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 March 31, 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 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 8.00% Notes due 2028	MFIC MFICL	NASDAQ Global Select Market NASDAQ Global Select Market

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

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

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

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

(Do not check if a smaller reporting company)

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

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of May 9, 2025 was 93,303,622.

MIDCAP FINANCIAL INVESTMENT CORPORATION

Table of Contents

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities March 31, 2025 and December 31, 2024	1
	Consolidated Statements of Operations Three months ended March 31, 2025 and March 31, 2024	2
	Consolidated Statements of Changes in Net Assets Three months ended March 31, 2025 and March 31, 2024	3
	Consolidated Statements of Cash Flows Three months ended March 31, 2025 and March 31, 2024	4
	Consolidated Schedule of Investments March 31, 2025	5
	Consolidated Schedule of Investments December 31, 2024	54
	Notes to Consolidated Financial Statements	101
	Report of Independent Registered Public Accounting Firm	132
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	133
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	146
Item 4.	Controls and Procedures	147
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	148
Item 1A.	Risk Factors	148
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	149
Item 3.	Defaults Upon Senior Securities	152
Item 4.	Mine Safety Disclosures	152
Item 5.	Other Information	152
Item 6.	Exhibits	153
	Signatures	154

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “MFIC,” “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)

	March 31, 2025			December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,855,490 and $2,700,957, respectively)	$	2,756,760		$	2,605,329
Non-controlled/affiliated investments (cost — $176,063 and $142,686, respectively)		113,290			84,334
Controlled investments (cost — $326,224 and $333,754, respectively)		318,571			324,753
Cash and cash equivalents		83,703			74,357
Foreign currencies (cost — $1,367 and $1,487, respectively)		1,330			1,429
Receivable for investments sold		32,151			57,195
Interest receivable		25,346			19,289
Dividends receivable		459			709
Deferred financing costs		22,267			23,555
Unrealized appreciation on foreign currency forward contracts		33			—
Prepaid expenses and other assets		1,789			—
Total Assets	$	3,355,699		$	3,190,950
Liabilities
Debt	$	1,935,242		$	1,751,621
Payable for investments purchased		2,091			4,190
Management fees payable		6,061			6,247
Performance-based incentive fees payable		6,433			5,336
Interest payable		9,403			12,813
Accrued administrative services expense		—			60
Unrealized depreciation on foreign currency forward contracts		—			—
Other liabilities and accrued expenses		3,209			6,037
Total Liabilities	$	1,962,439		$	1,786,304
Commitments and contingencies (Note 9)
Net Assets	$	1,393,260		$	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)	$	94		$	94
Capital in excess of par value		2,652,015			2,658,090
Accumulated under-distributed (over-distributed) earnings		(1,258,849	)		(1,253,538	)
Net Assets	$	1,393,260		$	1,404,646
Net Asset Value Per Share	$	14.93		$	14.98

See notes to the consolidated financial statements.

1

MIDCAP FINANCIAL INVESTMENT CORPORATION

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

	Three Months Ended March 31,
	2025				2024
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$		69,302		$		59,996
Dividend income			—				12
PIK interest income			3,170				1,995
Other income			324				1,708
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)			1,229				299
Dividend income			240				—
PIK interest income			351				34
Other income			—				—
Controlled investments:
Interest income (excluding PIK interest income)			4,072				4,287
Dividend income			—				—
PIK interest income			—				—
Other income			10				—
Total Investment Income	$		78,698		$		68,331
Expenses
Management fees	$		6,061		$		4,386
Performance-based incentive fees			6,433				6,038
Interest and other debt expenses			30,464				26,179
Administrative services expense			1,016				1,223
Other general and administrative expenses			1,248				2,129
Total expenses			45,222				39,955
Management and performance-based incentive fees waived		—				—
Performance-based incentive fee offset			—				—
Expense reimbursements			(806	)			(168	)
Net Expenses	$		44,416		$		39,787
Net Investment Income	$		34,282		$		28,544
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$		3,588		$		(7,470	)
Non-controlled/affiliated investments			(188	)			—
Controlled investments			—				—
Foreign currency transactions			(313	)			(618	)
Net realized gains (losses)			3,087				(8,088	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments			(6,088	)			4,983
Non-controlled/affiliated investments			(1,509	)			(2,341	)
Controlled investments			1,348				1,613
Foreign currency forward contracts			24				—
Foreign currency translations			(814	)			778
Net change in unrealized gains (losses)			(7,039	)			5,033
Net Realized and Change in Unrealized Gains (Losses)	$		(3,952	)	$		(3,055	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$		30,330		$		25,489
Earnings (Loss) Per Share — Basic	$		0.32		$		0.39

See notes to the consolidated financial statements.

2

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

	Three Months Ended March 31,
	2025			2024
Operations
Net investment income	$	34,282		$	28,544
Net realized gains (losses)		3,087			(8,088	)
Net change in unrealized gains (losses)		(7,039	)		5,033
Net Increase (Decrease) in Net Assets Resulting from Operations	$	30,330		$	25,489
Distributions to Stockholders
Distribution of net investment income	$	(35,637	)	$	(24,798	)
Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(35,637	)	$	(24,798	)
Capital Share Transactions
Net proceeds from the issuance of common stock	$	—		$	—
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	$	(11,386	)	$	691
Net assets at beginning of period		1,404,646			1,005,310
Net Assets at End of Period	$	1,393,260		$	1,006,001
Capital Share Activity
Shares issued during the period		—			—
Shares repurchased during the period		(476,656	)		—
Shares issued and outstanding at beginning of period		93,780,278			65,253,275
Shares Issued and Outstanding at End of Period		93,303,622			65,253,275

See notes to the consolidated financial statements.

3

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

	Three Months Ended March 31,
	2025			2024
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	30,330		$	25,489
Net realized (gains) losses		(3,087	)		8,088
Net change in unrealized (gains) losses		7,063			(5,033	)
Net amortization of premiums and accretion of discounts on investments		(1,863	)		(1,936	)
Accretion of discount on notes		429			623
Amortization of deferred financing costs		1,396			1,295
Increase in gains/(losses) from foreign currency transactions		(313	)		(618	)
PIK interest and dividends capitalized		(4,055	)		(2,349	)
Net unrealized (appreciation) depreciation on foreign currency forward contracts		(24	)		—
Changes in operating assets and liabilities:
Purchases of investments		(394,120	)		(151,447	)
Proceeds from sales and repayments of investments		245,918			136,671
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable		(6,057	)		467
Decrease (increase) in dividends receivable		250			868
Decrease (increase) in prepaid expenses and other assets		(1,789	)		(1,589	)
Increase (decrease) in management and performance-based incentive fees payable		911			(305	)
Increase (decrease) in interest payable		(3,410	)		(1,181	)
Increase (decrease) in accrued administrative services expense		(60	)		77
Increase (decrease) in other liabilities and accrued expenses		(2,828	)		252
Net Cash Used in/Provided by Operating Activities	$	(131,308	)	$	9,372
Financing Activities
Issuances of debt	$	1,022,282		$	82,300
Payments of debt		(840,000	)		(139,371	)
Financing costs paid and deferred		(33	)		—
Repurchase of common stock		(6,079	)		—
Distributions paid		(35,636	)		(24,798	)
Net Cash Used in/Provided by Financing Activities	$	140,534		$	(81,869	)
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	9,226		$	(72,497	)
Effect of foreign exchange rate changes on cash and cash equivalents		21			(19	)
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	$	85,033		$	49,612
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	32,129		$	25,490
Supplemental Disclosure of Non-Cash Activity
PIK income	$	3,521		$	2,029

See notes to the consolidated financial statements.

4

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Aerospace & Defense
Sperry Acquisition, LLC
Sperry Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	02/03/31	$		6,923	$	6,821		$	6,819		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	02/03/31			—		(14	)		(14	)	(8)(9)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	02/03/31			—		(17	)		(17	)	(8)(9)(23)
Sperry Parent Holdings, L.P.	Common Equity - Common Stock	N/A	N/A		988 Shares			99			99		(9)(13)(24)
		Total Aerospace & Defense					$	6,889		$	6,887
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/29	$		14,215	$	14,066		$	14,073		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29			10,332		10,124			10,332		(9)(31)
		Total Air Freight & Logistics					$	24,190		$	24,405
Automobile Components
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			976		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt - Term Loan	SOFR+575, 0.75% Floor	02/13/31			2,442		2,407			2,421		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 0.75% Floor	02/13/31			170		167			168		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	02/13/30			18		14			15		(9)(20)(21)(23) (31)
								2,938			3,580
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Common Stock	N/A	N/A		137,931 Shares			138			142		(9)(13)(24)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/31/30			13,300		13,111			13,111		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/31/30			—		(21	)		(43	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/31/30			909		858			857		(9)(21)(23)(31)
								14,086			14,067
		Total Automobile Components					$	40,742		$	17,899
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	03/17/31	$		5,328	$	5,249		$	5,248		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	03/17/31			—		(32	)		(33	)	(8)(9)(21)(23)
	Common Equity - Common Stock	N/A	N/A		1,000 Shares			100			100		(9)(13)(24)
		Total Beverages					$	5,317		$	5,315

See notes to the consolidated financial statements.

5

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Biotechnology
Mannkind Corporation
Mannkind Corporation	Common Equity - Common Stock	N/A	N/A		34,226 Shares		$	—		$	172		(9)(10)(13)(17)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	Preferred Equity - Preferred Equity	N/A	N/A		55,556 Shares			333			402		(9)(13)
	Warrants - Warrants					73		389			201		(9)(13)
								722			603
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt - Term Loan	SOFR+661, 1.50% Floor	09/01/27			3,000		3,018			3,000		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+661, 1.50% Floor	09/01/27			15,000		14,983			15,000		(9)(30)
								18,001			18,000
		Total Biotechnology					$	18,723		$	18,775
Building Products
OmniMax International, LLC
Omnimax International, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/06/30	$		15,280	$	14,987		$	14,987		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	12/06/30			4,720		4,628			4,629		(9)(32)
								19,615			19,616
RF Fager
R.F. Fager Company, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	03/04/30			928		910			912		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	03/04/30			—		(16	)		(32	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	P+425	03/04/30			16		11			11		(9)(21)(23)(28)
								905			891
		Total Building Products					$	20,520		$	20,507
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 4.50% Floor	08/19/29	$		22,310	$	21,908		$	22,087		(9)(17)(30)
	First Lien Secured Debt - Revolver	SOFR+460, 2.50% Floor	08/19/29			37		37			37		(9)(17)(21)(23) (30)
								21,945			22,124
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A		1,246 Shares			56,505			18,824		(13)(16)(24)
FC2 LLC (4)	Common Equity - Common Stock	N/A	N/A		5 Shares			—			—		(13)(24)
	First Lien Secured Debt - Promissory Note	6.50%	10/14/27			12,500		12,500			12,463
								69,005			31,287

See notes to the consolidated financial statements.

6

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Heubach
Heubach Holdings USA LLC	First Lien Secured Debt - Term Loan	10.00%	04/30/24			478		83			239		(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)
								83			239
Meristem Crop Performance
Lunar Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	10/03/30			9,068		8,899			8,887		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	10/03/30			—		(63	)		(136	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	10/03/30			1,455		1,379			1,373		(9)(21)(23)(30)
								10,215			10,124
W.R. Grace
W.R. Grace Holdings LLC	First Lien Secured Debt - Corporate Bond	4.88%	06/15/27			2,000		1,948			1,935		(10)
		Total Chemicals					$	103,196		$	65,709
Commercial Services & Supplies
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Common Equity - Common Stock	N/A	N/A		152,029 Shares		$	11,961		$	—		(13)(24)
	Unsecured Debt - Term Loan	11% PIK	12/15/31			373		2,672			88		(14)
	Warrants - Warrants					59		576			-
								15,209			88
Atlas Technical Consultants
GI Apple Midco LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/19/30			7,537		7,447			7,537		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/19/30			86		68			86		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/19/29			317		306			317		(9)(20)(21)(23) (30)
								7,821			7,940
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/10/31			6,992		6,911			6,939		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/10/31			—		(12	)		(16	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/10/31			25		16			19		(9)(21)(23)(31)
								6,915			6,942
Core Roofing
CRS Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	06/06/30			1,913		1,879			1,889		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	06/06/30			—		(62	)		(88	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	06/06/30			—		(16	)		(12	)	(8)(9)(20)(21) (23)
								1,801			1,789

See notes to the consolidated financial statements.

7

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC)	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/01/29			5,359		5,311			5,306		(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)
								5,295			5,287
Flatworld Solutions
Flatworld Intermediate Corp	First Lien Secured Debt - Term Loan	SOFR+550, 1.50% Floor	03/25/30			10,000		9,801			9,800		(9)(30)
Health & Safety Institute
HSI Halo Holdings, LLC	Common Equity - Common Stock	N/A	N/A		1,010 Shares			46			1,829		(9)(13)
Heritage Environmental Services
Heritage Environmental Services, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/31/31			1,745		1,741			1,758		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 4.50% Floor	01/31/30			—		(1	)		—		(9)(20)(21)(23)
								1,740			1,758
HMA
Health Management Associates Superholdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	03/30/29			3,897		3,814			3,877		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	03/30/29			507		492			503		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+635, 1.00% Floor	03/30/29			121		115			119		(9)(20)(21)(23) (31)
								4,421			4,499
IronClad
Ironhorse Purchaser, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	09/30/27			3,029		2,987			2,968		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	09/30/27			—		(19	)		(29	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/30/27			72		66			63		(9)(20)(21)(23) (30)
								3,034			3,002
IRP
Precision Refrigeration & Air Conditioning LLC	First Lien Secured Debt - Term Loan	SOFR+690, 1.00% Floor	03/08/28			10,933		10,791			10,661		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+690, 1.00% Floor	03/08/28			4,937		4,871			4,814		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+690, 1.00% Floor	03/08/28			1,932		1,913			1,875		(9)(21)(23)(31)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A		158 Shares			183			209		(9)(13)
								17,758			17,559
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	07/31/26			7,710		7,688			7,702		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	07/31/26			5,087		5,071			5,082		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	07/31/26			879		873			877		(9)(23)(31)
								13,632			13,661

See notes to the consolidated financial statements.

8

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Mariani
CI (MG) GROUP, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	03/27/30			18,973		18,689			18,688		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	03/27/30			—		(67	)		(67	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	03/27/30			—		(30	)		(30	)	(8)(9)(21)(23) (31)
								18,592			18,591
SafetyCo
HEF Safety Ultimate Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/19/29			7,406		7,253			7,431		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	11/19/29			—		(53	)		—		(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/17/29			710		680			712		(9)(21)(23)(31)
								7,880			8,143
SEER
GS SEER Group Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/29/30			3,200		3,123			3,168		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/29/30			948		917			934		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/30/29			—		(8	)		(4	)	(8)(9)(21)(23)
GS SEER Group Holdings, LLC	Common Equity - Common Stock	N/A	N/A		42 Shares			42			47		(9)(13)
								4,074			4,145
Smith System
Smith Topco, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	11/06/29			8,761		8,601			8,630		(9)(32)
	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	11/06/29			837		824			824		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	11/06/29			—		(20	)		(17	)	(8)(9)(21)(23)
								9,405			9,437
Vixxo
Vixxo Corporation	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/01/30			3,741		3,688			3,694		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/01/30			—		(8	)		(16	)	(8)(9)(21)(23)
								3,680			3,678
		Total Commercial Services & Supplies					$	131,104		$	118,148
Communications Equipment
Congruex
Congruex Group LLC	First Lien Secured Debt - Term Loan	SOFR+665, 1.50% Floor	05/03/29	$		15,104	$	14,879		$	13,011		(9)(10)(31)
MCA
Mobile Communications America, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	10/16/29			2,469		2,418			2,463		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	10/16/29			2,475		2,387			2,454		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	10/16/29			—		(26	)		(3	)	(8)(9)(21)(23)
								4,779			4,914

See notes to the consolidated financial statements.

9

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Mitel Networks
MLN US Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+800, 1.00% Floor	07/03/25			878		768			760		(17)(30)
	First Lien Secured Debt - Term Loan	14.94%	10/18/27			606		509			46		(14)(17)
	Second Lien Secured Debt - Term Loan	15.20%	10/18/27			6,092		2,912			34		(14)(17)
								4,189			840
Sorenson Holdings, LLC
Sorenson Holdings, LLC	First Lien Secured Debt - Term Loan	8.00% PIK	04/01/30			247		197			204
	First Lien Secured Debt - Term Loan	10.00% PIK	04/01/30			60		54			55
	Common Equity - Membership Interests	N/A	N/A		279 Shares			108			118		(13)
								359			377
		Total Communications Equipment					$	24,206		$	19,142
Construction & Engineering
Accelevation, LLC
Accelevation LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	01/02/31	$		9,231	$	9,097		$	9,092		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	01/02/31			—		(25	)		(26	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	01/02/31			286		253			252		(9)(21)(23)(30)
								9,325			9,318
Allstar Holdings
Athlete Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	04/26/30			1,922		1,886			1,898		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	04/26/29			20,317		19,901			20,062		(9)(21)(23)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	04/26/30			3,334		3,259			3,292		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	04/26/29			3,201		3,123			3,135		(9)(21)(23)(31)
								28,169			28,387
American Restoration
American Restoration Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	07/24/30			6,447		6,327			6,383		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+510, 1.00% Floor	07/24/30			6,948		6,822			6,781		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	07/24/30			713		681			695		(9)(21)(23)(31)
								13,830			13,859
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A		250,000 Shares			250			35		(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.00% Floor	05/08/26			16,743		16,723			15,838		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	05/08/26			1,278		1,259			1,208		(9)(21)(23)(31)
								18,232			17,081

See notes to the consolidated financial statements.

