0001278752 Second Lien - Secured Debt 2025-03-31 0001278752 Trading Companies & Distributors PSE Graffiti Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 08/10/27 2025-03-31 0001278752 Project Comfort Buyer, Inc., Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Interactive Media & Services 2025-03-31 0001278752 High Tech Industries New Relic Crewline Buyer, Inc. 2024-12-31 0001278752 mfic:DiversifiedInvestmentVehicleBankingFinanceAndRealEstateMember 2024-12-31 0001278752 Eagle Purchaser, Inc., Undrawn Commitment 2025-03-31 0001278752 Origami Opportunities Fund III, L.P. 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-12-06 2019-12-06 0001278752 Hotel, Gaming, Leisure, Restaurants Tasty Chick'n Tasty Chick'n LLC First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor Maturity Date 05/16/29 2024-12-31 0001278752 Telecommunications Cablevision Systems CSC Holdings, LLC First Lien Secured Debt - Term Loan SOFR+450, 0.00% Floor Maturity Date 01/18/28 2024-12-31 0001278752 Insurance KCF Puerto Rico, LLC KCF Puerto Rico, LLC Secured Debt - Promissory Note Maturity Date 06/28/28 2025-03-31 0001278752 Insurance 2025-03-31 0001278752 IT Services VikingCloud Bullcave Limited 2025-03-31 0001278752 All Star Recruiting Locums, LLC 2025-03-31 0001278752 Munson Buffalo Restaurant Group LLC, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Trading Companies & Distributors, Common Equity/Interests 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Electrical Equipment 2025-03-31 0001278752 Affiliated Investments FC2 LLC, Term Loan 2025-01-01 2025-03-31 0001278752 Athlete Buyer, LLC 2025-03-31 0001278752 Biotechnology Rigel Pharmaceuticals Rigel Pharmaceuticals, Inc. First Lien Secured Debt Delayed Draw SOFR+661, 1.50% Floor Maturity Date 09/01/27 2025-03-31 0001278752 Olympus Terminals Holdco II LLC, Undrawn Commitment 2025-03-31 0001278752 mfic:FirstLienSecuredRevolverMember mfic:MerxAviationMember 2023-09-30 0001278752 Maxor National Pharmacy Services, LLC 2024-12-31 0001278752 Affiliated Investments Golden Bear 2016-R, LLC, Membership Interests 2024-12-31 0001278752 Automobile Components Universal Air Conditioner Cool Buyer, Inc. First Lien Secured Debt Delayed Draw SOFR+475, 1.00% Floor Maturity Date 10/31/30 2025-03-31 0001278752 Business Services HMA 2024-12-31 0001278752 Zinnia Corporate Holdings, LLC 2024-12-31 0001278752 Telecommunications Global Eagle 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Health Care Equipment & Supplies 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Aerospace & Defense, Common Equity/Interests 2025-03-31 0001278752 Accelerate360 Holdings, LLC, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Financial Services 2025-03-31 0001278752 High Tech Industries Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 11/27/30 2024-12-31 0001278752 RoC Holdco LLC 2025-03-31 0001278752 Financial Services Origami Opportunities Fund III 2025-03-31 0001278752 Purchasing Power Funding I, LLC, Undrawn Commitment 2025-03-31 0001278752 High Tech Industries Litify Litify Holdings Inc. Common Equity - Common Stock 2024-12-31 0001278752 mfic:AerospaceAndDefenseMember 2025-03-31 0001278752 srt:MinimumMember mfic:ControlledInvestmentsMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Real Estate Management & Development, First Lien - Secured Debt 2025-03-31 0001278752 Advertising Printing & Publishing Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt - Delayed Draw SOFR+210 Cash plus 5.00% PIK, 1.00% Floor Maturity Date 11/18/28 2024-12-31 0001278752 Healthcare & Pharmaceuticals KureSmart Kure Pain Holdings, Inc First Lien Secured Debt – Revolver SOFR+510, 1.00% Floor Maturity Date 08/27/27 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Renew Financial LLC (f/k/a Renewable Funding, LLC) AIC SPV Holdings II, LLC Preferred Equity - Preferred Stock 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Hotels, Restaurants & Leisure, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, High Tech Industries, First Lien - Secured Debt 2024-12-31 0001278752 Software Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+310 Cash plus 4.00% PIK, 1.00% Floor Maturity Date 02/02/26 2025-03-31 0001278752 Poly-Wood, LLC Undrawn Commitment 2024-12-31 0001278752 Mobile Communications America, Inc. Undrawn Commitment 2024-12-31 0001278752 mfic:FirstLienSecuredDebtMember 2024-12-31 0001278752 Commercial Services & Supplies CoreTrust Coretrust Purchasing Group LLC (HPG Enterprises LLC) First Lien Secured Debt Term Loan SOFR+525, 0.75% Floor Maturity Date 10/01/29 2025-03-31 0001278752 Consumer Staples Distribution & Retail THLP CO. LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 01/31/27 One 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Real Estate Management & Development 2025-03-31 0001278752 Health Care Providers & Services CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt - Term Loan SOFR+550, 0.50% Floor Maturity Date 12/17/29 2025-03-31 0001278752 WC ORS Holdings, L.P. | Common Equity - Common Stock 2024-01-01 2024-12-31 0001278752 Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Holdings, LP Common Equity - Common Stock 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, First Lien - Secured Debt 2024-12-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember 2023-12-13 2023-12-13 0001278752 Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 01/07/31 2025-03-31 0001278752 Beverage, Food & Tobacco Nutpods 2024-12-31 0001278752 August Bioservices, LLC 2025-03-31 0001278752 Health Care Equipment & Supplies Treace Treace Medical Concepts, Inc. First Lien Secured Debt - Delayed Draw SOFR+610, 1.00% Floor Maturity Date 04/01/27 2025-03-31 0001278752 Software Omada Omada Health, Inc. First Lien Secured Debt - Delayed Draw SOFR+710, 2.50% Floor Maturity Date 06/01/28 2025-03-31 0001278752 Wholesale Thomas Scientific BSP-TS, LP Investment Type Preferred Equity - Preferred Equity 2024-12-31 0001278752 Transportation Infrastructure GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 05/09/29 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Insurance 2024-12-31 0001278752 Munson Buffalo Restaurant Group LLC 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Beverages 2025-03-31 0001278752 Manufacturing, Capital Equipment International Wire Group IW Buyer LLC First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor Maturity Date 06/28/29 2024-12-31 0001278752 Automotive Truck-Lite Co., LLC First Lien Secured Debt - Term Loan SOFR+575, 0.75% Floor Maturity Date 02/13/31 2024-12-31 0001278752 Zephyr Buyer, L.P. Undrawn Commitment 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Health Care Technology 2025-03-31 0001278752 CRS Holdings, Inc. 2025-03-31 0001278752 Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 03/12/30 2024-12-31 0001278752 Business Services PSE Graffiti Buyer, Inc. First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 08/10/27 2024-12-31 0001278752 Software Naviga Colonnade Parent Inc (fka Naviga Inc.) 2025-03-31 0001278752 us-gaap:DebtInstrumentRedemptionPeriodFiveMember mfic:TotalCommitmentsMember us-gaap:LetterOfCreditMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Unsecured Debt 2025-03-31 0001278752 Wholesale Banner Solutions 2024-12-31 0001278752 Software Beeline IQN Holding Corp. 2025-03-31 0001278752 Commercial Services & Supplies IRP Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt - Delayed Draw SOFR+690, 1.00% Floor Maturity Date 03/08/28 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Aviation and Consumer Transport, First Lien - Secured Debt 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Staples Distribution & Retail, First Lien - Secured Debt 2025-03-31 0001278752 Pace Health Companies, LLC Undrawn Commitment 2024-12-31 0001278752 Business Services Schlesinger Group Schlesinger Global, LLC Investment Type First Lien Secured Debt - Term Loan SOFR+275 Cash plus 5.85% PIK, 1.00% Floor Maturity Date 07/12/25 2024-12-31 0001278752 Software New Relic Crewline Buyer, Inc. 2025-03-31 0001278752 THLP CO. LLC 2025-03-31 0001278752 Sperry Acquisition, LLC 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Automobile Components, First Lien - Secured Debt 2025-03-31 0001278752 mfic:AdvertisingPrintingAndPublishingMember 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Software 2025-03-31 0001278752 Commercial Services & Supplies Atlas Technical Consultants GI Apple Midco LLC 2025-03-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Revolver 2024-01-01 2024-12-31 0001278752 Construction & Building RF Fager 2024-12-31 0001278752 Transportation - Cargo, Distribution Meritus Gas Partners MGP Holdings III Corp. Investment Type First Lien Secured Debt - Term Loan Interest Rate SOFR+525, 1.00% Floor Maturity Date 03/01/30 2024-12-31 0001278752 Media Accelerate360 Accelerate360 Holdings, LLC First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 02/11/27 2025-03-31 0001278752 Truck-Lite Co., LLC Letters of Credit 2025-03-31 0001278752 Non-Controlled / Affiliated Investments, Financial Services 2025-03-31 0001278752 mfic:ClassBSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-02-24 2025-02-24 0001278752 mfic:SECRule10b51RepurchasePlanMember 2017-06-30 2017-06-30 0001278752 Consumer Services Gateway Services Gateway US Holdings, Inc. 2024-12-31 0001278752 Consumer Services Village Pet Care Village Pet Care, LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor Maturity Date 09/22/29 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2024-03-31 0001278752 Healthcare & Pharmaceuticals, August Bio, August Bioservices, LLC, First Lien Secured Debt - Delayed Draw, SOFR+595, 2.00% Floor, Maturity Date 06/01/29 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Insurance, First Lien - Secured Debt 2025-03-31 0001278752 Compu-Link Corporation (dba Celink) 2024-12-31 0001278752 Business Services US Legal Support US Legal Support Investment Holdings, LLC Investment Type Common Equity - Series A-1 Units 2024-12-31 0001278752 High Tech Industries Dairy.com Momentx Corporation First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 06/24/27 2024-12-31 0001278752 Health Care Providers & Services EmpiRx EmpiRx Health LLC First Lien Secured Debt – Term Loan SOFR+510, 1.00% Floor Maturity Date 08/05/27 2025-03-31 0001278752 us-gaap:WarrantMember 2025-03-31 0001278752 Athlete Buyer, LLC Letters of Credit 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Services 2024-12-31 0001278752 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-03-31 0001278752 Olympus Terminals Holdco II LLC 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2024-01-01 2024-03-31 0001278752 Machinery JPW JPW Industries Holding Corporation First Lien Secured Debt - Term Loan SOFR+588, 2.00% Floor Maturity Date 11/22/28 2025-03-31 0001278752 Unsecured Debt 2025-03-31 0001278752 Riverbed Technology, Inc. 2025-03-31 0001278752 us-gaap:DebtInstrumentRedemptionPeriodThreeMember mfic:TotalCommitmentsMember us-gaap:LetterOfCreditMember 2025-03-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Revolver 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Household Durables 2025-03-31 0001278752 Acentra Holdings, LLC (fka CNSI Holdings, LLC) 2025-03-31 0001278752 CRS Holdings, Inc. Undrawn Commitment 2024-12-31 0001278752 Chemicals, Plastics & Rubber Heubach 2024-12-31 0001278752 Software Beeline IQN Holding Corp. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 05/02/29 2025-03-31 0001278752 Diversified Consumer Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt – Delayed Draw SOFR+675, 1.00% Floor Maturity Date 03/22/30 2025-03-31 0001278752 Controlled Investments ChyronHego Corporation, Preferred Equity 2024-12-31 0001278752 Gateway US Holdings, Inc. Undrawn Commitment 2025-03-31 0001278752 Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured Debt – Term Loan SOFR+560, 1.00% Floor Maturity Date 11/12/27 2024-12-31 0001278752 ChyronHego US Holding Corporation Two Undrawn Commitment 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Warrants 2025-03-31 0001278752 Health Care Providers & Services RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Delayed Draw SOFR+540, 1.00% Floor Maturity Date 08/02/26 2025-03-31 0001278752 Business Services US Legal Support USLS Acquisition, Inc. Investment Type First Lien Secured Debt - Term Loan SOFR+590, 1.00% Floor Maturity Date 06/01/26 2024-12-31 0001278752 Communications Equipment Mitel Networks MLN US Holdco LLC First Lien Secured Debt - Term Loan 14.94% Maturity Date 10/18/27 2025-03-31 0001278752 Consumer Goods - Non-durable Elida Beauty PHOENIX YW BUYER, INC. First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 05/31/30 2024-12-31 0001278752 Orion Buyer, LLC 2025-03-31 0001278752 Real Estate Management & Development Redfin Redfin Corporation First Lien Secured Debt - Delayed Draw SOFR+575, 1.50% Floor Maturity Date 10/20/28 2025-03-31 0001278752 IW Buyer LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Common Equity/Interest 2024-12-31 0001278752 High Tech Industries Uplight Uplight, Inc. First Lien Secured Debt - Delayed Draw SOFR+610, 4.00% Floor Maturity Date 06/01/29 2024-12-31 0001278752 IT Services Avenu ACP Avenu Buyer, LLC 2025-03-31 0001278752 Momentx Corporation 2025-03-31 0001278752 Automobile Components Universal Air Conditioner Cool Acquisition Holdings, LP Common Equity - Common Stock 2025-03-31 0001278752 Heniff Holdco, LLC Undrawn Commitment 2024-12-31 0001278752 Healthcare & Pharmaceuticals Sterling Pharma Saffron Bidco Ltd First Lien Secured Debt - Delayed Draw SON+575, 0.75% Floor Maturity Date 09/11/31 2024-12-31 0001278752 mfic:SeniorUnsecuredMFICBethesdaCLO2LLCNotesMember 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Personal Care Products Elida Beauty PHOENIX YW BUYER, INC. First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 05/31/30 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Total Non-Controlled/Non-Affiliated Investments, Preferred Equity 2025-03-31 0001278752 Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) Letters of Credit 2024-12-31 0001278752 Passenger Airlines 2025-03-31 0001278752 Commercial Services & Supplies Ambrosia Buyer Corp. Ambrosia Buyer Corp. 2025-03-31 0001278752 Acentra Holdings, LLC (fka CNSI Holdings, LLC) 2024-12-31 0001278752 Business Services IRP Precision Refrigeration & Air Conditioning LLC Investment Type First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor Maturity Date 03/08/28 2024-12-31 0001278752 Aspen Aerogels, Inc. 2024-12-31 0001278752 mfic:HotelsRestaurantsLeisureMember 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Transportation Infrastructure 2025-03-31 0001278752 Vixxo Corporation 2025-03-31 0001278752 Lifelong Learner Holdings, LLC 2024-12-31 0001278752 Food Products Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor Maturity Date 07/30/27 2025-03-31 0001278752 Telesoft Holdings, LLC, Undrawn Commitment 2025-03-31 0001278752 Total Non-Controlled/Non-Affiliated Investments, Unsecured Debt 2025-03-31 0001278752 Village Pet Care, LLC 2024-12-31 0001278752 Health Care Providers & Services 2025-03-31 0001278752 Health Care Equipment & Supplies Carestream Health 2025-03-31 0001278752 Construction & Building Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 08/09/30 2024-12-31 0001278752 Beverage, Food & Tobacco Cave 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods - Non-durable 2024-12-31 0001278752 Software Anaplan Anaplan, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 06/21/29 2025-03-31 0001278752 Business Services IRP 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Machinery, First Lien - Secured Debt 2025-03-31 0001278752 Purchasing Power Funding I, LLC 2024-12-31 0001278752 OMH-Healthedge Holdings, Inc. 2025-03-31 0001278752 mfic:CommunicationsEquipmentMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Biotechnology, Warrants 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Professional Services 2025-03-31 0001278752 Software Beeline IQN Holding Corp. First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 05/02/28 2025-03-31 0001278752 Hotels, Restaurants & Leisure CircusTrix CircusTrix Holdings LLC First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 07/18/28 2025-03-31 0001278752 2004-04-08 2004-04-08 0001278752 Ground Transportation 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Consumer Services The Weather Company Zephyr Buyer, L.P. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 01/31/30 2024-12-31 0001278752 Aspen Aerogels, Inc., Undrawn Commitment 2025-03-31 0001278752 High Tech Industries Litify Litify LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 02/02/29 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Consumer Goods – Durable, Common Equity/Interests 2024-12-31 0001278752 RMCF V CIV L, L.P. | Common Equity - Common Stock 2024-01-01 2024-12-31 0001278752 Business Services Trench Plate Trench Safety Solutions Holdings, LLC Investment Type Common Equity - Common Stock 2024-12-31 0001278752 High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Term Loan SOFR+640, 1.00% Floor Maturity Date 10/31/26 2024-12-31 0001278752 Healthcare & Pharmaceuticals Ora LLC Orion Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 07/18/30 2024-12-31 0001278752 Kauffman Intermediate, LLC Undrawn Commitment 2024-12-31 0001278752 Treace Medical Concepts, Inc. 2024-12-31 0001278752 Transportation - Cargo, Distribution Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 12/03/26 2024-12-31 0001278752 Berner Food & Beverage, LLC, Undrawn Commitment 2025-03-31 0001278752 Controlled Investments, Warrants 2024-12-31 0001278752 Commercial Services & Supplies Smith System Smith Topco, Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor Maturity Date 11/06/29 2025-03-31 0001278752 Beverage, Food & Tobacco Orgain, Inc Butterfly Fighter Co-Invest, L.P. Common Equity - Membership Interests 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate, Structured Products and Other 2024-12-31 0001278752 Accelerate360 Holdings, LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Building Products 2025-03-31 0001278752 Construction & Building RF Fager R.F. Fager Company, LLC First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 03/04/30 2024-12-31 0001278752 Ground Transportation Olympus Terminals 2025-03-31 0001278752 OMH-Healthedge Holdings, Inc. Undrawn Commitment 2024-12-31 0001278752 Go Car Wash Management Corp. Undrawn Commitment 2024-12-31 0001278752 Health Care Providers & Services Maxor National Pharmacy Services, LLC Maxor Topco, L.P. Preferred Equity - Preferred Equity 2025-03-31 0001278752 Omada Health, Inc. Undrawn Commitment 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Chemicals, Plastics & Rubber, First Lien - Secured Debt 2024-12-31 0001278752 Energy - Electricity Solarplicity Group Limited (f/k/a AMP Solar UK) Solarplicity UK Holdings Limited Preferred Equity - Preferred Stock 2024-12-31 0001278752 Healthcare & Pharmaceuticals, Cerus, Cerus Corporation, First Lien Secured Debt - Delayed Draw, SOFR+660, 1.80% Floor, Maturity Date 03/01/28 2024-12-31 0001278752 Non-Controlled / Affiliated Investments 2025-03-31 0001278752 Communications Equipment Mitel Networks MLN US Holdco LLC Second Lien Secured Debt - Term Loan 15.20% Maturity Date 10/18/27 2025-03-31 0001278752 Pace Health Companies, LLC Letter of Credit 2024-12-31 0001278752 ChyronHego US Holding Corporation One 2024-12-31 0001278752 Healthcare & Pharmaceuticals Ora LLC Orion Buyer, LLC First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 07/18/30 2024-12-31 0001278752 Total Non-Controlled/Non-Affiliated Investments, Structured Products and Other 2025-03-31 0001278752 Affiliated Investments FC2 LLC, Term Loan 2023-12-31 0001278752 mfic:HouseholdDurablesMember 2025-03-31 0001278752 Omnimax International, LLC Undrawn Commitment 2024-12-31 0001278752 Health Care Equipment & Supplies Treace Treace Medical Concepts, Inc. First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor Maturity Date 04/01/27 2025-03-31 0001278752 Ground Transportation Boasso Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 06/30/28 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Telecommunications, Unsecured Debt 2024-12-31 0001278752 Biotechnology Partner Therapeutics, Inc Partner Therapeutics, Inc Warrants - Warrants 2025-03-31 0001278752 Business Services G&A G&A Partners Holding Company II, LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+550, 0.75% Floor Maturity Date 03/01/31 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Consumer Services Go Car Wash 2024-12-31 0001278752 Healthcare & Pharmaceuticals, EmpiRx, EmpiRx Health LLC, First Lien Secured Debt - Term Loan, SOFR+510, 1.00% Floor, Maturity Date 08/05/27 2024-12-31 0001278752 Thomas Scientific, LLCThomas Scientific, LLC Letters of Credit 2024-12-31 0001278752 Telecommunications Global Eagle Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC) First Lien Secured Debt - Term Loan 8.25% Maturity Date 03/23/26 2024-12-31 0001278752 Life Sciences Tools & Services August Bio August Bioservices, LLC First Lien Secured Debt - Delayed Draw SOFR+595, 2.00% Floor Maturity Date 06/01/29 2025-03-31 0001278752 Software Omada Omada Health, Inc. First Lien Secured Debt - Term Loan SOFR+710, 2.50% Floor Maturity Date 06/01/28 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyFiveMember 2025-01-01 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 Diversified Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt – Delayed Draw SOFR+475, 1.00% Floor Maturity Date 06/07/30 2025-03-31 0001278752 Air Freight & Logistics Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt Term Loan SOFR+550, 1.00% Floor Maturity Date 05/01/29 2025-03-31 0001278752 August Bioservices, LLC, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods – Non-durable, Common Equity/Interests 2024-12-31 0001278752 Affiliated Investments Carbonfree Chemicals Holdings LLC,Common Equity / Interest 2023-12-31 0001278752 Lunar Buyer, LLC Undrawn Commitment 2024-12-31 0001278752 High Tech Industries Lookout Lookout, Inc. 2024-12-31 0001278752 Business Services Heritage Environmental Services Heritage Environmental Services, Inc. Investment Type First Lien Secured Debt - Revolver SOFR+550, 4.50% Floor Maturity Date 01/31/30 2024-12-31 0001278752 Food Products Hive 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Warrants 2025-03-31 0001278752 EmpiRx Health LLC 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Nexity 2024-12-31 0001278752 CircusTrix Holdings LLC 2024-12-31 0001278752 High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 06/29/29 2024-12-31 0001278752 High Tech Industries Gtreasury G Treasury SS LLC 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Health Care Providers & Services, Common Equity/Interests 2025-03-31 0001278752 Construction & Engineering Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 08/09/30 2025-03-31 0001278752 AHP Timberwolf Bidco Corp. Undrawn Commitment 2024-12-31 0001278752 Consumer Staples Distribution & Retail 3D Protein Protein For Pets Opco, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 09/20/30 2025-03-31 0001278752 Electronic Equipment, Instruments & Components 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Household Durables 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, IT Services, Common Equity/Interests 2025-03-31 0001278752 Pharmaceuticals TersSera 2025-03-31 0001278752 NCP-MSI Buyer 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputEstimatedProceedsMember mfic:ValuationTechniqueEstimatedProceedsMember 2025-03-31 0001278752 Trading Companies & Distributors Banner Solutions Banner Buyer, LLC First Lien Secured Debt - Term Loan SOFR+590 Cash plus 0.50% PIK, 3.75% Floor Maturity Date 05/31/27 2025-03-31 0001278752 Healthcare & Pharmaceuticals, August Bio, August Bioservices, LLC 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Food Products, Preferred Equity 2025-03-31 0001278752 mfic:InsuranceMember 2024-12-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Common Stock 2025-01-01 2025-03-31 0001278752 mfic:O2025Q1DividendsMember us-gaap:SubsequentEventMember 2025-05-07 2025-05-07 0001278752 Kure Pain Holdings, Inc. 2025-03-31 0001278752 CRS Holdings, Inc., Undrawn Commitment 2025-03-31 0001278752 Specialty Retail PetSmart 2025-03-31 0001278752 Business Services North Highland The North Highland Company LLC Investment Type First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor Maturity Date 12/20/30 2024-12-31 0001278752 High Tech Industries Anaplan Anaplan, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 06/21/29 2024-12-31 0001278752 Alcresta Therapeutics Inc. Undrawn Commitment 2024-12-31 0001278752 Medical Guardian, LLC 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Insurance 2025-03-31 0001278752 Environmental Industries Liberty Tire Recycling LTR Intermediate Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+450, 1.00% Floor Maturity Date 05/05/28 2024-12-31 0001278752 Hotels, Restaurants & Leisure Guernsey 2025-03-31 0001278752 Biotechnology Partner Therapeutics, Inc Partner Therapeutics, Inc Preferred Equity - Preferred Equity 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Building Products 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Construction & Engineering, Common Equity/Interests 2025-03-31 0001278752 Construction & Engineering Renovo HomeRenew Buyer, Inc. First Lien Secured Debt - Revolver 6.65% Maturity Date 11/23/27 2025-03-31 0001278752 Professional Services FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 12/30/26 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-06-04 2019-06-04 0001278752 mfic:SeniorSecuredFacilityMember 2024-01-01 2024-03-31 0001278752 Wholesale Universal Air Conditioner 2024-12-31 0001278752 Leisure Products Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+710, 1.00% Floor Maturity Date 02/01/26 2025-03-31 0001278752 2019-02-06 0001278752 mfic:SecondLienSecuredDebtMember 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Beverages, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Automobile Components, First Lien - Secured Debt 2025-03-31 0001278752 mfic:HotelGamingLeisureRestaurantsMember 2024-12-31 0001278752 Diversified Consumer Services Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt – Delayed Draw SOFR+565, 1.00% Floor Maturity Date 06/16/27 2025-03-31 0001278752 High Tech Industries New Relic Crewline Buyer, Inc. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 11/08/30 2024-12-31 0001278752 Hotels, Restaurants & Leisure Tasty Chick'n Tasty Chick'n LLC First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 05/16/29 2025-03-31 0001278752 Consumer Services The Club Company 2024-12-31 0001278752 Health Care Providers & Services PHS PHS Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+610 Cash plus 4.50% PIK, 1.00% Floor Maturity Date 01/31/27 2025-03-31 0001278752 Chemicals Heubach SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.) First Lien Secured Debt Term Loan 7.00% Maturity Date 01/03/29 2025-03-31 0001278752 ACP Avenu Buyer, LLC 2025-03-31 0001278752 currency:GBP mfic:SeniorSecuredFacilityMember 2025-03-31 0001278752 Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt – Delayed Draw SOFR+475, 1.00% Floor Maturity Date 06/07/30 2024-12-31 0001278752 us-gaap:DebtInstrumentRedemptionPeriodFiveMember mfic:TotalCommitmentsMember 2025-01-01 2025-03-31 0001278752 SEV Intermediate Holdco, LLC 2025-03-31 0001278752 Health Care Providers & Services Thomas Scientific BSP-TS, LP Common Equity - Common Stock 2025-03-31 0001278752 Trench Plate Rental Co. Letter of Credit 2024-12-31 0001278752 Merx Aviation Finance, LLC | Common Equity - Membership Interests 2024-01-01 2024-12-31 0001278752 Health Care Providers & Services Thomas Scientific Thomas Scientific, LLC First Lien Secured Debt - Revolver SOFR+335 Cash plus 4.25% PIK, 1.00% Floor Maturity Date 12/14/27 2025-03-31 0001278752 WC ORS Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Leisure Products LashCo Lash OpCo, LLC First Lien Secured Debt - Delayed Draw SOFR+700, 1.00% Floor Maturity Date 03/18/26 2025-03-31 0001278752 mfic:GoldenBear2016RLLCMember 2025-03-31 0001278752 Transportation Infrastructure GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 05/09/29 2025-03-31 0001278752 Healthcare & Pharmaceuticals, CNSI,Acentra Holdings, LLC (fka CNSI Holdings, LLC) , First Lien Secured Debt - Revolver, SOFR+550, 0.50% Floor, Maturity Date 12/17/29 2024-12-31 0001278752 Software Solera Polaris Newco, LLC First Lien Secured Debt - Term Loan SOFR+401, 0.50% Floor Maturity Date 06/02/28 2025-03-31 0001278752 Roscoe Medical, Inc Undrawn Commitment 2024-12-31 0001278752 IT Services VikingCloud Bullcave Limited First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 08/06/30 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate PMA 2024-12-31 0001278752 Village Pet Care, LLC 2025-03-31 0001278752 Excelligence Learning Corporation 2025-03-31 0001278752 Health Care Providers & Services RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Term Loan SOFR+540, 1.00% Floor Maturity Date 08/02/26 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Manufacturing, Media – Diversified & Production, First Lien - Secured Debt 2024-12-31 0001278752 Business Services SEER GS SEER Group Holdings, LLC Investment Type Common Equity - Common Stock 2024-12-31 0001278752 Pharmaceuticals Avid Bioservices 2025-03-31 0001278752 Construction & Building OmniMax International, LLC 2024-12-31 0001278752 WildBrain Ltd. 2025-03-31 0001278752 Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor Maturity Date 12/31/25 2024-12-31 0001278752 Healthcare & Pharmaceuticals Trillium 2024-12-31 0001278752 mfic:ClassCSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-03-31 0001278752 Affiliated Investments 2023-12-31 0001278752 M&M OPCO, LLC, Undrawn Commitment 2025-03-31 0001278752 Health Care Providers & Services ExactCare ExactCare Parent, Inc. First Lien Secured Debt –Revolver SOFR+550, 1.00% Floor Maturity Date 11/05/29 2025-03-31 0001278752 Pace Health Companies, LLC Letters of Credit 2025-03-31 0001278752 mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-02-24 0001278752 Non-Controlled/Non-Affiliated Investments, Retail 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Household Durables, First Lien - Secured Debt 2025-03-31 0001278752 Commercial Services & Supplies Core Roofing CRS Holdings, Inc. 2025-03-31 0001278752 Paper & Forest Products 2025-03-31 0001278752 High Tech Industries Digital.ai Digital.ai Software Holdings, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 08/10/28 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods - Non-durable, Preferred Equity 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Pharmaceuticals 2025-03-31 0001278752 ExactCare Parent, Inc. 2025-03-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Term Loan 2025-01-01 2025-03-31 0001278752 TCW Midco LLC, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Air Freight & Logistics, First Lien - Secured Debt 2025-03-31 0001278752 New Era Technology, Inc. 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Health Care Technology Inovalon Inovalon Holdings, Inc. First Lien Secured Debt - Delayed Draw SOFR+300 Cash plus 2.75% PIK, 0.75% Floor Maturity Date 11/24/28 2025-03-31 0001278752 Electronic Equipment, Instruments & Components, AVAD, LLC, Surf Opco, LLC First Lien Secured Debt - Term Loan SOFR+411, 1.00% Floor Maturity Date 09/10/26 2025-03-31 0001278752 Affiliated Investments 2024-01-01 2024-12-31 0001278752 Digital.ai Software Holdings, Inc., Undrawn Commitment 2025-03-31 0001278752 Construction & Engineering American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor Maturity Date 07/24/30 2025-03-31 0001278752 Software Uniguest Uniguest Holdings, Inc 2025-03-31 0001278752 Insurance PGM Holdings Corporation Turbo Buyer, Inc. First Lien Secured Debt – Revolver SOFR+625, 1.00% Floor Maturity Date 12/02/25 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Allied Benefit Systems, Allied Benefit Systems Intermediate LLC 2024-12-31 0001278752 Leisure Products Paladone Paladone Group Bidco Limited First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 11/12/27 2025-03-31 0001278752 Containers & Packaging Truvant NPPI Buyer, LLC First Lien Secured Debt – Delayed Draw SOFR+525, 1.00% Floor Maturity Date 08/20/29 2025-03-31 0001278752 Healthcare & Pharmaceuticals Akoya Akoya Biosciences, Inc. First Lien Secured Debt - Delayed Draw SOFR+691, 2.50% Floor Maturity Date 11/01/27 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Commercial Services & Supplies 2025-03-31 0001278752 Telesoft Holdings, LLC 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Wholesale, Unsecured Debt 2024-12-31 0001278752 Financial Services Stretto Stretto, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 10/13/28 2025-03-31 0001278752 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-01-01 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Consumer Services 2025-03-31 0001278752 Consumer Goods - Durable Sorenson Holdings, LLC Sorenson Holdings, LLC First Lien Secured Debt - Term Loan 10% PIK Maturity Date 04/01/30 2024-12-31 0001278752 J.P. Morgan U.S. Government Money Market Fund 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2024-12-31 0001278752 Ground Transportation Olympus Terminals Olympus Terminals Holdco II LLC First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 12/17/30 2025-03-31 0001278752 NPPI Buyer, LLC 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Warrants 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Building Products, First Lien - Secured Debt 2025-03-31 0001278752 Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt - Delayed Draw SOFR+626, 1.00% Floor Maturity Date 12/27/27 2024-12-31 0001278752 Turbo Buyer, Inc. 2024-12-31 0001278752 2018-10-30 0001278752 Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt – Term Loan SOFR+475, 1.00% Floor Maturity Date 06/07/30 2024-12-31 0001278752 Business Services Escalent M&M OPCO, LLC Investment Type First Lien Secured Debt - Revolver SOFR+810, 1.00% Floor Maturity Date 04/07/29 2024-12-31 0001278752 CRS Holdings, Inc., Letters of Credit 2025-03-31 0001278752 Construction & Engineering Traffic Management Solutions, LLC Traffic Management Solutions, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 11/26/30 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Energy Equipment & Services 2025-03-31 0001278752 Business Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 03/22/29 2024-12-31 0001278752 Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.), Undrawn Commitment 2025-03-31 0001278752 Commercial Services & Supplies Smith System Smith Topco, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 11/06/29 2025-03-31 0001278752 KL Charlie Acquisition Company Undrawn Commitment 2025-03-31 0001278752 KL Charlie Acquisition Company 2024-12-31 0001278752 Health Care Providers & Services Maxor National Pharmacy Services, LLC Maxor Acquisition, Inc. First Lien Secured Debt – Term Loan SOFR+610, 1.00% Floor Maturity Date 03/01/29 2025-03-31 0001278752 Smith Topco, Inc. 2025-03-31 0001278752 Health Care Providers & Services Team Select TS Investors, LLC First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 05/04/29 2025-03-31 0001278752 Eldrickco Limited* 2024-12-31 0001278752 Zephyr Buyer, L.P. 2025-03-31 0001278752 mfic:ClassA2SeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-02-24 2025-02-24 0001278752 mfic:WholesaleMember 2024-12-31 0001278752 Health Care Providers & Services Thomas Scientific Thomas Scientific, LLC First Lien Secured Debt - Term Loan SOFR+340 Cash plus 4.25% PIK, 1.00% Floor Maturity Date 12/14/27 2025-03-31 0001278752 Software Forcura + Medalogix (Project Tarpon) F&M Buyer LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 03/18/32 2025-03-31 0001278752 Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. First Lien Secured Debt - Revolver 4.10% Maturity Date 05/22/25 2024-12-31 0001278752 Machinery Milacron (Project Iota) IOTA HOLDINGS 3 First Lien Secured Debt - Term Loan SOFR+475, 0.00% Floor Maturity Date 03/31/32 2025-03-31 0001278752 High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt - Revolver SOFR+410, 2.50% Floor Maturity Date 06/01/28 2024-12-31 0001278752 High Tech Industries Beeline 2024-12-31 0001278752 Business Services Core Roofing 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation (dba Celink) First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor Maturity Date 11/30/29 2024-12-31 0001278752 currency:EUR mfic:SeniorSecuredFacilityMember 2024-01-01 2024-12-31 0001278752 2015-08-05 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Health Care Providers & Services, Preferred Equity 2025-03-31 0001278752 IQN Holding Corp. 2025-03-31 0001278752 Uplight, Inc. Undrawn Commitment 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Diversified Telecommunication Services, First Lien - Secured Debt 2025-03-31 0001278752 Passenger Airlines Merx Aviation Finance, LLC Merx Aviation Finance, LLC Common Equity - Membership Interests 2025-03-31 0001278752 mfic:ChyronHegoCorporationMember 2024-12-31 0001278752 Interactive Media & Services 2025-03-31 0001278752 Commercial Services & Supplies SafetyCo HEF Safety Ultimate Holdings, LLC First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 11/19/29 2025-03-31 0001278752 Momentx Corporation 2024-12-31 0001278752 Health Care Equipment & Supplies Treace Treace Medical Concepts, Inc. First Lien Secured Debt - Revolver SOFR+410, 1.00% Floor Maturity Date 04/01/27 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2024-12-31 0001278752 Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Revolver SOFR+650, 0.75% Floor Maturity Date 09/22/26 2024-12-31 0001278752 LS Clinical Services Holdings, Inc. 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Life Sciences Tools & Services, First Lien - Secured Debt 2025-03-31 0001278752 Food Products Patriot Pickle 2025-03-31 0001278752 Business Services Core Roofing CRS Holdings, Inc. Investment Type First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 06/06/30 2024-12-31 0001278752 Media - Diversified & Production 2024-12-31 0001278752 Wholesale Thomas Scientific Thomas Scientific, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate SOFR+340, 4.50% PIK, 1.00% Floor Maturity Date 12/14/27 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Telecommunications, Second Lien - Secured Debt 2024-12-31 0001278752 Jacent Strategic Merchandising 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Construction & Building, First Lien - Secured Debt 2024-12-31 0001278752 Hotels, Restaurants & Leisure PARS Group LLC 2025-03-31 0001278752 mfic:MficbethesdacloonellcdebtsecuritizationMember 2023-11-02 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Lending Point LendingPoint LLC First Lien Secured Debt - Term Loan, 0.00%, Maturity Date 12/30/26 2024-12-31 0001278752 Pharmaceuticals Sterling Pharma Saffron Bidco Ltd First Lien Secured Debt - Term Loan SOFR+575, 0.75% Floor Maturity Date 09/11/31 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Biotechnology 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation (dba Celink) First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 11/30/29 2024-12-31 0001278752 High Tech Industries Uplight Uplight, Inc. 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, IT Services, First Lien - Secured Debt 2025-03-31 0001278752 Affiliated Investments Carbonfree Chemicals Holdings LLC,Common Equity / Interest 2024-12-31 0001278752 Trading Companies & Distributors 2025-03-31 0001278752 Affiliated Investments Carbonfree Chemicals Holdings LLC,Common Equity / Interest 2024-01-01 2024-12-31 0001278752 AMI US Holdings Inc. 2025-03-31 0001278752 Software Naviga Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Delayed Draw 7.10% Maturity Date 04/27/24 2025-03-31 0001278752 Health Care Providers & Services Celerion Celerion Buyer, Inc. First Lien Secured Debt –Revolver SOFR+500, 0.75% Floor Maturity Date 11/03/28 2025-03-31 0001278752 Commercial Services & Supplies HMA Health Management Associates Superholdings, Inc. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 03/30/29 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Cerus 2024-12-31 0001278752 mfic:ClassAOneNotesMember mfic:MficbethesdacloonellcdebtsecuritizationMember 2025-01-01 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Telecommunications 2024-12-31 0001278752 Hotel, Gaming, Leisure, Restaurants Munson 2024-12-31 0001278752 Diversified Consumer Services Gateway Services Gateway US Holdings, Inc. 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, Preferred Equity 2024-12-31 0001278752 Lash OpCo, LLC 2024-12-31 0001278752 Software Zendesk Zendesk, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 11/22/28 2025-03-31 0001278752 The North Highland Company LLC 2025-03-31 0001278752 Software Riverbed Technology, Inc. Riverbed Technology, Inc. First Lien Secured Debt - Revolver 6.00% Maturity Date 04/03/28 2025-03-31 0001278752 Communications Equipment Sorenson Holdings, LLC Sorenson Holdings, LLC First Lien Secured Debt - Term Loan 8.00% PIK Maturity Date 04/01/30 2025-03-31 0001278752 Healthcare & Pharmaceuticals Maxor National Pharmacy Service LLC, Maxor Topco, L.P. Preferred Equity - Preferred Equity 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Household Durables, First Lien - Secured Debt 2025-03-31 0001278752 Business Services IRP Precision Refrigeration & Air Conditioning LLC Investment Type First Lien Secured Debt - Term Loan SOFR+690, 1.00% Floor Maturity Date 03/08/28 2024-12-31 0001278752 Consumer Goods - Durable Sorenson Holdings, LLC Sorenson Holdings, LLC Common Equity - Membership Interests 2024-12-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Business Services SEER GS SEER Group Borrower LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor Maturity Date 04/29/30 2024-12-31 0001278752 High Tech Industries New Era Technology, Inc. New Era Technology, Inc. 2024-12-31 0001278752 Commercial Services & Supplies IRP Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor Maturity Date 03/08/28 2025-03-31 0001278752 Controlled Investments, Passenger Airlines, Common Equity/Interests 2025-03-31 0001278752 GS SEER Group Borrower LLC Undrawn Commitment 2024-12-31 0001278752 Kauffman Intermediate, LLC Undrawn Commitment 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 mfic:ConsumerServicesMember 2024-12-31 0001278752 mfic:AutoPoolMember 2025-03-31 0001278752 Health Management Associates Superholdings, Inc. Undrawn Commitment 2024-12-31 0001278752 Paladone Group Bidco Limited 2025-03-31 0001278752 Affiliated Investments Blue Jay Transit Inc.,Term Loan 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Stretto Stretto, Inc. 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First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 08/10/28 2025-03-31 0001278752 us-gaap:MoneyMarketFundsMember 2024-12-31 0001278752 Containers & Packaging MSI Express, Inc. NCP-MSI Buyer First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 03/24/31 2025-03-31 0001278752 Healthcare & Pharmaceuticals PHS 2024-12-31 0001278752 Pharmaceuticals Trillium Trillium Health Care Products Inc. 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Investment Type First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 07/10/31 2024-12-31 0001278752 mfic:SeniorSecuredFacilityMember 2024-01-01 2024-09-30 0001278752 Independent Power & Renewable Electricity Producers Solarplicity Group Limited (f/k/a AMP Solar UK) Solarplicity UK Holdings Limited Common Equity - Ordinary Shares 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 TerSera Therapeutics LLC 2025-03-31 0001278752 Zafin Labs Americas Incorporated, Undrawn Commoitment 2025-03-31 0001278752 Construction & Building OmniMax International, LLC Omnimax International, LLC First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 12/06/30 2024-12-31 0001278752 Communications Equipment Congruex Congruex Group LLC First Lien Secured Debt - Term Loan SOFR+665, 1.50% Floor Maturity Date 05/03/29 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Health Care Technology, First Lien - Secured Debt 2025-03-31 0001278752 Acosta Holdings Corp. | Preferred Equity - Preferred Equity 2025-01-01 2025-03-31 0001278752 Beverage, Food & Tobacco Turkey Hill THLP CO. 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(International Cruise & Excursion Gallery, Inc),Term Loan 2024-01-01 2024-12-31 0001278752 Controlled Investments ChyronHego Corporation, Preferred Equity 2025-01-01 2025-03-31 0001278752 Personal Care Products 2025-03-31 0001278752 Containers & Packaging Truvant NPPI Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 08/20/29 2025-03-31 0001278752 BSP-TS, LP | Preferred Equity - Preferred Equity 2024-01-01 2024-12-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 srt:MaximumMember mfic:SeniorSecuredFacilityMember us-gaap:BaseRateMember 2025-01-01 2025-03-31 0001278752 Smith Topco, Inc. 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First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 06/29/28 2024-12-31 0001278752 Healthcare & Pharmaceuticals Midwest Vision Midwest Vision Partners Management, LLC First Lien Secured Debt - Term Loan SOFR+650 PIK, 1.00% Floor Maturity Date 01/12/27 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Wireless Telecommunication Services 2025-03-31 0001278752 Advertising Printing & Publishing Accelerate360 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember 2024-01-01 2024-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2022-12-27 0001278752 Pharmaceuticals Avid Bioservices Space Parent, LP Common Equity - Common Stock 2025-03-31 0001278752 Commercial Services & Supplies Mariani CI (MG) GROUP, LLC First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 03/27/30 2025-03-31 0001278752 Automobile Components Truck-Lite Co., LLC Truck-Lite Co., LLC First Lien Secured Debt Delayed Draw SOFR+575, 0.75% Floor Maturity Date 02/13/31 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Chemicals, Plastics & Rubber 2024-12-31 0001278752 TeamLINX Buyer, LLC 2025-03-31 0001278752 Business Services Avenu 2024-12-31 0001278752 Riverbed Technology, Inc. Undrawn Commitment 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Health Care Providers & Services 2025-03-31 0001278752 Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 11/12/27 2024-12-31 0001278752 Graffiti Buyer, Inc., Undrawn Commitment 2025-03-31 0001278752 Semiconductors & Semiconductor Equipment Wolfspeed Wolfspeed, Inc. 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First Lien Secured Debt - Delayed Draw SOFR+691, 2.50% Floor Maturity Date 11/01/27 2025-03-31 0001278752 US MetalCo Holdings LLC, Undrawn Commitment 2025-03-31 0001278752 Textiles, Apparel & Luxury Goods Sequential Brands Group, Inc. Galaxy Universal LLC First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor Maturity Date 05/12/28 2025-03-31 0001278752 Texada Software LLC, Undrawn Commitment 2025-03-31 0001278752 Media - Diversified & Production DHX WildBrain Ltd. First Lien Secured Debt - Term Loan SOFR+600, 0.50% Floor Maturity Date 07/23/29 2024-12-31 0001278752 Business Services SEER 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Insight XI Aggregator, L.P. Insight XI Aggregator, L.P. First Lien Secured Debt - Term Loan SOFR+325, 0.00% Floor Maturity Date 08/28/25 2024-12-31 0001278752 Health Care Equipment & Supplies Medical Guardian Medical Guardian, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 04/26/28 2025-03-31 0001278752 Healthcare & Pharmaceuticals Rigel Pharmaceuticals Rigel Pharmaceuticals, Inc. First Lien Secured Debt - Delayed Draw SOFR+661, 1.50% Floor Maturity Date 09/01/27 2024-12-31 0001278752 Chemicals Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) 2025-03-31 0001278752 Wireless Telecommunication Services 2025-03-31 0001278752 Truck-Lite Co., LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Technology Hardware, Storage & Peripherals, First Lien - Secured Debt 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC Greylock Holdings LLC Common Equity - Common Stock 2024-12-31 0001278752 Non-Controlled / Affiliated Investments, Electronic Equipment, Instruments & Components, Preferred Equity 2025-03-31 0001278752 Hotels, Restaurants & Leisure Tasty Chick'n 2025-03-31 0001278752 High Tech Industries Pro Vigil Pro-Vigil Holding Company, LLC First Lien Secured Debt - Term Loan SOFR+860, 1.00% Floor Maturity Date 01/11/26 2024-12-31 0001278752 2022-08-02 0001278752 Natus Sensory, Inc. 2025-03-31 0001278752 Healthcare & Pharmaceuticals LucidHealth 2024-12-31 0001278752 DCM Parent, LLC, Undrawn Commitment 2025-03-31 0001278752 Mobile Communications America, Inc., Undrawn Commitment 2025-03-31 0001278752 mfic:FeeOffsetAgreementMember mfic:ApolloInvestmentManagementLPMember 2024-01-01 2024-03-31 0001278752 Business Services Jacent Jacent Strategic Merchandising Investment Type Common Equity - Common Stock 2024-12-31 0001278752 AGDATA Midco, LLC 2025-03-31 0001278752 Anaplan, Inc. Undrawn Commitment 2024-12-31 0001278752 Food Products Hive FCP-Hive Holdings, LLC Common Equity - Common Stock 2025-03-31 0001278752 Media Acosta Acosta Holdings Corp. Preferred Equity - Preferred Equity 2025-03-31 0001278752 Non-Controlled / Affiliated Investments, Chemicals, First Lien - Secured Debt 2025-03-31 0001278752 Bullcave Limited, Undrawn Commitment 2025-03-31 0001278752 mfic:SeniorSecuredFacilityMember 2018-04-04 0001278752 Chemicals W.R. Grace W.R. Grace Holdings LLC First Lien Secured Debt - Corporate Bond 4.88% Floor Maturity Date 06/15/27 2025-03-31 0001278752 Consumer Staples Distribution & Retail 2025-03-31 0001278752 Consumer Goods - Durable Polywood Poly-Wood, LLC First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 03/20/30 2024-12-31 0001278752 Health Care Providers & Services Alcami Alcami Corporation First Lien Secured Debt - Delayed Draw SOFR+710, 1.00% Floor Maturity Date 12/21/28 2025-03-31 0001278752 currency:GBP mfic:SeniorSecuredFacilityMember 2024-01-01 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Health Care Technology, Second Lien - Secured Debt 2025-03-31 0001278752 Eldrickco Limited*, Undrawn Commitment 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2025-03-31 0001278752 srt:MinimumMember 2024-01-01 2024-12-31 0001278752 Controlled Investments 2023-12-31 0001278752 Health Care Providers & Services PHS 2025-03-31 0001278752 Commercial Services & Supplies CoreTrust Coretrust Purchasing Group LLC (HPG Enterprises LLC) First Lien Secured Debt Revolver SOFR+525, 0.75% Floor Maturity Date 10/01/29 2025-03-31 0001278752 Trading Companies & Distributor Banner Solutions Banner Buyer, LLC First Lien Secured Debt - Term Loan SOFR+590 Cash plus 0.50% PIK, 3.75% Floor Maturity Date 05/31/27 2025-03-31 0001278752 Electronic Equipment, Instruments & Components, AVAD, LLC, Surf Opco, LLC Common Equity - Class A-1 Common 2025-03-31 0001278752 Alcresta Holdings, LP | Preferred Equity - Preferred Equity 2024-01-01 2024-12-31 0001278752 Leisure Products 2025-03-31 0001278752 Air Freight & Logistics 2025-03-31 0001278752 Generator Buyer, Inc.