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10-Q

MidCap Financial Investment Corp (MFIC)

10-Q 2026-08-06 For: 2026-06-30
View Original
Added on August 06, 2026

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2026

OR

¨ 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

As of August 5, 2026, the Registrant had 82,372,628 Common Shares outstanding.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

Table of Contents

Page
PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements 1
Consolidated Statements of Assets and Liabilities as of<br>June 30, 2026 (Unaudited) and December 31, 2025 1
Consolidated Statements of Operations for the <br>three and six months ended June 30, 2026 and June 30, 2025(Unaudited) 2
Consolidated Statements of Changes in Net Assets for the<br>three and six months ended June 30, 2026 and June 30, 2025 (Unaudited) 3
Consolidated Statements of Cash Flows for thesix months ended June 30, 2026 and June 30, 2025(Unaudited) 4
Consolidated Schedule of Investments as of<br><br>June 30, 2026 (Unaudited) 5
Consolidated Schedule of Investments as of<br><br>December 31, 2025 56
Notes to Consolidated Financial Statements 109
Report of Independent Registered Public Accounting Firm 148
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 149
Item 3. Quantitative and Qualitative Disclosures About Market Risk 165
Item 4. Controls and Procedures 167
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 168
Item 1A. Risk Factors 168
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 169
Item 3. Defaults Upon Senior Securities 171
Item 4. Mine Safety Disclosures 171
Item 5. Other Information 171
Item 6. Exhibits 172
Signatures 173

Table of Contents

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)

June 30, 2026 December 31, 2025
(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — 2,658,642 and 2,955,173, respectively) 2,466,332 $ 2,819,511
Non-controlled/affiliated investments (cost — 212,542 and 176,978, respectively) 124,185 107,111
Controlled investments (cost — 190,625 and 224,619, respectively) 179,825 241,216
Cash and cash equivalents 43,284 98,184
Foreign currencies (cost — 108 and 1,286, respectively) 70 1,264
Receivable for investments sold 2,195 6,253
Interest receivable 21,268 23,678
Dividends receivable 201 630
Deferred financing costs 21,216 23,626
Unrealized appreciation on foreign currency forward contracts 772 —
Prepaid expenses and other assets 1,201 2,171
Total Assets 2,860,549 $ 3,323,644
Liabilities
Debt (net of deferred financing costs and unamortized original discount of 5,396 and 5,838, respectively) 1,739,604 $ 1,995,210
Payable for investments purchased — 558
Management fees payable 5,132 6,034
Interest payable 12,336 12,867
Accrued administrative services expense 581 228
Other liabilities and accrued expenses 1,576 1,486
Total Liabilities 1,759,229 $ 2,016,383
Commitments and contingencies (Note 8)
Net Assets 1,101,320 $ 1,307,261
Net Assets
Common stock, 0.001 par value (130,000,000 shares authorized; 82,372,628 and 92,211,869 shares issued and outstanding, respectively) 82 $ 92
Capital in excess of par value 2,545,065 2,652,891
Accumulated under-distributed (over-distributed) earnings (1,443,827 ) (1,345,722 )
Net Assets 1,101,320 $ 1,307,261
Net Asset Value Per Share 13.37 $ 14.18

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

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

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income) $ 59,765 $ 70,230 $ 123,377 $ 138,301
Dividend income 30 — 88 —
PIK interest income 4,077 4,770 7,901 9,171
Other income 582 220 1,156 544
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income) 1,028 1,517 1,939 2,745
Dividend income 201 200 454 440
PIK interest income 170 403 170 755
Controlled investments:
Interest income (excluding PIK interest income) 2,373 3,907 4,968 7,979
Other income — — — 10
Total Investment Income $ 68,226 $ 81,247 $ 140,053 $ 159,945
Expenses
Management fees $ 5,132 $ 6,079 $ 10,773 $ 12,140
Performance-based incentive fees — 3,849 — 10,282
Interest and other debt expenses 27,074 32,581 55,552 63,044
Administrative services expense 1,193 1,010 2,635 2,026
Other general and administrative expenses 2,120 1,611 4,179 2,859
Total expenses 35,519 45,130 73,139 90,351
Expense reimbursements (62 ) (280 ) (124 ) (1,086 )
Net Expenses $ 35,457 $ 44,850 $ 73,015 $ 89,265
Net Investment Income $ 32,769 $ 36,397 $ 67,038 $ 70,680
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments $ (393 ) $ (16,788 ) $ (9,692 ) $ (13,200 )
Non-controlled/affiliated investments (64 ) (117 ) (131 ) (305 )
Controlled investments (2 ) — (2 ) —
Foreign currency forward contracts 334 (610 ) 1,238 (610 )
Foreign currency transactions (373 ) 277 (4,325 ) (36 )
Net realized gains (losses) (498 ) (17,238 ) (12,912 ) (14,151 )
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments (16,777 ) (2,524 ) (56,649 ) (8,611 )
Non-controlled/affiliated investments (11,892 ) (883 ) (18,491 ) (2,393 )
Controlled investments (21,079 ) 4,946 (27,398 ) 6,295
Foreign currency forward contracts (28 ) (33 ) 772 (9 )
Foreign currency translations — (2,550 ) 3,265 (3,364 )
Net change in unrealized gains (losses) (49,776 ) (1,044 ) (98,501 ) (8,082 )
Net Realized and Change in Unrealized Gains (Losses) $ (50,274 ) $ (18,282 ) $ (111,413 ) $ (22,233 )
Net Increase (Decrease) in Net Assets Resulting from Operations $ (17,505 ) $ 18,115 $ (44,375 ) $ 48,447
Earnings (Loss) Per Share — Basic $ (0.21 ) $ 0.19 $ (0.51 ) $ 0.52

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Operations
Net investment income $ 32,769 $ 36,397 $ 67,038 $ 70,680
Net realized gains (losses) (498 ) (17,238 ) (12,912 ) (14,151 )
Net change in unrealized gains (losses) (49,776 ) (1,044 ) (98,501 ) (8,082 )
Net Increase (Decrease) in Net Assets Resulting from Operations $ (17,505 ) $ 18,115 $ (44,375 ) $ 48,447
Distributions to Stockholders
Distribution of net investment income $ (25,536 ) $ (35,455 ) $ (53,641 ) $ (71,092 )
Net Decrease in Net Assets Resulting from Distributions to Stockholders $ (25,536 ) $ (35,455 ) $ (53,641 ) $ (71,092 )
Capital Share Transactions
Repurchase of common stock $ (31,899 ) $ — $ (107,925 ) $ (6,079 )
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions $ (31,899 ) $ — $ (107,925 ) $ (6,079 )
Net Assets
Net increase (decrease) in net assets during the period $ (74,940 ) $ (17,340 ) $ (205,941 ) $ (28,724 )
Net assets at beginning of period 1,176,260 1,393,261 1,307,261 1,404,646
Net Assets at End of Period $ 1,101,320 $ 1,375,921 $ 1,101,320 $ 1,375,921
Capital Share Activity
Shares repurchased during the period (2,755,221 ) — (9,839,241 ) (476,656 )
Shares issued and outstanding at beginning of period 85,127,849 93,303,622 92,211,869 93,780,278
Shares Issued and Outstanding at End of Period 82,372,628 93,303,622 82,372,628 93,303,622

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

Six Months Ended June 30,
2026 2025
Operating Activities
Net increase (decrease) in net assets resulting from operations $ (44,375 ) $ 48,447
Net realized (gains) losses on investments 9,825 13,505
Net change in unrealized (gains) losses 98,501 8,082
Net amortization of premiums and accretion of discounts on investments (7,983 ) (3,549 )
Accretion of discount on notes 923 906
Amortization of deferred financing costs 2,410 2,619
PIK interest and dividends capitalized (8,762 ) (11,390 )
Purchases of investments (150,200 ) (680,122 )
Proceeds from sales and repayments of investments 455,582 412,795
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable 2,410 (9,275 )
Decrease (increase) in dividends receivable 429 50
Decrease (increase) in prepaid expenses and other assets 970 (3,458 )
Increase (decrease) in management and performance-based incentive fees payable (902 ) (1,655 )
Increase (decrease) in interest payable (531 ) 3,748
Increase (decrease) in accrued administrative services expense 353 (60 )
Increase (decrease) in other liabilities and accrued expenses 90 (2,991 )
Net Cash (Used in)/Provided by Operating Activities $ 358,740 $ (222,348 )
Financing Activities
Issuances of debt $ 133,908 $ 1,208,562
Payments of debt (386,673 ) (913,000 )
Financing costs paid and deferred (487 ) —
Repurchase of common stock (107,925 ) (6,079 )
Distributions paid (53,641 ) (71,092 )
Net Cash (Used in)/Provided by Financing Activities $ (414,818 ) $ 218,391
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period $ (56,078 ) $ (3,957 )
Effect of foreign exchange rate changes on cash and cash equivalents (16 ) 67
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 $ 43,354 $ 71,896
Supplemental Disclosure of Cash Flow Information
Cash interest paid $ 52,750 $ 55,821
Supplemental Disclosure of Non-Cash Activity
PIK income $ 8,071 $ 9,926

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Aerospace & Defense
Beaufort
Eagle Aggregator Ltd Preferred Equity - Preferred Equity N/A N/A 36,288 Shares $ 49 $ 47 (9)(13)(15)(19)(32)
Common Equity - Common Stock N/A N/A 741 Shares 1 2 (9)(13)(15)(19)(32)
Eagle U.S. Purchaser, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 12/31/32 8,507 8,386 8,376 (9)(15)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 12/31/32 — (20 ) (22 ) (8)(9)(15)(16)<br>(17)(18)
8,416 8,403
Sperry Acquisition, LLC
Sperry Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 02/03/31 6,854 6,770 6,794 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 02/03/31 1,913 1,888 1,897 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 02/03/31 154 147 148 (9)(17)(18)(23)
Sperry Parent Holdings, L.P. Common Equity - Common Stock N/A N/A 1,088 Shares 109 163 (9)(13)
8,914 9,002
Total Aerospace & Defense $ 17,330 $ 17,405
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 05/01/29 14,036 $ 13,917 $ 14,036 (9)(23)
First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 05/01/29 10,201 10,028 10,201 (9)(23)
First Lien Secured Debt - Term Loan SOFR+525, 0.00% Floor 05/01/29 990 982 990 (9)(23)
First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 05/01/29 993 984 982 (9)(22)
Total Air Freight & Logistics $ 25,911 $ 26,209
Automobile Components
K&N Parent, Inc. (13)
K&N Holdco, LLC Common Equity - Common Stock N/A N/A 125,967 Shares $ 23,718 $ 399 (13)
Truck-Lite Co., LLC
Truck-Lite Co., LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 02/13/32 3,225 3,227 3,210 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 02/13/32 407 389 401 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 02/13/32 — (1 ) (2 ) (8)(9)(17)(18)
3,615 3,609

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Universal Air Conditioner
Cool Acquisition Holdings, LP Common Equity - Common Stock N/A N/A 137,931 Shares 138 59 (9)(13)
Cool Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 10/31/30 13,133 12,977 12,738 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 10/31/30 — (17 ) (91 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 10/31/30 3,636 3,595 3,525 (9)(18)(23)
16,693 16,231
Total Automobile Components 44,026 20,239
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+450, 1.00% Floor 03/17/31 5,262 5,196 5,235 (9)(23)
First Lien Secured Debt - Revolver SOFR+450, 1.00% Floor 03/17/31 579 553 569 (9)(17)(18)(23)
Preferred Equity - Preferred Equity N/A N/A 1,000 Shares 100 100 (9)(13)
Common Equity - Common Stock N/A N/A 107 Shares — — (9)(13)
Total Beverages 5,849 5,904
Biotechnology
Mannkind Corporation
Mannkind Corporation Common Equity - Common Stock N/A N/A 34,226 Shares $ — 146 (9)(10)(13)(15)
Partner Therapeutics, Inc
Partner Therapeutics, Inc Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333 333 (9)(13)
Warrants - Warrants 73,333 Shares 389 134 (9)(13)
722 467
Total Biotechnology 722 613
Building Products
Decks & Docks
D&D Buyer, LLC First Lien Secured Debt - Term Loan SOFR+585, 2.00% Floor 10/04/29 2,437 2,437 2,426 (9)(23)
RF Fager
R.F. Fager Company, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 03/04/30 714 703 701 (9)(24)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 03/04/30 1,702 1,672 1,671 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 03/04/30 133 130 130 (9)(17)(18)(24)
2,505 2,502
Total Building Products 4,942 4,928

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc. First Lien Secured Debt - Term Loan SOFR+500, 4.50% Floor 08/19/29 15,836 15,620 15,391 (9)(15)(22)
First Lien Secured Debt - Revolver SOFR+510, 2.50% Floor 08/19/29 11 11 9 (9)(15)(17)(18)<br>(22)
15,631 15,400
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 12,456,274 Shares 56,505 14,574 (13)(19)(30)
FC2 LLC (4) Common Equity - Common Stock N/A N/A 5 Shares — — (13)(19)
Secured Debt - Promissory Note 6.50% 10/14/27 12,500 12,500 12,158
69,005 26,732
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 10.75% 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 8,955 8,818 8,741 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+550, 0.75% Floor 10/03/30 — (49 ) (163 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor 10/03/30 1,727 1,667 1,630 (9)(17)(18)(22)
10,436 10,208
Total Chemicals 95,155 52,579
Commercial Services & Supplies
Atlas Technical Consultants
GI Apple Midco LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 04/19/30 7,441 7,351 7,299 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor 04/19/30 85 84 84 (9)(22)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 04/19/29 369 361 358 (9)(16)(17)(18)<br>(22)
7,796 7,741
Best Trash
Bingo Group Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 07/10/31 9,322 9,233 9,300 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 07/10/31 2,753 2,714 2,739 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 07/10/31 25 18 23 (9)(17)(18)(23)
11,965 12,062

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
CARDS + Live Oak
CARDS-Live Oak Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 10/21/32 3,134 3,105 3,094 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 10/21/32 819 809 803 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 10/21/32 355 350 347 (9)(17)(18)(23)
4,264 4,244
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC) First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 10/01/29 6,127 6,091 6,064 (22)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 10/01/29 — (4 ) (7 ) (8)(17)(18)
6,087 6,057
Flatworld Solutions
Flatworld Intermediate Corp First Lien Secured Debt - Term Loan SOFR+550, 1.50% Floor 03/25/30 3,930 3,868 3,838 (9)(22)
HMA
Health Management Associates Superholdings, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 03/30/29 3,884 3,823 3,859 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 03/30/29 502 494 499 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 03/30/29 — (8 ) (2 ) (8)(9)(16)(17)<br>(18)
4,309 4,356
IronClad
Mersino, Inc. (fka Ironhorse Purchaser, LLC) First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 03/31/29 2,954 2,932 2,921 (9)(23)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 03/31/29 39 35 33 (9)(16)(17)(18)<br>(23)
2,967 2,954
IRP
Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 03/08/28 10,819 10,732 10,705 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor 03/08/28 4,875 4,819 4,824 (9)(23)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 03/08/28 227 216 203 (9)(17)(18)(24)
SMC IR Holdings, LLC Common Equity - Common Stock N/A N/A 158 Shares 183 242 (9)(13)
15,950 15,974
Jacent
Jacent Strategic Merchandising, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 01/31/27 22,096 22,102 21,957 (9)(22)
First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor 01/31/27 2,779 2,777 2,757 (9)(18)(22)
Common Equity - Common Stock N/A N/A 5,000 Shares 500 210 (9)(13)
JSM Equity Investors, L.P. Preferred Equity - Class P Partnership Units N/A N/A 11 Shares 11 1 (9)(13)
25,390 24,925

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Overhaul Group, Inc.
Overhaul Group, Inc. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 08/01/30 10,714 10,668 10,542 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 08/01/30 — (18 ) (69 ) (8)(9)(18)
Preferred Equity - Preferred Equity N/A N/A 5,405 Shares 100 88 (9)(13)(19)
10,750 10,561
Pavement Preservation
Pavement Preservation Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 08/09/30 10,785 10,593 10,574 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 08/09/30 2,155 2,123 2,113 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 08/09/30 713 678 677 (9)(17)(18)(22)<br>(23)
13,394 13,364
SafetyCo
HEF Safety Ultimate Holdings, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 11/19/29 88 87 88 (9)(24)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 11/19/29 — (22 ) (1 ) (8)(9)(17)(18)
65 87
Smith System
Smith Topco, Inc. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 11/06/29 11,010 10,866 10,846 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 11/06/29 98 83 81 (9)(17)(18)(23)
10,949 10,927
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 — (6 ) (15 ) (8)(9)(17)(18)
1,415 1,408
Total Commercial Services & Supplies $ 119,169 $ 118,498
Communications Equipment
MCA
Mobile Communications America, Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 10/16/29 2,438 $ 2,399 $ 2,359 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 10/16/29 6,668 6,601 6,393 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 10/16/29 — (19 ) (44 ) (8)(9)(17)(18)
8,981 8,708

All values are in US Dollars.

See notes to the consolidated financial statements.

9

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Mitel Networks
Mitel Networks (International) Limited Common Equity - Common Stock N/A N/A 98,860 Shares 476 27 (9)(10)(13)(15)
MLN US Holdco LLC First Lien Secured Debt - Term Loan SOFR+200 Cash plus 6.00% PIK, 1.00% Floor 06/20/30 907 815 408 (9)(10)(15)(22)
1,291 435
Sorenson Holdings, LLC
Sorenson Holdings, LLC First Lien Secured Debt - Term Loan 8.00% 04/01/30 347 271 284 (14)
First Lien Secured Debt - Term Loan 10.00% 04/01/30 40 33 35 (14)
Common Equity - Membership Interests N/A N/A 279 Shares 108 102 (13)
412 421
Total Communications Equipment $ 10,684 $ 9,564
Construction & Engineering
American Restoration
American Restoration Holdings, LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor 07/24/30 12,310 $ 12,113 $ 9,908 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+510, 1.00% Floor 07/24/30 6,442 6,393 4,138 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor 07/24/30 2,268 2,264 1,825 (9)(18)(23)
20,770 15,871
Core Roofing
CRS Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 06/06/30 1,869 1,842 1,823 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 06/06/30 3,511 3,471 3,425 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 06/06/30 — (12 ) (23 ) (8)(9)(16)(17)<br>(18)
5,301 5,225
Dynagrid
Megavolt Borrower, LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 02/13/32 4,125 4,055 4,098 (9)(23)
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 11/26/30 6,866 6,794 6,808 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 11/26/30 1,746 1,718 1,708 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 11/26/30 — (35 ) (28 ) (8)(9)(16)(17)<br>(18)
8,477 8,488

All values are in US Dollars.