10

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
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			11,846		11,614			11,669		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	02/07/29			3,378		3,294			3,327		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	02/07/29			1,546		1,486			1,459		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+565, 1.00% Floor	02/07/29			1,040		992			998		(9)(21)(23)(31)
								17,386			17,453
Pavement Preservation
Pavement Preservation Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/09/30			8,971		8,802			8,791		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/09/30			2,155		2,115			2,112		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/09/30			—		(23	)		(26	)	(8)(9)(21)(23)
								10,894			10,877
Renovo
HomeRenew Buyer, Inc.	First Lien Secured Debt - Term Loan	8.65%	11/23/27			9,380		8,177			3,564		(9)(14)(31)
	First Lien Secured Debt - Term Loan	SOFR+900, 2.50% Floor	04/14/25			1,320		1,287			1,287		(9)(30)
	First Lien Secured Debt - Delayed Draw	8.65%	11/23/27			8,261		7,198			3,139		(9)(14)(31)
	First Lien Secured Debt - Revolver	6.65%	11/23/27			2,233		1,975			848		(9)(14)(23)(30)
								18,637			8,838
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/26/30			7,360		7,255			7,253		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/26/30			3,264		3,213			3,214		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/26/30			—		(21	)		(21	)	(8)(9)(21)(23)
								10,447			10,446
Trench Plate
Trench Plate Rental Co.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	12/03/28			17,682		17,537			17,505		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	12/03/28			1,645		1,632			1,627		(9)(20)(21)(23) (31)
Trench Safety Solutions Holdings, LLC	Common Equity - Common Stock	N/A	N/A		331 Shares			50			43		(9)(13)
								19,219			19,175
		Total Construction & Engineering					$	146,139		$	135,434

See notes to the consolidated financial statements.

11

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
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	$		8,539	$	8,393		$	8,390		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/20/30			—		(15	)		(16	)	(8)(9)(21)
								8,378			8,374
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A		169 Shares			169			—		(9)(13)
THLP CO. LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	01/31/27			20,512		20,450			20,307		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	01/31/27			5,646		5,642			5,590		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	01/31/27			1,450		1,448			1,450		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	01/31/27			2,480		2,478			2,435		(9)(21)(23)(31)
								30,187			29,782
		Total Consumer Staples Distribution & Retail					$	38,565		$	38,156
Containers & Packaging
Berry Tapes & Adhesives
Vybond Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/03/32	$		17,334	$	17,077		$	17,074		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	02/03/32			—		(32	)		(33	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	02/03/32			—		(48	)		(49	)	(8)(9)(21)(23)
								16,997			16,992
MSI Express, Inc.
NCP-MSI Buyer	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	03/24/31			5,833		5,761			5,760		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	03/24/31			—		(9	)		(9	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+375, 0.75% Floor	03/24/31			689		655			655		(9)(21)(23)(31)
								6,407			6,406
Truvant
NPPI Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/20/29			21,995		21,691			21,720		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	08/20/29					(31	)		(59	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/20/29			474		432			434		(9)(21)(23)(30)
								22,092			22,095
		Total Containers & Packaging					$	45,496		$	45,493

See notes to the consolidated financial statements.

12

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Diversified Consumer Services
Accelerate Learning
Eagle Purchaser, Inc.	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	03/22/30	$	3,353	$	3,276		$	3,302		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	03/22/30		468		461			461		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	03/22/29		658		644			646		(9)(23)(30)(31)
							4,381			4,409
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.00% Floor	07/01/25		21,078		21,040			21,078		(31)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	07/01/25		—		(1	)		-		(21)(23)
							21,039			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		12,370			12,363		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	06/16/27		20,052		19,800			19,857		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+565, 1.00% Floor	06/16/27		1,625		1,612			1,612		(9)(23)(31)
							33,782			33,832
Excelligence
Excelligence Learning Corporation	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	01/18/30		15,379		15,093			15,225		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	01/18/30		1,356		1,312			1,332		(9)(20)(21) (23)(28)(31)
							16,405			16,557
Gateway Services
Gateway US Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/22/28		10,225		10,188			10,174		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/22/28		2,349		2,342			2,337		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	09/22/28		533		532			531		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	09/22/28		—		(8	)		(5	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	09/22/28		—		(1	)		(2	)	(8)(9)(21)(23)
							13,053			13,035
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/31/26		1,596		1,587			1,559		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+585, 1.00% Floor	12/31/26		9,294		9,228			9,079		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/31/26		—		—			(10	)	(8)(9)(21)(23)
							10,815			10,628
Legacy.com
Lotus Topco Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	06/07/30		2,919		2,880			2,883		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	06/07/30		—		(10	)		(18	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	06/07/30		—		(8	)		(7	)	(8)(9)(21)(23)
							2,862			2,858

See notes to the consolidated financial statements.

13

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Regis
Regis Corporation	First Lien Secured Debt - Term Loan	SOFR+450, 2.50% Floor	06/24/29			6,907		6,784			6,782		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+450, 2.50% Floor	06/24/29			721		650			646		(9)(20)(21)(23) (31)
								7,434			7,428
SEV
SEV Intermediate Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/21/30			8,271		8,133			8,126		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	06/21/30			467		440			438		(9)(21)(23) (31)(32)
								8,573			8,564
Team Car Wash
TCW Midco LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	10/22/29			4,988		4,941			4,938		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	10/22/29			1,167		1,128			1,125		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	10/22/29			—		(8	)		(8	)	(8)(9)(21)(23)
								6,061			6,055
Ultra Clean Newco
Ultra Clean Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/01/30			2,481		2,442			2,444		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/01/30			5,519		5,388			5,353		(9)(21)(23)(30) (31)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/01/30			—		(22	)		(21	)	(8)(9)(21)(23)
								7,808			7,776
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A		631,972 Shares			632			1,125		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+590, 1.00% Floor	05/31/26			28,296		28,173			28,183		(9)(31)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+590, 1.00% Floor	05/31/26			5,555		5,526			5,529		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+590, 1.00% Floor	05/31/26			844		836			839		(9)(20)(21)(23) (30)(31)
								35,167			35,676
Village Pet Care
Village Pet Care, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	09/22/29			1,500		1,476			1,485		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 1.00% Floor	09/22/29			950		909			900		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	09/22/29			803		788			793		(9)(21)(23)(31)
								3,173			3,178
Wilson Language Training
Owl Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+535, 1.00% Floor	02/04/28			9,628		9,517			9,604		(9)(30)
Owl Parent Holdings, LLC	Common Equity - Common Stock	N/A	N/A		100 Shares			100			187		(9)(13)
								9,617			9,791
		Total Diversified Consumer Services					$	180,170		$	180,865

See notes to the consolidated financial statements.

14

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Diversified Telecommunication Services
Cablevision Systems
CSC Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+450, 0.00% Floor	01/18/28	$		981	$	954		$	950		(10)(17)(30)
	First Lien Secured Debt - Revolver	SOFR+235, 0.00% Floor	07/13/27			81		64			74		(17)(23)(30)
	Unsecured Debt - Corporate Bond	4.13%	12/01/30			2,000		1,426			1,457		(10)(17)
		Total Diversified Telecommunication Services					$	2,444		$	2,481
Electric Utilities
Dynagrid
Megavolt Borrower, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	02/13/32	$		4,167	$	4,084		$	4,083		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	02/13/31			200		196			183		(9)(21)(23)(30) (31)
		Total Electric Utilities					$	4,280		$	4,266
Electrical Equipment
International Wire Group
IW Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	06/28/29	$		2,463	$	2,418		$	2,450		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	06/28/29			—		(8	)		(2	)	(8)(9)(20)(21) (23)
								2,410			2,448
US MetalCo Holdings
US MetalCo Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	10/31/29			13,577		13,319			13,441		(9)((31)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	10/31/29			—		(25	)		(13	)	(8)(9)(21)(23)
								13,294			13,428
		Total Electrical Equipment					$	15,704		$	15,876
Electronic Equipment, Instruments & Components
AVAD, LLC
Surf Opco, LLC (4)	First Lien Secured Debt - Term Loan	SOFR+411, 1.00% Floor	09/10/26	$		9,633	$	14,612		$	9,581		(9)(16)(30)
	First Lien Secured Debt - Revolver	SOFR+411, 1.00% Floor	09/10/26			16,472		16,472			16,381		(9)(16)(21)(23) (30)
	Preferred Equity - Class P-1 Preferred	N/A	N/A		13,195 Shares			1,713			2,633		(9)(13)(16)(24)
	Common Equity - Class A-1 Common	N/A	N/A		5,000 Shares			—			95		(9)(13)(16)(24)
								32,797			28,690
Pro Vigil
Pro-Vigil Holding Company, LLC	First Lien Secured Debt - Term Loan	SOFR+860, 1.00% Floor	01/11/26			7,680		7,636			7,568		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+860, 1.00% Floor	01/11/26			20,434		20,290			20,113		(9)(21)(23)(31)
								27,926			27,681
		Total Electronic Equipment, Instruments & Components					$	60,723		$	56,371

See notes to the consolidated financial statements.

15

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Energy Equipment & Services
Camin Cargo
Camin Cargo Control Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	12/07/29	$	988	$	969		$	980		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	12/07/29		—		(25	)		(24	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	12/07/29		763		745			758		(9)(21)(23)(28) (30)(31)
							1,689			1,714
Generator Buyer, Inc.
Generator Buyer, Inc.	First Lien Secured Debt - Term Loan	CORRA+525, 0.75% Floor	07/22/30	C$	16,045		12,532			12,213		(9)(17)(31)(33)
	First Lien Secured Debt - Delayed Draw	CORRA+525, 0.75% Floor	07/22/30	C$	415		287			258		(9)(17)(21)(23) (33)
	First Lien Secured Debt - Revolver	CORRA+525, 0.75% Floor	07/22/30	C$	—		(20	)		(15	)	(8)(9)(17)(21) (23)
							12,799			12,456
		Total Energy Equipment & Services				$	14,488		$	14,170
Entertainment
DHX
WildBrain Ltd.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	07/23/29	$	13,325	$	13,082		$	13,092		(9)(17)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	07/23/29		72		47			47		(9)(17)(21)(23) (31)
		Total Entertainment				$	13,129		$	13,139
Financial Services
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt - Term Loan	SOFR+640, 1.00% Floor	09/21/26	$	29,878	$	29,684		$	29,129		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+640, 1.00% Floor	09/21/26		1,267		1,258			1,235		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+640, 1.00% Floor	09/21/26		664		658			647		(9)(21)(23)(31)
							31,600			31,011
Basswood Park CLO Ltd
Basswood Park CLO Ltd 2021-1	Asset Backed Security - CLO Debt		04/20/34		2,000		2,010			1,971		(10)(17)
Celink
Compu-Link Corporation (dba Celink)	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	11/30/29		16,268		15,935			16,136		(9)(30)
Peer Advisors, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	11/30/29		3,912		3,906			3,880		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	11/30/29		—		(3	)		(23	)	(8)(9)(21)(23)
							19,838			19,993
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)

See notes to the consolidated financial statements.

16

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Definiti LLC
Greylock Holdings LLC	Common Equity - Common Stock	N/A	N/A		100,000 Shares			100			117		(9)(13)
RHI Acquisition LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	03/16/29			5,970		5,836			5,880		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/16/29			1,299		1,258			1,252		(9)(21)(23)(32)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	03/16/29			—		(13	)		(10	)	(8)(9)(21)(23)
								7,181			7,239
Fortress Credit BSL Limited
Fortress Credit BSL Limited 2021-3	Asset Backed Security - CLO Debt		07/20/34			3,000		3,000			2,963		(10)(17)
Fortress Credit Opportunities
Fortress Credit Opportunities CLO LLC 2024-25	Asset Backed Security - CLO Debt		01/15/37			4,000		4,000			3,974		(10)(17)
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42		N/A			14,680			8,854		(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			1,983		(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			2,193		2,193			2,193		(9)(17)(31)
Lending Point
LendingPoint 2018-1 Funding Trust	First Lien Secured Debt - Term Loan	SOFR+100 Cash plus 4.00% PIK, 1.00% Floor	12/31/27			37,524		37,163			37,374		(9)(31)
LendingPoint LLC	First Lien Secured Debt - Term Loan	0.00%	12/30/26			2,685		2,685			2,685		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+300, 1.00% Floor	12/31/27			4,929		4,929			4,929		(9)(21)(23)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	12/31/27			—		—			(3	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+300, 1.00% Floor	12/31/27			2,068		2,068			2,068		(9)(21)(23)(31)
								46,845			47,053
Nexity
Evoriel	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	04/02/31	€		2,283		2,440			2,457		(9)(17)(34)
	First Lien Secured Debt - Delayed Draw	EURIBOR+525, 0.00% Floor	04/02/31	€		391		403			417		(9)(17)(21)(23) (34)
								2,843			2,874
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P.	First Lien Secured Debt - Term Loan	SOFR+625, 2.00% Floor	10/25/27			6,647		6,561			6,548		(9)(17)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 2.00% Floor	10/25/27			390		347			340		(9)(17)(21)(23) (31)
								6,908			6,888
PMA
PMA Parent Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/31/31			14,013		13,873			13,873		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/31/31			—		(10	)		(10	)	(8)(9)(21)(23)
								13,863			13,863

See notes to the consolidated financial statements.

17

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	SOFR+710, 0.00% Floor	02/26/27			3,220		3,220			3,220		(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		142 Shares			534			194		(13)(15)(17)
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Common Equity - Common Stock	N/A	N/A		1,368,286 Shares			16,813			55		(13)(17)
Renew JV LLC	Common Equity - Membership Interests	N/A	N/A		213,064 Shares			213			374		(13)(17)
								17,560			623
Stretto
Stretto, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	10/13/28			11,194		11,146			11,194		(9)(31)
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4)	Structured Products and Other - Membership Interests	N/A	02/28/29		N/A			21,785			14,638		(9)(25)
		Total Financial Services					$	214,688		$	184,536
Food Products
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	07/30/27	$		34,214	$	33,862		$	33,701		(9)(31)
	First Lien Secured Debt - Revolver	P+450	07/30/26			807		788			756		(9)(21)(23)(28)
								34,650			34,457
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interests	N/A	N/A		1,086,122 Shares			1,147			1,108		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A		589 Shares			448			295		(9)(13)
	Common Equity - Common Stock	N/A	N/A		589 Shares			3			—		(9)(13)
Hive Intermediate, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	09/22/27			14,126		13,999			14,056		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+610, 1.00% Floor	09/22/27			843		824			832		(9)(21)(23)(30)
								15,274			15,183
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt - Term Loan	SOFR+585 Cash plus 0.75% PIK, 1.00% Floor	10/23/25			22,192		22,191			22,088		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	10/23/25			1,564		1,561			1,550		(9)(23)(30)
	Common Equity - Common Stock	N/A	N/A		5,000 Shares			500			235		(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A		11 Shares			11			1		(9)(13)
								24,263			23,874
Nutpods
Green Grass Foods, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	12/26/29			3,703		3,641			3,694		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	12/26/29			—		(20	)		(3	)	(8)(9)(21)(23)
Nutpods Holdings, Inc.	Common Equity - Common Stock	N/A	N/A		125 Shares			125			139		(9)(13)
								3,746			3,830

See notes to the consolidated financial statements.

18

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(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+525, 1.00% Floor	12/24/29			247		242			244		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	12/24/29			—		(4	)		(5	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	12/24/29			—		(4	)		(2	)	(8)(9)(21)(23)
								234			237
		Total Food Products					$	79,314		$	78,689
Ground Transportation
Beacon Mobility
Beacon Mobility Corp.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	12/31/25	$		12,729	$	12,707		$	12,696		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	12/31/25			23,758		23,810			23,696		(9)(30)
	First Lien Secured Debt - Revolver	P+525	12/31/25			780		765			770		(9)(20)(21)(23) (28)
	First Lien Secured Debt - Revolver	4.10%	12/31/25			—		—			—		(9)(23)
								37,282			37,162
Bird Rides
Blue Jay Transit Inc. (4)	First Lien Secured Debt - Term Loan	SOFR+300 Cash plus 7.00% PIK, 1.00% Floor	03/22/28			20,142		19,896			20,142		(9)(30)
	First Lien Secured Debt - Term Loan	SOFR+300 Cash plus 7.00% PIK, 1.00% Floor	09/30/25			2,525		2,525			2,525		(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					533		—			14
								23,143			23,395
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	06/30/28			3,533		3,526			3,525		(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) (23)
								3,525			3,524
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/03/26			29,055		28,881			28,837		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/03/26			3,369		3,362			3,340		(9)(21)(23)(30)
								32,243			32,177
Olympus Terminals
Olympus Terminals Holdco II LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	12/17/30			18,581		18,220			18,224		(9)((31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	12/17/30			—		(66	)		(66	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	12/17/30			—		(57	)		(56	)	(8)(9)(21)(23)
								18,097			18,102
		Total Ground Transportation					$	114,290		$	114,360

See notes to the consolidated financial statements.

19

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Health Care Equipment & Supplies
Carestream Health
Carestream Health Holdings, Inc.	Common Equity - Common Stock	N/A	N/A		173,887 Shares		$	1,426		$	1,443		(13)(17)(24)
Carestream Health, Inc.	First Lien Secured Debt - Term Loan	SOFR+750, 1.00% Floor	09/30/27			165		151			114		(10)(17)(31)
								1,577			1,557
Cerus
Cerus Corporation	First Lien Secured Debt - Term Loan	SOFR+660, 1.80% Floor	03/01/28			12,000		11,979			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		2,981			3,000		(9)(17)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+385 Cash plus 1.00% PIK, 1.00% Floor	03/01/28			1,097		1,096			1,097		(9)(17)(21)(23) (30)
								20,548			20,597
Compass Health
Roscoe Medical, Inc	First Lien Secured Debt - Term Loan	SOFR+636, 1.00% Floor	04/11/25			7,372		7,291			7,299		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+636, 1.00% Floor	04/11/25			492		483			483		(9)(21)(23)(28)
								7,774			7,782
Dr. Scholl's
DRS Holdings III, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	11/01/28			24,517		24,394			24,394		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	11/01/28			—		(7	)		(7	)	(8)(9)(21)(23)
								24,387			24,387
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/26/28			30,982		30,776			30,982		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	04/26/28			4,726		4,681			4,726		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/26/28			—		(22	)		—		(9)(21)(23)
								35,435			35,708
Natus Sensory
Natus Sensory, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/07/31			10,680		10,524			10,520		(9)(31)
	First Lien Secured Debt - Term Loan	EURIBOR+525, 0.00% Floor	01/07/31	€		2,569		2,618			2,736		(9)(34)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	01/07/31			—		(20	)		(21	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/07/31			—		(20	)		(21	)	(8)(9)(21)(23)
								13,102			13,214
Treace
Treace Medical Concepts, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	04/01/27			14,583		14,547			14,474		(9)(17)(27)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+610, 1.00% Floor	04/01/27			—		(4	)		(66	)	(8)(9)(17)(23)(27)
	First Lien Secured Debt - Revolver	SOFR+410, 1.00% Floor	04/01/27			400		394			378		(9)(17)(21)(23) (27)(30)
								14,937			14,786
		Total Health Care Equipment & Supplies					$	117,760		$	118,031

See notes to the consolidated financial statements.

