation	Preferred Equity - Preferred Equity	12/29/2020
Eagle Aggregator Ltd	Preferred Equity - Preferred Equity	12/31/2025
Eagle Aggregator Ltd	Preferred Equity - Preferred Equity	12/31/2025
FC2 LLC	Common Equity - Common Stock	10/14/2022
Justin's LLC	Common Equity - Common Stock	12/15/2025
LendingPoint Consolidated, Inc.	Preferred Equity - Preferred Equity	12/30/2025
LendingPoint Consolidated, Inc.	Common Equity - Common Stock	12/30/2025
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.	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
Paladone Group Holdings Limited	Common Equity - Common Stock	5/1/2025
Ronnoco Holdings, Inc.	Preferred Equity - Preferred Equity	3/17/2025
Surf Opco, LLC	Preferred Equity - Class P-1 Preferred	3/17/2021
Third Lane Mobility Inc.	Common Equity - Common Stock	3/22/2024
Third Lane Mobility Inc.	Warrants - Warrants	1/31/2025
Trench Safety Solutions Holdings, LLC	Preferred Equity - Preferred Equity	4/3/2025
Xanitos TopCo, LLC	Common Equity - Membership Interests	12/3/2025

The interest rate on these loans is subject to Prime, which as of March 31, 2026 was 6.75%.
The interest rate on these loans is subject to SONIA, which as of March 31, 2026 was 3.73%.
The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.
The interest rate on these loans is subject to 3 months SOFR, which as of March 31, 2026 was 3.68%.
The interest rate on these loans is subject to 6 months SOFR, which as of March 31, 2026 was 3.70%.
The interest rate on these loans is subject to 12 months SOFR, which as of March 31, 2026 was 3.73%.
The interest rate on these loans is subject to 1 month CORRA, which as of March 31, 2026 was 2.28%.
The interest rate on these loans is subject to 3 months EURIBOR, which as of March 31, 2026 was 2.08%.
The interest rate on these loans is subject to 6 months EURIBOR, which as of March 31, 2026 was 2.48%.
The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

AIC SB Holdings LLC, AIC SHD Holdings, AP Surf Investments, 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.
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. Ordinary shares in Paladone Group Holdings Limited and Ordinary and Preference shares in Eagle Aggregator Ltd are GBP denominated equity investments.
As of March 31, 2026, the portfolio company remains in maturity default. The respective lenders are pursuing sale-related steps in the absence of an agreement to extend or waive the default.
The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of March 31, 2026:

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
Aerospace & Defense	$	17,053	$	—	$	—	$	—	$	49	$	110	$	—	$	17,212
Air Freight & Logistics		25,963		—		—		—		—		—		—		25,963
Automobile Components		20,204		—		—		—		—		23,856		—		44,060
Beverages		5,759		—		—		—		100		—		—		5,859
Biotechnology		24,313		—		—		—		333		—		389		25,035
Building Products		4,696		—		—		—		—		—		—		4,696
Chemicals		27,418		—		—		—		—		—		—		27,418
Commercial Services & Supplies		131,043		—		—		—		111		683		—		131,837
Communications Equipment		9,926		—		—		—		—		584		—		10,510
Construction & Engineering		75,163		—		—		—		4		50		—		75,217
Consumer Finance		53,403		—		1,842		—		2,943		750		—		58,938
Consumer Staples Distribution & Retail		43,064		—		—		—		—		169		—		43,233
Containers & Packaging		70,143		—		—		—		—		—		—		70,143
Diversified Consumer Services		206,301		—		—		—		—		632		—		206,933
Diversified Telecommunication Services		72		—		1,504		—		—		—		—		1,576
Electrical Equipment		39,628		—		—		—		—		250		—		39,878
Electronic Equipment, Instruments & Components		74,195		—		—		—		—		—		—		74,195
Energy Equipment & Services		3,644		—		—		—		—		—		—		3,644
Entertainment		13,563		—		—		—		—		—		—		13,563
Financial Services		78,121		—		—		—		534		17,010		—		95,665
Food Products		69,217		—		—		—		448		1,688		—		71,353
Ground Transportation		53,078		—		—		—		—		—		—		53,078
Health Care Equipment & Supplies		112,016		—		—		—		—		—		—		112,016
Health Care Providers & Services		305,459		—		—		—		75		418		—		305,952
Health Care Technology		62,026		91		—		—		—		—		—		62,117
Hotels, Restaurants & Leisure		97,934		—		—		—		—		—		—		97,934
Household Durables		30,889		—		—		—		—		—		—		30,889
Insurance		50,864		—		—		—		—		—		—		50,864
Interactive Media & Services		2,184		7,687		—		—		—		—		—		9,871
IT Services		75,609		—		—		—		10,818		77		—		86,504

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(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
Leisure Products	$	8,327		—		—		—		492		93		—		8,912
Life Sciences Tools & Services		19,313		—		—		—		—		—		—		19,313
Machinery		67,472		—		—		—		—		—		—		67,472
Media		63,602		—		—		—		527		610		—		64,739
Multi-Utilities		20,216		—		—		—		—		42		—		20,258
Paper & Forest Products		14,651		—		—		—		—		—		—		14,651
Personal Care Products		134,598		—		—		—		—		100		—		134,698
Pharmaceuticals		83,106		—		20		—		216		210		—		83,552
Professional Services		80,359		—		—		—		—		46		—		80,405
Software		342,001		—		—		—		—		669		—		342,670
Specialty Retail		15,939		—		—		—		—		—		—		15,939
Technology Hardware, Storage & Peripherals		17,479		—		—		—		—		—		—		17,479
Textiles, Apparel & Luxury Goods		28,500		—		—		—		—		575		—		29,075
Trading Companies & Distributors		73,916		—		—		—		—		957		—		74,873
Total Non-Controlled / <br>Non-Affiliated Investments	$	2,752,427	$	7,778	$	3,366	$	—	$	16,650	$	49,579	$	389	$	2,830,189
Non-Controlled / Affiliated Investments
Chemicals		12,500		—		—		—		—		56,506		—		69,006
Consumer Finance		—		—		—		18,986		—		—		—		18,986
Electronic Equipment, Instruments & Components		32,643		—		—		—		1,713		—		—		34,356
Financial Services		—		—		—		13,517		—		—		—		13,517
Ground Transportation		30,579		—		—		—		—		722		—		31,301
Hotels, Restaurants & Leisure		8,739		—		—		—		—		4,740		—		13,479
Leisure Products		—		—		—		—		—		1,000		—		1,000
Total Non-Controlled / Affiliated Investments	$	84,461	$	—	$	—	$	32,503	$	1,713	$	62,968	$	—	$	181,645
Controlled Investments
Media		123,908		—		—		—		6,000		—		—		129,908
Passenger Airlines		—		—		—		—		—		71,465		—		71,465
Total Controlled Investments	$	123,908	$	—	$	—	$	—	$	6,000	$	71,465	$	—	$	201,373
Total	$	2,960,796	$	7,778	$	3,366	$	32,503	$	24,363	$	184,012	$	389	$	3,213,207

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(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 March 31, 2026:

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
Aerospace & Defense	$	17,054	$	—	$	—	$	—	$	48	$	127	$	—	$	17,229	1.46	%
Air Freight & Logistics		26,234		—		—		—		—		—		—		26,234	2.23	%
Automobile Components		19,679		—		—		—		—		180		—		19,859	1.69	%
Beverages		5,798		—		—		—		100		—		—		5,898	0.50	%
Biotechnology		24,418		—		—		—		333		84		133		24,968	2.12	%
Building Products		4,689		—		—		—		—		—		—		4,689	0.40	%
Chemicals		26,969		—		—		—		—		—		—		26,969	2.29	%
Commercial Services & Supplies		130,338		—		—		—		82		373		—		130,793	11.12	%
Communications Equipment		9,224		—		—		—		—		105		—		9,329	0.79	%
Construction & Engineering		75,197		—		—		—		8		35		—		75,240	6.40	%
Consumer Finance		34,729		—		1,842		—		—		—		—		36,571	3.11	%
Consumer Staples Distribution & Retail		42,781		—		—		—		—		—		—		42,781	3.64	%
Containers & Packaging		69,749		—		—		—		—		—		—		69,749	5.93	%
Diversified Consumer Services		202,399		—		—		—		—		1,245		—		203,644	17.31	%
Diversified Telecommunication Services		73		—		1,202		—		—		—		—		1,275	0.11	%
Electrical Equipment		29,960		—		—		—		—		—		—		29,960	2.55	%
Electronic Equipment, Instruments & Components		74,035		—		—		—		—		—		—		74,035	6.29	%
Energy Equipment & Services		3,553		—		—		—		—		—		—		3,553	0.30	%
Entertainment		13,430		—		—		—		—		—		—		13,430	1.14	%
Financial Services		77,539		—		—		—		472		523		—		78,534	6.68	%
Food Products		69,057		—		—		—		476		1,752		—		71,285	6.06	%
Ground Transportation		51,078		—		—		—		—		—		—		51,078	4.34	%
Health Care Equipment & Supplies		111,811		—		—		—		—		—		—		111,811	9.51	%
Health Care Providers & Services		279,820		—		—		—		148		342		—		280,310	23.83	%

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(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
Health Care Technology		61,811			51			—			—			—			—			—			61,862		5.26	%
Hotels, Restaurants & Leisure		89,526			—			—			—			—			—			—			89,526		7.61	%
Household Durables		26,389			—			—			—			—			—			—			26,389		2.24	%
Insurance		49,947			—			—			—			—			—			—			49,947		4.25	%
Interactive Media & Services		2,306			—			—			—			—			—			—			2,306		0.20	%
IT Services		73,309			—			—			—			6,100			43			—			79,452		6.75	%
Leisure Products		8,270			—			—			—			211			118			—			8,599		0.73	%
Life Sciences Tools & Services		18,583			—			—			—			—			—			—			18,583		1.58	%
Machinery		66,780			—			—			—			—			—			—			66,780		5.68	%
Media		62,500			—			—			—			727			733			—			63,960		5.44	%
Multi-Utilities		15,151			—			—			—			—			32			—			15,183		1.29	%
Paper & Forest Products		14,317			—			—			—			—			—			—			14,317		1.22	%
Personal Care Products		130,985			—			—			—			—			237			—			131,222		11.16	%
Pharmaceuticals		81,600			—			—			—			181			197			—			81,978		6.97	%
Professional Services		78,352			—			—			—			—			1,394			—			79,746		6.78	%
Software		326,425			—			—			—			—			1,016			—			327,441		27.84	%
Specialty Retail		16,185			—			—			—			—			—			—			16,185		1.38	%
Technology Hardware, Storage & Peripherals		17,343			—			—			—			—			—			—			17,343		1.47	%
Textiles, Apparel & Luxury Goods		27,271			—			—			—			—			244			—			27,515		2.34	%
Trading Companies & Distributors		66,720			—			—			—			—			378			—			67,098		5.70	%
Total Non-Controlled / <br>Non-Affiliated Investments	$	2,633,384		$	51		$	3,044		$	—		$	8,886		$	9,158		$	133		$	2,654,656		225.69	%
% of Net Assets		223.88	%		0.00	%		0.26	%		0.00	%		0.76	%		0.78	%		0.01	%		225.69	%

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(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
Chemicals		12,349			—			—			—			—			16,177			—			28,526		2.43	%
Consumer Finance		—			—			—			9,128			—			—			—			9,128		0.78	%
Electronic Equipment, Instruments & Components		27,660			—			—			—			2,898			140			—			30,698		2.61	%
Financial Services		—			—			—			7,457			—			—			—			7,457		0.63	%
Ground Transportation		22,734			—			—			—			—			—			—			22,734		1.93	%
Hotels, Restaurants & Leisure		3,944			—			—			—			—			2,628			—			6,572		0.56	%
Leisure Products		—			—			—			—			—			65			—			65		0.01	%
Total Non-Controlled / Affiliated Investments	$	66,687		$	—		$	—		$	16,585		$	2,898		$	19,010		$	—		$	105,180		8.94	%
% of Net Assets		5.67	%		0.00	%		0.00	%		1.41	%		0.25	%		1.62	%		0.00	%		8.94	%
Controlled Investments
Media		124,123			—			—			—			6,827			—			—			130,950		11.13	%
Passenger Airlines		—			—			—			—			—			80,701			—			80,701		6.86	%
Total Controlled Investments	$	124,123		$	—		$	—		$	—		$	6,827		$	80,701		$	—		$	211,651		17.99	%
% of Net Assets		10.55	%		0.00	%		0.00	%		0.00	%		0.58	%		6.86	%		0.00	%		17.99	%
Total	$	2,824,194		$	51		$	3,044		$	16,585		$	18,611		$	108,869		$	133		$	2,971,487		252.62	%
% of Net Assets		240.10	%		0.00	%		0.26	%		1.41	%		1.58	%		9.26	%		0.01	%		252.62	%

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of March 31, 2026
Software	11.0%
Health Care Providers & Services	9.4%
Diversified Consumer Services	6.9%
Media	6.6%
Personal Care Products	4.4%
Commercial Services & Supplies	4.4%
Health Care Equipment & Supplies	3.8%
Electronic Equipment, Instruments & Components	3.5%
Hotels, Restaurants & Leisure	3.2%
Financial Services	2.9%
Pharmaceuticals	2.8%
Passenger Airlines	2.7%
Professional Services	2.7%
IT Services	2.7%
Construction & Engineering	2.5%
Ground Transportation	2.5%
Food Products	2.4%
Containers & Packaging	2.3%
Trading Companies & Distributors	2.3%
Machinery	2.2%
Health Care Technology	2.1%
Chemicals	1.9%
Insurance	1.7%
Consumer Finance	1.5%
Consumer Staples Distribution & Retail	1.4%
Electrical Equipment	1.0%
Textiles, Apparel & Luxury Goods	0.9%
Household Durables	0.9%
Air Freight & Logistics	0.9%
Biotechnology	0.8%
Automobile Components	0.7%
Life Sciences Tools & Services	0.6%
Technology Hardware, Storage & Peripherals	0.6%
Aerospace & Defense	0.6%
Specialty Retail	0.5%
Multi-Utilities	0.5%
Paper & Forest Products	0.5%
Entertainment	0.5%
Communications Equipment	0.3%
Leisure Products	0.3%
Beverages	0.2%
Building Products	0.2%
Energy Equipment & Services	0.1%
Interactive Media & Services	0.1%
Diversified Telecommunication Services	0.0%
Total Investments	100.0%

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (35)		Fair Value (1)(36)
Aerospace & Defense
Beaufort
Eagle Aggregator Ltd	Preferred Equity - Preferred Equity	N/A	N/A		36,288 Shares	$	49	$	49	(9)(13)<br>(15)
	Common Equity - Common Stock	N/A	N/A		741 Shares		1		1	(9)(13)<br>(15)
Eagle U.S. Purchaser, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	12/31/32		8,529		8,401		8,401	(9)(15)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	12/31/32		—		(21)		(21)	(8)(9)(15)<br>(17)(18)
							8,430		8,430
Sperry Acquisition, LLC
Sperry Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	02/03/31		6,888		6,797		6,795	(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	02/03/31		1,923		1,897		1,897	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	02/03/31		231		216		215	(9)(17)(18)<br>(23)
Sperry Parent Holdings, L.P.	Common Equity - Common Stock	N/A	N/A		988 Shares		99		96	(9)(13)(19)
							9,009		9,003
		Total Aerospace & Defense				$	17,439	$	17,433
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/29	$	14,108	$	13,976	$	14,108	(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29		10,253		10,065		10,253	(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+525, 0.00% Floor	05/01/29		995		986		995	(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	05/01/29		998		988		988	(9)(23)
		Total Air Freight & Logistics				$	26,015	$	26,344
Automobile Components
K&N Parent, Inc.
K&N Holdco, LLC	Common Equity - Common Stock	N/A	N/A		125,967 Shares	$	23,718	$	147	(13)
Truck-Lite Co., LLC
Truck-Lite Co., LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	02/13/32		3,242		3,243		3,210	(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	02/13/32		409		390		396	(9)(17)(18)<br>(22)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	02/13/32		—		(1)		(3)	(8)(9)(17)<br>(18)
							3,632		3,603

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (35)		Fair Value (1)(36)
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Common Stock	N/A	N/A		137,931 Shares		138		72	(9)(13)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/31/30		13,200		13,032		12,772	(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/31/30		—		(18)		(98)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/31/30		1,818		1,773		1,699	(9)(17)(18)<br>(23)
							14,925		14,445
		Total Automobile Components				$	42,275	$	18,195
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	03/17/31	$	5,288	$	5,217	$	5,209	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	03/17/31		290		261		257	(9)(17)(18)<br>(23)
	Preferred Equity - Preferred Equity	N/A	N/A		1,000 Shares		100		100	(9)(13)(19)
	Common Equity - Common Stock	N/A	N/A		107 Shares		—		—	(9)(13)(19)
		Total Beverages				$	5,578	$	5,566
Biotechnology
Celerion
Celerion Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/05/29	$	11,004	$	10,833	$	11,004	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/03/28		—		(9)		—	(9)(17)(18)
							10,824		11,004
Mannkind Corporation
Mannkind Corporation	Common Equity - Common Stock	N/A	N/A		34,226 Shares		—		194	(9)(10)(13)<br>(15)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	Preferred Equity - Preferred Equity	N/A	N/A		55,556 Shares		333		521	(9)(13)
	Warrants - Warrants	N/A	N/A		73,333 shares		389		326	(9)(13)
							722		847
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt - Term Loan	SOFR+650, 4.00% Floor	09/01/27		2,625		2,638		2,625	(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 4.00% Floor	09/01/27		13,125		13,117		13,125	(9)(22)
							15,755		15,750
		Total Biotechnology				$	27,301	$	27,795