See notes to the consolidated financial statements.

10

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Trench Plate
Trench Plate Rental Co. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 12/04/28 17,455 17,332 17,261 (9)(23)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 12/04/28 1,673 1,663 1,653 (9)(16)(17)(18)<br>(23)
Trench Safety Solutions Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 40 Shares 4 8 (9)(13)
Common Equity - Common Stock N/A N/A 331 Shares 50 30 (9)(13)
19,049 18,952
Total Construction & Engineering $ 57,652 52,634
Consumer Finance
Lending Point
LendingPoint 2018-1 Funding Trust First Lien Secured Debt - Delayed Draw SOFR+300, 1.00% Floor 12/31/29 9,375 $ 9,402 9,090 (9)(22)
First Lien Secured Debt - Revolver SOFR+300, 1.00% Floor 12/31/29 9,354 9,354 9,069 (9)(17)(18)(22)
LendingPoint Consolidated, Inc. Preferred Equity - Preferred Equity Class A Units N/A N/A 5,808 Shares 2,313 — (9)(13)(19)
Preferred Equity - Preferred Equity Class A1 Units N/A N/A 1,900 Shares 548 — (9)(13)(19)
Preferred Equity - Preferred Equity Class B1 Units N/A N/A 627 Shares 17 — (9)(13)(19)
Preferred Equity - Preferred Equity Class B2 Units N/A N/A 780 Shares 21 — (9)(13)(19)
Preferred Equity - Preferred Equity Class B3 Units N/A N/A 1,595 Shares 44 — (9)(13)(19)
Common Equity - Common Stock N/A N/A 1,106,939 Shares 750 — (9)(13)(19)
LendingPoint LLC First Lien Secured Debt - Term Loan SOFR+500 PIK, 1.00% Floor 12/31/29 21,343 38,890 20,218 (9)(22)
Unsecured Debt - Term Loan N/A 12/31/30 1,842 1,842 1,842 (9)(13)
63,181 40,219
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4) Structured Products and Other - Membership Interests N/A N/A N/A 18,708 7,555 (9)(13)(31)
Total Consumer Finance $ 81,889 47,774
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 8,432 $ 8,306 8,305 (9)(22)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 09/20/30 — (11 ) (13 ) (8)(9)(17)
8,295 8,292
Metz Culinary
Metz Culinary Management, LLC First Lien Secured Debt - Term Loan SOFR+450, 1.00% Floor 12/23/29 4,167 4,130 4,129 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+450, 1.00% Floor 12/23/29 — (4 ) (7 ) (8)(9)(17)(18)
4,126 4,122

All values are in US Dollars.

See notes to the consolidated financial statements.

11

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Turkey Hill
IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 169 — (9)(13)
THLP CO., LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 01/31/28 27,521 27,457 27,286 (9)(23)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 01/31/28 2,593 2,587 2,552 (9)(16)(17)(18)<br>(20)(22)
30,213 29,838
Total Consumer Staples Distribution & Retail $ 42,634 42,252
Containers & Packaging
ACP Packaging
ACP Packaging Intermediateco, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 10/21/31 10,591 $ 10,446 10,409 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 10/21/31 305 281 273 (9)(17)(18)(23)
10,727 10,682
Berry Tapes & Adhesives
Vybond Buyer, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 02/03/32 17,160 16,922 16,966 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 02/03/32 — (26 ) (50 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 02/03/32 — (40 ) (37 ) (8)(9)(17)(18)
16,856 16,879
ePac Flexible Packaging
ePac Holdings LLC First Lien Secured Debt - Term Loan SOFR+450, 0.75% Floor 01/14/32 9,685 9,594 9,540 (9)(23)
First Lien Secured Debt - Term Loan CORRA+450, 0.75% Floor 01/14/32 C 3,782 2,698 2,624 (9)(26)
First Lien Secured Debt - Revolver SOFR+450, 0.75% Floor 01/14/32 — (37 ) (61 ) (8)(9)(17)(18)
12,255 12,103
MSI Express, Inc.
NCP-MSI Buyer First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 03/24/31 5,775 5,715 5,605 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 03/24/31 1,496 1,480 1,452 (9)(23)
First Lien Secured Debt - Revolver SOFR+375, 0.75% Floor 03/24/31 1,903 1,877 1,822 (9)(17)(18)(23)
9,072 8,879
Truvant
NPPI Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 08/20/29 21,718 21,441 21,497 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 08/20/29 — (23 ) (48 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 08/20/29 — (30 ) (32 ) (8)(9)(17)(18)
21,388 21,417
Total Containers & Packaging $ 70,298 69,960

All values are in US Dollars.

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Diversified Consumer Services
Accelerate Learning
Eagle Purchaser, Inc. First Lien Secured Debt - Term Loan SOFR+150 Cash plus 5.75% PIK, 1.00% Floor 03/22/30 4,099 $ 4,033 $ 3,765 (9)(23)
First Lien Secured Debt - Revolver SOFR+150 Cash plus 5.75% PIK, 1.00% Floor 03/22/29 698 688 654 (9)(18)(23)
4,721 4,419
Clarus Commerce
Marlin DTC-LS Midco 2, LLC First Lien Secured Debt - Term Loan SOFR+660, 1.00% Floor 05/01/27 19,981 19,932 19,340 (22)
First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor 05/01/27 — (1 ) (15 ) (8)(17)(18)
19,931 19,325
Club Car Wash
Club Car Wash Operating, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 06/16/27 11,078 11,040 11,052 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor 06/16/27 21,563 21,364 21,511 (9)(23)
First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor 06/16/27 1,625 1,619 1,621 (9)(18)(24)
34,023 34,184
Elase Med Spas
Birch Group of Clinics Acquireco Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 12/31/31 1,863 1,837 1,829 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 12/31/31 424 410 394 (9)(18)(22)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 12/31/31 — (6 ) (8 ) (8)(9)(17)(18)
2,241 2,215
Excelligence
Excelligence Learning Corporation First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 01/18/30 15,185 14,933 13,015 (9)(23)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 01/18/30 1,085 1,051 727 (9)(16)(17)(18)<br>(20)(23)
15,984 13,742
Gateway Services
Gateway US Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 09/22/28 12,478 12,447 12,397 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 09/22/28 760 753 750 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 09/22/28 — (1 ) (3 ) (8)(9)(17)(18)
13,199 13,144

All values are in US Dollars.

See notes to the consolidated financial statements.

13

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Go Car Wash
Go Car Wash Management Corp. First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 06/30/28 1,575 1,568 1,538 (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 - Term Loan SOFR+575, 1.00% Floor 06/30/28 3,108 3,104 3,034 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor 06/30/28 6,066 6,020 5,921 (9)(22)
10,775 10,566
Legacy.com
Lotus Topco Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 06/07/30 6,290 6,230 6,237 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 06/07/30 — (2 ) (3 ) (8)(9)(18)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 06/07/30 — (6 ) (5 ) (8)(9)(17)(18)
6,222 6,229
Mariani
CI (MG) GROUP, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 03/27/30 18,783 18,532 18,524 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 03/27/30 5,686 5,605 5,574 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 03/27/30 1,164 1,141 1,136 (9)(17)(18)(23)<br>(24)
25,278 25,234
Regis
Regis Corporation First Lien Secured Debt - Term Loan SOFR+450, 2.50% Floor 06/24/29 6,554 6,442 6,470 (9)(23)
First Lien Secured Debt - Revolver SOFR+450, 2.50% Floor 06/24/29 172 121 118 (9)(16)(17)(18)<br>(23)
6,563 6,588
SEV
SEV Intermediate Holdco, LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 06/21/30 8,167 8,030 8,027 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 06/21/30 3,323 3,277 3,266 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 06/21/30 325 304 297 (9)(17)(18)(23)
11,611 11,590
Team Car Wash
TCW Midco LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 10/22/29 4,925 4,890 4,833 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 10/22/29 6,589 6,538 6,461 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 10/22/29 — (6 ) (15 ) (8)(9)(17)(18)
11,422 11,279

See notes to the consolidated financial statements.

14

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Ultra Clean Newco
Ultra Clean Holdco LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 07/01/30 2,450 2,411 2,401 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 07/01/30 5,450 5,347 5,231 (9)(17)(18)<br>(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 07/01/30 — (17 ) (28 ) (8)(9)(17)(18)
7,741 7,604
US Legal Support
US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units N/A N/A 631,972 Shares 632 1,270 (9)(13)
USLS Acquisition, Inc. First Lien Secured Debt - Term Loan SOFR+540, 1.00% Floor 06/01/27 18,592 18,546 18,592 (9)(23)
First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 06/01/27 9,334 9,301 9,334 (9)(24)
First Lien Secured Debt - Delayed Draw SOFR+540, 1.00% Floor 06/01/27 5,485 5,470 5,484 (9)(18)(23)
First Lien Secured Debt - Revolver SOFR+540, 1.00% Floor 06/01/27 683 680 683 (9)(16)(17)(18)<br>(22)(23)
34,629 35,363
Village Pet Care
Village Pet Care, LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor 09/22/29 1,500 1,481 1,456 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+650, 1.00% Floor 09/22/29 1,050 1,019 902 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor 09/22/29 803 791 774 (9)(17)(18)(23)
3,291 3,132
Total Diversified Consumer Services $ 207,631 204,614
Diversified Telecommunication Services
Cablevision Systems
CSC Holdings, LLC First Lien Secured Debt - Revolver SOFR+225, 0.00% Floor 07/13/27 90 $ 71 56 (10)(15)(16)<br>(17)(18)(22)
Unsecured Debt - Corporate Bond 4.13% 12/01/30 2,000 1,524 1,189 (10)(15)
Total Diversified Telecommunication Services $ 1,595 1,245
Electrical Equipment
Brush Group
Brush Group Bidco Limited First Lien Secured Debt - Term Loan SON+500, 0.00% Floor 07/30/31 5,955 $ 7,784 7,976 (9)(15)(21)
First Lien Secured Debt - Revolver SON+500, 0.00% Floor 07/30/31 £ — (25 ) — (9)(15)(17)(18)
7,759 7,976
International Wire Group
IW Buyer LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor 06/28/29 7,105 7,036 7,105 (9)(23)
First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor 06/28/29 — (6 ) — (9)(16)(17)(18)
7,030 7,105

All values are in US Dollars.

See notes to the consolidated financial statements.

15

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Kauffman
Kauffman Holdco, LLC Common Equity - Common Stock N/A N/A 250,000 Shares 250 — (9)(13)
Kauffman Intermediate, LLC First Lien Secured Debt - Term Loan 10.33% 09/30/26 18,809 16,914 6,555 (9)(14)
First Lien Secured Debt - Term Loan SOFR+460, 1.00% Floor 09/30/26 301 288 301 (9)(23)
First Lien Secured Debt - Revolver 10.33% 09/30/26 1,407 1,239 490 (9)(14)(18)
18,691 7,346
Total Electrical Equipment 33,480 22,427
Electronic Equipment, Instruments & Components
AVAD, LLC
Surf Opco, LLC (4) First Lien Secured Debt - Term Loan SOFR+411, 1.00% Floor 05/10/27 9,286 14,074 9,253 (9)(22)
First Lien Secured Debt - Revolver SOFR+411, 1.00% Floor 05/10/27 18,032 18,032 17,970 (9)(16)(17)(18)<br>(22)
Preferred Equity - Class P-1 Preferred N/A N/A 13,195 Shares 1,713 2,960 (9)(13)(19)(30)
Common Equity - Class A-1 Common N/A N/A 5,000 Shares — 155 (9)(13)(19)(30)
33,819 30,338
Evolv Technologies
Evolv Technologies Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+500, 2.00% Floor 07/01/30 6,000 5,949 5,957 (9)(15)(22)
First Lien Secured Debt - Delayed Draw SOFR+500, 2.00% Floor 07/01/30 — (49 ) (43 ) (8)(9)(15)(18)
First Lien Secured Debt - Revolver SOFR+500, 2.00% Floor 07/01/30 — (24 ) (22 ) (8)(9)(15)(17)<br>(18)
5,876 5,892
Generator Buyer, Inc.
Total Power Limited First Lien Secured Debt - Term Loan CORRA+450, 0.75% Floor 07/22/30 C 12,036 8,637 8,373 (9)(15)(26)
First Lien Secured Debt - Term Loan SOFR+450, 0.75% Floor 07/22/30 3,808 3,758 3,761 (9)(15)(23)
First Lien Secured Debt - Delayed Draw CORRA+450, 0.75% Floor 07/22/30 C 2,177 1,569 1,503 (9)(15)(17)(18)<br>(26)
First Lien Secured Debt - Delayed Draw SOFR+450, 0.75% Floor 07/22/30 — 1 (58 ) (8)(9)(15)(17)<br>(18)
First Lien Secured Debt - Revolver SOFR+450, 0.75% Floor 07/22/30 285 285 281 (9)(15)(16)(17)<br>(18)(23)
First Lien Secured Debt - Revolver CORRA+450, 0.75% Floor 07/22/30 C 142 83 84 (9)(15)(16)(17)<br>(18)(26)
14,333 13,944
Pro Vigil
Pro-Vigil Holding Company, LLC First Lien Secured Debt - Term Loan SOFR+860 (Inclusive of 12.01% PIK), 1.00% Floor 07/31/26 10,305 10,303 10,282 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+860 (Inclusive of 12.01% PIK), 1.00% Floor 07/31/26 23,294 23,294 23,241 (9)(23)
33,597 33,523

All values are in US Dollars.

See notes to the consolidated financial statements.

16

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Team LINX, LLC
TeamLINX Buyer, LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 12/18/30 17,723 17,526 17,754 (9)(22)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 12/18/30 — (16 ) — (9)(17)(18)
17,510 17,754
Total Electronic Equipment, Instruments & Components $ 105,135 101,451
Energy Equipment & Services
Camin Cargo
Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 12/07/29 975 $ 961 920 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 12/07/29 2,051 2,025 1,936 (9)(23)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 12/07/29 827 811 770 (9)(17)(18)(22)
Total Energy Equipment & Services $ 3,797 3,626
Entertainment
Shout Factory
Shout! Factory LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 06/30/31 13,086 $ 12,916 12,872 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 06/30/31 434 414 408 (9)(17)(18)(23)
Total Entertainment $ 13,330 13,280
Financial Services
AML Rightsource
Gabriel Partners, LLC First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor 05/17/27 32,405 $ 32,313 32,108 (9)(23)
First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor 05/17/27 663 660 657 (9)(17)(18)(20)<br>(22)(23)
32,973 32,765
Definiti LLC
Greylock Holdings LLC Common Equity - Common Stock N/A N/A 100,000 Shares 100 99 (9)(13)
RHI Acquisition LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 03/16/29 5,894 5,798 5,802 (9)(24)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 03/16/29 3,113 3,059 3,065 (9)(23)(24)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 03/16/29 198 189 188 (9)(17)(18)(23)
9,146 9,154
Golden Bear
Golden Bear 2016-R, LLC (4) Structured Products and Other - Membership Interests N/A N/A N/A 13,543 7,385 (3)(15)
Nexity
Evoriel First Lien Secured Debt - Term Loan EURIBOR+525, 0.00% Floor 04/02/31 2,283 2,447 2,595 (9)(15)(27)
First Lien Secured Debt - Delayed Draw EURIBOR+525, 0.00% Floor 04/02/31 1,174 1,256 1,335 (9)(15)(27)
3,703 3,930

All values are in US Dollars.

See notes to the consolidated financial statements.

17

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P. First Lien Secured Debt - Term Loan SOFR+625, 2.00% Floor 10/25/27 4,422 4,392 4,377 (9)(15)(23)
PMA
PMA Parent Holdings, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 01/31/31 13,978 13,863 13,780 (9)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 01/31/31 — (8 ) (14 ) (8)(9)(17)(18)
13,855 13,766
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC Preferred Equity - Preferred Equity N/A N/A 534,375 Shares 534 509 (3)(13)(15)(29)
Renew Financial LLC (f/k/a Renewable Funding, LLC) Common Equity - Common Stock N/A N/A 1,368,286 Shares 16,813 109 (3)(13)
Renew JV LLC Common Equity - Membership Interests N/A N/A 92,506 Shares 93 337 (3)(13)(15)
17,440 955
Stretto
Stretto, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 10/13/28 10,650 10,618 10,398 (9)(23)
Total Financial Services $ 105,670 82,730
Food Products
Amylu Foods
Amylu Borrower Sub, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 06/10/31 10,855 $ 10,751 10,814 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 06/10/31 314 305 307 (9)(17)(18)(22)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 06/10/31 — (18 ) (8 ) (8)(9)(17)(18)
11,038 11,113
Berner Foods
Berner Food & Beverage, LLC First Lien Secured Debt - Term Loan SOFR+615, 1.00% Floor 07/30/27 33,773 33,517 33,357 (9)(23)
First Lien Secured Debt - Revolver SOFR+615, 1.00% Floor 07/30/27 2,167 2,166 2,141 (9)(17)(18)(23)
35,683 35,498
Bolthouse Farms
Wm. Bolthouse Farms, Inc. Common Equity - Equity Interests N/A N/A 1,369,301 Shares 1,460 1,328 (13)
Hive
FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 589 Shares 448 554 (9)(13)(19)
Common Equity - Common Stock N/A N/A 589 Shares 3 — (9)(13)(19)
Hive Intermediate, LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 09/22/27 13,540 13,476 13,540 (9)(22)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 09/22/27 (10 ) — (9)(17)(18)
13,917 14,094

All values are in US Dollars.