* 2025-03-31 0001278752 mfic:HealthCareEquipmentSuppliesMember 2025-03-31 0001278752 Consumer Services Walters Wedding Estates WH BorrowerCo, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 08/01/30 2024-12-31 0001278752 Construction & Building 2024-12-31 0001278752 RHI Acquisition LLC, Undrawn Commitment 2025-03-31 0001278752 Healthcare & Pharmaceuticals Medical Guardian Medical Guardian, LLC First Lien Secured Debt – Term Loan SOFR+585, 1.00% Floor Maturity Date 04/26/28 2024-12-31 0001278752 Life Sciences Tools & Services Akoya Akoya Biosciences, Inc. First Lien Secured Debt - Term Loan SOFR+691, 2.50% Floor Maturity Date 11/01/27 2025-03-31 0001278752 mfic:PerformanceBasedIncentiveFeeMember mfic:ApolloInvestmentManagementLPMember 2025-01-01 2025-03-31 0001278752 Chemicals Meristem Crop Performance Lunar Buyer, LLC First Lien Secured Debt Revolver SOFR+550, 0.75% Floor Maturity Date 10/03/30 2025-03-31 0001278752 Accelerate360 Holdings, LLC 2025-03-31 0001278752 Hotels, Restaurants & Leisure Walters Wedding Estates 2025-03-31 0001278752 Health Care Providers & Services CNSI 2025-03-31 0001278752 Software American Megatrends AMI Buyer, Inc. First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 10/17/31 2025-03-31 0001278752 Consumer Staples Distribution & Retail THLP CO. LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 01/31/27 Two 2025-03-31 0001278752 Diversified Consumer Services Wilson Language Training Owl Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+535, 1.00% Floor Maturity Date 02/04/28 2025-03-31 0001278752 Healthcare & Pharmaceuticals Alcami 2024-12-31 0001278752 Business Services Ingenovis Health Ingenovis Health, Inc. (CCRR Parent Inc) Investment Type First Lien Secured Debt - Term Loan SOFR+425, 0.75% Floor Maturity Date 03/06/28 2024-12-31 0001278752 Software Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 11/27/30 2025-03-31 0001278752 Origami Opportunities Fund III, L.P. 2024-12-31 0001278752 Healthcare & Pharmaceuticals Maxor National Pharmacy Service LLC 2024-12-31 0001278752 G Treasury SS LLC 2024-12-31 0001278752 IT Services AGDATA AGDATA Midco, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 07/01/30 2025-03-31 0001278752 us-gaap:FairValueInputsLevel1Member mfic:CommonEquityInterestsMember 2025-03-31 0001278752 High Tech Industries Dairy.com Momentx Corporation 2024-12-31 0001278752 Wholesale Thomas Scientific 2024-12-31 0001278752 Zendesk, Inc Letter of Credit 2024-12-31 0001278752 Diversified Consumer Services Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor Maturity Date 06/16/27 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Staples Distribution & Retail 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Textiles, Apparel & Luxury Goods, Common Equity/Interests 2025-03-31 0001278752 IT Services GrayMatter Systems Genius Bidco LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 05/01/30 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Entertainment, First Lien - Secured Debt 2025-03-31 0001278752 CRS Holdings, Inc. Letters of Credit 2024-12-31 0001278752 Regis Corporation 2024-12-31 0001278752 Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 10/22/29 2024-12-31 0001278752 Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 03/12/30 2025-03-31 0001278752 Cool Acquisition Holdings, LP | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Leisure Products, Preferred Equity 2025-03-31 0001278752 Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Term Loan SOFR+475, 0.75% Floor Maturity Date 09/22/26 2024-12-31 0001278752 Media Accelerate360 Accelerate360 Holdings, LLC 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember 2023-01-01 2023-12-31 0001278752 Healthcare & Pharmaceuticals Omega Healthcare OMH-Healthedge Holdings, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 10/08/29 2024-12-31 0001278752 Alcresta Therapeutics Inc. 2025-03-31 0001278752 Cool Buyer, Inc., Undrawn Commitment 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Aerospace & Defense 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Pharmaceuticals, Unsecured Debt 2025-03-31 0001278752 mfic:ApolloInvestmentManagementLPMember 2024-01-01 2024-03-31 0001278752 Beverage, Food & Tobacco Cave Cave Enterprises Operations, LLC First Lien Secured Debt - Term Loan SOFR+660, 1.50% Floor Maturity Date 08/09/28 2024-12-31 0001278752 THLP CO. LLC Letter of Credit 2024-12-31 0001278752 Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Independent Power & Renewable Electricity Producers, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Software, Second Lien - Secured Debt 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2018-12-12 0001278752 Norvax, LLC Undrawn Commitment 2024-12-31 0001278752 Traffic Management Solutions, LLC 2024-12-31 0001278752 High Tech Industries Digital.ai Digital.ai Software Holdings, Inc. 2024-12-31 0001278752 Electric Utilities, Dynagrid, Megavolt Borrower, LLC First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor Maturity Date 02/13/32 2025-03-31 0001278752 Olympus Terminals Holdco II LLC, Letters of Credit 2025-03-31 0001278752 Controlled Investments, Common Equity/Interests 2024-12-31 0001278752 mfic:MficbethesdacloonellcdebtsecuritizationMember mfic:SubServicingAgreementMember 2024-01-01 2024-03-31 0001278752 High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 06/29/29 2024-12-31 0001278752 Textiles, Apparel & Luxury Goods Iconix Brand Group IBG Borrower LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 08/22/29 2025-03-31 0001278752 Business Services Core Roofing CRS Holdings, Inc. Investment Type First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 06/06/30 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Containers & Packaging, First Lien - Secured Debt 2025-03-31 0001278752 Construction & Engineering Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 04/26/30 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC First Lien Secured Debt - Term Loan SOFR+411, 1.00% Floor Maturity Date 09/10/26 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2020-03-12 2020-03-12 0001278752 Food Products Hive FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity 2025-03-31 0001278752 BusPatrol Holdco 2024-12-31 0001278752 Food Products Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 12/24/29 2025-03-31 0001278752 Club Car Wash Operating, LLC 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Independent Power & Renewable Electricity Producers 2025-03-31 0001278752 Construction & Engineering Trench Plate Trench Safety Solutions Holdings, LLC Common Equity - Common Stock 2025-03-31 0001278752 Construction & Building American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor Maturity Date 07/24/30 2024-12-31 0001278752 Health Care Providers & Services Maxor National Pharmacy Services, LLC Maxor National Pharmacy Services, LLC First Lien Secured Debt – Term Loan SOFR+610, 1.00% Floor Maturity Date 03/01/29 2025-03-31 0001278752 Technology Hardware, Storage & Peripherals BusPatrol BusPatrol Holdco First Lien Secured Debt - Revolver SOFR+400, 1.00% Floor Maturity Date 08/02/29 2025-03-31 0001278752 Evoriel* 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Consumer Goods - Durable, Common Equity/Interests 2024-12-31 0001278752 Diversified Consumer Services Village Pet Care Village Pet Care, LLC 2025-03-31 0001278752 Lotus Topco Inc. 2024-12-31 0001278752 Hive Intermediate, LLC Undrawn Commitment 2024-12-31 0001278752 TCW Midco LLC, Letters of Credit 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2025-03-31 0001278752 Advertising Printing & Publishing Acosta Acosta Holdings Corp. Preferred Common Equity - Common Stock 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Personal Care Products 2025-03-31 0001278752 Media Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt - Term Loan SOFR+210 Cash plus 5.00% PIK, 1.00% Floor Maturity Date 11/18/28 2025-03-31 0001278752 Affiliated Investments Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests 2024-12-31 0001278752 Pavement Preservation Acquisition, LLC Undrawn Commitment 2024-12-31 0001278752 Affiliated Investments Golden Bear 2016-R, LLC, Membership Interests 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Transportation Infrastructure, First Lien - Secured Debt 2025-03-31 0001278752 New Era Technology, Inc. 2025-03-31 0001278752 Construction & Engineering Trench Plate Trench Plate Rental Co. First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 12/03/28 2025-03-31 0001278752 Affiliated Investments Carbonfree Chemicals Holdings LLC,Common Equity / Interest 2025-01-01 2025-03-31 0001278752 Financial Services Definiti LLC 2025-03-31 0001278752 mfic:TelecommunicationsMember 2024-12-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 Healthcare & Pharmaceuticals Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Term Loan SOFR+555, 1.00% Floor Maturity Date 08/09/27 2024-12-31 0001278752 Media HALO Branded Solutions HALO Buyer, Inc First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 08/07/29 2025-03-31 0001278752 Business Services Jacent 2024-12-31 0001278752 Manufacturing, Capital Equipment JPW JPW Industries Holding Corporation First Lien Secured Debt - Term Loan SOFR+588, 2.00% Floor Maturity Date 11/22/28 2024-12-31 0001278752 Media 2025-03-31 0001278752 mfic:LeisureProductsMember 2025-03-31 0001278752 Surf Opco, LLC, Letters of Credit 2025-03-31 0001278752 Automotive Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor Maturity Date 06/16/27 2024-12-31 0001278752 Telecommunications Cablevision Systems 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember 2024-01-01 2024-03-31 0001278752 Biotechnology Mannkind Corporation Mannkind Corporation Common Equity - Common Stock 2025-03-31 0001278752 Riverbed Technology, Inc., Undrawn Commitment 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Bausch Health, Bausch Health Companies Inc. (f/k/a Valeant Pharmaceuticals International, Inc.)., First Lien Secured Debt - Corporate Bond, 0.50% Floor, Maturity Date 11/01/25 2024-12-31 0001278752 Healthcare & Pharmaceuticals Maxor National Pharmacy Services, LLC, Maxor Acquisition, Inc. First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor Maturity Date 03/01/29 2024-12-31 0001278752 Media - Diversified & Production DHX WildBrain Ltd. First Lien Secured Debt – Revolver SOFR+600, 0.50% Floor Maturity Date 07/23/29 2024-12-31 0001278752 Diversified Consumer Services Accelerate Learning Eagle Purchaser, Inc. 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(fka Gruden Acquisition, Inc.), Letters of Credit 2025-03-31 0001278752 Purchasing Power Funding I, LLC 2025-03-31 0001278752 mfic:PaperAndForestProductsMember 2025-03-31 0001278752 Construction & Building Renovo HomeRenew Buyer, Inc. First Lien Secured Debt - Term Loan Interest Rate 8.65% Maturity Date 11/23/27 2024-12-31 0001278752 Aviation and Consumer Transport GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 05/09/29 2024-12-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember us-gaap:OverAllotmentOptionMember 2023-12-13 0001278752 Litify LLC 2024-12-31 0001278752 MGP Holdings III Corp. Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Trading Companies & Distributors 2025-03-31 0001278752 Saffron Bidco Ltd Undrawn Commitment 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Biotechnology, Preferred Equity 2025-03-31 0001278752 Construction & Building Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Delayed Draw SOFR+690, 1.00% Floor Maturity Date 02/07/28 2024-12-31 0001278752 Software Litify Litify LLC First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 02/02/29 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 us-gaap:StandbyLettersOfCreditMember mfic:SeniorSecuredFacilityMember 2025-03-31 0001278752 Medical Guardian, LLC 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2024-12-31 0001278752 mfic:CommercialServicesSuppliesMember 2025-03-31 0001278752 Trading Companies & Distributor ORS Nasco WC ORS Holdings, L.P. Common Equity - Common Stock 2025-03-31 0001278752 Controlled Investments, Passenger Airlines, First Lien - Secured Debt 2025-03-31 0001278752 mfic:SeniorUnsecuredMFICBethesdaCLO2LLCNotesMember 2025-01-01 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Renew Financial LLC (f/k/a Renewable Funding, LLC) Renew JV LLC Common Equity - Membership Interests 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Telecommunication Services, First Lien - Secured Debt 2025-03-31 0001278752 American Restoration Holdings, LLC 2025-03-31 0001278752 Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt - Term Loan SOFR+275 Cash plus 5.10% PIK, 1.00% Floor Maturity Date 03/18/26 2024-12-31 0001278752 mfic:ConsumerGoodsNonDurableMember 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Unsecured Debt 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Financial Services Churchill Middle Market CLO Lt Churchill Middle Market CLO Ltd 2021-1 Asset Backed Security - CLO Debt Maturity Date 10/24/33 2025-03-31 0001278752 Building Products 2025-03-31 0001278752 Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 12/24/29 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2024-03-31 0001278752 Automotive Club Car Wash 2024-12-31 0001278752 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-03-31 0001278752 Health Care Technology Inovalon 2025-03-31 0001278752 Financial Services Lending Point 2025-03-31 0001278752 Specialty Retail Tailored Brands The Men's Wearhouse, LLC First Lien Secured Debt - Term Loan SOFR+650, 0.00% Floor Maturity Date 02/26/29 2025-03-31 0001278752 Life Sciences Tools & Services Akoya Akoya Biosciences, Inc. 2025-03-31 0001278752 Business Services PSI Services, LLC 2024-12-31 0001278752 PMA Parent Holdings, LLC 2025-03-31 0001278752 us-gaap:FairValueInputsLevel2Member 2024-12-31 0001278752 CircusTrix Holdings LLC, Undrawn Commitment 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-07-01 2016-07-01 0001278752 Gabriel Partners, LLC 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Second Lien - Secured Debt 2024-12-31 0001278752 mfic:SoftwareMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Telecommunication Services 2025-03-31 0001278752 IOTA HOLDINGS 3 2025-03-31 0001278752 Ultra Clean Holdco LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Automobile Components, Common Equity/Interests 2025-03-31 0001278752 High Tech Industries G2CI Evergreen IX Borrower 2023, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 09/30/30 2024-12-31 0001278752 Chemicals, Plastics & Rubber Aspen Aerogels, Inc. Aspen Aerogels, Inc. First Lien Secured Debt - Revolver SOFR +460 2.50% Floor Maturity Date 08/19/29 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Wholesale, Preferred Equity 2024-12-31 0001278752 Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Holdings, LP Preferred Equity - Preferred Equity 2024-12-31 0001278752 Controlled Investments, Second Lien - Secured Debt 2025-03-31 0001278752 Business Services IRP SMC IR Holdings, LLC Investment Type Common Equity - Common Stock 2024-12-31 0001278752 Ironhorse Purchaser, LLC Undrawn Commitment 2025-03-31 0001278752 R.F. Fager Company, LLC 2024-12-31 0001278752 IT Services AGDATA AGDATA Midco, LLC First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 07/01/30 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 DRS Holdings III, Inc., Undrawn Commitment 2025-03-31 0001278752 Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 10/22/29 2024-12-31 0001278752 mfic:UnfundedRevolverObligationsAndBridgeLoanCommitmentsMember 2025-03-31 0001278752 High Tech Industries Inovalon Inovalon Holdings, Inc. Second Lien Secured Debt - Term Loan SOFR+1050, 0.75% Floor Maturity Date 11/25/33 2024-12-31 0001278752 Construction & Engineering Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor Maturity Date 02/07/29 2025-03-31 0001278752 PHS Buyer, Inc. 2024-12-31 0001278752 Digital.ai Software Holdings, Inc. 2024-12-31 0001278752 Trench Plate Rental Co., Letters of Credit 2025-03-31 0001278752 Retail PetSmart PetSmart Inc / PetSmart Finance Corp Unsecured Debt - Corporate Bond 7.75% Maturity Date 02/15/29 2024-12-31 0001278752 High Street Buyer, Inc. Undrawn Commitment 2025-03-31 0001278752 Construction & Engineering Pavement Preservation 2025-03-31 0001278752 Communications Equipment MCA Mobile Communications America, Inc. First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 10/16/29 2025-03-31 0001278752 Precision Refrigeration & Air Conditioning LLC Undrawn Commitment 2024-12-31 0001278752 Chemicals, Plastics & Rubber Heubach SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.) First Lien Secured Debt - Term Loan 7.00% Maturity Date 01/03/29 2024-12-31 0001278752 Healthcare & Pharmaceuticals Partner Therapeutics, Inc 2024-12-31 0001278752 Electrical Equipment, International Wire Group, IW Buyer LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor Maturity Date 06/28/29 2025-03-31 0001278752 Energy Equipment & Services, Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt - Term Loan CORRA+525, 0.75% Floor Maturity Date 7/22/30 2025-03-31 0001278752 Beverages Ronnoco Coffee Ronnoco Holdings, Inc. Common Equity - Common Stock 2025-03-31 0001278752 Business Services Vixxo 2024-12-31 0001278752 Shelby 2021 Holdings Corp. 2025-03-31 0001278752 High Tech Industries AGDATA AGDATA Midco, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 07/01/30 2024-12-31 0001278752 Health Care Providers & Services WellDyneRx, LLC WelldyneRX, LLC First Lien Secured Debt - Revolver SOFR+685, 0.75% Floor Maturity Date 03/09/26 2025-03-31 0001278752 Healthcare & Pharmaceuticals Trillium AHP Timberwolf Bidco Corp. First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 08/06/31 2024-12-31 0001278752 IT Services 2025-03-31 0001278752 Food Products Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Revolver P+450 Maturity Date 07/30/26 2025-03-31 0001278752 IW Buyer LLC Letter of Credit 2024-12-31 0001278752 Healthcare & Pharmaceuticals TELA Bio, Inc. TELA Bio, Inc. First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor Maturity Date 05/01/27 2024-12-31 0001278752 Regis Corporation, Undrawn Commitment 2025-03-31 0001278752 mfic:BeveragesMember 2025-03-31 0001278752 Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) Undrawn Commitment 2024-12-31 0001278752 Acentra Holdings, LLC (fka CNSI Holdings, LLC), Undrawn Commitment 2025-03-31 0001278752 IT Services New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Delayed Draw SOFR+640, 1.00% Floor Maturity Date 10/31/26 2025-03-31 0001278752 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% Maturity Date 03/08/23 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Cerus, Cerus Corporation, First Lien Secured Debt - Revolver, SOFR+385, 1.00% Floor, Maturity Date 03/01/28 2024-12-31 0001278752 Pro-Vigil Holding Company, LLC Undrawn Commitment 2024-12-31 0001278752 Food Products Nutpods Nutpods Holdings, Inc. Common Equity - Common Stock 2025-03-31 0001278752 Biotechnology Partner Therapeutics, Inc Partner Therapeutics, Inc 2025-03-31 0001278752 Financial Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Delayed Draw SOFR+640, 1.00% Floor Maturity Date 09/21/26 2025-03-31 0001278752 Diversified Consumer Services Excelligence Excelligence Learning Corporation 2025-03-31 0001278752 mfic:MerxAviationFinanceLLCMember 2024-12-31 0001278752 Healthcare & Pharmaceuticals , Gainwell, Gainwell Acquisition Corp. (Milano Acquisition Corp), First Lien Secured Debt - Term Loan, SOFR+400, 0.75% Floor, Maturity Date 10/01/27 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Semiconductors & Semiconductor Equipment, First Lien - Secured Debt 2025-03-31 0001278752 Consumer Goods - Non-durable Sequential Brands Group, Inc. Gainline Galaxy Holdings LLC Common Equity - Common Stock 2024-12-31 0001278752 Software ChyronHego Corporation ChyronHego Corporation 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2017-06-30 0001278752 Non-Controlled/Affiliated Investments, Aviation and Consumer Transport, Common Equity/Interests 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember 2024-03-31 0001278752 Health Care Providers & Services KureSmart 2025-03-31 0001278752 currency:CAD mfic:SeniorSecuredFacilityMember 2025-01-01 2025-03-31 0001278752 Club Car Wash Operating, LLC, Undrawn Commitment 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-09-30 2016-09-30 0001278752 Software G2CI Evergreen IX Borrower 2023, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 09/30/30 2025-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants PARS Group LLC PARS Group LLC First Lien Secured Debt - Delayed Draw SOFR+685, 1.50% Floor Maturity Date 04/03/28 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Electronic Equipment, Instruments & Components 2025-03-31 0001278752 Beverage, Food & Tobacco Hive Hive Intermediate, LLC First Lien Secured Debt - Revolver SOFR+610 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 09/22/27 2024-12-31 0001278752 mfic:AffiliatedInvestmentsMember 2025-03-31 0001278752 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-12-31 0001278752 Software Zendesk Zendesk, Inc. 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First Lien Secured Debt Term Loan SOFR+475, 1.00% Floor Maturity Date 10/31/30 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-04-01 0001278752 Controlled Investments, Common Equity/Interests 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Diversified Telecommunication Services, Unsecured Debt 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Consumer Goods - Non-durable Elida Beauty PHOENIX YW BUYER, INC. First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 05/31/30 2024-12-31 0001278752 Hotels, Restaurants & Leisure The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+528, 0.50% Floor Maturity Date 05/26/26 2025-03-31 0001278752 Anuvu Corp. (fka GEE Acquisition Holdings Corp.)* | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Passenger Airlines Merx Aviation Finance, LLC Merx Aviation Finance, LLC First Lien Secured Debt - Revolver Interest Rate 10.00% Maturity Date 10/31/25 2025-03-31 0001278752 Construction & Building Renovo HomeRenew Buyer, Inc. First Lien Secured Debt - Delayed Draw Interest Rate 8.65% Maturity Date 11/23/27 2024-12-31 0001278752 mfic:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember mfic:ApolloInvestmentManagementLPMember 2024-12-31 0001278752 Ground Transportation Olympus Terminals Olympus Terminals Holdco II LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 12/17/30 2025-03-31 0001278752 Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt - Revolver SOFR+626, 1.00% Floor Maturity Date 12/27/27 2024-12-31 0001278752 Containers & Packaging MSI Express, Inc. NCP-MSI Buyer First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 03/24/31 2025-03-31 0001278752 Wholesale ORS Nasco 2024-12-31 0001278752 Simeio Group Holdings, Inc. 2024-12-31 0001278752 Personal Care Products Elida Beauty PHOENIX YW BUYER, INC. 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC RHI Acquisition LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 3/16/29 2024-12-31 0001278752 Healthcare & Pharmaceuticals RHA Health Services 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputBrokerQuoteMember mfic:ValuationTechniqueBrokerQuotedMember 2024-12-31 0001278752 US MetalCo Holdings LLC 2024-12-31 0001278752 Four Winds Interactive LLC 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Commercial Services & Supplies, Unsecured Debt 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Construction & Engineering, Common Equity/Interests 2025-03-31 0001278752 Software Zendesk Zendesk, Inc. 2025-03-31 0001278752 Communications Equipment MCA Mobile Communications America, Inc. 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First Lien Secured Debt - Revolver P+525 Maturity Date 12/31/25 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Aerospace & Defense, First Lien - Secured Debt 2025-03-31 0001278752 us-gaap:FairValueInputsLevel2Member mfic:FirstLienSecuredDebtMember 2024-12-31 0001278752 srt:MinimumMember mfic:AffiliatedInvestmentsMember 2024-12-31 0001278752 Consumer Goods - Durable Sorenson Holdings, LLC 2024-12-31 0001278752 Health Care Providers & Services All Star All Star Recruiting Locums, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 05/01/30 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Nexity Evoriel First Lien Secured Debt - Term Loan EURIBOR+525, 0.00% Floor Maturity Date 04/02/31 2024-12-31 0001278752 Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. 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Investment Type First Lien Secured Debt - Term Loan Interest Rate SOFR+475, 1.00% Floor Maturity Date 10/31/30 2024-12-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputRecoverableAmountMember mfic:ValuationTechniqueRecoveryAnalysisMember 2024-12-31 0001278752 Personal Care Products Elida Beauty PHOENIX YW BUYER, INC. 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Letter of Credit 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Hotel, Gaming, Leisure, Restaurants 2024-12-31 0001278752 Containers, Packaging & Glass Truvant NPPI Buyer, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 08/20/29 2024-12-31 0001278752 Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Delayed Draw SOFR+475, 0.75% Floor Maturity Date 09/22/26 2024-12-31 0001278752 Consumer Goods - Durable Polywood Poly-Wood, LLC First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 03/20/30 2024-12-31 0001278752 High Tech Industries Team LINX, LLC TeamLINX Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 12/18/30 2024-12-31 0001278752 Telecommunications Cablevision Systems CSC Holdings, LLC First Lien Secured Debt - Term Loan SOFR+450, 0.00% Floor Maturity Date 01/18/28 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, First Lien - Secured Debt 2024-12-31 0001278752 High Street Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Energy - Electricity Solarplicity Group Limited (f/k/a AMP Solar UK) Solarplicity UK Holdings Limited Common Equity - Ordinary Shares 2024-12-31 0001278752 Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) 2025-03-31 0001278752 Specialty Retail EG Group EG Global Finance PLC First Lien Secured Debt - Corporate Bond SOFR+750, 0.50% Floor Maturity Date 11/30/28 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Containers, Packaging & Glass, First Lien - Secured Debt 2024-12-31 0001278752 Regis Corporation, Letters of Credit 2025-03-31 0001278752 Business Services Avenu ACP Avenu Buyer, LLC Investment Type First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 10/02/29 2024-12-31 0001278752 Beacon Mobility Corp. Undrawn Commitment 2024-12-31 0001278752 LS Clinical Services Holdings, Inc., Undrawn Commitment 2025-03-31 0001278752 Diversified Consumer Services Go Car Wash Go Car Wash Management Corp. 