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Building Products
Decks & Docks
D&D Buyer, LLC	First Lien Secured Debt - Delayed Draw	SOFR+650, 2.00% Floor	10/04/28	2,469	2,424		2,419		(9)(23)
OmniMax International, LLC
OmniMax International, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/06/30	17,048	16,750		16,726		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	12/06/30	4,684	4,602		4,596		(9)(23)
					21,352		21,322
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)(24)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	03/04/30	613	593		586		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/04/30	51	47		48		(9)(17)(18)<br>(24)
					1,341		1,337
		Total Building Products			25,117		25,078
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 4.50% Floor	08/19/29	18,426	18,141		17,919		(9)(15)(22)
	First Lien Secured Debt - Revolver	SOFR+510, 2.50% Floor	08/19/29	15	15		13		(9)(15)(17)<br>(18)(22)
					18,156		17,932
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		18,332		(13)(31)(19)(31)
FC2 LLC (4)	Common Equity - Common Stock	N/A	N/A						(13)(19)
	Secured Debt - Promissory Note	6.50%	10/14/27	12,500	12,500		12,373
					69,005		30,705
Heubach
Heubach Holdings USA LLC	First Lien Secured Debt - Term Loan	13.75%	01/03/29	478	54		239		(14)(15)
SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.)	First Lien Secured Debt - Term Loan	10.75%	01/03/29	9,438	29				(14)(15)
					83		239
Meristem Crop Performance
Lunar Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	10/03/30	9,000	8,850		8,730		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	10/03/30		(54	)	(205	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	10/03/30	1,727	1,661		1,605		(9)(17)(18)<br>(22)
					10,457		10,130

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
W.R. Grace
W.R. Grace Holdings LLC	First Lien Secured Debt - Corporate Bond	4.88%	06/15/27	1,320		1,297			1,318		(10)
		Total Chemicals			$	98,998		$	60,324
Commercial Services & Supplies
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	12/27/27	14,780	$	14,606		$	14,779		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+626, 1.00% Floor	12/27/27	3,736		3,705			3,736		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	12/27/27	1,102		1,087			1,103		(9)(17)(18)<br>(23)
						19,398			19,618
Atlas Technical Consultants
GI Apple Midco LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/19/30	7,479		7,390			7,479		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/19/30	86		84			86		(9)(15)(22)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/19/29	250		240			250		(9)(15)(17)<br>(18)(22)
						7,714			7,815
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	07/10/31	9,370		9,274			9,323		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	07/10/31	2,142		2,103			2,114		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	07/10/31	25		17			21		(9)(17)(18)<br>(23)
						11,394			11,458
CARDS + Live Oak
CARDS-Live Oak Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	10/21/32	3,150		3,119			3,119		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	10/21/32			(6	)		(12	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	P+375, 0.75% Floor	10/21/32	200		194			194		(9)(17)(18)<br>(20)
						3,307			3,301
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC)	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	10/01/29	6,158		6,118			6,097		(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	10/01/29			(3	)		(3	)	(8)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	10/01/29			(5	)		(7	)	(8)(17)(18)
						6,110			6,087

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Flatworld Solutions
Flatworld Intermediate Corp	First Lien Secured Debt - Term Loan	SOFR+550, 1.50% Floor	03/25/30		3,950		3,881			3,891		(9)(22)
Heritage Environmental Services
Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.)	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/31/31		1,732		1,728			1,732		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/31/30	—		—			—			(9)(16)(17)<br>(18)
							1,728			1,732
HMA
Health Management Associates Superholdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	03/30/29		3,897		3,827			3,858		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	03/30/29		504		495			499		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+635, 1.00% Floor	03/30/29	—			(5	)		(3	)	(8)(9)(17)<br>(18)
							4,317			4,354
IronClad
Ironhorse Purchaser, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	09/30/27		2,962		2,932			2,902		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/30/27	—			(5	)		(10	)	(8)(9)(17)<br>(18)
							2,927			2,892
IRP
Precision Refrigeration & Air Conditioning LLC	First Lien Secured Debt - Term Loan	SOFR+690, 1.00% Floor	03/08/28		10,865		10,755			10,593		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+690, 1.00% Floor	03/08/28		4,900		4,840			4,777		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+700, 1.00% Floor	03/08/28		1,591		1,577			1,534		(9)(17)(18)<br>(23)(24)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	158 Shares			183			199		(9)(13)
							17,355			17,103
Jacent
Jacent Strategic Merchandising, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	01/31/27		22,210		22,208			21,999		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	01/31/27		1,589		1,586			1,560		(9)(17)(18)<br>(22)
	Common Equity - Common Stock	N/A	N/A	498 Shares			500			191		(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	11 Shares			11			1		(9)(13)
							24,305			23,751
Overhaul Group, Inc.
Overhaul Group, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30		10,714		10,664			10,661		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30	—			(20	)		(21	)	(8)(9)(18)
	Preferred Equity - Preferred Equity	N/A	N/A	5,405 Shares			100			96		(9)(13)
							10,744			10,736

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
Pavement Preservation
Pavement Preservation Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/09/30	8,887		8,729			8,775		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/09/30	2,155		2,119			2,128		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/09/30			(25	)		(16	)	(8)(9)(17)<br>(18)
						10,823			10,887
SafetyCo
HEF Safety Ultimate Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/19/29	7,350		7,218			7,342		(9)(24)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	11/19/29	5,270		5,165			5,264		(9)(17)(18)<br>(24)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/19/29			(25	)		(2	)	(8)(9)(17)<br>(18)
						12,358			12,604
Smith System
Smith Topco, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/06/29	11,067		10,904			10,900		(9)(23)(24)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/06/29			(17	)		(17	)	(8)(9)(17)<br>(18)
						10,887			10,883
Vixxo
Vixxo Corporation	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30	1,534		1,513			1,523		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30			(7	)		(9	)	(8)(9)(17)<br>(18)
						1,506			1,514
		Total Commercial Services & Supplies			$	148,754		$	148,626
Communications Equipment
MCA
Mobile Communications America, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/16/29	2,450	$	2,407		$	2,426		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/16/29	6,486		6,412			6,400		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/16/29	272		250			258		(9)(17)(18)<br>(23)
						9,069			9,084
Mitel Networks
Mitel Networks (International) Limited	Common Equity - Common Stock	N/A	N/A			476			161		(9)(13)(15)<br>(19)
MLN US Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+200 Cash plus 6.00% PIK, 1.00% Floor	06/20/30	883		781			530		(9)(10)(15)<br>(22)
						1,257			691

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Sorenson Holdings, LLC
Sorenson Holdings, LLC	First Lien Secured Debt - Term Loan	8.00%	04/01/30	334	271		274		(14)
	First Lien Secured Debt - Term Loan	10.00%	04/01/30	87	77		79		(14)
	Common Equity - Membership Interests	N/A	N/A		108		89		(13)
					456		442
		Total Communications Equipment			10,782		10,217
Construction & Engineering
Accelevation, LLC
Accelevation LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	01/02/31	9,185	9,063		9,208		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	01/02/31	2,223	2,185		2,232		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	01/02/31	385	355		385		(9)(17)(18)<br>(23)
					11,603		11,825
American Restoration
American Restoration Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	07/24/30	7,551	7,430		7,476		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+510, 1.00% Floor	07/24/30	10,346	10,214		10,180		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	07/24/30	1,490	1,486		1,468		(9)(17)(18)<br>(23)
					19,130		19,124
Core Roofing
CRS Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	06/06/30	1,879	1,849		1,855		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	06/06/30	3,528	3,440		3,440		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	06/06/30		(14	)	(12	)	(8)(9)(16)<br>(17)(18)
					5,275		5,283
Dynagrid
Megavolt Borrower, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	02/13/32	4,146	4,071		4,115		(9)(23)
Renovo
HomeRenew Buyer, Inc.	First Lien Secured Debt - Term Loan	10.56%	04/14/30	3,373	3,282				(9)(13)(14)
	First Lien Secured Debt - Term Loan	12.06%	04/14/30	1,431	1,387				(9)(13)(14)
Renovo Home Partners	Preferred Equity - Preferred Equity	N/A	N/A		4,344				(9)(13)(19)
	Common Equity - Common Stock	N/A	N/A						(9)(13)(19)
					9,013

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/26/30	11,055		10,924			10,985		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/26/30	3,365		3,298			3,316		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/26/30			(39	)		(21	)	(8)(9)(17)<br>(18)
						14,183			14,280
Trench Plate
Trench Plate Rental Co.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	12/04/28	17,545		17,414			17,370		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	12/04/28	1,055		1,043			1,036		(9)(16)(17)<br>(18)(23)
Trench Safety Solutions Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A			4			8		(9)(13)(19)
	Common Equity - Common Stock	N/A	N/A			50			37		(9)(13)(19)
						18,511			18,451
		Total Construction & Engineering			$	81,786		$	73,078
Consumer Finance
Lending Point
LendingPoint 2018-1 Funding Trust	First Lien Secured Debt - Delayed Draw	SOFR+300, 1.00% Floor	12/31/29	4,929	$	4,960		$	4,896		(17)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+300, 1.00% Floor	12/31/29	5,231		5,231			5,197		(17)(18)(22)
LendingPoint Consolidated, Inc.	Preferred Equity - Preferred Equity	N/A	N/A			2,943			1,563		(9)
	Common Equity - Common Stock	N/A	N/A			750			398		(9)
LendingPoint LLC	First Lien Secured Debt - Term Loan	SOFR+500 PIK, 1.00% Floor	12/31/29	20,576		38,091			20,253		(9)(22)
	Unsecured Debt - Term Loan	N/A	12/31/30	1,842		1,842			1,842		(9)
						53,817			34,149
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4)	Structured Products and Other - Membership Interests	N/A	02/28/29			19,409			10,317		(9)(13)(32)
		Total Consumer Finance			$	73,226		$	44,466
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	8,475	$	8,341		$	8,305		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/20/30	179		167			161		(9)(17)(18)(23)
						8,508			8,466

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)
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	27,556		27,483		27,156		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	01/31/28	2,255		2,248		2,188		(9)(18)(23)
						29,900		29,344
		Total Consumer Staples Distribution & Retail			$	38,408		37,810
Containers & Packaging
ACP Packaging
ACP Packaging Intermediateco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	10/22/31	10,644	$	10,488		10,484		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	10/22/31			(27	)	(27	)	(8)(9)(17)<br>(18)
						10,461		10,457
Berry Tapes & Adhesives
Vybond Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	02/03/32	17,247		17,001		17,118		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	02/03/32			(29	)	(33	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	02/03/32			(43	)	(25	)	(8)(9)(17)<br>(18)
						16,929		17,060
MSI Express, Inc.
NCP-MSI Buyer	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	03/24/31	5,804		5,739		5,746		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	03/24/31	1,500		1,483		1,485		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+375, 0.75% Floor	03/24/31	1,717		1,688		1,683		(9)(17)(18)<br>(22)(23)
						8,910		8,914
Truvant
NPPI Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/20/29	21,829		21,541		21,665		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/20/29			(26	)	(36	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/20/29			(35	)	(24	)	(8)(9)(17)<br>(18)
						21,480		21,605
		Total Containers & Packaging			$	57,780		58,036
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	3,993	$	3,920		3,873		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+250 Cash plus 4.75% PIK, 1.00% Floor	03/22/29	421		409		405		(9)(17)(18)<br>(23)
						4,329		4,278

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.00% Floor	07/01/26		20,405		20,361		20,144		(22)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	07/01/26	—			(1	)	(9	)	(8)(17)(18)
							20,360		20,135
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt - Term Loan	SOFR+615, 1.00% Floor	06/16/27		11,956		11,895		11,890		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+615, 1.00% Floor	06/16/27		23,018		22,797		22,891		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+615, 1.00% Floor	06/16/27	—			(9	)	(9	)	(8)(9)(17)<br>(18)
							34,683		34,772
Elase Med Spas
Birch Group of Clinics Acquireco Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	12/31/31		1,872		1,844		1,844		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	12/31/31		426		400		400		(9)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	12/31/31	—			(6	)	(6	)	(8)(9)(17)<br>(18)(23)
							2,238		2,238
Excelligence
Excelligence Learning Corporation	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	01/18/30		15,262		14,997		14,652		(9)(23)
	First Lien Secured Debt - Revolver	P+475	01/18/30		395		356		296		(9)(16)(17)<br>(18)(20)
							15,353		14,948
Gateway Services
Gateway US Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/22/28		12,542		12,505		12,479		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	09/22/28		602		593		594		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	09/22/28	—			(1	)	(2	)	(8)(9)(17)<br>(18)
							13,097		13,071
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	06/30/28		1,583		1,575		1,550		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	06/30/28		6,098		6,040		5,970		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	06/30/28		3,124		3,120		3,059		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+635, 1.00% Floor	06/30/28	—		—			(9	)	(8)(9)(17)<br>(18)
							10,735		10,570

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Legacy.com
Lotus Topco Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	06/07/30		5,224	5,158		5,172		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	06/07/30		367	358		352		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	06/07/30	—		(7	)	(6	)	(8)(9)(17)<br>(18)
						5,509		5,518
Mariani
CI (MG) GROUP, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	03/27/30		18,878	18,614		18,625		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	03/27/30		4,674	4,584		4,555		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	03/27/30		1,176	1,150		1,149		(9)(17)(18)<br>(23)
						24,348		24,329
Regis
Regis Corporation	First Lien Secured Debt - Term Loan	SOFR+450, 2.50% Floor	06/24/29		6,624	6,509		6,524		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 2.50% Floor	06/24/29		171	113		109		(9)(16)(17)<br>(18)(23)
						6,622		6,633
SEV
SEV Intermediate Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/21/30		8,208	8,071		8,085		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	06/21/30		999	949		949		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/21/30		658	635		633		(9)(17)(18)<br>(23)
						9,655		9,667
Team Car Wash
TCW Midco LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	10/22/29		4,950	4,910		4,901		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	10/22/29		6,622	6,564		6,553		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	10/22/29	—		(6	)	(8	)	(8)(9)(17)<br>(18)
						11,468		11,446
Ultra Clean Newco
Ultra Clean Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/01/30		2,463	2,423		2,419		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/01/30		5,478	5,363		5,285		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/01/30	—		(19	)	(25	)	(8)(9)(17)<br>(18)
						7,767		7,679

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A			632		1,315		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	06/01/26	28,074		28,005		28,040		(9)(22)(24)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	06/01/26	5,512		5,501		5,501		(9)(17)(18)<br>(22)
	First Lien Secured Debt - Revolver	SOFR+590, 1.00% Floor	06/01/26	844		842		842		(9)(17)(18)<br>(22)
						34,980		35,698
Village Pet Care
Village Pet Care, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	09/22/29	1,500		1,479		1,463		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 1.00% Floor	09/22/29	1,050		1,014		925		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	09/22/29	803		790		778		(9)(17)(18)<br>(23)
						3,283		3,166
		Total Diversified Consumer Services			$	204,427		204,148
Diversified Telecommunication Services
Cablevision Systems
CSC Holdings, LLC	First Lien Secured Debt - Revolver	SOFR+225, 0.00% Floor	07/13/27	86	$	70		72		(10)(15)(17)<br>(18)(22)
	Unsecured Debt - Corporate Bond	4.13%	12/01/30	2,000		1,483		1,230		(10)
		Total Diversified Telecommunication Services			$	1,553		1,302
Electrical Equipment
Brush Group
Brush Group Bidco Limited	First Lien Secured Debt - Term Loan	SON+500, 0.00% Floor	07/30/31	5,985	$	7,815		7,944		(9)(15)(21)
	First Lien Secured Debt - Revolver	SON+500, 0.00% Floor	07/30/31			(28	)	(30	)	(8)(9)(15)<br>(17)(18)
						7,787		7,914
International Wire Group
IW Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	06/28/29	13,554		13,418		13,485		(9)(22)(23)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	06/28/29	112		105		110		(9)(16)(17)<br>(18)(22)
						13,523		13,595
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A			250				(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt - Term Loan	10.27%	09/30/26	17,872		16,914		10,832		(9)(14)
	First Lien Secured Debt - Revolver	10.27%	09/30/26	1,337		1,245		810		(9)(14)(18)
						18,409		11,642
		Total Electrical Equipment			$	39,719		33,151

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)				Fair Value (1)(36)
Electronic Equipment, Instruments & Components
AVAD, LLC
Surf Opco, LLC (4)	First Lien Secured Debt - Term Loan	SOFR+411, 1.00% Floor	09/10/26		9,460	14,366		$	9,431		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+411, 1.00% Floor	09/10/26		19,883	19,883			19,829		(9)(17)(18)<br>(22)
	Preferred Equity - Class P-1 Preferred	N/A	N/A			1,713			2,683		(9)(13)(19)(31)
	Common Equity - Class A-1 Common	N/A	N/A						115		(9)(13)(19)(31)
						35,962			32,058
Evolv Technologies
Evolv Technologies Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 2.00% Floor	07/01/30		6,000	5,944			5,938		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 2.00% Floor	07/01/30			(55	)		(60	)	(8)(9)(15)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+525, 2.00% Floor	07/01/30			(27	)		(30	)	(8)(9)(15)<br>(17)(18)
						5,862			5,848
Generator Buyer, Inc.
Total Power Limited	First Lien Secured Debt - Term Loan	CORRA+450, 0.75% Floor	07/22/30	C	12,097	8,669			8,726		(9)(15)(26)
	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	07/22/30		3,828	3,772			3,789		(9)(15)(23)
	First Lien Secured Debt - Delayed Draw	CORRA+450, 0.75% Floor	07/22/30	C	2,188	1,573			1,569		(9)(15)(17)<br>(18)(26)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	07/22/30			1			(46	)	(8)(9)(15)<br>(17)(18)
	First Lien Secured Debt - Revolver	CORRA+450, 0.75% Floor	07/22/30	C		(17	)		(16	)	(8)(9)(15)<br>(17)(18)
						13,998			14,022
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		9,705	9,684			9,466		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+585 Cash plus 2.75% PIK, 1.00% Floor	06/30/26		21,968	21,904			21,427		(9)(23)
						31,588			30,893
Team LINX, LLC
TeamLINX Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/18/30		17,813	17,602			17,635		(9)(22)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/18/30			(18	)		(14	)	(8)(9)(17)<br>(18)
						17,584			17,621
Wolfspeed
Wolfspeed Inc	First Lien Secured Debt - Corporate Bond	9.88% Cash plus 4.00% PIK	06/23/30		7,768	7,556			8,465		(9)(10)(15)
		Total Electronic Equipment, Instruments & Components				112,550		$	108,907