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Justin's
Justin's LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 12/15/31 4,156 4,098 4,099 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 12/15/31 — (11 ) (11 ) (8)(9)(17)(18)
Common Equity - Common Stock N/A N/A 100,000 Shares 100 98 (9)(13)(19)
4,187 4,186
Nutpods
Green Grass Foods, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 12/26/29 3,656 3,608 3,580 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.00% Floor 12/26/29 438 423 411 (9)(17)(18)(23)
Nutpods Holdings, Inc. Common Equity - Common Stock N/A N/A 125 Shares 125 86 (9)(13)
4,156 4,077
Patriot Pickle
Patriot Foods Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 12/24/29 244 240 241 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 12/24/29 165 163 159 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 12/24/29 26 23 23 (9)(17)(18)(23)
426 423
Total Food Products 70,867 70,719
Ground Transportation
Bird Rides
Blue Jay Transit Inc. (4) First Lien Secured Debt - Term Loan 15.64% 03/22/28 22,492 19,914 13,300 (9)(14)
First Lien Secured Debt - Term Loan 15.64% 09/30/26 3,445 3,096 2,259 (9)(14)
First Lien Secured Debt - Delayed Draw 15.64% 09/30/26 10,220 9,833 10,220 (9)(14)(18)
Third Lane Mobility Inc. (4) Common Equity - Common Stock N/A N/A 5,012,171 Shares 722 — (9)(13)(19)
Warrants - Warrants 970,252 Shares — — (9)(13)(19)
33,565 25,779
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 06/30/28 3,489 3,484 3,436 (9)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 03/31/28 — — (5 ) (8)(9)(16)(17)(18)
3,484 3,431
Heniff and Superior
Heniff Holdco, LLC First Lien Secured Debt - Term Loan SOFR+610 PIK, 1.00% Floor 07/01/27 28,620 28,519 25,140 (9)(23)
First Lien Secured Debt - Revolver SOFR+610 PIK, 1.00% Floor 07/01/27 3,887 3,885 3,398 (9)(16)(18)<br>(23)
32,404 28,538

All values are in US Dollars.

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Olympus Terminals
Olympus Terminals Holdco II LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 12/17/30 10,867 10,689 10,721 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 12/17/30 — (52 ) (46 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 12/17/30 — (44 ) (39 ) (8)(9)(16)(17)<br>(18)
10,593 10,636
Total Ground Transportation $ 80,046 $ 68,384
Health Care Equipment & Supplies
Cerus
Cerus Corporation First Lien Secured Debt - Revolver SOFR+370, 1.00% Floor 06/01/31 2,476 $ 2,470 $ 2,469 (9)(15)(17)(18)<br>(22)
CQ Medical
BW ISO Acquisition LLC First Lien Secured Debt - Term Loan SOFR+490, 0.75% Floor 11/01/27 4,963 4,928 4,915 (9)(23)
Medical Guardian
Medical Guardian, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 04/26/28 30,583 30,418 30,583 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 04/26/28 4,667 4,636 4,667 (9)(22)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 04/26/28 381 368 381 (9)(17)(18)(22)
35,422 35,631
Natus Sensory
Natus Sensory, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 01/07/31 10,546 10,419 10,176 (9)(23)
First Lien Secured Debt - Term Loan EURIBOR+500, 0.00% Floor 01/07/31 2,536 2,592 2,804 (9)(27)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 01/07/31 — (16 ) (97 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 01/07/31 — (16 ) (49 ) (8)(9)(17)(18)
12,979 12,834
NeuroPace
NeuroPace, Inc. First Lien Secured Debt - Term Loan SOFR+550, 2.00% Floor 05/27/30 20,000 19,916 19,958 (9)(15)(22)
First Lien Secured Debt - Revolver SOFR+550, 2.00% Floor 05/27/30 — (6 ) (9 ) (8)(9)(15)(17)<br>(18)
19,910 19,949
Project Titan
Tyber Medical LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 06/12/32 6,014 5,961 5,947 (9)
First Lien Secured Debt - Term Loan EURIBOR+500, 0.75% Floor 06/12/32 1,172 1,345 1,326 (9)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 06/12/32 — (16 ) (19 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 06/12/31 678 671 669 (9)(17)(18)(23)<br>(24)
First Lien Secured Debt - Revolver EURIBOR+500, 0.75% Floor 06/12/31 286 336 323 (9)(17)(18)
8,297 8,246
Total Health Care Equipment & Supplies $ 84,006 $ 84,044

All values are in US Dollars.

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Health Care Providers & Services
All Star
All Star Recruiting Locums, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 05/01/30 7,327 7,224 7,268 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 05/01/30 1,722 1,683 1,690 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 05/01/30 848 831 837 (9)(17)(18)(23)
9,738 9,795
Amplity
Amplity Parent, Inc. (4) First Lien Secured Debt - Term Loan SOFR+660 PIK, 1.00% Floor 03/31/29 6,617 9,932 6,617 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+1260 PIK, 1.00% Floor 03/31/29 1,610 1,576 1,572 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+1260 PIK, 1.00% Floor 03/31/29 359 359 317 (9)(17)(18)(23)
Amplity Topco, LLC (4) Preferred Equity - Preferred Equity Class A Units N/A N/A 16,022,199 Shares 17,557 11,055 (9)(13)(19)
Preferred Equity - Preferred Equity Class B Units N/A N/A 8,568,021 Shares — — (9)(13)(19)
Common Equity - Common Stock N/A N/A 1,408,963 Shares — — (9)(13)(19)
29,424 19,561
Cato Research
LS Clinical Services Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+925 (Inclusive of 9.98% PIK), 1.00% Floor 12/16/29 17,221 17,084 12,730 (9)(23)
First Lien Secured Debt - Revolver SOFR+925 (Inclusive of 9.98% PIK), 1.00% Floor 06/16/29 1,077 1,059 634 (9)(17)(18)(23)
18,143 13,364
EmpiRx
EmpiRx Health LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 08/05/29 8,682 8,607 8,621 (9)(22)
First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 08/06/29 4,975 4,933 4,940 (9)(22)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 08/05/29 — (6 ) (6 ) (8)(9)(17)(18)
13,534 13,555
ExactCare
ExactCare Parent, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 11/05/29 17,627 17,226 17,627 (9)(23)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 11/05/29 — (31 ) — (9)(17)(18)
17,195 17,627

All values are in US Dollars.

See notes to the consolidated financial statements.

21

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc) First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 05/27/32 1,293 2,747 929 (10)(23)
KCF Puerto Rico, LLC
KCF Puerto Rico, LLC Secured Debt - Promissory Note N/A 06/28/28 1,697 1,024 681 (13)(15)
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 132 209 (9)(13)
Kure Pain Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 08/30/30 17,837 17,820 17,687 (9)(22)
First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 08/31/30 4,252 4,218 4,216 (9)(22)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 08/30/30 505 471 482 (9)(17)(18)(22)<br>(23)
22,642 22,594
LucidHealth
Premier Imaging, LLC First Lien Secured Debt - Term Loan SOFR+326 Cash plus 3.00% PIK, 1.00% Floor 10/31/27 8,818 8,729 6,525 (9)(23)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc. First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor 03/01/29 9,850 9,780 9,769 (9)(24)
Maxor National Pharmacy Services, LLC First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor 03/01/29 12,984 12,743 12,877 (9)(24)
First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor 03/01/29 — (21 ) (13 ) (8)(9)(17)(18)
Maxor Topco, L.P. Preferred Equity - Preferred Equity N/A N/A 50,000 Shares 50 86 (9)(13)
22,552 22,719
Midwest Vision
Midwest Vision Partners Management, LLC First Lien Secured Debt - Term Loan 10.48% 01/12/29 11,273 10,667 10,839 (9)(14)
First Lien Secured Debt - Term Loan 10.48% 01/12/29 2,029 1,920 465 (9)(14)
First Lien Secured Debt - Term Loan 10.48% 01/12/29 10,844 10,165 — (9)(14)
First Lien Secured Debt - Revolver 10.48% 01/12/29 612 579 588 (9)(14)(18)
23,331 11,892
Omega Healthcare
OMH-Healthedge Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+425, 1.00% Floor 04/01/30 11,868 11,860 11,544 (9)(23)
First Lien Secured Debt - Revolver SOFR+450, 1.00% Floor 04/01/30 — (1 ) (36 ) (8)(9)(17)(18)
11,859 11,508

See notes to the consolidated financial statements.

22

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Rarebreed
Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 04/18/30 4,173 4,115 4,104 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 04/18/30 18,208 18,022 17,907 (9)(22)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 04/18/30 — (12 ) (16 ) (8)(9)(16)(17)<br>(18)
22,125 21,995
RHA Health Services
Pace Health Companies, LLC First Lien Secured Debt - Term Loan SOFR+540, 1.00% Floor 08/02/27 3,184 3,177 3,172 (9)(23)
First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 08/02/27 1,368 1,364 1,368 (9)(23)
First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 08/02/27 457 456 455 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+540, 1.00% Floor 08/02/27 192 188 192 (9)(17)(18)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 08/02/27 — (17 ) (11 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+540, 1.00% Floor 08/02/27 — (39 ) (2 ) (8)(9)(16)(17)<br>(18)
5,129 5,174
Tarrytown
Tarrytown Acquisition Holdings, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 11/12/32 3,583 3,551 3,574 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 11/12/32 — (3 ) (2 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 11/12/32 — (6 ) (2 ) (8)(9)(17)(18)
3,542 3,570
Team Select
TS Investors, LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 05/04/29 13,579 13,422 13,479 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 05/04/29 13,667 13,543 13,566 (9)(22)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 05/04/29 — (16 ) (14 ) (8)(9)(17)(18)
26,949 27,031
Thomas Scientific
BSP-TS, LP Preferred Equity - Preferred Equity Class D Units N/A N/A 13 Shares 8 17 (9)(13)
Preferred Equity - Preferred Equity Class C Units N/A N/A 17 Shares 17 — (9)(13)
Common Equity - Common Stock N/A N/A 185 Shares 185 — (9)(13)
Thomas Scientific, LLC First Lien Secured Debt - Term Loan SOFR+640, 1.00% Floor 12/14/27 32,850 32,634 29,004 (9)(23)
First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor 12/14/27 2,352 2,335 1,988 (9)(17)(18)(20)<br>(23)
35,179 31,009

See notes to the consolidated financial statements.

23

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
WellDyneRx, LLC
WellDyneRx, LLC First Lien Secured Debt - Term Loan SOFR+685, 0.75% Floor 12/31/27 17,309 17,161 17,122 (9)(23)
First Lien Secured Debt - Revolver SOFR+685, 0.75% Floor 12/31/27 — (8 ) (23 ) (8)(9)(17)(18)
17,153 17,099
Xanitos
Pure Upper Holdco LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 12/03/31 28 28 28 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 12/03/31 — (8 ) (25 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 12/03/31 — (16 ) (25 ) (8)(9)(17)(18)
Xanitos TopCo, LLC Common Equity - Membership Interests N/A N/A 100,000 Shares 100 117 (9)(13)(19)
104 95
Total Health Care Providers & Services $ 291,098 256,723
Health Care Technology
Acentra
Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt - Term Loan SOFR+550, 0.50% Floor 12/17/29 17,370 $ 17,021 17,370 (9)(23)
First Lien Secured Debt - Term Loan SOFR+575, 0.50% Floor 12/17/29 3,900 3,864 3,900 (9)(23)
First Lien Secured Debt - Revolver SOFR+550, 0.50% Floor 12/17/29 — (36 ) — (9)(17)(18)
20,849 21,270
Arcadia Solutions
Arcadia Solutions, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 08/12/32 10,714 10,615 10,557 (9)(23)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 08/12/32 — (16 ) (26 ) (8)(9)(17)(18)
10,599 10,531
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp) First Lien Secured Debt - Term Loan SOFR+400, 0.75% Floor 10/01/27 16,516 16,079 16,296 (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 6,359 6,267 5,659 (23)
Second Lien Secured Debt - Term Loan 12.43% 11/25/33 101 92 51 (14)
6,359 5,710
Merative
Merative L.P. First Lien Secured Debt - Term Loan SOFR+450, 0.75% Floor 09/30/32 4,097 4,078 4,094 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+450, 0.75% Floor 09/30/32 — (1 ) — (9)(17)(18)
First Lien Secured Debt - Revolver SOFR+450, 0.75% Floor 09/30/32 — (2 ) — (9)(17)(18)
4,075 4,094

All values are in US Dollars.

See notes to the consolidated financial statements.

24

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
MRO Parent Corporation
MRO Parent Corporation First Lien Secured Debt - Term Loan SOFR+450, 0.75% Floor 06/09/32 4,227 4,171 4,227 (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)
4,164 4,227
Total Health Care Technology $ 62,125 62,128
Hotels, Restaurants & Leisure
CircusTrix
CircusTrix Holdings LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 07/18/28 973 $ 961 932 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor 07/18/28 6,916 6,828 6,629 (9)(22)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 07/18/28 1,000 989 959 (9)(18)(22)
8,778 8,520
Crumbl
Crumbl Enterprises LLC First Lien Secured Debt - Term Loan SOFR+450, 0.75% Floor 05/05/32 9,167 9,087 9,024 (9)(23)
First Lien Secured Debt - Revolver SOFR+450, 0.75% Floor 05/05/32 — (6 ) (12 ) (8)(9)(17)(18)
9,081 9,012
International Cruise & Excursion Gallery, Inc.
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) (4) First Lien Secured Debt - Term Loan SOFR+600, 0.00% Floor 12/29/28 4,012 8,739 3,950 (23)
Common Equity - Membership Interests N/A N/A 531,312 Shares 4,740 2,843 (13)(19)
13,479 6,793
Munson
Munson Buffalo Restaurant Group LLC First Lien Secured Debt - Term Loan 10.12% 05/31/29 3,467 3,361 2,429 (9)(14)
First Lien Secured Debt - Delayed Draw 10.12% 05/31/29 5,457 5,345 3,540 (9)(14)(18)
8,706 5,969
PARS Group LLC
PARS Group LLC First Lien Secured Debt - Term Loan SOFR+685, 1.50% Floor 04/03/28 8,553 8,489 7,006 (9)(22)
8,489 7,006

All values are in US Dollars.

See notes to the consolidated financial statements.

25

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Taco Cabana
YTC Enterprises, LLC First Lien Secured Debt - Term Loan SOFR+636, 1.00% Floor 08/16/26 7,733 7,739 7,139 (9)(22)
Tasty Chick'n
Tasty Chick'n LLC First Lien Secured Debt - Term Loan 9.90% 05/16/29 11,590 10,945 7,146 (9)(14)
First Lien Secured Debt - Delayed Draw 9.90% 05/16/29 271 259 167 (9)(14)
First Lien Secured Debt - Revolver 9.90% 05/16/29 878 809 95 (9)(14)(18)
12,013 7,408
The Club Company
Eldrickco Limited First Lien Secured Debt - Term Loan SON+528, 0.50% Floor 11/26/29 8,945 11,547 11,764 (9)(15)(21)
First Lien Secured Debt - Delayed Draw SON+528, 0.50% Floor 11/26/29 10,747 13,432 14,134 (9)(15)(21)
First Lien Secured Debt - Revolver SON+528, 0.50% Floor 05/26/29 356 417 468 (9)(15)(18)(21)
First Lien Secured Debt - Revolver SON+500, 0.50% Floor 05/26/29 £ — (1 ) (3 ) (8)(9)(15)(17)<br>(18)
25,395 26,363
Walters Wedding Estates
WH BorrowerCo, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 08/02/30 11,243 11,089 10,662 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 08/02/30 4,961 4,882 4,575 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 08/02/30 583 556 453 (9)(17)(18)(23)
16,527 15,690
Total Hotels, Restaurants & Leisure $ 110,207 $ 93,900
Household Durables
Allstar Holdings
Athlete Buyer, LLC First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor 04/26/29 21,928 $ 21,568 $ 18,341 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+610, 1.00% Floor 04/26/29 3,345 3,290 2,798 (9)(23)
First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor 04/26/29 3,201 3,145 2,344 (9)(16)(17)(18)(23)
28,003 23,483
Polywood
Poly-Wood, LLC First Lien Secured Debt - Term Loan SOFR+488, 1.00% Floor 03/20/30 2,713 2,674 2,701 (9)(22)
First Lien Secured Debt - Revolver SOFR+488, 1.00% Floor 03/20/30 — (6 ) (2 ) (8)(9)(17)(18)
2,668 2,699
Total Household Durables $ 30,671 $ 26,182

All values are in British Pounds.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Insurance
GoHealth
Norvax, LLC (dba GoHealth) First Lien Secured Debt - Term Loan SOFR+550, 3.00% Floor 08/05/29 1,331 1,321 1,138 (9)(23)
First Lien Secured Debt - Revolver 15.00% 08/06/29 1,085 997 (506 ) (8)(9)(14)(18)
Common Equity - Common Stock N/A N/A 8,648 Shares — — (9)(13)(19)
2,318 632
High Street Insurance
High Street Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+425, 0.75% Floor 04/14/28 9,943 9,881 9,903 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+425, 0.75% Floor 04/14/28 18,882 18,784 18,806 (9)(23)
First Lien Secured Debt - Revolver SOFR+425, 0.75% Floor 04/14/28 — (42 ) (18 ) (8)(9)(16)(17)<br>(18)
28,623 28,691
Spectrum Automotive
Shelby 2021 Holdings Corp. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 06/29/28 13,891 13,808 13,861 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 06/29/28 6,361 6,283 6,343 (9)(17)(18)(22)<br>(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 06/29/27 — (1 ) (1 ) (8)(9)(17)(18)
20,090 20,203
Total Insurance 51,031 49,526
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 2,195 2,242 (10)(22)(23)
Second Lien Secured Debt - Term Loan 13.01% 09/30/26 9,762 7,686 — (14)
Total Interactive Media & Services 9,881 2,242
IT Services
Avenu Insights & Analytics
ACP Avenu Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 10/02/29 3,658 3,618 3,528 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 10/02/29 5,431 5,317 5,033 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 10/02/29 322 301 271 (9)(17)(18)(22)<br>(23)
9,236 8,832
Distinct
Distinct Holdings Inc First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 07/18/29 13,010 12,805 11,114 (9)(23)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 07/18/29 996 977 736 (9)(16)(17)(18)<br>(23)
13,782 11,850

