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