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
Energy Equipment & Services
Camin Cargo
Camin Cargo Control Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	12/07/29	980	$	964		$	970		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	12/07/29	2,061		2,019			2,029		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	12/07/29	537		519			528		(9)(17)(18)<br>(22)
		Total Energy Equipment & Services			$	3,502		$	3,527
Entertainment
DHX
WildBrain Ltd.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	07/23/29	13,223	$	12,983		$	12,959		(9)(15)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	07/23/29	940		918			911		(9)(15)(17)<br>(18)(23)
						13,901			13,870
Shout Factory
Shout! Factory LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/30/31	13,253		13,068			13,054		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/30/31	197		175			174		(9)(17)(18)<br>(23)
						13,243			13,228
		Total Entertainment			$	27,144		$	27,098
Financial Services
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt - Term Loan	SOFR+195 Cash plus 5.45% PIK, 1.00% Floor	01/21/27	30,814	$	30,691		$	30,197		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+195 Cash plus 5.45% PIK, 1.00% Floor	01/21/27	1,306		1,301			1,280		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+195 Cash plus 5.45% PIK, 1.00% Floor	01/21/27	689		686			676		(9)(18)(23)
						32,678			32,153
Definiti LLC
Greylock Holdings LLC	Common Equity - Common Stock	N/A	N/A			100			92		(9)(13)
RHI Acquisition LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	03/16/29	5,924		5,813			5,821		(9)(24)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/16/29	2,120		2,074			2,066		(9)(17)(18)<br>(24)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	03/16/29			(11	)		(12	)	(8)(9)(17)<br>(18)
						7,976			7,967
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42			14,012			8,033		(3)(15)

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)
Nexity
Evoriel	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	04/02/31	2,283		2,444		2,669		(9)(15)(28)
	First Lien Secured Debt - Delayed Draw	EURIBOR+525, 0.00% Floor	04/02/31	1,096		1,168		1,280		(9)(15)(17)<br>(18)(28)
						3,612		3,949
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P.	First Lien Secured Debt - Term Loan	SOFR+625, 2.00% Floor	10/25/27	6,909		6,845		6,840		(9)(15)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 2.00% Floor	10/25/27	2,182		2,162		2,160		(9)(15)(17)<br>(18)(23)
						9,007		9,000
PMA
PMA Parent Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	01/31/31	13,978		13,853		13,838		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	01/31/31			(8	)	(10	)	(8)(9)(17)<br>(18)
						13,845		13,828
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	SOFR+710, 0.00% Floor	02/26/27	2,126		2,126		2,126		(9)(17)(18)<br>(22)
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC	Preferred Equity - Preferred Stock	N/A	N/A			534		501		(13)(15)(30)
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Common Equity - Common Stock	N/A	N/A			16,813		82		(13)
Renew JV LLC	Common Equity - Membership Interests	N/A	N/A			169		353		(13)(15)
						17,516		936
Stretto
Stretto, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	10/13/28	10,950		10,911		10,731		(9)(22)
		Total Financial Services			$	111,683		88,723
Food Products
Amylu Foods
Amylu Borrower Sub, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/10/31	10,910	$	10,805		10,937		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/10/31			(9	)	5		(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/10/31			(20	)			(9)(17)(18)
						10,776		10,942
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt - Term Loan	SOFR+665, 1.00% Floor	07/30/27	33,949		33,654		33,355		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+665, 1.00% Floor	07/30/26	1,383		1,375		1,354		(9)(17)(18)<br>(23)
						35,029		34,709

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 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		1,534		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A		448		382		(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	14,034		14,126		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	09/22/27	1,448	1,434		1,448		(9)(17)(18)<br>(22)(23)
					15,919		15,956
Justin's
Justin's LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/15/31	4,167	4,102		4,104		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/15/31		(13	)	(12	)	(8)(9)(17)<br>(18)
	Common Equity - Common Stock	N/A	N/A		100		100		(9)(13)
					4,189		4,192
Nutpods
Green Grass Foods, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/26/29	3,675	3,621		3,620		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/26/29		(17	)	(19	)	(8)(9)(17)<br>(18)
Nutpods Holdings, Inc.	Common Equity - Common Stock	N/A	N/A		125		92		(9)(13)
					3,729		3,693
Patriot Pickle
Patriot Foods Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	12/24/29	245	241		243		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	12/22/29	166	163		163		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	12/22/29	80	77		78		(9)(17)(18)<br>(23)
					481		484
		Total Food Products			71,583		71,510
Ground Transportation
Bird Rides
Blue Jay Transit Inc. (4)	First Lien Secured Debt - Term Loan	15.87%	03/22/28	21,288	20,528		17,158		(9)(14)
	First Lien Secured Debt - Term Loan	15.87%	07/31/26	2,682	2,611		2,162		(9)(14)
	First Lien Secured Debt - Delayed Draw	15.87%	07/31/26	250	250		24		(9)(14)(18)
Third Lane Mobility Inc. (4)	Common Equity - Common Stock	N/A	N/A		722				(9)(13)(19)
	Warrants - Warrants	N/A	N/A						(9)(13)(19)
					24,111		19,344

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	06/30/28	3,507		3,501			3,472		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	03/31/28	28		27			24		(9)(17)(18)
						3,528			3,496
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	12/03/26	28,123		27,993			27,771		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	12/03/26	3,173		3,169			3,124		(9)(17)(18)<br>(23)
						31,162			30,895
Olympus Terminals
Olympus Terminals Holdco II LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	12/17/30	18,441		18,119			18,213		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	12/17/30			(58	)		(43	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	12/17/30			(49	)		(36	)	(8)(9)(17)<br>(18)
						18,012			18,134
		Total Ground Transportation			$	76,813		$	71,869
Health Care Equipment & Supplies
Capsa Healthcare
CSHC Buyerco, LLC	First Lien Secured Debt - Term Loan	SOFR+485, 1.00% Floor	09/08/26	10,249	$	10,184		$	10,158		(9)(23)
Carestream Health
Carestream Health Holdings, Inc.	Common Equity - Common Stock	N/A	N/A			1,426			492		(13)(19)
Carestream Health, Inc.	First Lien Secured Debt - Term Loan	SOFR+760, 1.00% Floor	09/30/27	159		149			82		(10)(23)
						1,575			574
Cerus
Cerus Corporation	First Lien Secured Debt - Term Loan	SOFR+660, 1.80% Floor	03/01/28	12,000		11,984			12,000		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.80% Floor	03/01/28	4,500		4,494			4,500		(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.00% Floor	03/01/28	3,000		2,985			3,000		(9)(15)(18)<br>(22)
	First Lien Secured Debt - Revolver	SOFR+560 Cash plus 1.00% PIK, 1.00% Floor	03/01/28	450		450			450		(9)(15)(17)<br>(18)(22)
						19,913			19,950
Compass Health
Roscoe Medical, Inc	First Lien Secured Debt - Term Loan	P+525, 2.00% Floor	04/11/25	7,372		6,756			6,967		(9)(20)(34)
	First Lien Secured Debt - Revolver	P+525, 2.00% Floor	04/11/25	164		129			119		(9)(18)(20)(34)
						6,885			7,086

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
CQ Medical
BW ISO Acquisition LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/01/27	4,988		4,942			4,938		(9)(23)
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/26/28	30,742		30,561			30,743		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	04/26/28	4,690		4,653			4,690		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/26/28	381		364			381		(9)(17)(18)<br>(23)
						35,578			35,814
Natus Sensory
Natus Sensory, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/07/31	10,600		10,461			10,349		(9)(23)
	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	01/07/31	2,549		2,603			2,922		(9)(28)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	01/07/31			(17	)		(66	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/07/31			(17	)		(33	)	(8)(9)(17)<br>(18)
						13,030			13,172
NeuroPace
NeuroPace, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 2.00% Floor	05/27/30	20,000		19,908			19,900		(9)(15)(22)
	First Lien Secured Debt - Revolver	SOFR+550, 2.00% Floor	05/27/30			(7	)		(7	)	(8)(9)(15)<br>(17)(18)(22)
						19,901			19,893
Project Titan
Titan Luxco I SARL	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/12/32	6,044		5,987			5,984		(9)(24)
	First Lien Secured Debt - Term Loan	EURIBOR+500, 0.75% Floor	06/12/32	1,178		1,351			1,370		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/12/32			(8	)		(17	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/12/31	367		360			359		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	EURIBOR+500, 0.75% Floor	06/12/31	111		129			127		(9)(17)(18)(29)
						7,819			7,823
		Total Health Care Equipment & Supplies			$	119,827		$	119,408
Health Care Providers & Services
Alcami
Alcami Corporation	First Lien Secured Debt - Term Loan	SOFR+710, 1.00% Floor	12/21/28	7,973	$	7,815		$	7,873		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+710, 1.00% Floor	12/21/28	587		575			579		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+710, 1.00% Floor	12/21/28	233		213			219		(9)(17)(18)<br>(22)
						8,603			8,671

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
All Star
All Star Recruiting Locums, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/30		7,365	7,250			7,328		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	05/01/30		1,730	1,688			1,711		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	05/01/30		761	742			754		(9)(17)(18)<br>(22)(23)
						9,680			9,793
Amplity
Amplity Parent, Inc.	First Lien Secured Debt - Term Loan	12.52%	01/31/27		26,638	25,914			15,717		(9)(14)
	First Lien Secured Debt - Revolver	SOFR+1260 PIK, 1.00% Floor	01/31/27		1,243	1,143			1,126		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	12.52%	01/31/27		1,489	1,440			669		(9)(14)(18)
						28,497			17,512
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR + 725 (Inclusive of 9.92% PIK), 1.00% Floor	12/16/29		16,392	16,239			13,258		(9)(23)
	First Lien Secured Debt - Revolver	SOFR + 725 (Inclusive of 9.92% PIK), 1.00% Floor	06/16/29		1,775	1,754			1,447		(9)(17)(18)<br>(23)
						17,993			14,705
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	08/05/29		13,727	13,593			13,590		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+485, 1.00% Floor	08/05/29	—		(7	)		(9	)	(8)(9)(17)<br>(18)
						13,586			13,581
ExactCare
ExactCare Parent, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	11/05/29		17,717	17,310			17,717		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	11/05/29	—		(35	)	—			(9)(17)(18)
						17,275			17,717
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc)	First Lien Secured Debt - Term Loan	7.90%	03/06/28		3,821	3,340			1,116		(10)(14)
KCF Puerto Rico, LLC
KCF Puerto Rico, LLC	Secured Debt - Promissory Note	N/A	06/28/28		1,697	903			723		(15)
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A	133 Shares		133			306		(9)(13)
Kure Pain Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/30/30		17,933	17,913			17,924		(9)(22)
	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	08/31/30		4,273	4,236			4,271		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	08/30/30		505	467			505		(9)(17)(18)<br>(23)
						22,749			23,006

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
LucidHealth
Premier Imaging, LLC	First Lien Secured Debt - Term Loan	SOFR+426 Cash plus 2.00% PIK, 1.00% Floor	03/31/26		7,368	7,342		6,263		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+426 Cash plus 2.00% PIK, 1.00% Floor	03/31/26		1,977	1,905		1,680		(9)(23)
						9,247		7,943
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29		9,900	9,821		9,826		(9)(22)(23)
Maxor National Pharmacy Services, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29		13,051	12,790		12,953		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	03/01/29	—		(25	)	(11	)	(8)(9)(17)<br>(18)
Maxor Topco, L.P.	Preferred Equity - Preferred Equity	N/A	N/A	50,000 Shares		50		86		(9)(13)
						22,636		22,854
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		21,936	21,769		21,443		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+650 PIK, 1% Floor	01/12/28		1,127	1,118		1,127		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+100 Cash plus 5.75% PIK, 1.00% Floor	01/12/28		639	635		615		(9)(18)(23)
						23,522		23,185
Omega Healthcare
OMH-Healthedge Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	04/01/30		11,928	11,919		11,869		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	04/01/30	—		(1	)	(7	)	(8)(9)(17)<br>(18)
						11,918		11,862
Rarebreed
Rarebreed Veterinary Partners, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	04/18/30		4,194	4,130		4,132		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	04/18/30		16,933	16,719		16,659		(9)(17)(18)<br>(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	04/18/30	—		(14	)	(14	)	(8)(9)(17)<br>(18)
						20,835		20,777
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	08/02/27		1,375	1,369		1,371		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+540, 1.00% Floor	08/02/27		459	458		456		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+540, 1.00% Floor	08/02/27		3,393	3,377		3,367		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/02/27	—		(24	)	(21	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+540, 1.00% Floor	08/02/27	—		(30	)	(3	)	(8)(9)(16)<br>(17)(18)
						5,150		5,170

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
Tarrytown
Tarrytown Acquisition Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	11/12/32	3,426		3,392			3,392		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	11/12/32			(5	)		(9	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	11/12/32			(6	)		(6	)	(8)(9)(17)<br>(18)
						3,381			3,377
Team Select
TS Investors, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	05/04/29	13,648		13,477			13,580		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	05/04/29	13,736		13,599			13,666		(9)(22)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	05/04/29			(19	)		(9	)	(8)(9)(17)<br>(18)
						27,057			27,237
Thomas Scientific
BSP-TS, LP	Preferred Equity - Preferred Equity	N/A	N/A			25			34		(9)(13)
	Common Equity - Common Stock	N/A	N/A			185			34		(9)(13)
Thomas Scientific, LLC	First Lien Secured Debt - Term Loan	SOFR+340 Cash plus 4.50% PIK, 1.00% Floor	12/14/27	32,846		32,578			31,716		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+340 Cash plus 4.50% PIK, 1.00% Floor	12/14/27	2,324		2,303			2,220		(9)(17)(18)<br>(23)
						35,091			34,004
WellDyneRx, LLC
WellDyneRx, LLC	First Lien Secured Debt - Term Loan	SOFR+685, 0.75% Floor	03/09/27	17,399		17,251			17,182		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+685, 0.75% Floor	03/09/26			(2	)		(24	)	(8)(9)(17)<br>(18)
						17,249			17,158
Xanitos
Pure Upper Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	12/03/31	6,444		6,381			6,380		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	12/03/31			(9	)		(18	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	12/03/31			(18	)		(18	)	(8)(9)(17)<br>(18)
Xanitos TopCo, LLC	Common Equity - Membership Interests	N/A	N/A			100			100		(9)(13)
						6,454			6,444
		Total Health Care Providers & Services			$	305,166		$	286,835
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	08/12/32	10,714	$	10,612		$	10,607		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	08/12/32			(17	)		(18	)	(8)(9)(17)<br>(18)
						10,595			10,589

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC)	First Lien Secured Debt - Term Loan	SOFR+550, 0.50% Floor	12/17/29	17,460		17,068		17,460		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+575, 0.50% Floor	12/17/29	3,920		3,880		3,920		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 0.50% Floor	12/17/29			(41	)			(9)(17)(18)
						20,907		21,380
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp)	First Lien Secured Debt - Term Loan	SOFR+400, 0.75% Floor	10/01/27	16,603		16,005		16,342		(10)(23)
Inovalon
Inovalon Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+286 Cash plus 2.75% PIK, 0.75% Floor	11/24/28	6,271		6,201		5,926		(23)
	Second Lien Secured Debt - Term Loan	SOFR+861 PIK, 0.75% Floor	11/25/33	95		91		62		(23)
						6,292		5,988
Merative
Merative L.P.	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	09/30/32	4,118		4,098		4,097		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	09/30/32			(1	)	(2	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	09/30/32			(2	)	(2	)	(8)(9)(17)<br>(18)
						4,095		4,093
MRO Parent Corporation
MRO Parent Corporation	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	06/09/32	4,249		4,189		4,206		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	06/09/32			(3	)	(4	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	06/09/32			(5	)	(4	)	(8)(9)(17)<br>(18)
						4,181		4,198
		Total Health Care Technology			$	62,075		62,590
Hotels, Restaurants & Leisure
CircusTrix
CircusTrix Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	07/18/28	977	$	963		958		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	07/18/28	6,951		6,843		6,812		(9)(22)(23)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	07/18/28	400		387		380		(9)(17)(18)<br>(22)
						8,193		8,150
Crumbl
Crumbl Enterprises LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	05/05/32	9,213		9,127		9,121		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	05/05/32			(7	)	(7	)	(8)(9)(17)<br>(18)
						9,120		9,114

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt - Term Loan	6.95%	11/18/26	1,552		1,549			1,525		(9)
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			3,962		(23)
	Common Equity - Membership Interests	N/A	N/A			4,740			2,628		(13)(19)
						13,479			6,590
Munson
Munson Buffalo Restaurant Group LLC	First Lien Secured Debt - Term Loan	10.43%	05/31/29	3,481		3,439			2,620		(9)(14)
	First Lien Secured Debt - Delayed Draw	10.43%	05/31/29	5,480		5,417			3,889		(9)(14)(18)
						8,856			6,509
PARS Group LLC
PARS Group LLC	First Lien Secured Debt - Term Loan	SOFR+685, 1.50% Floor	04/03/28	8,636		8,555			8,031		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+685, 1.50% Floor	04/03/28			(1	)		(67	)	(8)(9)(18)
						8,554			7,964
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt - Term Loan	SOFR+636, 1.00% Floor	08/16/26	8,233		8,223			7,883		(9)(22)
Tasty Chick'n
Tasty Chick'n LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	05/16/29	11,649		11,520			9,378		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+600, 1.00% Floor	05/16/29	274		266			(867	)	(8)(9)(18)<br>(22)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	05/16/29	878		857			480		(9)(18)(22)
						12,643			8,991
The Club Company
Eldrickco Limited	First Lien Secured Debt - Term Loan	SON+525, 0.50% Floor	11/26/26	8,945		11,570			11,979		(9)(15)(21)
	First Lien Secured Debt - Delayed Draw	SON+525, 0.50% Floor	11/26/26	10,747		13,517			14,391		(9)(15)(21)
	First Lien Secured Debt - Revolver	SON+475, 0.50% Floor	05/26/26	356		416			471		(9)(15)(17)<br>(18)(21)
						25,503			26,841
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)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/02/30	3,835		3,739			3,651		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/02/30	583		553			526		(9)(17)(18)<br>(23)
						18,442			18,203
		Total Hotels, Restaurants & Leisure			$	114,562		$	101,770