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
GrayMatter Systems
Genius Bidco LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 05/01/30 1,313 1,294 1,298 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 05/01/30 4,975 4,893 4,926 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 05/01/30 — (15 ) (11 ) (8)(9)(17)(18)
Common Equity - Common Stock N/A N/A 773 Shares 77 116 (9)(13)
6,249 6,329
New Era Technology, Inc.
New Era Technology, Inc. First Lien Secured Debt - Term Loan SOFR+640 PIK, 1.00% Floor 06/30/30 13,662 13,662 12,725 (9)(23)
First Lien Secured Debt - Revolver SOFR+640 PIK, 1.00% Floor 06/30/30 416 416 297 (9)(17)(18)(23)
Preferred Equity - Preferred Equity N/A N/A 11,937 Shares 10,818 633 (9)(13)(19)
Common Equity - Common Stock N/A N/A 11,937 Shares — — (9)(13)(19)
24,896 13,655
VikingCloud
Bullcave Limited First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 08/06/30 28,958 28,619 28,636 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 08/06/30 4,053 3,993 3,991 (9)(17)(18)(23)
32,612 32,627
Total IT Services 86,775 73,293
Leisure Products
Dan Dee
Project Comfort Buyer, Inc. Preferred Equity - Preferred Equity N/A N/A 491,405 Shares 492 211 (9)(13)
KLO Holdings, LLC
1244311 B.C. Ltd. (4) Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000 42 (13)(19)(32)
Paladone
Paladone Group Bidco Limited First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 11/12/27 5,844 5,809 5,753 (9)(15)(23)
First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor 11/12/27 916 913 901 (9)(15)(23)
First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor 11/12/27 1,271 1,264 1,249 (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 70,183 Shares 93 92 (9)(13)(15)(32)
8,550 8,456
Total Leisure Products 10,042 8,709

All values are in British Pounds.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
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 $ 11,961 $ 11,480 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+595, 2.00% Floor 06/01/29 3,000 2,991 2,870 (9)(22)
First Lien Secured Debt - Revolver SOFR+400, 2.00% Floor 06/01/29 275 273 252 (9)(17)(18)(22)
15,225 14,602
Unchained Labs
Unchained Labs, LLC First Lien Secured Debt - Term Loan SOFR+555, 1.00% Floor 08/09/29 1,839 1,825 1,823 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+555, 1.00% Floor 08/09/29 2,178 2,167 2,159 (9)(22)
First Lien Secured Debt - Revolver SOFR+555, 1.00% Floor 08/09/29 — (5 ) (6 ) (8)(9)(17)(18)
3,987 3,976
Total Life Sciences Tools & Services $ 19,212 $ 18,578
Machinery
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor 10/02/29 14,588 $ 14,325 $ 14,335 (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 5,280 5,213 5,234 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 05/01/31 811 785 782 (9)(17)(18)(22)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 05/01/31 — (16 ) (11 ) (8)(9)(17)(18)
5,982 6,005
Ideal Tridon
Ideal Components Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 06/30/32 12,993 12,819 12,901 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 06/30/32 — (16 ) (17 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 06/30/32 775 749 761 (9)(16)(17)(18)<br>(20)(22)
13,552 13,645
JPW
JPW Industries Holding Corporation First Lien Secured Debt - Term Loan SOFR+588, 2.00% Floor 11/22/28 1,961 1,961 1,940 (9)(23)
Milacron (Project Iota)
IOTA HOLDINGS 3 First Lien Secured Debt - Term Loan SOFR+475, 0.00% Floor 03/31/32 22,449 22,139 22,132 (9)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.00% Floor 03/31/32 1,327 1,267 1,258 (9)(16)(17)(18)<br>(23)
23,406 23,390

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Relevant Industrial
Relevant Industrial, LLC First Lien Secured Debt - Term Loan SOFR+450, 1.00% Floor 05/16/31 3,145 3,108 3,099 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+450, 1.00% Floor 05/16/31 1,345 1,310 1,268 (9)(17)(18)(23)
First Lien Secured Debt - Revolver P+450, 0.00% Floor 05/16/31 179 164 158 (9)(17)(18)(20)
4,582 4,525
Total Machinery $ 63,808 $ 63,840
Media
Accelerate360
McClatchy Media Company, LLC (fka Accelerate360 Holdings, LLC) First Lien Secured Debt - Term Loan SOFR+576, 1.00% Floor 02/11/28 3,284 $ 3,284 $ 3,229 (9)(23)
First Lien Secured Debt - Revolver SOFR+576, 1.00% Floor 02/11/28 1,246 1,246 1,203 (9)(17)(18)(23)
4,530 4,432
Acosta
Acosta Holdings Corp. Preferred Equity - Preferred Equity N/A N/A 12,601 Shares 557 773
Common Equity - Common Stock N/A N/A 6,266 Shares 77 38 (13)
634 811
ChyronHego Corporation
ChyronHego Parent Corporation (5) Preferred Equity - Preferred Equity N/A N/A 67,800 Shares 65,250 45,335 (13)(19)
ChyronHego US Holding Corporation (5) First Lien Secured Debt - Term Loan SOFR+350, 1.75% Floor 06/30/29 60,874 61,414 60,874 (23)
First Lien Secured Debt - Revolver SOFR+600, 1.75% Floor 06/30/29 5,000 4,996 5,000 (18)(23)
131,660 111,209
FingerPaint Marketing
KL Charlie Acquisition Company First Lien Secured Debt - Term Loan SOFR+535, 1.00% Floor 12/30/29 12,809 12,715 12,671 (9)(22)
First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 12/30/29 3,764 3,751 3,723 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+535, 1.00% Floor 12/30/29 5,430 5,394 5,337 (9)(17)(18)(22)
First Lien Secured Debt - Revolver SOFR+535, 1.00% Floor 12/30/29 — (13 ) (21 ) (8)(9)(17)(18)
KL Charlie Co-Invest, L.P. Common Equity - Common Stock N/A N/A 218,978 Shares 220 296 (9)(13)
22,067 22,006
HALO Branded Solutions
HALO Buyer, Inc First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 08/07/29 8,587 8,460 8,321 (9)(22)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 08/07/29 609 590 568 (9)(17)(18)(22)
9,050 8,889

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Hero Digital
HRO (Hero Digital) Holdings, LLC First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor 11/18/28 26,560 26,327 25,560 (9)(23)
First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor 11/18/28 2,113 2,097 1,990 (9)(17)(18)(23)
HRO Holdings I LP Common Equity - Common Stock N/A N/A 213 Shares 213 77 (9)(13)
28,637 27,627
Wilson Language Training
Owl Parent Holdings, LLC Common Equity - Common Stock N/A N/A 100 Shares 100 166 (9)
Total Media 196,678 175,140
Multi-Utilities
Congruex
Congruex Group LLC First Lien Secured Debt - Term Loan SOFR+590, 1.50% Floor 05/03/29 15,977 15,813 10,385 (9)(10)(23)
SEER
GS SEER Group Borrower LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 04/29/30 3,159 3,098 2,916 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor 04/29/30 1,156 1,135 1,068 (9)(23)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 04/30/29 275 270 247 (9)(17)(18)(22)
GS SEER Group Holdings, LLC Common Equity - Common Stock N/A N/A 42 Shares 42 24 (9)(13)
4,545 4,255
Total Multi-Utilities 20,358 14,640
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 02/04/31 10,634 10,495 10,004 (9)(23)
Total Paper & Forest Products 10,495 10,004
Passenger Airlines
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5) First Lien Secured Debt - Revolver 10% 10/31/26 $ — $ — $ —
Common Equity - Membership Interests N/A N/A — 58,965 68,616 (13)(19)
Total Passenger Airlines 58,965 68,616
Personal Care Products
Dr. Scholl's
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 11/01/28 — (5 ) (13 ) (8)(9)(17)(18)
(5 ) (13 )

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
LashCo
Lash OpCo, LLC First Lien Secured Debt - Term Loan SOFR+510 Cash plus 2.00% PIK, 1.00% Floor 09/18/27 47,749 47,589 43,625 (9)(22)(23)
First Lien Secured Debt - Revolver SOFR+510 Cash plus 2.00% PIK, 1.00% Floor 09/18/27 — (13 ) (137 ) (8)(9)(17)(18)
47,576 43,488
RoC Skincare
RoC Holdco LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 02/21/31 12,517 12,295 12,410 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 02/21/31 4,107 4,080 4,072 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 02/21/30 — (27 ) (18 ) (8)(9)(17)(18)
16,348 16,464
Suave
Silk Holdings I Corp. Common Equity - Common Stock N/A N/A 100 Shares 100 247 (9)(13)
Silk Holdings III Corp. First Lien Secured Debt - Term Loan SOFR+450, 0.50% Floor 12/03/32 24,988 24,514 24,868 (9)(22)
24,614 25,115
Summer Fridays
Summer Fridays, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 05/16/31 21,890 21,599 21,577 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 05/16/31 — (23 ) (26 ) (8)(9)(16)(17)<br>(18)
21,576 21,551
Total Personal Care Products $ 110,109 $ 106,605
Pharmaceuticals
Alcresta Therapeutics Inc.
Alcresta Holdings, LP Preferred Equity - Preferred Equity N/A N/A 116 Shares $ 116 $ 84 (9)(13)
Common Equity - Common Stock N/A N/A 1,176 Shares 1 124 (9)(13)
Alcresta Therapeutics Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 03/12/31 9,237 9,187 9,170 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 03/12/31 103 95 100 (9)(17)(18)(23)
9,399 9,478
Avid Bioservices
Space Finco, Inc. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 02/05/32 10,505 10,367 10,390 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 02/05/32 6,880 6,760 6,758 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 02/05/31 — (39 ) (34 ) (8)(9)(17)(18)
Space Parent, LP Preferred Equity - Preferred Equity N/A N/A 99,000 Shares 99 99 (9)(13)
Common Equity - Common Stock N/A N/A 1,000 Shares 1 1 (9)(13)
17,188 17,214

See notes to the consolidated financial statements.

32

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Ora LLC
Orion Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500 (Inclusive of 4.37% PIK), 1.00% Floor 07/18/30 6,643 6,547 6,063 (9)(23)
First Lien Secured Debt - Revolver P+400, 1.00% Floor 07/18/30 1,123 1,104 1,001 (9)(17)(18)(20)<br>(22)
TVG Orion Blocker, Inc. Common Equity - Common Stock N/A N/A 2 Shares 110 — (9)(13)
Unsecured Debt - Promissory Note 11.34% 07/11/30 21 21 — (9)
7,782 7,064
PAI Pharma
Pai Middle Tier, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 02/13/32 26,285 25,880 25,363 (9)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 02/13/32 — (42 ) (123 ) (8)(9)(17)(18)
PAI Co-Investor FT Aggregator LLC Common Equity - Common Stock N/A N/A 100 Shares 100 66 (9)(13)
25,938 25,306
Sterling Pharma
Saffron Bidco Ltd First Lien Secured Debt - Term Loan SOFR+325 Cash plus 2.50% PIK, 0.75% Floor 09/24/31 14,365 14,149 13,939 (9)(15)(24)
First Lien Secured Debt - Term Loan EURIBOR+325 Cash plus 2.50% PIK, 0.75% Floor 09/24/31 102 112 113 (9)(15)(28)
First Lien Secured Debt - Delayed Draw SON+325 Cash plus 2.50% PIK, 0.75% Floor 09/24/31 £ — (62 ) (242 ) (8)(9)(15)(17)<br>(18)(21)
14,199 13,810
Trillium
Trillium Health Care Products Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 08/06/31 8,003 7,852 7,800 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 08/06/31 1,006 990 980 (9)(17)(18)(23)<br>(24)
First Lien Secured Debt - Revolver CORRA+525, 1.00% Floor 08/06/31 C — (15 ) (8)(9)(17)(18)
8,842 8,765
Total Pharmaceuticals 83,348 81,637
Professional Services
AGDATA
AGDATA Midco, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 07/01/30 5,392 5,330 5,328 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 07/01/30 706 682 659 (9)(17)(18)(22)
First Lien Secured Debt - Revolver P+375, 0.75% Floor 07/01/30 236 231 230 (9)(17)(18)(20)<br>(22)
6,243 6,217

All values are in Euros.

See notes to the consolidated financial statements.

33

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
BDO USA
BDO USA, P.A. First Lien Secured Debt - Term Loan SOFR+500, 2.00% Floor 08/31/28 11,670 11,670 11,355 (9)(23)
DCM Services
DCM Parent, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 03/12/31 5,035 4,960 4,999 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 03/12/31 — (27 ) (17 ) (8)(9)(17)(18)
4,933 4,982
DecisionHR
DecisionHR Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+425, 1.00% Floor 12/08/31 6,791 6,729 6,686 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+425, 1.00% Floor 12/08/31 — (10 ) (33 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+425, 1.00% Floor 12/08/31 — (10 ) (17 ) (8)(9)(17)(18)
6,709 6,636
Escalent
M&M OPCO, LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 04/07/29 11,792 11,606 11,565 (9)(23)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 04/07/29 152 146 143 (9)(17)(18)(23)
11,752 11,708
G&A
G&A Partners Holding Company II, LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 03/03/31 6,612 6,528 6,612 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 03/03/31 2,292 2,272 2,292 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 03/01/30 35 31 35 (9)(17)(18)(23)
8,831 8,939
Health & Safety Institute
HSI Halo Holdings, LLC Common Equity - Common Stock N/A N/A 1,010 Shares 46 1,394 (9)(13)
Lexitas
Chronicle Parent LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 04/15/31 6,967 6,909 6,953 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 04/15/31 393 383 389 (9)(17)(18)(22)<br>(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 04/15/31 — (6 ) (1 ) (8)(9)(17)(18)
7,286 7,341
North Highland
The North Highland Company LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 12/20/31 3,019 2,993 2,977 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 12/20/31 — (4 ) (15 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 12/20/30 97 91 86 (9)(17)(18)(22)
3,080 3,048

See notes to the consolidated financial statements.

34

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
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 5,810 5,758 4,562 (9)(23)
First Lien Secured Debt - Revolver SOFR+115 Cash plus 6.75% PIK, 1.00% Floor 04/12/27 594 593 466 (9)(18)(23)
6,351 5,028
Schlesinger Group
Schlesinger Global, LLC First Lien Secured Debt - Term Loan SOFR+585 Cash plus 0.50% PIK, 1.00% Floor 06/30/27 6,289 6,327 5,918 (9)(22)
Total Professional Services $ 73,228 $ 72,566
Software
Acronis AG
Angel Lux Bidco S.a.r.l. First Lien Secured Debt - Term Loan SOFR+525, 0.00% Floor 02/26/33 5,000 $ 4,952 $ 4,863 (15)(23)
Align
RMCF V CIV L, L.P. Common Equity - Common Stock N/A N/A 241 Shares 500 534 (9)(13)
American Megatrends
AMI Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 10/17/31 12,932 12,742 12,726 (9)(25)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 10/17/31 — (22 ) (30 ) (8)(9)(17)(18)
12,720 12,696
Asure Software
Asure Software, Inc. First Lien Secured Debt - Term Loan SOFR+500, 2.00% Floor 04/01/30 6,667 6,640 6,592 (9)(15)(22)
First Lien Secured Debt - Delayed Draw SOFR+500, 2.00% Floor 04/01/30 13,333 13,281 13,184 (9)(15)(22)
19,921 19,776
Beeline
IQN Holding Corp. First Lien Secured Debt - Term Loan SOFR+263 Cash plus 3.13% PIK, 0.75% Floor 05/02/29 4,475 4,475 4,144 (9)(23)
First Lien Secured Debt - Revolver SOFR+263 Cash plus 3.13% PIK, 0.75% Floor 05/02/28 158 158 139 (9)(17)(18)(23)
4,633 4,283
Calero Holdings, Inc.
Telesoft Holdings, LLC First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor 05/31/27 21,307 21,262 21,124 (22)
First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor 05/31/27 417 412 397 (17)(18)(22)
21,674 21,521
Digital.ai
Digital.ai Software Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 08/10/28 22,574 22,292 21,255 (9)(23)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 08/10/28 242 221 100 (9)(17)(18)(22)
22,513 21,355

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
EVER.AG Corporation
EVER.AG Corporation First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor 06/24/27 20,482 20,348 20,450 (9)(22)
First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor 06/24/27 — (5 ) (2 ) (8)(9)(17)(18)
20,343 20,448
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC First Lien Secured Debt - Term Loan SOFR+450, 0.75% Floor 03/18/32 16,901 16,757 16,695 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+450, 0.75% Floor 03/18/32 — (23 ) (69 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+450, 0.75% Floor 03/18/32 — (20 ) (30 ) (8)(9)(17)(18)
16,714 16,596
G2CI
Evergreen IX Borrower 2023, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 09/30/30 7,025 7,025 6,824 (9)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 10/01/29 — — (23 ) (8)(9)(17)(18)
7,025 6,801
Instem
Ichor Management Limited First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 12/08/29 8,838 8,692 8,364 (9)(15)(24)
Litify
Litify Holdings Inc. Common Equity - Common Stock N/A N/A 217,892 Shares 107 438 (9)(13)
Litify LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 02/02/29 29,094 28,617 28,207 (9)(22)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 02/02/29 — (11 ) (25 ) (8)(9)(17)(18)
28,713 28,620
Lookout
Lookout, Inc. First Lien Secured Debt - Term Loan SOFR+625, 3.00% Floor 06/01/29 5,000 4,984 4,958 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+625, 3.00% Floor 06/01/29 5,000 4,984 4,958 (9)(22)
9,968 9,916
mPulse
mPulse Mobile, Inc. First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 08/26/32 8,037 7,960 7,664 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 08/26/32 — (7 ) (36 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 08/26/32 — (11 ) (55 ) (8)(9)(17)(18)
7,942 7,573

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
MYCOM
Magnate Holding Corp. First Lien Secured Debt - Term Loan SOFR+625 PIK, 0.50% Floor 12/31/26 21,344 21,351 19,440 (9)(15)(23)
Naviga
Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Term Loan 5.15% 09/30/26 12,909 10,513 5,857 (9)(14)
First Lien Secured Debt - Delayed Draw 5.15% 09/30/26 2,207 1,780 1,000 (9)(14)(17)(18)
First Lien Secured Debt - Revolver 5.15% 09/30/26 500 474 227 (9)(14)(18)
12,767 7,084
New Relic
Crewline Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 11/08/30 5,623 5,582 5,476 (9)(23)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 11/08/30 — — (10 ) (8)(9)(17)(18)
5,582 5,466
Poppulo, Inc.
Four Winds Interactive LLC First Lien Secured Debt - Term Loan SOFR+575, 0.75% Floor 02/20/30 7,485 7,369 7,264 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+575, 0.75% Floor 02/20/30 1,460 1,435 1,417 (9)(23)
First Lien Secured Debt - Revolver SOFR+575, 0.75% Floor 02/20/30 — (14 ) (29 ) (8)(9)(16)(17)<br>(18)
8,790 8,652
Riverbed Technology, Inc.
Riverbed Technology, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 04/03/28 — (5 ) (11 ) (8)(17)(18)
Simeio
Simeio Group Holdings, Inc. First Lien Secured Debt - Term Loan 10.74% 01/31/28 8,128 8,115 5,609 (9)(14)(33)
First Lien Secured Debt - Revolver 10.74% 01/31/28 884 876 610 (9)(14)(18)(33)
8,991 6,219
Solera
Polaris Newco, LLC First Lien Secured Debt - Term Loan SOFR+426, 0.50% Floor 06/02/28 8,024 7,990 6,994 (10)(23)
SPS Commerce, Inc.
Common Equity - Common Stock N/A N/A 837 Shares 62 48 (10)(13)(15)
Texada
Texada Software LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 04/30/30 6,923 6,824 6,689 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 04/30/30 2,051 2,021 1,982 (9)(22)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 04/30/30 77 64 42 (9)(17)(18)(22)
8,909 8,713

