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10-Q

MidCap Financial Investment Corp (MFIC)

10-Q 2025-08-11 For: 2025-06-30
View Original
Added on April 08, 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, 2025

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) 515-3450

(Registrant’s telephone number, including area code)

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

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

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

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨ Emerging growth company ¨

(Do not check if a smaller reporting company)

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

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

The number of shares of the Registrant’s common stock, $0.001 par value per share, outstanding as of August 8, 2025 was 93,303,622.

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, 2025 and December 31, 2024 1
Consolidated Statements of Operations for the <br>three and six months ended June 30, 2025 and June 30, 2024 2
Consolidated Statements of Changes in Net Assets for the<br>three and six months ended June 30, 2025 and June 30, 2024 3
Consolidated Statements of Cash Flows for thesix months ended June 30, 2025 and June 30, 2024 4
Consolidated Schedule of Investmentsas of<br><br>June 30, 2025 5
Consolidated Schedule of Investments as of<br><br>December 31, 2024 59
Notes to Consolidated Financial Statements 107
Report of Independent Registered Public Accounting Firm 143
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 144
Item 3. Quantitative and Qualitative Disclosures About Market Risk 160
Item 4. Controls and Procedures 161
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 162
Item 1A. Risk Factors 162
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 163
Item 3. Defaults Upon Senior Securities 166
Item 4. Mine Safety Disclosures 166
Item 5. Other Information 166
Item 6. Exhibits 167
Signatures 168

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)

December 31, 2024
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — 2,997,689 and 2,700,957, respectively) 2,896,424 $ 2,605,329
Non-controlled/affiliated investments (cost — 176,195 and 142,686, respectively) 112,539 84,334
Controlled investments (cost — 321,227 and 333,754, respectively) 318,519 324,753
Cash and cash equivalents 68,985 74,357
Foreign currencies (cost — 2,902 and 1,487, respectively) 2,911 1,429
Receivable for investments sold 8,809 57,195
Interest receivable 28,564 19,289
Dividends receivable 659 709
Deferred financing costs 21,015 23,555
Prepaid expenses and other assets 3,458 —
Total Assets 3,461,883 $ 3,190,950
Liabilities
Debt 2,051,654 $ 1,751,621
Payable for investments purchased 4,773 4,190
Management fees payable 6,079 6,247
Performance-based incentive fees payable 3,849 5,336
Interest payable 16,561 12,813
Accrued administrative services expense — 60
Other liabilities and accrued expenses 3,046 6,037
Total Liabilities 2,085,962 $ 1,786,304
Commitments and contingencies (Note 8)
Net Assets 1,375,921 $ 1,404,646
Net Assets
Common stock, 0.001 par value (130,000,000 shares authorized; 93,303,622 and 93,780,278 shares issued and outstanding, respectively) 93 $ 94
Capital in excess of par value 2,652,015 2,658,090
Accumulated under-distributed (over-distributed) earnings (1,276,187 ) (1,253,538 )
Net Assets 1,375,921 $ 1,404,646
Net Asset Value Per Share 14.75 $ 14.98

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,
2025 2024 2025 2024
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income) $ 70,230 $ 60,146 $ 138,301 $ 120,142
Dividend income — 41 — 53
PIK interest income 4,770 2,438 9,171 4,433
Other income 220 894 544 2,601
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income) 1,517 1,102 2,745 1,401
Dividend income 200 235 440 235
PIK interest income 403 35 755 69
Controlled investments:
Interest income (excluding PIK interest income) 3,907 4,265 7,979 8,552
Other income — — 10 —
Total Investment Income $ 81,247 $ 69,156 $ 159,945 $ 137,486
Expenses
Management fees $ 6,079 $ 4,389 $ 12,140 $ 8,775
Performance-based incentive fees 3,849 5,572 10,282 11,610
Interest and other debt expenses 32,581 26,992 63,044 53,170
Administrative services expense 1,010 826 2,026 2,049
Other general and administrative expenses 1,611 2,103 2,859 4,232
Total expenses 45,130 39,882 90,351 79,836
Expense reimbursements (280 ) (267 ) (1,086 ) (434 )
Net Expenses $ 44,850 $ 39,615 $ 89,265 $ 79,402
Net Investment Income $ 36,397 $ 29,541 $ 70,680 $ 58,084
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments $ (16,788 ) $ 28 $ (13,200 ) $ (7,441 )
Non-controlled/affiliated investments (117 ) — (305 ) —
Controlled investments — (15,700 ) — (15,700 )
Foreign currency forward contracts (610 ) — (610 ) —
Foreign currency transactions 277 34 (36 ) (584 )
Net realized gains (losses) (17,238 ) (15,638 ) (14,151 ) (23,725 )
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments (2,524 ) (4,548 ) (8,611 ) 436
Non-controlled/affiliated investments (883 ) (2,691 ) (2,393 ) (5,033 )
Controlled investments 4,946 15,942 6,295 17,555
Foreign currency forward contracts (33 ) — (9 ) —
Foreign currency translations (2,550 ) (51 ) (3,364 ) 727
Net change in unrealized gains (losses) (1,044 ) 8,652 (8,082 ) 13,685
Net Realized and Change in Unrealized Gains (Losses) $ (18,282 ) $ (6,986 ) $ (22,233 ) $ (10,040 )
Net Increase (Decrease) in Net Assets Resulting from Operations $ 18,115 $ 22,555 $ 48,447 $ 48,044
Earnings (Loss) Per Share — Basic $ 0.19 $ 0.35 $ 0.52 $ 0.74

See notes to the consolidated financial statements.

2

Table of Contents

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,
2025 2024 2025 2024
Operations
Net investment income $ 36,397 $ 29,541 $ 70,680 $ 58,084
Net realized gains (losses) (17,238 ) (15,638 ) (14,151 ) (23,725 )
Net change in unrealized gains (losses) (1,044 ) 8,652 (8,082 ) 13,685
Net Increase (Decrease) in Net Assets Resulting from Operations $ 18,115 $ 22,555 $ 48,447 $ 48,044
Distributions to Stockholders
Distribution of net investment income $ (35,455 ) $ (24,797 ) $ (71,092 ) $ (49,595 )
Net Decrease in Net Assets Resulting from Distributions to Stockholders $ (35,455 ) $ (24,797 ) $ (71,092 ) $ (49,595 )
Capital Share Transactions
Repurchase of common stock $ — $ — (6,079 ) —
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions $ — $ — $ (6,079 ) $ —
Net Assets
Net increase (decrease) in net assets during the period $ (17,340 ) $ (2,242 ) $ (28,724 ) $ (1,551 )
Net assets at beginning of period 1,393,261 1,006,001 1,404,646 1,005,310
Net Assets at End of Period $ 1,375,921 $ 1,003,759 $ 1,375,921 $ 1,003,759
Capital Share Activity
Shares repurchased during the period — — (476,656 ) —
Shares issued and outstanding at beginning of period 93,303,622 65,253,275 93,780,278 65,253,275
Shares Issued and Outstanding at End of Period 93,303,622 65,253,275 93,303,622 65,253,275

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,
2025 2024
Operating Activities
Net increase (decrease) in net assets resulting from operations $ 48,447 $ 48,044
Net realized (gains) losses 14,151 23,725
Net change in unrealized (gains) losses 8,073 (13,685 )
Net amortization of premiums and accretion of discounts on investments (3,549 ) (3,577 )
Accretion of discount on notes 906 890
Amortization of deferred financing costs 2,619 2,591
Increase in gains/(losses) from foreign currency transactions (36 ) (584 )
Net realized gains/(losses) on foreign currency forwards (610 ) —
PIK interest and dividends capitalized (11,390 ) (5,937 )
Net unrealized (appreciation) depreciation on foreign currency forward contracts 9 —
Purchases of investments (680,122 ) (395,485 )
Proceeds from sales and repayments of investments 412,795 289,139
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable (9,275 ) 1,303
Decrease (increase) in dividends receivable 50 633
Decrease (increase) in prepaid expenses and other assets (3,458 ) (1,003 )
Increase (decrease) in management and performance-based incentive fees payable (1,655 ) (767 )
Increase (decrease) in interest payable 3,748 744
Increase (decrease) in accrued administrative services expense (60 ) 179
Increase (decrease) in other liabilities and accrued expenses (2,991 ) (382 )
Net Cash (Used in)/Provided by Operating Activities $ (222,348 ) $ (54,172 )
Financing Activities
Issuances of debt $ 1,208,562 $ 213,322
Payments of debt (913,000 ) (164,371 )
Financing costs paid and deferred — (250 )
Repurchase of common stock (6,079 ) —
Distributions paid (71,092 ) (49,595 )
Net Cash (Used in)/Provided by Financing Activities $ 218,391 $ (894 )
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period $ (3,957 ) $ (55,066 )
Effect of foreign exchange rate changes on cash and cash equivalents 67 (25 )
Cash, cash equivalents and foreign currencies at beginning of period 75,786 122,128
Cash, Cash Equivalents and Foreign Currencies at the End of Period $ 71,896 $ 67,037
Supplemental Disclosure of Cash Flow Information
Cash interest paid $ 55,821 $ 48,836
Supplemental Disclosure of Non-Cash Activity
PIK income $ 9,926 $ 4,502

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Aerospace & Defense
Sperry Acquisition, LLC
Sperry Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 02/03/31 6,923 $ 6,824 $ 6,824 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 02/03/31 (13 ) (27 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 02/03/31 (16 ) (16 ) (8)(9)(21)(23)
Sperry Parent Holdings, L.P. Common Equity - Common Stock N/A N/A 99 90 (9)(13)(24)
Total Aerospace & Defense $ 6,894 $ 6,871
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 05/01/29 14,179 $ 14,036 $ 14,038 (9)(31)
First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 05/01/29 10,305 10,104 10,306 (9)(31)
Total Air Freight & Logistics $ 24,140 $ 24,344
Automobile Components
K&N Parent, Inc.
K&N Holdco, LLC Common Equity - Common Stock N/A N/A $ 23,718 $ 282 (13)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 1,127 (9)(13)
Truck-Lite Co., LLC First Lien Secured Debt - Term Loan SOFR+575, 0.75% Floor 02/13/32 3,258 3,251 3,226 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+575, 0.75% Floor 02/13/32 (18 ) (14 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+575, 0.75% Floor 02/13/32 (1 ) (3 ) (8)(9)(21)(23)
3,582 4,336
Universal Air Conditioner
Cool Acquisition Holdings, LP Common Equity - Common Stock N/A N/A 138 131 (9)(13)(24)
Cool Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 10/31/30 13,267 13,085 12,901 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 10/31/30 (20 ) (84 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 10/31/30 2,182 2,133 2,081 (9)(21)(23)(30)<br>(31)
15,336 15,029
Total Automobile Components $ 42,636 $ 19,647

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+450, 1.00% Floor 03/17/31 5,315 $ 5,238 $ 5,235 (9)(31)
First Lien Secured Debt - Revolver SOFR+450, 1.00% Floor 03/17/31 145 114 112 (9)(21)(23)(31)
Preferred Equity - Preferred Equity N/A N/A 100 100 (9)(13)(24)
Common Equity - Common Stock N/A N/A — — (9)(13)(24)
Total Beverages $ 5,452 $ 5,447
Biotechnology
Celerion
Celerion Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 11/05/29 11,061 $ 10,870 $ 11,057 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 11/05/29 (24 ) — (9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 11/03/28 (11 ) — (9)(21)(23)
10,835 11,057
Mannkind Corporation
Mannkind Corporation Common Equity - Common Stock N/A N/A — 129 (9)(10)(13)(17)
Partner Therapeutics, Inc
Partner Therapeutics, Inc Preferred Equity - Preferred Equity N/A N/A 333 333 (9)(13)
Warrants - Warrants 389 135 (9)(13)
722 468
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc. First Lien Secured Debt - Term Loan SOFR+661, 4.00% Floor 09/01/27 3,000 3,016 3,000 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+661, 4.00% Floor 09/01/27 15,000 14,985 15,000 (9)(30)
18,001 18,000
Total Biotechnology $ 29,558 $ 29,654
Building Products
OmniMax International, LLC
Omnimax International, LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 12/06/30 15,242 $ 14,959 $ 14,997 (9)(32)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 12/06/30 4,708 4,619 4,632 (9)(32)
19,578 19,629

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
RF Fager
R.F. Fager Company, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 03/04/30 714 700 703 (9)(32)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 03/04/30 616 594 589 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 03/04/30 (4 ) (3 ) (8)(9)(21)(23)
1,290 1,289
Total Building Products $ 20,868 $ 20,918
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc. First Lien Secured Debt - Term Loan SOFR+500, 4.50% Floor 08/19/29 21,016 $ 20,654 $ 20,805 (9)(17)(30)
First Lien Secured Debt - Revolver SOFR+510, 2.50% Floor 08/19/29 30 30 30 (9)(17)(21)(23)<br>(30)
20,684 20,835
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4) Common Equity - Common Equity / Interest N/A N/A 56,505 18,519 (13)(16)(24)
FC2 LLC (4) Common Equity - Common Stock N/A N/A — — (13)(24)
Secured Debt - Promissory Note 6.50% 10/14/27 12,500 12,500 12,403
69,005 30,922
Heubach
SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.) First Lien Secured Debt - Term Loan 11.00% 04/30/24 478 54 239 (14)(17)(18)
First Lien Secured Debt - Term Loan 5.50% 01/03/29 9,438 29 — (14)(17)
83 239
Meristem Crop Performance
Lunar Buyer, LLC First Lien Secured Debt - Term Loan SOFR+550, 0.75% Floor 10/03/30 9,045 8,883 8,887 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+550, 0.75% Floor 10/03/30 (60 ) (119 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor 10/03/30 1,727 1,655 1,656 (9)(21)(23)(30)
10,478 10,424
W.R. Grace
W.R. Grace Holdings LLC First Lien Secured Debt - Corporate Bond 4.88% 06/15/27 2,000 1,954 1,990 (10)
Total Chemicals $ 102,204 $ 64,410

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Commercial Services & Supplies
AlpineX
Alpinex Opco, LLC First Lien Secured Debt - Term Loan SOFR+626, 1.00% Floor 12/27/27 14,941 $ 14,751 $ 14,939 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+626, 1.00% Floor 12/27/27 3,776 3,738 3,776 (9)(31)
First Lien Secured Debt - Revolver SOFR+626, 1.00% Floor 12/27/27 1,102 1,084 1,103 (9)(21)(23)(31)
19,573 19,818
Ambrosia Buyer Corp.
Ambrosia Buyer Corp. Common Equity - Common Stock N/A N/A 11,961 — (13)
Warrants - Warrants 576 — (13)
12,537 —
Atlas Technical Consultants
GI Apple Midco LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 04/19/30 7,517 7,428 7,517 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor 04/19/30 86 84 86 (9)(30)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 04/19/29 12 1 12 (9)(20)(21)(23)<br>(30)
7,513 7,615
Best Trash
Bingo Group Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 07/10/31 6,974 6,896 6,939 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 07/10/31 291 277 280 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 07/10/31 25 16 21 (9)(21)(23)(31)
7,189 7,240
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC) First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 10/01/29 5,346 5,300 5,292 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 10/01/29 (10 ) (12 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 10/01/29 (6 ) (7 ) (8)(9)(21)(23)
5,284 5,273
Flatworld Solutions
Flatworld Intermediate Corp First Lien Secured Debt - Term Loan SOFR+550, 1.50% Floor 03/25/30 7,980 7,827 7,848 (9)(30)
Heritage Environmental Services
Heritage Environmental Services, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 01/31/31 1,741 1,737 1,754 (9)(31)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 01/31/30 (1 ) — (9)(20)(21)(23)
1,736 1,754

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
HMA
Health Management Associates Superholdings, Inc. First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor 03/30/29 3,897 3,818 3,858 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor 03/30/29 506 496 501 (9)(31)(32)
First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor 03/30/29 — (6 ) (3 ) (8)(9)(20)(21)<br>(23)
4,308 4,356
IronClad
Ironhorse Purchaser, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 09/30/27 2,984 2,946 2,924 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 09/30/27 — (17 ) (29 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 09/30/27 — (6 ) (10 ) (8)(9)(20)(21)<br>(23)
2,923 2,885
IRP
Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt - Term Loan SOFR+690, 1.00% Floor 03/08/28 10,911 10,778 10,638 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+690, 1.00% Floor 03/08/28 4,925 4,860 4,802 (9)(31)
First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor 03/08/28 1,023 1,006 966 (9)(21)(23)(31)
SMC IR Holdings, LLC Common Equity - Common Stock N/A N/A 158 Shares 183 216 (9)(13)(24)
16,827 16,622
Jacent
Jacent Strategic Merchandising First Lien Secured Debt - Term Loan SOFR+595 Cash plus 0.75% PIK, 1.00% Floor 10/23/25 22,128 22,134 22,059 (9)(30)
First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor 10/23/25 1,564 1,562 1,555 (9)(23)(30)
Common Equity - Common Stock N/A N/A 5,000 Shares 500 213 (9)(13)
JSM Equity Investors, L.P. Preferred Equity - Class P Partnership Units N/A N/A 11 Shares 11 1 (9)(13)
24,207 23,828
Pavement Preservation
Pavement Preservation Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 08/09/30 8,943 8,774 8,786 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 08/09/30 2,155 2,116 2,117 (9)(30)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 08/09/30 453 430 430 (9)(21)(23)(30)
11,320 11,333
SafetyCo
HEF Safety Ultimate Holdings, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 11/19/29 7,388 7,241 7,337 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 11/19/29 3,292 3,201 3,250 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 11/19/29 710 682 700 (9)(21)(23)(31)
11,124 11,287

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Smith System
Smith Topco, Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 11/06/29 9,574 9,409 9,430 (9)(31)(32)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 11/06/29 (19 ) (17 ) (8)(9)(21)(23)
9,390 9,413
Vixxo
Vixxo Corporation First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 08/01/30 3,731 3,679 3,685 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 08/01/30 (8 ) (16 ) (8)(9)(21)(23)
3,671 3,669
Total Commercial Services & Supplies $ 145,429 $ 132,941
Communications Equipment
MCA
Mobile Communications America, Inc. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 10/16/29 2,463 $ 2,414 $ 2,438 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 10/16/29 6,217 6,137 6,131 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 10/16/29 120 96 107 (9)(21)(23)(31)
8,647 8,676
Mitel Networks
Mitel Networks (International) Limited Common Equity - Common Stock N/A N/A 476 786 (13)(17)(24)
MLN US Holdco LLC First Lien Secured Debt - Term Loan SOFR+200 Cash plus 6.00% PIK, 1.00% Floor 06/20/30 864 753 752 (17)(30)
1,229 1,538
Sorenson Holdings, LLC
Sorenson Holdings, LLC First Lien Secured Debt - Term Loan 8% PIK 04/01/30 320 271 261
First Lien Secured Debt - Term Loan 10% PIK 04/01/30 83 77 75
Common Equity - Membership Interests N/A N/A 108 86 (13)
456 422
Total Communications Equipment $ 10,332 $ 10,636
Construction & Engineering
Accelevation, LLC
Accelevation LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 01/02/31 9,231 $ 9,101 $ 9,185 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 01/02/31 291 265 273 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 01/02/31 831 799 819 (9)(21)(23)(30)
10,165 10,277

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
American Restoration
American Restoration Holdings, LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor 07/24/30 6,431 6,314 6,367 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+510, 1.00% Floor 07/24/30 9,883 9,749 9,716 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor 07/24/30 1,037 1,006 1,019 (9)(21)(23)(31)
17,069 17,102
Core Roofing
CRS Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 06/06/30 1,908 1,875 1,884 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 06/06/30 — (59 ) (88 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 06/06/30 — (16 ) (12 ) (8)(9)(20)(21)<br>(23)
1,800 1,784
Kauffman
Kauffman Holdco, LLC Common Equity - Common Stock N/A N/A 250,000 Shares 250 58 (9)(13)
Kauffman Intermediate, LLC First Lien Secured Debt - Term Loan SOFR+660, 1.00% Floor 09/30/26 16,699 16,682 15,914 (9)(31)
First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor 09/30/26 1,278 1,257 1,218 (9)(23)(31)
18,189 17,190
Pave America
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 02/07/29 15,185 14,878 14,957 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor 02/07/29 1,542 1,484 1,455 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor 02/07/29 1,559 1,515 1,518 (9)(21)(23)(31)
17,877 17,930
Renovo
HomeRenew Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+650 PIK, 2.50% Floor 04/14/30 3,192 3,192 3,192 (9)(31)
First Lien Secured Debt - Term Loan SOFR+800 PIK, 2.50% Floor 04/14/30 1,344 1,344 1,344 (9)(31)
Renovo Home Partners Preferred Equity - Preferred Equity - Series A Units N/A N/A 6,971 Shares 4,344 3,218 (9)(13)(24)
Preferred Equity - Preferred Equity - Series B Units N/A N/A 4,977 Shares — — (9)(13)(24)
Common Equity - Common Stock N/A N/A 10,696 Shares — — (9)(13)(24)
8,880 7,754
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 11/26/30 7,342 7,240 7,267 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 11/26/30 3,255 3,207 3,221 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 11/26/30 — (20 ) (15 ) (8)(9)(21)(23)
10,427 10,473

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Trench Plate
Trench Plate Rental Co. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 12/03/28 17,636 17,496 17,460 (9)(31)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 12/03/28 545 533 527 (9)(20)(21)(23)<br>(31)
Trench Safety Solutions Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 4 8 (9)(13)(24)
Common Equity - Common Stock N/A N/A 50 42 (9)(13)(24)
18,083 18,037
Total Construction & Engineering $ 102,490 100,547
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 8,518 $ 8,375 8,369 (9)(30)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 09/20/30 242 228 226 (9)(21)(23)(31)
8,603 8,595
Turkey Hill
IC Holdings LLC Common Equity - Series A Units N/A N/A 169 (9)(13)
THLP CO. LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 07/31/27 27,591 27,517 27,329 (9)(31)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 07/31/27 2,930 2,930 2,885 (9)(23)(30)(31)
30,616 30,214
Total Consumer Staples Distribution & Retail $ 39,219 38,809
Containers & Packaging
Berry Tapes & Adhesives
Vybond Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 02/03/32 17,334 $ 17,080 17,074 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 02/03/32 (31 ) (66 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 02/03/32 (46 ) (49 ) (8)(9)(21)(23)
17,003 16,959
MSI Express, Inc.
NCP-MSI Buyer First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 03/24/31 5,833 5,763 5,760 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 03/24/31 (9 ) (19 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+375, 0.75% Floor 03/24/31 689 657 655 (9)(21)(23)(31)
6,411 6,396

All values are in US Dollars.

See notes to the consolidated financial statements.

12

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Truvant
NPPI Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 08/20/29 21,939 21,641 21,665 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 08/20/29 (30 ) (59 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 08/20/29 158 118 118 (9)(21)(23)(30)
21,729 21,724
Total Containers & Packaging $ 45,143 $ 45,079
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 3,898 $ 3,818 $ 3,820 (9)(31)
First Lien Secured Debt - Revolver SOFR+250 Cash plus 4.75% PIK, 1.00% Floor 03/22/29 669 656 658 (9)(23)(31)
4,474 4,478
Clarus Commerce
Marlin DTC-LS Midco 2, LLC First Lien Secured Debt - Term Loan SOFR+660, 1.00% Floor 08/01/25 21,078 21,043 21,078 (30)
First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor 08/01/25 — — (21)(23)
21,043 21,078
Club Car Wash
Club Car Wash Operating, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 06/16/27 12,463 12,379 12,373 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor 06/16/27 23,535 23,291 23,359 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor 06/16/27 1,625 1,613 1,613 (9)(23)(31)
37,283 37,345
Excelligence
Excelligence Learning Corporation First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 01/18/30 15,340 15,061 15,110 (9)(31)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 01/18/30 863 821 826 (9)(20)(21)(23)<br>(31)
15,882 15,936
Gateway Services
Gateway US Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 09/22/28 12,574 12,531 12,511 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 09/22/28 591 581 584 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 09/22/28 (1 ) (2 ) (8)(9)(21)(23)
13,111 13,093

All values are in US Dollars.

See notes to the consolidated financial statements.