All values are in British Pounds.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date				Fair Value (1)(36)
Household Durables
Allstar Holdings
Athlete Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	04/26/29	1,908	1,878		$	1,607		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 1.00% Floor	04/26/30	22,465	22,023			18,926		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 1.00% Floor	04/26/29	1,031	1,015			869		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	04/26/29	3,201	3,136			2,376		(9)(17)(18)<br>(23)
					28,052			23,778
Polywood
Poly-Wood, LLC	First Lien Secured Debt - Term Loan	SOFR+488, 1.00% Floor	03/20/30	2,727	2,683			2,713		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+488, 1.00% Floor	03/20/30		(11	)		(2	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+488, 1.00% Floor	03/20/30		(7	)		(2	)	(8)(9)(17)<br>(18)
					2,665			2,709
		Total Household Durables			30,717		$	26,487
Insurance
GoHealth
Norvax, LLC (dba GoHealth)	First Lien Secured Debt - Term Loan	SOFR+550, 3.00% Floor	08/05/29	840	834		$	839		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 3.00% Floor	08/05/29	199	194			214		(9)
	First Lien Secured Debt - Revolver	SOFR+465 Cash plus 6.89% PIK, 1.00% Floor	08/06/29	1,025	1,020			946		(9)(17)(18)<br>(23)
	Common Equity - Common Stock	N/A	N/A					23		(9)(13)
					2,048			2,022
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	04/14/28	9,995	9,916			9,945		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	04/14/28	18,981	18,851			18,887		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	04/16/27		(10	)		(11	)	(8)(9)(17)<br>(18)
					28,757			28,821
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+615, 1.00% Floor	06/02/26	18,550	18,517			18,549		(9)(23)(24)
	First Lien Secured Debt - Revolver	SOFR+615, 1.00% Floor	06/02/26	694	693			694		(9)(17)(18)<br>(23)
					19,210			19,243

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/29/28	13,964	13,870		13,893		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	06/29/28	6,000	5,910		5,957		(9)(17)(18)<br>(22)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/29/27		(2	)	(2	)	(8)(9)(17)<br>(18)
					19,778		19,848
		Total Insurance			69,793		69,934
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	2,190		2,324		(10)(22)(23)
	Second Lien Secured Debt - Term Loan	12.98%	03/25/26	9,154	7,705				(14)
		Total Interactive Media & Services			9,895		2,324
IT Services
Avenu Insights & Analytics
ACP Avenu Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/02/29	3,676	3,631		3,640		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/02/29	5,458	5,328		5,346		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/02/29		(23	)	(14	)	(8)(9)(17)<br>(18)
					8,936		8,972
Distinct
Distinct Holdings Inc	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	07/18/29	13,077	12,870		12,690		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	07/18/29	1,260	1,238		1,208		(9)(17)(18)<br>(23)(24)
					14,108		13,898
GrayMatter Systems
Genius Bidco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/30	1,320	1,299		1,294		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/01/30		(36	)	(100	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/01/30	155	138		131		(9)(16)(17)<br>(18)(23)
	Common Equity - Common Stock	N/A	N/A		77		48		(9)(13)
					1,478		1,373
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt - Term Loan	SOFR+625 PIK, 1.00% Floor	06/30/30	12,998	12,998		12,803		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	06/30/30	866	866		840		(9)(17)(18)<br>(23)
	Preferred Equity - Preferred Equity	N/A	N/A		10,819		6,920		(9)(13)
	Common Equity - Common Stock	N/A	N/A						(9)(13)
					24,683		20,563

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
VikingCloud
Bullcave Limited	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/06/30	29,105		28,746			28,887		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/06/30	3,684		3,619			3,643		(9)(17)(18)<br>(23)
						32,365			32,530
		Total IT Services			$	81,570		$	77,336
Leisure Products
Dan Dee
Project Comfort Buyer, Inc.	Preferred Equity - Preferred Equity	N/A	N/A		$	492		$	211		(9)(13)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	Common Equity - Common Stock	N/A	N/A			1,000			66		(2)(13)(19)(33)
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	11/12/27	5,875		5,828			5,787		(9)(15)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	11/12/27	920		917			907		(9)(15)(23)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	11/12/27	1,318		1,309			1,297		(9)(15)(17)<br>(18)(20)(23)
	First Lien Secured Debt - Revolver	SON+585, 1.00% Floor	11/12/27	259		344			342		(9)(15)(17)<br>(18)(21)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A			93			85		(2)(9)(13)<br>(15)(19)(33)
						8,491			8,418
		Total Leisure Products			$	9,983		$	8,695
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	$	11,955		$	11,550		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+595, 2.00% Floor	06/01/29	3,000		2,989			2,888		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+400, 2.00% Floor	06/01/29	434		433			416		(9)(17)(18)<br>(22)
						15,377			14,854
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt - Term Loan	SOFR+555, 1.00% Floor	08/09/27	1,848		1,837			1,825		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+555, 1.00% Floor	08/09/27	2,189		2,178			2,162		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+555, 1.00% Floor	08/09/27			(4	)		(9	)	(8)(9)(17)<br>(18)
						4,011			3,978
		Total Life Sciences Tools & Services			$	19,388		$	18,832

All values are in British Pounds.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
Machinery
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	10/02/29	14,663	$	14,384		$	14,418		(9)(22)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/31	5,307		5,234			5,280		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/01/31			(22	)		(17	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/01/31			(18	)		(7	)	(8)(9)(17)<br>(18)
						5,194			5,256
Ideal Tridon
Ideal Components Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/30/32	13,059		12,873			12,961		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	06/30/32			(17	)		(18	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/30/32	267		239			252		(9)(17)(18)(23)
						13,095			13,195
JPW
JPW Industries Holding Corporation	First Lien Secured Debt - Term Loan	SOFR+588, 2.00% Floor	11/22/28	2,400		2,400			2,364		(9)(23)
Milacron (Project Iota)
IOTA HOLDINGS 3	First Lien Secured Debt - Term Loan	SOFR+475, 0.00% Floor	03/31/32	22,562		22,240			22,224		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.00% Floor	03/31/32	1,274		1,209			1,201		(9)(17)(18)<br>(23)
						23,449			23,425
Relevant Industrial
Relevant Industrial, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	05/16/31	8,173		8,078			8,071		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	05/16/31	196		165			129		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	P+375, 1.00% Floor	05/16/31	143		127			125		(9)(17)(18)<br>(20)
						8,370			8,325
		Total Machinery			$	66,892		$	66,983
Media
Accelerate360
Accelerate360 Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	02/11/27	3,462	$	3,462		$	3,453		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	02/11/27	1,382		1,382			1,375		(9)(17)(18)<br>(23)
						4,844			4,828

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date			Cost (35)			Fair Value (1)(36)
Acosta
Acosta Holdings Corp.	Preferred Equity - Preferred Equity	N/A	N/A	11,749 Shares			473			724		(13)(19)
	Common Equity - Common Stock	N/A	N/A	6,266 Shares			77			42		(13)(19)
							550			766
ChyronHego Corporation
ChyronHego Corporation (5)	Preferred Equity - Preferred Equity	N/A	N/A	7,800 Shares			6,000			13,045		(13)(19)
ChyronHego US Holding Corporation (5)	First Lien Secured Debt - Term Loan	SOFR+350, 1.75% Floor	06/30/29		105,906		105,702			105,906		(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.75% Floor	06/30/29		19,467		19,452			19,467		(17)(18)(23)
							131,154			138,418
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	12/30/26		17,999		17,896			17,908		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+510, 1.00% Floor	12/30/26		11,600		11,544			11,526		(9)(17)(18)<br>(22)(23)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	12/30/26	—			(5	)		(10	)	(8)(9)(17)<br>(18)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares			220			337		(9)(13)
							29,655			29,761
HALO Branded Solutions
HALO Buyer, Inc	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/07/29		8,630		8,486			8,460		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/07/29		467		446			442		(9)(17)(18)<br>(20)(22)
							8,932			8,902
Hero Digital
HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	11/18/28		26,575		26,300			26,094		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	11/18/28		102		100			100		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	11/18/26		1,176		1,166			1,103		(9)(17)(18)<br>(23)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares			213			234		(9)(13)
							27,779			27,531
Wilson Language Training
Owl Parent Holdings, LLC	Common Equity - Common Stock	N/A	N/A	100 Shares			100			159		(9)
		Total Media				$	203,014		$	210,365

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
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	15,684	$	15,496		$	12,617		(9)(10)(23)
SEER
GS SEER Group Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/29/30	3,175		3,108			3,112		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/29/30	1,162		1,135			1,135		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/30/29	92		86			84		(9)(17)(18)<br>(22)
GS SEER Group Holdings, LLC	Common Equity - Common Stock	N/A	N/A			42			36		(9)(13)
						4,371			4,367
		Total Multi-Utilities			$	19,867		$	16,984
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/04/31	14,888	$	14,683		$	14,588		(9)(23)
		Total Paper & Forest Products			$	14,683		$	14,588
Passenger Airlines
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/26	18,575	$	18,575		$	18,576		(18)
	Common Equity - Membership Interests	N/A	N/A			74,890			84,222		(13)(19)
		Total Passenger Airlines			$	93,465		$	102,798
Personal Care Products
Dr. Scholl's
DRS Holdings III, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/01/28	23,303	$	23,208		$	23,186		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/01/28			(6	)		(7	)	(8)(9)(17)<br>(18)
						23,202			23,179
LashCo
Lash OpCo, LLC	First Lien Secured Debt - Term Loan	SOFR+500 Cash plus 2.00% PIK, 1.00% Floor	09/17/27	45,060		44,847			42,766		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500 Cash plus 2.00% PIK, 1.00% Floor	09/17/27	2,424		2,416			2,300		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500 Cash plus 2.00% PIK, 1.00% Floor	09/17/27	1		(13	)		(87	)	(8)(9)(17)<br>(18)(22)
						47,250			44,979

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date			Cost (35)			Fair Value (1)(36)
RoC Skincare
RoC Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	02/21/31		12,581		12,358			12,455		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	02/21/31		4,128		4,098			4,087		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	02/21/30	—			(31	)		(22	)	(8)(9)(17)<br>(18)
							16,425			16,520
Suave
Silk Holdings I Corp.	Common Equity - Common Stock	N/A	N/A	100 Shares			100			220		(9)(13)
Silk Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+450, 0.50% Floor	12/03/32		26,618		26,114			26,352		(9)
							26,214			26,572
Summer Fridays
Summer Fridays, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/16/31		23,032		22,708			22,687		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/16/31	—			(25	)		(28	)	(8)(9)(17)<br>(18)(23)
							22,683			22,659
		Total Personal Care Products				$	135,774		$	133,909
Pharmaceuticals
Alcresta Therapeutics Inc.
Alcresta Holdings, LP	Preferred Equity - Preferred Equity	N/A	N/A	116 Shares		$	116		$	81		(9)(13)
	Common Equity - Common Stock	N/A	N/A	1,176 Shares			1			120		(9)(13)
Alcresta Therapeutics Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	03/12/30		9,266		9,232			9,173		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	03/12/31		29		21			25		(9)(17)(18)<br>(23)
							9,370			9,399
Avid Bioservices
Space Finco, Inc.	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	02/05/32		10,585		10,436			10,426		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	02/05/32	—			(77	)		(168	)	(8)(9)(17)<br>(18)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	02/05/31	—			(43	)		(48	)	(8)(9)(17)<br>(18)(23)
Space Parent, LP	Preferred Equity - Preferred Equity	N/A	N/A	99,000 Shares			99			99		(9)(13)(19)
	Common Equity - Common Stock	N/A	N/A	1,000 Shares			1			1		(9)(13)(19)
							10,416			10,310
Ora LLC
Orion Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/18/30		6,832		6,722			6,491		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/18/30	—			(13	)		(84	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	P+400, 1.00% Floor	07/18/30		1,401		1,379			1,331		(9)(18)(20)

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)
TVG Orion Blocker, Inc.	Common Equity - Common Stock	N/A	N/A			110				(9)(13)
	Unsecured Debt - Promissory Note	11.34%	07/11/30		21	21				(9)
						8,219		7,738
PAI Pharma
Pai Middle Tier, LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	02/13/32		16,418	16,184		16,227		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	02/13/32		500	454		461		(9)(17)(18)<br>(23)
PAI Co-Investor FT Aggregator LLC	Common Equity - Common Stock	N/A	N/A			100		106		(9)(13)(19)
						16,738		16,794
Sterling Pharma
Saffron Bidco Ltd	First Lien Secured Debt - Term Loan	SOFR+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31		13,679	13,446		13,269		(9)(15)(24)
	First Lien Secured Debt - Term Loan	EURIBOR+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31		98	107		112		(9)(15)(29)
	First Lien Secured Debt - Delayed Draw	SON+325 Cash plus 2.50% PIK, 0.75% Floor	09/24/31			(68	)	(249	)	(8)(9)(15)<br>(17)(18)
						13,485		13,132
TersSera
TerSera Therapeutics LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	04/04/29		16,581	16,220		16,581		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	04/04/29			(19	)			(9)(17)(18)
						16,201		16,581
Trillium
Trillium Health Care Products Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/06/31		8,044	7,892		7,782		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/06/31		1,006	989		973		(9)(17)(18)<br>(23)(24)
	First Lien Secured Debt - Revolver	CORRA+525, 1.00% Floor	08/06/31	C				(20	)	(8)(9)(17)<br>(18)
						8,881		8,735
		Total Pharmaceuticals				83,310		82,689
Professional Services
AGDATA
AGDATA Midco, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	07/01/30		5,419	5,355		5,338		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	07/01/30		710	684		649		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	07/01/30		189	183		182		(9)(17)(18)<br>(23)
						6,222		6,169

All values are in Euros.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
BDO USA
BDO USA, P.A.	First Lien Secured Debt - Term Loan	SOFR+500, 2.00% Floor	08/31/28		11,730	11,730		11,702		(9)(23)
DCM Services
DCM Parent, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	03/12/31		12,579	12,403		12,391		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/12/31	—		(30	)	(35	)	(8)(9)(17)<br>(18)
						12,373		12,356
DecisionHR
DecisionHR Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	12/08/31		6,809	6,741		6,740		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 1.00% Floor	12/08/31	—		(11	)	(21	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	12/08/31	—		(11	)	(11	)	(8)(9)(17)<br>(18)
						6,719		6,708
Escalent
M&M OPCO, LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	04/07/29		11,978	11,760		11,828		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	04/07/29	—		(8	)	(6	)	(8)(9)(17)<br>(18)
						11,752		11,822
G&A
G&A Partners Holding Company II, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	03/03/31		6,645	6,554		6,628		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	03/01/31		2,304	2,260		2,292		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	03/01/30	—		(5	)	(1	)	(8)(9)(17)<br>(18)
						8,809		8,919
Health & Safety Institute
HSI Halo Holdings, LLC	Common Equity - Common Stock	N/A	N/A	1,010 Shares		46		1,684		(9)(13)
Lexitas
Chronicle Parent LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/15/31		7,002	6,939		6,932		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	04/15/31		182	172		160		(9)(18)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/15/31	—		(7	)	(7	)	(8)(9)(17)<br>(18)
						7,104		7,085
North Highland
The North Highland Company LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	12/20/31		3,034	3,007		3,004		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	12/20/31	—		(5	)	(11	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	12/20/30		113	106		105		(9)(17)(18)<br>(23)
						3,108		3,098

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)
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	5,634		5,578		4,714	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+115 Cash plus 7.75% PIK, 1.00% Floor	03/31/27	573		572		475	(9)(18)(23)
						6,150		5,189
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt - Term Loan	SOFR+610 Cash plus 0.50% PIK, 1.00% Floor	03/31/27	6,377		6,411		6,275	(9)(22)
		Total Professional Services			$	80,424		81,007
Software
Acronis AG
Acronis AG	First Lien Secured Debt - Term Loan	SOFR+595 Cash plus 1.00% PIK, 1.00% Floor	04/01/27	27,490	$	27,421		27,494	(9)(15)(22)
Align
RMCF V CIV L, L.P.	Common Equity - Common Stock	N/A	N/A			500		589	(9)(13)(15)
American Megatrends
AMI Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	10/17/31	12,997		12,808		12,997	(9)(25)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	10/17/31			(24	)		(9)(17)(18)
						12,784		12,997
Asure Software
Asure Software, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 2.00% Floor	04/01/30	6,667		6,637		6,667	(9)(15)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 2.00% Floor	04/01/30	13,333		13,275		13,333	(9)(15)(22)
						19,912		20,000
Beeline
IQN Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+263 Cash plus 3.13% PIK, 0.75% Floor	05/02/29	4,434		4,434		4,367	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	05/02/28	172		172		168	(9)(17)(18)<br>(23)
						4,606		4,535
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/16/26	21,420		21,366		21,388	(22)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/16/26	341		335		338	(17)(18)(22)
						21,701		21,726
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/10/28	22,693		22,392		22,188	(9)(23)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/10/28	726		700		671	(9)(17)(18)<br>(22)

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
EVER.AG Corporation
EVER.AG Corporation	First Lien Secured Debt - Term Loan	SOFR+535, 1.00% Floor	06/24/27		20,588		20,420			20,412		(9)(22)(23)
	First Lien Secured Debt - Revolver	SOFR+535, 1.00% Floor	06/24/27	—			(7	)		(11	)	(8)(9)(17)<br>(18)
							20,413			20,401
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.75% Floor	03/18/32		16,901		16,748			16,901		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+450, 0.75% Floor	03/18/32	—			(25	)	—			(9)(17)(18)
	First Lien Secured Debt - Revolver	SOFR+450, 0.75% Floor	03/18/32	—			(22	)	—			(9)(17)(18)
							16,701			16,901
G2CI
Evergreen IX Borrower 2023, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/30/30		7,061		7,061			7,061		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	10/01/29	—		—			—			(9)(17)(18)
							7,061			7,061
Go1
Apiom, Inc.	First Lien Secured Debt - Term Loan	SOFR+745, 2.00% Floor	05/02/28		2,500		2,489			2,500		(9)(15)(22)
Instem
Ichor Management Limited	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	12/08/29		8,883		8,719			8,661		(9)(15)(24)
Litify
Litify Holdings Inc.	Common Equity - Common Stock	N/A	N/A	217,892 Shares			107			455		(9)(13)
Litify LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	02/02/29		29,167		28,634			28,583		(9)(22)(23)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	02/02/29	—			(13	)		(17	)	(8)(9)(17)<br>(18)
							28,728			29,021
Lookout
Lookout, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 3.00% Floor	06/01/29		5,000		4,981			4,963		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 3.00% Floor	06/01/29		5,000		4,982			4,963		(9)(22)
							9,963			9,926
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)(23)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	08/26/32	—			(4	)		(8	)	(8)(9)(17)<br>(18)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	08/26/32	—			(12	)		(12	)	(8)(9)(17)<br>(18)(31)
							7,980			7,976