20

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Health Care Providers & Services
Alcami
Alcami Corporation	First Lien Secured Debt - Term Loan	SOFR+710, 1.00% Floor	12/21/28	$	8,034	$	7,843		$	7,853		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+710, 1.00% Floor	12/21/28		591		577			578		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+710, 1.00% Floor	12/21/28		82		58			58		(9)(21)(23)(30)
							8,478			8,489
All Star
All Star Recruiting Locums, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/30		6,904		6,781			6,904		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	05/01/30		—		(15	)		-		(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	05/01/30		326		304			326		(9)(21)(23)(30)
							7,070			7,230
Allied Benefit Systems
Allied Benefit Systems Intermediate LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/31/30		5,858		5,858			5,858		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	10/31/30		1,074		1,067			1,074		(9)(31)
							6,925			6,932
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+751, 1.00% Floor	12/16/27		15,182		15,024			14,728		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+751, 1.00% Floor	06/16/27		1,641		1,620			1,590		(9)(21)(23)(31)
							16,644			16,318
Celerion
Celerion Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/05/29		11,089		10,889			11,034		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	11/05/29		—		(26	)		(6	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/03/28		—		(12	)		(3	)	(8)(9)(21)(23)
							10,851			11,025
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC)	First Lien Secured Debt - Term Loan	SOFR+550, 0.50% Floor	12/17/29		17,595		17,141			17,419		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+575, 0.50% Floor	12/17/29		3,950		3,903			3,930		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 0.50% Floor	12/17/29		533		485			513		(9)(21)(23)(31)
							21,529			21,862
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt - Term Loan	SOFR+510, 1.00% Floor	08/05/27		8,795		8,706			8,795		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+510, 1.00% Floor	08/05/27		—		(7	)		—		(9)(21)(23)
							8,699			8,795
ExactCare
ExactCare Parent, Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	11/05/29		17,852		17,435			17,852		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	11/05/29		—		(42	)		—		(9)(21)(23)
							17,393			17,852

See notes to the consolidated financial statements.

21

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc)	First Lien Secured Debt - Term Loan	SOFR+425, 0.75% Floor	03/06/28			2,873		2,620			1,347		(10)(31)
	First Lien Secured Debt - Term Loan	SOFR+425, 0.50% Floor	03/06/28			978		891			458		(10)(31)
								3,511			1,805
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A		133 Shares			133			306		(9)(13)
Kure Pain Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/27/27			25,992		25,900			25,984		(9)(30)(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/27/27			1,062		1,055			1,061		(9)(21)(23)(30)
								27,088			27,351
LucidHealth
Premier Imaging, LLC	First Lien Secured Debt - Term Loan	SOFR+600 (Inclusive of 6.56% PIK), 1.00% Floor	03/31/26			7,167		7,140			5,895		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+600 (Inclusive of 6.56% PIK), 1.00% Floor	03/31/26			1,937		1,865			1,593		(9)(31)
								9,005			7,488
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29			9,975		9,880			9,875		(9)
Maxor National Pharmacy Services, LLC	First Lien Secured Debt - Term Loan	SOFR+610, 1.00% Floor	03/01/29			13,152		12,861			13,020		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+700, 1.00% Floor	03/01/29					(30	)		(15	)	(8)(9)(21)(23)
Maxor Topco, L.P.	Preferred Equity - Preferred Equity	N/A	N/A		50,000 Shares			50			77		(9)(13)
								22,761			22,957
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			20,911		20,708			20,754		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	01/12/27			1,127		1,116			924		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	01/12/27			612		607			596		(9)(23)(31)
								22,431			22,274
Omega Healthcare
OMH-Healthedge Holdings, Inc.	First Lien Secured Debt - Term Loan	P+500	10/08/29			9,826		9,782			9,826		(9)(28)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	10/08/29			—		(5	)		—		(9)(21)(23)
								9,777			9,826
PHS
PHS Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+610 Cash plus 4.50% PIK, 1.00% Floor	01/31/27			26,079		25,910			22,102		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+610 Cash plus 4.50% PIK, 1.00% Floor	01/31/27			1,458		1,435			1,153		(9)(21)(23)(31)
								27,345			23,255

See notes to the consolidated financial statements.

22

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Rarebreed
Rarebreed Veterinary Partners, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	04/18/30			4,226		4,152			4,163		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	04/18/30			7,324		7,159			7,048		(9)(21)(23)(30) (31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	04/18/30			—		(16	)		(14	)	(8)(9)(21)(23)
								11,295			11,197
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt - Term Loan	SOFR+565, 1.00% Floor	08/02/26			1,386		1,381			1,383		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+540, 1.00% Floor	08/02/26			463		461			460		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+540, 1.00% Floor	08/02/26			3,223		3,210			3,206		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+565, 1.00% Floor	08/02/26			195		192			193		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+540, 1.00% Floor	08/02/26			—		(24	)		(3	)	(8)(9)(20)(21) (23)
								5,220			5,239
Team Select
TS Investors, LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	05/04/29			9,502		9,353			9,455		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	05/04/29			110		88			96		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	05/04/29			—		(4	)		(1	)	(8)(9)(21)(23)
								9,437			9,550
Thomas Scientific
BSP-TS, LP	Preferred Equity - Preferred Equity	N/A	N/A		30 Shares			25			30		(9)(13)(24)
	Common Equity - Common Stock	N/A	N/A		185 Shares			185			34		(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			31,782		31,440			30,810		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+335 Cash plus 4.25% PIK, 1.00% Floor	12/14/27			2,265		2,237			2,175		(9)(21)(23)(31)
								33,887			33,049
WellDyneRx, LLC
WelldyneRX, LLC	First Lien Secured Debt - Term Loan	SOFR+685, 0.75% Floor	03/09/27			17,535		17,357			17,359		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+685, 0.75% Floor	03/09/26			—		(9	)		(10	)	(8)(9)(21)(23)
								17,348			17,349
		Total Health Care Providers & Services					$	296,694		$	289,843

See notes to the consolidated financial statements.

23

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Health Care Technology
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp)	First Lien Secured Debt - Term Loan	SOFR+400, 0.75% Floor	10/01/27	$		16,735	$	15,904		$	15,741	(10)(31)
Inovalon
Inovalon Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+300 Cash plus 2.75% PIK, 0.75% Floor	11/24/28			6,717		6,617			6,365	(31)
	First Lien Secured Debt - Delayed Draw	SOFR+300 Cash plus 2.75% PIK, 0.75% Floor	11/24/28			511		506			488	(31)
	Second Lien Secured Debt - Term Loan	15.35% PIK, 0.75% Floor	11/25/33			159		152			134
								7,275			6,987
TELA Bio, Inc.
TELA Bio, Inc.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	05/01/27			13,333		13,300			13,333	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	05/01/27			—		(1	)		-	(9)(23)
								13,299			13,333
		Total Health Care Technology					$	36,478		$	36,061
Hotels, Restaurants & Leisure
Cave
Cave Enterprises Operations, LLC	First Lien Secured Debt - Term Loan	SOFR+660, 1.50% Floor	08/09/28	$		8,529	$	8,411		$	8,529	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+660, 1.50% Floor	08/09/28			—		(1	)		—	(9)(23)
								8,410			8,529
CircusTrix
CircusTrix Holdings LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	07/18/28			985		967			985	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 1.00% Floor	07/18/28			2,382		2,336			2,382	(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+650, 1.00% Floor	07/18/28			1,000		983			1,000	(9)(23)(30)
								4,286			4,367
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt - Term Loan	6.95%	11/18/26			1,657		1,651			1,595	(9)
	First Lien Secured Debt - Delayed Draw	SOFR+595, 1.00% Floor	11/18/26			—		(1	)		—	(9)(23)
								1,650			1,595
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			4,091		8,913			4,030	(31)
	Common Equity - Membership Interests	N/A	N/A		531,312 Shares			4,740			2,187	(13)(24)
								13,653			6,217
Munson
Munson Buffalo Restaurant Group LLC	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	05/31/29			3,494		3,449			3,459	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 1.00% Floor	05/31/29			5,499		5,432			5,435	(9)(21)(23)(30)
								8,881			8,894

See notes to the consolidated financial statements.

24

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
PARS Group LLC
PARS Group LLC	First Lien Secured Debt - Term Loan	SOFR+685, 1.50% Floor	04/03/28			8,771		8,687			8,618		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+685, 1.50% Floor	04/03/28			—		(1	)		(17	)	(8)(9)(23)
								8,686			8,601
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt - Term Loan	SOFR+636, 1.00% Floor	08/16/26			8,713		8,678			8,364		(9)(30)
Tasty Chick'n
Tasty Chick'n LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	05/16/29			11,738		11,585			11,357		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+600, 1.00% Floor	05/16/29			549		541			350		(9)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	05/16/29			—		(25	)		(66	)	(8)(9)(23)
								12,101			11,641
The Club Company
Eldrickco Limited	First Lien Secured Debt - Term Loan	SON+578, 0.50% Floor	11/26/26	£		9,001		11,618			11,588		(9)(17)(29)
	First Lien Secured Debt - Delayed Draw	SON+578, 0.50% Floor	11/26/26	£		10,747		13,418			13,835		(9)(17)(29)
	First Lien Secured Debt - Revolver	SON+578, 0.50% Floor	11/26/26	£		356		417			457		(9)(17)(23)(29)
	First Lien Secured Debt - Revolver	SON+528, 0.50% Floor	05/26/26	£		—		(1	)		(2	)	(8)(9)(17)(21) (23)
								25,452			25,878
Walters Wedding Estates
WH BorrowerCo, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/02/30			14,348		14,149			14,169		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	08/02/30			2,506		2,397			2,404		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	08/02/30			583		549			551		(9)(21)(23)(31)
								17,095			17,124
		Total Hotels, Restaurants & Leisure					$	108,892		$	101,210
Household Durables
Polywood
Poly-Wood, LLC	First Lien Secured Debt - Term Loan	SOFR+488, 1.00% Floor	03/20/30	$		2,160	$	2,116		$	2,160		(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+488, 1.00% Floor	03/20/30			120		112			120		(9)(21)(23)(31)
		Total Household Durables					$	2,215		$	2,280
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		$	1,914		(11)(14)(17)
	Preferred Equity - Preferred Stock	N/A	N/A		4,286 Shares			5,623			—		(13)(17)
	Common Equity - Ordinary Shares	N/A	N/A		2,825 Shares			4			—		(13)(17)(26)
	Total Independent Power & Renewable Electricity Producers						$	12,858		$	1,914

See notes to the consolidated financial statements.

25

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Insurance
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	04/14/28	$	10,074	$	9,971		$	10,023		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	04/14/28		19,130		18,955			19,034		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	04/16/27		—		(15	)		(11	)	(8)(9)(21)(23)
							28,911			29,046
KCF Puerto Rico, LLC
KCF Puerto Rico, LLC	Secured Debt - Promissory Note	N/A	06/28/28		1,697		746			562		(17)
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	12/02/25		16,638		16,573			16,430		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 1.00% Floor	12/02/25		2,005		1,995			1,980		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	12/02/25		692		690			681		(9)(21)(23)(31)
							19,258			19,091
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	06/29/28		14,073		13,956			14,003		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	06/29/28		3,441		3,367			3,421		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	06/29/27		—		(2	)		(2	)	(8)(9)(21)(23)
							17,321			17,422
		Total Insurance				$	66,236		$	66,121
Interactive Media & Services
Securus Technologies Holdings, Inc.
Aventiv Technologies, LLC (fka Securus Technologies Holdings, LLC)	First Lien Secured Debt - Term Loan	SOFR+1000, 1.00% Floor	12/24/25	$	196	$	188		$	196		(31)
	Second Lien Secured Debt - Term Loan	9.05%	11/01/25		8,271		7,703			4,053		(14)
							7,891			4,249
The Weather Company
Zephyr Buyer, L.P.	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	01/31/30		30,738		30,086			30,354		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	01/31/30		—		(80	)		(49	)	(8)(9)(21)(23)
							30,006			30,305
		Total Interactive Media & Services				$	37,897		$	34,554

See notes to the consolidated financial statements.

26

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
IT Services
AGDATA
AGDATA Midco, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	07/01/30	$		2,646	$	2,610		$	2,606		(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)
								2,591			2,571
Avenu
ACP Avenu Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	10/02/29			1,234		1,207			1,216		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	10/02/29			2,234		2,156			2,152		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	10/02/29			167		151			156		(9)(21)(23)(31)
								3,514			3,524
Distinct
Distinct Holdings Inc	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	07/18/29			13,176		12,967			12,966		(9)(31)
	First Lien Secured Debt - Revolver	P+475	07/18/29			439		413			412		(9)(21)(23)(28)
								13,380			13,378
GrayMatter Systems
Genius Bidco LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/30			1,330		1,306			1,307		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	05/01/30			—		(42	)		(87	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	05/01/30			155		135			134		(9)(20)(21)(23) (30)
	Common Equity - Common Stock	N/A	N/A		773 Shares			77			66		(9)(13)(24)
								1,476			1,420
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt - Term Loan	SOFR+640, 1.00% Floor	10/31/26			13,773		13,696			13,188		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+640, 1.00% Floor	10/31/26			17,811		17,675			17,054		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+640, 1.00% Floor	10/30/26			1,732		1,722			1,658		(9)(23)(30)(31)
								33,093			31,900
Team LINX, LLC
TeamLINX Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	12/18/30			8,550		8,426			8,422		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	12/18/30			—		(20	)		(21	)	(8)(9)(21)(23)
								8,406			8,401
VikingCloud
Bullcave Limited	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/06/30			29,326		28,923			28,960		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/06/30			2,947		2,873			2,878		(9)(21)(23)(31)
								31,796			31,838
		Total IT Services					$	94,256		$	93,032

See notes to the consolidated financial statements.

27

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Leisure Products
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+710, 1.00% Floor	02/01/26	$		16,387	$	16,357		$	16,312		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+710, 1.00% Floor	02/01/26			—		(2	)		(7	)	(8)(9)(21)(23)
	Preferred Equity - Preferred Equity	N/A	N/A		491,405 Shares			492			275		(9)(13)
								16,847			16,580
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	Common Equity - Common Stock	N/A	N/A		1,000,032 Shares			1,000			209		(13)(17)(24)(26)
LashCo
Lash OpCo, LLC	First Lien Secured Debt - Term Loan	SOFR+700, 1.00% Floor	03/18/26			43,218		43,007			42,297		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+700, 1.00% Floor	03/18/26			2,332		2,325			2,283		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+700, 1.00% Floor	03/18/26			1,695		1,681			1,657		(9)(23)(31)
								47,013			46,237
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	11/12/27			5,921		5,857			5,872		(9)(17)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	11/12/27			927		923			920		(9)(17)(31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	11/12/27			471		458			459		(9)(17)(21)(23) (31)
	First Lien Secured Debt - Revolver	SON+550, 1.00% Floor	11/12/27	£		188		248			238		(9)(17)(21)(23) (29)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A		94,151 Shares			94			108		(9)(13)(17)
								7,580			7,597
		Total Leisure Products					$	72,440		$	70,623
Life Sciences Tools & Services
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt - Term Loan	SOFR+691, 2.50% Floor	11/01/27	$		13,125	$	13,142		$	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)
								22,502			22,446
August Bio
August Bioservices, LLC	First Lien Secured Debt - Term Loan	SOFR+595, 2.00% Floor	06/01/29			12,000		11,947			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	)		(6	)	(8)(9)(21)(23)
								14,932			14,807
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt - Term Loan	SOFR+555, 1.00% Floor	08/09/27			1,863		1,846			1,849		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+555, 1.00% Floor	08/09/27			2,206		2,195			2,189		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+555, 1.00% Floor	08/09/27			—		(6	)		(5	)	(8)(9)(21)(23)
								4,035			4,033
		Total Life Sciences Tools & Services					$	41,469		$	41,286

See notes to the consolidated financial statements.

28

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Machinery
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC	First Lien Secured Debt - Term Loan	SOFR+650, 1.00% Floor	10/02/29	$		14,775	$	14,471		$	14,547		(9)(30)
JPW
JPW Industries Holding Corporation	First Lien Secured Debt - Term Loan	SOFR+588, 2.00% Floor	11/22/28			2,456		2,456			2,438		(9)(31)
Milacron (Project Iota)
IOTA HOLDINGS 3	First Lien Secured Debt - Term Loan	SOFR+475, 0.00% Floor	03/31/32			22,675		22,335			22,335		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 0.00% Floor	03/31/32			68		(5	)		(5	)	(8)(9)(21)(23) (31)
								22,330			22,330
		Total Machinery					$	39,257		$	39,315
Media
Accelerate360
Accelerate360 Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	02/11/27	$		3,791	$	3,791		$	3,772		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	02/11/27			1,382		1,382			1,369		(9)(21)(23)(31)
								5,173			5,141
Acosta
Acosta Holdings Corp.	Preferred Equity - Preferred Equity	N/A	N/A		10,213 Shares			473			491		(13)(24)
	Common Equity - Common Stock	N/A	N/A		6,266 Shares			77			80		(13)(24)
								550			571
HALO Branded Solutions
HALO Buyer, Inc	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/07/29			8,696		8,526			8,522		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/07/29			65		40			39		(9)(23)(28)(30)
								8,566			8,561
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			24,232		23,883			23,338		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+210 Cash plus 5.00% PIK, 1.00% Floor	11/18/28			2,079		2,040			2,002		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+210 Cash plus 4.00% PIK, 1.00% Floor	11/18/26			2,571		2,552			2,452		(9)(20)(21)(23) (31)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A		213 Shares			213			278		(9)(13)
								28,688			28,070
		Total Media					$	42,977		$	42,343

See notes to the consolidated financial statements.