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First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 12/26/29 2025-03-31 0001278752 Hotels, Restaurants & Leisure Walters Wedding Estates WH BorrowerCo, LLC First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 08/02/30 2025-03-31 0001278752 mfic:GroundTransportationMember 2025-03-31 0001278752 SI Holdings, Inc. 2024-12-31 0001278752 Healthcare & Pharmaceuticals Rarebreed 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Leisure Products, Common Equity/Interests 2025-03-31 0001278752 Ground Transportation Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/03/26 2025-03-31 0001278752 Software Dairy.com Momentx Corporation First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 06/24/27 2025-03-31 0001278752 Diversified Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Revolver SOFR+475, 0.75% Floor Maturity Date 09/22/28 2025-03-31 0001278752 mfic:LegacyFeeMember mfic:IncentiveFeeBasedOnIncomeMember mfic:ApolloInvestmentManagementLPMember 2023-01-01 2023-01-01 0001278752 Professional Services G&A G&A Partners Holding Company II, LLC First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor Maturity Date 03/01/30 2025-03-31 0001278752 TeamLINX Buyer, LLC 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Consumer Staples Distribution & Retail, First Lien - Secured Debt 2025-03-31 0001278752 Hotels, Restaurants & Leisure CircusTrix CircusTrix Holdings LLC First Lien Secured Debt – Term Loan SOFR+650, 1.00% Floor Maturity Date 07/18/28 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Diversified Consumer Services 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Transportation – Cargo, Distribution, First Lien - Secured Debt 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Software, Common Equity/Interests 2025-03-31 0001278752 Marlin DTC-LS Midco 2, LLC 2024-12-31 0001278752 Machinery Milacron (Project Iota) IOTA HOLDINGS 3 2025-03-31 0001278752 Interactive Media & Services Securus Technologies Holdings, Inc. Aventiv Technologies, LLC (fka Securus Technologies Holdings, LLC) Second Lien Secured Debt - Term Loan 9.05% Floor Maturity Date 11/01/25 2025-03-31 0001278752 Diversified Consumer Services Clarus Commerce Marlin DTC-LS Midco 2, LLC First Lien Secured Debt – Revolver SOFR+660, 1.00% Floor Maturity Date 07/01/25 2025-03-31 0001278752 Controlled Investments, Structured Products and Other 2025-03-31 0001278752 Consumer Staples Distribution & Retail 3D Protein Protein For Pets Opco, LLC 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Media, First Lien - Secured Debt 2025-03-31 0001278752 mfic:OneMonthCorraInterestRateMember 2024-12-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Membership Interests 2023-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Health Care Equipment & Supplies, First Lien - Secured Debt 2025-03-31 0001278752 PHS Buyer, Inc. 2025-03-31 0001278752 JF Acquisition, LLC 2025-03-31 0001278752 mfic:ClassBSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-01-01 2025-03-31 0001278752 Graffiti Buyer, Inc. 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Revolver 2023-12-31 0001278752 Health Care Equipment & Supplies Cerus Cerus Corporation First Lien Secured Debt - Revolver SOFR+385 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 03/01/28 2025-03-31 0001278752 Transportation - Cargo, Distribution Camin Cargo 2024-12-31 0001278752 Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured Debt - Revolver SON+550, 1.00% Floor Maturity Date 11/12/27 2024-12-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Membership Interests 2025-01-01 2025-03-31 0001278752 Entertainment DHX WildBrain Ltd. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 07/23/29 2025-03-31 0001278752 Business Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 03/22/30 2024-12-31 0001278752 Automotive K&N Parent, Inc. K&N Holdco, LLC Common Equity - Common Stock 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Communications Equipment, Common Equity/Interests 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Common Equity/Interests 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Telecommunications Cablevision Systems CSC Holdings, LLC First Lien Secured Debt – Revolver SOFR+235, 0.00% Floor Maturity Date 07/13/27 2025-03-31 0001278752 Manufacturing, Capital Equipment 2024-12-31 0001278752 ChyronHego US Holding Corporation, Letters of Credit 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Advertising Printing & Publishing Acosta 2024-12-31 0001278752 Total Investments before Cash Equivalents 2024-12-31 0001278752 Construction & Building American Restoration 2024-12-31 0001278752 Vybond Buyer, LLC Undrawn Commitment 2025-03-31 0001278752 Consumer Services Team Car Wash 2024-12-31 0001278752 Telecommunications Cablevision Systems CSC Holdings, LLC Unsecured Debt - Corporate Bond 4.13% Maturity Date 12/01/30 2025-03-31 0001278752 IQN Holding Corp. Undrawn Commitment 2025-03-31 0001278752 Consumer Goods - Non-durable Sequential Brands Group, Inc. Swisstech IP CO, LLC First Lien Secured Debt - Term Loan 6.00% PIK Maturity Date 05/28/25 2024-12-31 0001278752 TVG Orion Blocker, Inc. | Common Equity - Common Stock 2024-01-01 2024-12-31 0001278752 Healthcare & Pharmaceuticals Sterling Pharma Saffron Bidco Ltd First Lien Secured Debt - Term Loan SOFR+575, 0.75% Floor Maturity Date 09/11/31 2024-12-31 0001278752 Professional Services FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 12/30/26 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, Preferred Equity 2024-12-31 0001278752 Personal Care Products Suave 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-09-16 0001278752 2016-09-14 0001278752 Beverage, Food & Tobacco Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor Maturity Date 07/30/27 2024-12-31 0001278752 WH BorrowerCo, LLC 2024-12-31 0001278752 Business Services Distinct 2024-12-31 0001278752 2019-07-22 0001278752 Bullcave Limited 2025-03-31 0001278752 Software Dairy.com Momentx Corporation First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor Maturity Date 06/24/27 2025-03-31 0001278752 LS Clinical Services Holdings, Inc. 2024-12-31 0001278752 Consumer Goods - Durable 2024-12-31 0001278752 mfic:BusinessServicesMember 2024-12-31 0001278752 mfic:TreaceMedicalConceptsIncMember 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputRecoverableAmountMember mfic:ValuationTechniqueRecoveryAnalysisMember 2025-03-31 0001278752 Warrants 2025-03-31 0001278752 Chemicals Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) First Lien Secured Debt - Promissory Note 6.50% Maturity Date 10/14/27 2025-03-31 0001278752 GI Apple Midco LLC 2024-12-31 0001278752 Business Services Wilson Language Training Owl Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+535, 1.00% Floor Maturity Date 02/04/28 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2025-01-01 2025-03-31 0001278752 Professional Services FingerPaint Marketing 2025-03-31 0001278752 Crewline Buyer, Inc. 2025-03-31 0001278752 CSC Holdings, LLC 2025-03-31 0001278752 R.F. Fager Company, LLC Undrawn Commitment 2024-12-31 0001278752 Hotels, Restaurants & Leisure The Club Company Eldrickco Limited First Lien Secured Debt - Delayed Draw SON+578, 0.50% Floor Maturity Date 11/26/26 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Electrical Equipment 2025-03-31 0001278752 Consumer Goods - Non-durable Suave 2024-12-31 0001278752 Club Champion LLC 2024-12-31 0001278752 Patriot Foods Buyer, Inc. 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Celerion, Celerion Buyer, Inc., First Lien Secured Debt - Term Loan, SOFR+500, 0.75% Floor, Maturity Date 11/05/29 2024-12-31 0001278752 CRS Holdings, Inc. 2024-12-31 0001278752 Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt – Revolver SOFR+475, 1.00% Floor Maturity Date 06/07/30 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate 2024-12-31 0001278752 Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Holdings, LP Preferred Equity - Preferred Equity 2025-03-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Revolver 2025-01-01 2025-03-31 0001278752 Electronic Equipment, Instruments & Components, AVAD, LLC, Surf Opco, LLC Preferred Equity - Class P-1 Preferred 2025-03-31 0001278752 Aviation and Consumer Transport GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 05/09/29 2024-12-31 0001278752 Controlled Investments 2025-03-31 0001278752 us-gaap:DebtInstrumentRedemptionPeriodTwoMember mfic:TotalCommitmentsMember 2025-01-01 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Leisure Products, First Lien - Secured Debt 2025-03-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Term Loan 2024-12-31 0001278752 Distinct Holdings Inc 2024-12-31 0001278752 IQN Holding Corp. 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Specialty Retail, First Lien - Secured Debt 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-12-06 0001278752 Non-Controlled / Non-Affiliated Investments, Pharmaceuticals, Common Equity/Interests 2025-03-31 0001278752 Leisure Products Paladone Paladone Group Bidco Limited First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 11/12/27 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Allied Benefit Systems, Allied Benefit Systems Intermediate LLC, First Lien Secured Debt - Term Loan, SOFR+525, 0.75% Floor, Maturity Date 10/31/30 2024-12-31 0001278752 PMA Parent Holdings, LLC Undrawn Commitment 2025-03-31 0001278752 Healthcare & Pharmaceuticals Rarebreed Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 04/18/30 2024-12-31 0001278752 Professional Services North Highland The North Highland Company LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 12/22/31 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Consumer Goods – Durable 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, First Lien - Secured Debt 2025-03-31 0001278752 Software New Relic Crewline Buyer, Inc. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 11/08/30 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC 2024-12-31 0001278752 Consumer Goods - Durable Polywood Poly-Wood, LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 03/20/30 2024-12-31 0001278752 Transportation - Cargo, Distribution Boasso Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor Maturity Date 07/01/26 2024-12-31 0001278752 PMA Parent Holdings, LLC 2024-12-31 0001278752 Pharmaceuticals TersSera TerSera Therapeutics LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 04/04/29 2025-03-31 0001278752 HEF Safety Ultimate Holdings, LLC 2024-12-31 0001278752 Business Services US Legal Support 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Diversified Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 09/22/28 One 2025-03-31 0001278752 Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt – Revolver SOFR+575, 1.00% Floor Maturity Date 03/31/29 2024-12-31 0001278752 GI Apple Midco LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Interactive Media & Services 2025-03-31 0001278752 Maxor National Pharmacy Services, LLC, Undrawn Commitment 2025-03-31 0001278752 High Tech Industries Inovalon Inovalon Holdings, Inc. First Lien Secured Debt – Term Loan SOFR+625, 0.75% Floor Maturity Date 11/24/28 2024-12-31 0001278752 Uniguest Holdings, Inc Undrawn Commitment 2024-12-31 0001278752 High Tech Industries Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+310 Cash plus 4.00% PIK, 1.00% Floor Maturity Date 02/02/26 2024-12-31 0001278752 Beverage, Food & Tobacco Hive FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity 2024-12-31 0001278752 Business Services Trench Plate Trench Plate Rental Co. Investment Type First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 12/03/26 2024-12-31 0001278752 Health Care Technology Gainwell Gainwell Acquisition Corp. (Milano Acquisition Corp) First Lien Secured Debt – Term Loan SOFR+400, 0.75% Floor Maturity Date 10/01/27 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 mfic:HighTechIndustriesMember 2024-12-31 0001278752 HRO (Hero Digital) Holdings, LLC Letter of Credit 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Wireless Telecommunication Services, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Software, First Lien - Secured Debt 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputRecoverableAmountMember mfic:ValuationTechniqueRecoveryAnalysisMember 2024-12-31 0001278752 Non-Controlled / Affiliated Investments, Electronic Equipment, Instruments & Components 2025-03-31 0001278752 Berner Food & Beverage, LLC Undrawn Commitment 2024-12-31 0001278752 Four Winds Interactive LLC, Undrawn Commitment 2025-03-31 0001278752 mfic:SubordinateNoteDueOnTwoThousandOneHundredTwentyFiveMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-02-24 0001278752 Generator Buyer, Inc.*, Undrawn Commitment 2025-03-31 0001278752 Financial Services AML Rightsource Gabriel Partners, LLC 2025-03-31 0001278752 Affiliated Investments Blue Jay Transit Inc., Term Loan 2024-12-31 0001278752 High Tech Industries Biamp Biamp 2024-12-31 0001278752 us-gaap:FairValueInputsLevel2Member mfic:StructuredProductsAndOtherMember 2025-03-31 0001278752 Controlled Investments, Preferred Equity 2025-03-31 0001278752 2025-01-01 2025-03-31 0001278752 Digital.ai Software Holdings, Inc. 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember 2024-01-01 2024-03-31 0001278752 Heritage Environmental Services, Inc. 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputRecentTransactionMember mfic:ValuationTechniqueRecentTransactionMember 2024-12-31 0001278752 mfic:ChyronHegoCorporationMember 2025-03-31 0001278752 Retail PetSmart PetSmart LLC First Lien Secured Debt - Term Loan SOFR+375, 0.75% Floor Maturity Date 02/11/28 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Electric Utilities 2025-03-31 0001278752 Affiliated Investments Carbonfree Chemicals Holdings LLC,Common Equity / Interest 2025-03-31 0001278752 Health Care Providers & Services Thomas Scientific BSP-TS, LP Preferred Equity - Preferred Equity 2025-03-31 0001278752 Zephyr Buyer, L.P. Undrawn Commitment 2025-03-31 0001278752 Telecommunications 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Hotel, Gaming, Leisure, Restaurants, First Lien - Secured Debt 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Transportation – Cargo, Distribution 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Consumer Goods - Durable 2024-12-31 0001278752 Paladone Group Bidco Limited*, Undrawn Commitment 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2017-03-31 2017-03-31 0001278752 Affiliated Investments Auto Pool 2023 Trust (Del. Stat. 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Letter of Credit 2024-12-31 0001278752 WC ORS Holdings, L.P. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Carestream Health Holdings, Inc. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Software Zafin Zafin Labs Americas Incorporated First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor Maturity Date 02/14/31 2025-03-31 0001278752 Consumer Services SEV SEV Intermediate Holdco, LLC First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 06/21/30 2024-12-31 0001278752 Health Care Providers & Services Ingenovis Health Ingenovis Health, Inc. (CCRR Parent Inc) First Lien Secured Debt – Term Loan SOFR+425, 0.50% Floor Maturity Date 03/06/28 2025-03-31 0001278752 mfic:ThreeMonthsEuriborInterestRateMember 2024-12-31 0001278752 Aviation and Consumer Transport GAT-Airline Ground Support Inc 2024-12-31 0001278752 Telecommunications Mitel Networks MLN US Holdco LLC First Lien Secured Debt - Term Loan 6.44% Maturity Date 10/18/27 2024-12-31 0001278752 Professional Services AlpineX Alpinex Opco, LLC First Lien Secured Debt - Revolver SOFR+626, 1.00% Floor Maturity Date 12/27/27 2025-03-31 0001278752 Megavolt Borrower, LLC 2025-03-31 0001278752 WelldyneRX, LLC 2024-12-31 0001278752 Wholesale 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Health Care Providers & Services, First Lien - Secured Debt 2025-03-31 0001278752 mfic:DiversifiedConsumerServicesMember 2025-03-31 0001278752 Aviation and Consumer Transport GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 05/09/29 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Diversified Telecommunication Services 2025-03-31 0001278752 Precision Refrigeration & Air Conditioning LLC 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Financial Services, Structured Products and Other 2025-03-31 0001278752 Mobile Communications America, Inc. 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputRecentTransactionMember mfic:ValuationTechniqueRecentTransactionMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, First Lien - Secured Debt 2024-12-31 0001278752 Diversified Consumer Services Ultra Clean Newco Ultra Clean Holdco LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 07/01/30 2025-03-31 0001278752 mfic:ClassA1SeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-01-01 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Common Equity/Interests 2024-12-31 0001278752 Pharmaceuticals Trillium 2025-03-31 0001278752 Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+710, 1.00% Floor Maturity Date 02/01/26 2024-12-31 0001278752 Beacon Mobility Corp. 2025-03-31 0001278752 Real Estate Management & Development 2025-03-31 0001278752 us-gaap:FairValueInputsLevel1Member mfic:CommonEquityInterestsMember 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Media 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 USLS Acquisition, Inc. 2025-03-31 0001278752 Controlled Investments, Aviation and Consumer Transport, Common Equity/Interests 2024-12-31 0001278752 Athlete Buyer, LLC Undrawn Commitment 2024-12-31 0001278752 F&M Buyer LLC 2025-03-31 0001278752 Leisure Products Paladone 2025-03-31 0001278752 Automotive Ultra Clean Newco Ultra Clean Holdco LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 07/01/30 2024-12-31 0001278752 Affiliated Investments 2024-12-31 0001278752 mfic:ConsumerStaplesDistributionAndRetailMember 2025-03-31 0001278752 Health Care Providers & Services Rarebreed 2025-03-31 0001278752 High Tech Industries VikingCloud Bullcave Limited First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 08/06/30 2024-12-31 0001278752 Aviation and Consumer Transport Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 05/01/29 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Electronic Equipment, Instruments & Components, First Lien - Secured Debt 2025-03-31 0001278752 Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor Maturity Date 12/24/29 2024-12-31 0001278752 IT Services Distinct Distinct Holdings Inc First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 07/18/29 2025-03-31 0001278752 Communications Equipment MCA Mobile Communications America, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 10/16/29 2025-03-31 0001278752 Construction & Engineering Allstar Holdings Athlete Buyer, LLC 2025-03-31 0001278752 Media Acosta Acosta Holdings Corp. 2025-03-31 0001278752 Healthcare & Pharmaceuticals Trillium AHP Timberwolf Bidco Corp. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 08/06/31 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Hotels, Restaurants & Leisure, First Lien - Secured Debt 2025-03-31 0001278752 Chemicals, Plastics & Rubber 2024-12-31 0001278752 Unsecured Debt 2024-12-31 0001278752 Affiliated Investments Blue Jay Transit Inc., Term Loan 2025-01-01 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2018-12-12 2018-12-12 0001278752 Non-Controlled/Non-Affiliated Investments, First Lien - Secured Debt 2024-12-31 0001278752 mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Preferred Equity 2025-03-31 0001278752 Commercial Services & Supplies IronClad Ironhorse Purchaser, LLC 2025-03-31 0001278752 Aviation and Consumer Transport Bird Blue Jay Transit Inc. First Lien Secured Debt - Delayed Draw SOFR+300, 1.00% Floor Maturity Date 03/22/28 2024-12-31 0001278752 Software BarTender Sigma Buyer LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 01/04/28 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Machinery 2025-03-31 0001278752 Lunar Buyer, LLC 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 Ultra Clean Holdco LLC, Undrawn Commitment 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Vixxo Corporation 2024-12-31 0001278752 Heniff Holdco, LLC Undrawn Commitment 2025-03-31 0001278752 MGP Holdings III Corp. 2024-12-31 0001278752 Diversified Consumer Services Go Car Wash Go Car Wash Management Corp. First Lien Secured Debt – Delayed Draw SOFR+585, 1.00% Floor Maturity Date 12/31/26 2025-03-31 0001278752 Saffron Bidco Ltd* Undrawn Commitment 2025-03-31 0001278752 Software Omada Omada Health, Inc. 2025-03-31 0001278752 Business Services Atlas Technical Consultants 2024-12-31 0001278752 Life Sciences Tools & Services Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Delayed Draw SOFR+555, 1.00% Floor Maturity Date 08/09/27 2025-03-31 0001278752 Natus Sensory, Inc., Undrawn Commitment 2025-03-31 0001278752 WH BorrowerCo, LLC Undrawn Commitment 2024-12-31 0001278752 Commercial Services & Supplies CoreTrust Coretrust Purchasing Group LLC (HPG Enterprises LLC) First Lien Secured Debt Delayed Draw SOFR+525, 0.75% Floor Maturity Date 10/01/29 2025-03-31 0001278752 HALO Buyer, Inc, Letters of Credit 2025-03-31 0001278752 Consumer Services Regis Regis Corporation First Lien Secured Debt - Term Loan SOFR+450, 2.50% Floor Maturity Date 06/24/29 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2015-09-15 0001278752 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001278752 Professional Services North Highland The North Highland Company LLC First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor Maturity Date 12/20/30 2025-03-31 0001278752 Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt - Delayed Draw SOFR+275 Cash plus 5.10% PIK, 1.00% Floor Maturity Date 03/18/26 2024-12-31 0001278752 Consumer Goods - Non-durable Excelligence Excelligence Learning Corporation First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 01/18/30 2024-12-31 0001278752 Commercial Services & Supplies HMA Health Management Associates Superholdings, Inc. First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor Maturity Date 03/30/29 2025-03-31 0001278752 JF Acquisition, LLC 2024-12-31 0001278752 High Tech Industries ChyronHego Corporation ChyronHego Corporation Preferred Equity - Preferred Equity 2024-12-31 0001278752 Consumer Goods - Non-durable RoC Skincare 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Utilities - Electric, First Lien - Secured Debt 2024-12-31 0001278752 Textiles, Apparel & Luxury Goods 2025-03-31 0001278752 PHS Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Alcresta Therapeutics Inc. 2024-12-31 0001278752 mfic:InteractiveMediaServicesMember 2025-03-31 0001278752 NCP-MSI Buyer, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Staples Distribution & Retail, Common Equity/Interests 2025-03-31 0001278752 Chemicals Meristem Crop Performance Lunar Buyer, LLC 2025-03-31 0001278752 Leisure Products Paladone Paladone Group Bidco Limited First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 11/12/27 2025-03-31 0001278752 Sysnet North America, Inc. 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Software, Second Lien - Secured Debt 2025-03-31 0001278752 Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 01/07/31 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive 2024-12-31 0001278752 High Tech Industries Inovalon Inovalon Holdings, Inc. First Lien Secured Debt –Delayed Draw SOFR+350, 0.75% Floor Maturity Date 11/24/28 2024-12-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Term Loan 2023-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Construction & Engineering, First Lien - Secured Debt 2025-03-31 0001278752 NPPI Buyer, LLC 2025-03-31 0001278752 Healthcare & Pharmaceuticals TersSera TerSera Therapeutics LLC First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 04/04/29 2024-12-31 0001278752 Automotive Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor Maturity Date 06/16/27 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember 2025-03-31 0001278752 Health Care Providers & Services RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor Maturity Date 08/02/26 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 06/29/28 2024-12-31 0001278752 Health Care Providers & Services Rarebreed Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 04/18/30 2025-03-31 0001278752 Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+553, 0.50% Floor Maturity Date 05/26/26 2024-12-31 0001278752 us-gaap:InvestmentUnaffiliatedIssuerMember 2024-01-01 2024-03-31 0001278752 Health Care Equipment & Supplies Natus Sensory 2025-03-31 0001278752 Beverages Ronnoco Coffee Ronnoco Holdings, Inc. First Lien Secured Debt Term Loan SOFR+450, 1.00% Floor Maturity Date 03/17/31 2025-03-31 0001278752 Affiliated Investments FC2 LLC, Term Loan 2024-01-01 2024-12-31 0001278752 ExactCare Parent, Inc., Undrawn Commitment 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-03-18 2019-03-18 0001278752 Ground Transportation Olympus Terminals Olympus Terminals Holdco II LLC First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 12/17/30 2025-03-31 0001278752 Life Sciences Tools & Services August Bio August Bioservices, LLC First Lien Secured Debt - Term Loan SOFR+595, 2.00% Floor Maturity Date 06/01/29 2025-03-31 0001278752 Diversified Consumer Services US Legal Support US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units 2025-03-31 0001278752 Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc. First Lien Secured Debt - Term Loan P+500 Maturity Date 10/08/29 2025-03-31 0001278752 Business Services PSE 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Financial Services, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Life Sciences Tools & Services, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled/Affiliated Investments 2024-12-31 0001278752 IT Services Avenu ACP Avenu Buyer, LLC First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 10/02/29 2025-03-31 0001278752 Preferred Equity 2025-03-31 0001278752 mfic:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2025-03-31 0001278752 Personal Care Products RoC Skincare RoC Holdco LLC First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 02/21/30 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Energy Equipment & Services 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Communications Equipment, First Lien - Secured Debt 2025-03-31 0001278752 mfic:RealEstateManagementAndDevelopmentMember 2025-03-31 0001278752 ExactCare Parent, Inc. 2024-12-31 0001278752 Carbonfree Chemicals Holdings LLC | Common Equity - Common Equity / Interest 2024-01-01 2024-12-31 0001278752 Genius Bidco LLC 2025-03-31 0001278752 Hotels, Restaurants & Leisure Guernsey Guernsey Holdings SDI LA LLC First Lien Secured Debt – Term Loan 6.95% Maturity Date 11/18/26 2025-03-31 0001278752 Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 03/31/29 2025-03-31 0001278752 High Tech Industries Calero Holdings, Inc. Telesoft Holdings, LLC 2024-12-31 0001278752 Celerion Buyer, Inc., Undrawn Commitment 2025-03-31 0001278752 Graffiti Buyer, Inc. 2024-12-31 0001278752 Consumer Staples Distribution & Retail THLP CO. LLC First Lien Secured Debt – Revolver SOFR+600, 1.00% Floor Maturity Date 01/31/27 2025-03-31 0001278752 Rarebreed Veterinary Partners, Inc. 