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date
MYCOM
Magnate Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+625, 0.50% Floor	12/31/26		20,656		20,663			20,291		(9)(15)(23)
Naviga
Colonnade Parent Inc (fka Naviga Inc.)	First Lien Secured Debt - Term Loan	4.77%	09/30/26		12,989		10,890			6,495		(9)(14)
	First Lien Secured Debt - Delayed Draw	4.77%	09/30/26		2,220		1,847			1,110		(9)(14)
	First Lien Secured Debt - Revolver	4.77%	09/30/26		500		486			250		(9)(14)(18)
							13,223			7,855
New Relic
Crewline Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	11/08/30		5,623		5,579			5,623		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	11/08/30	—		—			—			(9)(17)(18)
							5,579			5,623
Poppulo, Inc.
Four Winds Interactive LLC	First Lien Secured Debt - Term Loan	SOFR+575, 0.75% Floor	02/20/30		7,523		7,393			7,448		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 0.75% Floor	02/20/30	—			(12	)		(15	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	02/20/30	—			(16	)		(10	)	(8)(9)(17)<br>(18)
							7,365			7,423
Riverbed Technology, Inc.
Riverbed Technology, Inc.	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	04/03/28	—			(5	)		(7	)	(8)(17)(18)
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt - Term Loan	11.06%	02/02/26		8,128		8,115			6,137		(9)(14)
	First Lien Secured Debt - Revolver	11.06%	02/02/26		884		876			667		(9)(14)(18)
							8,991			6,804
Solera
Polaris Newco, LLC	First Lien Secured Debt - Term Loan	SOFR+401, 0.50% Floor	06/02/28		8,066		8,024			7,797		(10)(23)
SPS Commerce, Inc.
SPS Commerce, Inc.	Common Equity - Common Stock	N/A	N/A	837 Shares			62			75		(10)(13)(15)<br>(19)
Texada
Texada Software LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	04/30/30		6,923		6,814			6,837		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	04/30/30		2,051		2,018			2,026		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	04/30/30		77		62			64		(9)(17)(18)<br>(23)
							8,894			8,927

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date				Fair Value (1)(36)
The Weather Company
Zephyr Buyer, L.P.	First Lien Secured Debt - Term Loan	SOFR+475, 0.50% Floor	01/31/31	30,505	29,886			30,353		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.50% Floor	01/31/31		(72	)		(20	)	(8)(9)(17)<br>(18)
					29,814			30,333
Uniguest
Uniguest Holdings, Inc	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/27/30	19,643	19,390			19,368		(9)(22)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/27/30		(24	)		(56	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/27/30		(15	)		(17	)	(8)(9)(17)<br>(18)
					19,351			19,295
Uplight
Uplight, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 4.00% Floor	06/01/29	10,000	9,925			9,850		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 4.00% Floor	06/01/29					(150	)	(8)(9)(18)
	First Lien Secured Debt - Revolver	SOFR+350, 4.00% Floor	06/01/29	300	300			285		(9)(17)(18)<br>(22)
					10,225			9,985
Zafin
Zafin Labs Americas Incorporated	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	02/14/31	16,667	16,445			16,477		(9)(15)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	02/14/31		(43	)		(38	)	(8)(9)(15)<br>(17)(18)
					16,402			16,439
Zendesk
Zendesk, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/22/28	6,620	6,620			6,603		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	11/22/28	1,107	1,107			1,104		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/22/28					(2	)	(8)(9)(16)<br>(17)(18)
					7,727			7,705
		Total Software			368,385		$	361,192
Specialty Retail
Club Champion
Club Champion LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/14/29	9,020	8,918		$	8,930		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/14/29	669	650			651		(9)(17)(18)<br>(23)
					9,568			9,581

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
EG Group
EG Global Finance PLC	First Lien Secured Debt - Corporate Bond	SOFR+750, 0.50% Floor	11/30/28	6,267		6,398			6,658		(15)(23)
Tailored Brands
The Men's Wearhouse, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 0.00% Floor	02/26/29	775		774			778		(10)(23)
		Total Specialty Retail			$	16,740		$	17,017
Technology Hardware, Storage & Peripherals
Biamp
Biamp	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/30/30	825	$	812		$	792		(9)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/30/30			(2	)		(5	)	(8)(9)(17)<br>(18)
						810			787
BusPatrol
BusPatrol Holdco	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/02/29	8,333		8,269			8,249		(9)(22)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/02/29	3,333		3,309			3,250		(9)(18)(22)
	First Lien Secured Debt - Revolver	SOFR+400, 1.00% Floor	08/02/29	1,800		1,782			1,780		(9)(17)(18)<br>(22)
						13,360			13,279
		Total Technology Hardware, Storage & Peripherals			$	14,170		$	14,066
Textiles, Apparel & Luxury Goods
Iconix Brand Group
IBG Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+515, 1.00% Floor	08/22/29	5,797	$	5,752		$	5,681		(9)(23)
	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/22/31	3,409		3,342			3,341		(9)(23)
						9,094			9,022
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A			575			42		(13)(31)
Galaxy Universal LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	05/12/28	16,241		16,231			15,928		(23)
	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	05/12/28	2,480		2,480			2,472		(23)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	05/12/28	761		746			746		(23)
						20,032			19,188
		Total Textiles, Apparel & Luxury Goods			$	29,126		$	28,210

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)
Trading Companies & Distributors
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt - Term Loan	10.04%	05/31/27	12,270	$	11,913		8,841		(9)(14)
	First Lien Secured Debt - Delayed Draw	10.04%	05/31/27	2,996		2,907		2,158		(9)(14)
	First Lien Secured Debt - Revolver	10.04%	05/31/27	587		569		46		(9)(14)(18)
Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A			613				(9)(13)
						16,002		11,045
LSG
Lindstrom, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	12/30/32	11,500		11,328		11,328		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	12/30/32	1,283		1,230		1,230		(9)(17)(18)<br>(23)
						12,558		12,558
MacQueen Equipment, LLC
MacQueen Equipment, LLC	First Lien Secured Debt - Delayed Draw	SOFR+551, 1.00% Floor	01/07/28	3,522		3,506		3,513		(9)(17)(18)<br>(23)
McNichols Company
Patriot MCN Buyer Corp.	First Lien Secured Debt - Term Loan	SOFR+475, 1.75% Floor	10/01/31	3,873		3,826		3,825		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.75% Floor	10/01/31			(4	)	(9	)	(8)(9)(17)<br>(18)
	First Lien Secured Debt - Revolver	SOFR+475, 1.75% Floor	10/01/31			(5	)	(5	)	(8)(9)(17)<br>(18)
						3,817		3,811
Meritus Gas Partners
MGP Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	03/01/30	14,066		13,867		13,855		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	03/01/30	1,838		1,809		1,799		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	P+425, 1.00% Floor	03/01/30	105		101		93		(9)(17)(18)<br>(20)
						15,777		15,747
ORS Nasco
WC ORS Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/07/31	19,895		19,619		19,696		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/07/31	869		796		821		(9)(17)(18)<br>(23)
WC ORS Holdings, L.P.	Common Equity - Common Stock	N/A	N/A			100		177		(9)(13)
						20,515		20,694

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date		Cost (35)			Fair Value (1)(36)
PSE
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A			244			179		(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	10,748		10,629			10,505		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	08/10/27	3,629		3,597			3,465		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/10/27			(8	)		(29	)	(8)(9)(17)<br>(18)
						14,462			14,120
		Total Trading Companies & Distributors			$	86,637		$	81,488
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	15,010	$	14,829		$	15,010		(9)(23)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/09/29	3,484		3,434			3,483		(9)(17)(18)<br>(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/09/29	635		611			635		(9)(17)(18)<br>(23)
		Total Transportation Infrastructure			$	18,874		$	19,128
Total Investment before Cash Equivalents					$	3,356,770		$	3,167,838
Goldman Sachs Financial Square Government Fund, Institutional		N/A	N/A	230	$	230		$	230		(11)
J.P. Morgan U.S. Government Money Market Fund		N/A	N/A	153	$	153		$	153		(11)
Total Investment after Cash Equivalents					$	3,357,153		$	3,168,221

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 18 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 December 31, 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

December 31, 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 December 31, 2025 along with transactions during the year ended December 31, 2025 in these affiliated investments are as follows:

Name of Issuer	Fair Value at December 31, 2024
1244311 B.C. Ltd.,Common Stock	$	202	—		—		(136	)	66	—		—
Carbonfree Chemicals Holdings LLC,Common Equity / Interest		18,933	0		—		(602	)	18,332	—		—
FC2 LLC,Common Stock		—	—		—		—		—	—		—
FC2 LLC,Term Loan		12,459	—		—		(86	)	12,373	—		814
Golden Bear 2016-R, LLC,Membership Interests		9,736	199		(1,637	)	(264	)	8,033	—		836
Surf Opco, LLC,Class A-1 Common		—	375		—		(260	)	115	—		—
Surf Opco, LLC,Class P-1 Preferred		—	3,405		—		(722	)	2,683	—		1,782
Surf Opco, LLC,Revolver		—	31,170		(11,287	)	(54	)	19,829	—		849
Surf Opco, LLC,Term Loan		—	9,616		(174	)	45		9,431	(56	)	—
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests		16,366	—		(3,783	)	(2,266	)	10,317	—		2,502
Blue Jay Transit Inc.,Term Loan		19,940	4,580		(868	)	(4,308	)	19,344	—		—
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	—		—		484		2,628	—		—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan		4,183	(48	)	(187	)	296		3,962	(282	)	427
Third Lane Mobility Inc.,Common Stock		—	728		—		(728	)	—	—		—
Third Lane Mobility Inc.,Warrants		—	—		—		—		—	—		—
	$	84,334	50,025		(18,310	)	(8,601	)	107,111	(338	)	7,209

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

December 31, 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 December 31, 2025 along with transactions during the year ended December 31, 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	15,369	(11,400	)	(1	)	19,467	—	1,692
ChyronHego US Holding Corporation		106,406	6	(500	)	(6	)	105,906	—	8,334
ChyronHego Corporation		19,456	—	—		(6,411	)	13,045	—	—
Merx Aviation Finance, LLC		123,815	—	(71,609	)	32,016		84,222	—	—
Merx Aviation Finance, LLC		59,576	—	(41,000	)	—		18,576	—	4,419
Merx Aviation Finance Holdings, LLC		—	225,000	(225,000	)	—		—	—	—
	$	324,753	240,375	(349,509	)	25,598		241,216	—	14,444

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 December 31, 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.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

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”).
This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.
Aggregate gross unrealized gain and loss for federal income tax purposes is $39,682 and $270,079, respectively. Net unrealized loss is $230,397 based on a tax cost of $3,398,235.
Non-income producing security.
Non-accrual status (see Note 2 to the consolidated financial statements).
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, 2025, non-qualifying assets represented approximately 8.8% of the total assets of the Company.
As of December 31, 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

December 31, 2025

(In thousands, except share data)

As of December 31, 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
ACP Avenu Buyer, LLC	$	7,247	—	—	7,247
ACP Packaging Intermediateco, LLC		1,829	—	—	1,829
AGDATA Midco, LLC		3,828	189	—	3,639
AMI Buyer, Inc.		1,905	—	—	1,905
Accelerate360 Holdings, LLC		2,544	1,382	—	1,162
Accelevation LLC		3,540	385	—	3,155
Acentra Holdings, LLC (fka CNSI Holdings, LLC)		2,000	—	—	2,000
Alcami Corporation		1,096	233	—	863
Alcresta Therapeutics Inc.		441	29	—	412
All Star Recruiting Locums, LLC		3,478	761	—	2,717
Alpinex Opco, LLC		1,489	1,102	—	387
American Restoration Holdings, LLC		8,554	1,490	—	7,064
Amplity Parent, Inc.		3,243	2,732	—	511
Amylu Borrower Sub, LLC		4,063	—	—	4,063
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		5,237	3,201	214	1,822
August Bioservices, LLC		500	434	—	66
Banner Buyer, LLC		1,935	587	—	1,348
Berner Food & Beverage, LLC		2,881	1,383	—	1,498
Biamp		120	—	4	116
Bingo Group Buyer, Inc.		4,130	25	—	4,105
Birch Group of Clinics Acquireco Inc.		1,702	—	—	1,702
Blue Jay Transit Inc.		—	—	—	—
Brush Group Bidco Limited*		2,021	—	—	2,021
Bullcave Limited		5,526	3,684	—	1,842
BusPatrol Holdco		7,000	1,800	—	5,200
CARDS-Live Oak Holdings, Inc.		1,850	200	—	1,650
CI (MG) GROUP, LLC		6,259	1,176	—	5,083
CRS Holdings, Inc.		4,472	—	150	4,322
CSC Holdings, LLC		100	86	7	7
Camin Cargo Control Holdings, Inc.		1,930	537	—	1,393
Celerion Buyer, Inc.		639	—	—	639
Cerus Corporation		5,000	450	—	4,550
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)		333	28	154	151
Chronicle Parent LLC		2,781	—	—	2,781
ChyronHego US Holding Corporation		21,000	19,467	—	1,533
CircusTrix Holdings LLC		1,000	400	—	600
Club Car Wash Operating, LLC		1,625	—	—	1,625
Club Champion LLC		1,807	669	—	1,138
Colonnade Parent Inc (fka Naviga Inc.)		500	500	—	—
Cool Buyer, Inc.		6,667	1,818	28	4,821
Coretrust Purchasing Group LLC (HPG Enterprises LLC)		963	—	—	963
Crewline Buyer, Inc.		377	—	—	377

All values are in US Dollars.

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Name of Issuer
Crumbl Enterprises LLC	741	—	—	741
DCM Parent, LLC	2,326	—	—	2,326
DRS Holdings III, Inc.	1,483	—	—	1,483
DecisionHR Holdings, Inc.	3,191	—	—	3,191
Digital.ai Software Holdings, Inc.	2,419	726	—	1,693
Distinct Holdings Inc	1,758	1,260	—	498
EVER.AG Corporation	1,257	—	—	1,257
Eagle Purchaser, Inc.	684	421	—	263
Eagle U.S. Purchaser, Inc.	1,421	—	—	1,421
Eldrickco Limited*	944	479	—	465
EmpiRx Health LLC	909	—	—	909
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	395	223	1,848
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&A Partners Holding Company II, LLC	2,659	—	—	2,659
GAT-Airline Ground Support Inc	3,661	635	118	2,908
GI Apple Midco LLC	556	250	50	256
GS SEER Group Borrower LLC	563	92	12	459
Gabriel Partners, LLC	689	689	—	—
Gateway US Holdings, Inc.	1,346	—	—	1,346
Genius Bidco LLC	6,160	155	77	5,928
Go Car Wash Management Corp.	417	—	—	417
Green Grass Foods, Inc.	1,250	—	—	1,250
HALO Buyer, Inc	1,304	467	4	833
HEF Safety Ultimate Holdings, LLC	2,200	—	—	2,200
HRO (Hero Digital) Holdings, LLC	2,657	1,176	—	1,481
Health Management Associates Superholdings, Inc.	284	—	4	280
Heniff Holdco, LLC	3,925	3,173	139	613
High Street Buyer, Inc.	2,203	—	7	2,196
Hive Intermediate, LLC	2,326	1,448	—	878
IOTA HOLDINGS 3	4,825	1,274	6	3,545
IQN Holding Corp.	264	172	—	92
IW Buyer LLC	393	112	9	272
Ideal Components Acquisition, LLC	4,408	267	—	4,141
Ironhorse Purchaser, LLC	483	—	21	462
Jacent Strategic Merchandising, LLC	3,500	1,589	—	1,911
Justin's LLC	833	—	—	833
KL Charlie Acquisition Company	5,141	—	—	5,141
Kauffman Intermediate, LLC	1,337	1,337	—	—
Kure Pain Holdings, Inc.	2,654	505	—	2,149
LS Clinical Services Holdings, Inc.	1,875	1,775	—	100
Lash OpCo, LLC	1,612	1	—	1,611
LendingPoint 2018-1 Funding Trust	13,821	5,231	—	8,590
Lifelong Learner Holdings, LLC	597	573	—	24
Lindstrom, LLC	3,500	1,283	—	2,217
Litify LLC	833	—	—	833
Lotus Topco Inc.	1,691	—	—	1,691
Lunar Buyer, LLC	10,909	1,727	—	9,182
M&M OPCO, LLC	476	—	—	476
MGP Holdings III Corp.	1,546	105	—	1,441

See notes to the consolidated financial statements.