29

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/04/31	$		15,000	$	14,779		$	14,775		(9)(31)
		Total Paper & Forest Products					$	14,779		$	14,775
Passenger Airlines
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/25	$		59,575	$	59,575		$	59,575		(23)
	Common Equity - Membership Interests	N/A	N/A					146,500			125,582		(13)(24)
		Total Passenger Airlines					$	206,075		$	185,157
Personal Care Products
Elida Beauty
PHOENIX YW BUYER, INC.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	05/31/30	$		7,910	$	7,745		$	7,752		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	05/31/30			—		(22	)		(23	)	(8)(9)(21)(23)
								7,723			7,729
RoC Skincare
RoC Holdco LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	02/21/31			12,677		12,452			12,487		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	02/21/30			—		(36	)		(33	)	(8)(9)(21)(23)
								12,416			12,454
Suave
Silk Holdings I Corp.	Common Equity - Common Stock	N/A	N/A		100 Shares			100			210		(9)(13)
Silk Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29			26,760		26,224			26,559		(9)(30)
								26,324			26,769
		Total Personal Care Products					$	46,463		$	46,952
Pharmaceuticals
Alcresta Therapeutics Inc.
Alcresta Holdings, LP	Preferred Equity - Preferred Equity	N/A	N/A		116 Shares		$	116		$	127		(9)(13)
	Common Equity - Common Stock	N/A	N/A		1,176 Shares			1			36		(9)(13)
Alcresta Therapeutics Inc.	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	03/12/30			2,212		2,174			2,190		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	03/12/30			—		(118	)		(71	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	03/31/29			—		(7	)		(4	)	(8)(9)(21)(23)
								2,166			2,278

See notes to the consolidated financial statements.

30

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Avid Bioservices
Space Finco, Inc.	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	02/05/32			10,638		10,479			10,476		(9)(16)(17)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	02/05/32			—		(84	)		(84	)	(8)(9)(16)(17)(21) (23)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	02/05/31			—		(48	)		(48	)	(8)(9)(16)(17)(21) (23)
Space Parent, LP	Preferred Equity - Preferred Equity	N/A	N/A		99,000 Shares			99			99		(9)(13)(17)(24)
	Common Equity - Common Stock	N/A	N/A		1,000 Shares			1			1		(9)(13)(17)(24)
								10,447			10,444
Ora LLC
Orion Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/18/30			6,884		6,759			6,712		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/18/30			—		(15	)		(42	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/18/30			280		255			245		(9)(21)(23)(30)
TVG Orion Blocker, Inc.	Common Equity - Common Stock	N/A	N/A		2 Shares			110			86		(9)(13)(24)
	Unsecured Debt - Promissory Note	11.34%	07/18/30			21		21			21		(9)
								7,130			7,022
PAI Pharma
Pai Middle Tier, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	02/13/32			16,500		16,255			16,253		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	02/13/32			—		(52	)		(52	)	(8)(9)(21)(23)
PAI Co-Investor FT Aggregator LLC	Common Equity - Common Stock	N/A	N/A		100 Shares			100			100		(9)(13)(24)
								16,303			16,301
Sterling Pharma
Saffron Bidco Ltd	First Lien Secured Debt - Term Loan	SOFR+575, 0.75% Floor	09/11/31			13,467		13,222			13,206		(9)(17)(30)
	First Lien Secured Debt - Delayed Draw	SON+575, 0.75% Floor	09/11/31	£		—		(76	)		(159	)	(8)(9)(17)(21) (23)
								13,146			13,047
TersSera
TerSera Therapeutics LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	04/04/29			16,708		16,342			16,708		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	04/04/29			—		(23	)		—		(9)(21)(23)
								16,319			16,708
Trillium
Trillium Health Care Products Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	08/06/31			8,105		7,952			7,963		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	08/06/31			875		709			842		(9)(21)(23)(31) (32)
								8,661			8,805
		Total Pharmaceuticals					$	74,172		$	74,605

See notes to the consolidated financial statements.

31

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Professional Services
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	12/27/27	$		17,263	$	17,037		$	17,252		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+626, 1.00% Floor	12/27/27			4,363		4,316			4,363		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	12/27/27			1,102		1,082			1,103		(9)(21)(23)(31)
								22,435			22,718
BDO USA
BDO USA, P.A.	First Lien Secured Debt - Term Loan	SOFR+500, 2.00% Floor	08/31/28			11,820		11,820			11,820		(9)(30)
DCM Services
DCM Parent, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	03/12/31			12,674		12,486			12,484		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/12/31			—		(35	)		(35	)	(8)(9)(21)(23)
								12,451			12,449
Escalent
M&M OPCO, LLC	First Lien Secured Debt - Term Loan	SOFR+810, 1.00% Floor	04/07/29			12,195		11,934			11,982		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+810, 1.00% Floor	04/07/29			—		(5	)		(4	)	(8)(9)(21)(23)
								11,929			11,978
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	12/30/26			18,139		18,010			17,958		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	12/30/26			8,185		8,113			8,037		(9)(21)(23)(30)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	12/30/26					(14	)		(20	)	(8)(9)(21)(23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A		218,978 Shares			220			274		(9)(13)
								26,329			26,249
G&A
G&A Partners Holding Company II, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	03/01/31			3,215		3,158			3,175		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	03/01/31			1,790		1,720			1,710		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	03/01/30			—		(6	)		(4	)	(8)(9)(21)(23)
								4,872			4,881
North Highland
The North Highland Company LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	12/22/31			3,057		3,027			3,026		(9)(31)
	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			387		379			379		(9)(21)(23)(31)
								3,401			3,394

See notes to the consolidated financial statements.

32

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)		Fair Value (1)(38)
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+115 Cash plus 7.75% PIK, 1.00% Floor	03/31/27			4,382		4,332		4,324		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+875, 1.00% Floor	03/31/27			6		—		6		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+115, 1.00% Floor	03/31/27			927		912		914		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+115 Cash plus 7.75% PIK, 1.00% Floor	03/31/27			541		539		532		(9)(23)(31)
								5,783		5,776
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt - Term Loan	SOFR+275 Cash plus 5.85% PIK, 1.00% Floor	07/12/25			12,123		12,152		11,821		(9)(30)
		Total Professional Services					$	111,172	$	111,086
Real Estate Management & Development
Redfin
Redfin Corporation	First Lien Secured Debt - Term Loan	SOFR+575, 1.50% Floor	10/20/28	$		3,448	$	3,380	$	3,448		(9)(17)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.50% Floor	10/20/28			3,465		3,397		3,465		(9)(17)(31)
		Total Real Estate Management & Development					$	6,777	$	6,913
Semiconductors & Semiconductor Equipment
Wolfspeed
Wolfspeed, Inc.	First Lien Secured Debt - Corporate Bond	10.88%	06/23/30	$		11,100	$	10,720	$	11,044		(9)(17)
		Total Semiconductors & Semiconductor Equipment					$	10,720	$	11,044
Software
Acronis AG
ACRONIS AG	First Lien Secured Debt - Term Loan	SOFR+680 Cash plus 1.00% PIK, 1.00% Floor	04/01/27	$		21,216	$	21,182	$	21,216		(9)(17)(30)
	First Lien Secured Debt - Term Loan	SOFR+595 Cash plus 1.00% PIK, 1.00% Floor	04/01/27			6,065		5,993		6,065		(9)(17)(30)
								27,175		27,281
Align
RMCF V CIV L, L.P.	Common Equity - Common Stock	N/A	N/A		241 Shares			500		555		(13)(24)
American Megatrends
AMI Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/17/31			13,095		12,906		12,899		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	10/17/31			320		293		292		(9)(21)(23)(32)
								13,199		13,191
Anaplan
Anaplan, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/21/29			11,273		11,273		11,245		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	06/21/28			—		—		(2	)	(8)(9)(21)(23)
								11,273		11,243

See notes to the consolidated financial statements.

33

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
BarTender
Sigma Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/04/28			13,549		13,319			13,448		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	01/04/28			7,255		7,127			7,200		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/04/28			700		674			689		(9)(21)(23)(32)
								21,120			21,337
Beeline
IQN Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	05/02/29			3,997		3,997			3,997		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	05/02/28			182		182			182		(9)(21)(23)(31)
								4,179			4,179
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	12/16/26			21,591		21,493			21,491		(30)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	12/16/26			530		521			520		(21)(23)(30)
								22,014			22,011
ChyronHego Corporation
ChyronHego Corporation (5)	Preferred Equity - Preferred Equity	N/A	N/A		7,800 Shares			6,000			19,040		(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			106,407
	First Lien Secured Debt - Revolver	SOFR+600, 1.75% Floor	06/30/26			7,967		7,953			7,967		(21)(23)(31)
	First Lien Secured Debt - Revolver	3.50%	11/14/25			—		—			—		(23)
								120,149			133,414
Dairy.com
Momentx Corporation	First Lien Secured Debt - Term Loan	SOFR+585, 1.00% Floor	06/24/27			14,853		14,726			14,654		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	06/24/27			1,339		1,323			1,335		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+585, 1.00% Floor	06/24/27			1,257		1,246			1,240		(9)(23)(31)
								17,295			17,229
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/10/28			22,872		22,542			22,417		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	08/10/28			—		(33	)		(48	)	(8)(9)(21)(23)
								22,509			22,369
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	03/18/32			16,901		16,733			16,732		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 0.75% Floor	03/18/32			—		(28	)		(28	)	(8)(9)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	03/18/32			—		(25	)		(25	)	(8)(9)(21)(23)
								16,680			16,679

See notes to the consolidated financial statements.

34

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
G2CI
Evergreen IX Borrower 2023, LLC	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	09/30/30			7,115		7,115			7,044		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	10/01/29			—		—			(8	)	(8)(9)(21)(23)
								7,115			7,036
Go1
Apiom, Inc.	First Lien Secured Debt - Term Loan	SOFR+745, 2.00% Floor	05/02/28			2,500		2,486			2,513		(9)(17)(30)
GoHealth
Norvax, LLC	First Lien Secured Debt - Revolver	SOFR+660, 1.00% Floor	06/30/25			539		538			539		(9)(21)(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		552			565		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	06/29/29			42		38			39		(9)(21)(23)(32)
								836			851
Litify
Litify Holdings Inc.	Common Equity - Common Stock	N/A	N/A		217,892 Shares			107			497		(9)(13)
Litify LLC	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	02/02/29			29,167		28,528			28,802		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	02/02/29			—		(16	)		(10	)	(8)(9)(21)(23)
								28,619			29,289
Lookout
Lookout, Inc.	First Lien Secured Debt - Term Loan	SOFR+625, 3.00% Floor	06/01/29			5,000		4,978			5,000		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+625, 3.00% Floor	06/01/29			5,000		4,979			5,000		(9)(30)
								9,957			10,000
MYCOM
Magnate Holding Corp.	First Lien Secured Debt - Term Loan	SOFR+615, 0.50% Floor	12/31/26			18,748		18,753			18,412		(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			8,288		(9)(14)(18)(31)
	First Lien Secured Debt - Delayed Draw	7.10%	04/27/24			1,926		1,909			1,425		(9)(14)(18)(31)
	First Lien Secured Debt - Revolver	7.10%	04/27/24			500		500			370		(9)(14)(18)(23) (28)(31)
								13,585			10,083
New Relic
Crewline Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	11/08/30			5,623		5,574			5,623		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	11/08/30			—		—			—		(9)(21)(23)
								5,574			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			—		(9	)		—		(9)(23)
	First Lien Secured Debt - Revolver	SOFR+410, 2.50% Floor	06/01/28			5		4			5		(9)(21)(23)(30)
								1,434			1,455

See notes to the consolidated financial statements.

35

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Poppulo, Inc.
Four Winds Interactive LLC	First Lien Secured Debt - Term Loan	SOFR+650, 0.75% Floor	02/20/30			7,561		7,412			7,410		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+650, 0.75% Floor	02/20/30			—		(14	)		(15	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+650, 0.75% Floor	02/20/30			—		(19	)		(20	)	(8)(9)(21)(23)
								7,379			7,375
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		8,110			7,539		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+310 Cash plus 4.00% PIK, 1.00% Floor	02/02/26			884		882			820		(9)(23)(30)
								8,992			8,359
Solera
Polaris Newco, LLC	First Lien Secured Debt - Term Loan	SOFR+401, 0.50% Floor	06/02/28			8,129		8,077			7,801		(10)(31)
Solera, LLC	Second Lien Secured Debt - Term Loan	SOFR+910, 1.00% Floor	06/04/29			4,252		4,216			4,124		(10)(31)
								12,293			11,925
SPS Commerce, Inc.
SPS Commerce, Inc.	Common Equity - Common Stock	N/A	N/A		837 Shares			62			111		(10)(13)(17) (24)
Texada
Texada Software LLC	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	04/30/30			6,923		6,799			6,802		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	04/30/30			2,051		2,014			2,015		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	04/30/30			—		(17	)		(18	)	(8)(9)(21)(23)
								8,796			8,799
Uniguest
Uniguest Holdings, Inc	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	11/27/30			19,792		19,507			19,511		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	11/27/30			—		(28	)		(56	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	11/27/30			—		(17	)		(17	)	(8)(9)(21)(23)
								19,462			19,438
Uplight
Uplight, Inc.	First Lien Secured Debt - Term Loan	SOFR+610, 4.00% Floor	06/01/29			10,000		9,912			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			—		—			(10	)	(8)(9)(21)(23)
								9,912			9,790
Zafin
Zafin Labs Americas Incorporated	First Lien Secured Debt - Term Loan	SOFR+475, 0.75% Floor	02/14/31			16,667		16,421			16,417		(9)(17)(31)
	First Lien Secured Debt - Revolver	SOFR+475, 0.75% Floor	02/14/31			—		(49	)		(50	)	(8)(9)(17)(21) (23)
								16,372			16,367

See notes to the consolidated financial statements.

36

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Zendesk
Zendesk, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/22/28		7,531		7,531			7,513		(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) (23)
							7,531			7,506
		Total Software				$	455,784		$	464,953
Specialty Retail
Club Champion
Club Champion LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	06/14/29	$	8,131	$	8,024		$	7,989		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	06/14/29		663		640			631		(9)(21)(23)(30)
							8,664			8,620
EG Group
EG Global Finance PLC	First Lien Secured Debt - Corporate Bond	SOFR+750, 0.50% Floor	11/30/28		6,267		6,427			6,784		(10)(17)(31)
PetSmart
PetSmart Inc / PetSmart Finance Corp	Unsecured Debt - Corporate Bond	7.75%	02/15/29		2,000		1,961			1,843		(10)
PetSmart LLC	First Lien Secured Debt - Term Loan	SOFR+375, 0.75% Floor	02/11/28		8,937		8,914			8,816		(10)(30)
							10,875			10,659
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			1,272		(10)(31)
		Total Specialty Retail				$	27,234		$	27,335
Technology Hardware, Storage & Peripherals
Biamp
Biamp	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	04/30/30	$	871	$	856		$	848		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	04/30/30		—		(2	)		(3	)	(8)(9)(21)(23)
							854			845
BusPatrol
BusPatrol Holdco	First Lien Secured Debt - Term Loan	SOFR+600, 1.00% Floor	08/02/29		8,333		8,258			8,270		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+600, 1.00% Floor	08/02/29				(29	)		(25	)	(8)(9)(23)
	First Lien Secured Debt - Revolver	SOFR+400, 1.00% Floor	08/02/29		300		287			289		(9)(21)(23)(30)
							8,516			8,534
		Total Technology Hardware, Storage & Peripherals				$	9,370		$	9,379

See notes to the consolidated financial statements.

37

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Textiles, Apparel & Luxury Goods
Iconix Brand Group
IBG Borrower LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	08/22/29	$		5,914	$	5,861		$	5,854		(9)(31)
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A		3,060 Shares			575			69		(13)(16)(17)
Galaxy Universal LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	05/12/28			16,241		16,230			15,987		(31)
	First Lien Secured Debt - Term Loan	SOFR+625, 1.00% Floor	05/12/28			2,480		2,480			2,502		(31)
Swisstech IP CO, LLC	First Lien Secured Debt - Term Loan	6.00% PIK	05/28/25			204		184			204		(17)
								19,469			18,762
		Total Textiles, Apparel & Luxury Goods					$	25,330		$	24,616
Trading Companies & Distributors
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+590 Cash plus 0.50% PIK, 3.75% Floor	05/31/27	$		12,040	$	11,999		$	11,637		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+590 Cash plus 0.50% PIK, 3.75% Floor	05/31/27			—		—			—		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+590 Cash plus 0.50% PIK, 3.75% Floor	05/31/27			2,939		2,925			2,841		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+590 Cash plus 0.50% PIK, 3.75% Floor	05/31/27			3		(5	)		(62	)	(8)(9)(21)(23) (30)
Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A		6,125 Shares			613			79		(9)(13)
								15,532			14,495
Meritus Gas Partners
MGP Holdings III Corp.	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	03/01/30			14,173		13,944			13,960		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	03/01/30			961		932			921		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	03/01/30			340		327			329		(9)(21)(23)(28) (31)
								15,203			15,210
ORS Nasco
WC ORS Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	08/07/31			25,218		24,862			24,837		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	08/07/31			2,143		2,110			2,071		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	08/07/31			1,303		1,221			1,231		(9)(21)(23)(30) (31)
WC ORS Holdings, L.P.	Common Equity - Common Stock	N/A	N/A		100,000 Shares			100			108		(9)(13)(24)
								28,293			28,247

See notes to the consolidated financial statements.

38

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)		Fair Value (1)(38)
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+560, 1.00% Floor	08/10/27			10,831		10,711		10,641	(9)(30)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+560, 1.00% Floor	08/10/27			3,661		3,620		3,533	(9)(21)(23)(30) (31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/10/27			436		424		413	(9)(21)(23)(30)
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A		2,439 Shares			244		235	(9)(13)
								14,999		14,822
		Total Trading Companies & Distributors					$	74,027	$	72,774
Transportation Infrastructure
GAT-Airline Ground Support Inc
GAT-Airline Ground Support Inc	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/09/29	$		15,124	$	14,926	$	15,010	(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 1.00% Floor	05/09/29			948		928		931	(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	P+450	05/09/29			238		209		220	(9)(21)(23)(28)
		Total Transportation Infrastructure					$	16,063	$	16,161
Wireless Telecommunication Services
Global Eagle
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)	Common Equity - Common Stock	N/A	N/A		211,026 Shares		$	—	$	—	(13)(24)
Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC)	First Lien Secured Debt - Term Loan	10.00%	09/27/27			5,048		3,844		4,392	(14)
	First Lien Secured Debt - Term Loan	8.25%	03/23/26			4,921		2,221		1,243	(14)
		Total Wireless Telecommunication Services					$	6,065	$	5,635
Total Investments before Cash Equivalents							$	3,357,777	$	3,188,621	(7)(12)
J.P. Morgan U.S. Government Money Market Fund		N/A	N/A			149	$	149	$	149	(36)
Goldman Sachs Financial Square Government Fund		N/A	N/A			1,704	$	1,704	$	1,704	(36)
Total Investments after Cash Equivalents							$	3,359,630	$	3,190,474

Derivative Instrument	Settlement Date	Notional amount to be purchased		Notional amount to be sold		Footnote Reference
Foreign currency forward contract	6/18/2025	$	2,877	€	2,636	Note 5
Foreign currency forward contract	6/18/2025		6,451	£	4,986	Note 5
Foreign currency forward contract	6/18/2025		1,447	C$	2,062	Note 5

(1)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).