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
The Weather Company
Zephyr Buyer, L.P. First Lien Secured Debt - Term Loan SOFR+475, 0.50% Floor 01/31/31 30,248 29,660 29,712 (9)(22)
First Lien Secured Debt - Revolver SOFR+475, 0.50% Floor 01/31/31 — (65 ) (72 ) (8)(9)(17)(18)
29,595 29,640
Uniguest
Uniguest Holdings, Inc First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 11/27/30 19,544 19,308 19,219 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 11/27/30 — (22 ) (66 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 11/27/30 — (13 ) (20 ) (8)(9)(17)(18)
19,273 19,133
Uplight
Uplight, Inc. First Lien Secured Debt - Term Loan SOFR+600, 4.00% Floor 06/01/29 10,000 9,935 9,999 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+600, 4.00% Floor 06/01/29 — — — (9)(18)
First Lien Secured Debt - Revolver SOFR+350, 4.00% Floor 06/01/29 300 300 300 (9)(17)(18)(22)
10,235 10,299
Zafin
Zafin Labs Americas Incorporated First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 02/14/31 16,667 16,462 16,480 (9)(15)(24)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 02/14/31 — (39 ) (37 ) (8)(9)(15)(17)<br>(18)
16,423 16,443
Zendesk
Zendesk, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 11/22/28 6,587 6,587 6,120 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 11/22/28 1,680 1,680 1,560 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 11/22/28 — — (49 ) (8)(9)(16)(17)<br>(18)
8,267 7,631
Total Software 344,540 329,097
Specialty Retail
Club Champion
Club Champion LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 06/14/29 8,974 8,882 8,894 (9)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 06/14/29 669 652 653 (9)(17)(18)(23)
9,534 9,547
EG Group
EG Global Finance PLC First Lien Secured Debt - Corporate Bond SOFR+750, 0.50% Floor 11/30/28 6,267 6,378 6,557 (15)(23)
Total Specialty Retail 15,912 16,104

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Technology Hardware, Storage & Peripherals
Accelevation, LLC
Accelevation LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 01/02/31 4,151 $ 4,096 $ 4,114 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 01/02/31 2,212 2,178 2,181 (9)(17)(18)(22)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 01/02/31 — (26 ) (21 ) (8)(9)(17)(18)
6,248 6,274
Biamp
Biamp First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 04/30/30 820 809 752 (9)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 04/30/30 28 26 18 (9)(16)(17)(18)(22)
835 770
BusPatrol
BusPatrol Holdco First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 08/02/29 8,333 8,276 8,208 (9)(22)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 08/02/29 8,333 8,312 8,209 (9)(22)
First Lien Secured Debt - Revolver SOFR+400, 1.00% Floor 08/02/29 1,733 1,718 1,708 (9)(17)(18)(22)
18,306 18,125
Total Technology Hardware, Storage & Peripherals $ 25,389 $ 25,169
Textiles, Apparel & Luxury Goods
Iconix Brand Group
IBG Borrower LLC First Lien Secured Debt - Term Loan SOFR+515, 1.00% Floor 08/22/31 5,719 $ 5,674 $ 5,614 (9)(23)
First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 08/22/31 3,366 3,304 3,304 (9)(23)
8,978 8,918
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC Common Equity - Common Stock N/A N/A 3,060 Shares 575 255 (13)(30)
Galaxy Universal LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 05/12/28 16,241 16,233 15,389 (23)(24)
First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor 05/12/28 2,480 2,480 2,382 (23)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 05/12/28 761 749 719 (23)
20,037 18,745
Total Textiles, Apparel & Luxury Goods $ 29,015 $ 27,663

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
Trading Companies & Distributors
Banner Solutions
Banner Buyer, LLC First Lien Secured Debt - Term Loan 10.24% 05/31/27 12,377 $ 11,903 5,336 (9)(14)
First Lien Secured Debt - Delayed Draw 10.24% 05/31/27 3,022 2,899 1,303 (9)(14)
First Lien Secured Debt - Revolver 10.24% 05/31/27 592 565 (509 ) (8)(9)(14)(17)<br>(18)
Banner Parent Holdings, Inc. Common Equity - Common Stock N/A N/A 6,125 Shares 613 — (9)(13)
15,980 6,130
LSG
Lindstrom, LLC First Lien Secured Debt - Term Loan SOFR+550, 0.75% Floor 12/30/32 11,471 11,300 11,338 (9)(24)
First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor 12/30/32 — (49 ) (41 ) (8)(9)(16)(17)<br>(18)
11,251 11,297
MacQueen Equipment, LLC
MacQueen Equipment, LLC First Lien Secured Debt - Delayed Draw SOFR+551, 1.00% Floor 01/07/28 6,039 6,015 5,962 (9)(17)(18)(22)<br>(23)
McNichols Company
Patriot MCN Buyer Corp. First Lien Secured Debt - Term Loan SOFR+475, 1.75% Floor 10/01/31 3,864 3,820 3,797 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.75% Floor 10/01/31 — (4 ) (12 ) (8)(9)(17)(18)
First Lien Secured Debt - Revolver SOFR+475, 1.75% Floor 10/01/31 — (5 ) (7 ) (8)(9)(17)(18)
3,811 3,778
Meritus Gas Partners
MGP Holdings III Corp. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 03/01/30 13,994 13,816 13,799 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 03/01/30 2,012 1,983 1,975 (9)(17)(18)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 03/01/30 366 363 355 (9)(17)(18)(23)
16,162 16,129
ORS Nasco
WC ORS Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 08/07/31 9,374 9,251 9,313 (9)(23)
WC ORS Holdings, L.P. Common Equity - Common Stock N/A N/A 100,000 Shares 100 220 (9)(13)
9,351 9,533

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (33) Fair Value (1)(34)
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 10,692 10,574 10,330 (9)(23)
First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor 08/10/27 3,608 3,591 3,485 (9)(23)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 08/10/27 131 125 86 (9)(17)(18)(23)
14,534 14,072
Total Trading Companies & Distributors $ 77,104 $ 66,901
Total Investments before Cash Equivalents $ 3,061,809 $ 2,770,342 (7)(12)
J.P. Morgan U.S. Government Money Market Fund N/A N/A 185 $ 185 $ 185 (11)
Total Investment after Cash Equivalents $ 3,061,994 $ 2,770,527

All values are in US Dollars.

Derivative Instrument Settlement Date Notional amount to be purchased Notional amount to be sold Footnote Reference
Foreign currency forward contract 9/16/2026 $ 12,981 C$ 18,045 Note 5
Foreign currency forward contract 9/16/2026 8,479 € 7,285 Note 5
Foreign currency forward contract 9/16/2026 35,974 £ 26,815 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 June 30, 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.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 June 30, 2026 along with transactions during the six months ended June 30, 2026 in these affiliated investments are as follows:
Name of Issuer Fair Value at December 31, 2025 Gross Additions <br>● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at June 30, 2026 Net Realized Gains (Losses) Interest/<br>Dividend/<br>Other Income
1244311 B.C. Ltd.,Common Stock $ 66 — — (23 ) 42 — —
Carbonfree Chemicals Holdings LLC,Common Equity / Interest 18,332 — — (3,758 ) 14,574 — —
FC2 LLC,Common Stock — — — — — — —
FC2 LLC,Term Loan 12,373 — — (215 ) 12,158 — 405
Golden Bear 2016-R, LLC,Membership Interests 8,033 107 (576 ) (178 ) 7,385 — 456
Surf Opco, LLC,Class A-1 Common 115 — — 40 155 — —
Surf Opco, LLC,Class P-1 Preferred 2,683 — — 277 2,960 — —
Surf Opco, LLC,Revolver 19,829 5,729 (7,581 ) (7 ) 17,971 — 806
Surf Opco, LLC,Term Loan 9,431 18 (174 ) 113 9,253 (135 ) 384
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests 10,317 — (701 ) (2,061 ) 7,555 — —
Blue Jay Transit Inc.,Term Loan 19,344 9,583 (133 ) (3,020 ) 25,779 4 —
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests 2,628 — — 215 2,843 — —
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan 3,962 — — (12 ) 3,950 — 195
Third Lane Mobility Inc.,Common Stock — — — — — — —
Third Lane Mobility Inc.,Warrants — — — — — — —
Amplity Parent, Inc.,Revolver — 359 — (42 ) 317 — 57
Amplity Parent, Inc.,Term Loan — 11,511 — (3,319 ) 8,189 (0 ) 260
Amplity Topco, LLC,Common Stock — — — — — — —
Amplity Topco, LLC,Preferred Equity — 17,556 — (6,501 ) 11,055 — —
$ 107,111 44,863 (9,165 ) (18,491 ) 124,185 (131 ) 2,563

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.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 June 30, 2026 along with transactions during the six months ended June 30, 2026 in these controlled investments are as follows:
Name of Issuer Fair Value at December 31, 2025 Gross Additions <br>● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at June 30, 2026 Net Realized Gains (Losses) Interest/<br>Dividend/<br>Other Income
Majority Owned Company
ChyronHego US Holding Corporation $ 19,467 3,502 (17,956 ) (11 ) 5,000 (2 ) 941
ChyronHego US Holding Corporation 105,906 — (44,287 ) (745 ) 60,874 — 3,818
ChyronHego Corporation 13,045 59,250 — (26,960 ) 45,335 — —
Merx Aviation Finance, LLC 84,222 — (15,924 ) 318 68,616 — —
Merx Aviation Finance, LLC 18,576 — (18,576 ) — — — 209
$ 241,216 62,752 (96,743 ) (27,398 ) 179,825 (2 ) 4,968

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 June 30, 2026, the Company had a 93.14% 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.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 $26,955 and $357,709, respectively. Net unrealized loss is $330,754 based on a tax cost of $3,101,096.
  • 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 June 30, 2026, non-qualifying assets represented approximately 7.7% of the total assets of the Company.
  • As of June 30, 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.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

  • As of June 30, 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 Drawn Commitment Letters of Credit ** Undrawn Commitment
ACP Avenu Buyer, LLC $ 7,247 322 — 6,925
ACP Packaging Intermediateco, LLC 1,829 305 — 1,524
AGDATA Midco, LLC 3,828 236 — 3,592
AMI Buyer, Inc. 1,905 — — 1,905
Accelevation LLC 3,540 — — 3,540
Acentra Holdings, LLC (fka CNSI Holdings, LLC) 2,000 — — 2,000
Alcresta Therapeutics Inc. 441 103 — 338
All Star Recruiting Locums, LLC 3,478 848 — 2,630
American Restoration Holdings, LLC 7,634 2,268 — 5,366
Amplity Parent, Inc. 2,796 359 — 2,437
Amylu Borrower Sub, LLC 3,747 — — 3,747
Arcadia Solutions, Inc. 1,786 — — 1,786
Aspen Aerogels, Inc. 100 11 — 89
Athlete Buyer, LLC 5,237 3,201 368 1,668
August Bioservices, LLC 500 275 — 225
Banner Buyer, LLC 1,935 592 — 1,343
Berner Food & Beverage, LLC 2,881 2,167 — 714
Biamp 120 28 4 88
Bingo Group Buyer, Inc. 3,508 25 — 3,483
Birch Group of Clinics Acquireco Inc. 1,702 — — 1,702
Blue Jay Transit Inc. — — — —
Brush Group Bidco Limited* 1,989 — — 1,989
Bullcave Limited 5,526 4,052 — 1,474
BusPatrol Holdco 2,000 1,733 — 267
CARDS-Live Oak Holdings, Inc. 1,030 355 — 675
CI (MG) GROUP, LLC 4,411 1,164 — 3,247
CRS Holdings, Inc. 943 — 194 749
CSC Holdings, LLC 100 90 6 4
Camin Cargo Control Holdings, Inc. 1,000 827 — 173
Cerus Corporation 3,000 2,476 — 524
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) 333 — 127 206
Chronicle Parent LLC 2,570 — — 2,570
ChyronHego US Holding Corporation 15,000 5,000 — 10,000
CircusTrix Holdings LLC 1,000 1,000 — —
Club Car Wash Operating, LLC 1,625 1,625 — —
Club Champion LLC 1,807 668 — 1,139
Colonnade Parent Inc (fka Naviga Inc.) 502 500 — 2
Cool Buyer, Inc. 6,667 3,637 — 3,030
Coretrust Purchasing Group LLC (HPG Enterprises LLC) 677 — — 677
Crewline Buyer, Inc. 377 — — 377
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. 2,419 242 — 2,177

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
Distinct Holdings Inc 1,758 996 469 293
EVER.AG Corporation 1,257 — — 1,257
Eagle Purchaser, Inc. 698 698 — —
Eagle U.S. Purchaser, Inc. 1,421 — 131 1,290
Eldrickco Limited* 929 472 — 457
EmpiRx Health LLC 909 — — 909
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 1,085 223 1,158
F&M Buyer LLC 8,099 — — 8,099
Flow Control Intermediate Holdings 2.0, LLC 3,853 — — 3,853
Four Winds Interactive LLC 976 — 6 970
G&A Partners Holding Company II, LLC 352 35 — 317
GI Apple Midco LLC 556 369 75 112
GS SEER Group Borrower LLC 367 275 — 92
Gabriel Partners, LLC 699 663 — 36
Gateway US Holdings, Inc. 1,184 — — 1,184
Genius Bidco LLC 1,160 — — 1,160
Go Car Wash Management Corp. 417 83 — 334
Green Grass Foods, Inc. 1,249 436 — 813
HALO Buyer, Inc 1,303 607 — 696
HEF Safety Ultimate Holdings, LLC 1,500 — — 1,500
HRO (Hero Digital) Holdings, LLC 2,657 2,113 — 544
Health Management Associates Superholdings, Inc. 284 — 2 282
Heniff Holdco, LLC 4,019 3,887 132 —
High Street Buyer, Inc. 2,203 — 10 2,193
Hive Intermediate, LLC 2,326 — — 2,326
IOTA HOLDINGS 3 4,825 1,327 6 3,492
IQN Holding Corp. 264 158 — 106
IW Buyer LLC 393 — 11 382
Ideal Components Acquisition, LLC 4,408 775 119 3,514
Jacent Strategic Merchandising, LLC 3,500 2,779 — 721
Justin's LLC 833 — — 833
KL Charlie Acquisition Company 5,141 — — 5,141
Kauffman Intermediate, LLC 1,407 1,407 — —
Kure Pain Holdings, Inc. 2,654 505 — 2,149
LS Clinical Services Holdings, Inc. 1,875 1,077 — 798
Lash OpCo, LLC 1,612 — — 1,612
LendingPoint 2018-1 Funding Trust 9,375 9,354 — 21
Lifelong Learner Holdings, LLC 597 594 — 3
Lindstrom, LLC 3,500 — 488 3,012
Litify LLC 833 — — 833
Lotus Topco Inc. 962 — — 962
Lunar Buyer, LLC 10,909 1,727 — 9,182
M&M OPCO, LLC 476 152 — 324
MGP Holdings III Corp. 1,363 366 — 997
MRO Parent Corporation 741 — — 741
MacQueen Equipment, LLC 3,828 — — 3,828
Marlin DTC-LS Midco 2, LLC 479 — — 479
Maxor National Pharmacy Services, LLC 1,530 — — 1,530
McClatchy Media Company, LLC (fka Accelerate360 Holdings, LLC) 2,544 1,246 — 1,298
Medical Guardian, LLC 3,810 381 — 3,429
Merative L.P. 882 — — 882
Mersino, Inc. (fka Ironhorse Purchaser, LLC) 483 38 32 413

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
Metz Culinary Management, LLC 822 — — 822
Midwest Vision Partners Management, LLC 612 612 — —
Mobile Communications America, Inc. 3,231 — — 3,231
Munson Buffalo Restaurant Group LLC 947 — — 947
NCP-MSI Buyer 2,667 1,903 — 764
NPPI Buyer, LLC 7,895 — — 7,895
Natus Sensory, Inc. 4,150 — — 4,150
NeuroPace, Inc. 1,500 — — 1,500
New Era Technology, Inc. 1,732 416 — 1,316
Norvax, LLC (dba GoHealth) 1,591 1,085 — 506
OMH-Healthedge Holdings, Inc. 1,312 — — 1,312
Olympus Terminals Holdco II LLC 6,373 — 1,633 4,740
Orion Buyer, LLC 1,401 1,123 — 278
Overhaul Group, Inc. 4,286 — — 4,286
PMA Parent Holdings, LLC 987 — — 987
Pace Health Companies, LLC 4,399 — 138 4,261
Pai Middle Tier, LLC 3,500 — — 3,500
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.) 1,307 131 — 1,176
Paladone Group Bidco Limited 1,412 1,271 — 141
Paladone Group Bidco Limited* 468 468 — —
Patriot Foods Buyer, Inc. 584 26 — 558
Patriot MCN Buyer Corp. 1,127 — — 1,127
Pavement Preservation Acquisition, LLC 1,829 713 — 1,116
Poly-Wood, LLC 409 — — 409
Precision Refrigeration & Air Conditioning LLC 2,273 227 — 2,046
Protein For Pets Opco, LLC 896 — — 896
Pure Upper Holdco LLC 3,556 — — 3,556
R.F. Fager Company, LLC 274 133 — 141
RHI Acquisition LLC 660 198 — 462
Rarebreed Veterinary Partners, Inc. 957 — 43 914
Regis Corporation 4,167 172 833 3,162
Relevant Industrial, LLC 5,439 179 — 5,260
Riverbed Technology, Inc. 160 — — 160
RoC Holdco LLC 2,195 — — 2,195
Ronnoco Holdings, Inc. 2,172 579 — 1,593
SEV Intermediate Holdco, LLC 1,667 325 — 1,342
Saffron Bidco Ltd* 8,156 — — 8,156
Shelby 2021 Holdings Corp. 2,664 — — 2,664
Shout! Factory LLC 1,579 434 — 1,145
Simeio Group Holdings, Inc. 884 884 — —
Smith Topco, Inc. 1,128 98 — 1,030
Space Finco, Inc. 7,447 — — 7,447
Sperry Acquisition, LLC 615 154 — 461
Summer Fridays, LLC 1,852 — 73 1,779
Surf Opco, LLC 23,333 18,032 1,667 3,634
TCW Midco LLC 1,139 — — 1,139
THLP CO., LLC 4,494 2,593 253 1,648
TS Investors, LLC 1,885 — — 1,885
Tarrytown Acquisition Holdings, LLC 1,417 — — 1,417
Tasty Chick'n LLC 2,041 878 — 1,163
TeamLINX Buyer, LLC 1,429 — — 1,429
Telesoft Holdings, LLC 2,273 417 — 1,856
Texada Software LLC 1,026 77 — 949
The North Highland Company LLC 1,935 97 — 1,838