13

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Go Car Wash
Go Car Wash Management Corp. First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 12/31/26 1,592 1,584 1,554 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor 12/31/26 9,270 9,214 9,053 (9)(30)
First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor 12/31/26 — — (10 ) (8)(9)(21)(23)
10,798 10,597
Legacy.com
Lotus Topco Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 06/07/30 2,912 2,874 2,875 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 06/07/30 — (9 ) (18 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 06/07/30 — (7 ) (7 ) (8)(9)(21)(23)
2,858 2,850
Mariani
CI (MG) GROUP, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 03/27/30 18,973 18,697 18,688 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 03/27/30 813 744 679 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 03/27/30 973 944 943 (9)(21)(23)(31)
20,385 20,310
Regis
Regis Corporation First Lien Secured Debt - Term Loan SOFR+450, 2.50% Floor 06/24/29 6,872 6,751 6,748 (9)(31)
First Lien Secured Debt - Revolver SOFR+450, 2.50% Floor 06/24/29 172 105 97 (9)(20)(21)(23)<br>(31)
6,856 6,845
SEV
SEV Intermediate Holdco, LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 06/21/30 8,250 8,112 8,106 (9)(31)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 06/21/30 467 441 438 (9)(21)(23)(31)
8,553 8,544
Team Car Wash
TCW Midco LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 10/22/29 4,975 4,931 4,925 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 10/22/29 1,164 1,128 1,122 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 10/22/29 — (7 ) (8 ) (8)(9)(21)(23)
6,052 6,039
Ultra Clean Newco
Ultra Clean Holdco LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 07/01/30 2,475 2,436 2,432 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 07/01/30 5,505 5,380 5,312 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 07/01/30 — (21 ) (25 ) (8)(9)(21)(23)
7,795 7,719

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
US Legal Support
US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units N/A N/A 632 1,125 (9)(13)
USLS Acquisition, Inc. First Lien Secured Debt - Term Loan SOFR+590, 1.00% Floor 05/31/26 28,222 28,116 28,130 (9)(30)(32)
First Lien Secured Debt - Delayed Draw SOFR+590, 1.00% Floor 05/31/26 5,541 5,517 5,520 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+590, 1.00% Floor 05/31/26 804 797 800 (9)(20)(21)(23)<br>(30)
35,062 35,575
Village Pet Care
Village Pet Care, LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor 09/22/29 1,500 1,477 1,485 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+650, 1.00% Floor 09/22/29 1,050 1,010 1,000 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor 09/22/29 803 788 793 (9)(21)(23)(31)
3,275 3,278
Total Diversified Consumer Services $ 193,427 $ 193,687
Diversified Telecommunication Services
Cablevision Systems
CSC Holdings, LLC First Lien Secured Debt - Term Loan SOFR+450, 0.00% Floor 01/18/28 979 $ 954 $ 967 (10)(17)(30)
First Lien Secured Debt - Revolver SOFR+225, 0.00% Floor 07/13/27 84 67 77 (10)(17)(21)<br>(23)(30)
Unsecured Debt - Corporate Bond 4.13% 12/01/30 2,000 1,444 1,413 (10)(17)
Total Diversified Telecommunication Services $ 2,465 $ 2,457
Electric Utilities
Dynagrid
Megavolt Borrower, LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 02/13/32 4,167 $ 4,087 $ 4,083 (9)(31)
Total Electric Utilities $ 4,087 $ 4,083
Electrical Equipment
Generator Buyer, Inc.
Generator Buyer, Inc. First Lien Secured Debt - Term Loan CORRA+525, 0.75% Floor 07/22/30 C 12,158 $ 8,702 $ 8,734 (9)(17)(34)
First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 07/22/30 3,847 3,786 3,799 (9)(17)(31)
First Lien Secured Debt - Delayed Draw CORRA+525, 0.75% Floor 07/22/30 C 2,199 1,576 1,558 (9)(17)(21)(23)<br>(34)
First Lien Secured Debt - Revolver CORRA+525, 0.75% Floor 07/22/30 C 280 185 177 (9)(17)(21)(23)(34)
14,249 14,268

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
International Wire Group
IW Buyer LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor 06/28/29 2,463 2,420 2,438 (9)(30)
First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor 06/28/29 (8 ) (4 ) (8)(9)(20)(21)<br>(23)
2,412 2,434
US MetalCo Holdings
US MetalCo Holdings LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 10/31/29 13,543 13,285 13,407 (9)(31)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 10/31/29 (24 ) (13 ) (8)(9)(21)(23)
13,261 13,394
Total Electrical Equipment $ 29,922 $ 30,096
Electronic Equipment, Instruments & Components
AVAD, LLC
Surf Opco, LLC (4) First Lien Secured Debt - Term Loan SOFR+411, 1.00% Floor 09/10/26 9,575 $ 14,531 $ 9,529 (9)(30)
First Lien Secured Debt - Revolver SOFR+411, 1.00% Floor 09/10/26 17,800 17,800 17,716 (9)(21)(23)(30)
Preferred Equity - Class P-1 Preferred N/A N/A 1,713 2,723 (9)(13)(16)(24)
Common Equity - Class A-1 Common N/A N/A — 110 (9)(13)(16)(24)
34,044 30,078
Pro Vigil
Pro-Vigil Holding Company, LLC First Lien Secured Debt - Term Loan SOFR+860, 1.00% Floor 01/11/26 7,660 7,630 7,501 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+860, 1.00% Floor 01/11/26 21,931 21,835 21,474 (9)(31)
29,465 28,975
Total Electronic Equipment, Instruments & Components $ 63,509 $ 59,053
Energy Equipment & Services
Camin Cargo
Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 12/07/29 985 $ 967 $ 973 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 12/07/29 479 450 443 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 12/07/29 647 628 637 (9)(21)(23)(28)<br>(30)
Total Energy Equipment & Services $ 2,045 $ 2,053
Entertainment
DHX
WildBrain Ltd. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 07/23/29 13,291 $ 13,049 $ 13,058 (9)(17)(31)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 07/23/29 289 265 264 (9)(17)(21)(23)<br>(31)
13,314 13,322

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Shout Factory
Shout! Factory LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 06/30/31 13,421 13,220 13,220 (9)(16)(31)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 06/30/31 (24 ) (24 ) (8)(9)(16)(21)(23)
13,196 13,196
Total Entertainment $ 26,510 $ 26,518
Financial Services
AML Rightsource
Gabriel Partners, LLC First Lien Secured Debt - Term Loan SOFR+195 Cash plus 4.45% PIK, 1.00% Floor 09/21/26 30,136 $ 29,964 $ 29,228 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+195 Cash plus 4.45% PIK, 1.00% Floor 09/21/26 1,277 1,270 1,239 (9)(31)
First Lien Secured Debt - Revolver SOFR+195 Cash plus 4.45% PIK, 1.00% Floor 09/21/26 671 666 651 (9)(23)(31)
31,900 31,118
Definiti LLC
Greylock Holdings LLC Common Equity - Common Stock N/A N/A 100 110 (9)(13)
RHI Acquisition LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 03/16/29 5,955 5,828 5,865 (9)(32)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 03/16/29 1,296 1,257 1,249 (9)(21)(23)(32)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 03/16/29 (12 ) (10 ) (8)(9)(21)(23)
7,173 7,214
Fortress Credit BSL Limited
Fortress Credit BSL Limited 2021-3 Asset Backed Security - CLO Debt N/A 07/20/34 3,000 3,000 2,999 (10)(17)
Fortress Credit Opportunities
Fortress Credit Opportunities CLO LLC 2024-25 Asset Backed Security - CLO Debt N/A 01/15/37 4,000 4,000 3,949 (10)(17)
Golden Bear
Golden Bear 2016-R, LLC (4) Structured Products and Other - Membership Interests N/A 09/20/42 14,831 8,820 (3)(17)
Golub Capital Partners CLO, LT
Golub Capital Partners CLO, LTD 2021-55 Asset Backed Security - CLO Debt N/A 07/20/34 2,000 2,016 2,000 (10)(17)
Insight XI Aggregator, L.P.
Insight XI Aggregator, L.P. First Lien Secured Debt - Term Loan SOFR+325, 0.00% Floor 08/28/25 1,587 1,587 1,587 (9)(17)(31)
Lending Point
LendingPoint 2018-1 Funding Trust First Lien Secured Debt - Term Loan SOFR+128 Cash plus 4.00% PIK, 1.00% Floor 12/31/27 38,667 38,321 38,346 (9)(31)
First Lien Secured Debt - Term Loan 0.00% 12/31/27 3,194 3,194 3,194 (9)
First Lien Secured Debt - Delayed Draw SOFR+128 Cash plus 4.00% PIK, 1.00% Floor 12/31/27 4,929 4,929 4,852 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+128 Cash plus 4.00% PIK, 1.00% Floor 12/31/27 4,186 4,186 4,186 (9)(21)(23)(31)
50,630 50,578

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Nexity
Evoriel First Lien Secured Debt - Term Loan EURIBOR+525, 0.00% Floor 04/02/31 2,283 2,441 2,678 (9)(17)(35)
First Lien Secured Debt - Delayed Draw EURIBOR+525, 0.00% Floor 04/02/31 639 674 747 (9)(17)(21)(23)<br>(35)
3,115 3,425
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P. First Lien Secured Debt - Term Loan SOFR+625, 2.00% Floor 10/25/27 6,837 6,758 6,735 (9)(17)(31)
First Lien Secured Debt - Delayed Draw SOFR+625, 2.00% Floor 10/25/27 2,652 2,613 2,602 (9)(17)(21)(23)<br>(31)
9,371 9,337
PMA
PMA Parent Holdings, LLC First Lien Secured Debt - Term Loan SOFR+550, 0.75% Floor 01/31/31 13,978 13,843 13,838 (9)(31)
First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor 01/31/31 (9 ) (10 ) (8)(9)(21)(23)
13,834 13,828
Purchasing Power, LLC
Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver SOFR+710, 0.00% Floor 02/26/27 2,369 2,369 2,369 (9)(21)(23)(30)
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC Preferred Equity - Preferred Stock N/A N/A 534 244 (13)(17)(15)
Renew Financial LLC (f/k/a Renewable Funding, LLC) Common Equity - Common Stock N/A N/A 16,813 68 (13)(17)
Renew JV LLC Common Equity - Membership Interests N/A N/A 208 372 (13)(17)
17,555 684
Stretto
Stretto, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 10/13/28 11,194 11,148 11,054 (9)(31)
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4) Structured Products and Other - Membership Interests N/A 02/28/29 20,766 12,779 (9)(13)(25)
Total Financial Services $ 193,295 $ 161,741
Food Products
Amylu Foods
Amylu Borrower Sub, LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 06/10/31 10,938 $ 10,829 $ 10,828 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 06/10/31 (9 ) (9 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 06/10/31 156 135 134 (9)(21)(23)(31)
10,955 10,953

All values are in Euros.

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Berner Foods
Berner Food & Beverage, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 07/30/27 34,126 33,792 33,444 (9)(31)
First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor 07/30/26 807 791 749 (9)(21)(23)(28)<br>(31)
34,583 34,193
Bolthouse Farms
Wm. Bolthouse Farms, Inc. Common Equity - Equity Interests N/A N/A 1,147 1,303 (13)
Hive
FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 448 384 (9)(13)
Common Equity - Common Stock N/A N/A 3 — (9)(13)
Hive Intermediate, LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 09/22/27 14,126 14,010 14,091 (9)(30)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 09/22/27 363 345 357 (9)(21)(23)(30)
14,806 14,832
Nutpods
Green Grass Foods, Inc. First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor 12/26/29 3,694 3,634 3,685 (9)(31)
First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor 12/26/29 (19 ) (3 ) (8)(9)(21)(23)
Nutpods Holdings, Inc. Common Equity - Common Stock N/A N/A 125 122 (9)(13)
3,740 3,804
Patriot Pickle
Patriot Foods Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 12/24/29 246 242 244 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 12/22/29 (3 ) (5 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 12/22/29 (4 ) (2 ) (8)(9)(21)(23)
235 237
Total Food Products $ 65,466 $ 65,322
Ground Transportation
Beacon Mobility
Beacon Mobility Corp. First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor 12/31/25 12,692 $ 12,670 $ 12,664 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor 12/31/25 23,683 23,766 23,631 (9)(30)
First Lien Secured Debt - Revolver 4.00% 12/31/25 — — (9)(23)
First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor 12/31/25 (10 ) (9 ) (8)(9)(20)(21)<br>(23)
36,426 36,286

All values are in US Dollars.

See notes to the consolidated financial statements.

19

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Bird Rides
Blue Jay Transit Inc. (4) First Lien Secured Debt - Term Loan SOFR+500 Cash plus 7.00% PIK, 1.00% Floor 03/22/28 20,001 19,778 20,001 (9)(30)
First Lien Secured Debt - Term Loan SOFR+500 Cash plus 7.00% PIK, 1.00% Floor 07/31/26 2,570 2,570 2,570 (9)(30)
Third Lane Mobility Inc. (4) Common Equity - Common Stock N/A N/A 5,012,171 Shares 722 714 (9)(13)(24)
Warrants - Warrants 970,252 Shares — 27 (9)(13)
23,070 23,312
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 06/30/28 3,524 3,517 3,489 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 06/30/28 — — (1 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 07/01/26 — — (3 ) (8)(9)(20)(21)<br>(23)
3,517 3,485
Heniff and Superior
Heniff Holdco, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 12/03/26 28,861 28,701 28,572 (9)(31)
First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor 12/03/26 1,930 1,924 1,891 (9)(21)(23)(30)
30,625 30,463
Olympus Terminals
Olympus Terminals Holdco II LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 12/17/30 18,534 18,186 18,182 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 12/17/30 — (63 ) (65 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 12/17/30 — (54 ) (56 ) (8)(9)(21)(23)
18,069 18,061
Total Ground Transportation $ 111,707 $ 111,607
Health Care Equipment & Supplies
Carestream Health
Carestream Health Holdings, Inc. Common Equity - Common Stock N/A N/A 173,887 Shares $ 1,426 $ 1,148 (13)(17)(24)
Carestream Health, Inc. First Lien Secured Debt - Term Loan SOFR+760, 1.00% Floor 09/30/27 164 151 74 (10)(17)(31)
1,577 1,222
Cerus
Cerus Corporation First Lien Secured Debt - Term Loan SOFR+660, 1.80% Floor 03/01/28 12,000 11,981 12,000 (9)(17)(30)
First Lien Secured Debt - Delayed Draw SOFR+660, 1.80% Floor 03/01/28 4,500 4,493 4,500 (9)(17)(30)
First Lien Secured Debt - Delayed Draw SOFR+660, 1.00% Floor 03/01/28 3,000 2,983 3,000 (9)(17)(23)(30)
First Lien Secured Debt - Revolver SOFR+385, 1.00% Floor 03/01/28 1,038 1,037 1,038 (9)(17)(21)(23)<br>(30)
20,494 20,538

See notes to the consolidated financial statements.

20

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Compass Health
Roscoe Medical, Inc First Lien Secured Debt - Term Loan 12.75% 04/11/25 7,372 7,072 6,218 (9)(14)(19)
First Lien Secured Debt - Revolver 12.75% 04/11/25 492 467 363 (9)(14)(19)(23)
7,539 6,581
Dr. Scholl's
DRS Holdings III, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 11/01/28 24,455 24,341 24,333 (9)(31)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 11/01/28 (7 ) (7 ) (8)(9)(21)(23)
24,334 24,326
Medical Guardian
Medical Guardian, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 04/26/28 30,902 30,704 30,899 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 04/26/28 4,714 4,671 4,714 (9)(30)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 04/26/28 (20 ) — (9)(21)(23)
35,355 35,613
Natus Sensory
Natus Sensory, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 01/07/31 10,653 10,503 10,504 (9)(31)
First Lien Secured Debt - Term Loan EURIBOR+525, 0.00% Floor 01/07/31 2,562 2,613 2,978 (9)(35)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 01/07/31 (19 ) (39 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 01/07/31 (19 ) (19 ) (8)(9)(21)(23)
13,078 13,424
NeuroPace
NeuroPace, Inc. First Lien Secured Debt - Term Loan SOFR+550, 2.00% Floor 05/27/30 20,000 19,900 19,900 (9)(16)(17)(30)
First Lien Secured Debt - Revolver SOFR+375, 2.00% Floor 05/27/30 — (7 ) (8)(9)(16)(17)(21)<br>(23)
19,900 19,893
Project Titan
Titan Luxco I SARL First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 06/12/32 6,044 5,984 5,984 (9)(31)
First Lien Secured Debt - Term Loan EURIBOR+500, 0.75% Floor 06/12/32 1,178 1,350 1,374 (9)(35)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 06/12/32 (8 ) (8 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 06/12/31 278 267 267 (9)(21)(23)(31)
7,593 7,617

All values are in Euros.

See notes to the consolidated financial statements.

21

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Treace
Treace Medical Concepts, Inc. First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor 04/01/27 14,583 14,551 14,510 (9)(17)(27)(30)
First Lien Secured Debt - Revolver SOFR+410, 1.00% Floor 04/01/27 400 394 385 (9)(17)(21)(23)<br>(27)(30)
14,945 14,895
Total Health Care Equipment & Supplies $ 144,815 $ 144,109
Health Care Providers & Services
Alcami
Alcami Corporation First Lien Secured Debt - Term Loan SOFR+710, 1.00% Floor 12/21/28 8,014 $ 7,833 $ 7,853 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+710, 1.00% Floor 12/21/28 590 577 578 (9)(30)
First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor 12/21/28 (23 ) (22 ) (8)(9)(21)(23)
8,387 8,409
All Star
All Star Recruiting Locums, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 05/01/30 7,402 7,276 7,328 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 05/01/30 1,739 1,692 1,700 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 05/01/30 326 305 313 (9)(21)(23)(30)
9,273 9,341
Allied Benefit Systems
Allied Benefit Systems Intermediate LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 10/31/30 5,844 5,844 5,844 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 10/31/30 1,072 1,064 1,072 (9)(31)
6,908 6,916
Amplity
Amplity Parent, Inc. First Lien Secured Debt - Term Loan 12.93% 01/31/27 26,079 25,910 20,276 (9)(14)
First Lien Secured Debt - Revolver SOFR+1260, 1.00% Floor 01/31/27 1,719 1,575 1,571 (9)(21)(23)(31)
First Lien Secured Debt - Revolver 12.93% 01/31/27 1,458 1,436 1,013 (9)(14)(23)
28,921 22,860
Cato Research
LS Clinical Services Holdings, Inc. First Lien Secured Debt - Term Loan SOFR + 725 (Inclusive of 10.54% PIK), 1.00% Floor 12/16/29 15,554 15,386 15,064 (9)(31)
First Lien Secured Debt - Revolver SOFR + 725 (Inclusive of 10.54% PIK), 1.00% Floor 06/16/29 1,684 1,661 1,632 (9)(21)(23)(31)
17,047 16,696

All values are in US Dollars.

See notes to the consolidated financial statements.

22

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt - Term Loan SOFR+550, 0.50% Floor 12/17/29 17,550 17,116 17,418 (9)(31)
First Lien Secured Debt - Term Loan SOFR+575, 0.50% Floor 12/17/29 3,940 3,895 3,930 (9)(31)
First Lien Secured Debt - Revolver SOFR+550, 0.50% Floor 12/17/29 560 514 545 (9)(21)(23)(31)
21,525 21,893
EmpiRx
EmpiRx Health LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor 08/05/27 8,773 8,692 8,773 (9)(31)
First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor 08/05/27 (6 ) — (9)(21)(23)
8,686 8,773
ExactCare
ExactCare Parent, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 11/05/29 17,807 17,393 17,807 (9)(31)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 11/05/29 — (39 ) — (9)(21)(23)
17,354 17,807
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc) First Lien Secured Debt - Term Loan SOFR+425, 0.75% Floor 03/06/28 2,866 2,631 1,257 (10)(31)
First Lien Secured Debt - Term Loan SOFR+425, 0.50% Floor 03/06/28 975 895 436 (10)(31)
3,526 1,693
KCF Puerto Rico, LLC
KCF Puerto Rico, LLC Secured Debt - Promissory Note N/A 06/28/28 1,697 794 568 (17)
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133 295 (9)(13)
Kure Pain Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 08/27/27 25,924 25,858 25,916 (9)(30)(31)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 08/27/27 2,654 2,648 2,654 (9)(23)(31)
28,639 28,865
LucidHealth
Premier Imaging, LLC First Lien Secured Debt - Term Loan SOFR+126 Cash plus 5.00% PIK, 1.00% Floor 03/31/26 7,244 7,224 6,176 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+126 Cash plus 5.00% PIK, 1.00% Floor 03/31/26 1,954 1,884 1,666 (9)(31)
9,108 7,842

See notes to the consolidated financial statements.

23

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc. First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor 03/01/29 9,950 9,860 9,851 (9)(30)
Maxor National Pharmacy Services, LLC First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor 03/01/29 13,118 12,837 12,987 (9)(30)
First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor 03/01/29 — (28 ) (15 ) (8)(9)(21)(23)
Maxor Topco, L.P. Preferred Equity - Preferred Equity N/A N/A 50,000 Shares 50 73 (9)(13)
22,719 22,896
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 21,245 21,042 20,980 (9)(31)
First Lien Secured Debt - Term Loan SOFR+650 PIK, 1% Floor 01/12/28 1,127 1,116 860 (9)(31)
First Lien Secured Debt - Revolver SOFR+100 Cash plus 5.75% PIK, 1.00% Floor 01/12/28 621 616 602 (9)(23)(31)
22,774 22,442
Omega Healthcare
OMH-Healthedge Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+450, 1.00% Floor 04/01/30 11,988 11,978 11,928 (9)(31)
First Lien Secured Debt - Revolver SOFR+450, 1.00% Floor 04/01/30 — (1 ) (7 ) (8)(9)(21)(23)
11,977 11,921
Rarebreed
Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 04/18/30 4,216 4,145 4,153 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 04/18/30 13,085 12,876 12,809 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 04/18/30 — (15 ) (14 ) (8)(9)(21)(23)
17,006 16,948
RHA Health Services
Pace Health Companies, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 08/02/26 1,382 1,375 1,380 (9)(31)
First Lien Secured Debt - Term Loan SOFR+540, 1.00% Floor 08/02/26 461 460 459 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+540, 1.00% Floor 08/02/26 3,215 3,205 3,201 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor 08/02/26 194 189 192 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+555, 1.00% Floor 08/02/26 — (30 ) (2 ) (8)(9)(20)(21)<br>(23)
5,199 5,230
Team Select
TS Investors, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 05/04/29 13,717 13,533 13,580 (9)(30)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 05/04/29 183 110 45 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 05/04/29 — (21 ) (19 ) (8)(9)(21)(23)
13,622 13,606

See notes to the consolidated financial statements.