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2022-12-27 2022-12-27 0001278752 Diversified Consumer Services Accelerate Learning Eagle Purchaser, Inc. 2025-03-31 0001278752 Go Car Wash Management Corp. 2024-12-31 0001278752 R.F. Fager Company, LLC, Undrawn Commitment 2025-03-31 0001278752 Ground Transportation Bird Rides Blue Jay Transit Inc. First Lien Secured Debt - Term Loan SOFR+300 Cash plus 7.00% PIK, 1.00% Floor Maturity Date 09/30/25 2025-03-31 0001278752 Leisure Products LashCo Lash OpCo, LLC 2025-03-31 0001278752 Omada Health, Inc. 2024-12-31 0001278752 Health Care Equipment & Supplies 2025-03-31 0001278752 Technology Hardware, Storage & Peripherals Biamp Biamp First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 04/30/30 2025-03-31 0001278752 Utilities - Electric Congruex Congruex Group LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate SOFR+165, Cash plus 5.00% PIK, 0.75% Floor Maturity Date 05/03/29 2024-12-31 0001278752 Wholesale ORS Nasco WC ORS Buyer, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+500, 0.75% Floor Maturity Date 08/07/31 2024-12-31 0001278752 mfic:EightPointZeroZeroPercentDueTwoThousandTwentyEightMember 2025-01-01 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Food Products, Common Equity/Interests 2025-03-31 0001278752 Wholesale ORS Nasco WC ORS Buyer, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate SOFR+500, 0.75% Floor Maturity Date 08/07/31 2024-12-31 0001278752 Automobile Components Universal Air Conditioner Cool Buyer, Inc. First Lien Secured Debt Revolver SOFR+475, 1.00% Floor Maturity Date 10/31/30 2025-03-31 0001278752 Cerus Corporation Undrawn Commitment 2024-12-31 0001278752 High Tech Industries DigiCert Dcert Buyer, Inc. 2024-12-31 0001278752 Evergreen IX Borrower 2023, LLC Undrawn Commitment 2024-12-31 0001278752 Health Care Providers & Services Celerion Celerion Buyer, Inc. First Lien Secured Debt – Term Loan SOFR+500, 0.75% Floor Maturity Date 11/05/29 2025-03-31 0001278752 Professional Services DCM Services DCM Parent, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 03/12/31 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2017-10-02 0001278752 Non-Controlled / Affiliated Investments, Chemicals 2025-03-31 0001278752 Consumer Services Regis Regis Corporation First Lien Secured Debt – Revolver SOFR+450, 2.50% Floor Maturity Date 06/24/29 2024-12-31 0001278752 Distinct Holdings Inc, Undrawn Commitment 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputEstimatedProceedsMember mfic:ValuationTechniqueEstimatedProceedsMember 2024-12-31 0001278752 High Tech Industries AGDATA 2024-12-31 0001278752 Automotive Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor Maturity Date 06/16/27 2024-12-31 0001278752 SEV Intermediate Holdco, LLC 2024-12-31 0001278752 srt:MinimumMember mfic:FeeOffsetAgreementMember mfic:ApolloInvestmentManagementLPMember 2019-01-16 0001278752 Commercial Services & Supplies SafetyCo HEF Safety Ultimate Holdings, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 11/19/29 2025-03-31 0001278752 Athlete Buyer, LLC 2024-12-31 0001278752 Chemicals Heubach Heubach Holdings USA LLC First Lien Secured Debt Term loan 10.00% Maturity Date 04/30/24 2025-03-31 0001278752 mfic:EnergyElectricityMember 2024-12-31 0001278752 Software Omada Omada Health, Inc. First Lien Secured Debt - Revolver SOFR+410, 2.50% Floor Maturity Date 06/01/28 2025-03-31 0001278752 Construction & Engineering Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor Maturity Date 02/07/29 2025-03-31 0001278752 Excelligence Learning Corporation Undrawn Commitment 2024-12-31 0001278752 Omada Health, Inc., Undrawn Commitment 2025-03-31 0001278752 Professional Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt - Term Loan SOFR+875, 1.00% Floor Maturity Date 03/31/27 2025-03-31 0001278752 Vixxo Corporation, Undrawn Commitment 2025-03-31 0001278752 Accelevation LLC, Undrawn Commitment 2025-03-31 0001278752 Health Care Equipment & Supplies Dr. Scholl's DRS Holdings III, Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 11/01/28 2025-03-31 0001278752 Health Care Providers & Services RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Revolver SOFR+540, 1.00% Floor Maturity Date 08/02/26 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Electronic Equipment, Instruments & Components 2025-03-31 0001278752 TerSera Therapeutics LLC, Undrawn Commitment 2025-03-31 0001278752 Construction & Building Allstar Holdings 2024-12-31 0001278752 High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Delayed Draw SOFR+640, 1.00% Floor Maturity Date 10/31/26 2024-12-31 0001278752 J.P. Morgan U.S. Government Money Market Fund 2024-12-31 0001278752 Food Products Hive Hive Intermediate, LLC First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 09/22/27 2025-03-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Membership Interests 2024-01-01 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Origami Opportunities Fund III Origami Opportunities Fund III, L.P. First Lien Secured Debt - Term Loan SOFR+625, 2.00% Floor Maturity Date 10/25/27 2024-12-31 0001278752 High Tech Industries Lookout Lookout, Inc. First Lien Secured Debt - Delayed Draw SOFR+625, 3.00% Floor Maturity Date 06/01/29 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Second Lien - Secured Debt 2024-12-31 0001278752 Unchained Labs, LLC 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember 2024-01-01 2024-03-31 0001278752 Diversified Consumer Services Go Car Wash Go Car Wash Management Corp. 2025-03-31 0001278752 Controlled Investments, Software, Preferred Equity 2025-03-31 0001278752 Aspen Aerogels, Inc. Undrawn Commitment 2024-12-31 0001278752 Hotels, Restaurants & Leisure Tasty Chick'n Tasty Chick'n LLC First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor Maturity Date 05/16/29 2025-03-31 0001278752 TS Investors, LLC, Undrawn Commitment 2025-03-31 0001278752 Business Services North Highland 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Beverage, Food & Tobacco 2024-12-31 0001278752 Controlled Investments, High Tech Industries, First Lien - Secured Debt 2024-12-31 0001278752 High Tech Industries MYCOM Magnate Holding Corp. First Lien Secured Debt - Term Loan SOFR+615, 0.50% Floor Maturity Date 02/28/25 2024-12-31 0001278752 Containers & Packaging MSI Express, Inc. NCP-MSI Buyer 2025-03-31 0001278752 KL Charlie Acquisition Company 2025-03-31 0001278752 Insurance High Street Insurance 2024-12-31 0001278752 srt:MaximumMember mfic:SeniorSecuredFacilityMember 2025-03-31 0001278752 Bingo Group Buyer, Inc., Undrawn Commitment 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2024-12-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 CI (MG) GROUP, LLC 2025-03-31 0001278752 Professional Services 2025-03-31 0001278752 Distinct Holdings Inc 2025-03-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Common Stock 2023-12-31 0001278752 Protein For Pets Opco, LLC 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments 2025-03-31 0001278752 mfic:MficbethesdacloonellcdebtsecuritizationMember mfic:SubServicingAgreementMember 2023-11-02 2023-11-02 0001278752 mfic:AdministrationAgreementMember mfic:ApolloInvestmentAdministrationLimitedLiabilityCompanyMember 2024-01-01 2024-03-31 0001278752 Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) 2024-12-31 0001278752 Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor Maturity Date 08/02/25 2024-12-31 0001278752 Professional Services Escalent M&M OPCO, LLC First Lien Secured Debt - Revolver SOFR+810, 1.00% Floor Maturity Date 04/07/29 2025-03-31 0001278752 mfic:SeniorSecuredFacilityMember 2024-12-23 0001278752 IT Services Distinct Distinct Holdings Inc 2025-03-31 0001278752 GS SEER Group Borrower LLC 2024-12-31 0001278752 Medical Guardian, LLC, Undrawn Commitment 2025-03-31 0001278752 us-gaap:DebtInstrumentRedemptionPeriodThreeMember mfic:TotalCommitmentsMember 2025-01-01 2025-03-31 0001278752 HEF Safety Ultimate Holdings, LLC Undrawn Commitment 2024-12-31 0001278752 Sysnet North America, Inc. Undrawn Commitment 2024-12-31 0001278752 Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) FC2 LLC Common Equity - Common Stock 2024-12-31 0001278752 Advertising Printing & Publishing 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2018-09-17 0001278752 Graffiti Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Leisure Products LashCo Lash OpCo, LLC First Lien Secured Debt - Term Loan SOFR+700, 1.00% Floor Maturity Date 03/18/26 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, First Lien - Secured Debt 2025-03-31 0001278752 us-gaap:StandbyLettersOfCreditMember 2024-12-31 0001278752 Communications Equipment MCA Mobile Communications America, Inc. 2025-03-31 0001278752 currency:GBP mfic:SeniorSecuredFacilityMember 2025-01-01 2025-03-31 0001278752 Business Services G&A 2024-12-31 0001278752 currency:CAD mfic:SeniorSecuredFacilityMember 2024-01-01 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Retail, Unsecured Debt 2024-12-31 0001278752 Cave Enterprises Operations, LLC Undrawn Commitment 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC RHI Acquisition LLC First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 3/16/29 2024-12-31 0001278752 mfic:SixMonthsEuriborInterestRateMember 2024-12-31 0001278752 IT Services GrayMatter Systems Genius Bidco LLC 2025-03-31 0001278752 Automobile Components Truck-Lite Co., LLC Truck-Lite Co., LLC 2025-03-31 0001278752 mfic:ThreeMonthsEuriborInterestRateMember 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputRecentTransactionMember mfic:ValuationTechniqueRecentTransactionMember 2025-03-31 0001278752 Consumer Staples Distribution & Retail THLP CO. LLC 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Eldrickco Limited* Undrawn Commitment 2024-12-31 0001278752 mfic:SixMonthsEuriborInterestRateMember 2025-03-31 0001278752 Health Care Equipment & Supplies Medical Guardian Medical Guardian, LLC First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 04/26/28 2025-03-31 0001278752 Energy Equipment & Services, Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 12/07/29 2025-03-31 0001278752 Diversified Consumer Services Excelligence Excelligence Learning Corporation First Lien Secured Debt – Revolver SOFR+575, 1.00% Floor Maturity Date 01/18/30 2025-03-31 0001278752 High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt - Term Loan SOFR+710, 2.50% Floor Maturity Date 06/01/28 2024-12-31 0001278752 Electrical Equipment, US MetalCo Holdings, US MetalCo Holdings LLC 2025-03-31 0001278752 Media Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt - Revolver SOFR+210 Cash plus 4.00% PIK, 1.00% Floor Maturity Date 11/18/26 2025-03-31 0001278752 Commercial Services & Supplies Vixxo Vixxo Corporation 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Chemicals, Plastics & Rubber 2024-12-31 0001278752 Building Products RF Fager R.F. Fager Company, LLC First Lien Secured Debt Term Loan SOFR+525, 1.00% Floor Maturity Date 03/04/30 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Wholesale, Common Equity/Interests 2024-12-31 0001278752 DRS Holdings III, Inc. 2025-03-31 0001278752 WC ORS Buyer, Inc. Undrawn Commitment 2025-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants Munson Munson Buffalo Restaurant Group LLC First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor Maturity Date 05/31/29 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Food Products, Preferred Equity 2025-03-31 0001278752 Commercial Services & Supplies IronClad Ironhorse Purchaser, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 09/30/27 2025-03-31 0001278752 Software Zendesk Zendesk, Inc. First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor Maturity Date 11/22/28 2025-03-31 0001278752 TCW Midco LLC 2024-12-31 0001278752 Commercial Services & Supplies Atlas Technical Consultants GI Apple Midco LLC First Lien Secured Debt Term Loan SOFR+675, 1.00% Floor Maturity Date 04/19/30 2025-03-31 0001278752 Acosta Holdings Corp. | Preferred Equity - Preferred Equity 2024-01-01 2024-12-31 0001278752 Electronic Equipment, Instruments & Components, AVAD, LLC, Surf Opco, LLC First Lien Secured Debt - Revolver SOFR+411, 1.00% Floor Maturity Date 09/10/26 2025-03-31 0001278752 Commercial Services & Supplies Ambrosia Buyer Corp. Ambrosia Buyer Corp. Warrants - Warrants 2025-03-31 0001278752 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-01-01 2025-03-31 0001278752 us-gaap:StandbyLettersOfCreditMember mfic:SeniorSecuredFacilityMember 2024-09-30 0001278752 Crewline Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Aviation and Consumer Transport Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 05/01/29 2024-12-31 0001278752 Construction & Engineering Renovo HomeRenew Buyer, Inc. Term Loan First Lien Secured Debt - Delayed Draw 8.65% Maturity Date 11/23/27 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Ground Transportation, First Lien - Secured Debt 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Leisure Products, Common Equity/Interests 2025-03-31 0001278752 Software GoHealth Norvax, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 06/30/25 2025-03-31 0001278752 Healthcare & Pharmaceuticals Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Revolver SOFR+555, 1.00% Floor Maturity Date 08/09/27 2024-12-31 0001278752 Commercial Services & Supplies IRP 2025-03-31 0001278752 Health Care Equipment & Supplies Carestream Health Carestream Health Holdings, Inc. Common Equity - Common Stock 2025-03-31 0001278752 High Tech Industries BarTender Sigma Buyer LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 01/04/28 2024-12-31 0001278752 Wireless Telecommunication Services Global Eagle Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC) First Lien Secured Debt - Term Loan 8.25% Maturity Date 03/23/26 2025-03-31 0001278752 Software Forcura + Medalogix (Project Tarpon) F&M Buyer LLC 2025-03-31 0001278752 Merx Aviation Finance, LLC 2024-12-31 0001278752 Beverage, Food & Tobacco Patriot Pickle 2024-12-31 0001278752 Diversified Consumer Services Ultra Clean Newco Ultra Clean Holdco LLC 2025-03-31 0001278752 Construction & Engineering Traffic Management Solutions, LLC Traffic Management Solutions, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 11/26/30 2025-03-31 0001278752 Manufacturing, Capital Equipment International Wire Group IW Buyer LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor Maturity Date 06/28/29 2024-12-31 0001278752 High Tech Industries Zendesk Zendesk, Inc. First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor Maturity Date 11/22/28 2024-12-31 0001278752 Beverage, Food & Tobacco Turkey Hill 2024-12-31 0001278752 Saffron Bidco Ltd* 2025-03-31 0001278752 Business Services Smith System Smith Topco, Inc. Investment Type First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 11/06/29 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Automotive 2024-12-31 0001278752 Construction & Engineering Renovo HomeRenew Buyer, Inc. First Lien Secured Debt - Term Loan First Lien Secured Debt - Term Loan SOFR+900, 2.50% Floor Maturity Date 04/14/25 2025-03-31 0001278752 mfic:AdministrationAgreementMember mfic:ApolloInvestmentAdministrationLimitedLiabilityCompanyMember 2025-01-01 2025-03-31 0001278752 Interactive Media & Services The Weather Company Zephyr Buyer, L.P. First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor Maturity Date 01/31/30 2025-03-31 0001278752 Software 2025-03-31 0001278752 CSC Holdings, LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, IT Services, Common Equity/Interests 2025-03-31 0001278752 Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 03/12/30 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, First Lien - Secured Debt 2024-12-31 0001278752 High Street Buyer, Inc. 2024-12-31 0001278752 HRO (Hero Digital) Holdings, LLC Letters of Credit 2025-03-31 0001278752 Kure Pain Holdings, Inc.,Undrawn Commitment 2025-03-31 0001278752 Club Car Wash Operating, LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Biotechnology, Preferred Equity 2025-03-31 0001278752 Business Services Atlas Technical Consultants GI Apple Midco LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor Maturity Date 04/19/30 2024-12-31 0001278752 mfic:StructuredProductsAndOtherMember 2025-03-31 0001278752 Goldman Sachs Financial Square Government Fund 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2017-10-02 2017-10-02 0001278752 Gateway US Holdings, Inc. 2024-12-31 0001278752 Structured Products and Other 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate PMA PMA Parent Holdings, LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 01/31/31 2024-12-31 0001278752 Health Care Providers & Services Celerion Celerion Buyer, Inc. First Lien Secured Debt – Delayed Draw SOFR+500, 0.75% Floor Maturity Date 11/05/29 2025-03-31 0001278752 Construction & Engineering Kauffman Kauffman Intermediate, LLC First Lien Secured Debt - Term Loan SOFR+660, 1.00% Floor Maturity Date 05/08/26 2025-03-31 0001278752 Insurance Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 06/29/28 2025-03-31 0001278752 Pharmaceuticals PAI Pharma Pai Middle Tier, LLC First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor Maturity Date 02/13/32 2025-03-31 0001278752 currency:EUR mfic:SeniorSecuredFacilityMember 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Paper & Forest Products, First Lien - Secured Debt 2025-03-31 0001278752 Commercial Services & Supplies SafetyCo HEF Safety Ultimate Holdings, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 11/17/29 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate, Structured Products and Other 2024-12-31 0001278752 ACP Avenu Buyer, LLC Undrawn Commitment 2024-12-31 0001278752 Hotels, Restaurants & Leisure Guernsey Guernsey Holdings SDI LA LLC First Lien Secured Debt - Delayed Draw SOFR+595, 1.00% Floor Maturity Date 11/18/26 2025-03-31 0001278752 mfic:UtilitiesElectricMember 2024-12-31 0001278752 Software Gtreasury G Treasury SS LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 06/29/29 2025-03-31 0001278752 Jacent Strategic Merchandising Undrawn Commitment 2025-03-31 0001278752 Electrical Equipment, International Wire Group, IW Buyer LLC 2025-03-31 0001278752 High Tech Industries Team LINX, LLC TeamLINX Buyer, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 12/18/30 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, IT Services, First Lien - Secured Debt 2025-03-31 0001278752 Consumer Goods - Non-durable Sequential Brands Group, Inc. Galaxy Universal LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 11/12/26 2024-12-31 0001278752 Healthcare & Pharmaceuticals Alcami Alcami Corporation First Lien Secured Debt - Delayed Draw SOFR+710, 1.00% Floor Maturity Date 12/21/28 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Lending Point LendingPoint LLC First Lien Secured Debt - Delayed Draw SOFR+300, 1.00% Floor Maturity Date 12/31/27 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Aviation and Consumer Transport 2024-12-31 0001278752 Healthcare & Pharmaceuticals, CNSI 2024-12-31 0001278752 mfic:FinancialServicesMember 2025-03-31 0001278752 High Tech Industries BusPatrol BusPatrol Holdco First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor Maturity Date 08/02/29 2024-12-31 0001278752 Lunar Buyer, LLC 2024-12-31 0001278752 Business Services HMA Health Management Associates Superholdings, Inc. Investment Type First Lien Secured Debt - Revolver SOFR+101, 0.00% Floor Maturity Date 03/30/29 2024-12-31 0001278752 Household Durables Polywood Poly-Wood, LLC First Lien Secured Debt - Term Loan SOFR+488, 1.00% Floor Maturity Date 03/20/30 2025-03-31 0001278752 Alpinex Opco, LLC 2025-03-31 0001278752 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001278752 Controlled Investments MSEA Tankers LLC 2024-01-01 2024-12-31 0001278752 Club Car Wash Operating, LLC 2024-12-31 0001278752 Software Texada Texada Software LLC 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Nexity Evoriel First Lien Secured Debt – Delayed Draw EURIBOR+525, 0.00% Floor Maturity Date 04/02/31 2024-12-31 0001278752 Insurance Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt - Revolver SOFR+575, 0.75% Floor Maturity Date 06/29/28 2025-03-31 0001278752 TeamLINX Buyer, LLC Undrawn Commitment 2024-12-31 0001278752 High Tech Industries American Megatrends AMI Buyer, Inc. First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 10/17/31 2024-12-31 0001278752 Life Sciences Tools & Services 2025-03-31 0001278752 Food Products Nutpods Green Grass Foods, Inc. First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor Maturity Date 12/26/29 2025-03-31 0001278752 AGDATA Midco, LLC Undrawn Commitment 2024-12-31 0001278752 High Tech Industries BusPatrol BusPatrol Holdco First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 08/02/29 2024-12-31 0001278752 mfic:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember mfic:ApolloInvestmentManagementLPMember 2024-03-31 0001278752 Business Services G&A G&A Partners Holding Company II, LLC Investment Type First Lien Secured Debt - Term Loan SOFR+550, 0.75% Floor Maturity Date 03/01/31 2024-12-31 0001278752 2015-08-05 2015-08-05 0001278752 High Tech Industries Biamp Biamp First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 04/30/30 2024-12-31 0001278752 Construction & Building Renovo HomeRenew Buyer, Inc. First Lien Secured Debt - Revolver Interest Rate 8.65% Maturity Date 11/23/27 2024-12-31 0001278752 LendingPoint LLC 2024-12-31 0001278752 Biamp 2025-03-31 0001278752 Commercial Services & Supplies Heritage Environmental Services Heritage Environmental Services, Inc. 2025-03-31 0001278752 Insurance KCF Puerto Rico, LLC KCF Puerto Rico, LLC Secured Debt - Promissory Note Maturity 06/28/28 2024-12-31 0001278752 Healthcare & Pharmaceuticals Midwest Vision 2024-12-31 0001278752 EmpiRx Health LLC, Undrawn Commitment 2025-03-31 0001278752 Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Term Loan SOFR+640, 1.00% Floor Maturity Date 09/21/26 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Lending Point LendingPoint LLC First Lien Secured Debt - Revolver SOFR+300, 1.00% Floor Maturity Date 12/31/27 2024-12-31 0001278752 Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC First Lien Secured Debt - Revolver SOFR+411, 1.00% Floor Maturity Date 09/10/26 2024-12-31 0001278752 Traffic Management Solutions, LLC Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Ground Transportation, Warrants 2025-03-31 0001278752 Financial Services Origami Opportunities Fund III Origami Opportunities Fund III, L.P. First Lien Secured Debt - Term Loan SOFR+625, 2.00% Floor Maturity Date 10/25/27 2025-03-31 0001278752 High Tech Industries Avalara 2024-12-31 0001278752 Construction & Engineering Trench Plate Trench Plate Rental Co. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 12/03/28 2025-03-31 0001278752 Poly-Wood, LLC 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Building Products, First Lien - Secured Debt 2025-03-31 0001278752 SMC IR Holdings, LLC | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Smith Topco, Inc. 