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
Thomas Scientific, LLC 3,092 2,352 — 740
Total Power Limited 4,900 285 9 4,606
Total Power Limited* 2,218 100 6 2,112
Traffic Management Solutions, LLC 5,956 — 59 5,897
Trench Plate Rental Co. 1,818 1,673 13 132
Trillium Health Care Products Inc. 1,038 1,006 — 32
Trillium Health Care Products Inc.* 590 — — 590
Truck-Lite Co., LLC 1,274 — — 1,274
Tyber Medical LLC 2,492 678 — 1,814
Tyber Medical LLC* 327 327 — —
USLS Acquisition, Inc. 2,979 683 75 2,221
Ultra Clean Holdco LLC 6,964 — — 6,964
Unchained Labs, LLC 726 — — 726
Uniguest Holdings, Inc 5,159 — — 5,159
Uplight, Inc. — — — —
Village Pet Care, LLC 4,950 803 — 4,147
Vixxo Corporation 1,250 — — 1,250
Vybond Buyer, LLC 7,666 — — 7,666
WH BorrowerCo, LLC 5,013 583 — 4,430
WelldyneRX, LLC 1,923 — — 1,923
Zafin Labs Americas Incorporated 3,333 — — 3,333
Zendesk, Inc. 696 — 7 689
Zephyr Buyer, L.P. 3,952 — — 3,952
ePac Holdings LLC 4,000 — — 4,000
mPulse Mobile, Inc. 1,923 — — 1,923
Total Commitments $ 459,052 109,429 7,212 342,411

All values are in US Dollars.

* These investments are in a foreign currency and the total commitment has been converted to USD using the June 30, 2026 exchange rate.

**For all letters of credit issued and outstanding on June 30, 2026, $5,671 will expire in 2026, $1,137 will expire in 2027, $214 will expire in 2029 and $190 will expire in 2030.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 June 30, 2026, the aggregate fair value of these securities is $146,564 or 13% 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
Amplity Topco, LLC Preferred Equity - Preferred Equity 4/20/2026
Amplity Topco, LLC Common Equity - Common Equity / Interest 4/20/2026
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
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
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 June 30, 2026 was 6.75%.
  • The interest rate on these loans is subject to SONIA, which as of June 30, 2026 was 3.73%.
  • The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2026 was 3.65%.
  • The interest rate on these loans is subject to 3 months SOFR, which as of June 30, 2026 was 3.73%.
  • The interest rate on these loans is subject to 6 months SOFR, which as of June 30, 2026 was 3.85%.
  • The interest rate on these loans is subject to 12 months SOFR, which as of June 30, 2026 was 3.99%.
  • The interest rate on these loans is subject to 1 month CORRA, which as of June 30, 2026 was 2.28%.
  • The interest rate on these loans is subject to 3 months EURIBOR, which as of June 30, 2026 was 2.32%.
  • The interest rate on these loans is subject to 6 months EURIBOR, which as of June 30, 2026 was 2.57%.
  • 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.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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.
  • The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of June 30, 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 $ 17,171 $ — $ — $ — $ 49 $ 110 $ — $ 17,330
Air Freight & Logistics 25,911 — — — — — — 25,911
Automobile Components 20,170 — — — — 23,856 — 44,026
Beverages 5,749 — — — 100 — — 5,849
Biotechnology — — — — 333 — 389 722
Building Products 4,942 — — — — — — 4,942
Chemicals 26,150 — — — — — — 26,150
Commercial Services & Supplies 118,375 — — — 111 683 — 119,169
Communications Equipment 10,100 — — — — 584 — 10,684
Construction & Engineering 57,598 — — — 4 50 — 57,652
Consumer Finance 57,646 — 1,842 — 2,943 750 — 63,181
Consumer Staples Distribution & Retail 42,465 — — — — 169 — 42,634
Containers & Packaging 70,298 — — — — — — 70,298
Diversified Consumer Services 206,999 — — — — 632 — 207,631
Diversified Telecommunication Services 71 — 1,524 — — — — 1,595
Electrical Equipment 33,230 — — — — 250 — 33,480
Electronic Equipment, Instruments & Components 71,316 — — — — — — 71,316
Energy Equipment & Services 3,797 — — — — — — 3,797
Entertainment 13,330 — — — — — — 13,330
Financial Services 74,587 — — — 534 17,006 — 92,127
Food Products 68,731 — — — 448 1,688 — 70,867
Ground Transportation 46,481 — — — — — — 46,481
Health Care Equipment & Supplies 84,006 — — — — — — 84,006
Health Care Providers & Services 261,182 — — — 76 417 — 261,675
Health Care Technology 62,033 92 — — — — — 62,125
Hotels, Restaurants & Leisure 96,728 — — — — — — 96,728
Household Durables 30,671 — — — — — — 30,671
Insurance 51,031 — — — — — — 51,031
Interactive Media & Services 2,195 7,686 — — — — — 9,881
IT Services 75,880 — — — 10,818 77 — 86,775

See notes to the consolidated financial statements.

50

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 $ 8,457 — — — 492 93 — 9,042
Life Sciences Tools & Services 19,212 — — — — — — 19,212
Machinery 63,808 — — — — — — 63,808
Media 63,851 — — — 557 610 — 65,018
Multi-Utilities 20,316 — — — — 42 — 20,358
Paper & Forest Products 10,495 — — — — — — 10,495
Personal Care Products 110,009 — — — — 100 — 110,109
Pharmaceuticals 82,900 — 21 — 215 212 — 83,348
Professional Services 73,182 — — — — 46 — 73,228
Software 343,871 — — — — 669 — 344,540
Specialty Retail 15,912 — — — — — — 15,912
Technology Hardware, Storage & Peripherals 25,389 — — — — — — 25,389
Textiles, Apparel & Luxury Goods 28,440 — — — — 575 — 29,015
Trading Companies & Distributors 76,147 — — — — 957 — 77,104
Total Non-Controlled / <br>Non-Affiliated Investments $ 2,580,832 $ 7,778 $ 3,387 $ — $ 16,680 $ 49,576 $ 389 $ 2,658,642
Non-Controlled / Affiliated Investments
Chemicals 12,500 — — — — 56,505 — 69,005
Consumer Finance — — — 18,708 — — — 18,708
Electronic Equipment, Instruments & Components 32,106 — — — 1,713 — — 33,819
Financial Services — — — 13,543 — — — 13,543
Ground Transportation 32,843 — — — — 722 — 33,565
Health Care Providers & Services 11,867 17,556 29,423
Hotels, Restaurants & Leisure 8,739 — — — — 4,740 — 13,479
Leisure Products — — — — — 1,000 — 1,000
Total Non-Controlled / Affiliated Investments $ 98,055 $ — $ — $ 32,251 $ 19,269 $ 62,967 $ — $ 212,542
Controlled Investments
Media 66,410 — — — 65,250 — — 131,660
Passenger Airlines — — — — — 58,965 — 58,965
Total Controlled Investments $ 66,410 $ — $ — $ — $ 65,250 $ 58,965 $ — $ 190,625
Total $ 2,745,297 $ 7,778 $ 3,387 $ 32,251 $ 101,199 $ 171,508 $ 389 $ 3,061,809

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 June 30, 2026:
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 / Non-Affiliated Investments
Aerospace & Defense $ 17,193 $ — $ — $ — $ 47 $ 165 $ — $ 17,405 1.58 %
Air Freight & Logistics 26,209 — — — — — — 26,209 2.38 %
Automobile Components 19,781 — — — — 458 — 20,239 1.84 %
Beverages 5,804 — — — 100 — — 5,904 0.54 %
Biotechnology — — — — 333 146 134 613 0.06 %
Building Products 4,928 — — — — — — 4,928 0.45 %
Chemicals 25,847 — — — — — — 25,847 2.35 %
Commercial Services & Supplies 117,957 — — — 89 452 — 118,498 10.76 %
Communications Equipment 9,435 — — — — 129 — 9,564 0.87 %
Construction & Engineering 52,596 — — — 8 30 — 52,634 4.78 %
Consumer Finance 38,377 — 1,842 — — — — 40,219 3.65 %
Consumer Staples Distribution & Retail 42,252 — — — — — — 42,252 3.84 %
Containers & Packaging 69,960 — — — — — — 69,960 6.35 %
Diversified Consumer Services 203,344 — — — — 1,270 — 204,614 18.58 %
Diversified Telecommunication Services 56 — 1,189 — — — — 1,245 0.11 %
Electrical Equipment 22,427 — — — — — — 22,427 2.04 %
Electronic Equipment, Instruments & Components 71,113 — — — — — — 71,113 6.46 %
Energy Equipment & Services 3,626 — — — — — — 3,626 0.33 %
Entertainment 13,280 — — — — — — 13,280 1.21 %
Financial Services 74,291 — — — 509 545 — 75,345 6.84 %
Food Products 68,653 — — — 554 1,512 — 70,719 6.42 %
Ground Transportation 42,605 — — — — — — 42,605 3.87 %
Health Care Equipment & Supplies 84,044 — — — — — — 84,044 7.63 %
Health Care Providers & Services 236,733 — — — 103 326 — 237,162 21.53 %

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 % of Net Assets
Health Care Technology 62,077 51 — — — — — 62,128 5.64 %
Hotels, Restaurants & Leisure 87,107 — — — — — — 87,107 7.91 %
Household Durables 26,182 — — — — — — 26,182 2.38 %
Insurance 49,526 — — — — — — 49,526 4.50 %
Interactive Media & Services 2,242 — — — — — — 2,242 0.20 %
IT Services 72,544 — — — 633 116 — 73,293 6.66 %
Leisure Products 8,364 — — — 211 92 — 8,667 0.79 %
Life Sciences Tools & Services 18,578 — — — — — — 18,578 1.69 %
Machinery 63,840 — — — — — — 63,840 5.80 %
Media 62,581 — — — 773 577 — 63,931 5.80 %
Multi-Utilities 14,616 — — — — 24 — 14,640 1.33 %
Paper & Forest Products 10,004 — — — — — — 10,004 0.91 %
Personal Care Products 106,358 — — — — 247 — 106,605 9.68 %
Pharmaceuticals 81,263 — — — 183 191 — 81,637 7.41 %
Professional Services 71,172 — — — — 1,394 — 72,566 6.59 %
Software 328,077 — — — — 1,020 — 329,097 29.88 %
Specialty Retail 16,104 — — — — — — 16,104 1.46 %
Technology Hardware, Storage & Peripherals 25,169 — — — — — — 25,169 2.29 %
Textiles, Apparel & Luxury Goods 27,408 — — — — 255 — 27,663 2.51 %
Trading Companies & Distributors 66,510 — — — — 391 — 66,901 6.07 %
Total Non-Controlled / <br>Non-Affiliated Investments $ 2,450,233 $ 51 $ 3,031 $ — $ 3,543 $ 9,340 $ 134 $ 2,466,332 223.94 %
% of Net Assets 222.48 % 0.00 % 0.28 % 0.00 % 0.32 % 0.85 % 0.01 % 223.94 %

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 % of Net Assets
Non-Controlled / Affiliated Investments
Chemicals 12,158 — — — — 14,574 — 26,732 2.43 %
Consumer Finance — — — 7,555 — — — 7,555 0.69 %
Electronic Equipment, Instruments & Components 27,223 — — — 2,960 155 — 30,338 2.75 %
Financial Services — — — 7,385 — — — 7,385 0.67 %
Ground Transportation 25,779 — — — — — — 25,779 2.34 %
Health Care Providers & Services 8,506 — — — 11,055 — — 19,561 1.78 %
Hotels, Restaurants & Leisure 3,950 — — — — 2,843 — 6,793 0.62 %
Leisure Products — — — — — 42 — 42 0.00 %
Total Non-Controlled / Affiliated Investments $ 77,616 $ — $ — $ 14,940 $ 14,015 $ 17,614 $ — $ 124,185 11.28 %
% of Net Assets 7.05 % 0.00 % 0.00 % 1.36 % 1.27 % 1.60 % 0.00 % 11.28 %
Controlled Investments
Media 65,874 — — — 45,335 — — 111,209 10.10 %
Passenger Airlines — — — — — 68,616 — 68,616 6.23 %
Total Controlled Investments $ 65,874 $ — $ — $ — $ 45,335 $ 68,616 $ — $ 179,825 16.33 %
% of Net Assets 5.98 % 0.00 % 0.00 % 0.00 % 4.12 % 6.23 % 0.00 % 16.33 %
Total $ 2,593,723 $ 51 $ 3,031 $ 14,940 $ 62,893 $ 95,570 $ 134 $ 2,770,342 251.55 %
% of Net Assets 235.51 % 0.00 % 0.28 % 1.36 % 5.71 % 8.68 % 0.01 % 251.55 %

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)

Industry Classification Percentage of Total Investments (at Fair Value) as of June 30, 2026
Software 11.9%
Health Care Providers & Services 9.4%
Diversified Consumer Services 7.4%
Media 6.4%
Commercial Services & Supplies 4.4%
Personal Care Products 3.8%
Electronic Equipment, Instruments & Components 3.7%
Hotels, Restaurants & Leisure 3.4%
Health Care Equipment & Supplies 3.0%
Financial Services 3.0%
Pharmaceuticals 2.9%
IT Services 2.6%
Professional Services 2.6%
Food Products 2.6%
Containers & Packaging 2.5%
Passenger Airlines 2.5%
Ground Transportation 2.5%
Trading Companies & Distributors 2.4%
Machinery 2.3%
Health Care Technology 2.2%
Construction & Engineering 1.9%
Chemicals 1.9%
Insurance 1.8%
Consumer Finance 1.7%
Consumer Staples Distribution & Retail 1.5%
Textiles, Apparel & Luxury Goods 1.0%
Air Freight & Logistics 0.9%
Household Durables 0.9%
Technology Hardware, Storage & Peripherals 0.9%
Electrical Equipment 0.8%
Automobile Components 0.7%
Life Sciences Tools & Services 0.7%
Aerospace & Defense 0.6%
Specialty Retail 0.6%
Multi-Utilities 0.5%
Entertainment 0.5%
Paper & Forest Products 0.4%
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%
Biotechnology 0.0%
Total Investments 100.0%

See notes to the consolidated financial statements.

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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.

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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.

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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)
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 1,246 Shares 56,505 18,332 (13)(31)(19)(31)
FC2 LLC (4) Common Equity - Common Stock N/A N/A 5 Shares — — (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.

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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)
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.

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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)
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.

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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)
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 98,860 Shares 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.

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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)
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 279 Shares 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 11,768 Shares 4,344 — (9)(13)(19)
Common Equity - Common Stock N/A N/A 10,696 Shares — — (9)(13)(19)
9,013 —

All values are in US Dollars.

See notes to the consolidated financial statements.

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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)
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 40 Shares 4 8 (9)(13)(19)
Common Equity - Common Stock N/A N/A 331 Shares 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 10,710 Shares 2,943 1,563 (9)
Common Equity - Common Stock N/A N/A 1,106,939 Shares 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 N/A 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.

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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)
Turkey Hill
IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 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.

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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)
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.

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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)
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.

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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)
US Legal Support
US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units N/A N/A 631,972 Shares 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 250,000 Shares 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.

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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)
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 13,195 Shares 1,713 2,683 (9)(13)(19)(31)
Common Equity - Class A-1 Common N/A N/A 5,000 Shares — 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.

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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)
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 100,000 Shares 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 N/A 14,012 8,033 (3)(15)

All values are in US Dollars.

See notes to the consolidated financial statements.

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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)
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 1,368,286 Shares 16,813 82 (13)
Renew JV LLC Common Equity - Membership Interests N/A N/A 169,013 Shares 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.

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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)
Bolthouse Farms
Wm. Bolthouse Farms, Inc. Common Equity - Equity Interests N/A N/A 1,369,301 Shares 1,460 1,534 (13)
Hive
FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 589 Shares 448 382 (9)(13)
Common Equity - Common Stock N/A N/A 589 Shares 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 100,000 Shares 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 Shares 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 5,012,171 Shares 722 — (9)(13)(19)
Warrants - Warrants N/A N/A 970,252 shares — — (9)(13)(19)
24,111 19,344

All values are in US Dollars.

See notes to the consolidated financial statements.

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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)
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 173,887 Shares 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.

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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)
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.

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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)
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.

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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)
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.

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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)
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 30 Shares 25 34 (9)(13)
Common Equity - Common Stock N/A N/A 185 Shares 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 100,000 Shares 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.

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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)
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.

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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)
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 531,312 Shares 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.

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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)
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 8,648 Shares — 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.

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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)
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 773 Shares 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 11,937 Shares 10,819 6,920 (9)(13)
Common Equity - Common Stock N/A N/A 11,937 Shares — — (9)(13)
24,683 20,563

All values are in US Dollars.

See notes to the consolidated financial statements.

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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)
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 491,405 Shares $ 492 $ 211 (9)(13)
KLO Holdings, LLC
1244311 B.C. Ltd. (4) Common Equity - Common Stock N/A N/A 1,000,032 Shares 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 70,183 Shares 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.

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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)
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.

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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)
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.

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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)
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 Shares 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.