(2)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.

(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of March 31, 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.

39

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

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

Name of Issuer	Fair Value at December 31, 2024			Gross Additions ●			Gross Reductions ■				Net Change in Unrealized Gains (Losses)				Fair Value at March 31, 2025			Net Realized Gains (Losses)				Interest/ Dividend/ Other Income
1244311 B.C. Ltd.,Common Stock	$	202	$		—	$		—		$		7		$		209	$		—		$		—
Carbonfree Chemicals Holdings LLC,Common Equity / Interest		18,933			—			—				(109	)			18,824			—				—
FC2 LLC,Common Stock		—			—			—				—				—			—				—
FC2 LLC,Term Loan		12,459			—			—				4				12,463			—				200
Golden Bear 2016-R, LLC,Membership Interests		9,736			—			(772	)			(110	)			8,854			—				236
Surf Opco, LLC,Class A-1 Common		—			375			—				(280	)			95			—				—
Surf Opco, LLC,Class P-1 Preferred		—			3,405			—				(772	)			2,633			—				—
Surf Opco, LLC,Revolver		—			17,927			(1,455	)			(91	)			16,381			—				360
Surf Opco, LLC,Term Loan		—			9,633			—				(52	)			9,581			—				258
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests		16,366			—			(1,407	)			(321	)			14,638			—				—
Blue Jay Transit Inc.,Term Loan		19,940			2,745			—				(18	)			22,668			—				653
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	)			45				2,187			—				—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan		4,183			—			(154	)			189				4,030			(188	)			113
Third Lane Mobility Inc.,Common Stock		—			728			—				(14	)			714			—				—
Third Lane Mobility Inc.,Warrants		—			—			—				14				14			—				—
	$	84,334	$		34,813	$		(4,162	)	$		(1,509	)	$		113,290	$		(188	)	$		1,820

•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.

40

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

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

Name of Issuer	Fair Value at December 31, 2024			Gross Additions ●			Gross Reductions ■				Net Change in Unrealized Gains (Losses)				Fair Value at March 31, 2025			Net Realized Gains (Losses)			Interest/ Dividend/ Other Income
Majority Owned Company
ChyronHego US Holding Corporation	$	15,500	$		3,870	$		(11,400	)	$		(3	)	$		7,967	$		—	$		531
ChyronHego US Holding Corporation		106,406			—			—				—				106,406			—			2,082
ChyronHego US Holding Corporation		—			—			—				—				—			—			—
ChyronHego Corporation		19,456			—			—				(416	)			19,040			—			—
Merx Aviation Finance, LLC		123,815			—			—				1,767				125,582			—			—
Merx Aviation Finance, LLC		59,576			0			—				(0	)			59,575			—			1,469
	$	324,753	$		3,870	$		(11,400	)	$		1,348		$		318,571	$		—	$		4,082

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

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

As of March 31, 2025, the Company had a 87% and 100% equity ownership interest in ChyronHego Corporation and Merx Aviation Finance, LLC, respectively.

(6)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.

(7)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.

(8)The negative fair value is the result of the commitment being valued below par.

(9)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.)

(10)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”).

(11)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.

(12)Aggregate gross unrealized gain and loss for federal income tax purposes is $37,880 and $252,716, respectively. Net unrealized loss is $214,836 based on a tax cost of $3,272,353.

(13)Non-income producing security.

See notes to the consolidated financial statements.

41

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

(14)Non-accrual status (See Note 2 to the consolidated financial statements).

(15)The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.

(16)AIC SB Holdings LLC, AIC SHD Holdings, AP Surf Investments, LLC, and MFIC Alpha 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 Alpha SPV LLC holds investments in Avid Bioservices.

(17)Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2025, non-qualifying assets represented approximately 8.5% of the total assets of the Company.

(18)The maturity date for these investments is expected to be extended past March 31, 2025. The final terms of the extension are still under negotiation between the Company and the respective portfolio company.

(19)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.

(20)As of March 31, 2025, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.

(21)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(22)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.

42

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

(23)As of March 31, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Name of Issuer	Total Commitment			Drawn Commitment			Letters of Credit **			Undrawn Commitment
ACP Avenu Buyer, LLC	$	3,999	$		167	$		—	$		3,832
AGDATA Midco, LLC		2,334			—			—			2,334
AMI Buyer, Inc.		1,905			320			—			1,585
Accelerate360 Holdings, LLC		2,544			1,382			—			1,162
Accelevation LLC		5,769			286			—			5,483
Acentra Holdings, LLC (fka CNSI Holdings, LLC)		2,000			533			—			1,467
Alcami Corporation		1,096			82			—			1,014
Alcresta Therapeutics Inc.		7,529			—			—			7,529
All Star Recruiting Locums, LLC		3,043			326			—			2,717
Alpinex Opco, LLC		1,489			1,102			—			387
American Restoration Holdings, LLC		11,542			713			—			10,829
Anaplan, Inc.		699			—			—			699
Aspen Aerogels, Inc.		100			37			—			63
Athlete Buyer, LLC		5,407			3,201			214			1,992
August Bioservices, LLC		500			—			—			500
Banner Buyer, LLC		1,935			3			—			1,932
Beacon Mobility Corp.		59,145			780			4,942			53,423
Berner Food & Beverage, LLC		2,881			807			—			2,074
Biamp		120			—			4			116
Bingo Group Buyer, Inc.		2,973			25			—			2,948
Bullcave Limited		5,526			2,947			—			2,579
BusPatrol Holdco		4,833			300			—			4,533
CI (MG) GROUP, LLC		11,027			—			—			11,027
CRS Holdings, Inc.		8,000			—			125			7,875
CSC Holdings, LLC		100			81			—			19
Camin Cargo Control Holdings, Inc.		4,000			763			—			3,237
Cave Enterprises Operations, LLC		1,333			—			—			1,333
Celerion Buyer, Inc.		1,918			—			—			1,918
Cerus Corporation		5,000			1,097			—			3,903
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)		396			—			117			279
ChyronHego US Holding Corporation		22,633			7,967			1,633			13,033
CircusTrix Holdings LLC		1,600			1,000			—			600
Club Car Wash Operating, LLC		5,875			1,625			—			4,250
Club Champion LLC		1,807			663			—			1,144
Colonnade Parent Inc (fka Naviga Inc.)		500			500			—			—
Cool Buyer, Inc.		6,667			909			240			5,518
Coretrust Purchasing Group LLC (HPG Enterprises LLC)		1,805			—			—			1,805
Crewline Buyer, Inc.		377			—			—			377
DCM Parent, LLC		2,326			—			—			2,326
DRS Holdings III, Inc.		1,483			—			—			1,483
Digital.ai Software Holdings, Inc.		2,419			—			—			2,419
Distinct Holdings Inc		1,758			439			—			1,319
Eagle Purchaser, Inc.		658			658			—			—
Eldrickco Limited*		905			459			—			446
EmpiRx Health LLC		909			—			227			682
Evergreen IX Borrower 2023, LLC		795			—			—			795
Evoriel*		847			—			—			847
ExactCare Parent, Inc.		1,967			—			—			1,967

See notes to the consolidated financial statements.

43

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment
Excelligence Learning Corporation		2,466		1,356		223		887
F&M Buyer LLC		8,099		—		—		8,099
Four Winds Interactive LLC		2,439		—		5		2,434
G Treasury SS LLC		1,659		42		—		1,617
G&A Partners Holding Company II, LLC		4,966		—		—		4,966
GAT-Airline Ground Support Inc		3,810		238		22		3,550
GI Apple Midco LLC		1,262		317		41		904
GS SEER Group Borrower LLC		786		—		—		786
Gabriel Partners, LLC		665		664		—		1
Gateway US Holdings, Inc.		1,416		—		—		1,416
Generator Buyer, Inc.*		3,360		—		39		3,321
Genius Bidco LLC		6,160		155		77		5,928
Go Car Wash Management Corp.		417		—		—		417
Graffiti Buyer, Inc.		4,973		436		—		4,537
Green Grass Foods, Inc.		1,250		—		—		1,250
Guernsey Holdings SDI LA LLC		1,167		—		—		1,167
HALO Buyer, Inc		1,304		65		4		1,235
HEF Safety Ultimate Holdings, LLC		7,500		710		—		6,790
HRO (Hero Digital) Holdings, LLC		2,605		2,571		31		3
Health Management Associates Superholdings, Inc.		484		121		5		358
Heniff Holdco, LLC		3,925		3,369		164		392
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.		2,233		2,233		—		—
IOTA HOLDINGS 3		4,825		68		—		4,757
IQN Holding Corp.		321		182		—		139
IW Buyer LLC		393		—		9		384
Ironhorse Purchaser, LLC		1,932		72		15		1,845
JF Acquisition, LLC		1,569		879		—		690
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		1,062		—		1,592
LS Clinical Services Holdings, Inc.		1,875		1,641		—		234
Lash OpCo, LLC		1,695		1,695		—		—
LendingPoint LLC		17,079		2,068		—		15,011
Lifelong Learner Holdings, LLC		597		541		—		56
Litify LLC		833		—		—		833
Lotus Topco Inc.		2,059		—		—		2,059
Lunar Buyer, LLC		10,909		1,455		—		9,454
M&M OPCO, LLC		238		—		—		238
MGP Holdings III Corp.		2,435		340		—		2,095
Marlin DTC-LS Midco 2, LLC		685		—		—		685
Maxor National Pharmacy Services, LLC		1,530		—		—		1,530
Medical Guardian, LLC		3,810		—		—		3,810
Megavolt Borrower, LLC		833		200		—		633
Merx Aviation Finance, LLC		59,575		59,575		—		—
Midwest Vision Partners Management, LLC		612		612		—		—
Mobile Communications America, Inc.		7,511		—		—		7,511
Momentx Corporation		1,257		1,257		—		—
Munson Buffalo Restaurant Group LLC		947		—		—		947
NCP-MSI Buyer		4,167		689		—		3,478
NPPI Buyer, LLC		7,895		474		—		7,421
Natus Sensory, Inc.		4,150		—		—		4,150

See notes to the consolidated financial statements.

44

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment
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		—		1,632		4,741
Omada Health, Inc.		1,550		5		—		1,545
Origami Opportunities Fund III, L.P.		2,943		—		—		2,943
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		1,458		—		542
PMA Parent Holdings, LLC		987		—		—		987
Pace Health Companies, LLC		1,399		—		118		1,281
Pai Middle Tier, LLC		3,500		—		—		3,500
Paladone Group Bidco Limited		1,412		471		—		941
Paladone Group Bidco Limited*		456		243		—		213
Patriot Foods Buyer, Inc.		750		—		—		750
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)		6,365		1,040		—		5,325
Pavement Preservation Acquisition, LLC		1,293		—		—		1,293
Peer Advisors, LLC		2,883		—		—		2,883
Poly-Wood, LLC		818		120		—		698
Precision Refrigeration & Air Conditioning LLC		2,273		1,932		—		341
Pro-Vigil Holding Company, LLC		1,553		—		—		1,553
Project Comfort Buyer, Inc.		1,731		—		—		1,731
Protein For Pets Opco, LLC		896		—		—		896
Purchasing Power Funding I, LLC		9,113		3,220		—		5,893
R.F. Fager Company, LLC		2,063		16		—		2,047
RHI Acquisition LLC		2,495		—		—		2,495
Rarebreed Veterinary Partners, Inc.		12,045		—		5		12,040
Regis Corporation		4,167		721		833		2,613
Riverbed Technology, Inc.		160		—		—		160
RoC Holdco LLC		2,195		—		—		2,195
Ronnoco Holdings, Inc.		2,172		—		—		2,172
Roscoe Medical, Inc		492		492		—		—
SEV Intermediate Holdco, LLC		1,667		467		—		1,200
Saffron Bidco Ltd*		7,945		—		—		7,945
Shelby 2021 Holdings Corp.		896		—		—		896
Sigma Buyer LLC		1,500		700		—		800
Simeio Group Holdings, Inc.		884		884		—		—
Smith Topco, Inc.		1,128		—		—		1,128
Space Finco, Inc.		14,362		—		—		14,362
Sperry Acquisition, LLC		3,077		—		—		3,077
Surf Opco, LLC		23,333		16,472		667		6,194
TCW Midco LLC		3,833		—		—		3,833
TELA Bio, Inc.		3,333		—		—		3,333
THLP CO. LLC		4,494		2,480		213		1,801
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		530		—		1,743
TerSera Therapeutics LLC		1,395		—		—		1,395
Texada Software LLC		1,026		—		—		1,026
The North Highland Company LLC		1,935		387		—		1,548
Thomas Scientific, LLC		3,006		2,265		296		445
Traffic Management Solutions, LLC		1,583		—		—		1,583
Treace Medical Concepts, Inc.		11,750		400		—		11,350

See notes to the consolidated financial statements.

45

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Name of Issuer	Total Commitment			Drawn Commitment			Letters of Credit **			Undrawn Commitment
Trench Plate Rental Co.		1,818			1,645			125			48
Trillium Health Care Products Inc.		1,875			875			—			1,000
Truck-Lite Co., LLC		363			18			6			339
Turbo Buyer, Inc.		923			692			—			231
US MetalCo Holdings LLC		1,320			—			—			1,320
USLS Acquisition, Inc.		2,979			844			73			2,062
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		5,050			803			—			4,247
Vixxo Corporation		1,250			—			—			1,250
Vybond Buyer, LLC		7,666			—			—			7,666
WC ORS Buyer, Inc.		7,512			1,303			—			6,209
WH BorrowerCo, LLC		8,145			583			—			7,562
WelldyneRX, LLC		1,923			—			—			1,923
WildBrain Ltd.		1,446			72			—			1,374
Zafin Labs Americas Incorporated		3,333			—			—			3,333
Zendesk, Inc.		2,604			—			4			2,600
Zephyr Buyer, L.P.		3,952			—			—			3,952
Total Commitments	$	688,893	$		161,633	$		12,113	$		515,147

* These investments are in a foreign currency and the total commitment has been converted to USD using the March 31, 2025 exchange rate.

** For all letters of credit issued and outstanding on March 31, 2025, $11,192 expired in 2025, $258 will expire in 2026, $296 will expire in 2027, $214 will expire in 2029 and $169 will expire in 2030.

(24)Securities that are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $172,782 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
Acosta Holdings Corp.*	Common Equity - Common Stock	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
Genius Bidco LLC	Common Equity - Common Stock	5/1/2024
Merx Aviation Finance, LLC	Common Equity - Membership Interests	9/1/2022
PAI Co-Investor FT Aggregator LLC	Common Equity - Common Stock	2/13/2025
RMCF V CIV L, L.P.	Common Equity - Common Stock	9/5/2024
Ronnoco Holdings, Inc.	Common Equity - Common Stock	3/17/2025
SMC IR Holdings, LLC	Common Equity - Common Stock	12/24/2024
Space Parent, LP	Preferred Equity - Preferred Equity	2/5/2025
Space Parent, LP	Common Equity - Common Stock	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 - Membership Interests	3/17/2021
Surf Opco, LLC	Preferred Equity - Class P-1 Preferred	3/17/2021
Third Lane Mobility Inc.	Common Equity - Common Stock	3/22/2024
Third Lane Mobility Inc.	Warrants - Warrants	1/31/2025
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.

See notes to the consolidated financial statements.

46

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

(25)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.

(26)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.

(27)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.

(28)The interest rate on these loans is subject to Prime, which as of March 31, 2025 was 7.50%.

(29)The interest rate on these loans is subject to SONIA, which as of March 31, 2025 was 4.46%.

(30)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2025 was 4.32%.

(31)The interest rate on these loans is subject to 3 months SOFR, which as of March 31, 2025 was 4.29%.

(32)The interest rate on these loans is subject to 6 months SOFR, which as of March 31, 2025 was 4.19%.

(33)The interest rate on these loans is subject to 1 month CORRA, which as of March 31, 2025 was 2.72%.

(34)The interest rate on these loans is subject to 3 months EURIBOR, which as of March 31, 2025 was 2.34%.

(35)The interest rate on these loans is subject to 6 months EURIBOR, which as of March 31, 2025 was 2.34%.

(36)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.

47

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

(37)The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of March 31, 2025:

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense	$	6,790	$	—	$	—	$	—	$	—	$	99	$	—	$	6,889
Air Freight & Logistics		24,190		—		—		—		—		—		—		24,190
Automobile Components		16,536		—		—		—		—		24,206		—		40,742
Beverages		5,217		—		—		—		—		100		—		5,317
Biotechnology		18,001		—		—		—		333		—		389		18,723
Building Products		20,520		—		—		—		—		—		—		20,520
Chemicals		34,191		—		—		—		—		—		—		34,191
Commercial Services & Supplies		115,624		—		2,672		—		—		12,232		576		131,104
Communications Equipment		21,186		2,912		—		—		—		108		—		24,206
Construction & Engineering		145,839		—		—		—		—		300		—		146,139
Consumer Staples Distribution & Retail		38,396		—		—		—		—		169		—		38,565
Containers & Packaging		45,496		—		—		—		—		—		—		45,496
Diversified Consumer Services		179,438		—		—		—		—		732		—		180,170
Diversified Telecommunication Services		1,018		—		1,426		—		—		—		—		2,444
Electric Utilities		4,280		—		—		—		—		—		—		4,280
Electrical Equipment		15,704		—		—		—		—		—		—		15,704
Electronic Equipment, Instruments & Components		27,926		—		—		—		—		—		—		27,926
Energy Equipment & Services		14,488		—		—		—		—		—		—		14,488
Entertainment		13,129		—		—		—		—		—		—		13,129
Financial Services		145,537		—		—		15,026		534		17,126		—		178,223
Food Products		77,080		—		—		—		459		1,775		—		79,314
Ground Transportation		91,147		—		—		—		—		—		—		91,147
Health Care Equipment & Supplies		116,334		—		—		—		—		1,426		—		117,760
Health Care Providers & Services		296,301		—		—		—		75		318		—		296,694
Health Care Technology		36,326		152		—		—		—		—		—		36,478
Hotels, Restaurants & Leisure		95,239		—		—		—		—		—		—		95,239
Household Durables		2,215		—		—		—		—		—		—		2,215
Independent Power & Renewable Electricity Producers		7,231		—		—		—		5,623		4		—		12,858
Insurance		66,236		—		—		—		—		—		—		66,236
Interactive Media & Services		30,194		7,703		—		—		—		—		—		37,897

See notes to the consolidated financial statements.