24

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Thomas Scientific
BSP-TS, LP Preferred Equity - Preferred Equity N/A N/A 25 31 (9)(13)(24)
Common Equity - Common Stock N/A N/A 185 42 (9)(13)(24)
Thomas Scientific, LLC First Lien Secured Debt - Term Loan SOFR+340 Cash plus 4.25% PIK, 1.00% Floor 12/14/27 32,124 31,806 31,179 (9)(31)
First Lien Secured Debt - Revolver SOFR+335 Cash plus 4.25% PIK, 1.00% Floor 12/14/27 2,290 2,264 2,203 (9)(21)(23)(31)
34,280 33,455
WellDyneRx, LLC
WelldyneRX, LLC First Lien Secured Debt - Term Loan SOFR+685, 0.75% Floor 03/09/27 17,489 17,321 17,315 (9)(31)
First Lien Secured Debt - Revolver SOFR+685, 0.75% Floor 03/09/26 (7 ) (10 ) (8)(9)(21)(23)
17,314 17,305
Total Health Care Providers & Services $ 305,059 $ 295,466
Health Care Technology
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp) First Lien Secured Debt - Term Loan SOFR+410, 0.75% Floor 10/01/27 16,691 $ 15,936 $ 16,119 (10)(31)
Inovalon
Inovalon Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+601, 0.75% Floor 11/24/28 6,184 6,103 6,030 (30)
Second Lien Secured Debt - Term Loan SOFR+876 PIK, 0.75% Floor 11/25/33 89 85 75 (31)
6,188 6,105
MRO Parent Corporation
MRO Parent Corporation First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 06/09/32 4,259 4,196 4,195 (9)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 06/09/32 (3 ) (3 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 06/09/32 (6 ) (6 ) (8)(9)(21)(23)
4,187 4,186
TELA Bio, Inc.
TELA Bio, Inc. First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor 05/01/27 13,333 13,303 13,333 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor 05/01/27 — (2 ) — (9)(23)
13,301 13,333
Total Health Care Technology $ 39,612 $ 39,743
Hotels, Restaurants & Leisure
Cave
Cave Enterprises Operations, LLC First Lien Secured Debt - Term Loan SOFR+660, 1.50% Floor 08/09/28 8,508 $ 8,397 $ 8,508 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+660, 1.50% Floor 08/09/28 1,133 1,110 1,133 (9)(23)(30)
9,507 9,641

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
CircusTrix
CircusTrix Holdings LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor 07/18/28 982 965 963 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+650, 1.00% Floor 07/18/28 2,976 2,850 2,836 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor 07/18/28 — (16 ) (20 ) (8)(9)(21)(23)
3,799 3,779
Crumbl
Crumbl Enterprises LLC First Lien Secured Debt - Term Loan SOFR+450, 0.75% Floor 05/05/32 9,259 9,168 9,167 (9)(31)
First Lien Secured Debt - Revolver SOFR+450, 0.75% Floor 05/05/32 120 113 113 (9)(21)(23)(30)
9,281 9,280
Guernsey
Guernsey Holdings SDI LA LLC First Lien Secured Debt - Term Loan 6.95% 11/18/26 1,623 1,618 1,570 (9)
First Lien Secured Debt - Delayed Draw SOFR+595, 1.00% Floor 11/18/26 — (2 ) — (9)(23)
1,616 1,570
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 3,955 (31)
Common Equity - Membership Interests N/A N/A 531,312 Shares 4,740 2,445 (13)(24)
13,479 6,400
Munson
Munson Buffalo Restaurant Group LLC First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor 05/31/29 3,492 3,448 3,413 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+625, 1.00% Floor 05/31/29 5,495 5,431 5,350 (9)(21)(23)(30)
8,879 8,763
PARS Group LLC
PARS Group LLC First Lien Secured Debt - Term Loan SOFR+685, 1.50% Floor 04/03/28 8,726 8,642 8,573 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+685, 1.50% Floor 04/03/28 — (1 ) (17 ) (8)(9)(23)
8,641 8,556
Taco Cabana
YTC Enterprises, LLC First Lien Secured Debt - Term Loan SOFR+636, 1.00% Floor 08/16/26 8,525 8,499 8,163 (9)(30)
Tasty Chick'n
Tasty Chick'n LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 05/16/29 11,709 11,563 9,835 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor 05/16/29 549 541 (431 ) (8)(9)(23)(30)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 05/16/29 — (24 ) (327 ) (8)(9)(23)
12,080 9,077

See notes to the consolidated financial statements.

26

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
The Club Company
Eldrickco Limited First Lien Secured Debt - Term Loan SON+587, 0.50% Floor 11/26/26 9,001 11,626 12,277 (9)(17)(29)
First Lien Secured Debt - Delayed Draw SON+587, 0.50% Floor 11/26/26 10,747 13,450 14,658 (9)(17)(29)
First Lien Secured Debt - Revolver SON+587, 0.50% Floor 11/26/26 356 417 484 (9)(17)(23)(29)
First Lien Secured Debt - Revolver SON+528, 0.50% Floor 05/26/26 (2 ) (4 ) (8)(9)(17)(21)<br>(23)(29)
25,491 27,415
Walters Wedding Estates
WH BorrowerCo, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 08/02/30 14,348 14,149 14,026 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 08/02/30 2,506 2,402 2,323 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 08/02/30 583 550 526 (9)(21)(23)(31)
17,101 16,875
Total Hotels, Restaurants & Leisure $ 118,373 $ 109,519
Household Durables
Allstar Holdings
Athlete Buyer, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 04/26/29 1,917 $ 1,884 $ 1,884 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor 04/26/30 22,062 21,605 21,676 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor 04/26/29 1,553 1,526 1,524 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor 04/26/29 3,201 3,128 3,109 (9)(21)(23)(31)
28,143 28,193
Polywood
Poly-Wood, LLC First Lien Secured Debt - Term Loan SOFR+488, 1.00% Floor 03/20/30 2,741 2,692 2,713 (9)(30)(31)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 03/20/30 (12 ) (4 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+488, 1.00% Floor 03/20/30 (8 ) (4 ) (8)(9)(21)(23)
2,672 2,705
Total Household Durables $ 30,815 $ 30,898
Independent Power & Renewable Electricity Producers
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited First Lien Secured Debt - Term Loan 4.00% 03/08/23 5,562 7,231 2,054 (11)(14)(17)
Preferred Equity - Preferred Stock N/A N/A 5,623 — (2)(13)(17)(26)
Common Equity - Ordinary Shares N/A N/A 4 — (2)(13)(17)(26)
Total Independent Power & Renewable Electricity Producers $ 12,858 $ 2,054

All values are in British Pounds.

See notes to the consolidated financial statements.

27

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Insurance
High Street Insurance
High Street Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 04/14/28 10,047 $ 9,953 $ 9,997 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 04/14/28 19,081 18,919 18,985 (9)(31)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 04/16/27 (13 ) (11 ) (8)(9)(21)(23)
28,859 28,971
PGM Holdings Corporation
Turbo Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+615, 1.00% Floor 06/02/26 18,649 18,571 18,462 (9)(31)
First Lien Secured Debt - Revolver SOFR+615, 1.00% Floor 06/02/26 694 692 685 (9)(21)(23)(31)
19,263 19,147
Spectrum Automotive
Shelby 2021 Holdings Corp. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 06/29/28 14,036 13,930 13,966 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 06/29/28 3,636 3,544 3,592 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 06/29/27 (2 ) (2 ) (8)(9)(21)(23)
17,472 17,556
Total Insurance $ 65,594 $ 65,674
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 $ 2,159 $ 2,302 (10)(31)
Second Lien Secured Debt - Term Loan 9.05% 03/25/26 8,556 7,703 — (14)
9,862 2,302
The Weather Company
Zephyr Buyer, L.P. First Lien Secured Debt - Term Loan SOFR+525, 0.00% Floor 01/31/31 30,660 30,013 30,354 (9)(31)
First Lien Secured Debt - Revolver SOFR+525, 0.00% Floor 01/31/31 (76 ) (40 ) (8)(9)(21)(23)
29,937 30,314
Total Interactive Media & Services $ 39,799 $ 32,616
IT Services
Avenu Insights & Analytics
ACP Avenu Buyer, LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 10/02/29 1,902 $ 1,869 $ 1,883 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 10/02/29 5,477 5,332 5,365 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 10/02/29 (26 ) (14 ) (8)(9)(21)(23)
7,175 7,234

All values are in US Dollars.

See notes to the consolidated financial statements.

28

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Distinct
Distinct Holdings Inc First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 07/18/29 13,143 12,935 12,938 (9)(32)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 07/18/29 (25 ) (27 ) (8)(9)(21)(23)
12,910 12,911
GrayMatter Systems
Genius Bidco LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 05/01/30 1,327 1,304 1,297 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 05/01/30 (40 ) (112 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 05/01/30 155 136 129 (9)(20)(21)(23)<br>(31)
Common Equity - Common Stock N/A N/A 77 54 (9)(13)
1,477 1,368
New Era Technology, Inc.
New Era Technology, Inc. First Lien Secured Debt - Term Loan 10.69% 10/31/26 13,773 13,696 10,468 (9)(14)
First Lien Secured Debt - Delayed Draw 10.73% 10/31/26 17,811 17,675 13,537 (9)(14)
First Lien Secured Debt - Revolver 10.67% 10/30/26 1,732 1,722 1,316 (9)(14)(23)
33,093 25,321
VikingCloud
Bullcave Limited First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 08/06/30 29,253 28,864 28,887 (9)(31)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 08/06/30 2,947 2,876 2,878 (9)(21)(23)(31)
31,740 31,765
Total IT Services $ 86,395 $ 78,599
Leisure Products
Dan Dee
Project Comfort Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+710, 1.00% Floor 02/01/26 15,488 $ 15,464 $ 15,430 (9)(30)
First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor 02/01/26 (1 ) (6 ) (8)(9)(21)(23)
Preferred Equity - Preferred Equity N/A N/A 492 211 (9)(13)
15,955 15,635
KLO Holdings, LLC
1244311 B.C. Ltd. (4) Common Equity - Common Stock N/A N/A 1,000 228 (2)(13)(17)(24)(26)
LashCo
Lash OpCo, LLC First Lien Secured Debt - Term Loan SOFR+275 Cash plus 5.10% PIK, 1.00% Floor 09/17/27 43,762 43,493 42,909 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+275 Cash plus 5.10% PIK, 1.00% Floor 09/17/27 2,362 2,353 2,316 (9)(31)
First Lien Secured Debt - Revolver SOFR+275 Cash plus 5.10% PIK, 1.00% Floor 09/17/27 1,716 1,701 1,671 (9)(23)(31)
47,547 46,896

All values are in US Dollars.

See notes to the consolidated financial statements.

29

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Paladone
Paladone Group Bidco Limited First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 11/12/27 5,906 5,847 5,863 (9)(17)(31)
First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor 11/12/27 925 921 918 (9)(17)(31)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 11/12/27 1,130 1,179 1,185 (9)(17)(21)(23)<br>(28)(29)(31)
Paladone Group Holdings Limited Common Equity - Common Stock N/A N/A 93 104 (9)(13)(17)(24)
8,040 8,070
Total Leisure Products $ 72,542 $ 70,829
Life Sciences Tools & Services
Akoya
Akoya Biosciences, Inc. First Lien Secured Debt - Term Loan SOFR+691, 2.50% Floor 11/01/27 13,125 $ 13,143 $ 13,093 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+691, 2.50% Floor 11/01/27 9,375 9,360 9,353 (9)(30)
22,503 22,446
August Bio
August Bioservices, LLC First Lien Secured Debt - Term Loan SOFR+595, 2.00% Floor 06/01/29 12,000 11,950 11,760 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+595, 2.00% Floor 06/01/29 3,000 2,988 2,940 (9)(30)
First Lien Secured Debt - Revolver SOFR+595, 2.00% Floor 06/01/29 (2 ) (10 ) (8)(9)(21)(23)
14,936 14,690
Unchained Labs
Unchained Labs, LLC First Lien Secured Debt - Term Loan SOFR+555, 1.00% Floor 08/09/27 1,858 1,843 1,839 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+555, 1.00% Floor 08/09/27 2,200 2,189 2,178 (9)(30)
First Lien Secured Debt - Revolver SOFR+555, 1.00% Floor 08/09/27 (5 ) (7 ) (8)(9)(21)(23)
4,027 4,010
Total Life Sciences Tools & Services $ 41,466 $ 41,146
Machinery
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor 10/02/29 14,738 $ 14,443 $ 14,541 (9)(30)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 05/01/31 5,333 5,255 5,253 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 05/01/31 (24 ) (25 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 05/01/31 (19 ) (20 ) (8)(9)(21)(23)
5,212 5,208

All values are in US Dollars.

See notes to the consolidated financial statements.

30

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Ideal Tridon
Ideal Components Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 06/30/32 13,092 12,895 12,895 (9)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 06/30/32 (18 ) (18 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 06/30/32 (30 ) (30 ) (8)(9)(21)(23)
12,847 12,847
JPW
JPW Industries Holding Corporation First Lien Secured Debt - Term Loan SOFR+588, 2.00% Floor 11/22/28 2,412 2,412 2,382 (9)(31)
Milacron (Project Iota)
IOTA HOLDINGS 3 First Lien Secured Debt - Term Loan SOFR+475, 0.00% Floor 03/31/32 22,675 22,341 22,335 (9)(31)
First Lien Secured Debt - Revolver SOFR+475, 0.00% Floor 03/31/32 68 (2 ) (5 ) (8)(9)(21)(23)<br>(31)
22,339 22,330
Relevant Industrial
Relevant Industrial, LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 05/16/31 8,214 8,114 8,112 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 05/16/31 (33 ) (33 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 05/16/31 (17 ) (18 ) (8)(9)(21)(23)
8,064 8,061
Total Machinery $ 65,317 $ 65,369
Media
Accelerate360
Accelerate360 Holdings, LLC First Lien Secured Debt - Term Loan SOFR+626, 1.00% Floor 02/11/27 3,707 $ 3,707 $ 3,698 (9)(31)
First Lien Secured Debt - Revolver SOFR+626, 1.00% Floor 02/11/27 1,382 1,382 1,375 (9)(21)(23)(31)
5,089 5,073
Acosta
Acosta Holdings Corp. Preferred Equity - Preferred Equity N/A N/A 473 515 (13)(24)
Common Equity - Common Stock N/A N/A 77 28 (13)(24)
550 543
FingerPaint Marketing
KL Charlie Acquisition Company First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 12/30/26 18,092 17,970 17,956 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor 12/30/26 8,171 8,105 8,060 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 12/30/26 (11 ) (15 ) (8)(9)(21)(23)
KL Charlie Co-Invest, L.P. Common Equity - Common Stock N/A N/A 220 296 (9)(13)
26,284 26,297

All values are in US Dollars.

See notes to the consolidated financial statements.

31

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
HALO Branded Solutions
HALO Buyer, Inc First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 08/07/29 8,674 8,512 8,510 (9)(30)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 08/07/29 239 215 214 (9)(21)(23)(28)<br>(30)
8,727 8,724
Hero Digital
HRO (Hero Digital) Holdings, LLC First Lien Secured Debt - Term Loan SOFR+210 Cash plus 4.00% PIK, 1.00% Floor 11/18/28 21,670 21,436 21,015 (9)(31)(32)
First Lien Secured Debt - Term Loan SOFR+210 Cash plus 5.00% PIK, 1.00% Floor 11/18/28 4,839 4,753 4,693 (9)(31)
First Lien Secured Debt - Revolver SOFR+210 Cash plus 4.00% PIK, 1.00% Floor 11/18/26 1,746 1,729 1,642 (9)(20)(21)(23)<br>(31)
HRO Holdings I LP Common Equity - Common Stock N/A N/A 213 255 (9)(13)
28,131 27,605
Wilson Language Training
Owl Parent Holdings, LLC Common Equity - Common Stock N/A N/A 100 187 (9)(13)
Total Media $ 68,881 $ 68,429
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 15,290 $ 15,078 $ 13,401 (9)(10)(31)
SEER
GS SEER Group Borrower LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 04/29/30 3,192 3,118 3,160 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor 04/29/30 1,116 1,087 1,103 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 04/30/29 (7 ) (4 ) (8)(9)(21)(23)
GS SEER Group Holdings, LLC Common Equity - Common Stock N/A N/A 42 48 (9)(13)
4,240 4,307
Total Multi-Utilities $ 19,318 $ 17,708
Oil, Gas & Consumable Fuels
Meritus Gas Partners
MGP Holdings III Corp. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 03/01/30 14,137 $ 13,918 $ 13,925 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 03/01/30 958 931 919 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 03/01/30 288 276 276 (9)(21)(23)(31)
Total Oil, Gas & Consumable Fuels $ 15,125 $ 15,120

All values are in US Dollars.

See notes to the consolidated financial statements.

32

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 02/04/31 14,963 $ 14,747 $ 14,749 (9)(31)
Total Paper & Forest Products $ 14,747 $ 14,749
Passenger Airlines
Merx Aviation Finance, LLC
Gol Finance SA (5) Common Equity - Common Stock N/A N/A $ - $ - (13)(24)
Merx Aviation Finance, LLC (5) First Lien Secured Debt - Revolver 10.00% 10/31/25 51,075 51,075 51,075 (23)
Common Equity - Membership Interests N/A N/A 146,500 133,746 (13)(24)
Total Passenger Airlines $ 197,575 $ 184,821
Personal Care Products
Elida Beauty
PHOENIX YW BUYER, INC. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 05/31/30 7,456 $ 7,290 $ 7,307 (9)(30)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 05/31/30 (21 ) (23 ) (8)(9)(21)(23)
7,269 7,284
RoC Skincare
RoC Holdco LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 02/21/31 12,645 12,421 12,455 (9)(31)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 02/21/30 (34 ) (33 ) (8)(9)(21)(23)
12,387 12,422
Suave
Silk Holdings I Corp. Common Equity - Common Stock N/A N/A 100 186 (9)(13)
Silk Holdings III Corp. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 05/01/29 26,685 26,165 26,485 (9)(31)
26,265 26,671
Summer Fridays
Summer Fridays, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 05/16/31 23,148 22,805 22,801 (9)(31)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 05/16/31 (27 ) (28 ) (8)(9)(21)(23)
22,778 22,773
Total Personal Care Products $ 68,699 $ 69,150

All values are in US Dollars.

See notes to the consolidated financial statements.

33

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Pharmaceuticals
Alcresta Therapeutics Inc.
Alcresta Holdings, LP Preferred Equity - Preferred Equity N/A N/A $ 118 $ 130 (9)(13)
Common Equity - Common Stock N/A N/A 1 54 (9)(13)
Alcresta Therapeutics Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 03/12/30 2,206 2,170 2,190 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 03/31/30 (112 ) (53 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 03/31/29 (7 ) (3 ) (8)(9)(21)(23)
2,170 2,318
Avid Bioservices
Space Finco, Inc. First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 02/05/32 10,638 10,480 10,479 (9)(17)(31)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 02/05/32 (83 ) (168 ) (8)(9)(17)(21)<br>(23)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 02/05/31 (47 ) (48 ) (8)(9)(17)(21)<br>(23)
Space Parent, LP Preferred Equity - Preferred Equity N/A N/A 99 99 (9)(13)(17)(24)
Common Equity - Common Stock N/A N/A 1 1 (9)(13)(17)(24)
10,450 10,363
Ora LLC
Orion Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 07/18/30 6,867 6,746 6,661 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 07/18/30 (14 ) (50 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 07/18/30 280 256 238 (9)(21)(23)(30)
TVG Orion Blocker, Inc. Common Equity - Common Stock N/A N/A 109 59 (9)(13)(24)
Unsecured Debt - Promissory Note 11.34% 07/11/30 21 21 21 (9)
7,118 6,929
PAI Pharma
Pai Middle Tier, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 02/13/32 16,500 16,258 16,253 (9)(31)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 02/13/32 (50 ) (52 ) (8)(9)(21)(23)
PAI Co-Investor FT Aggregator LLC Common Equity - Common Stock N/A N/A 100 102 (9)(13)(24)
16,308 16,303
Sterling Pharma
Saffron Bidco Ltd First Lien Secured Debt - Term Loan SOFR+269 Cash plus 3.06% PIK, 0.75% Floor 09/11/31 13,574 13,327 13,167 (9)(17)(32)
First Lien Secured Debt - Term Loan EURIBOR+274 plus 3.01% PIK, 0.75% Floor 09/11/31 97 106 111 (9)(17)(36)
First Lien Secured Debt - Delayed Draw SON+575, 0.75% Floor 09/11/31 (73 ) (253 ) (8)(9)(17)(21)(23)(29)
13,360 13,025

All values are in Euros.

See notes to the consolidated financial statements.

34

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
TersSera
TerSera Therapeutics LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 04/04/29 16,665 16,302 16,665 (9)(30)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 04/04/29 (22 ) — (9)(21)(23)
16,280 16,665
Trillium
Trillium Health Care Products Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 08/06/31 8,084 7,932 7,902 (9)(31)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 08/06/31 694 675 670 (9)(21)(23)(31)<br>(32)
First Lien Secured Debt - Revolver CORRA+557, 1.00% Floor 08/06/31 C 838 577 602 (9)(21)(23)
9,184 9,174
Total Pharmaceuticals $ 74,870 $ 74,777
Professional Services
AGDATA
AGDATA Midco, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 07/01/30 2,639 $ 2,603 $ 2,600 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 07/01/30 713 697 686 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 07/01/30 49 43 41 (9)(21)(23)(31)
3,343 3,327
BDO USA
BDO USA, P.A. First Lien Secured Debt - Term Loan SOFR+500, 2.00% Floor 08/31/28 11,790 11,790 11,758 (9)(30)
DCM Services
DCM Parent, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 03/12/31 12,643 12,458 12,453 (9)(31)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 03/12/31 (33 ) (35 ) (8)(9)(21)(23)
12,425 12,418
Escalent
M&M OPCO, LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 04/07/29 12,164 11,916 11,952 (9)(31)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 04/07/29 (9 ) (8 ) (8)(9)(21)(23)
11,907 11,944
G&A
G&A Partners Holding Company II, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 03/01/31 4,993 4,903 4,968 (9)(31)
First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 03/03/31 1,686 1,678 1,677 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 03/01/31 320 294 297 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 03/01/30 (6 ) (2 ) (8)(9)(21)(23)
6,869 6,940

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Health & Safety Institute
HSI Halo Holdings, LLC Common Equity - Common Stock N/A N/A 46 1,756 (9)(13)
Lexitas
Chronicle Parent LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 04/15/31 7,037 6,969 6,967 (9)(32)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 04/15/31 (11 ) (11 ) (8)(9)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 04/15/31 (7 ) (7 ) (8)(9)(21)(23)
6,951 6,949
North Highland
The North Highland Company LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 12/22/31 3,049 3,020 3,019 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 12/22/31 (5 ) (11 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 12/20/30 532 525 524 (9)(21)(23)(30)<br>(31)
3,540 3,532
PSI Services, LLC
Lifelong Learner Holdings, LLC First Lien Secured Debt - Term Loan SOFR+110 Cash plus 7.75% PIK, 1.00% Floor 03/31/27 5,488 5,426 5,316 (9)(30)
First Lien Secured Debt - Revolver SOFR+110 Cash plus 7.75% PIK, 1.00% Floor 03/31/27 558 557 539 (9)(23)(30)
5,983 5,855
Schlesinger Group
Schlesinger Global, LLC First Lien Secured Debt - Term Loan SOFR+275 Cash plus 5.85% PIK, 1.00% Floor 07/21/25 12,294 12,343 12,134 (9)(30)
Team LINX, LLC
TeamLINX Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 12/18/30 11,029 10,872 10,864 (9)(30)(31)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 12/18/30 (20 ) (21 ) (8)(9)(21)(23)
10,852 10,843
Total Professional Services $ 86,049 $ 87,456
Real Estate Management & Development
Redfin
Redfin Corporation First Lien Secured Debt - Term Loan SOFR+575, 1.50% Floor 10/20/28 3,439 $ 3,376 $ 3,456 (9)(17)(31)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.50% Floor 10/20/28 3,456 3,393 3,474 (9)(17)(31)
Total Real Estate Management & Development $ 6,769 $ 6,930
Semiconductors & Semiconductor Equipment
Wolfspeed
Wolfspeed, Inc. First Lien Secured Debt - Corporate Bond 9.88% Cash plus 2.00% PIK 06/23/30 6,085 $ 5,909 $ 6,283 (9)(17)
First Lien Secured Debt - Corporate Bond 9.88% Cash plus 2.00% PIK 06/23/30 5,071 4,924 5,236 (9)(17)
Total Semiconductors & Semiconductor Equipment $ 10,833 $ 11,519

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Software
Acronis AG
ACRONIS AG First Lien Secured Debt - Term Loan SOFR+595 Cash plus 1.00% PIK, 1.00% Floor 04/01/27 27,351 $ 27,257 $ 27,352 (9)(17)(30)
Align
RMCF V CIV L, L.P. Common Equity - Common Stock N/A N/A 500 568 (13)(24)
American Megatrends
AMI Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 10/17/31 13,063 12,873 12,867 (9)(33)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 10/17/31 11 (15 ) (18 ) (8)(9)(21)(23)<br>(33)
12,858 12,849
Asure Software
Asure Software, Inc. First Lien Secured Debt - Term Loan SOFR+500, 2.00% Floor 04/01/30 6,667 6,635 6,633 (9)(17)(30)
First Lien Secured Debt - Delayed Draw SOFR+500, 2.00% Floor 04/01/30 13,333 13,270 13,267 (9)(17)(30)
19,905 19,900
BarTender
Sigma Buyer LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 01/04/28 13,515 13,294 13,414 (9)(32)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 01/04/28 7,236 7,119 7,182 (9)(32)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 01/04/28 100 76 89 (9)(21)(23)(32)
20,489 20,685
Beeline
IQN Holding Corp. First Lien Secured Debt - Term Loan SOFR+263 Cash plus 3.12% PIK, 0.75% Floor 05/02/29 5,315 5,315 5,262 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+263 Cash plus 3.12% PIK, 0.75% Floor 05/02/29 — (4 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 05/02/28 235 235 232 (9)(21)(23)(31)
5,550 5,490
Calero Holdings, Inc.
Telesoft Holdings, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 12/16/26 21,534 21,450 21,418 (30)
First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor 12/16/26 530 522 518 (21)(23)(30)
21,972 21,936
ChyronHego Corporation
ChyronHego Corporation (5) Preferred Equity - Preferred Equity N/A N/A 6,000 15,825 (13)(24)
ChyronHego US Holding Corporation (5) First Lien Secured Debt - Term Loan SOFR+350, 1.75% Floor 06/30/26 106,406 106,196 106,406 (31)
First Lien Secured Debt - Revolver SOFR+600, 1.75% Floor 06/30/26 11,467 11,456 11,467 (21)(23)(31)
123,652 133,698