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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)
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.

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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)
TVG Orion Blocker, Inc. Common Equity - Common Stock N/A N/A 2 Shares 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 Shares 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.

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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)
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.

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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)
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 241 Shares 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.

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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)
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.

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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)
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.

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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)
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.

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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)
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 3,060 Shares 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.

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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)
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 6,125 Shares 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 100,000 Shares 100 177 (9)(13)
20,515 20,694

All values are in US Dollars.

See notes to the consolidated financial statements.

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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)
PSE
Graffiti Parent, LP Common Equity - Common Stock N/A N/A 2,439 Shares 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.

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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 Gross Additions <br>● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at December 31, 2025 Net Realized Gains (Losses) Interest/<br>Dividend/<br>Other Income
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.

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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 Gross Additions <br>● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at December 31, 2025 Net Realized Gains (Losses) Interest/<br>Dividend/<br>Other Income
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.

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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.

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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 Drawn Commitment Letters of Credit ** Undrawn 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.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
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.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
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.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn 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.

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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.

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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.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

  • The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of 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.

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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.

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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 % of Net Assets
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.

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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.

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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.

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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 June 30, 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 $375,000.

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.

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 earnings before interest, taxes, depreciation and amortization (“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.

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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 June 30, 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.

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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 June 30, 2026 was $43,284. 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.

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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

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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 June 30, 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.

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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 June 30, 2026, the Company held certain foreign currency forward contracts with a fair market value of $772. 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.

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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.

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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 extinguishments.

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.

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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 June 30, 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 June 30, 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.

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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 the 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

Income Taxes

In December 2023, FASB issued Accounting Standards Update 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, FASB issued 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 does not expect the adoption ASU 2024-03 to have a material impact on its year-end financial statements.

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.

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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.

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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 and six months ended June 30, 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 and six months ended June 30, 2026, the Company recognized $5,132 and $10,773, respectively, of management fees, and $— and $—, respectively, of incentive fees. For the three and six months ended June 30, 2025, the Company recognized $6,079 and $12,140, respectively, of management fees, and $3,849 and $10,282, respectively, of incentive fees.

As of June 30, 2026 management and performance-based incentive fees payable were $5,132 and $—, respectively. As of December 31, 2025, management and performance-based incentive fees payable were $6,034 and $—, respectively.

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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.

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 and six months ended June 30, 2026, the Company recognized administrative services expense under the Administration Agreement of $1,193 and $2,635, respectively. For the three and six months ended June 30, 2025, the Company recognized administrative services expense under the Administration Agreement of $1,010 and $2,026, respectively. There was no amount payable to AIA and its affiliates for expenses paid on our behalf as of June 30, 2026 and December 31, 2025.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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

For the three and six months ended June 30, 2026, the Company recognized administrative service expense reimbursements of $62 and $124, respectively, under the Merx Administration Agreement. For the three and six months ended June 30, 2025, the Company recognized administrative service expense reimbursements of $249 and $1,017, respectively, under the Merx Administration Agreement.

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies, which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf. For the three and six months ended June 30, 2026, the Company recognized debt expense reimbursements of $— and $—, respectively, under the debt expense reimbursement agreements. For the three and six months ended June 30, 2025, the Company recognized debt expense reimbursements of $30 and $69, 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 June 30, 2026, the Company’s co-investment holdings were 88% of the portfolio or $2,439,075, measured at fair value. On a cost basis, 85% of the portfolio or $2,610,570 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.

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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 June 30, 2026, the Company received proceeds of $12.5 million related to an aircraft sale during the quarter. The balance of the Merx revolver as of June 30, 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 $45 and $70 to Midcap Financial Services, LLC during the three and six months ended June 30, 2026, respectively. The Company paid $— and $— to Midcap Financial Services, LLC during the three and six months ended June 30, 2025, respectively.

On February 24, 2025, MFIC Bethesda CLO 2 LLC entered into a sub-servicing agreement with MidCap Financial Services, LLC (the “CLO2 Sub-Servicing Agreement”), under which MidCap Financial Services, LLC provides management services to Bethesda CLO 2 Issuer in connection with the issuance of the Bethesda CLO 2 Notes. Under the Sub-Servicing Agreement, MFIC Bethesda CLO 2 LLC will pay MidCap Financial Services, LLC a fee in the amount of $100 on an annual basis. The Company paid $25 and $50 to Midcap Financial Services, LLC during the three and six months ended June 30, 2026, respectively. The Company paid $— and $— to Midcap Financial Services, LLC during the three and six months ended June 30, 2025, respectively.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

Note 4. Earnings Per Share

The following table sets forth the computation of earnings (loss) per share, pursuant to ASC 260-10, for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Basic Earnings Per Share
Net increase (decrease) in net assets resulting from operations (17,505 ) 18,115 (44,375 ) 48,447
Weighted average shares outstanding 82,545,053 93,303,622 86,775,778 93,489,281
Basic earnings (loss) per share (0.21 ) 0.19 (0.51 ) 0.52

All values are in US Dollars.

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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 June 30, 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 $ 2,745,297 $ 2,593,723 $ — $ 37,309 $ 2,556,414
Second Lien Secured Debt 7,778 51 — — 51
Unsecured Debt 3,387 3,031 — 1,189 1,842
Structured Products and Other 32,251 14,940 — — 14,940
Preferred Equity 101,199 62,893 — — 62,893
Common Equity/Interests 171,508 95,570 194 27 95,349
Warrants 389 134 — — 134
Total Investments $ 3,061,809 $ 2,770,342 $ 194 $ 38,525 $ 2,731,623
Money Market Fund $ 185 $ 185 $ 185 $ — $ —
Total Cash Equivalents $ 185 $ 185 $ 185 $ — $ —
Total Investments after Cash Equivalents $ 3,061,994 $ 2,770,527 $ 379 $ 38,525 $ 2,731,623
Foreign currency forward transactions $ — $ 772 $ — $ 772 $ —
Total Assets and Liabilities at Fair Value $ 3,061,994 $ 2,771,299 $ 379 $ 39,297 $ 2,731,623

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

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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 June 30, 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 March 31, 2026 $ 2,782,520 $ 51 $ 1,842 $ 16,585 $ 18,612 $ 108,712 $ 133 $ 2,928,455
Net realized gains (losses) 1,693 — — — — — — 1,693
Net change in unrealized gains (losses) (12,057 ) — — (1,393 ) (32,554 ) (859 ) 1 (46,862 )
Net amortization on investments 961 — — — — — — 961
Purchases, including capitalized PIK (3) 52,277 — — 26 76,835 — — 129,138
Proceeds from sales and repayments of investments(3) (268,980 ) — — (278 ) — (12,504 ) — (281,762 )
Transfers out of Level 3 (1) — — — — — — — —
Transfers into Level 3 (1) — — — — — — — —
Fair value as of June 30, 2026 $ 2,556,414 $ 51 $ 1,842 $ 14,940 $ 62,893 $ 95,349 $ 134 $ 2,731,623
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2026 $ (32,289 ) $ 212 $ — $ (1,393 ) $ (32,569 ) $ (848 ) $ 1 $ (66,885 )
  • 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 $(9,052).
  • Includes reorganizations and restructuring of investments.

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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 six months ended June 30, 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) (75 ) — — — (4,344 ) (817 ) — (5,236 )
Net change in unrealized gains (losses) (56,038 ) 7 — (2,239 ) (36,757 ) (2,865 ) (192 ) (98,084 )
Net amortization on investments 2,355 (18 ) — — — — — 2,337
Purchases, including capitalized PIK (3) 157,343 — — 107 76,890 11 — 234,351
Proceeds from sales and repayments of investments(3) (498,594 ) — — (1,278 ) — (16,610 ) — (516,482 )
Transfers out of Level 3 (1) — — — — — (161 ) — (161 )
Transfers into Level 3 (1) — — — — — — — —
Fair value as of June 30, 2026 $ 2,556,414 $ 51 $ 1,842 $ 14,940 $ 62,893 $ 95,349 $ 134 $ 2,731,623
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2026 $ (72,762 ) $ 230 $ — $ (2,239 ) $ (41,119 ) $ (3,715 ) $ (192 ) $ (119,796 )
  • 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 $(9,052).
  • Includes reorganizations and restructuring of investments.

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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 June 30, 2025:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Fair value as of March 31, 2025 $ 2,896,724 $ 4,221 $ 109 $ 23,492 $ 23,664 $ 159,366 $ 215 $ 3,107,791
Net realized gains (losses) (9,558 ) (2,501 ) (2,672 ) — — 4 — (14,727 )
Net change in unrealized gains (losses) (3,715 ) (1,167 ) 2,584 (1,025 ) (4,218 ) 8,318 (53 ) 724
Net amortization on investments 1,555 — — — — — — 1,555
Purchases, including capitalized PIK (3) 288,749 3 — 152 4,449 575 — 293,928
Sales (3) (137,670 ) (481 ) — (1,020 ) — (211 ) — (139,382 )
Transfers out of Level 3 (1) (270 ) — — — — — — (270 )
Transfers into Level 3 (1) — — — — — — — —
Fair value as of June 30, 2025 $ 3,035,815 $ 75 $ 21 $ 21,599 $ 23,895 $ 168,052 $ 162 $ 3,249,619
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025 $ (11,672 ) $ (3,927 ) $ — $ (1,025 ) $ (4,215 ) $ 8,345 $ (54 ) $ (12,547 )
  • Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
  • Includes unfunded commitments measured at fair value of $(7,018).
  • Includes reorganizations and restructuring of investments.

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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 six months ended June 30, 2025:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Fair value as of December 31, 2024 $ 2,676,253 $ 5,764 $ 117 $ 26,101 $ 24,831 $ 161,648 $ 136 $ 2,894,850
Net realized gains (losses) (8,132 ) (2,501 ) (2,672 ) — — 1,983 — (11,322 )
Net change in unrealized gains (losses) (5,813 ) (2,716 ) 2,576 (1,456 ) (5,235 ) 7,951 26 (4,667 )
Net amortization on investments 3,291 — — — — — — 3,291
Purchases, including capitalized PIK (3) 679,489 9 — 152 4,549 1,271 — 685,470
Proceeds from sales and repayments of investments(3) (302,640 ) (481 ) — (3,198 ) (250 ) (4,801 ) — (311,370 )
Transfers out of Level 3 (1) (6,633 ) — — — — — — (6,633 )
Transfers into Level 3 (1) — — — — — — — —
Fair value as of June 30, 2025 $ 3,035,815 $ 75 $ 21 $ 21,599 $ 23,895 $ 168,052 $ 162 $ 3,249,619
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025 $ (11,490 ) $ (7,705 ) $ — $ (1,456 ) $ (5,235 ) $ 11,157 $ 26 $ (14,703 )
  • Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
  • Includes unfunded commitments measured at fair value of $(7,018).
  • Includes reorganizations and restructuring of investments.

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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 June 30, 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 June 30, 2026 were as follows:

Quantitative Information about Level 3 Fair Value Measurements
Asset Category Fair Value Valuation Techniques/Methodologies Unobservable Input Range Weighted Average (1)
First Lien Secured Debt 2,424,449 Yield Analysis Discount Rate 3.8% 29.2% 11.3%
131,965 Recovery Analysis Recoverable Amount N/A N/A N/A
— 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 Recovery Analysis Recoverable Amount N/A N/A N/A
— Market Comparable Technique Comparable Multiple N/A N/A N/A
Structured Products and Other 14,940 Yield Analysis Discount Rate 14.2% 17.5% 15.9%
Preferred Equity 62,384 Market Comparable Technique Comparable Multiple 2.0x 38.5x 11.0x
509 Yield Analysis Discount Rate 11.5% 11.5% 11.5%
Common Equity/Interests 68,995 Yield Analysis Discount Rate 11.5% 13.0% 11.5%
11,516 Market Comparable Technique Comparable Multiple 0.6x 38.5x 9.5x
264 Option Pricing Model Expected Volatility 25.0% 40.0% 31.0%
14,574 Cost Approach Cost Approach N/A N/A N/A
Warrants 134 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 2,731,623

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.

Table of Contents

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 Fair Value 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.

Table of Contents

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 and six months ended June 30, 2026, purchases of investments on a trade date basis were $47,185 and $149,642, respectively. For the three and six months ended June 30, 2025, purchases of investments on a trade date basis were $288,731 and $680,640, respectively.

For the three and six months ended June 30, 2026, sales and repayments of investments on a trade date basis were $207,413 and $451,516, respectively. For the three and six months ended June 30, 2025, sales and repayments of investments on a trade date basis were $144,779 and $366,270, respectively.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as a receivable up to the capitalization date. During the three and six months ended June 30, 2026, PIK income earned was $4,247 and $8,071, respectively. During the three and six months ended June 30, 2025, PIK income earned was $5,173 and $9,926, respectively.

The following table shows the change in capitalized PIK balance for the three and six months ended June 30, 2026 and 2025:

Three Months Ended<br>June 30, Six Months Ended June 30,
2026 2025 2026 2025
PIK balance at beginning of period $ 58,980 $ 39,789 $ 55,607 $ 36,656
PIK income capitalized 5,389 7,335 8,762 11,390
PIK capitalized exited from investment sales, repayments, and restructurings (511 ) (8 ) (511 ) (930 )
PIK balance at end of period $ 63,858 $ 47,116 $ 63,858 $ 47,116

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

The Company holds structured finance products and other investments. The CLO equity investments and structured finance products are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after meeting contractual obligations to debt holders and paying fund expenses. The Company recognizes dividend income on its beneficial interests in structured products, such as CLOs, based on projected cash flows subject to various uncertainties and contingencies. During the three and six months ended June 30, 2026, dividend income from structured products was $201 and $454, respectively. During the three and six months ended June 30, 2025, dividend income from structured products was $200 and $440, respectively.

Investments on Non-Accrual Status

As of June 30, 2026, 4.6% of total investments at amortized cost, or 2.8% 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.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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 June 30, 2026, the Company held certain foreign currency forward contracts with a fair market value of $772. 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 June 30, 2026:

Counterparty Notional amount to be purchased Notional amount to be sold Settlement Date Fair Value Balance Sheet Location of Net Amounts
JP MORGAN CHASE BANK N.A $ 12,981 C$ (18,045 ) 9/16/2026 228 Unrealized appreciation (depreciation) on foreign currency forward contracts
JP MORGAN CHASE BANK N.A 8,479 € (7,285 ) 9/16/2026 132 Unrealized appreciation (depreciation) on foreign currency forward contracts
JP MORGAN CHASE BANK N.A 35,974 £ (26,815 ) 9/16/2026 412 Unrealized appreciation (depreciation) on foreign currency forward contracts
772

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 June 30, 2026, the Company held a net derivative asset at fair value of $772 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 $772.

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 and six months ended June 30, 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 June 30, Six Months Ended June 30,
Derivative Instrument Financial Statement Location 2026 2025 2026 2025
Foreign currency forward contracts Net realized gain(loss) on foreign currency forward contracts $ 334 $ (610 ) $ 1,238 $ (610 )
$ 334 $ (610 ) 1,238 (610 )
Three Months Ended June 30, Six Months Ended June 30,
--- --- --- --- --- --- --- --- --- --- --- --- ---
Derivative Instrument Financial Statement Location 2026 2025 2026 2025
Foreign currency forward contracts Net change in unrealized appreciation (depreciation) on foreign currency forward contracts $ (28 ) $ (33 ) $ 772 $ (9 )
$ (28 ) $ (33 ) 772 (9 )

Table of Contents

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 June 30, 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 ** $ 685,000 * $ 685,000 (1 ) 10/1/2030
MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B and Class C) 10/23/2025 456,000 456,000 454,920 (2 ) 10/23/2037
MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C) 2/24/2025 399,000 399,000 398,198 (2 ) 1/23/2037
2026 Notes 7/16/2021 125,000 125,000 124,845 (2 ) 7/16/2026
2028 Notes 12/13/2023 80,000 80,000 80,704 (3 ) 12/15/2028
Total Debt Obligations $ 2,670,000 $ 1,745,000 $ 1,743,667
Deferred Financing Costs and Debt Discount (5,396 )
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,739,604

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

** As of June 30, 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 June 30, 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 June 30, 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 June 30, 2026. The valuation is arrived using the closing price on exchange as on the relevant date.

Table of Contents

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.

Table of Contents

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 June 30, 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 $925,000 and $668,952 as of June 30, 2026 and December 31, 2025, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

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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 matured on July 16, 2026 and were fully repaid. 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.

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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.

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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 and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Average debt outstanding 1,796,198 1,925,540 1,852,550 1,866,897
Maximum amount of debt outstanding 1,894,000 2,053,954 2,004,728 2,325,684
Weighted average annualized interest cost (1) 5.66 % 6.45 % 5.64 % 6.42 %
Annualized amortized debt issuance cost 0.37 % 0.36 % 0.36 % 0.38 %
Total annualized interest cost 6.03 % 6.81 % 6.00 % 6.80 %

All values are in US Dollars.

  • Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three and six months ended June 30, 2026 were $718 and $1,335, respectively. Commitment fees for the three and six months ended June 30, 2025 were $532 and $1,164, respectively.

Table of Contents

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 June 30, 2026.

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

Original Principal Amount (Local) Original Principal Amount () Principal Amount Outstanding Unrealized Gain/(Loss) Reset Date
British Pound £ 28,200 $ 35,143 $ 38,000 $ (2,857 ) 1/30/2026
European Euro € 6,000 6,646 7,048 (402 ) 1/31/2026
Canadian Dollar C$ 14,000 10,176 10,201 (25 ) 1/31/2026
Total $ 51,965 $ 55,249 $ (3,284 )

All values are in US Dollars.

As of June 30, 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 100,000 100,000 —
Total as of June 30, 2026 $ 375,000 $ 375,000 $ —

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.

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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 79,987

During the three months ended June 30, 2026, the Company repurchased 2,755,221 shares at a weighted average price per share of $11.58, inclusive of commissions, for a total cost of $31,899. This represents a discount of approximately 14.83% of the average net asset value per share for the three months ended June 30, 2026.

During the six months ended June 30, 2026, the Company repurchased 9,839,241 shares at a weighted average price per share of $10.97, inclusive of commissions, for a total cost of $107,925. This represents a discount of approximately 20.45%of the average net asset value per share for the six months ended June 30, 2026.