48

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
IT Services	$	94,179	$	—	$	—	$	—	$	—	$	77	$	—	$	94,256
Leisure Products		70,854		—		—		—		492		94		—		71,440
Life Sciences Tools & Services		41,469		—		—		—		—		—		—		41,469
Machinery		39,257		—		—		—		—		—		—		39,257
Media		42,214		—		—		—		473		290		—		42,977
Paper & Forest Products		14,779		—		—		—		—		—		—		14,779
Personal Care Products		46,363		—		—		—		—		100		—		46,463
Pharmaceuticals		73,724		—		21		—		215		212		—		74,172
Professional Services		110,952		—		—		—		—		220		—		111,172
Real Estate Management & Development		6,777		—		—		—		—		—		—		6,777
Semiconductors & Semiconductor Equipment		10,720		—		—		—		—		—		—		10,720
Software		330,750		4,216		—		—		—		669		—		335,635
Specialty Retail		25,273		—		1,961		—		—		—		—		27,234
Technology Hardware, Storage & Peripherals		9,370		—		—		—		—		—		—		9,370
Textiles, Apparel & Luxury Goods		24,755		—		—		—		—		575		—		25,330
Trading Companies & Distributors		73,070		—		—		—		—		957		—		74,027
Transportation Infrastructure		16,063		—		—		—		—		—		—		16,063
Wireless Telecommunication Services		6,065		—		—		—		—		—		—		6,065
Total Non-Controlled / Non-Affiliated Investments	$	2,748,443	$	14,983	$	6,080	$	15,026	$	8,204	$	61,789	$	965	$	2,855,490
Non-Controlled / Affiliated Investments
Chemicals	$	12,500	$	—	$	—	$	—	$	—	$	56,505	$	—	$	69,005
Electronic Equipment, Instruments & Components		31,084		—		—		—		1,713		—		—		32,797
Financial Services		—		—		—		36,465		—		—		—		36,465
Ground Transportation		22,421		—		—		—		—		722		—		23,143
Hotels, Restaurants & Leisure		8,913		—		—		—		—		4,740		—		13,653
Leisure Products		—		—		—		—		—		1,000		—		1,000
Total Non-Controlled / Affiliated Investments	$	74,918	$	—	$	—	$	36,465	$	1,713	$	62,967	$	—	$	176,063
Controlled Investments
Passenger Airlines	$	59,575	$	—	$	—	$	—	$	—	$	146,500	$	—	$	206,075
Software		114,149		—		—		—		6,000		—		—		120,149
Total Controlled Investments	$	173,724	$	—	$	—	$	—	$	6,000	$	146,500	$	—	$	326,224
Total	$	2,997,085	$	14,983	$	6,080	$	51,491	$	15,917	$	271,256	$	965	$	3,357,777

See notes to the consolidated financial statements.

49

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

(38)The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of March 31, 2025:

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total		% of Net Assets
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense	$	6,788	$	—	$	—	$	—	$	—	$	99	$	—	$	6,887		0.49	%
Air Freight & Logistics		24,405		—		—		—		—		—		—		24,405		1.75	%
Automobile Components		16,529		—		—		—		—		1,370		—		17,899		1.28	%
Beverages		5,215		—		—		—		—		100		—		5,315		0.38	%
Biotechnology		18,000		—		—		—		402		172		201		18,775		1.35	%
Building Products		20,507		—		—		—		—		—		—		20,507		1.47	%
Chemicals		34,422		—		—		—		—		—		—		34,422		2.47	%
Commercial Services & Supplies		115,975		—		88		—		—		2,085		—		118,148		8.48	%
Communications Equipment		18,990		34		—		—		—		118		—		19,142		1.37	%
Construction & Engineering		135,356		—		—		—		—		78		—		135,434		9.72	%
Consumer Staples Distribution & Retail		38,156		—		—		—		—		—		—		38,156		2.74	%
Containers & Packaging		45,493		—		—		—		—		—		—		45,493		3.27	%
Diversified Consumer Services		179,553		—		—		—		—		1,312		—		180,865		12.99	%
Diversified Telecommunication Services		1,024		—		1,457		—		—		—		—		2,481		0.18	%
Electric Utilities		4,266		—		—		—		—		—		—		4,266		0.31	%
Electrical Equipment		15,876		—		—		—		—		—		—		15,876		1.14	%
Electronic Equipment, Instruments & Components		27,681		—		—		—		—		—		—		27,681		1.99	%
Energy Equipment & Services		14,170		—		—		—		—		—		—		14,170		1.02	%
Entertainment		13,139		—		—		—		—		—		—		13,139		0.94	%
Financial Services		145,411		—		—		14,893		194		546		—		161,044		11.56	%
Food Products		76,911		—		—		—		296		1,482		—		78,689		5.65	%
Ground Transportation		90,965		—		—		—		—		—		—		90,965		6.53	%
Health Care Equipment & Supplies		116,588		—		—		—		—		1,443		—		118,031		8.47	%
Health Care Providers & Services		289,396		—		—		—		107		340		—		289,843		20.80	%

See notes to the consolidated financial statements.

50

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total			% of Net Assets
Health Care Technology	$	35,927		$	134		$	—		$	—		$	—		$	—		$	—		$	36,061			2.59	%
Hotels, Restaurants & Leisure		94,993			—			—			—			—			—			—			94,993			6.82	%
Household Durables		2,280			—			—			—			—			—			—			2,280			0.16	%
Independent Power & Renewable Electricity Producers		1,914			—			—			—			—			—			—			1,914			0.14	%
Insurance		66,121			—			—			—			—			—			—			66,121			4.75	%
Interactive Media & Services		30,501			4,053			—			—			—			—			—			34,554			2.48	%
IT Services		92,966			—			—			—			—			66			—			93,032			6.68	%
Leisure Products		70,031			—			—			—			275			108			—			70,414			5.05	%
Life Sciences Tools & Services		41,286			—			—			—			—			—			—			41,286			2.96	%
Machinery		39,315			—			—			—			—			—			—			39,315			2.82	%
Media		41,494			—			—			—			491			358			—			42,343			3.04	%
Paper & Forest Products		14,775			—			—			—			—			—			—			14,775			1.06	%
Personal Care Products		46,742			—			—			—			—			210			—			46,952			3.37	%
Pharmaceuticals		74,135			—			21			—			226			223			—			74,605			5.35	%
Professional Services		110,812			—			—			—			—			274			—			111,086			7.98	%
Real Estate Management & Development		6,913			—			—			—			—			—			—			6,913			0.50	%
Semiconductors & Semiconductor Equipment		11,044			—			—			—			—			—			—			11,044			0.79	%
Software		326,252			4,124			—			—			—			1,163			—			331,539			23.80	%
Specialty Retail		25,492			—			1,843			—			—			—			—			27,335			1.96	%
Technology Hardware, Storage & Peripherals		9,379			—			—			—			—			—			—			9,379			0.67	%
Textiles, Apparel & Luxury Goods		24,547			—			—			—			—			69			—			24,616			1.77	%
Trading Companies & Distributors		72,352			—			—			—			—			422			—			72,774			5.22	%
Transportation Infrastructure		16,161			—			—			—			—			—			—			16,161			1.16	%
Wireless Telecommunication Services		5,635			—			—			—			—			—			—			5,635			0.40	%
Total Non-Controlled / Non-Affiliated Investments	$	2,715,883		$	8,345		$	3,409		$	14,893		$	1,991		$	12,038		$	201		$	2,756,760			197.86	%
% of Net Assets		194.93	%		0.60	%		0.24	%		1.07	%		0.14	%		0.87	%		0.02	%		197.86	%

See notes to the consolidated financial statements.

51

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total			% of Net Assets
Non-Controlled / Affiliated Investments
Chemicals	$	12,463		$	—		$	—		$	—		$	—		$	18,824		$	—		$	31,287			2.24	%
Electronic Equipment, Instruments & Components		25,962			—			—			—			2,633			95			—			28,690			2.05	%
Financial Services		—			—			—			23,492			—			—			—			23,492			1.69	%
Ground Transportation		22,667			—			—			—			—			714			14			23,395			1.68	%
Hotels, Restaurants & Leisure		4,030			—			—			—			—			2,187			—			6,217			0.45	%
Leisure Products		—			—			—			—			—			209			—			209			0.02	%
Total Non-Controlled / Affiliated Investments	$	65,122		$	—		$	—		$	23,492		$	2,633		$	22,029		$	14		$	113,290			8.13	%
% of Net Assets		4.67	%		0.00	%		0.00	%		1.69	%		0.19	%		1.58	%		0.00	%		8.13	%
Controlled Investments
Passenger Airlines	$	59,575		$	—		$	—		$	—		$	—		$	125,582		$	—		$	185,157			13.29	%
Software		114,374			—			—			—			19,040			—			—			133,414			9.58	%
Total Controlled Investments	$	173,949		$	—		$	—		$	—		$	19,040		$	125,582		$	—		$	318,571			22.87	%
% of Net Assets		12.49	%		0.00	%		0.00	%		0.00	%		1.37	%		9.01	%		0.00	%		22.87	%
Total	$	2,954,954		$	8,345		$	3,409		$	38,385		$	23,664		$	159,649		$	215		$	3,188,621			228.87	%
% of Net Assets		212.09	%		0.60	%		0.24	%		2.76	%		1.70	%		11.46	%		0.02	%		228.87	%

See notes to the consolidated financial statements.

52

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of March 31, 2025
Software	14.6%
Health Care Providers & Services	9.0%
Passenger Airlines	5.8%
Financial Services	5.7%
Diversified Consumer Services	5.7%
Construction & Engineering	4.2%
Commercial Services & Supplies	3.7%
Health Care Equipment & Supplies	3.7%
Ground Transportation	3.6%
Professional Services	3.5%
Hotels, Restaurants & Leisure	3.2%
IT Services	2.9%
Food Products	2.5%
Pharmaceuticals	2.3%
Trading Companies & Distributors	2.3%
Leisure Products	2.2%
Insurance	2.1%
Chemicals	2.1%
Electronic Equipment, Instruments & Components	1.8%
Personal Care Products	1.5%
Containers & Packaging	1.4%
Media	1.3%
Life Sciences Tools & Services	1.3%
Machinery	1.2%
Consumer Staples Distribution & Retail	1.2%
Health Care Technology	1.1%
Interactive Media & Services	1.1%
Specialty Retail	0.9%
Textiles, Apparel & Luxury Goods	0.8%
Air Freight & Logistics	0.8%
Building Products	0.6%
Communications Equipment	0.6%
Biotechnology	0.6%
Automobile Components	0.6%
Transportation Infrastructure	0.5%
Electrical Equipment	0.5%
Paper & Forest Products	0.5%
Energy Equipment & Services	0.4%
Entertainment	0.4%
Semiconductors & Semiconductor Equipment	0.3%
Technology Hardware, Storage & Peripherals	0.3%
Real Estate Management & Development	0.2%
Aerospace & Defense	0.2%
Wireless Telecommunication Services	0.2%
Beverages	0.2%
Electric Utilities	0.1%
Diversified Telecommunication Services	0.1%
Household Durables	0.1%
Independent Power & Renewable Electricity Producers	0.1%
Total Investments	100.0%

The Company has transitioned its industry classification from the Moody’s Industries System to the Global Industry Classification System or GICS effective for the period ending March 31, 2025.

See notes to the consolidated financial statements.

53

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		10,213 Shares			473			491		(13)(24)
	Common Equity - Common Stock	N/A	N/A		6,266 Shares			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		218,978 Shares			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) (31)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A		213 Shares			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

See notes to the consolidated financial statements.

54

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) (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.

55

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		1,086,122 Shares			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		589 Shares			448			229		(9)(13)
	Common Equity - Common Stock	N/A	N/A		589 Shares			3			—		(9)(13)
Hive Intermediate, LLC	First Lien Secured Debt - Term Loan	SOFR+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 Shares			125			153		(9)(13)
								3,752			3,853
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A		490,000 Shares			90			1,999		'(13)

See notes to the consolidated financial statements.

56

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 Shares			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) (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

See notes to the consolidated financial statements.

57

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) (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) (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.

58

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) (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.

59

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.

60

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) (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.

61

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 Shares			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) (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		1,246 Shares			56,505			18,933		(13)(16)(24)
FC2 LLC (4)	Common Equity - Common Stock	N/A	N/A		5 Shares			-			-		(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

See notes to the consolidated financial statements.

62

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.

63

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		1,000,032 Shares			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		279 Shares			108			119		(13)
								359			377
		Total Consumer Goods – Durable					$	12,135		$	11,384

See notes to the consolidated financial statements.

64

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		491,405 Shares			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) (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) (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		94,151 Shares			92			121		(9)(13)(17)
								7,997			8,052

See notes to the consolidated financial statements.

65

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		10,854 Shares			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 Shares			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

See notes to the consolidated financial statements.

66

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) (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) (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) (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) (23)
							22,627			21,735

See notes to the consolidated financial statements.

67

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.

68

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)
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		100,000 Shares			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) (33)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	07/22/30	C$		—		(21	)		(15	)	(8)(9)(17)(20)(21) (23)
								12,801			12,432
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42		N/A			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

See notes to the consolidated financial statements.

69

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)
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) (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) (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		142 Shares			534			193		(15)(17)
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Common Equity - Common Stock	N/A	N/A		1,368,286 Shares			16,813			69		(13)(17)
Renew JV LLC	Common Equity - Membership Interests	N/A	N/A		233,308 Shares			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		N/A			23,192			16,366		(9)(25)
		Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	219,715		$	189,991

See notes to the consolidated financial statements.

70

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)
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		4,286 Shares			5,623			—		(13)(17)(26)
	Common Equity - Ordinary Shares	N/A	N/A		2,825 Shares			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 Shares			116			124		(9)(24)
	Common Equity - Common Stock	N/A	N/A		1,176 Shares			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

See notes to the consolidated financial statements.

71

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)
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) (30)
							19,864			19,915

See notes to the consolidated financial statements.

72

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)
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.

73

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.

74

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)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	Preferred Equity - Preferred Equity	N/A	N/A		55,556 Shares			333			333		(9)(13)
	Warrants - Warrants				73,333 Shares			389			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) (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) (23)
								13,137			13,047

See notes to the consolidated financial statements.

75

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)
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) (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.

76

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)
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		241 Shares			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

See notes to the consolidated financial statements.

77

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)
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		280,899 Shares			250			250		(9)(13)
ChyronHego Corporation
ChyronHego Corporation (5)	Preferred Equity - Preferred Equity	N/A	N/A		7,800 Shares			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

See notes to the consolidated financial statements.

78

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)
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) (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.

79

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)
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) (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.

80

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)
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.

81

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)
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) (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		531,312 Shares			4,740			2,143		(13)
								13,995			6,326

See notes to the consolidated financial statements.

82

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

See notes to the consolidated financial statements.

83

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)
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) (30)
	Preferred Equity - Class P-1 Preferred	N/A	N/A		13,195 Shares			1,713			3,405		(9)(13)(16)
	Common Equity - Class A-1 Common	N/A	N/A		3,333 Shares			—			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) (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		250,000 Shares			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) (31)
		Total Media – Diversified & Production					$	13,425		$	13,442

See notes to the consolidated financial statements.

84

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)
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		211,026 Shares			—		—	(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) (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

See notes to the consolidated financial statements.

85

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)			Fair Value (1)(38)
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.	Second Lien Secured Debt - Term Loan	1.26%	11/01/25		7,998		7,703			4,719		(14)(31)
		Total Telecommunications				$	30,988		$	26,205
Transportation - Cargo, Distribution
Beacon Mobility
Beacon Mobility Corp.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	12/31/25	$	12,767	$	12,741		$	12,684		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	12/31/25		23,833		23,854			23,678		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+635, 0.00% Floor	12/31/25		2,146		2,126			2,120		(9)(20)(21)(23) (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) (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) (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) (30)
							3,120			3,094

See notes to the consolidated financial statements.

86

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)
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) (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		152,029 Shares		$	11,961		$	—		(13)(24)
	Unsecured Debt - Term Loan	11% PIK	12/15/31			363		2,672			96		(14)
	Warrants - Warrants	N/A	N/A		58,773 Shares			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		6,125 Shares			613			140		(9)(13)
								15,833			15,029

See notes to the consolidated financial statements.

87

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)
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) (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) (31)
	First Lien Secured Debt - Revolver	SOFR+560, 1.00% Floor	08/10/27			828		815			808		(9)(21)(23)(30) (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) (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.

88

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

(1)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).

(2)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.

(3)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.

(4)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			Gross Additions ●			Gross Reductions ■				Net Change in Unrealized Gains (Losses)				Fair Value at December 31, 2024			Net Realized Gains (Losses)				Interest/ Dividend/ Other Income
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

•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.

89

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

(5)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			Gross Additions ●				Gross Reductions ■				Net Change in Unrealized Gains (Losses)				Fair Value at December 31, 2024			Net Realized Gains (Losses)				Interest/ Dividend/ Other Income
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

•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.

(6)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.

(7)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.

(8)The negative fair value is the result of the commitment being valued below par.

(9)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.)

(10)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.

90

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

(11)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.

(12)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.

(13)Non-income producing security.

(14)Non-accrual status (See Note 2 to the consolidated financial statements).

(15)The underlying investment of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.

(16)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.

(17)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.

(18)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.

(19)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.

(20)As of December 31, 2024, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.

(21)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(22)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.

91

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

(23)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			Drawn Commitment			Letters of Credit **			Undrawn 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

See notes to the consolidated financial statements.