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Digital.ai
Digital.ai Software Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 08/10/28 22,812 22,492 22,359 (9)(31)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 08/10/28 403 372 355 (9)(21)(23)(31)
22,864 22,714
EVER.AG Corporation
EVER.AG Corporation First Lien Secured Debt - Term Loan SOFR+535, 1.00% Floor 06/24/27 20,695 20,493 20,387 (9)(31)
First Lien Secured Debt - Revolver SOFR+535, 1.00% Floor 06/24/27 1,257 1,247 1,238 (9)(23)(31)
21,740 21,625
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 03/18/32 16,901 16,738 16,732 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 03/18/32 — (27 ) (56 ) (8)(9)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 03/18/32 — (24 ) (25 ) (8)(9)(21)(23)
16,687 16,651
G2CI
Evergreen IX Borrower 2023, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 09/30/30 7,097 7,097 7,097 (9)(31)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 10/01/29 — — — (9)(21)(23)
7,097 7,097
Go1
Apiom, Inc. First Lien Secured Debt - Term Loan SOFR+745, 2.00% Floor 05/02/28 2,500 2,487 2,513 (9)(17)(30)
GoHealth
Norvax, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor 09/30/25 1,597 1,596 1,597 (9)(23)(30)
Gtreasury
G Treasury SS LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 06/29/29 250 246 247 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 06/29/29 591 554 565 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 06/29/29 67 63 64 (9)(21)(23)(31)<br>(32)
863 876
Litify
Litify Holdings Inc. Common Equity - Common Stock N/A N/A 217,892 Shares 107 510 (9)(13)
Litify LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 02/02/29 29,167 28,562 28,583 (9)(30)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 02/02/29 — (15 ) (17 ) (8)(9)(21)(23)
28,654 29,076

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Lookout
Lookout, Inc. First Lien Secured Debt - Term Loan SOFR+625, 3.00% Floor 06/01/29 5,000 4,979 5,000 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+625, 3.00% Floor 06/01/29 5,000 4,980 5,000 (9)(30)
9,959 10,000
MYCOM
Magnate Holding Corp. First Lien Secured Debt - Term Loan SOFR+840 PIK, 0.50% Floor 12/31/26 20,656 20,662 20,295 (9)(17)(31)
Naviga
Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Term Loan 1.10% 09/30/26 12,930 11,176 8,146 (9)(14)
First Lien Secured Debt - Term Loan 1.00% 09/30/26 79 77 50 (9)(14)
First Lien Secured Debt - Delayed Draw 1.10% 09/30/26 2,224 1,909 1,401 (9)(14)
First Lien Secured Debt - Revolver 1.10% 09/30/26 500 500 315 (9)(14)(23)
13,662 9,912
New Relic
Crewline Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 11/08/30 5,623 5,576 5,623 (9)(30)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 11/08/30 — — — (9)(21)(23)
5,576 5,623
Omada
Omada Health, Inc. First Lien Secured Debt - Term Loan SOFR+710, 2.50% Floor 06/01/28 1,450 1,440 1,450 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+710, 2.50% Floor 06/01/28 — (9 ) — (9)(23)
First Lien Secured Debt - Revolver SOFR+410, 2.50% Floor 06/01/28 5 5 5 (9)(21)(23)(30)
1,436 1,455
Passport Labs
Passport Labs, Inc. First Lien Secured Debt - Term Loan SOFR+675, 2.00% Floor 04/24/30 20,000 19,903 19,900 (9)(30)
Poppulo, Inc.
Four Winds Interactive LLC First Lien Secured Debt - Term Loan SOFR+650, 0.75% Floor 02/20/30 7,561 7,418 7,410 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+650, 0.75% Floor 02/20/30 — (14 ) (29 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+650, 0.75% Floor 02/20/30 — (18 ) (20 ) (8)(9)(21)(23)
7,386 7,361
Riverbed Technology, Inc.
Riverbed Technology, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 04/03/28 — (5 ) (6 ) (8)(21)(23)

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Simeio
Simeio Group Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+310 Cash plus 4.00% PIK, 1.00% Floor 02/02/26 8,128 8,115 7,559 (9)(30)
First Lien Secured Debt - Revolver SOFR+310 Cash plus 4.00% PIK, 1.00% Floor 02/02/26 884 882 822 (9)(23)(30)
8,997 8,381
Solera
Polaris Newco, LLC First Lien Secured Debt - Term Loan SOFR+401, 0.50% Floor 06/02/28 8,108 8,059 7,913 (10)(31)
Solera, LLC Second Lien Secured Debt - Term Loan SOFR+910, 1.00% Floor 06/04/29 4,252 4,218 4,134 (10)(31)
12,277 12,047
SPS Commerce, Inc.
SPS Commerce, Inc. Common Equity - Common Stock N/A N/A 837 Shares 62 114 (10)(13)(17)<br>(24)
Stax Payments
Stax Purchaser, LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor 06/06/30 10,000 9,852 9,850 (9)
Texada
Texada Software LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 04/30/30 6,923 6,804 6,802 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 04/30/30 2,051 2,015 2,015 (9)(30)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 04/30/30 — (17 ) (18 ) (8)(9)(21)(23)
8,802 8,799
Uniguest
Uniguest Holdings, Inc First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 11/27/30 19,742 19,468 19,474 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 11/27/30 — (27 ) (54 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 11/27/30 — (16 ) (16 ) (8)(9)(21)(23)
19,425 19,404
Uplight
Uplight, Inc. First Lien Secured Debt - Term Loan SOFR+610, 4.00% Floor 06/01/29 10,000 9,916 9,875 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+610, 4.00% Floor 06/01/29 — — (124 ) (8)(9)(23)
First Lien Secured Debt - Revolver SOFR+360, 4.00% Floor 06/01/29 — — (12 ) (8)(9)(21)(23)
9,916 9,739
Zafin
Zafin Labs Americas Incorporated First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 02/14/31 16,667 16,429 16,433 (9)(17)(32)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 02/14/31 — (47 ) (47 ) (8)(9)(17)(21)<br>(23)
16,382 16,386

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Zendesk
Zendesk, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 11/22/28 7,513 7,513 7,494 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 11/22/28 577 577 573 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 11/22/28 — (2 ) (8)(9)(20)(21)<br>(23)
8,090 8,065
Total Software $ 506,553 $ 511,952
Specialty Retail
Club Champion
Club Champion LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 06/14/29 8,111 $ 8,008 $ 8,009 (9)(32)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 06/14/29 301 279 279 (9)(21)(23)(32)
8,287 8,288
EG Group
EG Global Finance PLC First Lien Secured Debt - Corporate Bond SOFR+750, 0.50% Floor 11/30/28 6,267 6,418 6,737 (10)(17)(31)
PetSmart
PetSmart Inc / PetSmart Finance Corp Unsecured Debt - Corporate Bond 7.75% 02/15/29 2,000 1,963 1,949 (10)
PetSmart LLC First Lien Secured Debt - Term Loan SOFR+385, 0.75% Floor 02/11/28 8,914 8,893 8,842 (10)(30)
10,856 10,791
Tailored Brands
The Men's Wearhouse, LLC First Lien Secured Debt - Term Loan SOFR+650, 0.00% Floor 02/26/29 1,062 1,060 1,062 (10)(31)
Total Specialty Retail $ 26,621 $ 26,878
Technology Hardware, Storage & Peripherals
Biamp
Biamp First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 04/30/30 869 $ 854 $ 846 (9)(30)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 04/30/30 (2 ) (3 ) (8)(9)(21)(23)
852 843
BusPatrol
BusPatrol Holdco First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 08/02/29 8,333 8,261 8,270 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor 08/02/29 (27 ) (25 ) (8)(9)(23)
First Lien Secured Debt - Revolver SOFR+400, 1.00% Floor 08/02/29 300 288 289 (9)(21)(23)(30)
8,522 8,534
Total Technology Hardware, Storage & Peripherals $ 9,374 $ 9,377

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
Textiles, Apparel & Luxury Goods
Iconix Brand Group
IBG Borrower LLC First Lien Secured Debt - Term Loan SOFR+515, 1.00% Floor 08/22/29 5,875 $ 5,824 $ 5,801 (9)(31)
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC Common Equity - Common Stock N/A N/A 575 87 (13)(16)(17)
Galaxy Universal LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 05/12/28 15,000 15,000 14,790 (31)
First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor 05/12/28 2,480 2,480 2,502 (31)
First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 05/12/28 1,241 1,229 1,215 (31)
Swisstech IP CO, LLC First Lien Secured Debt - Term Loan 6.00% PIK 11/24/25 207 174 206 (17)
19,458 18,800
Total Textiles, Apparel & Luxury Goods $ 25,282 $ 24,601
Trading Companies & Distributors
Banner Solutions
Banner Buyer, LLC First Lien Secured Debt - Term Loan SOFR+290 Cash plus 3.50% PIK, 3.75% Floor 05/31/27 12,115 $ 12,075 $ 11,472 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+290 Cash plus 3.50% PIK, 3.75% Floor 05/31/27 2,958 2,945 2,801 (9)(31)
First Lien Secured Debt - Revolver SOFR+290 Cash plus 3.50% PIK, 3.75% Floor 05/31/27 3 (4 ) (100 ) (8)(9)(21)(23)<br>(31)
Banner Parent Holdings, Inc. Common Equity - Common Stock N/A N/A 613 43 (9)(13)
15,629 14,216
ORS Nasco
WC ORS Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 08/07/31 19,995 19,715 19,695 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor 08/07/31 — — — (23)(31)
First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor 08/07/31 1,255 1,176 1,183 (9)(21)(23)(30)<br>(31)
WC ORS Holdings, L.P. Common Equity - Common Stock N/A N/A 100 134 (9)(13)(24)
20,991 21,012
PSE
Graffiti Parent, LP Common Equity - Common Stock N/A N/A 244 201 (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 10,803 10,683 10,587 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor 08/10/27 3,645 3,608 3,498 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 08/10/27 — (10 ) (26 ) (8)(9)(21)(23)
14,525 14,260
Total Trading Companies & Distributors $ 51,145 $ 49,488

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, 2025

(In thousands, except share data)

Industry/Company Investment Type Interest Rate(6) Maturity Date Par/Shares (2) Cost (38) Fair Value (1)(39)
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 15,086 $ 14,893 $ 14,973 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 05/09/29 2,057 2,012 2,021 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 05/09/29 794 766 776 (9)(21)(23)(31)
Total Transportation Infrastructure $ 17,671 $ 17,770
Wireless Telecommunication Services
Global Eagle
Anuvu Corp. (fka GEE Acquisition Holdings Corp.) Common Equity - Common Stock N/A N/A $ — $ — (13)(24)
Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC) First Lien Secured Debt - Term Loan SOFR+400 Cash plus 6.00% PIK, 0.00% Floor 09/27/27 5,126 3,935 4,459 (31)
First Lien Secured Debt - Term Loan 8.25% 03/23/26 5,080 2,221 356 (14)
Total Wireless Telecommunication Services $ 6,156 $ 4,815
Total Investments before Cash Equivalents $ 3,495,111 $ 3,327,482 (7)(12)
Goldman Sachs Financial Square Government Fund, Institutional N/A N/A 555 $ 555 $ 555 (37)
Total Investments after Cash Equivalents $ 3,495,666 $ 3,328,037

All values are in US Dollars.

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

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

  • Denotes investments in which we are an “Affiliated Person,” as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2024 and June 30, 2025 along with transactions during the six months ended June 30, 2025 in these affiliated investments are as follows:
Name of Issuer Fair Value at December 31, 2024
1244311 B.C. Ltd.,Common Stock $ 202 — — 26 228 — —
Carbonfree Chemicals Holdings LLC,Common Equity / Interest 18,933 0 — (414 ) 18,519 — —
FC2 LLC,Common Stock — — — — — — —
FC2 LLC,Term Loan 12,459 — — (56 ) 12,403 — 403
Golden Bear 2016-R, LLC,Membership Interests 9,736 152 (772 ) (295 ) 8,820 — 436
Surf Opco, LLC,Class A-1 Common — 375 — (265 ) 110 — —
Surf Opco, LLC,Class P-1 Preferred — 3,405 — (682 ) 2,723 — —
Surf Opco, LLC,Revolver — 22,664 (4,863 ) (84 ) 17,716 — 850
Surf Opco, LLC,Term Loan — 9,633 (58 ) (23 ) 9,529 (23 ) 462
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests 16,366 — (2,427 ) (1,161 ) 12,779 — —
Blue Jay Transit Inc.,Term Loan 19,940 3,167 (494 ) (42 ) 22,571 — 1,569
Blue Jay Transit Inc.,Unfunded Delayed Draw — — — — — — —
Bird Scooter Acquisition Corp.,Common Stock 373 — (373 ) — — — —
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests 2,144 — (1 ) 302 2,445 — —
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan 4,183 (48 ) (186 ) 288 3,955 (282 ) 219
Third Lane Mobility Inc.,Common Stock — 728 — (14 ) 714 — —
Third Lane Mobility Inc.,Warrants — — — 27 27 — —
$ 84,334 40,075 (9,174 ) (2,393 ) 112,539 (305 ) 3,940

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, 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 June 30, 2025 along with transactions during the six months ended June 30, 2025 in these controlled investments are as follows:
Name of Issuer Fair Value at December 31, 2024
Majority Owned Company
ChyronHego US Holding Corporation $ 15,500 7,373 (11,400 ) (5 ) 11,467 — 812
ChyronHego US Holding Corporation 106,406 — — — 106,406 — 4,180
ChyronHego US Holding Corporation — — — — — — —
ChyronHego Corporation 19,456 — — (3,631 ) 15,825 — —
Merx Aviation Finance, LLC 123,815 — — 9,931 133,746 — —
Merx Aviation Finance, LLC 59,576 0 (8,501 ) — 51,075 — 2,997
$ 324,753 7,373 (19,901 ) 6,295 318,519 — 7,989

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

  • Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime rate on select contracts and switch to an alternative base rate contract in the future.
  • Substantially all securities are pledged as collateral to the Company's credit facilities (see Note 6 to the consolidated financial statements). For investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. As such, these securities are not available as collateral to our general creditors.
  • The negative fair value is the result of the commitment being valued below par.
  • These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)
  • Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).
  • The investments have a maturity date prior to the end of the current period. Additional proceeds are expected from Solarplicity Group after the resolution of bankruptcy proceedings, or other corporate actions, at each respective issuer.
  • Aggregate gross unrealized gain and loss for federal income tax purposes is $31,357 and $250,126, respectively. Net unrealized loss is $218,769 based on a tax cost of $3,546,251.
  • Non-income producing security.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

  • Non-accrual status (see Note 2 to the consolidated financial statements).
  • The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.
  • AIC SB Holdings LLC, AIC SHD Holdings, AP Surf Investments, LLC, MFIC Gamma SPV LLC and MFIC Delta 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 Gamma SPV LLC holds investments in NeuroPace. MFIC Delta SPV LLC holds investments in Shout Factory.
  • 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, 2025, non-qualifying assets represented approximately 9.3% of the total assets of the Company.
  • The maturity date for these investments is expected to be extended past June 30, 2025. The final terms of the extension, restructuring or exit are still under negotiation between the Company and the respective portfolio company.
  • As of June 30, 2025, the portfolio company remains in maturity default. The respective lenders are pursuing foreclosure and sale-related steps in the absence of an agreement to extend or waive the default.
  • As of June 30, 2025, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.
  • The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.
  • A letter of credit associated with this investment has been issued through the Company’s Senior Secured Facility. In the event of draw of funds the related funding would be pro-rated for all existing lenders in the investment.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

  • As of June 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.
Name of Issuer Total Commitment
ACP Avenu Buyer, LLC $ 7,247 — — 7,247
AGDATA Midco, LLC 1,621 49 — 1,572
AMI Buyer, Inc. 1,905 11 — 1,894
Accelerate360 Holdings, LLC 2,544 1,382 — 1,162
Accelevation LLC 5,478 831 — 4,647
Acentra Holdings, LLC (fka CNSI Holdings, LLC) 2,000 560 — 1,440
Alcami Corporation 1,096 — — 1,096
Alcresta Therapeutics Inc. 7,529 — — 7,529
All Star Recruiting Locums, LLC 3,478 326 — 3,152
Alpinex Opco, LLC 1,489 1,102 — 387
American Restoration Holdings, LLC 8,582 1,037 — 7,545
Amplity Parent, Inc. 3,719 3,176 — 543
Amylu Borrower Sub, LLC 4,063 156 — 3,907
Aspen Aerogels, Inc. 100 30 — 70
Athlete Buyer, LLC 5,383 3,201 214 1,968
August Bioservices, LLC 500 — — 500
Banner Buyer, LLC 1,935 3 — 1,932
Beacon Mobility Corp. 59,145 — 29,545 29,600
Berner Food & Beverage, LLC 2,881 807 — 2,074
Biamp 120 — 4 116
Bingo Group Buyer, Inc. 2,683 25 — 2,658
Bullcave Limited 5,526 2,947 — 2,579
BusPatrol Holdco 4,833 300 — 4,533
CI (MG) GROUP, LLC 10,135 973 — 9,162
CRS Holdings, Inc. 8,000 — 145 7,855
CSC Holdings, LLC 100 84 — 16
Camin Cargo Control Holdings, Inc. 3,520 647 — 2,873
Cave Enterprises Operations, LLC 200 — — 200
Celerion Buyer, Inc. 1,918 — — 1,918
Cerus Corporation 5,000 1,038 — 3,962
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) 396 — 99 297
Chronicle Parent LLC 2,963 — — 2,963
ChyronHego US Holding Corporation 21,000 11,467 — 9,533
CircusTrix Holdings LLC 5,000 — — 5,000
Club Car Wash Operating, LLC 2,375 1,625 — 750
Club Champion LLC 1,807 301 — 1,506
Colonnade Parent Inc (fka Naviga Inc.) 500 500 — —
Cool Buyer, Inc. 6,667 2,182 112 4,373
Coretrust Purchasing Group LLC (HPG Enterprises LLC) 1,805 — — 1,805
Crewline Buyer, Inc. 377 — — 377
Crumbl Enterprises LLC 741 120 — 621
DCM Parent, LLC 2,326 — — 2,326
DRS Holdings III, Inc. 1,483 — — 1,483
Digital.ai Software Holdings, Inc. 2,419 403 — 2,016
Distinct Holdings Inc 1,758 — — 1,758
EVER.AG Corporation 1,257 1,257 — —
Eagle Purchaser, Inc. 669 669 — —
Eldrickco Limited* 962 488 — 474

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, 2025

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
EmpiRx Health LLC 909 — 227 682
Evergreen IX Borrower 2023, LLC 795 — — 795
Evoriel* 631 — — 631
ExactCare Parent, Inc. 1,967 — — 1,967
Excelligence Learning Corporation 2,466 863 223 1,380
F&M Buyer LLC 8,099 — — 8,099
Flow Control Intermediate Holdings 2.0, LLC 4,667 — — 4,667
Four Winds Interactive LLC 2,439 — 5 2,434
G Treasury SS LLC 1,659 67 — 1,592
G&A Partners Holding Company II, LLC 4,646 — — 4,646
GAT-Airline Ground Support Inc 5,099 794 22 4,283
GI Apple Midco LLC 556 12 4 540
GS SEER Group Borrower LLC 615 — 12 603
Gabriel Partners, LLC 671 671 — —
Gateway US Holdings, Inc. 1,358 — — 1,358
Generator Buyer, Inc.* 2,240 206 41 1,993
Genius Bidco LLC 6,160 155 77 5,928
Go Car Wash Management Corp. 417 — — 417
Green Grass Foods, Inc. 1,250 — — 1,250
Guernsey Holdings SDI LA LLC 1,167 — — 1,167
HALO Buyer, Inc 1,304 239 4 1,061
HEF Safety Ultimate Holdings, LLC 4,200 710 — 3,490
HRO (Hero Digital) Holdings, LLC 2,631 1,746 32 853
Health Management Associates Superholdings, Inc. 284 — 5 279
Heniff Holdco, LLC 3,925 1,930 164 1,831
Heritage Environmental Services, Inc. 242 — 4 238
High Street Buyer, Inc. 2,203 — — 2,203
Hive Intermediate, LLC 2,326 363 — 1,963
IOTA HOLDINGS 3 4,825 68 — 4,757
IQN Holding Corp. 745 235 — 510
IW Buyer LLC 393 — 9 384
Ideal Components Acquisition, LLC 4,408 — — 4,408
Ironhorse Purchaser, LLC 1,932 — 15 1,917
Jacent Strategic Merchandising 3,500 1,564 — 1,936
KL Charlie Acquisition Company 8,612 — — 8,612
Kauffman Intermediate, LLC 1,286 1,278 — 8
Kure Pain Holdings, Inc. 2,654 2,654 — —
LS Clinical Services Holdings, Inc. 1,875 1,684 — 191
Lash OpCo, LLC 1,716 1,716 — —
LendingPoint 2018-1 Funding Trust 16,321 4,186 — 12,135
Lifelong Learner Holdings, LLC 597 558 — 39
Litify LLC 833 — — 833
Lotus Topco Inc. 2,059 — — 2,059
Lunar Buyer, LLC 10,909 1,727 — 9,182
M&M OPCO, LLC 476 — — 476
MGP Holdings III Corp. 2,435 288 — 2,147
MRO Parent Corporation 741 — — 741
Marlin DTC-LS Midco 2, LLC 685 — — 685
Maxor National Pharmacy Services, LLC 1,530 — — 1,530
Medical Guardian, LLC 3,810 — — 3,810
Merx Aviation Finance, LLC 51,075 51,075 — —
Midwest Vision Partners Management, LLC 621 621 — —
Mobile Communications America, Inc. 3,752 120 — 3,632
Munson Buffalo Restaurant Group LLC 947 — — 947
NCP-MSI Buyer 4,167 689 25 3,453

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
NPPI Buyer, LLC 7,895 158 — 7,737
Natus Sensory, Inc. 4,150 — — 4,150
NeuroPace, Inc. 1,500 — — 1,500
New Era Technology, Inc. 1,732 1,732 — —
Norvax, LLC 1,597 1,597 — —
OMH-Healthedge Holdings, Inc. 1,312 — — 1,312
Olympus Terminals Holdco II LLC 6,373 — 1,632 4,741
Omada Health, Inc. 1,550 5 — 1,545
Origami Opportunities Fund III, L.P. 681 — — 681
Orion Buyer, LLC 3,081 280 — 2,801
PARS Group LLC 952 — — 952
PHOENIX YW BUYER, INC. 1,136 — — 1,136
PMA Parent Holdings, LLC 987 — — 987
Pace Health Companies, LLC 1,399 — 118 1,281
Pai Middle Tier, LLC 3,500 — — 3,500
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.) 4,973 — — 4,973
Paladone Group Bidco Limited 1,412 942 — 470
Paladone Group Bidco Limited* 485 259 — 226
Patriot Foods Buyer, Inc. 750 — — 750
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) 6,365 1,559 — 4,806
Pavement Preservation Acquisition, LLC 1,293 453 — 840
Poly-Wood, LLC 818 — — 818
Precision Refrigeration & Air Conditioning LLC 2,273 1,023 — 1,250
Project Comfort Buyer, Inc. 1,731 — — 1,731
Protein For Pets Opco, LLC 896 242 — 654
Purchasing Power Funding I, LLC 9,113 2,369 — 6,744
R.F. Fager Company, LLC 1,368 — — 1,368
RHI Acquisition LLC 2,495 — — 2,495
Rarebreed Veterinary Partners, Inc. 6,250 — 5 6,245
Regis Corporation 4,167 172 833 3,162
Relevant Industrial, LLC 6,786 — — 6,786
Riverbed Technology, Inc. 160 — — 160
RoC Holdco LLC 2,195 — — 2,195
Ronnoco Holdings, Inc. 2,172 145 — 2,027
Roscoe Medical, Inc 492 492 — —
SEV Intermediate Holdco, LLC 1,667 467 — 1,200
Saffron Bidco Ltd* 8,445 — — 8,445
Shelby 2021 Holdings Corp. 5,443 — — 5,443
Shout! Factory LLC 1,579 — — 1,579
Sigma Buyer LLC 1,500 100 — 1,400
Simeio Group Holdings, Inc. 884 884 — —
Smith Topco, Inc. 1,128 — — 1,128
Space Finco, Inc. 14,362 — — 14,362
Sperry Acquisition, LLC 3,077 — — 3,077
Summer Fridays, LLC 1,852 — — 1,852
Surf Opco, LLC 23,333 17,800 1,667 3,866
TCW Midco LLC 3,833 — — 3,833
TELA Bio, Inc. 3,333 — — 3,333
THLP CO. LLC 4,494 2,930 342 1,222
TS Investors, LLC 15,472 — — 15,472
Tasty Chick'n LLC 7,614 — — 7,614
TeamLINX Buyer, LLC 1,429 — — 1,429
Telesoft Holdings, LLC 2,273 530 — 1,743
TerSera Therapeutics LLC 1,395 — — 1,395
Texada Software LLC 1,026 — — 1,026

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Name of Issuer Total Commitment
The North Highland Company LLC 1,935 532 — 1,403
Thomas Scientific, LLC 3,031 2,290 296 445
Titan Luxco I SARL 2,778 278 — 2,500
Traffic Management Solutions, LLC 1,583 — 51 1,532
Treace Medical Concepts, Inc. 3,000 400 — 2,600
Trench Plate Rental Co. 1,818 545 138 1,135
Trillium Health Care Products Inc. 1,038 694 — 344
Trillium Health Care Products Inc.* 615 615 — —
Truck-Lite Co., LLC 1,734 — — 1,734
Turbo Buyer, Inc. 923 694 — 229
US MetalCo Holdings LLC 1,320 — — 1,320
USLS Acquisition, Inc. 2,979 804 74 2,101
Ultra Clean Holdco LLC 6,964 — — 6,964
Unchained Labs, LLC 726 — — 726
Uniguest Holdings, Inc 5,159 — — 5,159
Uplight, Inc. 1,000 — — 1,000
Village Pet Care, LLC 4,950 803 — 4,147
Vixxo Corporation 1,250 — — 1,250
Vybond Buyer, LLC 7,666 — — 7,666
WC ORS Buyer, Inc. 4,828 1,256 — 3,572
WH BorrowerCo, LLC 5,639 583 — 5,056
WelldyneRX, LLC 1,923 — — 1,923
WildBrain Ltd. 1,446 289 — 1,157
Zafin Labs Americas Incorporated 3,333 — — 3,333
Zendesk, Inc. 2,024 — 5 2,019
Zephyr Buyer, L.P. 3,952 — — 3,952
Total Commitments $ 686,857 157,838 36,149 492,870

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, 2025 exchange rate.