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Lending Point LendingPoint LLC First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 12/31/27 2024-12-31 0001278752 HRO (Hero Digital) Holdings, LLC Undrawn Commitment 2025-03-31 0001278752 Software American Megatrends AMI Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 10/17/31 2025-03-31 0001278752 High Tech Industries Riverbed Technology, Inc. Riverbed Technology, Inc. First Lien Secured Debt - Revolver Interest Rate 6.00% Maturity Date 04/03/28 2024-12-31 0001278752 Telesoft Holdings, LLC 2025-03-31 0001278752 Hive Intermediate, LLC 2024-12-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember 2025-03-31 0001278752 Software G2CI Evergreen IX Borrower 2023, LLC First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor Maturity Date 10/01/29 2025-03-31 0001278752 us-gaap:UnsecuredDebtMember 2024-12-31 0001278752 Affiliated Investments Surf Opco, LLC,Term Loan 2025-01-01 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2017-01-04 2017-01-04 0001278752 Controlled Investments 2024-01-01 2024-12-31 0001278752 Technology Hardware, Storage & Peripherals 2025-03-31 0001278752 Cerus Corporation, Undrawn Commitment 2025-03-31 0001278752 Business Services US Legal Support USLS Acquisition, Inc. Investment Type First Lien Secured Debt - Delayed Draw SOFR+590, 1.00% Floor Maturity Date 06/01/26 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Containers, Packaging & Glass 2024-12-31 0001278752 Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Common Equity - Class A-1 Common 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Chemicals 2025-03-31 0001278752 HALO Buyer, Inc 2025-03-31 0001278752 High Street Buyer, Inc. 2025-03-31 0001278752 High Tech Industries BarTender Sigma Buyer LLC First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 01/04/28 2024-12-31 0001278752 mfic:SecondLienSecuredDebtMember 2024-12-31 0001278752 Space Finco, Inc., Undrawn Commitment 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember 2025-03-31 0001278752 Electrical Equipment, US MetalCo Holdings, US MetalCo Holdings LLC First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor Maturity Date 10/31/29 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember 2024-03-31 0001278752 Health Management Associates Superholdings, Inc. Letter of Credit 2024-12-31 0001278752 Controlled Investments, High Tech Industries 2024-12-31 0001278752 Pace Health Companies, LLC 2025-03-31 0001278752 Software SPS Commerce, Inc. SPS Commerce, Inc. Common Equity - Common Stock 2025-03-31 0001278752 Healthcare & Pharmaceuticals Maxor National Pharmacy Service LLC, Maxor National Pharmacy Services, LLC First Lien Secured Debt – Term Loan SOFR+610, 1.00% Floor Maturity Date 03/01/29 2024-12-31 0001278752 Controlled Investments, High Tech Industries, Preferred Equity 2024-12-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Consumer Services Go Car Wash Go Car Wash Management Corp. First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 12/31/26 2024-12-31 0001278752 mfic:AutomobileComponentsMember 2025-03-31 0001278752 Non-Controlled / Affiliated Investments, Leisure Products, Common Equity/Interests 2025-03-31 0001278752 Healthcare & Pharmaceuticals Mannkind Corporation Common Equity - Common Stock 2024-12-31 0001278752 Software Zafin Zafin Labs Americas Incorporated 2025-03-31 0001278752 Consumer Goods - Non-durable Sequential Brands Group, Inc. 2024-12-31 0001278752 Commercial Services & Supplies Jones & Frank JF Acquisition, LLC 2025-03-31 0001278752 Trading Companies & Distributor Meritus Gas Partners MGP Holdings III Corp. First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 03/01/30 2025-03-31 0001278752 High Tech Industries Modern Campus 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputRecoverableAmountMember mfic:ValuationTechniqueRecoveryAnalysisMember 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Automobile Components 2025-03-31 0001278752 Shelby 2021 Holdings Corp. 2024-12-31 0001278752 PHS Buyer, Inc., Undrawn Commitment 2025-03-31 0001278752 High Tech Industries Litify 2024-12-31 0001278752 Norvax, LLC 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Beverages, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Ground Transportation 2025-03-31 0001278752 Trading Companies & Distributor Banner Solutions Banner Buyer, LLC First Lien Secured Debt - Revolver SOFR+590 Cash plus 0.50% PIK, 3.75% Floor Maturity Date 05/31/27 2025-03-31 0001278752 Communications Equipment Sorenson Holdings, LLC 2025-03-31 0001278752 mfic:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-12-31 0001278752 Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) | Common Equity - Membership Interests 2025-01-01 2025-03-31 0001278752 THLP CO. LLC, Letters of Credit 2025-03-31 0001278752 Trench Plate Rental Co. Undrawn Commitment 2024-12-31 0001278752 Leisure Products LashCo Lash OpCo, LLC First Lien Secured Debt - Revolver SOFR+700, 1.00% Floor Maturity Date 03/18/26 2025-03-31 0001278752 Construction & Engineering Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 08/09/30 2025-03-31 0001278752 Trading Companies & Distributor ORS Nasco WC ORS Buyer, Inc. First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 08/07/31 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 TerSera Therapeutics LLC Undrawn Commitment 2024-12-31 0001278752 us-gaap:WarrantMember 2024-12-31 0001278752 Textiles, Apparel & Luxury Goods Sequential Brands Group, Inc. 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Investment Type First Lien Secured Debt - Delayed Draw Interest Rate SOFR+525, 1.00% Floor Maturity Date 03/01/30 2024-12-31 0001278752 Commercial Services & Supplies Jones & Frank JF Acquisition, LLC First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 07/31/26 2025-03-31 0001278752 Automotive Truck-Lite Co., LLC 2024-12-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Revolver 2024-12-31 0001278752 Health Care Technology TELA Bio, Inc. TELA Bio, Inc. First Lien Secured Debt – Term Loan SOFR+635, 1.00% Floor Maturity Date 05/01/27 2025-03-31 0001278752 mfic:AviationAndConsumerTransportMember 2024-12-31 0001278752 2004-02-02 2025-03-31 0001278752 High Tech Industries Simeio Simeio Group Holdings, Inc. 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Undrawn Commitment 2024-12-31 0001278752 Automobile Components Universal Air Conditioner Cool Buyer, Inc. 2025-03-31 0001278752 Consumer Goods - Non-durable RoC Skincare RoC Holdco LLC First Lien Secured Debt – Revolver SOFR+600, 1.00% Floor Maturity Date 02/21/30 2024-12-31 0001278752 Financial Services Basswood Park CLO Ltd Basswood Park CLO Ltd 2021-1 Asset Backed Security - CLO Debt Maturity Date 04/20/34 2025-03-31 0001278752 Hive Intermediate, LLC 2025-03-31 0001278752 Business Services SEER GS SEER Group Borrower LLC Investment Type First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 04/30/29 2024-12-31 0001278752 us-gaap:FairValueInputsLevel2Member mfic:FirstLienSecuredDebtMember 2025-03-31 0001278752 Heritage Environmental Services, Inc. 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First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor Maturity Date 12/31/26 2024-12-31 0001278752 Automotive 2024-12-31 0001278752 Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Media, Preferred Equity 2025-03-31 0001278752 Evoriel* Undrawn Commitment 2025-03-31 0001278752 Health Care Providers & Services CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt – Term Loan SOFR+575, 0.50% Floor Maturity Date 12/17/29 2025-03-31 0001278752 F&M Buyer LLC, Undrawn Commitment 2025-03-31 0001278752 Diversified Consumer Services US Legal Support USLS Acquisition, Inc. First Lien Secured Debt – Revolver SOFR+590, 1.00% Floor Maturity Date 05/31/26 2025-03-31 0001278752 High Tech Industries Lookout Lookout, Inc. First Lien Secured Debt - Term Loan SOFR+625, 3.00% Floor Maturity Date 06/01/29 2024-12-31 0001278752 Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 04/26/29 2024-12-31 0001278752 Business Services AML Rightsource 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Commercial Services & Supplies, Unsecured Debt 2025-03-31 0001278752 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-01-01 2024-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Technology Hardware, Storage & Peripherals, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Software 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputRecoverableAmountMember mfic:ValuationTechniqueRecoveryAnalysisMember 2024-12-31 0001278752 Commercial Services & Supplies IronClad Ironhorse Purchaser, LLC First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 09/30/27 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember 2025-01-01 2025-03-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Revolver 2025-03-31 0001278752 Financial Services Origami Opportunities Fund III Origami Opportunities Fund III, L.P. 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Common Equity - Equity Interests 2025-03-31 0001278752 Textiles, Apparel & Luxury Goods Sequential Brands Group, Inc. Gainline Galaxy Holdings LLC Common Equity - Common Stock 2025-03-31 0001278752 Affiliated Investments Third Lane Mobility Inc.,Common Stock 2025-01-01 2025-03-31 0001278752 mfic:AutomotiveMember 2024-12-31 0001278752 Controlled Investments, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Hotels, Restaurants & Leisure, First Lien - Secured Debt 2025-03-31 0001278752 Club Champion LLC Undrawn Commitment 2024-12-31 0001278752 High Tech Industries Digital.ai Digital.ai Software Holdings, Inc. 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First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 04/14/28 2025-03-31 0001278752 Commercial Services & Supplies Core Roofing CRS Holdings, Inc. First Lien Secured Debt Delayed Draw SOFR+500, 1.00% Floor Maturity Date 06/06/30 2025-03-31 0001278752 Chemicals, Plastics & Rubber IPS SI Holdings, Inc. First Lien Secured Debt - Revolver Interest Rate SOFR+585, 1.00% Floor Maturity Date 12/31/27 2024-12-31 0001278752 Diversified Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt – Delayed Draw SOFR+575, 1.00% Floor Maturity Date 10/22/29 2025-03-31 0001278752 Cave Enterprises Operations, LLC, Undrawn Commitment 2025-03-31 0001278752 Warrants 2024-12-31 0001278752 Construction & Engineering Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor Maturity Date 02/07/29 2025-03-31 0001278752 First Lien - Secured Debt 2024-12-31 0001278752 Affiliated Investments FC2 LLC, Term Loan 2025-03-31 0001278752 Business Services Smith System Smith Topco, Inc. 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Undrawn Commitment 2024-12-31 0001278752 Software Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 11/27/30 2025-03-31 0001278752 Healthcare & Pharmaceuticals, August Bio, August Bioservices, LLC, First Lien Secured Debt - Revolver, SOFR+400, 2.00% Floor, Maturity Date 06/01/29 2024-12-31 0001278752 HomeRenew Buyer, Inc. 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember 2025-01-01 2025-03-31 0001278752 SEV Intermediate Holdco, LLC Undrawn Commitment 2024-12-31 0001278752 Healthcare & Pharmaceuticals Ora LLC TVG Orion Blocker, Inc. 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First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor Maturity Date 12/31/25 2025-03-31 0001278752 Financial Services Lending Point LendingPoint LLC First Lien Secured Debt - Term Loan, 0.00%, Maturity Date 12/30/26 2025-03-31 0001278752 Household Durables Polywood Poly-Wood, LLC First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 03/20/30 2025-03-31 0001278752 mfic:ClassAOneNotesMember mfic:MficbethesdacloonellcdebtsecuritizationMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Transportation - Cargo, Distribution, First Lien - Secured Debt 2024-12-31 0001278752 Hotels, Restaurants & Leisure The Club Company 2025-03-31 0001278752 HEF Safety Ultimate Holdings, LLC 2025-03-31 0001278752 Life Sciences Tools & Services August Bio August Bioservices, LLC 2025-03-31 0001278752 Jacent Strategic Merchandising Undrawn Commitment 2024-12-31 0001278752 Hotels, Restaurants & Leisure Cave Cave Enterprises Operations, LLC First Lien Secured Debt - Delayed Draw SOFR+660, 1.50% Floor Maturity Date 08/09/28 2025-03-31 0001278752 Foreign currency forward contract, Settlement Date 6/18/2025 Three 2025-01-01 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Surf Opco, LLC 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Financial Services, Structured Products and Other 2025-03-31 0001278752 Construction & Building Traffic Management Solutions, LLC 2024-12-31 0001278752 Software ChyronHego Corporation ChyronHego Corporation Preferred Equity - Preferred Equity N/A Maturity Date N/A 2025-03-31 0001278752 G Treasury SS LLC Undrawn Commitment 2024-12-31 0001278752 GI Apple Midco LLC Letter of Credit 2024-12-31 0001278752 Health Management Associates Superholdings, Inc. 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Ltd., Common Stock 2024-12-31 0001278752 High Tech Industries Uniguest Uniguest Holdings, Inc 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Hotel, Gaming, Leisure, Restaurants 2024-12-31 0001278752 Construction & Engineering Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor Maturity Date 02/07/29 One 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Health Care Equipment & Supplies, Common Equity/Interests 2025-03-31 0001278752 Pharmaceuticals Avid Bioservices Space Finco, Inc. First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 02/05/32 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember 2023-12-13 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate, Preferred Equity 2024-12-31 0001278752 Aviation and Consumer Transport Merx Aviation Finance, LLC Common Equity - Membership Interests 2024-12-31 0001278752 Household Durables Polywood Poly-Wood, LLC First Lien Secured Debt - Revolver SOFR+488, 1.00% Floor Maturity Date 03/20/30 2025-03-31 0001278752 Commercial Services & Supplies Smith System Smith Topco, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 11/06/29 2025-03-31 0001278752 srt:MinimumMember mfic:SeniorSecuredFacilityMember 2024-01-01 2024-09-30 0001278752 Professional Services BDO USA BDO USA, P.A. Investment Type First Lien Secured Debt - Term Loan SOFR+500, 2.00% Floor Maturity Date 8/31/28 2025-03-31 0001278752 Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 12/07/29 2024-12-31 0001278752 Guernsey Holdings SDI LA LLC 2025-03-31 0001278752 mfic:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Insurance 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods – Durable, First Lien - Secured Debt 2024-12-31 0001278752 Business Services Smith System 2024-12-31 0001278752 FC2 LLC | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Software ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt - Revolver 3.50% Maturity Date 11/14/25 2025-03-31 0001278752 Business Services G&A G&A Partners Holding Company II, LLC Investment Type First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor Maturity Date 03/01/30 2024-12-31 0001278752 Affiliated Investments Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests 2024-01-01 2024-12-31 0001278752 Specialty Retail PetSmart PetSmart Inc / PetSmart Finance Corp Unsecured Debt - Corporate Bond 7.75% Maturity Date 02/15/29 2025-03-31 0001278752 All Star Recruiting Locums, LLC 2024-12-31 0001278752 Pavement Preservation Acquisition, LLC 2025-03-31 0001278752 Wholesale Universal Air Conditioner Cool Buyer, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate SOFR+475, 1.00% Floor Maturity Date 10/31/30 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Real Estate Management & Development, First Lien - Secured Debt 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member 2025-01-01 2025-03-31 0001278752 Affiliated Investments Bird Scooter Acquisition Corp.,Common Stock 2024-12-31 0001278752 Generator Buyer, Inc. 2024-12-31 0001278752 High Tech Industries VikingCloud Sysnet North America, Inc. First Lien Secured Debt – Revolver SOFR+500, 0.75% Floor Maturity Date 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 MGP Holdings III Corp. Undrawn Commitment 2024-12-31 0001278752 mfic:AirFreightLogisticsMember 2025-03-31 0001278752 Controlled Investments, Software 2025-03-31 0001278752 High Tech Industries Zendesk 2024-12-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember 2025-03-31 0001278752 Life Sciences Tools & Services August Bio August Bioservices, LLC First Lien Secured Debt - Revolver SOFR+400, 2.00% Floor Maturity Date 06/01/29 2025-03-31 0001278752 Health Care Providers & Services Celerion 2025-03-31 0001278752 Software Poppulo, Inc. Four Winds Interactive LLC First Lien Secured Debt - Revolver SOFR+650, 0.75% Floor Maturity Date 02/20/30 2025-03-31 0001278752 Surf Opco, LLC Letters of Credit 2024-12-31 0001278752 Treace Medical Concepts, Inc. 2025-03-31 0001278752 Controlled Investments ChyronHego Corporation 2024-01-01 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Redfin Redfin Corporation First Lien Secured Debt - Term Loan SOFR+575, 1.50% Floor Maturity Date 10/20/28 2024-12-31 0001278752 Wholesale Banner Solutions Banner Buyer, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate SOFR+590 Cash plus 0.50% PIK, 1.00% Floor Maturity Date 10/31/25 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Electronic Equipment, Instruments & Components, Preferred Equity 2025-03-31 0001278752 Affiliated Investments Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan 2024-12-31 0001278752 Construction & Building American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Delayed Draw SOFR+510, 1.00% Floor Maturity Date 07/24/30 2024-12-31 0001278752 Simeio Group Holdings, Inc. 2025-03-31 0001278752 Telecommunications Mitel Networks MLN US Holdco LLC Second Lien Secured Debt - Term Loan 6.70% Maturity Date 10/18/27 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Media – Diversified & Production, First Lien - Secured Debt 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Containers & Packaging, First Lien - Secured Debt 2025-03-31 0001278752 Insurance PGM Holdings Corporation Turbo Buyer, Inc. First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor Maturity Date 12/02/25 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Warrants 2024-12-31 0001278752 Construction & Building Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor Maturity Date 02/07/28 2024-12-31 0001278752 2015-12-14 0001278752 Healthcare & Pharmaceuticals, EmpiRx 2024-12-31 0001278752 2004-04-08 0001278752 Non-Controlled / Non-Affiliated Investments, Interactive Media & Services, Second Lien - Secured Debt 2025-03-31 0001278752 Independent Power & Renewable Electricity Producers 2025-03-31 0001278752 Energy Equipment & Services, Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 12/07/29 2025-03-31 0001278752 Alcami Corporation, Undrawn Commitment 2025-03-31 0001278752 Software Uplight Uplight, Inc. 2025-03-31 0001278752 Building Products OmniMax International, LLC Omnimax International, LLC First Lien Secured Debt Delayed Draw SOFR+575, 1.00% Floor Maturity Date 12/06/20 2025-03-31 0001278752 Chemicals Aspen Aerogels, Inc. Aspen Aerogels, Inc. First Lien Secured Debt Revolver SOFR+450, 4.50% Floor Maturity Date 08/19/29 2025-03-31 0001278752 Healthcare & Pharmaceuticals TersSera TerSera Therapeutics LLC 2025-03-31 0001278752 Affiliated Investments Surf Opco, LLC,Class P-1 Preferred 2025-01-01 2025-03-31 0001278752 Insurance High Street Insurance High Street Buyer, Inc. 2025-03-31 0001278752 Software Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/16/26 2025-03-31 0001278752 Business Services CoreTrust 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Golub Capital Partners CLO, LT Golub Capital Partners CLO, LTD 2021-55 Asset Backed Security - CLO Debt Maturity Date 07/20/34 2024-12-31 0001278752 HRO (Hero Digital) Holdings, LLC Undrawn Commitment 2024-12-31 0001278752 Retail PetSmart 2024-12-31 0001278752 Financial Services Lending Point LendingPoint 2018-1 Funding Trust First Lien Secured Debt - Term Loan SOFR+100 Cash plus 4.00% PIK, 1.00% Floor Maturity Date 12/31/27 2025-03-31 0001278752 Sigma Buyer LLC, Undrawn Commitment 2025-03-31 0001278752 Beverage, Food & Tobacco Cave Cave Enterprises Operations, LLC First Lien Secured Debt - Delayed Draw SOFR+660, 1.50% Floor Maturity Date 08/09/28 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Consumer Services, First Lien - Secured Debt 2025-03-31 0001278752 TELA Bio, Inc., Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Electronic Equipment, Instruments & Components, First Lien - Secured Debt 2025-03-31 0001278752 mfic:AtTheMarketOfferingMember 2024-08-13 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-02-25 2019-02-25 0001278752 Pharmaceuticals Trillium Trillium Health Care Products Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 08/06/31 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Diversified Consumer Services, Common Equity/Interests 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Preferred Equity 2024-12-31 0001278752 Building Products OmniMax International, LLC Omnimax International, LLC 2025-03-31 0001278752 mfic:ClassDSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-03-31 0001278752 Total Non-Controlled/Non-Affiliated Investments 2025-03-31 0001278752 Healthcare & Pharmaceuticals Health & Safety Institute 2024-12-31 0001278752 Celerion Buyer, Inc. 2024-12-31 0001278752 Healthcare & Pharmaceuticals, Cato Research 2024-12-31 0001278752 mfic:FeeOffsetAgreementMember mfic:ApolloInvestmentManagementLPMember 2019-01-16 2019-01-16 0001278752 Advertising Printing & Publishing Accelerate360 Accelerate360 Holdings, LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 02/11/27 2024-12-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-06-17 2019-06-17 0001278752 Aerospace & Defense Sperry Acquisition, LLC Sperry Acquisition, LLC First Lien Secured Debt Delayed Draw SOFR+525, 0.75% Floor Maturity Date 02/03/31 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Personal Care Products Suave Silk Holdings I Corp. Common Equity - Common Stock 2025-03-31 0001278752 mfic:BiotechnologyMember 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-07-01 0001278752 USLS Acquisition, Inc. Letters of Credit 2025-03-31 0001278752 Rarebreed Veterinary Partners, Inc. 2024-12-31 0001278752 WildBrain Ltd. Undrawn Commitment 2024-12-31 0001278752 Leisure Products Dan Dee Project Comfort Buyer, Inc. Preferred Equity - Preferred Equity 2025-03-31 0001278752 Leisure Products Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 02/01/26 2025-03-31 0001278752 2019-07-21 0001278752 Controlled Investments, Warrants 2025-03-31 0001278752 Healthcare & Pharmaceuticals Omega Healthcare 2024-12-31 0001278752 Sperry Acquisition, LLC, Undrawn Commitment 2025-03-31 0001278752 Health Care Providers & Services Ingenovis Health 2025-03-31 0001278752 Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 12/24/29 2024-12-31 0001278752 Health Care Technology Inovalon Inovalon Holdings, Inc. Second Lien Secured Debt - Term Loan 15.35% PIK, 0.75% Floor Maturity Date 11/25/33 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Electronic Equipment, Instruments & Components, Common Equity/Interests 2025-03-31 0001278752 Diversified Consumer Services SEV SEV Intermediate Holdco, LLC First Lien Secured Debt – Revolver SOFR+525, 0.75% Floor Maturity Date 06/21/30 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Beverages, Common Equity/Interests 2025-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants Taco Cabana YTC Enterprises, LLC First Lien Secured Debt - Term Loan SOFR+636, 1.00% Floor Maturity Date 08/16/26 2024-12-31 0001278752 Uplight, Inc. 2025-03-31 0001278752 Consumer Goods - Non-durable 3D Protein 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 TELA Bio, Inc. 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-03-18 0001278752 Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 10/08/29 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember 2023-01-01 2023-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Health Care Technology, Second Lien - Secured Debt 2025-03-31 0001278752 Software Litify Litify Holdings Inc. Common Equity - Common Stock 2025-03-31 0001278752 Lifelong Learner Holdings, LLC 2025-03-31 0001278752 Guernsey Holdings SDI LA LLC, Undrawn Commitment 2025-03-31 0001278752 Trading Companies & Distributor Banner Solutions Banner Buyer, LLC First Lien Secured Debt - Delayed Draw SOFR+590 Cash plus 0.50% PIK, 3.75% Floor Maturity Date 05/31/27 2025-03-31 0001278752 Gateway US Holdings, Inc. Undrawn Commitment 2024-12-31 0001278752 Digital.ai Software Holdings, Inc. Undrawn Commitment 2024-12-31 0001278752 Carbonfree Chemicals Holdings LLC | Common Equity - Common Equity / Interest 2025-01-01 2025-03-31 0001278752 Consumer Goods - Non-durable Iconix Brand Group IBG Borrower LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 08/22/29 2024-12-31 0001278752 Transportation - Cargo, Distribution Beacon Mobility 2024-12-31 0001278752 Thomas Scientific, LLC Undrawn Commitment 2024-12-31 0001278752 Beverage, Food & Tobacco Berner Foods 2024-12-31 0001278752 Health Care Providers & Services EmpiRx 2025-03-31 0001278752 Professional Services FingerPaint Marketing KL Charlie Co-Invest, L.P. Common Equity - Common Stock 2025-03-31 0001278752 Retail 2024-12-31 0001278752 Healthcare & Pharmaceuticals, Compass Health , Roscoe Medical, Inc, First Lien Secured Debt - Revolver, SOFR+011, 0.00% Floor, Maturity Date 03/31/25 2024-12-31 0001278752 Texada Software LLC 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 NPPI Buyer, LLC Undrawn Commitment 2024-12-31 0001278752 Business Services Jacent JSM Equity Investors, L.P. Investment Type Preferred Equity - Class P Partnership Units 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Origami Opportunities Fund III Origami Opportunities Fund III, L.P. First Lien Secured Debt - Delayed Draw SOFR+625, 2.00% Floor Maturity Date 10/25/27 2024-12-31 0001278752 American Restoration Holdings, LLC 2024-12-31 0001278752 High Tech Industries Omada Omada Health, Inc. 2024-12-31 0001278752 Financial Services 2025-03-31 0001278752 mfic:HealthCareTechnologyMember 2025-03-31 0001278752 Advertising Printing & Publishing Houghton Mifflin Houghton Mifflin Harcourt Company First Lien Secured Debt - Term Loan SOFR+525, 0.50% Floor Maturity Date 04/09/29 2024-12-31 0001278752 Telecommunications Cablevision Systems CSC Holdings, LLC First Lien Secured Debt – Revolver SOFR+235, 0.00% Floor Maturity Date 07/13/27 2024-12-31 0001278752 currency:EUR mfic:SeniorSecuredFacilityMember 2025-01-01 2025-03-31 0001278752 Affiliated Investments Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests 2024-01-01 2024-12-31 0001278752 Bingo Group Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Hotels, Restaurants & Leisure The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+578, 0.50% Floor Maturity Date 11/26/26 2025-03-31 0001278752 Financial Services Definiti LLC RHI Acquisition LLC First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 3/16/29 2025-03-31 0001278752 Diversified Consumer Services US Legal Support USLS Acquisition, Inc. First Lien Secured Debt – Delayed Draw SOFR+590, 1.00% Floor Maturity Date 05/31/26 2025-03-31 0001278752 mfic:CurrentFeeMember mfic:IncentiveFeeBasedOnIncomeMember mfic:ApolloInvestmentManagementLPMember 2023-01-01 2023-01-01 0001278752 IT Services Distinct Distinct Holdings Inc First Lien Secured Debt - Revolver P+475 Maturity Date 07/18/29 2025-03-31 0001278752 High Tech Industries ChyronHego Corporation ChyronHego US Holding Corporation First Lien Secured Debt - Revolver SOFR+600, 1.75% Floor Maturity Date 06/30/26 2024-12-31 0001278752 HALO Buyer, Inc, Undrawn Commitment 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember 2024-12-31 0001278752 Life Sciences Tools & Services Unchained Labs Unchained Labs, LLC 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Consumer Staples Distribution & Retail 2025-03-31 0001278752 Advertising Printing & Publishing Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt - Term Loan SOFR+210 Cash plus 5.00% PIK, 1.00% Floor Maturity Date 11/18/28 2024-12-31 0001278752 Distinct Holdings Inc Undrawn Commitment 2024-12-31 0001278752 High Tech Industries GrayMatter Systems Genius Bidco LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 05/01/30 2024-12-31 0001278752 Software Poppulo, Inc. Four Winds Interactive LLC First Lien Secured Debt - Term Loan SOFR+650, 0.75% Floor Maturity Date 02/20/30 2025-03-31 0001278752 BusPatrol Holdco Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Specialty Retail 2025-03-31 0001278752 Controlled Investments 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Aviation and Consumer Transport, First Lien - Secured Debt 2024-12-31 0001278752 Manufacturing, Capital Equipment US MetalCo Holdings US MetalCo Holdings LLC First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 10/31/29 2024-12-31 0001278752 Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Delayed Draw SOFR+540, 1.00% Floor Maturity Date 08/02/25 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Advertising, Printing & Publishing, Common Equity/Interests 2024-12-31 0001278752 Anuvu Corp. (fka GEE Acquisition Holdings Corp.)