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

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

Since the inception of the Repurchase Plans through June 30, 2026, the Company repurchased 27,000,770 shares at a weighted average price per share of $13.89, inclusive of commissions, for a total cost of $375,000. Including fractional shares, the Company has repurchased 27,000,800 shares at a weighted average price per share of $13.89, inclusive of commissions for a total cost of $375,000.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued

(In thousands, except share and per share data)

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

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

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. The ATM program effectively expired on April 12, 2026. For the six months ended June 30, 2026, there were no shares issued through ATM offerings.

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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 June 30, 2026 and December 31, 2025, the Company had the following unfunded commitments to its portfolio companies:

June 30, 2026 December 31, 2025
Unfunded revolver obligations and bridge loan commitments (1) $ 280,546 $ 210,900
Standby letters of credit issued and outstanding (2) 7,212 7,036
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3) 61,865 214,452
Total Unfunded Commitments (4) $ 349,623 $ 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 June 30, 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 June 30, 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 June 30, 2026 and December 31, 2025, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

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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 six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025
Per Share Data*
Net asset value at beginning of period $ 14.18 $ 14.98
Net investment income (1) 0.77 0.76
Net realized and change in unrealized gains (losses) (1) (1.28 ) (0.24 )
Net increase in net assets resulting from operations (0.51 ) 0.52
Distribution of net investment income (2) (0.62 ) (0.76 )
Accretion due to share repurchases 0.32 0.01
Net asset value at end of period $ 13.37 $ 14.75
Per share market value at end of period $ 10.08 $ 12.62
Total return (3) (6.58 )% (0.87 )%
Shares outstanding at end of period 82,372,628 93,303,622
Weighted average shares outstanding 86,775,778 93,489,281
Ratio/Supplemental Data
Net assets at end of period (in millions) $ 1,101.3 $ 1,375.9
Annualized ratio of operating expenses to average net assets (4)(5) 2.95 % 3.80 %
Annualized ratio of interest and other debt expenses to average net assets (5) 9.37 % 9.14 %
Annualized ratio of total expenses to average net assets (4)(5) 12.32 % 12.94 %
Annualized ratio of net investment income to average net assets (5) 11.31 % 10.24 %
Average debt outstanding (in millions) $ 1,852.6 $ 1,866.9
Average debt per share $ 21.35 $ 19.96
Annualized portfolio turnover rate (5) 10.14 % 27.27 %
Asset coverage per unit (6) $ 1,631 $ 1,669

* 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 June 30, 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 expense reimbursements (see Note 3 to the consolidated financial statements). For the six months ended June 30, 2026, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 2.97% and 12.34%, respectively, without the expense reimbursements. For the six months ended June 30, 2025, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 3.95% and 13.10%, respectively, without the voluntary fee waivers.
  • Annualized for the six months ended June 30, 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 June 30, 2026, the Company's asset coverage was 163%.

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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.

Distribution Declarations

On August 5, 2026, the Company’s Board declared a base distribution of $0.31 per share, payable on September 24, 2026 to stockholders of record as of September 8, 2026. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share.

2026 Notes Maturity

On July 16, 2026, the Company repaid the 2026 Notes.

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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 statements of assets and liabilities, including the consolidated schedule of investments, of MidCap Financial Investment Corporation and subsidiaries (the "Company") as of June 30, 2026, the related consolidated statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2026 and 2025, the consolidated statements of cash flows and financial highlights for the six-month periods ended June 30, 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

August 5, 2026

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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.

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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 June 30, 2026, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $375.0 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.

All dollar amounts in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” are in thousands, unless otherwise noted.

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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, and 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 June 30, 2026, non-qualifying assets represented approximately 7.7% 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;

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  • registration and listing fees;
  • fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;
  • transfer agent and custodial fees;
  • taxes;
  • independent directors’ fees and expenses;
  • marketing and distribution-related expenses;
  • the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;
  • our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
  • organizational costs; and
  • all other expenses incurred by us or the Administrator in connection with administering our business, such as our allocable portion of overhead under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

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

Portfolio and Investment Activity

Our portfolio and investment activity during the three and six months ended June 30, 2026 and 2025, was as follows:

Three Months Ended June 30, Six Months Ended June 30,
(in millions)* 2026 2025 2026 2025
Investments made in portfolio companies $ 47.2 $ 288.7 $ 149.6 $ 680.6
Investments sold (79.1 ) (14.9 ) (103.1 ) (58.9 )
Net activity before repaid investments (32.0 ) 273.8 46.5 621.8
Investments repaid (128.3 ) (129.9 ) (348.4 ) (307.4 )
Net investment activity $ (160.2 ) $ 144.0 $ (301.9 ) $ 314.4
Portfolio companies, at beginning of period 236 240 247 233
Number of investments in new portfolio companies 0 14 2 34
Number of exited companies (7 ) (5 ) (20 ) (18 )
Portfolio companies at end of period 229 249 229 249
Number of investments in existing portfolio companies 75 80 116 158

* Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of June 30, 2026 and December 31, 2025 were as follows:

June 30, 2026 December 31, 2025
Portfolio composition, at fair value:
First lien secured debt 94 % 95 %
Second lien secured debt 0 % 0 %
Total secured debt 94 % 95 %
Unsecured debt 0 % 0 %
Structured products and other 1 % 0 %
Preferred equity 2 % 1 %
Common equity/interests and warrants 3 % 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) 8.1 % 8.6 %
Interest rate type, at fair value (4):
Fixed rate amount $ 0.0 billion $ 0.0 billion
Floating rate amount $ 2.5 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 $ 2.6 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 June 30, 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.

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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

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

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

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

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

Level 3: Unobservable inputs for the asset or liability.

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

As of June 30, 2026, $2.73 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.

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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.

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 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

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  • 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 six months ended June 30, 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.

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Results of Operations

Operating results for the three and six months ended June 30, 2026 and 2025 were as follows:

Three Months Ended June 30, Six Months Ended June 30,
(in millions)* 2026 2025 2026 2025
Investment Income
Interest income $ 63.2 $ 75.7 $ 130.3 $ 149.0
Dividend income 0.2 0.2 0.5 0.4
PIK interest income 4.2 5.2 8.1 9.9
Other income 0.6 0.2 1.2 0.6
Total investment income $ 68.2 $ 81.2 $ 140.1 $ 159.9
Expenses
Management and performance-based incentive fees, net of amounts waived $ 5.1 $ 9.9 $ 10.8 $ 22.4
Interest and other debt expenses, net of reimbursements 27.1 32.3 55.6 62.0
Administrative services expense, net of reimbursements 1.2 1.0 2.5 2.0
Other general and administrative expenses 2.1 1.6 4.1 2.9
Net Expenses $ 35.5 $ 44.9 $ 73.0 $ 89.3
Net Investment Income $ 32.8 $ 36.4 $ 67.0 $ 70.7
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses) $ (0.5 ) $ (17.2 ) $ (12.9 ) $ (14.2 )
Net change in unrealized gains (losses) (49.8 ) (1.0 ) (98.5 ) (8.1 )
Net Realized and Change in Unrealized Gains (Losses) $ (50.3 ) $ (18.3 ) $ (111.4 ) $ (22.2 )
Net Increase in Net Assets Resulting from Operations $ (17.5 ) $ 18.1 $ (44.4 ) $ 48.4
Net Investment Income on Per Average Share Basis (1) $ 0.40 $ 0.39 $ 0.77 $ 0.76
Earnings per share — basic (1) $ (0.21 ) $ 0.19 $ (0.51 ) $ 0.52

* 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 June 30, 2026 as compared to the three months ended June 30, 2025

The decrease in total investment income for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily driven by a decrease in interest income (including PIK) of $13.5 million. The decrease in interest income was due to a decrease in the average yield for the total debt portfolio, from 10.5% for the three months ended June 30, 2025 to 9.5% for the three months ended June 30, 2026 combined with a decrease in the overall income-bearing investment portfolio.

For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025

The decrease in total investment income for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily driven by a decrease in interest income (including PIK) of $20.5 million. The decrease in interest income was due to a decrease in the average yield for the total debt portfolio, from 10.4% for the six months ended June 30, 2025 to 9.6% for the six months ended June 30, 2026 combined with a decrease in the overall income-bearing investment portfolio.

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Net Expenses

For the three months ended June 30, 2026 as compared to the three months ended June 30, 2025

Net expenses decreased by $9.4 million for the three months ended June 30, 2026 compared to the three months ended June 30, 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.

For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025

Net expenses decreased by $16.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 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 June 30, 2026 as compared to the three months ended June 30, 2025

During the three months ended June 30, 2026, we recognized gross realized gains of $0.7 million and gross realized losses of $1.2 million, resulting in net realized losses of $0.5 million.

During the three months ended June 30, 2025, we recognized gross realized gains of $0.1 million and gross realized losses of $17.1 million, resulting in net realized losses of $17.0 million. Net realized gains for the three months ended June 30, 2025 was primarily due to the restructure of Renovo and Mitel Networks and partial write off of Ambrosia Buyer Corp. Significant realized gains (losses) for the three months ended June 30, 2025 are summarized below:

(in millions) Net Realized Gain (Loss)
Renovo $ (9.8 )
Mitel Networks (3.4 )
Ambrosia Buyer Corp. (2.7 )

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For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025

During the six months ended June 30, 2026, we recognized gross realized gains of $2.2 million and gross realized losses of $15.1 million, resulting in net realized losses of $12.9 million.

Gross realized losses on investments for the six months ended June 30, 2026 totaled $10.8 million and was primarily driven by the write off of Renovo and the sale of Carestream. Gross realized gains on investments for the six months ended June 30, 2026 totaled $1.0 million, resulting in net realized losses on investments of $9.8 million.

The Company also had a realized gain of $1.2 million on the settlement of foreign currency forward contracts during the period. This was offset by a $4.3 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 six months ended June 30, 2026 are summarized below:

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

During the six months ended June 30, 2025, we recognized gross realized gains of $4.6 million and gross realized losses of $18.1 million, resulting in net realized losses of $13.5 million. Net realized losses for the six months ended June 30, 2025 was primarily driven by the restructure of Renovo and Mitel Networks and partial write off of Ambrosia Buyer Corp, offset by the exit of Orgain, Inc. and partial exit of Heubach. Significant realized gains (losses) for the six months ended June 30, 2025 are summarized below:

(in millions) Net Realized Gain (Loss)
Orgain, Inc. $ 1.2
Heubach 1.0
Renovo (9.8 )
Mitel Networks (3.4 )
Ambrosia Buyer Corp. (2.7 )

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Net Change in Unrealized Gains (Losses)

For the three months ended June 30, 2026 as compared to the three months ended June 30, 2025

During the three months ended June 30, 2026, we recognized gross unrealized gains on investments of $12.0 million and gross unrealized losses on investments of $61.8 million, resulting in net unrealized losses on investments of $49.8 million.

Net change in unrealized losses for the three months ended June 30, 2026 was primarily driven by credit related weakness concentrated in a limited number of positions.

Significant unrealized gains (losses) for the three months ended June 30, 2026 are summarized below:

(in millions) Net Change in Unrealized Gain (Loss)
ChyronHego Corporation $ (21.5 )
Midwest Vision (6.1 )
New Era Technology, Inc. (6.0 )
American Restoration (4.8 )
Thomas Scientific (3.0 )
Banner Solutions (2.5 )
Heniff and Superior (2.0 )
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) (1.8 )
US Auto (1.3 )
Kauffman (1.2 )

During the three months ended June 30, 2025, we recognized gross unrealized gains of $30.4 million and gross unrealized losses of $31.4 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses in investments of $1.0 million. Net change in unrealized gains (losses) for the three months ended June 30, 2025 was primarily driven by the increased fair market value of Renovo and Mitel Networks following restructures as well as increase in Merx given settlement on Russian insurance claims and certain recoveries. The net change in unrealized gains was offset by the underperformance of New Era, Securus Technologies Holdings, Inc., ChyronHego Corporation, Tasty Chick'n and Amplity. Significant changes in unrealized gains (losses) for the three months ended June 30, 2025 are summarized below:

(in millions) Net Change in Unrealized Gain (Loss)
Renovo $ 8.7
Merx Aviation Finance, LLC 8.2
Mitel Networks 3.7
Ambrosia Buyer Corp. 2.6
The Club Company 1.5
New Era Technology, Inc. (6.6 )
Securus Technologies Holdings, Inc. (3.9 )
ChyronHego Corporation (3.2 )
Tasty Chick'n (2.5 )
Amplity (2.0 )

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For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025

During the six months ended June 30, 2026, we recognized gross unrealized gains of $21.2 million and gross unrealized losses of $119.7 million, resulting in a net unrealized loss of $98.5 million.

Net unrealized losses on investments for the six months ended June 30, 2026 totaled $102.5 million and was primarily driven by market-wide spread widening, concentrated in software and technology during the first half of the year, coupled with credit related weakness concentrated in a limited number of positions.

The Company also had a unrealized gain of $0.7 million on open foreign currency forward contracts and a $3.3 million unrealized gain on foreign currencies.

Significant changes in unrealized gains (losses) for the six months ended June 30, 2026 are summarized below:

(in millions) Net Change in Unrealized Gain (Loss)
Renovo $ 9.0
Amplity 1.1
Carestream Health 1.0
ChyronHego Corporation (27.7 )
Midwest Vision (11.1 )
New Era Technology, Inc. (7.1 )
Banner Solutions (4.9 )
American Restoration (4.9 )
Kauffman (4.6 )
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) (4.0 )
Heniff and Superior (3.6 )
Lending Point (3.3 )
Thomas Scientific (3.1 )
Bird Rides (3.0 )
Congruex (2.5 )
US Auto (2.1 )
Excelligence (1.8 )
LashCo (1.8 )
Distinct (1.7 )
GoHealth (1.7 )
MYCOM (1.5 )
Cato Research (1.5 )

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During the six months ended June 30, 2025, we recognized gross unrealized gains of $35.2 million and gross unrealized losses of $43.2 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $8 million. Net change in unrealized gains for the six months ended June 30, 2025 was primarily driven by the increased fair market value of Renovo and Mitel Networks following restructures as well as increase in Merx given settlement on Russian insurance claims and certain recoveries. The net change in unrealized gains was offset by the underperformance of New Era, Securus Technologies Holdings, Inc., ChyronHego Corporation, Tasty Chick'n and Amplity. Significant changes in unrealized gains (losses) for the six months ended June 30, 2025 are summarized below:

(in millions) Net Change in Unrealized Gain (Loss)
Merx Aviation Finance, LLC $ 9.9
Renovo 5.8
The Club Company 2.8
Ambrosia Buyer Corp. 2.6
Mitel Networks 2.5
Congruex 1.4
Sequential Brands Group, Inc. 1.2
New Era Technology, Inc. (7.3 )
Securus Technologies Holdings, Inc. (4.6 )
ChyronHego Corporation (3.6 )
Tasty Chick’n (2.8 )
Amplity (2.0 )
Orgain, Inc. (1.9 )
US Auto (1.2 )
Modern Campus (1.1 )
AVAD, LLC (1.1 )
Compass Health (1.0 )

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, 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.

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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 June 30, 2026:

Payments Due by Period
(in millions) Total Less than 1 Year 1 to 3 Years 3 to 5 Years More than 5 Years
Senior Secured Facility (1) 685.0 $ — $ — $ 685.0 $ —
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 1,745.0 $ 125.0 $ 80.0 $ 685.0 $ 855.0

All values are in US Dollars.

  • As of June 30, 2026, aggregate lender commitments under the Senior Secured Facility totaled $1.61 billion and $0.93 billion of unused capacity. As of June 30, 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

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. The ATM program effectively expired on April 12, 2026.

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Distributions

Distributions paid to stockholders during the three and six months ended June 30, 2026 totaled $25.5 million ($0.31 per share) and $53.6 million ($0.62 per share), respectively. Distributions paid to stockholders during the three and six months ended June 30, 2025 totaled $35.5 million ($0.38 per share) and $71.1 million ($0.76 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through June 30, 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 and six months ended June 30, 2026, PIK income totaled $4.2 million and $8.1 million on total investment income of $68.2 million and $140.1 million, respectively. For the three and six months ended June 30, 2025, PIK income totaled $5.2 million and $9.9 million on total investment income of $81.2 million and $159.9 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the consolidated financial statements for more information on the Company’s PIK income.

Related Party Transactions

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

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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 estimate” and “—Fair Value Measurements” as well as Notes 2 and 5 to our consolidated financial statements for the three and six months ended June 30, 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 June 30, 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 June 30, 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 $ 11.2 million $ 0.136
Up 100 basis points 7.4 million 0.090
Up 50 basis points 3.7 million 0.045
Down 50 basis points (3.7) million (0.045 )
Down 100 basis points (7.3) million (0.089 )
Down 150 basis points (10.9) million (0.133 )

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(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.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 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 June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in Part II, “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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.

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

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

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 $ 50.0 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 100.0 million — million
Total as of June 30, 2026 $ 375.0 million $ 375.0 million $ — million

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.

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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 80.0 million

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The following table presents information with respect to the Company’s purchases of its common stock for each month in the three month period ended June 30, 2026:

Month Total Number of Shares Purchased Average Price Paid Per Share* Total Number of Shares Purchased as Part of Publicly Announced Plans(1) Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans(1)
April 1-April 30, 2026 2,755,221 $ 11.58 2,755,221 $ 0.0
May 1-May 31, 2026 — — — —
June 1-June 30, 2026 — — — —
Total 2,755,221 $ 11.58 2,755,221

(1) On February 26, 2026, the Company announced that its Board approved the repurchase of up to $100 million of the Company’s common stock (the “Repurchase Plan”), as a supplement to the existing availability under the then current outstanding share repurchase authorization. The Repurchase Plan did not have an expiration date but as of June 30, 2026, there was no remaining authorized value of shares available to be repurchased under the Repurchase Plan. Under the Repurchase Plan, the Company was authorized but not obligated to, repurchase its outstanding common stock in the open market from time to time, at certain thresholds below net asset value per share (including in accordance with Rule 10b5-1 of the Exchange Act) provided that the Company complied with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Exchange Act, including certain price, market volume and timing constraints.

* The average price per share is inclusive of commissions.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended June 30, 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.”

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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.

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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 August 5, 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: August 5, 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: August 5, 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 June 30, 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
August 5, 2026
/s/ KENNETH SEIFERT
---
Kenneth Seifert
Chief Financial Officer and Treasurer
August 5, 2026

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