** For all letters of credit issued and outstanding on June 30, 2025, $29,545 expired in

2025

, $2,152 will expire in

2026

, $880 will expire in

2027

, $143 will expire in

2028

, $1,103 will expire in

2029

, $2,300 will expire in

2030

and $25 will expire in

2031

.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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 June 30, 2025, the aggregate fair value of these securities is $181,532 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
Acosta Holdings Corp.* Common Equity - Common Stock 7/22/2024
Acosta Holdings Corp.* Preferred Equity - Preferred Equity 7/22/2024
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)* Common Equity - Common Stock 7/22/2024
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) Common Equity - Membership Interests 12/31/2024
BSP-TS, LP Preferred Equity - Preferred Equity 12/23/2024
Carbonfree Chemicals Holdings LLC Common Equity - Common Equity / Interest 11/1/2019
Carestream Health Holdings, Inc.* Common Equity - Common Stock 7/22/2024
ChyronHego Corporation Preferred Equity - Preferred Equity 12/29/2020
Cool Acquisition Holdings, LP Common Equity - Common Stock 10/31/2024
FC2 LLC Common Equity - Common Stock 10/14/2022
Gol Finance SA Common Equity - Common Stock 6/6/2025
Merx Aviation Finance, LLC Common Equity - Membership Interests 9/1/2022
Mitel Networks (International) Limited Common Equity - Common Stock 6/20/2025
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
RMCF V CIV L, L.P. Common Equity - Common Stock 9/5/2024
Ronnoco Holdings, Inc. Preferred Equity - Preferred Equity 3/17/2025
Ronnoco Holdings, Inc. Common Equity - Common Stock 4/1/2025
SMC IR Holdings, LLC Common Equity - Common Stock 12/24/2024
Space Parent, LP Common Equity - Common Stock 2/5/2025
Space Parent, LP Preferred Equity - Preferred Equity 2/5/2025
Sperry Parent Holdings, L.P. Common Equity - Common Stock 2/3/2025
SPS Commerce, Inc. Common Equity - Common Stock 2/10/2025
Surf Opco, LLC Common Equity - Class A-1 Common 3/17/2021
Surf Opco, LLC Preferred Equity - Class P-1 Preferred 3/17/2021
Third Lane Mobility Inc. Common Equity - Common Stock 3/22/2024
Trench Safety Solutions Holdings, LLC Preferred Equity - Preferred Equity 4/3/2025
TVG Orion Blocker, Inc. Common Equity - Common Stock 7/18/2024
WC ORS Holdings, L.P. Common Equity - Common Stock 8/7/2024

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

  • The Company has approximately 22.5% ownership interest in Auto Pool 2023 Trust. Auto Pool 2023 Trust holds underlying assets that consist of a pool of retail auto loans and residual interests in auto loan trusts. The Company also continues to have an interest in any residual assets from the bankruptcy proceedings related to U.S. Auto Finance.
  • Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments. Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments.
  • Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.
  • The interest rate on these loans is subject to Prime, which as of June 30, 2025 was 7.50%.
  • The interest rate on these loans is subject to SONIA, which as of June 30, 2025 was 4.22%.
  • The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.
  • The interest rate on these loans is subject to 3 months SOFR, which as of June 30, 2025 was 4.29%.
  • The interest rate on these loans is subject to 6 months SOFR, which as of June 30, 2025 was 4.15%.
  • The interest rate on these loans is subject to 12 months SOFR, which as of June 30, 2025 was 3.88%.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

  • The interest rate on these loans is subject to 1 month CORRA, which as of June 30, 2025 was 2.74%.
  • The interest rate on these loans is subject to 3 months EURIBOR, which as of June 30, 2025 was 1.94%.
  • The interest rate on these loans is subject to 6 months EURIBOR, which as of June 30, 2025 was 2.05%.
  • This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

  • The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of June 30, 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 $ 6,795 $ — $ — $ — $ — $ 99 $ — $ 6,894
Air Freight & Logistics 24,140 — — — — — — 24,140
Automobile Components 18,430 — — — — 24,206 — 42,636
Beverages 5,352 — — — 100 — — 5,452
Biotechnology 28,836 — — — 333 — 389 29,558
Building Products 20,868 — — — — — — 20,868
Chemicals 33,199 — — — — — — 33,199
Commercial Services & Supplies 132,198 — — — 11 12,644 576 145,429
Communications Equipment 9,748 — — — — 584 — 10,332
Construction & Engineering 97,842 — — — 4,348 300 — 102,490
Consumer Staples Distribution & Retail 39,050 — — — — 169 — 39,219
Containers & Packaging 45,143 — — — — — — 45,143
Diversified Consumer Services 192,795 — — — — 632 — 193,427
Diversified Telecommunication Services 1,021 — 1,444 — — — — 2,465
Electric Utilities 4,087 — — — — — — 4,087
Electrical Equipment 29,922 — — — — — — 29,922
Electronic Equipment, Instruments & Components 29,465 — — — — — — 29,465
Energy Equipment & Services 2,045 — — — — — — 2,045
Entertainment 26,510 — — — — — — 26,510
Financial Services 131,027 — — 9,016 534 17,121 — 157,698
Food Products 63,743 — — — 448 1,275 — 65,466
Ground Transportation 88,637 — — — — — — 88,637
Health Care Equipment & Supplies 143,389 — — — — 1,426 — 144,815
Health Care Providers & Services 304,666 — — — 75 318 — 305,059
Health Care Technology 39,527 85 — — — — — 39,612
Hotels, Restaurants & Leisure 104,894 — — — — — — 104,894
Household Durables 30,815 — — — — — — 30,815
Independent Power & Renewable Electricity Producers 7,231 — — — 5,623 4 — 12,858
Insurance 65,594 — — — — — — 65,594
Interactive Media & Services 32,096 7,703 — — — — — 39,799

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
IT Services $ 86,318 $ — $ — $ — $ — $ 77 $ — $ 86,395
Leisure Products 70,957 — — — 492 93 — 71,542
Life Sciences Tools & Services 41,466 — — — — — — 41,466
Machinery 65,317 — — — — — — 65,317
Media 67,798 — — — 473 610 — 68,881
Multi-Utilities 19,276 — — — — 42 — 19,318
Oil, Gas & Consumable Fuels 15,125 — — — — — — 15,125
Paper & Forest Products 14,747 — — — — — — 14,747
Personal Care Products 68,599 — — — — 100 — 68,699
Pharmaceuticals 74,421 — 21 — 217 211 — 74,870
Professional Services 86,003 — — — — 46 — 86,049
Real Estate Management & Development 6,769 — — — — — — 6,769
Semiconductors & Semiconductor Equipment 10,833 — — — — — — 10,833
Software 378,014 4,218 — — — 669 — 382,901
Specialty Retail 24,658 — 1,963 — — — — 26,621
Technology Hardware, Storage & Peripherals 9,374 — — — — — — 9,374
Textiles, Apparel & Luxury Goods 24,707 — — — — 575 — 25,282
Trading Companies & Distributors 50,188 — — — — 957 — 51,145
Transportation Infrastructure 17,671 — — — — — — 17,671
Wireless Telecommunication Services 6,156 — — — — — — 6,156
Total Non-Controlled / <br>Non-Affiliated Investments $ 2,897,462 $ 12,006 $ 3,428 $ 9,016 $ 12,654 $ 62,158 $ 965 $ 2,997,689
Non-Controlled / Affiliated Investments
Chemicals $ 12,500 $ — $ — $ — $ — $ 56,505 $ — $ 69,005
Electronic Equipment, Instruments & Components 32,331 — — — 1,713 — — 34,044
Financial Services — — — 35,597 — — — 35,597
Ground Transportation 22,348 — — — — 722 — 23,070
Hotels, Restaurants & Leisure 8,739 — — — — 4,740 — 13,479
Leisure Products — — — — — 1,000 — 1,000
Total Non-Controlled / Affiliated Investments $ 75,918 $ — $ — $ 35,597 $ 1,713 $ 62,967 $ — $ 176,195
Controlled Investments
Passenger Airlines $ 51,075 $ — $ — $ — $ — $ 146,500 $ — $ 197,575
Software 117,652 — — — 6,000 — — 123,652
Total Controlled Investments $ 168,727 $ — $ — $ — $ 6,000 $ 146,500 $ — $ 321,227
Total $ 3,142,107 $ 12,006 $ 3,428 $ 44,613 $ 20,367 $ 271,625 $ 965 $ 3,495,111

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

  • The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of June 30, 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 $ 6,781 $ — $ — $ — $ — $ 90 $ — $ 6,871 0.50 %
Air Freight & Logistics 24,344 — — — — — — 24,344 1.77 %
Automobile Components 18,107 — — — — 1,540 — 19,647 1.43 %
Beverages 5,347 — — — 100 — — 5,447 0.40 %
Biotechnology 29,057 — — — 333 129 135 29,654 2.16 %
Building Products 20,918 — — — — — — 20,918 1.52 %
Chemicals 33,488 — — — — — — 33,488 2.43 %
Commercial Services & Supplies 132,511 — — — 1 429 — 132,941 9.66 %
Communications Equipment 9,764 — — — — 872 — 10,636 0.77 %
Construction & Engineering 97,221 — — — 3,226 100 — 100,547 7.31 %
Consumer Staples Distribution & Retail 38,809 — — — — — — 38,809 2.82 %
Containers & Packaging 45,079 — — — — — — 45,079 3.28 %
Diversified Consumer Services 192,562 — — — — 1,125 — 193,687 14.08 %
Diversified Telecommunication Services 1,044 — 1,413 — — — — 2,457 0.18 %
Electric Utilities 4,083 — — — — — — 4,083 0.30 %
Electrical Equipment 30,096 — — — — — — 30,096 2.19 %
Electronic Equipment, Instruments & Components 28,975 — — — — — — 28,975 2.11 %
Energy Equipment & Services 2,053 — — — — — — 2,053 0.15 %
Entertainment 26,518 — — — — — — 26,518 1.93 %
Financial Services 130,400 — — 8,948 244 550 — 140,142 10.19 %
Food Products 63,513 — — — 384 1,425 — 65,322 4.75 %
Ground Transportation 88,295 — — — — — — 88,295 6.42 %
Health Care Equipment & Supplies 142,961 — — — — 1,148 — 144,109 10.47 %
Health Care Providers & Services 295,025 — — — 104 337 — 295,466 21.47 %

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total % of Net Assets
Health Care Technology $ 39,668 $ 75 $ — $ — $ — $ — $ — $ 39,743 2.89 %
Hotels, Restaurants & Leisure 103,119 — — — — — — 103,119 7.49 %
Household Durables 30,898 — — — — — — 30,898 2.25 %
Independent Power & Renewable Electricity Producers 2,054 — — — — — — 2,054 0.15 %
Insurance 65,674 — — — — — — 65,674 4.77 %
Interactive Media & Services 32,616 — — — — — — 32,616 2.37 %
IT Services 78,545 — — — — 54 — 78,599 5.71 %
Leisure Products 70,286 — — — 211 104 — 70,601 5.13 %
Life Sciences Tools & Services 41,146 — — — — — — 41,146 2.99 %
Machinery 65,369 — — — — — — 65,369 4.75 %
Media 67,148 — — — 515 766 — 68,429 4.97 %
Multi-Utilities 17,660 — — — — 48 — 17,708 1.29 %
Oil, Gas & Consumable Fuels 15,120 — — — — — — 15,120 1.10 %
Paper & Forest Products 14,749 — — — — — — 14,749 1.07 %
Personal Care Products 68,964 — — — — 186 — 69,150 5.02 %
Pharmaceuticals 74,311 — 21 — 229 216 — 74,777 5.43 %
Professional Services 85,700 — — — — 1,756 — 87,456 6.36 %
Real Estate Management & Development 6,930 — — — — — — 6,930 0.50 %
Semiconductors & Semiconductor Equipment 11,519 — — — — — — 11,519 0.84 %
Software 372,928 4,134 — — — 1,192 — 378,254 27.49 %
Specialty Retail 24,929 — 1,949 — — — — 26,878 1.95 %
Technology Hardware, Storage & Peripherals 9,377 — — — — — — 9,377 0.68 %
Textiles, Apparel & Luxury Goods 24,514 — — — — 87 — 24,601 1.79 %
Trading Companies & Distributors 49,110 — — — — 378 — 49,488 3.60 %
Transportation Infrastructure 17,770 — — — — — — 17,770 1.29 %
Wireless Telecommunication Services 4,815 — — — — — — 4,815 0.35 %
Total Non-Controlled / <br>Non-Affiliated Investments $ 2,861,870 $ 4,209 $ 3,383 $ 8,948 $ 5,347 $ 12,532 $ 135 $ 2,896,424 210.52 %
% of Net Assets 208.00 % 0.31 % 0.25 % 0.65 % 0.39 % 0.91 % 0.01 % 210.52 %

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total % of Net Assets
Non-Controlled / Affiliated Investments
Chemicals $ 12,403 $ — $ — $ — $ — $ 18,519 $ — $ 30,922 2.25 %
Electronic Equipment, Instruments & Components 27,245 — — — 2,723 110 — 30,078 2.18 %
Financial Services — — — 21,599 — — — 21,599 1.57 %
Ground Transportation 22,571 — — — — 714 27 23,312 1.69 %
Hotels, Restaurants & Leisure 3,955 — — — — 2,445 — 6,400 0.47 %
Leisure Products — — — — — 228 — 228 0.02 %
Total Non-Controlled / Affiliated Investments $ 66,174 $ — $ — $ 21,599 $ 2,723 $ 22,016 $ 27 $ 112,539 8.18 %
% of Net Assets 4.81 % 0.00 % 0.00 % 1.57 % 0.20 % 1.60 % 0.00 % 8.18 %
Controlled Investments
Passenger Airlines $ 51,075 $ — $ — $ — $ — $ 133,746 $ — $ 184,821 13.43 %
Software 117,873 — — — 15,825 — — 133,698 9.72 %
Total Controlled Investments $ 168,948 $ — $ — $ — $ 15,825 $ 133,746 $ — $ 318,519 23.15 %
% of Net Assets 12.28 % 0.00 % 0.00 % 0.00 % 1.15 % 9.72 % 0.00 % 23.15 %
Total $ 3,096,992 $ 4,209 $ 3,383 $ 30,547 $ 23,895 $ 168,294 $ 162 $ 3,327,482 241.85 %
% of Net Assets 225.09 % 0.31 % 0.25 % 2.22 % 1.74 % 12.23 % 0.01 % 241.85 %

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)

Industry Classification Percentage of Total Investments (at Fair Value) as of June 30, 2025
Software 15.4%
Health Care Providers & Services 8.8%
Diversified Consumer Services 5.8%
Passenger Airlines 5.6%
Financial Services 4.9%
Health Care Equipment & Supplies 4.3%
Commercial Services & Supplies 4.0%
Ground Transportation 3.4%
Hotels, Restaurants & Leisure 3.3%
Construction & Engineering 3.0%
Professional Services 2.6%
IT Services 2.4%
Pharmaceuticals 2.2%
Leisure Products 2.1%
Personal Care Products 2.1%
Media 2.1%
Insurance 2.0%
Machinery 2.0%
Food Products 2.0%
Chemicals 1.9%
Electronic Equipment, Instruments & Components 1.8%
Trading Companies & Distributors 1.5%
Containers & Packaging 1.4%
Life Sciences Tools & Services 1.2%
Health Care Technology 1.2%
Consumer Staples Distribution & Retail 1.2%
Interactive Media & Services 1.0%
Household Durables 0.9%
Electrical Equipment 0.9%
Biotechnology 0.9%
Specialty Retail 0.8%
Entertainment 0.8%
Textiles, Apparel & Luxury Goods 0.7%
Air Freight & Logistics 0.7%
Building Products 0.6%
Automobile Components 0.6%
Transportation Infrastructure 0.5%
Multi-Utilities 0.5%
Oil, Gas & Consumable Fuels 0.5%
Paper & Forest Products 0.4%
Semiconductors & Semiconductor Equipment 0.3%
Communications Equipment 0.3%
Technology Hardware, Storage & Peripherals 0.3%
Real Estate Management & Development 0.2%
Aerospace & Defense 0.2%
Beverages 0.2%
Wireless Telecommunication Services 0.1%
Electric Utilities 0.1%
Diversified Telecommunication Services 0.1%
Independent Power & Renewable Electricity Producers 0.1%
Energy Equipment & Services 0.1%
Total Investments 100.0%

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

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Primeflight
PrimeFlight Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 05/01/29 10,358 10,142 10,358 (9)(31)(32)
First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 05/01/29 3,250 3,206 3,218 (9)(31)
13,348 13,576
Total Aviation and Consumer Transport $ 255,319 $ 233,192
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 07/30/27 34,302 $ 33,923 $ 33,531 (9)(31)
First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor 07/30/26 — (22 ) (50 ) (8)(9)(21)(23)
33,901 33,481
Bolthouse Farms
Wm. Bolthouse Farms, Inc. Common Equity - Equity Interests N/A N/A 1,147 1,423 (13)
Cave
Cave Enterprises Operations, LLC First Lien Secured Debt - Term Loan SOFR+660, 1.50% Floor 08/09/28 8,551 8,425 8,551 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+660, 1.50% Floor 08/09/28 — (1 ) — (9)(23)
8,424 8,551
Hive
FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 448 229 (9)(13)
Common Equity - Common Stock N/A N/A 3 — (9)(13)
Hive Intermediate, LLC First Lien Secured Debt - Term Loan SOFR+610 Cash plus 2.00% PIK, 1.00% Floor 09/22/27 14,126 13,988 13,914 (9)(30)
First Lien Secured Debt - Revolver SOFR+610 Cash plus 2.00% PIK, 1.00% Floor 09/22/27 843 822 809 (9)(21)(23)(30)
15,261 14,952
Nutpods
Green Grass Foods, Inc. First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor 12/26/29 3,713 3,648 3,703 (9)(31)
First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor 12/26/29 — (21 ) (3 ) (8)(9)(21)(23)
Nutpods Holdings, Inc. Common Equity - Common Stock N/A N/A 125 153 (9)(13)
3,752 3,853
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P. Common Equity - Membership Interests N/A N/A 90 1,999 '(13)

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Atlas Technical Consultants
GI Apple Midco LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 04/19/30 7,556 7,465 7,556 (9)(30)(31)
First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor 04/19/30 86 67 86 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 04/19/29 214 202 214 (9)(20)(21)(23)<br>(30)
7,734 7,856
Avenu
ACP Avenu Buyer, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 10/02/29 1,238 1,209 1,219 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 10/02/29 2,240 2,158 2,158 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 10/02/29 167 150 156 (9)(21)(23)(31)
3,517 3,533
BDO USA
BDO USA, P.A. First Lien Secured Debt - Term Loan SOFR+500, 2.00% Floor 08/31/28 11,850 11,850 11,850 (9)(30)
Best Trash
Bingo Group Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 07/10/31 7,009 6,926 6,939 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 07/10/31 — (13 ) (21 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 07/10/31 25 15 17 (9)(21)(23)(31)
6,928 6,935
Carestream Health
Carestream Health Holdings, Inc. Common Equity - Common Stock N/A N/A 173,887 Shares 1,426 1,443 (17)(24)
Carestream Health, Inc. First Lien Secured Debt - Term Loan SOFR+750, 1.00% Floor 09/30/27 167 151 128 (10)(17)(31)
1,577 1,571
Core Roofing
CRS Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 06/06/30 1,918 1,882 1,889 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 06/06/30 — (65 ) (106 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 06/06/30 — (17 ) (14 ) (8)(9)(20)(21)<br>(23)
1,800 1,769
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC) First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 10/01/29 5,373 5,323 5,319 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 10/01/29 — (10 ) (12 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 10/01/29 — (6 ) (7 ) (8)(9)(21)(23)
5,307 5,300

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Distinct
Distinct Holdings Inc First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 07/18/29 13,209 12,994 12,996 (9)(31)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 07/18/29 — (28 ) (28 ) (8)(9)(21)(23)
12,966 12,968
Escalent
M&M OPCO, LLC First Lien Secured Debt - Term Loan SOFR+810, 1.00% Floor 04/07/29 12,226 11,952 11,982 (9)(31)(32)
First Lien Secured Debt - Revolver SOFR+810, 1.00% Floor 04/07/29 — (5 ) (5 ) (8)(9)(21)(23)
11,947 11,977
G&A
G&A Partners Holding Company II, LLC First Lien Secured Debt - Term Loan SOFR+550, 0.75% Floor 03/01/31 3,223 3,165 3,167 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+550, 0.75% Floor 03/01/31 574 514 462 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor 03/01/30 — (6 ) (6 ) (8)(9)(21)(23)
3,673 3,623
Go1
Apiom, Inc. First Lien Secured Debt - Term Loan SOFR+745, 2.00% Floor 05/02/28 2,500 2,485 2,513 (9)(17)(30)
Heritage Environmental Services
Heritage Environmental Services, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 01/31/31 1,749 1,745 1,763 (9)(31)
First Lien Secured Debt - Revolver SOFR+550, 4.50% Floor 01/31/30 — (1 ) — (9)(20)(21)(23)
1,744 1,763
HMA
Health Management Associates Superholdings, Inc. First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor 03/30/29 3,897 3,810 3,877 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor 03/30/29 350 335 347 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+010, 0.00% Floor 03/30/29 135 129 134 (9)(20)(21)(23)<br>(28)
4,274 4,358
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc) First Lien Secured Debt - Term Loan SOFR+425, 0.75% Floor 03/06/28 2,880 2,608 1,711 (10)(31)
First Lien Secured Debt - Term Loan SOFR+425, 0.50% Floor 03/06/28 980 887 603 (10)(31)
3,495 2,314