* | Common Equity - Common Stock 2024-01-01 2024-12-31 0001278752 Automotive Truck-Lite Co., LLC First Lien Secured Debt - Delayed Draw SOFR+575, 0.75% Floor Maturity Date 02/13/31 2024-12-31 0001278752 mfic:PersonalCareProductsMember 2025-03-31 0001278752 Consumer Services 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Retail, First Lien - Secured Debt 2024-12-31 0001278752 mfic:SeniorSecuredFacilityMember 2025-01-01 2025-03-31 0001278752 High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt - Delayed Draw SOFR+710, 2.50% Floor Maturity Date 06/01/28 2024-12-31 0001278752 mfic:FirstLienSecuredRevolverMember mfic:MerxAviationMember 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember 2025-01-01 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyFiveMember 2015-03-03 2015-03-03 0001278752 Evergreen IX Borrower 2023, LLC 2024-12-31 0001278752 Alcami Corporation Undrawn Commitment 2024-12-31 0001278752 Chemicals, Plastics & Rubber Meristem Crop Performance Lunar Buyer, LLC First Lien Secured Debt - Revolver Interest Rate SOFR+550, 0.75% Floor Maturity Date 10/03/30 2024-12-31 0001278752 High Tech Industries AGDATA AGDATA Midco, LLC First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor Maturity Date 07/01/30 2024-12-31 0001278752 Life Sciences Tools & Services Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Revolver SOFR+555, 1.00% Floor Maturity Date 08/09/27 2025-03-31 0001278752 Paladone Group Bidco Limited 2024-12-31 0001278752 Sperry Parent Holdings, L.P. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Celerion, Celerion Buyer, Inc., First Lien Secured Debt - Revolver, SOFR+550, 0.75% Floor, Maturity Date 11/03/28 2024-12-31 0001278752 mfic:SubordinateNoteDueOnTwoThousandOneHundredTwentyFiveMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-03-31 0001278752 PHOENIX YW BUYER, INC. Undrawn Commitment 2025-03-31 0001278752 TS Investors, LLC 2024-12-31 0001278752 Technology Hardware, Storage & Peripherals BusPatrol BusPatrol Holdco 2025-03-31 0001278752 Consumer Services Walters Wedding Estates 2024-12-31 0001278752 Trench Plate Rental Co. 2025-03-31 0001278752 Medical Guardian, LLC Undrawn Commitment 2024-12-31 0001278752 mfic:ApolloSeniorFloatingRateFundIncMember 2024-07-22 2024-07-22 0001278752 Consumer Goods - Non-durable RoC Skincare RoC Holdco LLC First Lien Secured Debt – Term Loan SOFR+600, 1.00% Floor Maturity Date 02/21/31 2024-12-31 0001278752 American Restoration Holdings, LLC, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Health Care Technology, First Lien - Secured Debt 2025-03-31 0001278752 Software New Relic Crewline Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 11/08/30 2025-03-31 0001278752 Chemicals, Plastics & Rubber Meristem Crop Performance Lunar Buyer, LLC First Lien Secured Debt - Delayed Draw Interest Rate SOFR+550, 0.75% Floor Maturity Date 10/03/30 2024-12-31 0001278752 Business Services Escalent M&M OPCO, LLC Investment Type First Lien Secured Debt - Term Loan SOFR+810, 1.00% Floor Maturity Date 04/07/29 2024-12-31 0001278752 Pace Health Companies, LLC 2024-12-31 0001278752 Diversified Consumer Services Wilson Language Training 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Automotive, First Lien - Secured Debt 2024-12-31 0001278752 High Tech Industries Modern Campus Destiny Solutions U.S., Inc. First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 06/08/26 2024-12-31 0001278752 Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor Maturity Date 04/26/29 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Automotive Ultra Clean Newco Ultra Clean Holdco LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 07/01/30 2024-12-31 0001278752 Consumer Goods - Non-durable 3D Protein Protein For Pets Opco, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 09/20/30 2024-12-31 0001278752 Business Services Carestream Health Carestream Health Holdings, Inc. Investment Type Common Equity - Common Stock 2024-12-31 0001278752 High Tech Industries Team LINX, LLC TeamLINX Buyer, LLC 2024-12-31 0001278752 mfic:ProfessionalServicesMember 2025-03-31 0001278752 Jacent Strategic Merchandising 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, High Tech Industries, Common Equity/Interests 2024-12-31 0001278752 Genius Bidco LLC, Letters of Credit 2025-03-31 0001278752 mfic:LifeSciencesToolsAndServicesMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Health Care Equipment & Supplies 2025-03-31 0001278752 Business Services Wilson Language Training Owl Parent Holdings, LLC Common Equity - Common Stock 2024-12-31 0001278752 Insurance High Street Insurance High Street Buyer, Inc. First Lien Secured Debt – Revolver SOFR+525, 0.75% Floor Maturity Date 04/16/27 2024-12-31 0001278752 Health Care Providers & Services WellDyneRx, LLC WelldyneRX, LLC First Lien Secured Debt - Term Loan SOFR+685, 0.75% Floor Maturity Date 03/09/27 2025-03-31 0001278752 Software ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt - Term Loan SOFR+350, 1.75% Floor Maturity Date 06/30/26 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Unsecured Debt 2024-12-31 0001278752 Consumer Goods - Durable Polywood 2024-12-31 0001278752 Business Services SafetyCo HEF Safety Ultimate Holdings, LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 11/19/29 2024-12-31 0001278752 Ironhorse Purchaser, LLC 2024-12-31 0001278752 Diversified Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Delayed Draw SOFR+475, 0.75% Floor Maturity Date 09/22/28 2025-03-31 0001278752 Software BarTender Sigma Buyer LLC 2025-03-31 0001278752 Communications Equipment 2025-03-31 0001278752 Financial Services Lending Point LendingPoint LLC First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 12/31/27 2025-03-31 0001278752 us-gaap:FairValueInputsLevel2Member mfic:StructuredProductsAndOtherMember 2024-12-31 0001278752 Interactive Media & Services The Weather Company Zephyr Buyer, L.P. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 01/31/30 2025-03-31 0001278752 Health Care Providers & Services All Star All Star Recruiting Locums, LLC First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 05/01/30 2025-03-31 0001278752 Genius Bidco LLC, Undrawn Commitment 2025-03-31 0001278752 Commercial Services & Supplies SEER 2025-03-31 0001278752 Healthcare & Pharmaceuticals KureSmart Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock 2024-12-31 0001278752 Containers, Packaging & Glass 2024-12-31 0001278752 Patriot Foods Buyer, Inc., Undrawn Commitment 2025-03-31 0001278752 High Tech Industries AGDATA AGDATA Midco, LLC First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 07/01/30 2024-12-31 0001278752 mfic:AFTAndAIFFirstMergerMember 2024-07-22 2024-07-22 0001278752 RHI Acquisition LLC Undrawn Commitment 2024-12-31 0001278752 Ground Transportation Boasso 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Semiconductors & Semiconductor Equipment 2025-03-31 0001278752 Beverage, Food & Tobacco 2024-12-31 0001278752 High Tech Industries New Relic Crewline Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 11/08/30 2024-12-31 0001278752 Consumer Staples Distribution & Retail Turkey Hill IC Holdings LLC Common Equity - Series A Units 2025-03-31 0001278752 Business Services Avenu ACP Avenu Buyer, LLC Investment Type First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 10/02/29 2024-12-31 0001278752 Omada Health, Inc. 2025-03-31 0001278752 Thomas Scientific, LLC 2025-03-31 0001278752 Entertainment DHX WildBrain Ltd. 2025-03-31 0001278752 Professional Services AlpineX Alpinex Opco, LLC First Lien Secured Debt - Term Loan SOFR+626, 1.00% Floor Maturity Date 12/27/27 2025-03-31 0001278752 us-gaap:PreferredStockMember 2025-03-31 0001278752 Controlled Investments, Passenger Airlines 2025-03-31 0001278752 Health Management Associates Superholdings, Inc. 2024-12-31 0001278752 Software Litify Litify Holdings Inc. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 02/02/29 2025-03-31 0001278752 Aviation and Consumer Transport Merx Aviation Finance, LLC 2024-12-31 0001278752 srt:MaximumMember 2025-01-01 2025-03-31 0001278752 Eldrickco Limited* 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Generator Buyer, Inc. 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Structured Products and Other 2024-12-31 0001278752 USLS Acquisition, Inc. Undrawn Commitment 2025-03-31 0001278752 PHOENIX YW BUYER, INC. Undrawn Commitment 2024-12-31 0001278752 CircusTrix Holdings LLC Undrawn Commitment 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 Construction & Engineering Accelevation, LLC Accelevation LLC 2025-03-31 0001278752 Business Services Heritage Environmental Services Heritage Environmental Services, Inc. Investment Type First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 01/31/31 2024-12-31 0001278752 Trillium Health Care Products Inc., Undrawn Commitment 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Biamp Undrawn Commitment 2024-12-31 0001278752 Vybond Buyer, LLC 2025-03-31 0001278752 Commercial Services & Supplies IRP SMC IR Holdings, LLC Common Equity - Common Stock 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Financial Services, Preferred Equity 2025-03-31 0001278752 Banner Buyer, LLC 2025-03-31 0001278752 Consumer Goods - Durable KLO Holdings, LLC 1244311 B.C. Ltd. Common Equity - Common Stock 2024-12-31 0001278752 Healthcare & Pharmaceuticals Ora LLC TVG Orion Blocker, Inc. Common Equity - Common Stock 2024-12-31 0001278752 Healthcare & Pharmaceuticals KureSmart 2024-12-31 0001278752 IT Services New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Term Loan SOFR+640, 1.00% Floor Maturity Date 10/31/26 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments Advertising, Printing & Publishing, Common Equity/Interests 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods - Durable, First Lien - Secured Debt 2024-12-31 0001278752 Total Non-Controlled/Non-Affiliated Investments, Warrants 2025-03-31 0001278752 Regis Corporation 2025-03-31 0001278752 Technology Hardware, Storage & Peripherals BusPatrol BusPatrol Holdco First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 08/02/29 2025-03-31 0001278752 TCW Midco LLC 2025-03-31 0001278752 Preferred Equity 2024-12-31 0001278752 Beacon Mobility Corp. 2024-12-31 0001278752 Foreign currency forward contract, Settlement Date 6/18/2025 Two 2025-01-01 2025-03-31 0001278752 High Tech Industries Inovalon Inovalon Holdings, Inc. 2024-12-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Software Uplight Uplight, Inc. First Lien Secured Debt - Revolver SOFR+360, 4.00% Floor Maturity Date 06/01/29 2025-03-31 0001278752 ChyronHego US Holding Corporation One Letters of Credit 2024-12-31 0001278752 M&M OPCO, LLC 2025-03-31 0001278752 Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 02/01/26 2024-12-31 0001278752 Wholesale Universal Air Conditioner Cool Buyer, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+475, 1.00% Floor Maturity Date 10/31/30 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Textiles, Apparel & Luxury Goods 2025-03-31 0001278752 Professional Services BDO USA 2025-03-31 0001278752 Affiliated Investments Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests 2025-01-01 2025-03-31 0001278752 Construction & Building Traffic Management Solutions, LLC Traffic Management Solutions, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 11/26/30 2024-12-31 0001278752 mfic:AICSPVHoldingsIILLCMember 2025-03-31 0001278752 Healthcare & Pharmaceuticals TersSera 2024-12-31 0001278752 Total Non-Controlled/Non-Affiliated Investments, Common Equity/Interests 2025-03-31 0001278752 Business Services Ambrosia Buyer Corp. Ambrosia Buyer Corp. Unsecured Debt Term Loan 11% PIK Maturity Date 12/15/31 2024-12-31 0001278752 Business Services Avenu ACP Avenu Buyer, LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 10/02/29 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods - Non-durable, First Lien - Secured Debt 2024-12-31 0001278752 Healthcare & Pharmaceuticals Midwest Vision Midwest Vision Partners Management, LLC First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 01/12/27 2024-12-31 0001278752 ACP Avenu Buyer, LLC 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Textiles, Apparel & Luxury Goods 2025-03-31 0001278752 Food Products Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 12/24/29 2025-03-31 0001278752 Healthcare & Pharmaceuticals, CNSI, Acentra Holdings, LLC (fka CNSI Holdings, LLC), First Lien Secured Debt - Term Loan, SOFR+550, 0.50% Floor, Maturity Date 12/17/29 2024-12-31 0001278752 Origami Opportunities Fund III, L.P. Undrawn Commitment 2025-03-31 0001278752 Pharmaceuticals Sterling Pharma 2025-03-31 0001278752 Business Services Wilson Language Training 2024-12-31 0001278752 Healthcare & Pharmaceuticals, Celerion, Celerion Buyer, Inc., First Lien Secured Debt - Delayed Draw, SOFR+550, 0.75% Floor, Maturity Date 11/05/29 2024-12-31 0001278752 Uniguest Holdings, Inc 2025-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants Guernsey Guernsey Holdings SDI LA LLC First Lien Secured Debt - Delayed Draw SOFR+595, 1.00% Floor Maturity Date 11/18/26 2024-12-31 0001278752 Affiliated Investments Surf Opco, LLC,Class A-1 Common 2025-03-31 0001278752 Paper & Forest Products BiOrigin Specialty Products Complete Paper Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 02/04/31 2025-03-31 0001278752 Software Naviga Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Revolver 7.10% Maturity Date 04/27/24 2025-03-31 0001278752 Commercial Services & Supplies Mariani CI (MG) GROUP, LLC 2025-03-31 0001278752 mfic:MerxAviationFinanceLLCMember us-gaap:GeneralAndAdministrativeExpenseMember 2024-01-01 2024-03-31 0001278752 Diversified Consumer Services Excelligence Excelligence Learning Corporation First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 01/18/30 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Manufacturing, Media – Diversified & Production 2024-12-31 0001278752 Foreign currency forward contract, Settlement Date 6/18/2025 One 2025-01-01 2025-03-31 0001278752 Business Services Atlas Technical Consultants GI Apple Midco LLC Investment Type First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 04/19/29 2024-12-31 0001278752 GAT-Airline Ground Support Inc, Letters of Credit 2025-03-31 0001278752 Financial Services Fortress Credit Opportunities Fortress Credit Opportunities CLO LLC 2024-25 Asset Backed Security - CLO Debt Maturity Date 01/15/37 2025-03-31 0001278752 Affiliated Investments Golden Bear 2016-R, LLC, Membership Interests 2024-01-01 2024-12-31 0001278752 Diversified Consumer Services Club Car Wash Club Car Wash Operating, LLC 2025-03-31 0001278752 Health Management Associates Superholdings, Inc. Letters of Credit 2025-03-31 0001278752 Controlled Investments, Preferred Equity 2024-12-31 0001278752 Maxor National Pharmacy Services, LLC Undrawn Commitment 2024-12-31 0001278752 mfic:MerxAviationFinanceLLCMember 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputRecoverableAmountMember mfic:ValuationTechniqueRecoveryAnalysisMember 2024-12-31 0001278752 IT Services GrayMatter Systems Genius Bidco LLC First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 05/01/30 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Wireless Telecommunication Services, First Lien - Secured Debt 2025-03-31 0001278752 2016-09-14 2016-09-14 0001278752 srt:MinimumMember mfic:SeniorSecuredFacilityMember us-gaap:BaseRateMember 2025-01-01 2025-03-31 0001278752 srt:MaximumMember mfic:SeniorSecuredFacilityMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2025-01-01 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Air Freight & Logistics 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Biotechnology, First Lien - Secured Debt 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember 2024-12-31 0001278752 NPPI Buyer, LLC, Undrawn Commitment 2025-03-31 0001278752 Merx Aviation Finance, LLC | Common Equity - Membership Interests 2025-01-01 2025-03-31 0001278752 Financial Services Renew Financial LLC (f/k/a Renewable Funding, LLC) Renew Financial LLC (f/k/a Renewable Funding, LLC) Common Equity - Common Stock 2025-03-31 0001278752 Athlete Buyer, LLC, Letters of Credit 2025-03-31 0001278752 Telecommunications CommScope Commscope, LLC (f/k/a Commscope, Inc.) First Lien Secured Debt - Term Loan SOFR+550, 2.00% Floor Maturity Date 12/17/29 2024-12-31 0001278752 Structured Products and Other 2025-03-31 0001278752 Health Care Providers & Services RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor Maturity Date 08/02/26 2025-03-31 0001278752 mfic:AICSPVHoldingsIILLCMember 2024-12-31 0001278752 Food Products Jacent Jacent Strategic Merchandising Common Equity - Common Stock 2025-03-31 0001278752 Foreign currency forward contracts Counterparty JP MORGAN CHASE BANK N.A Settlement Date 6/18/2025 Two 2025-03-31 0001278752 Aviation and Consumer Transport Merx Aviation Finance, LLC First Lien Secured Debt - Revolver 10.00% Maturity Date 10/31/25 2024-12-31 0001278752 High Tech Industries American Megatrends 2024-12-31 0001278752 RoC Holdco LLC, Undrawn Commitment 2025-03-31 0001278752 Olympus Terminals Holdco II LLC 2024-12-31 0001278752 us-gaap:PrimeRateMember 2024-12-31 0001278752 Diversified Consumer Services Ultra Clean Newco Ultra Clean Holdco LLC First Lien Secured Debt – Delayed Draw SOFR+500, 1.00% Floor Maturity Date 07/01/30 2025-03-31 0001278752 IT Services VikingCloud Bullcave Limited First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 08/06/30 2025-03-31 0001278752 Thomas Scientific, LLC, Undrawn Commitment 2025-03-31 0001278752 Air Freight & Logistics Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt Term Loan SOFR+525, 1.00% Floor Maturity Date 05/01/29 2025-03-31 0001278752 Insurance GoHealth Norvax, LLC First Lien Secured Debt – Revolver SOFR+660, 1.00% Floor Maturity Date 06/30/25 2024-12-31 0001278752 Alcresta Therapeutics Inc., Undrawn Commitment 2025-03-31 0001278752 Pharmaceuticals PAI Pharma PAI Co-Investor FT Aggregator LLC Common Equity - Common Stock 2025-03-31 0001278752 Tasty Chick'n LLC 2025-03-31 0001278752 mfic:FeeOffsetAgreementMember mfic:MerxAndApolloMember 2023-02-21 2023-02-21 0001278752 Affiliated Investments Surf Opco, LLC,Class P-1 Preferred 2025-03-31 0001278752 Software Dairy.com Momentx Corporation First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 06/24/27 2025-03-31 0001278752 Non-Controlled / Affiliated Investments, Ground Transportation, Common Equity/Interests 2025-03-31 0001278752 Avalara, Inc. 2024-12-31 0001278752 Media HALO Branded Solutions HALO Buyer, Inc 2025-03-31 0001278752 Commercial Services & Supplies Heritage Environmental Services Heritage Environmental Services, Inc. First Lien Secured Debt - Revolver SOFR+550, 4.50% Floor Maturity Date 01/31/30 2025-03-31 0001278752 Health Care Technology TELA Bio, Inc. TELA Bio, Inc. First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor Maturity Date 05/01/27 2025-03-31 0001278752 us-gaap:DebtInstrumentRedemptionPeriodTwoMember mfic:TotalCommitmentsMember us-gaap:LetterOfCreditMember 2025-03-31 0001278752 G&A Partners Holding Company II, LLC 2025-03-31 0001278752 Construction & Engineering Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt - Delayed Draw SOFR+585, 1.00% Floor Maturity Date 04/26/30 2025-03-31 0001278752 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2024-12-31 0001278752 srt:MaximumMember mfic:AtTheMarketOfferingMember 2024-08-13 2024-08-13 0001278752 mfic:SECRule10b51RepurchasePlanMember 2021-06-16 2021-06-16 0001278752 Software Uplight Uplight, Inc. First Lien Secured Debt - Term Loan SOFR+610, 4.00% Floor Maturity Date 06/01/29 2025-03-31 0001278752 us-gaap:PreferredStockMember 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2025-03-31 0001278752 AMI Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Sigma Buyer LLC 2024-12-31 0001278752 HomeRenew Buyer, Inc. 2024-12-31 0001278752 Construction & Building Pave America Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) First Lien Secured Debt - Term Loan SOFR+690, 1.00% Floor Maturity Date 02/07/28 2024-12-31 0001278752 Munson Buffalo Restaurant Group LLC Undrawn Commitment 2024-12-31 0001278752 Software BarTender Sigma Buyer LLC First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 01/04/28 2025-03-31 0001278752 currency:GBP mfic:SeniorSecuredFacilityMember 2024-12-31 0001278752 Telecommunications CommScope Commscope, LLC (f/k/a Commscope, Inc.) 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First Lien Secured Debt - Term Loan SOFR+300 Cash plus 7.00% PIK, 1.00% Floor Maturity Date 03/22/28 2025-03-31 0001278752 Mobile Communications America, Inc. 2024-12-31 0001278752 2022-02-03 2022-02-03 0001278752 mfic:HealthcareAndPharmaceuticalsMember 2024-12-31 0001278752 Ironhorse Purchaser, LLC Letters of Credit 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Peer Advisors, LLC First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor Maturity Date 11/30/29 2024-12-31 0001278752 WC ORS Buyer, Inc. 2024-12-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember 2023-12-31 0001278752 Healthcare & Pharmaceuticals Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Delayed Draw SOFR+555, 1.00% Floor Maturity Date 08/09/27 2024-12-31 0001278752 Software Lookout Lookout, Inc. First Lien Secured Debt - Term Loan SOFR+625, 3.00% Floor Maturity Date 06/01/29 2025-03-31 0001278752 Chemicals, Plastics & Rubber IPS SI Holdings, Inc. 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Chemicals, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Biotechnology, Warrants 2025-03-31 0001278752 WildBrain Ltd. 2024-12-31 0001278752 Wholesale Universal Air Conditioner Cool Acquisition Holdings, LP Investment Type Common Equity - Common Stock 2024-12-31 0001278752 mfic:ApolloInvestmentManagementLPMember 2025-01-01 2025-03-31 0001278752 Health Care Providers & Services Ingenovis Health Ingenovis Health, Inc. (CCRR Parent Inc) First Lien Secured Debt – Term Loan SOFR+425, 0.75% Floor Maturity Date 03/06/28 2025-03-31 0001278752 mfic:BeverageFoodAndTobaccoMember 2024-12-31 0001278752 Merx Aviation Finance, LLC 2025-03-31 0001278752 Diversified Consumer Services SEV SEV Intermediate Holdco, LLC 2025-03-31 0001278752 TVG Orion Blocker, Inc. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 mfic:EnergyEquipmentServicesMember 2025-03-31 0001278752 Affiliated Investments Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan 2025-03-31 0001278752 Construction & Engineering Traffic Management Solutions, LLC 2025-03-31 0001278752 Consumer Goods - Non-durable Dan Dee 2024-12-31 0001278752 Healthcare & Pharmaceuticals Team Select TS Investors, LLC First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 05/04/29 2024-12-31 0001278752 Beacon Mobility Corp., Undrawn Commitment 2025-03-31 0001278752 IT Services Team LINX, LLC TeamLINX Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 12/18/30 2025-03-31 0001278752 Trading Companies & Distributor ORS Nasco 2025-03-31 0001278752 us-gaap:DebtInstrumentRedemptionPeriodOneMember mfic:TotalCommitmentsMember us-gaap:LetterOfCreditMember 2025-03-31 0001278752 Healthcare & Pharmaceuticals Unchained Labs 2024-12-31 0001278752 Trillium Health Care Products Inc. 2025-03-31 0001278752 Affiliated Investments Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests 2025-03-31 0001278752 Energy Equipment & Services, Generator Buyer, Inc. 