92

MIDCAP FINANCIAL INVESTMENT CORPORATION

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.

93

MIDCAP FINANCIAL INVESTMENT CORPORATION

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.

94

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

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

*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.

(24)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.

(25)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.

(26)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.

(27)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.

(28)The interest rate on these loans is subject to Prime, which as of December 31, 2024 was 7.50%.

(29)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.

95

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

(30)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

(31)The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2024 was 4.31%.

(32)The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2024 was 4.25%.

(33)The interest rate on these loans is subject to 1 month CORRA, which as of December 31, 2024 was 4.25%.

(34)The interest rate on these loans is subject to 3 months EURIBOR, which as of December 31, 2024 was 2.71%.

(35)The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2024 was 2.57%.

(36)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.

96

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

(37)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 / 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.

97

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.

98

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

(38)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 / 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.

99

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.

100

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.

101

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Note 1. Organization

MidCap Financial Investment Corporation (the “Company,” “MFIC,” “we,” “us,” or “our”), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on April 8, 2004 receiving net proceeds of $870,000 from our initial public offering by selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through March 31, 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 Company’s 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 of Directors, 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.

Note 2. Significant Accounting Policies

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

101

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

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 significant intercompany balances and transactions have been eliminated in consolidation.

As of March 31, 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 Amplify SPV LLC, MFIC Lender LLC, MFIC Hera SPV LLC, MFIC Omada SPV LLC, MFIC Alpha SPV LLC, MFIC Poseidon SPV LLC and MFIC Transformer SPV LLC.

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near 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.

Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of March 31, 2025 was $83,703. Cash and cash equivalents held as of December 31, 2024 was $74,357.

102

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Collateral on Option Contracts

Collateral on option 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 March 31, 2025, the Company held certain foreign currency forward contracts with a fair market value of $33. The Company did not hold any derivative contracts as of December 31, 2024.

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 receivable for investments sold and a payable for investments purchased, 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.

103

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

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.

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:

1.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;

2.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser;

104

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

3.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

4.For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the three months ended March 31, 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 as a result 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.

105

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Foreign Currency Forward Contracts

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

Offsetting Assets and Liabilities

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

As of March 31, 2025, the Company held certain foreign currency forward contracts with a fair market value of $33. The Company did not hold any derivatives as of December 31, 2024.

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.

106

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when 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.

107

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(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 March 31, 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.

108

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(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 March 31, 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 share 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.

109

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(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.

Recent Accounting Pronouncements

The Company adopted 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 Statement of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company’s shareholders. 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.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement with AIM

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

Base Management Fee

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

Performance-based Incentive Fee

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

110

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

(i) Incentive Fee on Pre-Incentive Fee Net Income - effective January 1, 2023

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

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

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

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

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

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

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

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

111

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

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

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

B. Incentive Fee Based on Cumulative Net Realized Gains

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

For accounting purposes only, we are required under GAAP to accrue a theoretical capital gains incentive fee based upon net realized capital gains and unrealized capital gain and loss on investments held at the end of each period. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. There was no accrual for theoretical capital gains incentive fee for the three months ended March 31, 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 months ended March 31, 2025 and 2024, the Company recognized $6,061 and $4,386, respectively, of management fees, and $6,433 and $6,038, respectively, of incentive fees before impact of waived fees. For the three months ended March 31, 2025 and 2024, no management fees and no incentive fees were waived.

As of March 31, 2025 management and performance-based incentive fees payable were $6,061 and $6,433, respectively. As of December 31, 2024, management and performance-based incentive fees payable were $6,247 and $5,336, respectively.

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

112

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Fee Offset

On January 16, 2019, the Company and AIM entered into a fee offset agreement 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 management 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 months ended March 31, 2025, respectively. For the three months ended March 31, 2024, management fee and performance-based incentive fee offset was $0.

Administration Agreement with AIA

The Company has also entered into an administration agreement with the Administrator (the “Administration Agreement”) under which AIA provides administrative services for the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator and requested to be reimbursed by the Administrator in performing its obligations under the Administration Agreement. The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. For the three months ended March 31, 2025 and 2024, the Company recognized administrative services expense under the Administration Agreement of $1,016 and $1,223, respectively. There was no amount payable to AIA and its affiliates for expenses paid on our behalf as of March 31, 2025 and December 31, 2024.

Administrative Service Expense Reimbursement

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

For the three months ended March 31, 2025 and 2024, the Company recognized administrative service expense reimbursements of $768 and $75, respectively, under the Merx Administration Agreement

113

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies, which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf. For the three months ended March 31, 2025 and 2024, the Company recognized debt expense reimbursements of $38 and $93, respectively, under the debt expense reimbursement agreements.

Co-Investment Activity

We may co-invest on a concurrent basis with affiliates of ours, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. On January 14, 2025, we received an exemptive order from the SEC, (the “Order”), permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates and Apollo proprietary accounts, subject to the conditions included therein. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

As of March 31, 2025, the Company’s co-investment holdings were 84% of the portfolio or $2,668,475, measured at fair value. On a cost basis, 80% of the portfolio or $2,701,193 were co-investments. As of December 31, 2024, the Company’s co-investment holdings were 80% of the portfolio or $2,417,102, measured at fair value. On a cost basis, 77% of the portfolio or $2,448,523 were co-investments.

Merx Aviation

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with ACM (the “Servicing Agreement”), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM (the “Research Support Agreement”), Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. In addition, on the same date the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets (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.

114

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

On September 1, 2022, $110,700 of the Merx first lien secured revolver held by the Company was converted into common equity. On September 30, 2023, Merx amended its credit agreement and the commitment of the Merx first lien secured revolver decreased to $100,000. The balance of the Merx revolver as of March 31, 2025 was $59,575 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 $41 to Midcap Financial Services, LLC during the three months ended March 31, 2025 and 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 $- to Midcap Financial Services, LLC during the three months ended March 31, 2025.

Note 4. Earnings Per Share

The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
		2025			2024
Basic Earnings Per Share
Net increase (decrease) in net assets resulting from operations	$		30,330	$		25,489
Weighted average shares outstanding			93,677,003			65,253,275
Basic earnings (loss) per share	$		0.32	$		0.39

115

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 March 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	2,997,085	$	2,954,954	$	—	$	58,230	$	2,896,724
Second Lien Secured Debt		14,983		8,345		—		4,124		4,221
Unsecured Debt		6,080		3,409		—		3,300		109
Structured Products and Other		51,491		38,385		—		14,893		23,492
Preferred Equity		15,917		23,664		—		—		23,664
Common Equity/Interests		271,256		159,649		283		—		159,366
Warrants		965		215		—		—		215
Total Investments before Cash Equivalents	$	3,357,777	$	3,188,621	$	283	$	80,547	$	3,107,791
Money Market Fund	$	1,853	$	1,853	$	1,853	$	—	$	—
Total Cash Equivalents	$	1,853	$	1,853	$	1,853	$	—	$	—
Total Investments after Cash Equivalents	$	3,359,630	$	3,190,474	$	2,136	$	80,547	$	3,107,791
Foreign currency forward transactions	$	—	$	33	$	—	$	33	$	—
Total Assets and Liabilities at Fair Value	$	3,359,630	$	3,190,507	$	2,136	$	80,580	$	3,107,791

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

116

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 March 31, 2025:

	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants		Total
Fair value as of December 31, 2024	$	2,676,253		$	5,764		$	117		$	26,101		$	24,831		$	161,648		$	136	$	2,894,850
Net realized gains (losses)		1,434			—			—			—			—			1,979			—		3,413
Net change in unrealized gains (losses)		(2,089	)		(1,549	)		(8	)		(431	)		(1,017	)		(368	)		79		(5,383	)
Net amortization on investments		1,687			—			—			—			—			—			—		1,687
Purchases, including capitalized PIK (3)		391,001			6			—			—			100			697			—		391,804
Sales (3)		(164,998	)		—			—			(2,178	)		(250	)		(4,590	)		—		(172,016	)
Transfers out of Level 3 (1)		(6,564	)		—			—			—			—			—			—		(6,564	)
Transfers into Level 3 (1)		—			—			—			—			—			—			—		—
Fair value as of March 31, 2025	$	2,896,724		$	4,221		$	109		$	23,492		$	23,664		$	159,366		$	215	$	3,107,791
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2025	$	(1,528	)	$	(4,533	)	$	65		$	(431	)	$	(1,017	)	$	2,798		$	79	$	(4,567	)

(1)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.

(2)Includes unfunded commitments measured at fair value of $(5,105).

(3)Includes reorganizations and restructuring of investments. Includes all activities from the Mergers.

The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 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)		(6,464	)		273			—			—			—		359			—			(5,832	)
Net change in unrealized gains (losses)		4,581			12,296			(2,335	)		(3,347	)		231		(7,138	)		(517	)		3,771
Net amortization on investments		1,933			6			—			—			—		—			—			1,939
Purchases, including capitalized PIK (3)		154,876			146			—			—			116		1			—			155,139
Sales (3)		(118,479	)		(31,339	)		2,664			(2,347	)		—		12,057			576			(136,868	)
Transfers out of Level 3 (1)		—			(7,710	)		—			—			—		—			—			(7,710	)
Transfers into Level 3 (1)		—			—			—			—			—		—			—			—
Fair value as of March 31, 2024	$	2,111,478		$	5,559		$	329		$	35,639		$	32,752	$	157,406		$	258		$	2,343,421
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2024	$	(3,233	)	$	(594	)	$	(2,335	)	$	(3,346	)	$	231	$	5,856		$	(517	)	$	(3,938	)

(1)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.

(2)Includes unfunded commitments measured at fair value of (3,976).

(3)Includes reorganizations and restructuring of investments.

117

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 March 31, 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 March 31, 2025 were as follows:

				Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$		2,519,084	Yield Analysis	Discount Rate	4.1%	33.3%	11.3%
			123,436	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			242,564	Recent Transaction	Recent Transaction	N/A	N/A	N/A
			11,566	Market Comparable Technique	Comparable Multiple	0.4x	6.1x	3.2x
			74	Broker Quote	Broker Quote	N/A	N/A	N/A
Second Lien Secured Debt			4,053	Market Comparable Technique	Comparable Multiple	6.1x	6.1x	6.1x
			34	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			134	Yield Analysis	Discount Rate	17.7%	17.7%	17.7%
Unsecured Debt			109	Market Comparable Technique	Comparable Multiple	4.3x	19.5x	7.2x
Structured Products and Other			23,492	Yield Analysis	Discount Rate	11.3%	12.9%	11.9%
Preferred Equity			23,350	Market Comparable Technique	Comparable Multiple	1.8x	17.5x	12.2x
			120	Recent Transaction	Recent Transaction	N/A	N/A	N/A
			194	Yield Analysis	Discount Rate	14.0%	14.0%	14.0%
Common Equity/Interests			126,158	Yield Analysis	Discount Rate	9.6%	14.0%	9.6%
			18,824	Estimated Proceeds	Estimated Proceeds	N/A	N/A	N/A
			13,211	Market Comparable Technique	Comparable Multiple	0.7x	19.5x	9.7x
			150	Option Pricing Model	Expected Volatility	20.0%	85.0%	43.8%
			1,023	Recent Transaction	Recent Transaction	N/A	N/A	N/A
Warrants			201	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
			14	Market Comparable Technique	Comparable Multiple	4.3x	4.3x	7.2x
Total Level 3 Investments	$		3,107,791

_________________

(1)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.

118

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		Fair Value		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

(1)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.

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.

119

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Investment Transactions

For the three months ended March 31, 2025 and 2024, purchases of investments on a trade date basis including all activities from the Mergers were $391,908 and 152,791, respectively.

For the three months ended March 31, 2025 and 2024, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $221,491 and $136,868, 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 receivable up to the capitalization date. During the three months ended March 31, 2025 and 2024, PIK income earned was $3,521 and $2,029, respectively.

The following table shows the change in capitalized PIK balance for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
		2025				2024
PIK balance at beginning of period	$		36,655		$		24,485
PIK income capitalized			4,055				2,349
Adjustments due to investments exited or written off			(922	)			—
PIK income received in cash			—				—
PIK balance at end of period	$		39,788		$		26,834

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 payment of the contractual payments to debt holders and fund expenses. The Company records as dividend income the acceptable 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. During the three months ended March 31, 2025 and 2024, dividend income from structured products was $236 and $0, respectively.

Investments on Non-Accrual Status

As of March 31, 2025, 1.7% of total investments at amortized cost, or 0.9% 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.

120

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Certain information related to the Company’s foreign currency forward contracts is presented below as of March 31, 2025.

Counterparty	Notional amount to be purchased		Notional amount to be sold			Settlement Date		Fair Value		Balance Sheet Location of Net Amounts
JP MORGAN CHASE BANK N.A	$	2,877	€	(2,636	)	6/18/2025			14	Unrealized (appreciation) depreciation on foreign currency forward contracts
JP MORGAN CHASE BANK N.A		6,451	£	(4,986	)	6/18/2025			11	Unrealized (appreciation) depreciation on foreign currency forward contracts
JP MORGAN CHASE BANK N.A		1,447	C$	(2,062	)	6/18/2025			9	Unrealized (appreciation) depreciation on foreign currency forward contracts
							$		33

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

		Three Months Ended March 31,
Derivative Instrument	Financial Statement Location	2025		2024
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	$	24	$	-
		$	24	$	-

Note 6. Debt and Foreign Currency Transactions and Translations

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

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

	Date Issued/ Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding				Fair Value				Final Maturity Date
Senior Secured Facility	10/17/2024	$	1,660,000	**	$	1,105,982		*	$	1,105,982	(1	)	10/17/2029
MFIC Bethesda CLO 1 LLC Class A-1 Notes	11/2/2023		232,000			232,000				232,383	(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				397,885	(2	)	1/23/2037
2026 Notes	7/16/2021		125,000			125,000				122,332	(2	)	7/16/2026
2028 Notes	12/13/2023		80,000			80,000				81,696	(3	)	12/15/2028
Total Debt Obligations		$	2,496,000		$	1,941,982			$	1,940,278
Deferred Financing Costs and Debt Discount						(6,741	)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,935,242

* 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 March 31, 2025, total lender commitments were $1,660,000.

121

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2025. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of March 31, 2025. The valuation is based on broker quoted prices.

(3)The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 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/ 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.

(1)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.

(2)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.

(3)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 will increase from $1,705,000 to $1,815,000 until December 22, 2024 and will decrease to $1,660,000 thereafter. The Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the 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.

122

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

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 Investment Company Act of 1940, 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 Investment Company Act of 1940, as amended.

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000. As of March 31, 2025 and December 31, 2024, the Company had $6,215 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 $547,803 and $682,024 as of March 31, 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.

123

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

2028 Notes

On December 13, 2023, the Company issued $80,000 aggregate principal amount of 8.00% Notes due 2028 (inclusive of $5,000 aggregate principal amount pursuant to the underwriters’ overallotment option to purchase additional Notes) (the “2028 Notes”). As of December 31, 2023, the principal amount outstanding was $80,000. The 2028 Notes will mature on December 15, 2028. The 2028 Notes bear interest at a rate of 8.00% per year, commencing December 13, 2023. The Company will pay interest on the 2028 Notes on March 15, June 15, September 15 and December 15 of each year, beginning on March 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after December 15, 2025, at a redemption price of $25 per 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 following table presents information on the secured and unsecured notes issued in the Bethesda CLO 1:

			March 31, 2025
Description	Type	Principal Outstanding			Interest Rate	Credit Rating
Class A-1 Notes	Senior Secured Floating Rate			232,000	SOFR + 2.40%	AAA(sf)/ AAAsf
Class A-2 Notes (1)	Senior Secured Floating Rate			16,000	SOFR + 2.90%	AAA(sf)
Total Secured Notes				248,000
Subordinated Notes (1)				154,360	None	NR
Total Bethesda CLO 1 Notes		$		402,360

(1) The Company retained (in the Bethesda CLO 1 Depositor) all of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1 Debt Securitization which are eliminated in consolidation.

The Company retained (in a newly formed wholly owned subsidiary of the Company (the “Bethesda CLO 1 Depositor”)) all of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1 in part in exchange for the Company’s sale and contribution to the Bethesda CLO 1 Issuer of the initial closing date portfolio. 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.

124

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

MFIC Bethesda CLO 2 LLC Debt Securitization

On February 24, 2025, the Company completed a $529.6 million CLO transaction, a form of secured financing incurred by Bethesda CLO 2 Issuer, an indirect wholly owned, consolidated subsidiary of the Company. The notes offered by Bethesda CLO 2 Issuer in connection with the CLO transaction consist of $304.5 million of AAA(sf) Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.48%, $21.0 million of AAA(sf) Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.70%, $31.5 million of AA(sf) Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.85%, $42 million of A(sf) Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.30%, $31.5 million of Class D Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 3.75% and $99.1 million of Subordinated notes due 2125, which do not bear interest. The notes offered in the CLO transaction are structured as follows:

Class	Par Amount ($ in millions)		% of Capital Structure	Coupon	Expected Rating (S&P/Fitch)	Price
Class A-1 Notes	$	304.50	57.5%	3M SOFR + 1.48%	AAA/AAA	100.00%
Class A-2 Notes		21.00	4.0%	3M SOFR + 1.70%	AAA/NR	100.00%
Class B Notes		31.50	5.9%	3M SOFR + 1.85%	AA/NR	100.00%
Class C Notes		42.00	7.9%	3M SOFR + 2.30%	A/NR	100.00%
Class D Notes		31.50	5.9%	3M SOFR + 3.75%	BBB-/NR	100.00%
Subordinated Notes		99.10	18.7%	N/A	NR	100.00%
Total	$	529.60

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 retained all Class D Notes and all Subordinated Notes and 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.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
		2025				2024
Average debt outstanding	$		1,807,602		$		1,370,740
Maximum amount of debt outstanding (2)			2,325,684				1,461,563
Weighted average annualized interest cost (1)			6.42	%			7.09	%
Annualized amortized debt issuance cost			0.41	%			0.56	%
Total annualized interest cost			6.83	%			7.65	%

________________

(1)Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three months ended March 31, 2025 and 2024 were $632 and $1,039, respectively.

(2)The maximum amount of debt outstanding during the three months ended March 31, 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.