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Name of Issuer
MRO Parent Corporation	741	—	—	741
MacQueen Equipment, LLC	6,369	—	—	6,369
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	18,575	18,575	—	—
Midwest Vision Partners Management, LLC	639	639	—	—
Mobile Communications America, Inc.	3,449	272	—	3,177
Munson Buffalo Restaurant Group LLC	947	—	—	947
NCP-MSI Buyer	2,667	1,717	—	950
NPPI Buyer, LLC	7,895	—	—	7,895
Natus Sensory, Inc.	4,150	—	—	4,150
NeuroPace, Inc.	1,500	—	—	1,500
New Era Technology, Inc.	1,732	866	—	866
Norvax, LLC (dba GoHealth)	1,591	1,025	—	566
OMH-Healthedge Holdings, Inc.	1,312	—	—	1,312
Olympus Terminals Holdco II LLC	6,373	—	2,142	4,231
Origami Opportunities Fund III, L.P.	3	—	—	3
Orion Buyer, LLC	3,081	1,401	—	1,680
Overhaul Group, Inc.	4,286	—	—	4,286
PARS Group LLC	952	—	—	952
PMA Parent Holdings, LLC	987	—	—	987
Pace Health Companies, LLC	4,399	—	138	4,261
Pai Middle Tier, LLC	3,500	500	—	3,000
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)	4,973	—	—	4,973
Paladone Group Bidco Limited	1,412	1,318	—	94
Paladone Group Bidco Limited*	476	349	—	127
Patriot Foods Buyer, Inc.	584	80	—	504
Patriot MCN Buyer Corp.	1,127	—	—	1,127
Pavement Preservation Acquisition, LLC	1,293	—	—	1,293
Poly-Wood, LLC	818	—	—	818
Precision Refrigeration & Air Conditioning LLC	2,273	1,591	—	682
Protein For Pets Opco, LLC	896	179	—	717
Purchasing Power Funding I, LLC	9,113	2,126	—	6,987
Pure Upper Holdco LLC	3,556	—	—	3,556
R.F. Fager Company, LLC	1,368	51	—	1,317
RHI Acquisition LLC	1,663	—	—	1,663
Rarebreed Veterinary Partners, Inc.	2,324	—	5	2,319
Regis Corporation	4,167	172	833	3,162
Relevant Industrial, LLC	6,589	143	—	6,446
Riverbed Technology, Inc.	160	—	—	160
RoC Holdco LLC	2,195	—	—	2,195
Ronnoco Holdings, Inc.	2,172	290	—	1,882
Roscoe Medical, Inc	819	164	—	655
SEV Intermediate Holdco, LLC	3,998	658	—	3,340
Saffron Bidco Ltd*	8,287	—	—	8,287
Shelby 2021 Holdings Corp.	3,057	—	—	3,057
Shout! Factory LLC	1,579	197	—	1,382
Simeio Group Holdings, Inc.	884	884	—	—
Smith Topco, Inc.	1,128	—	—	1,128
Space Finco, Inc.	14,362	—	—	14,362
Sperry Acquisition, LLC	1,154	231	—	923
Summer Fridays, LLC	1,852	—	—	1,852
Surf Opco, LLC	23,333	19,883	1,667	1,783

See notes to the consolidated financial statements.

100 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Name of Issuer	Total Commitment
TCW Midco LLC		1,139	—	—	1,139
THLP CO., LLC		4,494	2,255	435	1,804
TS Investors, LLC		1,885	—	—	1,885
Tarrytown Acquisition Holdings, LLC		1,574	—	—	1,574
Tasty Chick'n LLC		7,614	878	—	6,736
TeamLINX Buyer, LLC		1,429	—	—	1,429
Telesoft Holdings, LLC		2,273	341	—	1,932
TerSera Therapeutics LLC		1,395	—	—	1,395
Texada Software LLC		1,026	77	—	949
The North Highland Company LLC		1,936	113	—	1,823
Thomas Scientific, LLC		3,067	2,324	296	447
Titan Luxco I SARL		2,667	367	—	2,300
Titan Luxco I SARL*		131	131	—	—
Total Power Limited		4,615	—	—	4,615
Total Power Limited*		2,502	—	50	2,452
Traffic Management Solutions, LLC		7,706	—	—	7,706
Trench Plate Rental Co.		1,818	1,055	137	626
Trillium Health Care Products Inc.		1,038	1,006	—	32
Trillium Health Care Products Inc.*		610	—	—	610
Truck-Lite Co., LLC		1,323	—	4	1,319
Turbo Buyer, Inc.		923	694	—	229
USLS Acquisition, Inc.		2,979	844	86	2,049
Ultra Clean Holdco LLC		6,964	—	—	6,964
Unchained Labs, LLC		726	—	—	726
Uniguest Holdings, Inc		5,159	—	—	5,159
Uplight, Inc.		1,000	300	—	700
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	869	—	3,959
WH BorrowerCo, LLC		6,817	583	—	6,234
WelldyneRX, LLC		1,923	—	—	1,923
WildBrain Ltd.		1,446	940	—	506
Zafin Labs Americas Incorporated		3,333	—	—	3,333
Zendesk, Inc.		696	—	7	689
Zephyr Buyer, L.P.		3,952	—	—	3,952
mPulse Mobile, Inc.		1,923	—	—	1,923
Total Commitments	$	571,740	139,352	7,036	425,352

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, 2025 exchange rate.

**For all letters of credit issued and outstanding on December 31, 2025, $6,353 will expire in

2026

, $324 will expire in

2027

, $214 will expire in

2029

and $145 will expire in

2030

See notes to the consolidated financial statements.

101 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

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 December 31, 2025, the aggregate fair value of these securities is $131,042 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
Carbonfree Chemicals Holdings LLC	Common Equity - Common Equity / Interest	11/1/2019
ChyronHego Corporation	Preferred Equity - Preferred Equity	12/29/2020
Eagle Aggregator Ltd	Preferred Equity - Preferred Equity	12/31/2025
Eagle Aggregator Ltd	Preferred Equity - Preferred Equity	12/31/2025
FC2 LLC	Common Equity - Common Stock	10/14/2022
Justin's LLC	Common Equity - Common Stock	12/15/2025
LendingPoint Consolidated, Inc.	Preferred Equity - Preferred Equity	12/30/2025
LendingPoint Consolidated, Inc.	Common Equity - Common Stock	12/30/2025
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.	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
Third Lane Mobility Inc.	Warrants - Warrants	1/31/2025
Trench Safety Solutions Holdings, LLC	Preferred Equity - Preferred Equity	4/3/2025

The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.
The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.
The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.
The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2025 was 3.65%.
The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2025 was 3.57%.
The interest rate on these loans is subject to 12 months SOFR, which as of December 31, 2025 was 3.41%.
The interest rate on these loans is subject to 1 month CORRA, which as of December 31, 2025 was 2.26%.
The interest rate on these loans is subject to 3 month CORRA, which as of December 31, 2025 was 2.26%.
The interest rate on these loans is subject to 3 months EURIBOR, which as of December 31, 2025 was 2.03%.
The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2025 was 2.11%.
The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.

See notes to the consolidated financial statements.

102 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

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.
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. Ordinary shares in Paladone Group Holdings Limited are GBP denominated equity investments.
As of December 31, 2025, the portfolio company remains in maturity default. The respective lenders are pursuing sale-related steps in the absence of an agreement to extend or waive the default.
The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of December 31, 2025:

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
Aerospace & Defense	$	17,290	$	—	$	—	$	—	$	49	$	100	$	—	$	17,439
Air Freight & Logistics		26,015		—		—		—		—		—		—		26,015
Automobile Components		18,419		—		—		—		—		23,856		—		42,275
Beverages		5,478		—		—		—		100		—		—		5,578
Biotechnology		26,579		—		—		—		333		—		389		27,301
Building Products		25,117		—		—		—		—		—		—		25,117
Chemicals		29,993		—		—		—		—		—		—		29,993
Commercial Services & Supplies		147,960		—		—		—		111		683		—		148,754
Communications Equipment		10,198		—		—		—		—		584		—		10,782
Construction & Engineering		77,388		—		—		—		4,348		50		—		81,786
Consumer Finance		48,282		—		1,842		—		2,943		750		—		53,817
Consumer Staples Distribution & Retail		38,239		—		—		—		—		169		—		38,408
Containers & Packaging		57,780		—		—		—		—		—		—		57,780
Diversified Consumer Services		203,795		—		—		—		—		632		—		204,427
Diversified Telecommunication Services		70		—		1,483		—		—		—		—		1,553
Electrical Equipment		39,469		—		—		—		—		250		—		39,719
Electronic Equipment, Instruments & Components		76,588		—		—		—		—		—		—		76,588
Energy Equipment & Services		3,502		—		—		—		—		—		—		3,502
Entertainment		27,144		—		—		—		—		—		—		27,144
Financial Services		80,055		—		—		—		534		17,082		—		97,671
Food Products		69,448		—		—		—		448		1,687		—		71,583
Ground Transportation		52,702		—		—		—		—		—		—		52,702
Health Care Equipment & Supplies		118,401		—		—		—		—		1,426		—		119,827
Health Care Providers & Services		304,673		—		—		—		75		418		—		305,166
Health Care Technology		61,984		91		—		—		—		—		—		62,075
Hotels, Restaurants & Leisure		101,083		—		—		—		—		—		—		101,083
Household Durables		30,717		—		—		—		—		—		—		30,717
Insurance		69,793		—		—		—		—		—		—		69,793
Interactive Media & Services		2,190		7,705		—		—		—		—		—		9,895
IT Services		70,674		—		—		—		10,819		77		—		81,570

See notes to the consolidated financial statements.

103 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 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/Interests		Warrants		Total
Leisure Products	$	8,398		—		—		—		492		93		—	$	8,983
Life Sciences Tools & Services		19,388		—		—		—		—		—		—		19,388
Machinery		66,892		—		—		—		—		—		—		66,892
Media		70,777		—		—		—		473		610		—		71,860
Multi-Utilities		19,825		—		—		—		—		42		—		19,867
Paper & Forest Products		14,683		—		—		—		—		—		—		14,683
Personal Care Products		135,674		—		—		—		—		100		—		135,774
Pharmaceuticals		82,862		—		21		—		215		212		—		83,310
Professional Services		80,378		—		—		—		—		46		—		80,424
Software		367,716		—		—		—		—		669		—		368,385
Specialty Retail		16,740		—		—		—		—		—		—		16,740
Technology Hardware, Storage & Peripherals		14,170		—		—		—		—		—		—		14,170
Textiles, Apparel & Luxury Goods		28,551		—		—		—		—		575		—		29,126
Trading Companies & Distributors		85,680		—		—		—		—		957		—		86,637
Transportation Infrastructure		18,874		—		—		—		—		—		—		18,874
Total Non-Controlled / <br>Non-Affiliated Investments	$	2,871,634	$	7,796	$	3,346	$	—	$	20,940	$	51,068	$	389	$	2,955,173
Non-Controlled / Affiliated Investments
Chemicals		12,500		—		—		—		—		56,505		—		69,005
Consumer Finance		—		—		—		19,409		—		—		—		19,409
Electronic Equipment, Instruments & Components		34,249		—		—		—		1,713		—		—		35,962
Financial Services		—		—		—		14,012		—		—		—		14,012
Ground Transportation		23,389		—		—		—		—		722		—		24,111
Hotels, Restaurants & Leisure		8,739		—		—		—		—		4,740		—		13,479
Leisure Products		—		—		—		—		—		1,000		—		1,000
Total Non-Controlled / Affiliated Investments	$	78,877	$	—	$	—	$	33,421	$	1,713	$	62,967	$	—	$	176,978
Controlled Investments
Media		125,154		—		—		—		6,000		—		—		131,154
Passenger Airlines		18,575		—		—		—		—		74,890		—		93,465
Total Controlled Investments	$	143,729	$	—	$	—	$	—	$	6,000	$	74,890	$	—	$	224,619
Total	$	3,094,240	$	7,796	$	3,346	$	33,421	$	28,653	$	188,925	$	389	$	3,356,770

See notes to the consolidated financial statements.

104 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 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 December 31, 2025:

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
Aerospace & Defense	$	17,287	$	—	$	—	$	—	$	49	$	97	$	—	$	17,433	1.33	%
Air Freight & Logistics		26,344		—		—		—		—		—		—		26,344	2.02	%
Automobile Components		17,976		—		—		—		—		219		—		18,195	1.39	%
Beverages		5,466		—		—		—		100		—		—		5,566	0.43	%
Biotechnology		26,754		—		—		—		521		194		326		27,795	2.13	%
Building Products		25,078		—		—		—		—		—		—		25,078	1.92	%
Chemicals		29,619		—		—		—		—		—		—		29,619	2.27	%
Commercial Services & Supplies		148,139		—		—		—		97		390		—		148,626	11.37	%
Communications Equipment		9,967		—		—		—		—		250		—		10,217	0.78	%
Construction & Engineering		73,033		—		—		—		8		37		—		73,078	5.59	%
Consumer Finance		30,346		—		1,842		—		1,563		398		—		34,149	2.61	%
Consumer Staples Distribution & Retail		37,810		—		—		—		—		—		—		37,810	2.89	%
Containers & Packaging		58,036		—		—		—		—		—		—		58,036	4.44	%
Diversified Consumer Services		202,833		—		—		—		—		1,315		—		204,148	15.62	%
Diversified Telecommunication Services		72		—		1,230		—		—		—		—		1,302	0.10	%
Electrical Equipment		33,151		—		—		—		—		—		—		33,151	2.54	%
Electronic Equipment, Instruments & Components		76,851		—		—		—		—		—		—		76,851	5.88	%
Energy Equipment & Services		3,527		—		—		—		—		—		—		3,527	0.27	%
Entertainment		27,098		—		—		—		—		—		—		27,098	2.07	%
Financial Services		79,662		—		—		—		501		527		—		80,690	6.17	%
Food Products		69,402		—		—		—		382		1,726		—		71,510	5.47	%
Ground Transportation		52,525		—		—		—		—		—		—		52,525	4.02	%
Health Care Equipment & Supplies		118,916		—		—		—		—		492		—		119,408	9.13	%
Health Care Providers & Services		286,275		—		—		—		120		440		—		286,835	21.94	%

See notes to the consolidated financial statements.

105 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 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/Interests			Warrants			Total			% of Net Assets
Health Care Technology		62,528			62			—			—			—			—			—			62,590			4.79	%
Hotels, Restaurants & Leisure		95,180			—			—			—			—			—			—			95,180			7.28	%
Household Durables		26,487			—			—			—			—			—			—			26,487			2.03	%
Insurance		69,912			—			—			—			—			22			—			69,934			5.35	%
Interactive Media & Services		2,324			—			—			—			—			—			—			2,324			0.18	%
IT Services		70,368			—			—			—			6,920			48			—			77,336			5.92	%
Leisure Products		8,333			—			—			—			211			85			—			8,629			0.66	%
Life Sciences Tools & Services		18,832			—			—			—			—			—			—			18,832			1.44	%
Machinery		66,983			—			—			—			—			—			—			66,983			5.12	%
Media		70,451			—			—			—			724			772			—			71,947			5.50	%
Multi-Utilities		16,948			—			—			—			—			36			—			16,984			1.30	%
Paper & Forest Products		14,588			—			—			—			—			—			—			14,588			1.12	%
Personal Care Products		133,689			—			—			—			—			220			—			133,909			10.24	%
Pharmaceuticals		82,282			—			—			—			180			227			—			82,689			6.33	%
Professional Services		79,323			—			—			—			—			1,684			—			81,007			6.20	%
Software		360,073			—			—			—			—			1,119			—			361,192			27.63	%
Specialty Retail		17,017			—			—			—			—			—			—			17,017			1.30	%
Technology Hardware, Storage & Peripherals		14,066			—			—			—			—			—			—			14,066			1.08	%
Textiles, Apparel & Luxury Goods		28,168			—			—			—			—			42			—			28,210			2.16	%
Trading Companies & Distributors		81,132			—			—			—			—			356			—			81,488			6.23	%
Transportation Infrastructure		19,128			—			—			—			—			—			—			19,128			1.46	%
Total Non-Controlled / <br>Non-Affiliated Investments	$	2,793,979		$	62		$	3,072		$	—		$	11,376		$	10,696		$	326		$	2,819,511			215.67	%
% of Net Assets		213.73	%		0.00	%		0.23	%		0.00	%		0.87	%		0.82	%		0.02	%		215.67	%
Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total			% of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Non-Controlled / Affiliated Investments
Chemicals		12,373			—			—			—			—			18,332			—			30,705			2.35	%
Consumer Finance		—			—			—			10,317			—			—			—			10,317			0.79	%
Electronic Equipment, Instruments & Components		29,258			—			—			—			2,683			115			—			32,056			2.45	%
Financial Services		—			—			—			8,033			—			—			—			8,033			0.61	%
Ground Transportation		19,344			—			—			—			—			—			—			19,344			1.48	%
Hotels, Restaurants & Leisure		3,962			—			—			—			—			2,628			—			6,590			0.50	%
Leisure Products		—			—			—			—			—			66			—			66			0.01	%
Total Non-Controlled / Affiliated Investments	$	64,937		$	—		$	—		$	18,350		$	2,683		$	21,141		$	—		$	107,111			8.19	%
% of Net Assets		4.96	%		0.00	%		0.00	%		1.40	%		0.21	%		1.62	%		0.00	%		8.19	%
Controlled Investments
Media		125,373			—			—			—			13,045			—			—			138,418			10.59	%
Passenger Airlines		18,575			—			—			—			—			84,223			—			102,798			7.86	%
Total Controlled Investments	$	143,948		$	—		$	—		$	—		$	13,045		$	84,223		$	—		$	241,216			18.45	%
% of Net Assets		11.01	%		0.00	%		0.00	%		0.00	%		1.00	%		6.44	%		0.00	%		18.45	%
Total	$	3,002,864		$	62		$	3,072		$	18,350		$	27,104		$	116,060		$	326		$	3,167,838			242.31	%
% of Net Assets		229.70	%		0.00	%		0.23	%		1.40	%		2.08	%		8.88	%		0.02	%		242.31	%

See notes to the consolidated financial statements.

106 MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of December 31, 2025
Software	11.4%
Health Care Providers & Services	9.1%
Media	6.7%
Diversified Consumer Services	6.4%
Commercial Services & Supplies	4.7%
Personal Care Products	4.2%
Health Care Equipment & Supplies	3.8%
Electronic Equipment, Instruments & Components	3.4%
Passenger Airlines	3.2%
Hotels, Restaurants & Leisure	3.2%
Financial Services	2.8%
Pharmaceuticals	2.6%
Trading Companies & Distributors	2.6%
Professional Services	2.6%
IT Services	2.4%
Construction & Engineering	2.3%
Ground Transportation	2.3%
Food Products	2.3%
Insurance	2.2%
Machinery	2.1%
Health Care Technology	2.0%
Chemicals	1.9%
Containers & Packaging	1.8%
Consumer Finance	1.4%
Consumer Staples Distribution & Retail	1.2%
Electrical Equipment	1.0%
Textiles, Apparel & Luxury Goods	0.9%
Biotechnology	0.9%
Entertainment	0.9%
Household Durables	0.8%
Air Freight & Logistics	0.8%
Building Products	0.8%
Transportation Infrastructure	0.6%
Life Sciences Tools & Services	0.6%
Automobile Components	0.6%
Aerospace & Defense	0.6%
Specialty Retail	0.5%
Multi-Utilities	0.5%
Paper & Forest Products	0.5%
Technology Hardware, Storage & Peripherals	0.4%
Communications Equipment	0.3%
Leisure Products	0.3%
Beverages	0.2%
Energy Equipment & Services	0.1%
Interactive Media & Services	0.1%
Diversified Telecommunication Services	0.0%
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.