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
IRP
Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt - Term Loan SOFR+690, 1.00% Floor 03/08/28 10,956 10,804 10,683 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+690, 1.00% Floor 03/08/28 4,950 4,880 4,826 (9)(31)
First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor 03/08/28 1,932 1,912 1,875 (9)(21)(23)(31)
SMC IR Holdings, LLC Common Equity - Common Stock N/A N/A 153 Shares 179 270 (9)(13)
17,775 17,654
Jacent
Jacent Strategic Merchandising First Lien Secured Debt - Term Loan SOFR+510 Cash plus 0.75% PIK, 1.00% Floor 10/23/25 22,207 22,199 22,050 (9)(23)(30)
First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor 10/23/25 1,564 1,559 1,541 (9)(23)(30)
Common Equity - Common Stock N/A N/A 498 Shares 500 151 (9)(13)
JSM Equity Investors, L.P. Preferred Equity - Class P Partnership Units N/A N/A 11 Shares 11 1 (9)(13)
24,269 23,743
Jones & Frank
JF Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 07/31/26 7,730 7,705 7,721 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor 07/31/26 5,101 5,082 5,094 (9)(31)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 07/31/26 879 872 877 (9)(23)(31)
13,659 13,692
North Highland
The North Highland Company LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 12/22/31 3,065 3,034 3,034 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor 12/22/31 (6 ) (6 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 12/20/30 161 153 153 (9)(21)(23)(31)
3,181 3,181
PSI Services, LLC
Lifelong Learner Holdings, LLC First Lien Secured Debt - Term Loan SOFR+790, 1.00% Floor 10/20/25 4,354 4,305 4,344 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+790, 1.00% Floor 10/20/25 927 913 924 (9)(31)
First Lien Secured Debt - Revolver SOFR+790, 1.00% Floor 10/20/25 537 536 536 (9)(21)(23)(31)
5,754 5,804
SafetyCo
HEF Safety Ultimate Holdings, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 11/19/29 7,425 7,265 7,425 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 11/19/29 — (56 ) — (9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 11/17/29 710 679 710 (9)(21)(23)(31)
7,888 8,135

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Schlesinger Group
Schlesinger Global, LLC First Lien Secured Debt - Term Loan SOFR+275 Cash plus 5.85% PIK, 1.00% Floor 07/12/25 11,942 11,957 11,705 (9)(30)
SEER
GS SEER Group Borrower LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 04/29/30 3,208 3,128 3,160 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor 04/29/30 709 676 688 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 04/30/29 — (8 ) (6 ) (8)(9)(21)(23)
GS SEER Group Holdings, LLC Common Equity - Common Stock N/A N/A 42 Shares 42 43 (9)(13)
3,838 3,885
Smith System
Smith Topco, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 11/06/29 8,783 8,616 8,783 (9)(32)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 11/06/29 — (21 ) — (9)(21)(23)
8,595 8,783
Solera
Polaris Newco, LLC First Lien Secured Debt - Term Loan SOFR+426, 0.50% Floor 06/02/28 6,716 6,733 6,737 (10)(31)
Solera, LLC Second Lien Secured Debt - Term Loan SOFR+910, 1.00% Floor 06/04/29 5,686 5,636 5,627 (10)(31)
12,369 12,364
Trench Plate
Trench Plate Rental Co. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 12/03/26 17,727 17,581 17,417 (9)(31)
First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor 12/03/26 1,427 1,414 1,395 (9)(20)(21)(23)<br>(31)
Trench Safety Solutions Holdings, LLC Common Equity - Common Stock N/A N/A 331 Shares 50 32 (9)(13)
19,045 18,844
US Legal Support
US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units N/A N/A 631,972 Shares 632 1,055 (9)(13)
USLS Acquisition, Inc. First Lien Secured Debt - Term Loan SOFR+590, 1.00% Floor 06/01/26 28,370 28,225 28,235 (9)(31)(32)
First Lien Secured Debt - Delayed Draw SOFR+590, 1.00% Floor 06/01/26 4,428 4,412 4,411 (9)(31)
First Lien Secured Debt - Revolver SOFR+590, 1.00% Floor 12/01/27 804 796 798 (9)(20)(23)(31)
34,065 34,499
Vixxo
Vixxo Corporation First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 08/01/30 3,750 3,697 3,694 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 08/01/30 — (9 ) (19 ) (8)(9)(21)(23)
3,688 3,675

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Go Car Wash
Go Car Wash Management Corp. First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 12/31/26 1,600 1,588 1,557 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor 12/31/26 9,318 9,243 9,080 (9)(30)
First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor 12/31/26 — (11 ) (8)(9)(21)(23)
10,831 10,626
Legacy.com
Lotus Topco Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor 06/07/30 2,926 2,886 2,883 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+475, 1.00% Floor 06/07/30 — (10 ) (22 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor 06/07/30 — (8 ) (9 ) (8)(9)(21)(23)
2,868 2,852
Regis
Regis Corporation First Lien Secured Debt - Term Loan SOFR+450, 2.50% Floor 06/24/29 6,942 6,814 6,802 (9)(30)(31)
First Lien Secured Debt - Revolver SOFR+450, 2.50% Floor 06/24/29 721 646 638 (9)(20)(21)(23)<br>(31)
7,460 7,440
SEV
SEV Intermediate Holdco, LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 06/21/30 8,292 8,148 8,147 (9)(31)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 06/21/30 633 605 604 (9)(21)(23)(31)<br>(32)
8,753 8,751
Team Car Wash
TCW Midco LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 10/22/29 5,000 4,952 4,950 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 10/22/29 — (40 ) (42 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 10/22/29 — (8 ) (8 ) (8)(9)(21)(23)
4,904 4,900
The Club Company
Eldrickco Limited First Lien Secured Debt - Term Loan SON+578, 0.50% Floor 11/26/26 £ 9,057 11,696 11,038 (9)(17)(29)
First Lien Secured Debt - Delayed Draw SON+578, 0.50% Floor 11/26/26 £ 8,497 10,516 10,275 (9)(17)(21)(23)<br>(29)
First Lien Secured Debt - Revolver SON+578, 0.50% Floor 11/26/26 £ 356 416 433 (9)(17)(23)(29)
First Lien Secured Debt - Revolver SON+553, 0.50% Floor 05/26/26 £ — (1 ) (11 ) (8)(9)(17)(21)<br>(23)
22,627 21,735

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Churchill Middle Market CLO Lt
Churchill Middle Market CLO Ltd 2021-1 Asset Backed Security - CLO Debt 10/24/33 4,000 4,000 4,002 (10)(17)
Definiti LLC
Greylock Holdings LLC Common Equity - Common Stock N/A N/A 100 96 (9)(13)
RHI Acquisition LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor 03/16/29 5,985 5,843 5,864 (9)(32)
First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor 03/16/29 1,302 1,259 1,240 (9)(21)(23)(32)
First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor 03/16/29 — (14 ) (13 ) (8)(9)(21)(23)
7,188 7,187
Fortress Credit BSL Limited
Fortress Credit BSL Limited 2021-3 Asset Backed Security - CLO Debt 07/20/34 3,000 3,001 3,005 (10)(17)
Fortress Credit Opportunities
Fortress Credit Opportunities CLO LLC 2024-25 Asset Backed Security - CLO Debt 01/15/37 4,000 4,000 4,000 (10)(17)
Generator Buyer, Inc.
Generator Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 07/22/30 C 16,086 12,536 12,188 (9)(17)(31)(33)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 07/22/30 C 416 286 259 (9)(17)(21)(23)<br>(33)
First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor 07/22/30 C — (21 ) (15 ) (8)(9)(17)(20)(21)<br>(23)
12,801 12,432
Golden Bear
Golden Bear 2016-R, LLC (4) Structured Products and Other - Membership Interests N/A 09/20/42 15,451 9,736 (3)(17)
Golub Capital Partners CLO, LT
Golub Capital Partners CLO, LTD 2021-55 Asset Backed Security - CLO Debt 07/20/34 2,000 2,016 2,013 (10)(17)
Insight XI Aggregator, L.P.
Insight XI Aggregator, L.P. First Lien Secured Debt - Term Loan SOFR+325, 0.00% Floor 08/28/25 3,041 3,041 3,041 (9)(17)(31)
Lending Point
LendingPoint 2018-1 Funding Trust First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 12/31/27 36,294 35,918 36,109 (9)(31)
LendingPoint LLC First Lien Secured Debt - Term Loan 0.00% 12/30/26 2,197 2,197 2,192 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+300, 1.00% Floor 12/31/27 6,971 6,971 6,945 (9)(21)(23)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 12/31/27 — — (8 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+300, 1.00% Floor 12/31/27 — — (21 ) (8)(9)(21)(23)
45,086 45,217

All values are in US Dollars.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in Euros.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in British Pounds.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Allied Benefit Systems
Allied Benefit Systems Intermediate LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor 10/31/30 5,873 5,873 5,873 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor 10/31/30 1,077 1,069 1,077 (9)(30)
6,942 6,950
August Bio
August Bioservices, LLC First Lien Secured Debt - Term Loan SOFR+595, 2.00% Floor 06/01/29 12,000 11,945 11,850 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+595, 2.00% Floor 06/01/29 3,000 2,987 2,963 (9)(30)
First Lien Secured Debt - Revolver SOFR+400, 2.00% Floor 06/01/29 — (2 ) (7 ) (8)(9)(21)(23)
14,930 14,806
Azurity Pharmaceuticals
Azurity Pharmaceuticals, Inc. First Lien Secured Debt - Term Loan SOFR+662, 0.75% Floor 09/20/27 4,765 4,729 4,670 (10)(30)
Bausch Health
Bausch Health Companies Inc. (f/k/a Valeant Pharmaceuticals International, Inc.) First Lien Secured Debt - Term Loan SOFR+525, 0.50% Floor 02/01/27 7,200 6,747 7,047 (10)(17)(30)
First Lien Secured Debt - Corporate Bond 5.50% 11/01/25 1,088 1,048 1,061 (10)(17)
7,795 8,108
Cato Research
LS Clinical Services Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+751, 1.00% Floor 12/16/27 14,782 14,612 14,227 (9)(31)
First Lien Secured Debt - Revolver SOFR+751, 1.00% Floor 06/16/27 1,609 1,585 1,544 (9)(21)(23)(31)
16,197 15,771
Celerion
Celerion Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor 11/05/29 11,117 10,908 11,006 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+550, 0.75% Floor 11/05/29 — (27 ) (13 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor 11/03/28 — (12 ) (6 ) (8)(9)(21)(23)
10,869 10,987
Cerus
Cerus Corporation First Lien Secured Debt - Term Loan SOFR+660, 1.80% Floor 03/01/28 12,000 11,978 12,000 (9)(17)(30)
First Lien Secured Debt - Delayed Draw SOFR+660, 1.80% Floor 03/01/28 4,500 4,492 4,500 (9)(17)(30)
First Lien Secured Debt - Delayed Draw SOFR+660, 1.00% Floor 03/01/28 3,000 2,980 3,000 (9)(17)(23)(30)
First Lien Secured Debt - Revolver SOFR+385, 1.00% Floor 03/01/28 415 414 415 (9)(17)(21)(23)<br>(30)
19,864 19,915

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt - Term Loan SOFR+550, 0.50% Floor 12/17/29 17,640 17,167 17,462 (9)(31)
First Lien Secured Debt - Term Loan SOFR+575, 0.50% Floor 12/17/28 3,960 3,912 3,940 (9)(31)
First Lien Secured Debt - Revolver SOFR+550, 0.50% Floor 12/17/29 213 163 193 (9)(21)(23)(31)
21,242 21,595
Compass Health
Roscoe Medical, Inc First Lien Secured Debt - Term Loan SOFR+636, 1.00% Floor 03/31/25 7,391 7,309 7,354 (9)(30)
First Lien Secured Debt - Revolver SOFR+011, 0.00% Floor 03/31/25 492 482 488 (9)(21)(23)(28)
7,791 7,842
EmpiRx
EmpiRx Health LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor 08/05/27 8,818 8,721 8,818 (9)(31)
First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor 08/05/27 — (8 ) - (9)(20)(21)(23)
8,713 8,818
ExactCare
ExactCare Parent, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 11/05/29 17,898 17,468 17,808 (9)(31)
First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor 11/05/29 — (44 ) (10 ) (8)(9)(21)(23)
17,424 17,798
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp) First Lien Secured Debt - Term Loan SOFR+400, 0.75% Floor 10/01/27 16,778 15,875 16,293 (10)(31)
Health & Safety Institute
HSI Halo Holdings, LLC Common Equity - Common Stock N/A N/A 104 Shares 16 21 (9)
HSI HALO Acquisition, Inc. Common Equity - Common Stock N/A N/A 500 Shares 31 2,026 (9)(13)
47 2,047
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133 305 (9)(13)
Kure Pain Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor 08/27/27 21,047 21,006 21,047 (9)(30)
First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor 08/27/27 — (6 ) - (9)(21)(23)
21,133 21,352
LucidHealth
Premier Imaging, LLC First Lien Secured Debt - Term Loan SOFR+426 Cash plus 2.00% PIK, 1.00% Floor 03/31/26 7,057 7,025 5,716 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+426 Cash plus 2.00% PIK, 1.00% Floor 03/31/26 1,911 1,837 1,548 (9)(31)
8,862 7,264

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Mannkind Corporation
Mannkind Corporation Common Equity - Common Stock N/A N/A 34,226 Shares - 220 (9)(10)(13)(17)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc. First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor 03/01/29 10,000 9,900 9,900 (9)(13)
Maxor National Pharmacy Services, LLC First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor 03/01/29 13,185 12,882 13,053 (9)(30)
First Lien Secured Debt - Revolver SOFR+700, 1.00% Floor 03/01/29 — (32 ) (15 ) (8)(9)(21)(23)
Maxor Topco, L.P. Preferred Equity - Preferred Equity N/A N/A 50,000 Shares 50 75 (9)(13)
22,800 23,013
Medical Guardian
Medical Guardian, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 04/26/28 31,062 30,844 30,902 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor 04/26/28 4,738 4,690 4,714 (9)(30)
First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor 04/26/28 — (24 ) (19 ) (8)(9)(21)(23)
35,510 35,597
Midwest Vision
Midwest Vision Partners Management, LLC First Lien Secured Debt - Term Loan SOFR+450 Cash plus 2.00% PIK, 1.00% Floor 01/12/27 20,776 20,548 20,517 (9)(31)
First Lien Secured Debt - Term Loan SOFR+650 PIK, 1.00% Floor 01/12/27 1,127 1,115 899 (9)(31)
First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor 01/12/27 612 606 595 (9)(23)(31)
22,269 22,011
Omega Healthcare
OMH-Healthedge Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 10/08/29 9,850 9,804 9,850 (9)(31)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 10/08/29 — (5 ) — (9)(21)(23)
9,799 9,850
Ora LLC
Orion Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 07/18/30 6,901 6,771 6,763 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 07/18/30 (15 ) (34 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver P+400 07/18/30 280 254 252 (9)(21)(23)(28)
TVG Orion Blocker, Inc. Common Equity - Common Stock N/A N/A 2 Shares 110 103 (9)(24)
Unsecured Debt - Promissory Note 11.34% 07/18/30 21 21 21 (9)
7,141 7,105

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Partner Therapeutics, Inc
Partner Therapeutics, Inc Preferred Equity - Preferred Equity N/A N/A 333 333 (9)(13)
Warrants - Warrants 389 136 (9)(13)
722 469
PHS
PHS Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+410 Cash plus 1.00% PIK, 1.00% Floor 01/31/27 25,785 25,598 21,853 (9)(31)
First Lien Secured Debt - Revolver SOFR+410 Cash plus 1.00% PIK, 1.00% Floor 01/31/27 1,441 1,417 1,136 (9)(21)(23)(31)
27,015 22,989
Rarebreed
Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 04/18/30 4,237 4,160 4,152 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 04/18/30 6,457 6,286 6,088 (9)(21)(23)(30)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 04/18/30 — (17 ) (19 ) (8)(9)(21)(23)
10,429 10,221
RHA Health Services
Pace Health Companies, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor 08/02/25 1,389 1,381 1,384 (9)(31)
First Lien Secured Debt - Term Loan SOFR+540, 1.00% Floor 08/02/25 464 463 461 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+540, 1.00% Floor 08/02/25 3,231 3,221 3,209 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor 08/02/25 195 190 191 (9)(21)(23)(31)
First Lien Secured Debt - Revolver SOFR+540, 1.00% Floor 08/02/25 — (30 ) (3 ) (8)(9)(20)(21)<br>(23)
5,225 5,242
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc. First Lien Secured Debt - Term Loan SOFR+661, 1.50% Floor 09/01/27 3,000 3,019 3,000 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+661, 1.50% Floor 09/01/27 15,000 14,981 15,000 (9)(30)
18,000 18,000
Sterling Pharma
Saffron Bidco Ltd First Lien Secured Debt - Term Loan SOFR+575, 0.75% Floor 09/11/31 13,467 13,216 13,201 (9)(17)(30)(35)
First Lien Secured Debt - Delayed Draw SON+575, 0.75% Floor 09/11/31 — (79 ) (154 ) (8)(9)(17)(21)<br>(23)
13,137 13,047

All values are in British Pounds.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Biamp
Biamp First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 04/30/30 873 857 850 (9)(30)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 04/30/30 — (2 ) (3 ) (8)(9)(21)(23)
855 847
BusPatrol
BusPatrol Holdco First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 08/02/29 8,333 8,254 8,249 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor 08/02/29 — (31 ) (33 ) (8)(9)(23)
First Lien Secured Debt - Revolver SOFR+400, 1.00% Floor 08/02/29 300 286 285 (9)(21)(23)(30)
8,509 8,501
Calero Holdings, Inc.
Telesoft Holdings, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 12/16/26 21,648 21,536 21,507 (30)
First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor 12/16/26 568 557 553 (21)(23)(30)
22,093 22,060
Carbon6
Carbon6 Technologies, Inc. Preferred Equity - Preferred Equity N/A N/A 250 250 (9)(13)
ChyronHego Corporation
ChyronHego Corporation (5) Preferred Equity - Preferred Equity N/A N/A 6,000 19,456 (13)(24)
ChyronHego US Holding Corporation (5) First Lien Secured Debt - Term Loan SOFR+350, 1.75% Floor 06/30/26 106,406 106,196 106,406 (31)
First Lien Secured Debt - Revolver SOFR+600, 1.75% Floor 06/30/26 15,500 15,483 15,500 (20)(21)(23)(31)
First Lien Secured Debt - Revolver 3.50% 11/14/25 — — — (23)
127,679 141,362
Dairy.com
Momentx Corporation First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor 06/24/27 14,892 14,754 14,594 (9)(31)
First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor 06/24/27 1,343 1,325 1,330 (9)(31)
First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor 06/24/27 1,257 1,245 1,232 (9)(23)(31)
17,324 17,156
DigiCert
Dcert Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+400, 0.00% Floor 10/16/26 8,591 8,259 8,275 (10)(30)
Second Lien Secured Debt - Term Loan SOFR+700, 0.00% Floor 02/19/29 7,860 7,057 6,406 (10)(30)
15,316 14,681

All values are in Euros.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Digital.ai
Digital.ai Software Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 08/10/28 22,931 22,588 22,475 (9)(31)
First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 08/10/28 242 206 194 (9)(21)(23)(31)
22,794 22,669
ELECTRONICS FOR IMAGING
Electronics for Imaging, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.00% Floor 07/23/28 2,861 2,451 2,335 (10)(31)
G2CI
Evergreen IX Borrower 2023, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor 09/30/30 7,133 7,133 7,062 (9)(31)
First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor 10/01/29 — — (8 ) (8)(9)(21)(23)
7,133 7,054
GrayMatter Systems
Genius Bidco LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor 05/01/30 1,334 1,309 1,310 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor 05/01/30 (44 ) (87 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor 05/01/30 (21 ) (20 ) (8)(9)(20)(21)<br>(23)
Common Equity - Common Stock N/A N/A 773 Shares 77 68 (9)(24)
1,321 1,271
Gtreasury
G Treasury SS LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 06/29/29 250 246 246 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 06/29/29 591 576 582 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 12/31/25 — (20 ) (21 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 06/29/29 — (4 ) (4 ) (8)(9)(21)(23)
798 803
Inovalon
Inovalon Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+625, 0.75% Floor 11/24/28 6,704 6,597 6,318 (31)
First Lien Secured Debt - Delayed Draw SOFR+350, 0.75% Floor 11/24/28 509 504 484 (31)
Second Lien Secured Debt - Term Loan SOFR+1050, 0.75% Floor 11/25/33 153 146 132 (31)
7,247 6,934
Litify
Litify Holdings Inc. Common Equity - Common Stock N/A N/A 217,892 Shares 107 447 (9)(13)
Litify LLC First Lien Secured Debt - Term Loan SOFR+660, 1.00% Floor 02/02/29 29,167 28,494 28,657 (9)(30)
First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor 02/02/29 — (17 ) (15 ) (8)(9)(21)(23)
28,584 29,089

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Lookout
Lookout, Inc. First Lien Secured Debt - Term Loan SOFR+625, 3.00% Floor 06/01/29 5,000 4,977 5,000 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+625, 3.00% Floor 06/01/29 5,000 4,978 5,000 (9)(30)
9,955 10,000
Modern Campus
Destiny Solutions U.S., Inc. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor 06/08/26 13,100 12,996 13,100 (19)(30)
First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor 06/08/26 12,026 11,913 12,026 (19)(30)
RMCF IV CIV XXXV, L.P. Common Equity - Common Stock N/A N/A 482 Shares 1,000 1,868 (13)
25,909 26,994
MYCOM
Magnate Holding Corp. First Lien Secured Debt - Term Loan SOFR+615, 0.50% Floor 02/28/25 18,748 18,755 18,337 (9)(17)(31)
Naviga
Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Term Loan 7.10% 04/27/24 11,200 11,176 8,848 (9)(14)(18)(31)
First Lien Secured Debt - Delayed Draw 7.10% 04/27/24 1,926 1,909 1,522 (9)(14)(18)(31)
First Lien Secured Debt - Revolver 7.10% 04/27/24 500 500 395 (9)(14)(18)(23)(28)<br>(31)
13,585 10,765
New Era Technology, Inc.
New Era Technology, Inc. First Lien Secured Debt - Term Loan SOFR+640, 1.00% Floor 10/31/26 13,773 13,686 13,463 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+640, 1.00% Floor 10/31/26 17,811 17,663 17,410 (9)(31)
First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor 10/30/26 1,732 1,720 1,693 (9)(23)(31)
33,069 32,566
New Relic
Crewline Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor 11/08/30 5,623 5,573 5,623 (9)(30)
First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor 11/08/30 — — — (9)(21)(23)
5,573 5,623
Omada
Omada Health, Inc. First Lien Secured Debt - Term Loan SOFR+710, 2.50% Floor 06/01/28 1,450 1,439 1,450 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+710, 2.50% Floor 06/01/28 — (10 ) — (9)(23)
First Lien Secured Debt - Revolver SOFR+410, 2.50% Floor 06/01/28 5 4 5 (9)(21)(23)(30)
1,433 1,455

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company Investment Type Interest Rate (6) Maturity Date Par/Shares (2) Cost (37) Fair Value (1)(38)
Pro Vigil
Pro-Vigil Holding Company, LLC First Lien Secured Debt - Term Loan SOFR+860, 1.00% Floor 01/11/26 7,700 7,643 7,570 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+860, 1.00% Floor 01/11/26 18,791 18,601 18,419 (9)(21)(23)(31)
26,244 25,989
Riverbed Technology, Inc.
Riverbed Technology, Inc. First Lien Secured Debt - Revolver 6.00% 04/03/28 — (5 ) (6 ) (8)(14)(21)(23)
Simeio
Simeio Group Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+310 Cash plus 4.00% PIK, 1.00% Floor 02/02/26 8,128 8,105 7,539 (9)(30)
First Lien Secured Debt - Revolver SOFR+310 Cash plus 4.00% PIK, 1.00% Floor 02/02/26 884 881 820 (9)(23)(30)
8,986 8,359
Team LINX, LLC
TeamLINX Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 12/18/30 8,571 8,444 8,443 (9)(30)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 12/18/30 — (21 ) (21 ) (8)(9)(21)(23)
8,423 8,422
Texada
Texada Software LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor 04/30/30 6,923 6,794 6,802 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor 04/30/30 — (18 ) (36 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 04/30/30 — (18 ) (18 ) (8)(9)(21)(23)
6,758 6,748
Uniguest
Uniguest Holdings, Inc First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor 11/27/30 19,841 19,547 19,544 (9)(31)
First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor 11/27/30 — (28 ) (30 ) (8)(9)(21)(23)
First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor 11/27/30 — (18 ) (18 ) (8)(9)(21)(23)
19,501 19,496
Uplight
Uplight, Inc. First Lien Secured Debt - Term Loan SOFR+610, 4.00% Floor 06/01/29 10,000 9,908 9,900 (9)(30)
First Lien Secured Debt - Delayed Draw SOFR+610, 4.00% Floor 06/01/29 — - (100 ) (8)(9)(23)
First Lien Secured Debt - Revolver SOFR+360, 4.00% Floor 06/01/29 120 120 110 (9)(21)(23)(30)
10,028 9,910

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

  • Fair value is determined in good faith subject to the oversight of the Board of Directors of the Company (See Note 2 to the consolidated financial statements).
  • Par amount is denominated in USD unless otherwise noted, and represents funded commitments. See Note 23 in the Consolidated Schedule of Investments and Note 9 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.
  • Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of December 31, 2024 we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.
  • Denotes investments in which we are an “Affiliated Person,” as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these affiliated investments are as follows:
Name of Issuer Fair Value at December 31, 2023
1244311 B.C. Ltd.,Common Stock $ 1,087 — — (885 ) 202 — —
1244311 B.C. Ltd.,Term Loan 3,740 168 (4,016 ) 107 — — 271
Carbonfree Chemicals Holdings LLC,Common Equity / Interest 18,727 — — 206 18,933 — —
FC2 LLC,Common Stock — — — — — — —
FC2 LLC,Term Loan 12,501 — — (41 ) 12,459 — 812
Golden Bear 2016-R, LLC,Membership Interests 10,712 21 (1,698 ) 700 9,736 — 726
Pelican Energy, LLC,Membership Interests 140 — (134 ) 11,662 — (11,668 ) —
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests 30,621 2,533 (7,206 ) (9,582 ) 16,366 — —
Blue Jay Transit Inc.,Term Loan — 22,140 (2,464 ) 264 19,940 — 1,737
Blue Jay Transit Inc.,Unfunded Delayed Draw — — — — — — —
Bird Scooter Acquisition Corp.,Common Stock — 366 — 6 373 — 4
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests — 4,740 — (2,598 ) 2,144 — —
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan — 9,255 — (5,071 ) 4,183 — —
$ 77,528 39,223 (15,518 ) (5,232 ) 84,334 (11,668 ) 3,551

All values are in US Dollars.

  • Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

  • Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of December 31, 2023 and December 31, 2024 along with transactions during the year ended December 31, 2024 in these controlled investments are as follows:
Name of Issuer Fair Value at December 31, 2023
Majority Owned Company
ChyronHego US Holding Corporation $ 1,300 14,183 — 17 15,500 — 747
ChyronHego US Holding Corporation 106,906 — (494 ) (6 ) 106,406 — 9,505
ChyronHego US Holding Corporation — — — — — — —
ChyronHego Corporation 20,628 — — (1,172 ) 19,456 — —
Merx Aviation Finance, LLC — — — — — — —
Merx Aviation Finance, LLC 117,043 — — 6,772 123,815 — —
Merx Aviation Finance, LLC 74,076 (0 ) (14,500 ) 0 59,576 — 6,624
MSEA Tankers LLC 45 — (91 ) 15,746 — (15,700 ) —
Controlled Company
SHD Oil & Gas, LLC 346 — (79 ) 43,108 — (43,376 ) —
SHD Oil & Gas, LLC — — — 1,411 — (1,411 ) —
$ 320,344 14,183 (15,164 ) 65,876 324,753 (60,487 ) 16,876

All values are in US Dollars.

  • Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

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

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

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

  • As of December 31, 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 9 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.
Name of Issuer Total Commitment
ACP Avenu Buyer, LLC $ 3,999 167 — 3,832
AGDATA Midco, LLC 2,334 — — 2,334
AHP Timberwolf Bidco Corp. 1,875 — — 1,875
AMI Buyer, Inc. 1,905 463 — 1,442
Accelerate360 Holdings, LLC 2,545 1,382 — 1,163
Acentra Holdings, LLC (fka CNSI Holdings, LLC) 2,000 213 — 1,787
Alcami Corporation 1,096 82 — 1,014
Alcresta Therapeutics Inc. 7,529 — — 7,529
All Star Recruiting Locums, LLC 3,043 217 — 2,826
Alpinex Opco, LLC 1,489 1,102 — 387
American Restoration Holdings, LLC 3,285 389 — 2,896
Anaplan, Inc. 699 — — 699
Aspen Aerogels, Inc. 100 43 — 57
Athlete Buyer, LLC 5,437 3,292 181 1,964
August Bioservices, LLC 500 — — 500
Avalara, Inc. 909 — — 909
Banner Buyer, LLC 1,936 388 — 1,548
Beacon Mobility Corp. 59,146 2,146 4,842 52,158
Berner Food & Beverage, LLC 2,881 — — 2,881
Biamp 120 — — 120
Bingo Group Buyer, Inc. 2,973 25 — 2,948
Blue Jay Transit Inc. 667 — — 667
BusPatrol Holdco 4,833 300 — 4,533
CRS Holdings, Inc. 8,000 — 125 7,875
CSC Holdings, LLC 100 77 — 23
Camin Cargo Control Holdings, Inc. 4,000 553 — 3,447
Cave Enterprises Operations, LLC 1,333 — — 1,333
Celerion Buyer, Inc. 1,918 — — 1,918
Cerus Corporation 5,000 415 — 4,585
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) 396 — 73 323
ChyronHego US Holding Corporation 20,633 15,500 3,212 1,921
ChyronHego US Holding Corporation* 1,578 — — 1,578
CircusTrix Holdings LLC 1,600 1,000 — 600
Club Car Wash Operating, LLC 7,875 — — 7,875
Club Champion LLC 1,808 663 — 1,145
Colonnade Parent Inc (fka Naviga Inc.) 500 500 — —
Compu-Link Corporation (dba Celink) 2,883 — — 2,883
Cool Buyer, Inc. 6,667 — — 6,667
Coretrust Purchasing Group LLC (HPG Enterprises LLC) 1,805 — — 1,805
Crewline Buyer, Inc. 377 — — 377
Digital.ai Software Holdings, Inc. 2,419 242 — 2,177
Distinct Holdings Inc 1,758 — — 1,758
Eagle Purchaser, Inc. 1,105 658 — 447
Eldrickco Limited* 3,693 445 — 3,248
EmpiRx Health LLC 909 — 227 682
Evergreen IX Borrower 2023, LLC 795 — — 795
Evoriel* 811 — — 811
ExactCare Parent, Inc. 1,967 — — 1,967

All values are in US Dollars.

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

All values are in US Dollars.

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

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

2025

and $3,214 will expire in

2026

.

  • Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $168,016 or 12% of the Company's net assets. The acquisition dates of the restricted securities are as follows:
Issuer Investment Type Acquisition Date
1244311 B.C. Ltd. Common Equity - Common Stock 9/30/2020
Acosta Holdings Corp.* Preferred Equity - Preferred Equity 7/22/2024
Alcresta Holdings, LP Preferred Equity - Preferred Equity 3/12/2024
Ambrosia Buyer Corp. Common Equity - Common Stock 2/1/2024
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)* Common Equity - Common Stock 7/22/2024
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) Common Equity - Membership Interests 12/31/2024
Bird Scooter Acquisition Corp. Common Equity - Common Stock 3/22/2024
BSP-TS, LP Preferred Equity - Preferred Equity 12/23/2024
Carbonfree Chemicals Holdings LLC Common Equity - Common Equity / Interest 11/1/2019
Carestream Health Holdings, Inc.* Common Equity - Common Stock 7/22/2024
ChyronHego Corporation Preferred Equity - Preferred Equity 12/29/2020
Cool Acquisition Holdings, LP Common Equity - Common Stock 10/31/2024
FC2 LLC Common Equity - Common Stock 10/14/2022
Fortress Credit BSL Limited 2021-3 Asset Backed Security - CLO Debt 7/22/2024
Fortress Credit Opportunities CLO LLC 2024-25 Asset Backed Security - CLO Debt 11/12/2024
Genius Bidco LLC Common Equity - Common Stock 5/1/2024
Merx Aviation Finance, LLC Common Equity - Membership Interests 9/1/2022
RMCF V CIV L, L.P. Common Equity - Common Stock 9/5/2024
TVG Orion Blocker, Inc. Common Equity - Common Stock 7/18/2024
WC ORS Holdings, L.P. Common Equity - Common Stock 8/7/2024

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

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

See notes to the consolidated financial statements.

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

  • The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of December 31, 2024:
Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing $ 62,883 $ — $ — $ — $ 473 $ 510 $ — $ 63,866
Automotive 39,271 — — — — 24,068 — 63,339
Aviation and Consumer Transport 29,202 — — — — — — 29,202
Beverage, Food & Tobacco 90,488 — — — 448 1,534 — 92,470
Business Services 304,602 5,636 — — 11 2,929 — 313,178
Chemicals, Plastics & Rubber 69,239 — — — — — — 69,239
Construction & Building 109,436 — — — — — — 109,436
Consumer Goods – Durable 11,027 — — — — 108 — 11,135
Consumer Goods – Non-durable 153,567 — — — 493 2,233 — 156,293
Consumer Services 139,730 — — — — — — 139,730
Containers, Packaging & Glass 21,660 — — — — — — 21,660
Diversified Investment Vehicles, Banking, Finance, Real Estate 148,364 — — 15,028 534 17,146 — 181,072
Energy – Electricity 7,231 — — — 5,623 4 — 12,858
Environmental Industries 2,030 — — — — — — 2,030
Healthcare & Pharmaceuticals 476,831 — 21 — 499 291 389 478,031
High Tech Industries 470,416 7,203 — — 250 1,684 — 479,553
Hotel, Gaming, Leisure, Restaurants 44,552 — — — — — — 44,552
Insurance 49,245 — — — — — — 49,245
Manufacturing, Capital Equipment 80,998 — — — 1,713 250 — 82,961
Media – Diversified & Production 13,425 — — — — — — 13,425
Retail 15,372 — 1,958 — — — — 17,330
Telecommunications 18,965 10,615 1,408 — — — — 30,988
Transportation – Cargo, Distribution 105,350 — — — — — — 105,350
Utilities – Electric 14,688 — — — — — — 14,688
Wholesale 102,812 — 2,672 — 25 13,241 576 119,326
Total Non-Controlled / <br>Non-Affiliated Investments $ 2,581,384 $ 23,454 $ 6,059 $ 15,028 $ 10,069 $ 63,998 $ 965 $ 2,700,957
Non-Controlled / Affiliated Investments
Aviation and Consumer Transport $ 19,676 $ — $ — $ — $ — $ 366 $ — $ 20,042
Chemicals, Plastics & Rubber 12,501 — — — — 56,505 — 69,006
Consumer Goods – Durable — — — — — 1,000 — 1,000
Consumer Services — — — — — — — —
Diversified Investment Vehicles, Banking, Finance, Real Estate — — — 38,643 — — — 38,643
Hotel, Gaming, Leisure, Restaurants 9,255 — — — — 4,740 — 13,995
Total Non-Controlled / Affiliated Investments $ 41,432 $ — $ — $ 38,643 $ — $ 62,611 $ — $ 142,686

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

  • The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of December 31, 2024:
Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total % of Net Assets
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing $ 62,003 $ — $ — $ — $ 491 $ 669 $ — $ 63,163 4.50 %
Automotive 39,298 — — — — 1,080 — 40,378 2.87 %
Aviation and Consumer Transport 29,489 — — — — — — 29,489 2.10 %
Beverage, Food & Tobacco 89,933 — — — 229 3,575 — 93,737 6.67 %
Business Services 303,544 5,627 — — 1 3,166 — 312,338 22.24 %
Chemicals, Plastics & Rubber 69,680 — — — — — — 69,680 4.96 %
Construction & Building 102,895 — — — — — — 102,895 7.33 %
Consumer Goods – Durable 11,063 — — — — 119 — 11,182 0.80 %
Consumer Goods – Non-durable 153,402 — — — 246 442 — 154,090 10.96 %
Consumer Services 138,782 — — — — — — 138,782 9.88 %
Containers, Packaging & Glass 21,601 — — — — — — 21,601 1.54 %
Diversified Investment Vehicles, Banking, Finance, Real Estate 148,108 — — 15,023 193 565 — 163,889 11.67 %
Energy – Electricity 1,997 — — — — — — 1,997 0.14 %
Environmental Industries 2,036 — — — — — — 2,036 0.14 %
Healthcare & Pharmaceuticals 472,374 — 21 — 532 2,703 136 475,766 33.87 %
High Tech Industries 465,671 6,538 — — 250 2,891 — 475,350 33.84 %
Hotel, Gaming, Leisure, Restaurants 44,113 — — — — — — 44,113 3.14 %
Insurance 49,055 — — — — — — 49,055 3.49 %
Manufacturing, Capital Equipment 75,279 — — — 3,405 418 — 79,102 5.63 %
Media – Diversified & Production 13,442 — — — — — — 13,442 0.96 %
Retail 15,506 — 1,937 — — — — 17,443 1.24 %
Telecommunications 19,124 5,633 1,448 — — — — 26,205 1.87 %
Transportation – Cargo, Distribution 105,150 — — — — — — 105,150 7.49 %
Utilities – Electric 11,612 — — — — — — 11,612 0.83 %
Wholesale 101,936 — 96 — 28 774 — 102,834 7.32 %
Total Non-Controlled / <br>Non-Affiliated Investments $ 2,547,093 $ 17,798 $ 3,502 $ 15,023 $ 5,375 $ 16,402 $ 136 $ 2,605,329 185.48 %
% of Net Assets 181.33 % 1.27 % 0.25 % 1.07 % 0.38 % 1.17 % 0.01 % 185.48 %

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

105

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

106

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except share and per share data)

Note 1. Organization

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

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

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

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

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 (Continued)

(In thousands, except share and per share data)

Note 2. Significant Accounting Policies

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

Basis of Presentation

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

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

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

Use of Estimates

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

Consolidation

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury Bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents. Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of June 30, 2025 was $68,985. Cash and cash equivalents held as of December 31, 2024 was $74,357.

Collateral on Forward Contracts

Collateral on Forward contracts represents restricted cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract. In accordance with ASC 230, Statement of Cash Flows, the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies.

As of June 30, 2025 and December 31, 2024, the Company did not hold any derivative contracts.

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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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (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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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (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, 2025, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

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

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

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

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(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, 2025 and December 31, 2024, the Company did not hold any derivatives.

Valuation of Other Financial Assets and Financial Liabilities

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

Realized Gains or Losses

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

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.

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status

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when principal or interest/dividend cash payments are more than 30 days past due, and, in management's judgment, it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.

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.

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.

Financing Costs

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

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

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(In thousands, except share and per share data)

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.

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, 2025 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending December 31, 2025. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

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

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(In thousands, except share and per share data)

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, 2025, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

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.

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(In thousands, except share and per share data)

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

Segment Reporting

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

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated 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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(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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(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, 2025 and 2024. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three and 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 before impact of waived fees. For the three and six months ended June 30, 2024, the Company recognized $4,389 and $8,775, respectively, of management fees, and $5,572 and $11,610, respectively, of incentive fees before impact of waived fees. For the three and six months ended June 30, 2025 and 2024, no management fees and no incentive fees were waived.

As of June 30, 2025 management and performance-based incentive fees payable were $6,079 and $3,849, respectively. As of December 31, 2024, management and performance-based incentive fees payable were $6,247 and $5,336, respectively.

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(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.

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

Administration Agreement with AIA

The Company has also entered into an administration agreement with the Administrator (the “Administration Agreement”) under which AIA provides administrative services for the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator and requested to be reimbursed by the Administrator in performing its obligations under the Administration Agreement. The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. For the three and six months ended June 30, 2025, the Company recognized administrative services expense under the Administration Agreement of $1,010 and $2,026, respectively. For the three and six months ended June 30, 2024, the Company recognized administrative services expense under the Administration Agreement of $826 and $2,049, respectively. There was no amount payable to AIA and its affiliates for expenses paid on our behalf as of June 30, 2025 and December 31, 2024.

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(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 a quarterly fee of $250, effective as of January 1, 2025.

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. For the three and six months ended June 30, 2024, the Company recognized administrative service expense reimbursements of $75 and $149, 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, 2025, the Company recognized debt expense reimbursements of $30 and $69, respectively, under the debt expense reimbursement agreements. For the three and six months ended June 30, 2024, the Company recognized debt expense reimbursements of $192 and $285, respectively, under the debt expense reimbursement agreements.

Co-Investment Activity

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

As of June 30, 2025, the Company’s co-investment holdings were 85% of the portfolio or $2,816,183, measured at fair value. On a cost basis, 82% of the portfolio or $2,854,322 were co-investments. As of December 31, 2024, the Company’s co-investment holdings were 80% of the portfolio or $2,417,102, measured at fair value. On a cost basis, 77% of the portfolio or $2,448,523 were co-investments.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (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 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 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. The balance of the Merx revolver as of June 30, 2025 was $51,075 and as of December 31, 2024 was $59,575.

Sub-Servicing Agreement

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

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

Note 4. Earnings Per Share

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

Three Months Ended June 30, Six Months Ended June 30,
Basic Earnings Per Share
Net increase (decrease) in net assets resulting from operations 18,115 22,555 48,447 48,044
Weighted average shares outstanding 93,303,622 65,253,275 93,489,281 65,253,275
Basic earnings (loss) per share 0.19 0.35 0.52 0.74

All values are in US Dollars.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 5. Investments

Fair Value Measurement and Disclosures

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

Fair Value Hierarchy
Cost Fair Value Level 1 Level 2 Level 3
First Lien Secured Debt $ 3,142,107 $ 3,096,992 $ — $ 61,177 $ 3,035,815
Second Lien Secured Debt 12,006 4,209 — 4,134 75
Unsecured Debt 3,428 3,383 — 3,362 21
Structured Products and Other 44,613 30,547 — 8,948 21,599
Preferred Equity 20,367 23,895 — — 23,895
Common Equity/Interests 271,625 168,294 242 — 168,052
Warrants 965 162 — — 162
Total Investments before Cash Equivalents $ 3,495,111 $ 3,327,482 $ 242 $ 77,621 $ 3,249,619
Money Market Fund $ 555 $ 555 $ 555 $ — $ —
Total Cash Equivalents $ 555 $ 555 $ 555 $ — $ —
Total Investments after Cash Equivalents $ 3,495,666 $ 3,328,037 $ 797 $ 77,621 $ 3,249,619

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

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended 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. Includes all activities from the Mergers.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the 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
Sales (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. Includes all activities from the Mergers.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Fair value as of March 31, 2024 $ 2,111,478 $ 5,559 $ 329 $ 35,639 $ 32,752 $ 157,406 $ 258 $ 2,343,421
Net realized gains (losses) 3,171 — — — — (15,700 ) — (12,529 )
Net change in unrealized gains (losses) (5,288 ) (265 ) (12 ) (2,725 ) (142 ) 16,949 (88 ) 8,429
Net amortization on investments 1,642 — — — — — — 1,642
Purchases, including capitalized PIK (3) 245,797 152 8 2,533 — 77 — 248,567
Sales (3) (153,987 ) — — (742 ) — (149 ) — (154,878 )
Transfers out of Level 3 (1) — — — — — — — —
Transfers into Level 3 (1) — — — — — — — —
Fair value as of June 30, 2024 $ 2,202,813 $ 5,446 $ 325 $ 34,705 $ 32,610 $ 158,583 $ 170 $ 2,434,652
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2024 $ (6,256 ) $ (228 ) $ 42 $ (2,725 ) $ (142 ) $ 1,208 $ (87 ) $ (8,188 )

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Fair value as of December 31, 2023 $ 2,075,031 $ 31,887 $ — $ 41,333 $ 32,405 $ 152,127 $ 199 $ 2,332,982
Net realized gains (losses) (2,787 ) 273 — — — (15,341 ) — (17,855 )
Net change in unrealized gains (losses) (707 ) 12,031 (2,347 ) (6,072 ) 89 9,811 (605 ) 12,200
Net amortization on investments 3,574 6 — — — — — 3,580
Purchases, including capitalized PIK (3) 468,019 299 8 2,533 116 78 — 471,053
Sales (3) (340,317 ) (31,340 ) 2,664 (3,089 ) — 11,908 576 (359,598 )
Transfers out of Level 3 (1) — (7,710 ) — — — — — (7,710 )
Transfers into Level 3 (1) — — — — — — — —
Fair value as of June 30, 2024 $ 2,202,813 $ 5,446 $ 325 $ 34,705 $ 32,610 $ 158,583 $ 170 $ 2,434,652
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2024 $ (9,558 ) $ (858 ) $ (2,347 ) $ (6,072 ) $ 89 $ 7,058 $ (605 ) $ (12,293 )
  • Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
  • Includes unfunded commitments measured at fair value of $(4,072).
  • Includes reorganizations and restructuring of investments.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

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

Quantitative Information about Level 3 Fair Value Measurements
Asset Category Valuation Techniques/Methodologies Unobservable Input Range Weighted Average (1)
First Lien Secured Debt 2,700,386 Yield Analysis Discount Rate 4.2% 34.1% 11.1%
170,611 Recent Transaction Recent Transaction N/A N/A N/A
143,788 Recovery Analysis Recoverable Amount N/A N/A N/A
14,448 Market Comparable Technique Comparable Multiple 0.4x 4.0x 2.9x
6,582 Estimated Proceeds Estimated Proceeds N/A N/A N/A
Second Lien Secured Debt 75 Yield Analysis Discount Rate 15.4% 15.4% 15.4%
— Market Comparable Technique Comparable Multiple 5.8x 5.8x 5.8x
Unsecured Debt 21 Market Comparable Technique Comparable Multiple 19.0x 19.0x 19.0x
Structured Products and Other 21,599 Yield Analysis Discount Rate 11.3% 13.2% 12.1%
Preferred Equity 23,452 Market Comparable Technique Comparable Multiple 0.4x 17.0x 9.8x
344 Yield Analysis Discount Rate 9.0% 12.5% 11.5%
99 Recent Transaction Recent Transaction N/A N/A N/A
— Recovery Analysis Recoverable Amount N/A N/A N/A
Common Equity/Interests 134,347 Yield Analysis Discount Rate 9.0% 13.0% 0.1%
18,519 Estimated Proceeds Estimated Proceeds N/A N/A N/A
14,293 Market Comparable Technique Comparable Multiple 0.4x 19.0x 9.2x
715 Recent Transaction Recent Transaction N/A N/A N/A
178 Option Pricing Model Expected Volatility 25.0% 80.0% 46.0%
— Recovery Analysis Recoverable Amount N/A N/A N/A
Warrants 135 Option Pricing Model Expected Volatility 40.0% 40.0% 40.0%
27 Recent Transaction Recent Transaction N/A N/A N/A
— Market Comparable Technique Comparable Multiple 5.5x 5.5x 5.5x
Total Level 3 Investments 3,249,619

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 (Continued)

(In thousands, except share and per share data)

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

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

All values are in US Dollars.

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

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

Investment Transactions

For the three and six months ended June 30, 2025, purchases of investments on a trade date basis including all activities from the Mergers were $288,731 and $680,640, respectively. For the three and six months ended June 30, 2024, purchases of investments on a trade date basis were $245,362 and $398,153, respectively.

For the three and six months ended June 30, 2025, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $144,779 and $366,270, respectively. For the three and six months ended June 30, 2024, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $154,878 and $291,746, respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as a receivable up to the capitalization date. During the three and six months ended June 30, 2025, PIK income earned was $5,173 and $9,926, respectively. During the three and six months ended June 30, 2024, PIK income earned was $2,473 and $4,502, respectively.