125

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

Foreign Currency Transactions and Translations

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

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)			Reset Date
British Pound	£	17,700	$	22,058	$	22,865	$	(807	)		4/30/2025
European Euro	€	2,700		2,991		2,920		71			4/30/2025
Canadian Dollar	C$	12,800		9,304		8,897		407			4/30/2025
Total			$	34,353	$	34,682	$	(329	)

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 (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)			Reset Date
British Pound	£	17,700	$	22,058	$	22,153	$	(95	)		1/31/2025
European Euro	€	2,700		2,991		2,796		195			1/31/2025
Canadian Dollar	C$	12,800		9,304		8,899		405			1/31/2025
Total			$	34,353	$	33,848	$	505

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

Note 7. Stockholders’ Equity

The Company adopted the following plans, approved by the Board, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the Securities Exchange Act of 1934 (the “1934 Act”) (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 March 31, 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.

126

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

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

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

During the three months ended March 31, 2025, the Company repurchased 476,656 shares at a weighted average price per share of $12.75, inclusive of commissions, for a total cost of $6,079. This represents a discount of approximately 14.72% of the average net asset value per share for the three months ended March 31, 2025.

During the three months ended March 31, 2024, the Company did not repurchase any shares.

Since the inception of the Repurchase Plans through March 31, 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 Company’s 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 Company's 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.

127

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

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

On August 13, 2024, the Company entered into (i) an equity distribution agreement by and among the Company, the Investment Adviser, the Administrator and Truist Securities, Inc. (“Truist”) and (ii) an equity distribution agreement by and among the Company, the Investment Adviser, the Administrator and Jefferies LLC (“Jefferies,” and together with Truist, the “Sales Agents”). The equity distribution agreements with the Sales Agents described in the preceding sentence are collectively referred to herein as the “Equity Distribution Agreements.” The Equity Distribution Agreements provided that the Company may from time to time issue and sell shares of its common stock, par value $0.001 per share (“Shares”), having an aggregate offering price of up to $200,000, through the Sales Agents, or to them as principal for their own respective accounts. Sales of the shares, if any, may be made in transactions that are deemed to be an “at the market” (“ATM”) offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including without limitation sales made directly on or through the NASDAQ Global Select Market, sales made to or through market makers and sales made through any other existing trading market or electronic communications network, and by any other method permitted by law, including but not limited to privately negotiated transactions, which may include block trades, as the Company and the Sales Agents may agree. The Sales Agents will receive a commission from the Company up to 1.5% of the gross sales price of any Shares sold through the Sales Agents under the Equity Distribution Agreements. The Company may from time to time issue and sell shares of its common stock through public or ATM offerings. For the three months ended March 31, 2025, there were no shares issued through ATM offerings.

Note 8. Commitments and Contingencies

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

	March 31, 2025		December 31, 2024
Unfunded revolver obligations and bridge loan commitments (1)	$	261,406	$	233,293
Standby letters of credit issued and outstanding (2)		12,112		11,381
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)		253,741		240,984
Total Unfunded Commitments (4)	$	527,259	$	485,658

(1)The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of March 31, 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 March 31, 2025 and December 31, 2024, the bridge loan commitments included in the balances were $0 and $0, respectively.

(2)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.

(3)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.

(4)The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $50,752 and $40,425 as of March 31, 2025 and December 31, 2024, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

128

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 three months ended March 31, 2025 and 2024.

		Three Months Ended March 31,				Three Months Ended March 31,
		2025				2024
Per Share Data*
Net asset value at beginning of period	$		14.98		$		15.41
Net investment income (1)			0.37				0.44
Net realized and change in unrealized gains (losses) (1)			(0.05	)			(0.05	)
Net increase in net assets resulting from operations			0.32				0.39
Distribution of net investment income (2)			(0.38	)			(0.38	)
Distribution of return of capital (2)			—				—
Accretion due to share repurchases			0.01				—
Net asset value at end of period	$		14.93		$		15.42
Per share market value at end of period	$		12.86		$		15.04
Total return (3)			(1.93	%)			12.71	%
Shares outstanding at end of period			93,303,622				65,253,275
Weighted average shares outstanding			93,677,003				65,253,275
Ratio/Supplemental Data
Net assets at end of period (in millions)	$		1,393.3		$		1,006.0
Annualized ratio of operating expenses to average net assets (4)(5)			4.04	%			5.48	%
Annualized ratio of interest and other debt expenses to average net assets (5)			8.83	%			10.43	%
Annualized ratio of total expenses to average net assets (4)(5)			12.88	%			15.91	%
Annualized ratio of net investment income to average net assets (5)			9.94	%			11.42	%
Average debt outstanding (in millions)	$		1,807.6		$		1,370.7
Average debt per share	$		19.30		$		21.01
Annualized portfolio turnover rate (5)(7)			28.96	%			23.49	%
Asset coverage per unit (6)	$		1,717		$		1,712

* Totals may not foot due to rounding.

(1)Financial highlights are based on the weighted average number of shares outstanding for the period presented.

(2)The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through March 31, 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.

(3)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.

(4)The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the consolidated financial statements). For the three months ended March 31, 2025, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 4.27% and 13.11%, respectively, without the voluntary fee waivers. For the three months ended March 31, 2024, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.51% and 15.98%, respectively, without the voluntary fee waivers.

129

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

(5)Annualized for the three months ended March 31, 2025 and 2024.

(6)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of March 31, 2025, the Company's asset coverage was 172%.

(7)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.

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:

130

MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)
 

		AFT				AIF				AFT / AIF
Common stock issued by the Company1	$		228,076		$		209,529		$		437,605
Deemed contribution from the Investment Advisor			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 Equivalent2			2,699				7,232				9,931
Other Assets			7,592				8,506				16,098
Total Assets Acquired	$		321,086		$		300,830		$		621,916
Liabilities Assumed3,4			(91,697	)			(90,079	)			(181,776	)
Net Assets Acquired	$		229,389		$		210,751		$		440,140

(1)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.

(2)Includes $2 and $2 foreign cash and cash equivalents for AFT and AIF, respectively.

(3)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.

(4)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 May 7, 2025, the Company’s Board declared a base distribution of $0.38 per share, payable on June 26, 2025 to stockholders of record as of June 10, 2025. There can be no assurances that the Board will continue to declare a base distribution of $0.38 per share.

131

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

May 12, 2025

132

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,” “MFIC,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through March 31, 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. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order (the “Order”) we received from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

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

Investments

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies.

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of March 31, 2025, non-qualifying assets represented approximately 8.5% 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 months ended March 31, 2025 and 2024, was as follows:

	Three Months Ended March 31,
(in millions)*	2025			2024
Investments made in portfolio companies(1)	$	391.9		$	152.8
Investments sold(1)		—			—
Net activity before repaid investments(1)		391.9			152.8
Investments repaid(1)		(221.5	)		(136.9	)
Net investment activity(1)	$	170.4		$	15.9
Portfolio companies, at beginning of period		233			152
Number of investments in new portfolio companies(1)		20			7
Number of exited companies(1)		(13	)		(5	)
Portfolio companies at end of period(1)		240			154
Number of investments in existing portfolio companies		78			49

* Totals may not foot due to rounding.

(1)Includes investments acquired from the Mergers.

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

	March 31, 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)			10.5	%			10.8	%
Second lien secured debt (2)			13.8	%			14.4	%
Secured debt portfolio (2)			10.5	%			10.8	%
Unsecured debt portfolio (2)			9.5	%			9.5	%
Total debt portfolio (2)			10.5	%			10.8	%
Total portfolio (3)			9.4	%			9.5	%
Interest rate type, at fair value (4):
Fixed rate amount	$	0.0 billion			$	0.0 billion
Floating rate amount	$	2.9 billion			$	2.7 billion
Fixed rate, as percentage of total			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	$	2.9 billion			$	2.7 billion
Fixed rate, as percentage of total			1	%			1	%
Floating rate, as percentage of total			99	%			99	%

(1)An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.

(2)Exclusive of investments on non-accrual status.

(3)Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

(4)The interest rate type information is calculated using the Company's corporate debt portfolio and excludes aviation and investments on non-accrual status.

Since the initial public offering of the Company in April 2004 and through March 31, 2025, invested capital totaled $25.9 billion in 814 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

Recent Developments

None.

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

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differ materially. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements.

Fair Value Measurements

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

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

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

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

Level 3: Unobservable inputs for the asset or liability.

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

As of March 31, 2025, $3.11 billion or 97.5% 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 Company’s Board has designated the Investment Adviser as its “valuation designee” to perform the fair value determinations for all investments held by the Company. The Company's 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:

1.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.

2.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.

3.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.

4.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.

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Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the three months ended March 31, 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 our 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 months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended March 31,
(in millions)*		2025			2024
Investment Income
Interest income	$		74.6		$	64.6
Dividend income			0.2			0.0
PIK interest income			3.5			2.0
Other income			0.3			1.7
Total investment income	$		78.7		$	68.3
Expenses
Management and performance-based incentive fees, net of amounts waived	$		12.5		$	10.4
Interest and other debt expenses, net of reimbursements			30.4			26.1
Administrative services expense, net of reimbursements			0.2			1.1
Other general and administrative expenses			1.2			2.1
Net Expenses	$		44.4		$	39.8
Net Investment Income	$		34.3		$	28.5
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)	$		3.1		$	(8.1	)
Net change in unrealized gains (losses)			(7.0	)		5.0
Net Realized and Change in Unrealized Gains (Losses)	$		(4.0	)	$	(3.1	)
Net Increase in Net Assets Resulting from Operations	$		30.3		$	25.5
Net Investment Income on Per Average Share Basis (1)	$		0.37		$	0.44
Earnings per share — basic (1)	$		0.32		$	0.39

* Totals may not foot due to rounding.

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

Total Investment Income

For the three months ended March 31, 2025 as compared to the three months ended March 31, 2024

The increase in total investment income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by increase in interest income (including PIK) of $11.5 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 March 31, 2024 to 10.7% for the three months ended March 31, 2025.

Net Expenses

For the three months ended March 31, 2025 as compared to the three months ended March 31, 2024

Net expenses increased by $4.6 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily driven by the increase in interest and other debt expenses of $4.3 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 March 31, 2024 to $1.8 billion for the three months ended March 31, 2025. This was partially offset by the decrease in the total annualized cost of debt, from 7.65% for the three months ended March 31, 2024 to 6.83% for the three months ended March 31, 2025. Management and performance based incentive fee has increased $2.1 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was due to increase in yielding portfolio due to the Mergers.

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Net Realized Gains (Losses)

For the three months ended March 31, 2025 as compared to the three months ended March 31, 2024

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

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

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

During the three months ended March 31, 2024, we recognized gross realized gains of $0.6 million and gross realized losses of $8.7 million, resulting in net realized losses of $8.1 million. Net realized losses for the three months ended March 31, 2024 was primarily driven by the write off of the Company's investment in ViewRay. Significant realized gains (losses) for the three months ended March 31, 2024 are summarized below:

(in millions)	Net Realized Gain (Loss)
ViewRay	$	(7.1	)

Net Change in Unrealized Gains (Losses)

For the three months ended March 31, 2025 as compared to the three months ended March 31, 2024

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

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

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

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During the three months ended March 31, 2024, we recognized gross unrealized gains of $20.1 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 $5.0 million. Net change in unrealized gains (losses) for the three months ended March 31, 2024 was primarily driven by the increase in cashflows and new lease extentions from Merx Aviation Finance, LLC, and underperformance of US Auto, International Cruise & Excursion Gallery, Naviga and ChyronHego. Significant changes in unrealized gains (losses) for the three months ended March 31, 2024 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
Merx Aviation Finance, LLC	$	2.6
US Auto		(3.7	)
International Cruise & Excursion Gallery, Inc.		(2.5	)
Naviga		(1.8	)
ChyronHego Corporation		(1.0	)

Liquidity and Capital Resources

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

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from the sale of our 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 March 31, 2025:

		Payments Due by Period
(in millions)	Total			Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
Senior Secured Facility (1)	$		1,106.0	$	—	$	—	$	1,106.0	$	—
2026 Notes			125.0		—		125.0		—		—
2028 Notes			80.0		—		—		80.0		—
MFIC Bethesda CLO 1 LLC Class A-1			232.0		—		—		—		232.0
MFIC Bethesda CLO 2 LLC (Class A-1, Class A-2, Class B and Class C)			399.0		—		—		—		399.0
Total Debt Obligations	$		1,942.0	$	—	$	125.0	$	1,186.0	$	631.0

____________________

(1)As of March 31, 2025, aggregate lender commitments under the Senior Secured Facility totaled $1.66 billion and $547.8 million of unused capacity. As of March 31, 2025, there were $6.2 million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the consolidated financial statements.

Stockholders’ Equity

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

Equity Issuances

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

Distributions

Distributions paid to stockholders during the three months ended March 31, 2025 totaled $35.6 million ($0.38 per share). Distributions paid to stockholders during the three months ended March 31, 2024 totaled $24.8 million ($0.38 per share). For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through March 31, 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 months ended March 31, 2025, PIK income totaled $3.5 million on total investment income of $78.7 million. For the three months ended March 31, 2024, PIK income totaled $2.0 million on total investment income of $68.3 million. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the consolidated financial statements for more information on the Company’s PIK income.

Related Party Transactions

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

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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 months ended March 31, 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 March 31, 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 March 31, 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	$	14.0 million	$	0.151
Up 100 basis points		9.4 million		0.100
Up 50 basis points		4.7 million		0.050
Down 50 basis points		(4.6) million		(0.049	)
Down 100 basis points		(9.1) million		(0.097	)
Down 150 basis points		(13.6) million		(0.145	)

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

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 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 (the "1934 Act")). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 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 risk factor below and other information set forth in this report, you should carefully consider the 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.

Trade negotiations and related government actions may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies.

In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions.

There is uncertainty as to further actions that may be taken under the current U.S. presidential administration with respect to U.S. trade policy. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on goods imported from outside of the United States. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

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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 1934 Act (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		.0 million
February 3, 2022		25.0 million		— million		20.8 million
Total as of March 31, 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.

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”):

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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 March 31, 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	$	19.71			510,000	$	$ 40.0 million
September 2015		603,466		18.46			603,466		28.8 million
November 2015		1,116,666			18.10		1,116,666		8.6 million
December 2015		627,443		17.58			627,443		47.6 million
January 2016		670,708		14.91			670,708		37.6 million
June 2016		362,933		16.73			362,933		31.5 million
July 2016		16,491		16.53			16,491		31.2 million
August 2016		596,294		17.67			596,294		20.7 million
September 2016		411,523		18.13			411,523		63.2 million
October 2016		527,417		17.82			527,417		53.8 million
November 2016		239,289		17.45			239,289		49.6 million
August 2017		33,333		17.96			33,333		49.0 million
September 2017		186,767		17.98			186,767		45.7 million
October 2017		144,867		17.96			144,867		43.1 million
November 2017		64,500		17.79			64,500		41.9 million
December 2017		50,100		17.89			50,100		41.0 million
January 2018		577,386		17.32			577,386		31.0 million
February 2018		70,567		16.23			70,567		29.9 million
May 2018		263,667		17.12			263,667		25.4 million
June 2018		198,601		16.94			198,601		22.0 million
July 2018		8,867		16.75			8,867		21.9 million
August 2018		502,767		17.11			502,767		13.3 million
September 2018		444,467		16.54			444,467		5.9 million
October 2018		160,800		16.46			160,800		53.3 million
November 2018		595,672		15.81			595,672		43.9 million
December 2018		741,389		13.49			741,359		33.9 million
February 2019		19,392		15.16			19,392		83.6 million
March 2019		291,426			15.40		291,426		79.1 million
April 2019		44,534		15.23			44,534		78.4 million
May 2019		298,026		15.93			298,026		73.6 million
June 2019		607,073		15.97			607,073		63.9 million
July 2019		89,610			16.10		89,610		62.5 million
August 2019		758,020		16.15			758,020		50.3 million
September 2019		32,371		16.26			32,371		49.7 million
October 2019		495,464		15.65			495,464		42.0 million
November 2019		6,147		15.91			6,147		41.9 million
March 2020		1,286,565		11.62			1,286,565		26.9 million
May 2021		145,572		13.92			145,572		24.9 million
July 2021		44,418		13.46			44,418		24.3 million
August 2021		45,675		13.32			45,675		23.7 million
September 2021		360,860		13.02			360,860		19.0 million
October 2021		308,005			13.30		308,005		14.9 million
November 2021		419,372		13.05			419,372		9.4 million
December 2021		227,429		12.44			227,429		6.6 million
January 2022		60,605			12.70		60,605		30.8 million
April 2022		88,478		12.82			88,478		29.7 million
May 2022		40,044		12.57			40,044		29.2 million
May 2023		171,061		11.56			171,061		27.2 million
June 2023		27,023		11.84			27,023		26.9 million
March 2025		476,656		12.75			476,656		20.8 million
Total		16,069,806	$		15.82		16,069,776
* The average price per share is inclusive of commissions.

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Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended March 31, 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.”

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Item 6. Exhibits

(a)Exhibits

3.1(a)	Articles of Amendment and Restatement (1)
3.2	Sixth Amended and Restated Bylaws (2)
4.1	Indenture, dated as of February 24, 2025, by and between MFIC Bethesda CLO 2 LLC, as issuer and Deutsche Bank National Trust Company, as trustee*
10.1	Purchase and Placement Agency Agreement, dated as of February 24, 2025, by and among MFIC Bethesda CLO 2 LLC, as issuer, Deutsche Bank Securities Inc., as initial purchaser and Apollo Global Securities Inc., as placement agent*
10.2	Collateral Management Agreement, dated as of February 24, 2025, by and between MFIC Bethesda CLO 2 LLC, as issuer, and the Registrant, as collateral manager*
10.3	Master Loan Sale Agreement, dated as of February 24, 2025, by and among the Registrant, as transferor, MFIC Bethesda CLO 2 Depositor LLC, as retention holder and MFIC Bethesda CLO 2 LLC, as issuer*
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*
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents *
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104	Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)*

_________________________

* Filed herewith.

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

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

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SIGNATURES

Pursuant to the requirements of 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 May 12, 2025.

MIDCAP FINANCIAL INVESTMENT CORPORATION
By:	/s/ TANNER POWELL
Tanner Powell
Chief Executive Officer
(Principal Executive Officer)
By:	/s/ GREGORY W. HUNT
Gregory W. Hunt
Chief Financial Officer and Treasurer
(Principal Financial Officer and Principal Accounting Officer)

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