107 MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(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 March 31, 2026, we have raised approximately $2,680,207 in net proceeds from additional offerings of common stock, including the Mergers with AFT and AIF and repurchased common stock for $343,101.

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.

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, 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 (Unaudited)— 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, 2025.

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 March 31, 2026, the Company's consolidated subsidiaries were MFIC Bethesda CLO 1 LLC, MFIC Bethesda CLO 1 Depositor LLC, MFIC Bethesda CLO 2 LLC, MFIC Bethesda CLO 2 Depositor LLC, MFIC Lender LLC, MFIC WP SPV LLC, and MFIC Alpha SPV LLC.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— 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 March 31, 2026 was $42,626. Cash and cash equivalents held as of December 31, 2025 was $98,184.

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.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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.

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

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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 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 March 31, 2026, 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 (Unaudited)— 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 March 31, 2026, the Company held certain foreign currency forward contracts with a fair market value of $799. The Company did not hold any derivatives as of December 31, 2025.

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 (Unaudited)— 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 (Unaudited)— 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 (Unaudited)— 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 March 31, 2026 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, 2026. 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 March 31, 2026, 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 (Unaudited)— 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.

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 (Unaudited)— Continued

(In thousands, except share and per share data)

Income Taxes

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted

ASU 2023-09

on December 31, 2025, and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements

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.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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:

(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.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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.

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 months ended March 31, 2026 and 2025. 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 months ended March 31, 2026 and 2025, the Company recognized $5,641 and $6,061, respectively, of management fees, and $— and $6,433, respectively, of incentive fees before impact of waived fees. For the three months ended March 31, 2026 and 2025, no management fees and no incentive fees were waived.

As of March 31, 2026 management and performance-based incentive fees payable were $5,641 and $—, respectively. As of December 31, 2025, management and performance-based incentive fees payable were $6,034 and $—, respectively.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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 (Unaudited)— 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.

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 months ended March 31, 2026 and 2025, the Company recognized administrative services expense under the Administration Agreement of $1,441 and $1,016, respectively. There was no amount payable to AIA and its affiliates for expenses paid on our behalf as of March 31, 2026 and December 31, 2025.

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 annual fee of $250, effective as of January 1, 2026.

For the three months ended March 31, 2026 and 2025 the Company recognized administrative service expense reimbursements of $62 and $768, respectively, under the Merx Administration Agreement.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— 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 months ended March 31, 2026 and 2025 the Company recognized debt expense reimbursements of $- and $38, 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. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting the Company to do so. Pursuant to the requirements of the Order, the Board, including a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Independent Directors, 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”) which is designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. 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). If the Investment Adviser determines that the investment is not appropriate for us, the investment will not be allocated to us.

As of March 31, 2026, the Company’s co-investment holdings were 87% of the portfolio or $2,586,944, measured at fair value. On a cost basis, 85% of the portfolio or $2,730,611 were co-investments. As of December 31, 2025, the Company’s co-investment holdings were 87% of the portfolio or $2,754,947, measured at fair value. On a cost basis, 85% of the portfolio or $2,856,364 were co-investments.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

Merx Aviation

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with Apollo Credit Management, LLC ("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.

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 March 31, 2026, the Company received holdback proceeds of $22 million related to prior sale. The balance of the Merx revolver as of March 31, 2026 was $- and as of December 31, 2025 was $18,575.

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 $145 on an annual basis, which began accruing on October 23, 2025. The Company paid $25 to Midcap Financial Services, LLC during the three months ended March 31, 2026. The Company paid $- to Midcap Financial Services, LLC during the three months ended March 31, 2025

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 $25 to Midcap Financial Services, LLC during the three months ended March 31, 2026.

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 months ended March 31, 2026 and 2025:



Basic Earnings Per Share
Net increase (decrease) in net assets resulting from operations	(26,871	)	30,330
Weighted average shares outstanding	91,053,511		93,677,003
Basic earnings (loss) per share	(0.30	)	0.32

All values are in US Dollars.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— 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 March 31, 2026, 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	$	2,960,796	$	2,824,194	$	—	$	41,674	$	2,782,520
Second Lien Secured Debt		7,778		51		—		—		51
Unsecured Debt		3,366		3,044		—		1,202		1,842
Structured Products and Other		32,503		16,585		—		—		16,585
Preferred Equity		24,363		18,611		—		—		18,611
Common Equity/Interests		184,012		108,869		130		27		108,712
Warrants		389		133		—		—		133
Total Investments	$	3,213,207	$	2,971,487	$	130	$	42,903	$	2,928,454
Money Market Fund	$	255	$	255	$	255	$	—	$	—
Total Cash Equivalents	$	255	$	255	$	255	$	—	$	—
Total Investments after Cash Equivalents	$	3,213,462	$	2,971,742	$	385	$	42,903	$	2,928,454
Foreign currency forward transactions	$	—	$	799	$	—	$	799	$	—
Total Assets and Liabilities at Fair Value	$	3,213,462	$	2,972,541	$	385	$	43,702	$	2,928,454

The following table shows the composition of our investment portfolio as of December 31, 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	$	3,094,240	$	3,002,864	$	—	$	51,441	$	2,951,423
Second Lien Secured Debt		7,796		62		—		—		62
Unsecured Debt		3,346		3,072		—		1,230		1,842
Structured Products and Other		33,421		18,350		—		—		18,350
Preferred Equity		28,653		27,104		—		—		27,104
Common Equity/Interests		188,925		116,060		269		—		115,791
Warrants		389		326		—		—		326
Total Investments	$	3,356,770	$	3,167,838	$	269	$	52,671	$	3,114,898
Money Market Fund	$	383	$	383	$	383	$	—	$	—
Total Cash Equivalents	$	383	$	383	$	383	$	—	$	—
Total Investments after Cash Equivalents	$	3,357,153	$	3,168,221	$	652	$	52,671	$	3,114,898

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— 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 March 31, 2026:

	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, 2025	$	2,951,423		$	62		$	1,842	$	18,350		$	27,104		$	115,791		$	326		$	3,114,898
Net realized gains (losses)		(1,959	)		—			—		—			(4,344	)		(817	)		—			(7,120	)
Net change in unrealized gains (losses)		(42,091	)		7			—		(846	)		(4,203	)		(2,006	)		(193	)		(49,332	)
Net amortization on investments		1,307			(18	)		—		—			—			—			—			1,289
Purchases, including capitalized PIK (3)		105,188			3			—		81			54			10			—			105,336
Proceeds from sales and repayments of investments(3)		(232,710	)		(3	)		—		(1,000	)		—			(4,105	)		—			(237,818	)
Transfers out of Level 3 (1)		—			—			—		—			—			(161	)		—			(161	)
Transfers into Level 3 (1)		1,362			—			—		—			—			—			—			1,362
Fair value as of March 31, 2026	$	2,782,520		$	51		$	1,842	$	16,585		$	18,611		$	108,712		$	133		$	2,928,454
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2026	$	(44,798	)	$	258		$	—	$	(846	)	$	(8,547	)	$	(2,861	)	$	(194	)	$	(56,988	)

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 $(8,984).
Includes reorganizations and restructuring of investments.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— 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 March 31, 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)		1,434			—			—			—			—			1,979			—		3,413
Net change in unrealized gains (losses)		(2,089	)		(1,549	)		(8	)		(431	)		(1,017	)		(368	)		79		(5,383	)
Net amortization on investments		1,687			—			—			—			—			—			—		1,687
Purchases, including capitalized PIK (3)		391,001			6			—			—			100			697			—		391,804
Proceeds from sales and repayments of investments(3)		(164,998	)		—			—			(2,178	)		(250	)		(4,590	)		—		(172,016	)
Transfers out of Level 3 (1)		(6,564	)		—			—			—			—			—			—		(6,564	)
Transfers into Level 3 (1)		—			—			—			—			—			—			—		—
Fair value as of March 31, 2025	$	2,896,724		$	4,221		$	109		$	23,492		$	23,664		$	159,366		$	215	$	3,107,791
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2025	$	(1,528	)	$	(4,533	)	$	65		$	(431	)	$	(1,017	)	$	2,798		$	79	$	(4,567	)

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 $(5,105).
Includes reorganizations and restructuring of investments.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— 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 March 31, 2026 and December 31, 2025. 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 March 31, 2026 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	2,510,968	Yield Analysis	Discount Rate	7.3%	37.8%	10.8%
	220,120	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	51,432	Cost Approach	Cost Approach	N/A	N/A	N/A
Second Lien Secured Debt	51	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
Unsecured Debt	1,842	Cost Approach	Cost Approach	N/A	N/A	N/A
	—	Market Comparable Technique	Comparable Multiple	N/A	N/A	N/A
Structured Products and Other	16,585	Yield Analysis	Discount Rate	6.3%	13.7%	9.6%
Preferred Equity	18,139	Market Comparable Technique	Comparable Multiple	2.0x	41.5x	10.1x
	472	Yield Analysis	Discount Rate	12.0%	12.0%	12.0%
Common Equity/Interests	81,103	Yield Analysis	Discount Rate	11.5%	14.0%	11.5%
	11,195	Market Comparable Technique	Comparable Multiple	0.9x	41.5x	10.0x
	236	Option Pricing Model	Expected Volatility	25.0%	60.0%	39.2%
	16,179	Cost Approach	Cost Approach	N/A	N/A	N/A
Warrants	133	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
	—	Market Comparable Technique	Comparable Multiple	N/A	N/A	N/A
Total Level 3 Investments	2,928,454

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 (Unaudited)— 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, 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	2,706,879	Yield Analysis	Discount Rate	3.6%	43.2%	10.4%
	170,489	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	66,201	Cost Approach	Cost Approach	N/A	N/A	N/A
	7,854	Market Comparable Technique	Comparable Multiple	4.8x	4.8x	4.8x
Second Lien Secured Debt	62	Yield Analysis	Discount Rate	18.8%	18.8%	18.8%
Unsecured Debt	1,842	Yield Analysis	Discount Rate	58.0%	58.0%	58.0%
	—	Market Comparable Technique	Comparable Multiple	30.6x	30.6x	30.6x
Structured Products and Other	18,350	Yield Analysis	Discount Rate	6.3%	13.6%	9.5%
Preferred Equity	26,455	Market Comparable Technique	Comparable Multiple	2x	16.5x	9.8x
	501	Yield Analysis	Discount Rate	11.0%	11.0%	11.0%
	49	Cost Approach	Cost Approach	N/A	N/A	N/A
	99	Transactional Value	Transactional Value	N/A	N/A	N/A
Common Equity/Interests	84,641	Yield Analysis	Discount Rate	11.0%	13.0%	0.1%
	18,332	Estimated Proceeds	Estimated Proceeds	N/A	N/A	N/A
	12,259	Market Comparable Technique	Comparable Multiple	0.9x	30.6x	10.0x
	1	Transactional Value	Transactional Value	N/A	N/A	N/A
	197	Option Pricing Model	Expected Volatility	25.0%	85.0%	50.0%
	161	Public Marked	Public Marked	N/A	N/A	N/A
	201	Cost Approach	Cost Approach	N/A	N/A	N/A
Warrants	326	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
	—	Market Comparable Technique	Comparable Multiple	5.0x	5.0x	5.0x
Total Level 3 Investments	3,114,898

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 (Unaudited)— 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 months ended March 31, 2026 and 2025, purchases of investments on a trade date basis were $102,457 and $391,908, respectively.

For the three months ended March 31, 2026 and 2025, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $244,111 and $221,491, 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 months ended March 31, 2026 and 2025, PIK income earned was $3,373 and $3,521, respectively.

The following table shows the change in capitalized PIK balance for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026		2025
PIK balance at beginning of period	$	55,607	$	36,655
PIK income capitalized		3,373		4,055
PIK capitalized exited from investment sales, repayments, and restructurings		—		(922	)
PIK balance at end of period	$	58,980	$	39,788

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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 months ended March 31, 2026 and 2025, dividend income from structured products was $253 and $236, respectively.

Investments on Non-Accrual Status

As of March 31, 2026, 5.3% of total investments at amortized cost, or 3.5% of total investments at fair value, were on non-accrual status. As of December 31, 2025, 3.9% of total investments at amortized cost, or 2.6% 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.

As of March 31, 2026, the Company held certain foreign currency forward contracts with a fair market value of $799. The Company did not hold any derivatives as of December 31, 2025.

Certain information related to the Company’s foreign currency forward contracts is presented below as of March 31, 2026:

Counterparty	Notional amount to be purchased		Notional amount to be sold			Settlement Date		Balance Sheet Location of Net Amounts
JP MORGAN CHASE BANK N.A	$	13,463	C$	(18,169	)	6/17/2026	363	Unrealized appreciation (depreciation) on foreign currency forward contracts
JP MORGAN CHASE BANK N.A		8,477	€	(7,295	)	6/17/2026	22	Unrealized appreciation (depreciation) on foreign currency forward contracts
JP MORGAN CHASE BANK N.A		36,501	£	(27,286	)	6/17/2026	414	Unrealized appreciation (depreciation) on foreign currency forward contracts
							799

All values are in US Dollars.

The Company's foreign currency forward contracts are subject to an enforceable ISDA Master Netting Agreement with JP Morgan Chase Bank N.A. As of March 31, 2026, the Company held a net derivative asset at fair value of $799 subject to such arrangement, with no offsetting derivative liability positions. No cash collateral was posted or received in connection with these contracts. If the Company had elected to offset, the net amount would be $799.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

The Company’s foreign currency forward contracts are not designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three months ended March 31, 2026 and 2025, for the Company’s foreign currency forward contracts, are in the following locations in the Consolidated Statement of Operations:

		Three Months Ended March 31,
Derivative Instrument	Financial Statement Location	2026		2025
Foreign currency forward contracts	Net realized gain(loss) on foreign currency forward contracts	$	904	$	-
		$	904	$	-
		Three Months Ended March 31,
---	---	---	---	---	---
Derivative Instrument	Financial Statement Location	2026		2025
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	$	799	$	24
		$	799	$	24

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— 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 March 31, 2026 were as follows:

	Date Issued/<br>Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	10/1/2025	$	1,610,000	**	$	816,000		*	$	816,000	(1	)	10/1/2030
MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B and Class C)	10/23/2025		456,000			456,000				453,829	(2	)	10/23/2037
MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C)	2/24/2025		399,000			399,000				397,383	(2	)	1/23/2037
2026 Notes	7/16/2021		125,000			125,000				124,047	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				80,480	(3	)	12/15/2028
Total Debt Obligations		$	2,670,000		$	1,876,000			$	1,871,739
Deferred Financing Costs and Debt Discount						(5,612	)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,870,388

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

** As of March 31, 2026, total lender commitments were $1,610,000.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2026. 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 March 31, 2026. The valuation is based on quoted prices.
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2026. The valuation is arrived using the closing price on exchange as on the relevant date.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

The Company’s outstanding debt obligations as of December 31, 2025 were as follows:

	Date Issued/<br>Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	10/1/2025	$	1,610,000	**	$	941,048		*	$	941,048	(1	)	10/1/2030
MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B and Class C)	10/23/2025		456,000			456,000				456,000	(2	)	10/23/2037
MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C)	2/24/2025		399,000			399,000				396,513	(2	)	1/23/2037
2026 Notes	7/16/2021		125,000			125,000				123,451	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				80,416	(3	)	12/15/2028
Total Debt Obligations		$	2,670,000		$	2,001,048			$	1,997,428
Deferred Financing Costs and Debt Discount						(5,838	)
Total Debt Obligations, net of Deferred<br>Financing Cost and Debt Discount					$	1,995,210

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

**Between January 1, 2025 and October 1, 2025, total lender commitments were $1,660,000. As of December 31, 2025, total lender commitments were $1,610,000.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 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 December 31, 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 December 31, 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 (Unaudited)— Continued

(In thousands, except share and per share data)

Senior Secured Facility

On October 1, 2025 (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 October 17, 2024, April 19, 2023, December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through October 1, 2030. Lender commitments under the Senior Secured Facility decreased from $1,660,000 to $1,610,000. The Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Senior Secured Facility to $2,415,000. 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 1, 2029, the Company is required to repay, the outstanding amount under the Senior Secured Facility as of October 1, 2029 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 1.75% per annum or Term SOFR plus 1.875% per annum, or (b) either Alternative Base Rate plus 0.65% per annum or Alternative Base Rate plus 0.775% per annum. The Company is required to pay a commitment fee of 0.325% 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.

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 April 1, 2025, (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 March 31, 2026 and December 31, 2025, the Company had $— and $— , 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 $794,000 and $668,952 as of March 31, 2026 and December 31, 2025, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

Senior Unsecured Notes

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.

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.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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% (collectively, the "CLO 1 Secured Notes"), and $154,360 of Subordinated Notes due in

2123

(the "CLO 1 Subordinated Notes"), 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. On October 23, 2025, the Company upsized, extended the maturity, and reduced the pricing on Bethesda CLO 1 (the “Bethesda CLO 1 Upsize”). The size of Bethesda CLO 1 increased from $402,360 to $646,360. The notes offered in Bethesda CLO 1 (collectively, the “Bethesda CLO 1 Upsize Notes”) were issued by Bethesda CLO 1 Issuer, 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 Bethesda CLO 1 Upsize consisted of $348,000 of AAA(sf) Class A-1 Notes and the-R 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-2Notes are scheduled to mature in October 2035 and the -R 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-R Senior Secured Floating Rate Notes due

2037

, which bear interest at the three-month

SOFR

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

2037

, which bear interest at the three-month

SOFR

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

2037

, which bear interest at the three-month

SOFR

plus 3.30% (collectively, the “CLO 1 Upsize Secured Notes”). The Company, through Bethesda CLO 1 Depositor retained the $154,360 of Subordinated Notes due in

2123

, which do not bear interest. The Company, through Bethesda CLO 1 Depositor acquired 100% of the Class D Notes issued in Bethesda CLO 1 upsize. The Subordinated Notes and Class D Notes are both eliminated in consolidation. The Bethesda CLO 1 Upsize Notes are scheduled to mature on October 23, 2037; however, the Bethesda CLO 1 Upsize Notes may be redeemed by the Bethesda CLO 1 Issuer, at the direction of CLO Retention Holder on any business day after October 23, 2027. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The CLO 1 Upsize Secured Notes are the secured obligation of the Bethesda CLO 1 Issuer, the CLO 1 Upsize Subordinated Notes are the unsecured obligation of the Bethesda CLO 1 Issuer, and the indenture governing the Bethesda CLO 1 Upsize Notes include customary covenants and events of default.