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

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
PIK balance at beginning of period $ 39,789 $ 26,834 $ 36,656 $ 24,485
PIK income capitalized 7,335 2,075 11,390 4,424
Adjustments due to investments exited or written off (8 ) — (930 ) —
PIK income received in cash — — — —
PIK balance at end of period $ 47,116 $ 28,909 $ 47,116 $ 28,909

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

The Company holds structured finance products and other investments. The CLO equity investments and structured finance products are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after meeting contractual obligations to debt holders and paying fund expenses. The Company recognizes dividend income on its beneficial interests in structured products, such as CLOs, based on projected cash flows subject to various uncertainties and contingencies. During the three and six months ended June 30, 2025, dividend income from structured products was $200 and $440, respectively. During the three and six months ended June 30, 2024, dividend income from structured products was $235 and $235, respectively.

Investments on Non-Accrual Status

As of June 30, 2025, 2.8% of total investments at amortized cost, or 2.0% of total investments at fair value, were on non-accrual status. As of December 31, 2024, 2.1% of total investments at amortized cost, or 1.3% of total investments at fair value, were on non-accrual status.

Derivative Instruments

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

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

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).

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

Date Issued/<br>Amended Total Aggregate Principal Amount Committed Principal Amount Outstanding Fair Value Final Maturity Date
Senior Secured Facility 10/17/2024 $ 1,660,000 ** $ 1,221,946 * $ 1,221,946 (1 ) 10/17/2029
MFIC Bethesda CLO 1 LLC Class A-1 Notes 11/2/2023 232,000 232,000 232,737 (2 ) 10/23/2035
MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C) 2/24/2025 399,000 399,000 397,490 (2 ) 1/23/2037
2026 Notes 7/16/2021 125,000 125,000 121,844 (2 ) 7/16/2026
2028 Notes 12/13/2023 80,000 80,000 80,960 (3 ) 12/15/2028
Total Debt Obligations $ 2,496,000 $ 2,057,946 $ 2,054,977
Deferred Financing Costs and Debt Discount (6,292 )
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 2,051,654

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

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

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

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

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

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

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

Senior Secured Facility

On October 17, 2024, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of April 19, 2023, December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through October 17, 2029. Lender commitments under the Senior Secured Facility increased from $1,705,000 to $1,815,000 until December 22, 2024 and decreased to $1,660,000 thereafter. The Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Senior Secured Facility to $2,722,500. The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents.

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

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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, 2025 and December 31, 2024, the Company had $29,151 and $7,828, respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was $408,903 and $682,024 as of June 30, 2025 and December 31, 2024, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

Senior Unsecured Notes

2025 Notes

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

2026 Notes

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

2028 Notes

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

MFIC Bethesda CLO 1 LLC Debt Securitization

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

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

2035

, which bear interest at three-month

SOFR

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

2035

, which bear interest at three-month

SOFR

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

2123

, which do not bear interest. The Company, through a newly formed wholly owned subsidiary of the Company (the “Bethesda CLO 1 Depositor”), has retained 100% of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1, which are eliminated in consolidation.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The Class A-1 Notes and the Class A-2 Notes are scheduled to mature in October 2035 and the Subordinated Notes are scheduled to mature in October 2123; however the Bethesda CLO 1 Notes may be redeemed by the Issuer, at the direction of the Bethesda CLO 1 Depositor (at the direction of the Company) as holder of the Subordinated Notes, on any business day after October 23, 2025. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The Class A-1 Notes and Class A-2 Notes are secured obligations of the Bethesda CLO 1 Issuer, the Subordinated Notes are the unsecured obligations of the Bethesda CLO 1 Issuer, and the indenture governing the Bethesda CLO 1 Notes includes customary covenants and events of default.

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

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

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 Company’s 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.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025
Average debt outstanding $ 1,925,540 $ 1,439,084 $ 1,866,897 1,404,912
Maximum amount of debt outstanding (2) 2,053,954 1,511,548 2,325,684 1,511,548
Weighted average annualized interest cost (1) 6.45 % 7.05 % 6.42 % 7.05 %
Annualized amortized debt issuance cost 0.36 % 0.44 % 0.38 % 0.50 %
Total annualized interest cost 6.81 % 7.49 % 6.80 % 7.55 %

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, 2025 were $532 and $1,164, respectively. Commitment fees for the three and six months ended June 30, 2024 were $958 and $1,997, respectively.
  • The maximum amount of debt outstanding during the six months ended June 30, 2025 is inclusive of $399 million of Class A1, Class A2, Class B, and Class C Notes of MFIC Bethesda CLO 2 that were sold on February 24, 2025. The Company used the proceeds received to repay borrowings under its Senior Secured Facility on February 25, 2025, the day following the closing of MFIC Bethesda CLO 2.

Foreign Currency Transactions and Translations

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

Original Principal Amount (Local) Original Principal Amount () Principal Amount Outstanding Unrealized Gain/(Loss) Reset Date
British Pound £ 23,200 $ 31,858 $ (2,946 ) 7/31/2025
European Euro € 6,600 7,779 (468 ) 7/31/2025
Canadian Dollar C$ 14,980 11,008 (119 ) 7/31/2025
Total $ 50,645 $ (3,533 )

All values are in US Dollars.

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

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

All values are in US Dollars.

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 7. Stockholders’ Equity

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

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

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

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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.

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

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

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

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

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

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 8. Commitments and Contingencies

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

June 30, 2025 December 31, 2024
Unfunded revolver obligations and bridge loan commitments (1) $ 242,266 $ 233,293
Standby letters of credit issued and outstanding (2) 36,149 11,381
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3) 250,605 240,984
Total Unfunded Commitments (4) $ 529,019 $ 485,658
  • The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of June 30, 2025 and December 31, 2024, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of June 30, 2025 and December 31, 2024, the bridge loan commitments included in the balances were $0 and $0, respectively.
  • For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.
  • The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.
  • The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $62,986 and $40,425 as of June 30, 2025 and December 31, 2024, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Note 9. Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2025 and 2024:
Per Share Data*
Net asset value at beginning of period 14.98 15.41
Net investment income (1) 0.76 0.89
Net realized and change in unrealized gains (losses) (1) (0.24 ) (0.15 )
Net increase in net assets resulting from operations 0.52 0.74
Distribution of net investment income (2) (0.76 ) (0.76 )
Distribution of return of capital (2) — —
Accretion due to share repurchases 0.01 —
Net asset value at end of period 14.75 15.38
Per share market value at end of period 12.62 15.14
Total return (3) (0.87 %) 16.28 %
Shares outstanding at end of period 93,303,622 65,253,275
Weighted average shares outstanding 93,489,281 65,253,275
Ratio/Supplemental Data
Net assets at end of period (in millions) 1,375.9 1,003.8
Annualized ratio of operating expenses to average net assets (4)(5) 3.80 % 5.31 %
Annualized ratio of interest and other debt expenses to average net assets (5) 9.14 % 10.58 %
Annualized ratio of total expenses to average net assets (4)(5) 12.94 % 15.89 %
Annualized ratio of net investment income to average net assets (5) 10.24 % 11.62 %
Average debt outstanding (in millions) 1,866.9 1,404.9
Average debt per share 19.96 21.53
Annualized portfolio turnover rate (5)(7) 27.27 % 24.68 %
Asset coverage per unit (6) 1,669 1,661

All values are in US Dollars.

* Totals may not foot due to rounding.

  • Financial highlights are based on the weighted average number of shares outstanding for the period presented.
  • The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through June 30, 2025 may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.
  • Total return is based on the change in market price per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return does not reflect sales load.
  • The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (see Note 3 to the consolidated financial statements). For the 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. For the six months ended June 30, 2024, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.34% and 15.97%, respectively, without the voluntary fee waivers.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

  • Annualized for the six months ended June 30, 2025 and 2024.

  • The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of June 30, 2025, the Company's asset coverage was 166%.

  • Includes investments acquired from the Mergers.

Note 10. Mergers with AFT and AIF

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

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

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

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The Mergers were considered a tax-free reorganization and the Company has carried forward the historical adjusted tax cost of AFT and AIF investments for tax purposes. The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers:
Common stock issued by the Company(1) 228,076 209,529 437,605
Deemed contribution from the Investment Adviser 1,313 1,222 2,535
Total Purchase Consideration 229,389 210,751 440,140
Assets Acquired:
Investments, at fair value 310,795 285,092 595,887
Cash & Cash Equivalents(2) 2,699 7,232 9,931
Other Assets 7,592 8,506 16,098
Total Assets Acquired 321,086 300,830 621,916
Liabilities Assumed(3),(4) (91,697 ) (90,079 ) (181,776 )
Net Assets Acquired 229,389 210,751 440,140

All values are in US Dollars.

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

Note 11. Subsequent Events

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

Distribution Declarations

On August 5, 2025, the Company’s Board declared a base distribution of $0.38 per share, payable on September 25, 2025 to stockholders of record as of September 9, 2025. There can be no assurances that the Board will continue to declare a base distribution of $0.38 per share.

Merx Aviation Finance LLC (“Merx”) Post Quarter End Paydown

In July 2025, Merx Aviation Finance LLC (“Merx”), a wholly owned portfolio company of the Company, received approximately $31 million from insurers related to three aircraft detained in Russia. This brings Merx’s total recoveries to date to $47 million. In early August 2025, Merx finalized the sale of the majority of its aircraft (the “sale transaction”), which aligns with the Company’s strategic objective to reduce its exposure to Merx. As a result, Merx is expected to make a net repayment to the Company of approximately $90 million for the quarter ending September 30, 2025. This net repayment will be reflected in the Company’s investment activity for the quarter ending September 30, 2025. As part of the sale transaction, Merx is also expected to receive additional consideration of approximately $30 million, anticipated by year-end 2025 or early 2026. Both the insurance recoveries and the sale transaction combined are expected to result in a positive impact to the net asset value of the Company in the high single-digit per-share range, relative to its June 30, 2025 carrying value.

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Report of Independent Registered Public Accounting Firm

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

Results of Review of Interim Financial Information

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

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

Basis for Review Results

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

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

/s/ Deloitte & Touche LLP

New York, New York

August 11, 2025

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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;
  • the ability of our portfolio companies to achieve their objectives;
  • our expected financings and investments;
  • the adequacy of our cash resources and working capital; and
  • the timing of cash flows, if any, from the operations of our portfolio companies.

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

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

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

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

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

Investments

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of June 30, 2025, non-qualifying assets represented approximately 9.3% of the total assets of the Company.

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Revenue

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

Expenses

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

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

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  • 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, 2025 and 2024, was as follows:

Three Months Ended June 30, Six Months Ended June 30,
(in millions)* 2025 2024 2025 2024
Investments made in portfolio companies (1) $ 288.7 $ 245.4 $ 680.6 $ 398.2
Investments sold (1) (14.9 ) — (58.9 ) —
Net activity before repaid investments (1) 273.8 245.4 621.8 398.2
Investments repaid (1) (129.9 ) (154.9 ) (307.4 ) (291.7 )
Net investment activity (1) $ 144.0 $ 90.5 $ 314.4 $ 106.4
Portfolio companies, at beginning of period 240 154 233 152
Number of investments in new portfolio companies (1) 14 18 34 25
Number of exited companies (1) (5 ) (7 ) (18 ) (12 )
Portfolio companies at end of period (1) 249 165 249 165
Number of investments in existing portfolio companies 80 58 158 76

* Totals may not foot due to rounding.

  • Includes investments acquired from the Mergers.

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

June 30, 2025 December 31, 2024
Portfolio composition, at fair value:
First lien secured debt 93 % 92 %
Second lien secured debt 0 % 1 %
Total secured debt 93 % 93 %
Unsecured debt 0 % 0 %
Structured products and other 1 % 1 %
Preferred equity 1 % 1 %
Common equity/interests and warrants 5 % 5 %
Weighted average yields, at amortized cost (1):
First lien secured debt (2) 10.4 % 10.8 %
Second lien secured debt (2) 13.7 % 14.4 %
Secured debt portfolio (2) 10.4 % 10.8 %
Unsecured debt portfolio (2) 9.5 % 9.5 %
Total debt portfolio (2) 10.4 % 10.8 %
Total portfolio (3) 9.2 % 9.5 %
Interest rate type, at fair value (4):
Fixed rate amount $ 0.0 billion $ 0.0 billion
Floating rate amount $ 3.0 billion $ 2.7 billion
Fixed rate, as percentage of total 1 % 1 %
Floating rate, as percentage of total 99 % 99 %
Interest rate type, at amortized cost (4):
Fixed rate amount $ 0.0 billion $ 0.0 billion
Floating rate amount $ 3.0 billion $ 2.7 billion
Fixed rate, as percentage of total 1 % 1 %
Floating rate, as percentage of total 99 % 99 %
  • An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
  • Exclusive of investments on non-accrual status.
  • Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.
  • The interest rate type information is calculated using the Company's corporate debt portfolio and excludes aviation and investments on non-accrual status.

Since the initial public offering of the Company in April 2004 and through June 30, 2025, invested capital totaled $26.2 billion in 828 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

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Recent Developments

Chief Financial Officer and Treasurer Resignation and Appointment

On June 11, 2025, Gregory Hunt, Chief Financial Officer and Treasurer of the Company notified the Company of his intention to step down, effective as of the close of business on June 30, 2025. Mr. Hunt has been retained by the Company as a consultant to assist with his responsibilities through the close of business on December 31, 2025. Mr. Hunt’s decision to step down is not the result of any disagreement with the Company, the Investment Adviser or their affiliates regarding their operations, policies, practices or otherwise.

On June 11, 2025, the Board appointed Kenneth Seifert as Chief Financial Officer and Treasurer of the Company, effective as of the close of business on June 30, 2025. Mr. Seifert (i) was not appointed as the Company’s Chief Financial Officer and Treasurer pursuant to any arrangement or understanding with any other person; (ii) does not have a family relationship with any of the Company’s directors or other executive officers; (iii) has not engaged, since the beginning of the Company’s last fiscal year, nor proposes to engage, in any transaction in which the Company was or is a participant; and (iv) has not entered into, nor expects to enter into, any material plan, contract, arrangement, grant or award in connection with his appointment as the Company’s Chief Financial Officer and Treasurer.

Director Resignation

On June 11, 2025, Howard Widra notified the Board of his intention to retire from his role at AGM, to pursue other opportunities, effective on or about the close of business on December 31, 2026. In connection with Mr. Widra’s retirement from AGM, Mr. Widra informed the Board of his intention to resign as director and Executive Chairman of the Board, effective on or about the close of business on December 31, 2026. The Company has initiated a search to identify his successor. Mr. Widra’s decision to resign is not the result of any disagreement with the Company, the Investment Adviser or their affiliates regarding their operations, policies, practices or otherwise.

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.

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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, 2025, $3.25 billion or 97.7% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

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

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

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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
  • 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.

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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, 2025, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

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

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

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Results of Operations

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

Three Months Ended June 30, Six Months Ended June 30,
(in millions)* 2025 2024 2024
Investment Income
Interest income $ 75.7 $ 65.5 149.0 $ 130.1
Dividend income 0.2 0.3 0.4 0.3
PIK interest income 5.2 2.5 9.9 4.5
Other income 0.2 0.9 0.6 2.6
Total investment income $ 81.2 $ 69.2 159.9 $ 137.5
Expenses
Management and performance-based incentive fees, net of amounts waived $ 9.9 $ 10.0 22.4 $ 20.4
Interest and other debt expenses, net of reimbursements 32.3 26.8 62.0 52.9
Administrative services expense, net of reimbursements 1.0 0.8 2.0 1.9
Other general and administrative expenses 1.6 2.1 2.9 4.2
Net Expenses $ 44.9 $ 39.6 89.3 $ 79.4
Net Investment Income $ 36.4 $ 29.5 70.7 $ 58.1
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses) $ (17.2 ) $ (15.6 ) (14.2 ) $ (23.7 )
Net change in unrealized gains (losses) (1.0 ) 8.7 (8.1 ) 13.7
Net Realized and Change in Unrealized Gains (Losses) $ (18.3 ) $ (7.0 ) (22.2 ) $ (10.0 )
Net Increase in Net Assets Resulting from Operations $ 18.1 $ 22.6 48.4 $ 48.0
Net Investment Income on Per Average Share Basis (1) $ 0.39 $ 0.45 0.76 $ 0.89
Earnings per share — basic (1) $ 0.19 $ 0.35 0.52 $ 0.74

All values are in US Dollars.

* Totals may not foot due to rounding.

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

Total Investment Income

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

The increase in total investment income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily driven by increase in interest income (including PIK) of $12.0 million. The increase in total interest income was due to a higher income-bearing investment portfolio, primarily related to the assets acquired in the Mergers. This was partially offset by a decrease in the average yield for the total debt portfolio, from 12.0% for the three months ended June 30, 2024 to 10.5% for the three months ended June 30, 2025.

For the six months ended June 30, 2025 as compared to the six months ended June 30, 2024

The increase in total investment income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily driven by increase in interest income (including PIK) of $22.4 million. The increase in total interest income was due to a higher income-bearing investment portfolio, primarily related to the assets acquired in the Mergers. This was partially offset by a decrease in the average yield for the total debt portfolio, from 12.0% for the six months ended June 30, 2024 to 10.4% for the six months ended June 30, 2025.

Net Expenses

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

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Net expenses increased by $5.3 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily driven by the increase in interest and other debt expenses of $5.5 million. The increase in interest and other debt expenses was attributed to an increase in average debt outstanding, from $1.4 billion for the three months ended June 30, 2024 to $1.9 billion for the three months ended June 30, 2025. This was partially offset by the decrease in the total annualized cost of debt, from 7.5% for the three months ended June 30, 2024 to 6.8% for the three months ended June 30, 2025. Management fee has increased $1.7 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The increase was due to increase in yielding portfolio due to the Mergers. The management fee increase was offset by decrease in performance based incentive fee due to loss on the portfolio.

For the six months ended June 30, 2025 as compared to the six months ended June 30, 2024

Net expenses increased by $9.9 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily driven by the increase in interest and other debt expenses of $9.1 million. The increase in interest and other debt expenses was attributed to an increase in average debt outstanding, from $1.4 billion for the six months ended June 30, 2024 to $1.9 billion for the six months ended June 30, 2025. This was partially offset by the decrease in the total annualized cost of debt, from 7.6% for the six months ended June 30, 2024 to 6.8% for the six months ended June 30, 2025. Management and performance based incentive fee has increased $2.0 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was due to increase in yielding portfolio due to the Mergers.

Net Realized Gains (Losses)

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

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 losses for the three months ended June 30, 2025 were primarily due to the restructure of Renovo and Mitel Network 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 )

During the three months ended June 30, 2024, we recognized gross realized gains of $0.1 million and gross realized losses of $15.7 million, resulting in net realized losses of $15.6 million. Net realized losses for the three months ended June 30, 2024 was primarily driven by the write off of the Company's investment in MSEA Tankers LLC. Significant realized gains (losses) for the three months ended June 30, 2024 are summarized below:

(in millions) Net Realized Gain (Loss)
MSEA Tankers LLC $ (15.7 )

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For the six months ended June 30, 2025 as compared to the six months ended June 30, 2024

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 Network 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 )

During the six months ended June 30, 2024, we recognized gross realized gains of $0.6 million and gross realized losses of $24.3 million, resulting in net realized losses of $23.7 million. Net realized losses for the six months ended June 30, 2024 was primarily driven by the write off of the Company's investment in MSEA Tankers LLC and ViewRay. Significant realized gains (losses) for the six months ended June 30, 2024 are summarized below:

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

Net Change in Unrealized Gains (Losses)

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

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 gains in investments of $1.0 million. Net change in unrealized gains 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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During the three months ended June 30, 2024, we recognized gross unrealized gains of $23.8 million and gross unrealized losses of $15.1 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $8.7 million. Net change in unrealized gains (losses) for the three months ended June 30, 2024 was primarily driven by the write off of MSEA Tankers LLC and the financial under-performance of US Auto, Renovo and PHS. Significant changes in unrealized gains (losses) for the three months ended June 30, 2024 are summarized below:

(in millions) Net Change in Unrealized Gain (Loss)
MSEA Tankers LLC $ 15.7
US Auto (3.0 )
Renovo (2.8 )
PHS (2.6 )
Naviga (1.3 )

For the six months ended June 30, 2025 as compared to the six months ended June 30, 2024

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 )

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During the six months ended June 30, 2024, we recognized gross unrealized gains of $42.2 million and gross unrealized losses of $28.5 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $13.7 million. Net change in unrealized gains for the six months ended June 30, 2024 was primarily driven by write off of MSEA Tankers LLC and ViewRay, the increase in cashflows and new lease extensions from Merx Aviation Finance, partially offset by the underperformance of US Auto, International Cruise & Excursion Gallery and Naviga. Significant changes in unrealized gains (losses) for the six months ended June 30, 2024 are summarized below:

(in millions) Net Change in Unrealized Gain (Loss)
MSEA Tankers LLC $ 15.7
ViewRay 7.1
Merx Aviation Finance, LLC 2.9
US Auto (6.7 )
International Cruise & Excursion Gallery, Inc. (3.1 )
Naviga (3.1 )
Renovo (3.0 )
PHS (2.8 )
ChyronHego Corporation (1.1 )

Liquidity and Capital Resources

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

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

Cash Equivalents

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

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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, 2025:
(in millions) Total Less than 1 Year 1 to 3 Years 3 to 5 Years More than 5 Years
Senior Secured Facility (1) 1,221.9 $ — $ — $ 1,221.9 $ —
2026 Notes 125.0 — 125.0 — —
2028 Notes 80.0 — — 80.0 —
MFIC Bethesda CLO 1 LLC Class A-1 232.0 — — — 232.0
MFIC Bethesda CLO 2 LLC (Class A-1, Class A-2, Class B and Class C) 399.0 — — — 399.0
Total Debt Obligations 2,057.9 $ — $ 125.0 $ 1,301.9 $ 631.0

All values are in US Dollars.

____________________

  • As of June 30, 2025, aggregate lender commitments under the Senior Secured Facility totaled $1.66 billion and $433.6 million of unused capacity. As of June 30, 2025, there were $4.4 million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the consolidated financial statements.

Stockholders’ Equity

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

Equity Issuances

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

Distributions

Distributions paid to stockholders during the three and six months ended June 30, 2025 totaled $35.5 million ($0.38 per share) and $71.1 million ($0.76 per share), respectively. Distributions paid to stockholders during the three and six months ended June 30, 2024 totaled $24.8 million ($0.38 per share) and $49.6 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, 2025 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended December 31, 2025. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board.

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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, 2025, PIK income totaled $5.2 million and $9.9 million on total investment income of $81.2 million and $159.9 million, respectively. For the three and six months ended June 30, 2024, PIK income totaled $2.5 million and $4.5 million on total investment income of $69.2 million and $137.5 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 Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our financial statements for the three and six months ended June 30, 2025 for more information relating to our investment valuation.

Interest Rate Risk

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

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

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

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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, 2025, assuming no changes in our investment and borrowing structure:

Basis Point Change Net Investment Income Net Investment Income Per Share
Up 150 basis points $ 14.2 million $ 0.148
Up 100 basis points 9.4 million 0.098
Up 50 basis points 4.7 million 0.049
Down 50 basis points (4.6) million (0.048 )
Down 100 basis points (9.0) million (0.094 )
Down 150 basis points (13.5) million (0.140 )

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the three months ended June 30, 2025 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 Report on Form 10-K for the twelve months ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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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 — million 20.8 million
Total as of June 30, 2025 $ 275.0 million $ 254.2 million $ 20.8 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

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

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

All values are in US Dollars.

Table of Contents

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

Table of Contents

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.

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 11, 2025.

MIDCAP FINANCIAL INVESTMENT CORPORATION
By: /s/ TANNER POWELL
Tanner Powell
Chief Executive Officer
(Principal Executive Officer)
By: /s/ KENNETH SEIFERT
Kenneth Seifert
Chief Financial Officer and Treasurer
(Principal Financial Officer and 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 11, 2025
/s/ TANNER POWELL
Tanner Powell
Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

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

  • I have reviewed this quarterly report on Form 10-Q of the Registrant;
  • Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  • Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
  • The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
  • Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  • Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  • Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  • Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
  • The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
  • All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
  • Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
Date: August 11, 2025
/s/ KENNETH SEIFERT
Kenneth Seifert
Chief Financial Officer and Treasurer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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

  • To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
  • The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ TANNER POWELL
Tanner Powell
Chief Executive Officer
August 11, 2025
/s/ KENNETH SEIFERT
---
Kenneth Seifert
Chief Financial Officer and Treasurer
August 11, 2025

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