The Bethesda CLO 1 Upsize 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 (Unaudited)— 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 months ended March 31, 2026 and 2025:



Average debt outstanding	1,909,527		1,807,602
Maximum amount of debt outstanding	2,004,728		2,325,684
Weighted average annualized interest cost (1)	5.61	%	6.42	%
Annualized amortized debt issuance cost	0.35	%	0.41	%
Total annualized interest cost	5.96	%	6.83	%

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 months ended March 31, 2026 and 2025 were $617 and $632, respectively.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

Foreign Currency Transactions and Translations

The Company had no foreign-denominated debt outstanding on the Senior Secured Facility as of March 31, 2026.

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2025:

	Original Principal Amount (Local)		Principal Amount Outstanding		Unrealized Gain/(Loss)
British Pound	£	28,200	$	38,000	$	(2,857	)	1/30/2026
European Euro	€	6,000		7,048		(402	)	1/31/2026
Canadian Dollar	C$	14,000		10,201		(25	)	1/31/2026
Total			$	55,249	$	(3,284	)

All values are in US Dollars.

As of March 31, 2026 and December 31, 2025, 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		25,000		—
February 25, 2026		100,000		68,101		31,899
Total as of March 31, 2026	$	375,000	$	343,101	$	31,899

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 (Unaudited)— 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
March 16, 2026	April 13, 2026		76,380

During the three months ended March 31, 2026, the Company repurchased 7,084,020 shares at a weighted average price per share of $10.73, inclusive of commissions, for a total cost of $76,025. This represents a discount of approximately 23.33% of the average net asset value per share for the three months ended March 31, 2026.

During the three months ended March 31, 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 three months ended March 31, 2025.

Since the inception of the Repurchase Plans through March 31, 2026, the Company repurchased 24,245,549 shares at a weighted average price per share of $14.15, inclusive of commissions, for a total cost of $343,101. Including fractional shares, the Company has repurchased 24,245,579 shares at a weighted average price per share of $14.15, inclusive of commissions for a total cost of $343,101.

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.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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.

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.

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 three months ended March 31, 2026, there were no shares issued through ATM offerings.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— 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 March 31, 2026, and December 31, 2025, the Company had the following unfunded commitments to its portfolio companies:

	March 31, 2026		December 31, 2025
Unfunded revolver obligations and bridge loan commitments (1)	$	189,749	$	210,900
Standby letters of credit issued and outstanding (2)		7,858		7,036
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)		177,699		214,452
Total Unfunded Commitments (4)	$	375,306	$	432,388

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 March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, the bridge loan commitments included in the balances were $- and $-, 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 $100,000 and $81,425 as of March 31, 2026 and December 31, 2025, 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 (Unaudited)— Continued

(In thousands, except share and per share data)

Note 9. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026			2025
Per Share Data*
Net asset value at beginning of period	$	14.18			14.98
Net investment income (1)		0.38			0.37
Net realized and change in unrealized gains (losses) (1)		(0.67	)		(0.05	)
Net increase in net assets resulting from operations		(0.30	)		0.32
Distribution of net investment income (2)		(0.31	)		(0.38	)
Distribution of return of capital (2)		—			—
Accretion due to share repurchases		0.24			0.01
Net asset value at end of period	$	13.82			14.93
Per share market value at end of period	$	11.24			12.86
Total return (3)		0.96	%		1.93	%
Shares outstanding at end of period		85,127,849			93,303,622
Weighted average shares outstanding		91,053,511			93,677,003
Ratio/Supplemental Data
Net assets at end of period (in millions)	$	1,176.3			1,393.3
Annualized ratio of operating expenses to average net assets (4)(5)		2.97	%		4.04	%
Annualized ratio of interest and other debt expenses to average net assets (5)		9.30	%		8.83	%
Annualized ratio of total expenses to average net assets (4)(5)		12.27	%		12.88	%
Annualized ratio of net investment income to average net assets (5)		11.19	%		9.94	%
Average debt outstanding (in millions)	$	1,909.5			1,807.6
Average debt per share	$	20.97			19.30
Annualized portfolio turnover rate (5)		13.54	%		28.96	%
Asset coverage per unit (6)	$	1,627			1,717

All values are in US Dollars.

* 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 March 31, 2026 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 three months ended March 31, 2026, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 2.99% and 12.29%, respectively, without the voluntary fee waivers. For the three months ended March 31, 2025, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 4.27% and 13.11%, respectively, without the voluntary fee waivers.
Annualized for the three months ended March 31, 2026 and 2025.
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 March 31, 2026, the Company's asset coverage was 163%.

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

Note 10. 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.

Stock Repurchase

Subsequent to March 31, 2026, through April 13, 2026, the Company repurchased 2,755,221 shares of common stock at a weighted average price per share of $11.58, inclusive of commissions, for a total cost of $31.9 million. These repurchases exhausted the remaining capacity under the program.

Distribution Declarations

On May 5, 2026, the Company’s Board declared a base distribution of $0.31 per share, payable on June 25, 2026 to stockholders of record as of June 9, 2026. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share.

Report of Independent Registered Public Accounting Firm

To the stockholders and the 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 March 31, 2026, the related consolidated statements of operations, changes in net assets, cash flows, and financial highlights for the three-month periods ended March 31, 2026 and 2025, 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, 2025, 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 26, 2026, 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, 2025, 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

May 6, 2026

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;
political, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of trade policy;
the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;
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 March 31, 2026, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $343.1 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 Order from the SEC permitting the Company to do so. Pursuant to the requirements of the Order, the Board, including a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Independent Directors, 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”) which is designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. 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). If the Investment Adviser determines that the 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 March 31, 2026, non-qualifying assets represented approximately 8.3% 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 months ended March 31, 2026 and 2025, was as follows:

	Three Months Ended March 31,
(in millions)*	2026			2025
Investments made in portfolio companies	$	102.5		$	391.9
Investments sold		(24.0	)		—
Net activity before repaid investments		78.5			391.9
Investments repaid		(220.1	)		(221.5	)
Net investment activity	$	(141.7	)	$	170.4
Portfolio companies, at beginning of period		247			233
Number of investments in new portfolio companies		2			20
Number of exited companies		(13	)		(13	)
Portfolio companies at end of period		236			240
Number of investments in existing portfolio companies		83			78

* Totals may not foot due to rounding.

Our portfolio composition and weighted average yields as of March 31, 2026 and December 31, 2025 were as follows:

	March 31, 2026				December 31, 2025
Portfolio composition, at fair value:
First lien secured debt			95	%			95	%
Second lien secured debt			0	%			0	%
Total secured debt			95	%			95	%
Unsecured debt			0	%			0	%
Structured products and other			0	%			0	%
Preferred equity			1	%			1	%
Common equity/interests and warrants			4	%			4	%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)			9.5	%			9.7	%
Second lien secured debt (2)			0.0	%			13.0	%
Secured debt portfolio (2)			9.5	%			9.7	%
Unsecured debt portfolio (2)			11.1	%			11.1	%
Total debt portfolio (2)			9.5	%			9.7	%
Total portfolio (3)			8.3	%			8.6	%
Interest rate type, at fair value (4):
Fixed rate amount	$	0.0 billion			$	0.0 billion
Floating rate amount	$	2.7 billion			$	2.9 billion
Fixed rate, as percentage of total			0	%			0	%
Floating rate, as percentage of total			100	%			100	%
Interest rate type, at amortized cost (4):
Fixed rate amount	$	0.0 billion			$	0.0 billion
Floating rate amount	$	2.8 billion			$	2.9 billion
Fixed rate, as percentage of total			0	%			0	%
Floating rate, as percentage of total			100	%			100	%

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 March 31, 2026, invested capital totaled $26.9 billion in 850 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

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 March 31, 2026, $2.93 billion or 98.6% 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 three months ended March 31, 2026, 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 months ended March 31, 2026 and 2025 were as follows:

	Three Months Ended March 31,
(in millions)*	2026			2025
Investment Income
Interest income	$	67.6		$	74.6
Dividend income		0.3			0.2
PIK interest income		3.4			3.5
Other income		0.6			0.3
Total investment income	$	71.8		$	78.7
Expenses
Management and performance-based incentive fees, net of amounts waived	$	5.6		$	12.5
Interest and other debt expenses, net of reimbursements		28.5			30.4
Administrative services expense, net of reimbursements		1.4			0.2
Other general and administrative expenses		2.0			1.2
Net Expenses	$	37.5		$	44.4
Net Investment Income	$	34.3		$	34.3
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)	$	(12.4	)	$	3.1
Net change in unrealized gains (losses)		(48.7	)		(7.0	)
Net Realized and Change in Unrealized Gains (Losses)	$	(61.1	)	$	(4.0	)
Net Increase in Net Assets Resulting from Operations	$	(26.9	)	$	30.3
Net Investment Income on Per Average Share Basis (1)	$	0.38		$	0.37
Earnings per share — basic (1)	$	(0.30	)	$	0.32

* 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 March 31, 2026 as compared to the three months ended March 31, 2025

The decrease in total investment income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by a decrease in recurring interest income of $7.0 million. The decrease in recurring interest income was due to a decrease in the average yield for the total debt portfolio, from 10.7% for the three months ended March 31, 2025 to 9.6% for the three months ended March 31, 2026 combined with a decrease in the overall income-bearing investment portfolio.

Net Expenses

For the three months ended March 31, 2026 as compared to the three months ended March 31, 2025

Net expenses decreased by $6.9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, due to the fact that incentive fees were not accrued in the current quarter, as the Company did not meet its total return threshold. Interest and other debt expenses also decreased, driven by lower base rates and a lower average debt outstanding during the period. This was partially offset by an increase in administrative service and other G&A expenses.

Net Realized Gains (Losses)

For the three months ended March 31, 2026 as compared to the three months ended March 31, 2025

During the three months ended March 31, 2026, we recognized gross realized gains of $1.6 million and gross realized losses of $14.0 million, resulting in net realized losses of $12.4 million.

Net realized losses on investments for the three months ended March 31, 2026 totaled $10.0 million and was primarily driven by the write off of Renovo and the sale of Carestream. Net realized gains on investments for the three months ended March 31, 2026 totaled $0.7 million, resulting in a net realized loss of $9.4 million.

The Company also had a realized gain of $0.9 million on the settlement of foreign currency forward contracts during the period. This was offset by a $3.9 million realized loss on foreign currencies driven by the principal repayment of the CAD, EUR, and GBP contracts on the Senior Secured Facility.

Significant realized gains (losses) for the three months ended March 31, 2026 are summarized below:

(in millions)	Net Realized Gain (Loss)
Renovo	$	(9.0	)

During the three months ended March 31, 2025, we recognized gross realized gains of $4.5 million and gross realized losses of $1.4 million, resulting in net realized gains of $3.1 million. Net realized gains for the three months ended March 31, 2025 was primarily due to the exit of Orgain, Inc. and the partial exit of Heubach.. Significant realized gains (losses) for the three months ended March 31, 2025 are summarized below:

(in millions)	Net Realized Gain (Loss)
Orgain, Inc.*	$	1.2
Heubach		1.0

*Orgain, Inc was sold during the quarter and the realized gain was previously recorded as an unrealized gain.

Net Change in Unrealized Gains (Losses)

For the three months ended March 31, 2026 as compared to the three months ended March 31, 2025

During the three months ended March 31, 2026, we recognized gross unrealized gains of $16.1 million and gross unrealized losses of $64.8 million, resulting in a net unrealized loss of $48.7 million.

Net unrealized losses on investments for the three months ended March 31, 2026, totaled $64.8 million and was primarily driven by market-wide spread widening, concentrated in software and technology as well as credit stress in a handful of positions. Net unrealized gains on investments for the three months ended March 31, 2026 totaled $12.0 million and was driven by the unrealized to realized flip of Renovo and Carestream.

The Company also had a unrealized gain of $0.8 million on open foreign currency forward contracts and a $3.3 million unrealized gain on foreign currencies driven by the principal repayment of the CAD, EUR, and GBP contracts on the Senior Security Facility.

Significant unrealized gains (losses) for the three months ended March 31, 2026 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
ChyronHego Corporation	$	(6.2	)
Midwest Vision		(5.0	)
Bird Rides		(3.8	)
Kauffman		(3.4	)
Lending Point		(2.7	)
Banner Solutions		(2.4	)
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)		(2.2	)
Congruex		(2.0	)
Excelligence		(1.8	)
Heniff and Superior		(1.6	)
LashCo		(1.5	)
New Era Technology, Inc.		(1.1	)
Distinct		(1.0	)

During the three months ended March 31, 2025, we recognized gross unrealized gains of $12.5 million and gross unrealized losses of $19.5 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses in investments of $7.0 million. Net change in unrealized gains (losses) for the three months ended March 31, 2025 was primarily driven by the the underperformance of Renovo, AVAD, LLC and Modern Campus, the recent restructure in Mitel Networks and the sale of Orgain, Inc. The change in unrealized losses were partially offset by an increase in Merx equity, expected sale proceedings of The Club Company, performance improvement in Congruex and recent equity infusion in the Sequential Brands Inc. Significant changes in unrealized gains (losses) for the three months ended March 31, 2025 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
Merx Aviation Finance, LLC	$	1.8
The Club Company		1.3
Congruex		1.2
Sequential Brands Group, Inc.		1.2
Renovo		(2.8	)
Orgain, Inc.*		(1.9	)
Mitel Networks		(1.2	)
AVAD, LLC		(1.2	)
Modern Campus		(1.1	)

*Orgain, Inc was sold during the quarter and the realized gain was previously recorded as an unrealized gain.

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 2026 Notes and 2028 Notes, Bethesda CLO 1, and Bethesda CLO 2, together with 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 March 31, 2026:


(in millions)	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
Senior Secured Facility (1)		816.0	$	—	$	—	$	816.0	$	—
2026 Notes		125.0		125.0		—		—		—
2028 Notes		80.0		—		80.0		—		—
MFIC Bethesda CLO 1 LLC (Class A-1, Class A-2, Class B and Class C)		456.0		—		—		—		456.0
MFIC Bethesda CLO 2 LLC (Class A-1, Class A-2, Class B and Class C)		399.0		—		—		—		399.0
Total Debt Obligations		1,876.0	$	125.0	$	80.0	$	816.0	$	855.0

All values are in US Dollars.

As of March 31, 2026, aggregate lender commitments under the Senior Secured Facility totaled $1.61 billion and $0.79 million of unused capacity. As of March 31, 2026, 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 months ended March 31, 2026 totaled $28.1 million ($0.31 per share). Distributions paid to stockholders during the three months ended March 31, 2025 totaled $35.6 million ($0.38 per share). 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 March 31, 2026 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, 2026. 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 months ended March 31, 2026, PIK income totaled $3.4 million on total investment income of $71.8. For the three months ended March 31, 2025, PIK income totaled $3.5 million on total investment income of $78.7 million. 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 months ended March 31, 2026 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 March 31, 2026, 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 March 31, 2026, 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	$	13.5 million	$	0.159
Up 100 basis points		8.9 million		0.105
Up 50 basis points		4.4 million		0.052
Down 50 basis points		(4.4) million		(0.052	)
Down 100 basis points		(8.8) million		(0.103	)
Down 150 basis points		(13.1) million		(0.154	)

(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 March 31, 2026 (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 March 31, 2026 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, and as provided below 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, 2025, 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.

We may be subject to risks associated with our investments in the software industry.

The revenue, income (or losses) and valuations of software and other technology-related companies, including companies focused on the development of artificial intelligence, can and often do fluctuate suddenly and dramatically. While the continued expansion of such companies may present opportunities, it may also lead to inflated or unsustainable valuations for certain companies, particularly in the absence of consistent revenue or profitability. If valuations are not supported by long-term fundamentals, a correction in the market could result in substantial losses for our investments in the software industry. This risk is heightened in an environment where market sentiment and investor enthusiasm for artificial intelligence-driven innovation may outpace actual business performance of certain software and other technology-related companies, potentially creating valuation bubbles that could burst with broader economic or market shifts.

In addition, because of rapid technological change, the average selling prices of software products have historically decreased over their productive lives. As a result, the average selling prices of software offered by our portfolio companies may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any securities that we may hold. Additionally, companies operating in the software industry are subject to vigorous competition, changing technology, changing client and end-consumer needs, evolving industry standards and frequent introductions of new products and services. Our portfolio companies in the software industry could compete with companies that are larger and could be engaged in a greater range of businesses or have greater financial, technical, sales or other resources than our portfolio companies do. Our portfolio companies could lose market share if their competitors introduce or acquire new products that compete with their software and related services or add new features to existing products. Any deterioration in the results of our portfolio companies due to competition or otherwise could, in turn, materially adversely affect our business, financial condition and results of operations.

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		25.0 million		— million
February 25, 2026		100.0 million		68.1 million		31.9 million
Total as of March 31, 2026	$	375.0 million	$	343.1 million	$	31.9 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
March 16, 2026	April 13, 2026		76.4 million

The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through March 31, 2026:

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
November 2025	1,091,753		1,091,753		7.9 million
March 2026	7,084,020	10.73	7,084,020		31.9 million
Total	24,245,579	14.15	24,245,549

All values are in US Dollars.

From April 1, 2026, through April 13, 2026, the Company repurchased 2,755,221 shares of common stock at a weighted average price per share of $11.58, inclusive of commissions, for a total cost of $31.9 million, which fully utilized the existing capacity under the Repurchase Plans.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended March 31, 2026, 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 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 May 6, 2026.

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:	May 6, 2026
/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:	May 6, 2026
/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 March 31, 2026 (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
May 6, 2026
/s/ KENNETH SEIFERT
---
Kenneth Seifert
Chief Financial Officer and Treasurer
May 6, 2026

10-Q

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 2054923

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 March 31, 2026

¨ 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) 515-3200

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)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2026