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Professional Services, First Lien - Secured Debt 2025-03-31 0001278752 Heritage Environmental Services, Inc. Letters of Credit 2025-03-31 0001278752 Lash OpCo, LLC 2025-03-31 0001278752 Excelligence Learning Corporation, Undrawn Commitment 2025-03-31 0001278752 mfic:TransportationInfrastructureMember 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 us-gaap:FairValueInputsLevel2Member us-gaap:UnsecuredDebtMember 2024-12-31 0001278752 us-gaap:DebtInstrumentRedemptionPeriodOneMember mfic:TotalCommitmentsMember 2024-01-01 2024-12-31 0001278752 Green Grass Foods, Inc. 2024-12-31 0001278752 Construction & Building Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 08/09/30 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Financial Services, Preferred Equity 2025-03-31 0001278752 Pharmaceuticals Ora LLC Orion Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 07/18/30 2025-03-31 0001278752 Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Term Loan SOFR+540, 1.00% Floor Maturity Date 08/02/25 2024-12-31 0001278752 Software Gtreasury G Treasury SS LLC 2025-03-31 0001278752 Ambrosia Buyer Corp. | Common Equity - Common Stock 2024-01-01 2024-12-31 0001278752 Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Term Loan SOFR+475, 0.75% Floor Maturity Date 09/22/28 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Insurance, First Lien - Secured Debt 2025-03-31 0001278752 Alpinex Opco, LLC 2024-12-31 0001278752 Software American Megatrends 2025-03-31 0001278752 Total Investments after Cash Equivalents 2025-03-31 0001278752 High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 10/30/26 2024-12-31 0001278752 THLP CO. LLC 2024-12-31 0001278752 mfic:CommonEquityInterestsMember 2024-12-31 0001278752 Business Services HMA Health Management Associates Superholdings, Inc. Investment Type First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor Maturity Date 03/30/29 2024-12-31 0001278752 Health Care Providers & Services ExactCare 2025-03-31 0001278752 Total Investments after Cash Equivalents 2024-12-31 0001278752 Transportation - Cargo, Distribution Boasso Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 06/30/28 2024-12-31 0001278752 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 Maturity Date 12/24/25 2025-03-31 0001278752 High Tech Industries DigiCert Dcert Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+400, 0.00% Floor Maturity Date 10/16/26 2024-12-31 0001278752 Controlled Investments ChyronHego Corporation 2024-12-31 0001278752 Manufacturing, Capital Equipment International Wire Group 2024-12-31 0001278752 Ground Transportation Bird Rides 2025-03-31 0001278752 Healthcare & Pharmaceuticals Partner Therapeutics, Inc Partner Therapeutics, Inc Preferred Equity - Preferred Equity 2024-12-31 0001278752 Commercial Services & Supplies Vixxo Vixxo Corporation First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 08/01/30 2025-03-31 0001278752 Evergreen IX Borrower 2023, LLC 2025-03-31 0001278752 High Tech Industries Zendesk Zendesk, Inc. First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 11/22/28 2024-12-31 0001278752 Trading Companies & Distributors PSE Graffiti Parent, LP Common Equity - Common Stock 2025-03-31 0001278752 Diversified Consumer Services Village Pet Care Village Pet Care, LLC First Lien Secured Debt – Delayed Draw SOFR+650, 1.00% Floor Maturity Date 09/22/29 2025-03-31 0001278752 Business Services CoreTrust Coretrust Purchasing Group LLC (HPG Enterprises LLC) Investment Type First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 10/01/29 2024-12-31 0001278752 Consumer Goods - Durable Club Champion Club Champion LLC First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 06/14/29 2024-12-31 0001278752 DCM Parent, LLC 2025-03-31 0001278752 Professional Services FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 12/30/26 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Energy Equipment & Services, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Paper & Forest Products 2025-03-31 0001278752 Megavolt Borrower, LLC Undrawn Commitment 2025-03-31 0001278752 Healthcare & Pharmaceuticals Rigel Pharmaceuticals Rigel Pharmaceuticals, Inc. First Lien Secured Debt - Term Loan SOFR+661, 1.50% Floor Maturity Date 09/01/27 2024-12-31 0001278752 LS Clinical Services Holdings, Inc. Undrawn Commitment 2024-12-31 0001278752 Space Parent, LP | Preferred Equity - Preferred Equity 2025-01-01 2025-03-31 0001278752 Kauffman Intermediate, LLC 2025-03-31 0001278752 Diversified Consumer Services Regis Regis Corporation First Lien Secured Debt - Term Loan SOFR+450, 2.50% Floor Maturity Date 06/24/29 2025-03-31 0001278752 Accelevation LLC 2025-03-31 0001278752 Tasty Chick'n LLC, Undrawn Commitment 2025-03-31 0001278752 Financial Services Nexity 2025-03-31 0001278752 High Tech Industries ChyronHego Corporation ChyronHego US Holding Corporation First Lien Secured Debt - Term Loan SOFR+350, 1.75% Floor Maturity Date 06/30/26 2024-12-31 0001278752 Health Care Equipment & Supplies Cerus Cerus Corporation First Lien Secured Debt - Delayed Draw SOFR+660, 1.00% Floor Maturity Date 03/01/28 2025-03-31 0001278752 Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+578, 0.50% Floor Maturity Date 11/26/26 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Electric Utilities, First Lien - Secured Debt 2025-03-31 0001278752 mfic:TextilesApparelLuxuryGoodsMember 2025-03-31 0001278752 mfic:ItServicesMember 2025-03-31 0001278752 KL Charlie Acquisition Company Undrawn Commitment 2024-12-31 0001278752 Pharmaceuticals 2025-03-31 0001278752 mfic:ClassATwoNotesMember mfic:MficbethesdacloonellcdebtsecuritizationMember 2025-01-01 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember 2023-12-31 0001278752 mfic:GoldenBear2016RLLCMember 2024-12-31 0001278752 Software Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 11/27/30 2025-03-31 0001278752 Consumer Services Go Car Wash Go Car Wash Management Corp. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 12/31/26 2024-12-31 0001278752 Health Care Technology 2025-03-31 0001278752 Cool Buyer, Inc. 2025-03-31 0001278752 Automotive Ultra Clean Newco 2024-12-31 0001278752 All Star Recruiting Locums, LLC Undrawn Commitment 2024-12-31 0001278752 Go Car Wash Management Corp. 2025-03-31 0001278752 Camin Cargo Control Holdings, Inc. Undrawn Commitment 2024-12-31 0001278752 us-gaap:FairValueInputsLevel2Member mfic:SecondLienSecuredDebtMember 2025-03-31 0001278752 Commercial Services & Supplies 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:StructuredProductsAndOtherMember 2023-12-31 0001278752 us-gaap:FairValueInputsLevel2Member 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2025-03-31 0001278752 mfic:DiversifiedTelecommunicationServicesMember 2025-03-31 0001278752 Independent Power & Renewable Electricity Producers Solarplicity Group Limited (f/k/a AMP Solar UK) Solarplicity UK Holdings Limited Preferred Equity - Preferred Stock 2025-03-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Common Stock 2025-03-31 0001278752 Peer Advisors, LLC, Undrawn Commitment 2025-03-31 0001278752 mfic:IncentiveFeeBasedOnIncomeMember mfic:ApolloInvestmentManagementLPMember 2019-01-01 2022-12-31 0001278752 Compu-Link Corporation (dba Celink) Undrawn Commitment 2024-12-31 0001278752 Communications Equipment Sorenson Holdings, LLC Sorenson Holdings, LLC Common Equity - Membership Interests 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2018-06-18 0001278752 Pharmaceuticals Ora LLC TVG Orion Blocker, Inc. Common Equity - Common Stock 2025-03-31 0001278752 Insurance 2024-12-31 0001278752 High Tech Industries Avalara Avalara, Inc. First Lien Secured Debt - Term Loan SOFR+625, 0.75% Floor Maturity Date 10/19/28 2024-12-31 0001278752 Business Services PSI Services, LLC Lifelong Learner Holdings, LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+790, 1.00% Floor Maturity Date 10/20/25 2024-12-31 0001278752 Healthcare & Pharmaceuticals Team Select TS Investors, LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 05/04/29 2024-12-31 0001278752 US MetalCo Holdings LLC Undrawn Commitment 2024-12-31 0001278752 Patriot Foods Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Truck-Lite Co., LLC Undrawn Commitment 2025-03-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Revolver 2025-01-01 2025-03-31 0001278752 mfic:FirstLienSecuredRevolverMember mfic:MerxAviationMember 2024-12-31 0001278752 Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Term Loan SON+578, 0.50% Floor Maturity Date 11/26/26 2024-12-31 0001278752 Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Financial Services, Structured Products and Other 2025-03-31 0001278752 Diversified Consumer Services Team Car Wash TCW Midco LLC 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, Common Equity/Interests 2024-12-31 0001278752 BSP-TS, LP | Preferred Equity - Preferred Equity 2025-01-01 2025-03-31 0001278752 Zephyr Buyer, L.P. 2024-12-31 0001278752 High Tech Industries 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Health Care Equipment & Supplies, Common Equity/Interests 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember mfic:MeasurementInputRecentTransactionMember mfic:ValuationTechniqueRecentTransactionMember 2024-12-31 0001278752 mfic:ClassDSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-02-24 2025-02-24 0001278752 Genius Bidco LLC Undrawn Commitment 2024-12-31 0001278752 Hotels, Restaurants & Leisure International Cruise & Excursion Gallery, Inc. Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) Common Equity - Membership Interests 2025-03-31 0001278752 Business Services 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Professional Services, Common Equity/Interests 2025-03-31 0001278752 Consumer Goods - Non-durable 2024-12-31 0001278752 Second Lien - Secured Debt 2024-12-31 0001278752 Hotels, Restaurants & Leisure PARS Group LLC PARS Group LLC First Lien Secured Debt - Term Loan SOFR+685, 1.50% Floor Maturity Date 04/03/28 2025-03-31 0001278752 High Tech Industries Zinnia Zinnia Corporate Holdings, LLC First Lien Secured Debt - Term Loan SOFR+800, 2.00% Floor Maturity Date 09/23/29 2024-12-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 Business Services CoreTrust Coretrust Purchasing Group LLC (HPG Enterprises LLC) Investment Type First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 10/01/29 2024-12-31 0001278752 Chemicals Meristem Crop Performance Lunar Buyer, LLC First Lien Secured Debt Term Loan SOFR+550, 0.75% Floor Maturity Date 10/03/30 2025-03-31 0001278752 Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Term Loan SOFR+565, 1.00% Floor Maturity Date 08/02/25 2024-12-31 0001278752 ChyronHego Corporation | Preferred Equity - Preferred Equity 2024-01-01 2024-12-31 0001278752 Business Services Trench Plate Trench Plate Rental Co. Investment Type First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 12/03/26 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods – Non-durable 2024-12-31 0001278752 Financial Services Celink 2025-03-31 0001278752 Telecommunications Cablevision Systems 2025-03-31 0001278752 TS Investors, LLC 2025-03-31 0001278752 Healthcare & Pharmaceuticals Medical Guardian Medical Guardian, LLC First Lien Secured Debt – Delayed Draw SOFR+585, 1.00% Floor Maturity Date 04/26/28 2024-12-31 0001278752 mfic:RestrictedSecuritiesMember 2024-12-31 0001278752 Village Pet Care, LLC Undrawn Commitment 2024-12-31 0001278752 Diversified Consumer Services Clarus Commerce Marlin DTC-LS Midco 2, LLC First Lien Secured Debt - Term Loan SOFR+660, 1.00% Floor Maturity Date 07/01/25 2025-03-31 0001278752 Banner Buyer, LLC Undrawn Commitment 2024-12-31 0001278752 Personal Care Products Suave Silk Holdings III Corp. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 05/01/29 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Azurity Pharmaceuticals, Azurity Pharmaceuticals, Inc., First Lien Secured Debt - Term Loan, SOFR+662, 0.75% Floor, Maturity Date 09/20/27 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Containers & Packaging 2025-03-31 0001278752 Guernsey Holdings SDI LA LLC Undrawn Commitment 2024-12-31 0001278752 us-gaap:FairValueInputsLevel2Member mfic:SecondLienSecuredDebtMember 2024-12-31 0001278752 Fortress Credit BSL Limited 2021-3 | Asset Backed Security - CLO Debt 2024-01-01 2024-12-31 0001278752 Health Care Equipment & Supplies Dr. Scholl's 2025-03-31 0001278752 Retail EG Group EG Global Finance PLC First Lien Secured Debt - Corporate Bond SOFR+750, 0.50% Floor Maturity Date 11/30/28 2024-12-31 0001278752 Automotive Truck-Lite Co., LLC TL Lighting Holdings, LLC Common Equity - Equity 2024-12-31 0001278752 Evoriel* Undrawn Commitment 2024-12-31 0001278752 Business Services BDO USA BDO USA, P.A. Investment Type First Lien Secured Debt - Term Loan SOFR+500, 2.00% Floor Maturity Date 8/31/28 2024-12-31 0001278752 Energy Equipment & Services, Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt - Revolver CORRA+525, 0.75% Floor Maturity Date 7/22/30 2025-03-31 0001278752 Four Winds Interactive LLC, Letters of Credit 2025-03-31 0001278752 mfic:BuildingProductsMember 2025-03-31 0001278752 Diversified Consumer Services SEV SEV Intermediate Holdco, LLC First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 06/21/30 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Renew Financial LLC (f/k/a Renewable Funding, LLC) Renew Financial LLC (f/k/a Renewable Funding, LLC) Common Equity - Common Stock 2024-12-31 0001278752 Total Commitments Undrawn Commitment 2024-12-31 0001278752 Beverage, Food & Tobacco Hive 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember 2023-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Food Products 2025-03-31 0001278752 Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. First Lien Secured Debt - Delayed Draw SOFR+635, 1.00% Floor Maturity Date 12/31/25 2024-12-31 0001278752 Hotel, Gaming, Leisure, Restaurants International Cruise & Excursion Gallery, Inc. 2024-12-31 0001278752 Professional Services AlpineX Alpinex Opco, LLC First Lien Secured Debt - Delayed Draw SOFR+626, 1.00% Floor Maturity Date 12/27/27 2025-03-31 0001278752 G&A Partners Holding Company II, LLC, Undrawn Commitment 2025-03-31 0001278752 High Tech Industries Wolfspeed Wolfspeed, Inc. First Lien Secured Debt - Corporate Bond 10.88% Floor Maturity Date 06/23/30 2024-12-31 0001278752 THLP CO. LLC Undrawn Commitment 2024-12-31 0001278752 Construction & Engineering Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 08/09/30 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Personal Care Products, Common Equity/Interests 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 2022-08-02 2022-08-02 0001278752 Electrical Equipment, US MetalCo Holdings, US MetalCo Holdings LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor Maturity Date 10/31/29 2025-03-31 0001278752 Health Care Providers & Services Thomas Scientific 2025-03-31 0001278752 High Tech Industries DigiCert Dcert Buyer, Inc. Second Lien Secured Debt - Term Loan SOFR+700, 0.00% Floor Maturity Date 02/19/29 2024-12-31 0001278752 mfic:RestrictedSecuritiesMember 2025-03-31 0001278752 Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt Revolver SOFR+500, 1.00% Floor Maturity Date 07/10/31 2025-03-31 0001278752 Manufacturing, Capital Equipment Carlisle Fluid Technologies LSF12 Donnelly Bidco, LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor Maturity Date 10/02/29 2024-12-31 0001278752 R.F. Fager Company, LLC 2025-03-31 0001278752 Business Services Solera Polaris Newco, LLC Investment Type First Lien Secured Debt - Term Loan SOFR+426, 0.50% Floor Maturity Date 28/02/28 2024-12-31 0001278752 Precision Refrigeration & Air Conditioning LLC 2024-12-31 0001278752 Transportation - Cargo, Distribution Meritus Gas Partners MGP Holdings III Corp. 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Media, Common Equity/Interests 2025-03-31 0001278752 Acentra Holdings, LLC (fka CNSI Holdings, LLC) Undrawn Commitment 2024-12-31 0001278752 mfic:SeniorSecuredFacilityMember 2023-01-01 2023-12-31 0001278752 Healthcare & Pharmaceuticals, Bausch Health, Bausch Health Companies Inc. (f/k/a Valeant Pharmaceuticals International, Inc.)., First Lien Secured Debt - Term Loan, SOFR+525, 0.50% Floor, Maturity Date 02/01/27 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Financial Services 2025-03-31 0001278752 Non-Controlled / Affiliated Investments, Common Equity/Interests 2025-03-31 0001278752 US MetalCo Holdings LLC 2025-03-31 0001278752 Insurance High Street Insurance High Street Buyer, Inc. First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 04/14/28 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Chemicals 2025-03-31 0001278752 mfic:ContainersPackagingMember 2025-03-31 0001278752 mfic:IndependentPowerAndRenewableElectricityProducersMember 2025-03-31 0001278752 Software Digital.ai Digital.ai Software Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 08/10/28 2025-03-31 0001278752 Norvax, LLC, Undrawn Commitment 2025-03-31 0001278752 Club Champion LLC, Undrawn Commitment 2025-03-31 0001278752 Ultra Clean Holdco LLC 2024-12-31 0001278752 Business Services Ingenovis Health Ingenovis Health, Inc. (CCRR Parent Inc) Investment Type First Lien Secured Debt - Term Loan SOFR+425, 0.50% Floor Maturity Date 03/06/28 2024-12-31 0001278752 Food Products Nutpods 2025-03-31 0001278752 High Tech Industries ELECTRONICS FOR IMAGING Electronics for Imaging, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.00% Floor Maturity Date 07/23/28 2024-12-31 0001278752 2015-08-05 0001278752 Turbo Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Business Services SafetyCo HEF Safety Ultimate Holdings, LLC Investment Type First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 11/17/29 2024-12-31 0001278752 Healthcare & Pharmaceuticals Rarebreed Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 04/18/30 2024-12-31 0001278752 Bingo Group Buyer, Inc. 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Trading Companies & Distributors, First Lien - Secured Debt 2025-03-31 0001278752 WH BorrowerCo, LLC 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Structured Products and Other 2025-03-31 0001278752 Common Equity/Interests 2024-12-31 0001278752 Commercial Services & Supplies Jones & Frank JF Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 07/31/26 2025-03-31 0001278752 Heniff Holdco, LLC Letter of Credit 2024-12-31 0001278752 Manufacturing, Capital Equipment Kauffman Kauffman Holdco, LLC Common Equity - Common Stock 2024-12-31 0001278752 CSC Holdings, LLC, Undrawn Commitment 2025-03-31 0001278752 EmpiRx Health LLC Undrawn Commitment 2024-12-31 0001278752 Crewline Buyer, Inc. 2024-12-31 0001278752 Zendesk, Inc. Undrawn Commitment 2024-12-31 0001278752 Construction & Building Renovo HomeRenew Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+900, 2.50% Floor Maturity Date 03/13/25 2024-12-31 0001278752 Olympus Terminals Holdco II LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Health Care Providers & Services, Common Equity/Interests 2025-03-31 0001278752 Biamp, Letters of Credit 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Total Non-Controlled/Non-Affiliated Investments, Second Lien - Secured Debt 2025-03-31 0001278752 Construction & Building Pave America 2024-12-31 0001278752 High Tech Industries Simeio Simeio Group Holdings, Inc. 2024-12-31 0001278752 Consumer Goods - Non-durable Tailored Brands The Men's Wearhouse, LLC First Lien Secured Debt - Term Loan SOFR+650, 0.00% Floor Maturity Date 02/26/29 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember 2025-03-31 0001278752 Business Services Ingenovis Health 2024-12-31 0001278752 Kure Pain Holdings, Inc. 2024-12-31 0001278752 Financial Services Renew Financial LLC (f/k/a Renewable Funding, LLC) Renew JV LLC Common Equity - Membership Interests 2025-03-31 0001278752 Healthcare & Pharmaceuticals KureSmart Kure Pain Holdings, Inc First Lien Secured Debt – Term Loan SOFR+610, 1.00% Floor Maturity Date 08/27/27 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-01-01 0001278752 IT Services Team LINX, LLC TeamLINX Buyer, LLC 2025-03-31 0001278752 Traffic Management Solutions, LLC Undrawn Commitment 2024-12-31 0001278752 AMI Buyer, Inc. 2024-12-31 0001278752 IQN Holding Corp. Undrawn Commitment 2024-12-31 0001278752 Telecommunications MCA 2024-12-31 0001278752 Health Care Providers & Services All Star 2025-03-31 0001278752 Software Texada Texada Software LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 04/30/30 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Aerospace & Defense, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Aviation and Consumer Transport 2024-12-31 0001278752 Controlled Investments, Unsecured Debt 2024-12-31 0001278752 Telecommunications Mitel Networks 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, IT Services 2025-03-31 0001278752 G Treasury SS LLC 2025-03-31 0001278752 PAI Co-Investor FT Aggregator LLC | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Ground Transportation Bird Rides Third Lane Mobility Inc. Warrants - Warrants 2025-03-31 0001278752 Regis Corporation Letter of Credit 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember 2024-12-31 0001278752 Affiliated Investments Surf Opco, LLC,Revolver 2025-01-01 2025-03-31 0001278752 Advertising Printing & Publishing FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 12/30/26 2024-12-31 0001278752 High Tech Industries BusPatrol BusPatrol Holdco 2024-12-31 0001278752 G&A Partners Holding Company II, LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Food Products, First Lien - Secured Debt 2025-03-31 0001278752 2015-08-15 2025-03-31 0001278752 Construction & Engineering Kauffman 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants International Cruise & Excursion Gallery, Inc. Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) Common Equity - Membership Interests 2024-12-31 0001278752 Consumer Services Clarus Commerce 2024-12-31 0001278752 Beverage, Food & Tobacco Turkey Hill THLP CO. LLC First Lien Secured Debt - Revolver SOFR+600 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 05/31/25 2024-12-31 0001278752 Uniguest Holdings, Inc Undrawn Commitment 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 AGDATA Midco, LLC 2024-12-31 0001278752 Norvax, LLC 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Transportation - Cargo, Distribution IronClad 2024-12-31 0001278752 Consumer Goods - Durable Club Champion 2024-12-31 0001278752 Commercial Services & Supplies CoreTrust Coretrust Purchasing Group LLC (HPG Enterprises LLC) 2025-03-31 0001278752 Foreign currency forward contracts 2025-03-31 0001278752 Electric Utilities, Dynagrid, Megavolt Borrower, LLC First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor Maturity Date 02/13/31 2025-03-31 0001278752 Business Services North Highland The North Highland Company LLC Investment Type First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 12/22/31 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Media – Diversified & Production 2024-12-31 0001278752 Third Lane Mobility Inc. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Business Services Trench Plate 2024-12-31 0001278752 Professional Services DCM Services DCM Parent, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 03/12/31 2025-03-31 0001278752 mfic:ClassDSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-02-24 0001278752 Telecommunications Global Eagle Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC) First Lien Secured Debt - Term Loan 4.00% Maturity Date 09/27/27 2024-12-31 0001278752 Media Hero Digital HRO Holdings I LP Common Equity - Common Stock 2025-03-31 0001278752 Diversified Consumer Services Wilson Language Training Owl Parent Holdings, LLC Common Equity - Common Stock 2025-03-31 0001278752 Healthcare & Pharmaceuticals Ora LLC Orion Buyer, LLC First Lien Secured Debt - Revolver P+400, Maturity Date 07/18/30 2024-12-31 0001278752 Commercial Services & Supplies Health & Safety Institute HSI Halo Holdings, LLC Common Equity - Common Stock 2025-03-31 0001278752 TELA Bio, Inc. Undrawn Commitment 2024-12-31 0001278752 High Tech Industries Naviga Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Revolver 7.10% Floor Maturity Date 04/27/24 2024-12-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Hotels, Restaurants & Leisure International Cruise & Excursion Gallery, Inc. 2025-03-31 0001278752 Business Services HMA Health Management Associates Superholdings, Inc. Investment Type First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor Maturity Date 03/30/29 2024-12-31 0001278752 Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. Common Equity - Common Stock 2024-12-31 0001278752 Camin Cargo Control Holdings, Inc. 2024-12-31 0001278752 Hotels, Restaurants & Leisure Taco Cabana YTC Enterprises, LLC First Lien Secured Debt - Term Loan SOFR+636, 1.00% Floor Maturity Date 08/16/26 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Electrical Equipment, First Lien - Secured Debt 2025-03-31 0001278752 ChyronHego US Holding Corporation Two 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 7/22/30 2024-12-31 0001278752 Software Zafin Zafin Labs Americas Incorporated First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 02/14/31 2025-03-31 0001278752 mfic:SeniorUnsecuredMFICBethesdaCLOIILLCNotesMember 2025-01-01 2025-03-31 0001278752 Eagle Purchaser, Inc. 2024-12-31 0001278752 Protein For Pets Opco, LLC 2024-12-31 0001278752 Turbo Buyer, Inc. Undrawn Commitment 2025-03-31 0001278752 Lotus Topco Inc. 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Communications Equipment, First Lien - Secured Debt 2025-03-31 0001278752 Financial Services Nexity Evoriel First Lien Secured Debt - Delayed Draw EURIBOR+525, 0.00% Floor Maturity Date 04/02/31 2025-03-31 0001278752 Transportation - Cargo, Distribution Olympus Terminals Olympus Terminals Holdco II LLC Investment Type First Lien Secured Debt – Term Loan Interest Rate SOFR+525, 0.75% Floor Maturity Date 12/17/30 2024-12-31 0001278752 Biotechnology 2025-03-31 0001278752 Club Champion LLC 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2017-01-04 0001278752 Acosta Holdings Corp. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Precision Refrigeration & Air Conditioning LLC, Undrawn Commitment 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember 2021-07-16 0001278752 mfic:SeniorSecuredFacilityMember 2024-01-01 2024-12-31 0001278752 Hive Intermediate, LLC Undrawn Commitment 2025-03-31 0001278752 mfic:ConstructionAndBuildingMember 2024-12-31 0001278752 Commercial Services & Supplies Core Roofing CRS Holdings, Inc. First Lien Secured Debt Revolver SOFR+500, 1.00% Floor Maturity Date 06/06/30 2025-03-31 0001278752 mfic:ApolloTacticalIncomeFundIncMember 2024-07-22 0001278752 Heniff Holdco, LLC 2025-03-31 0001278752 Consumer Goods - Durable Club Champion Club Champion LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 06/14/29 2024-12-31 0001278752 Wholesale Thomas Scientific Thomas Scientific, LLC Investment Type First Lien Secured Debt – Revolver Interest Rate SOFR+335, 4.50% PIK, 1.00% Floor Maturity Date 12/14/27 2024-12-31 0001278752 Healthcare & Pharmaceuticals WellDyneRx, LLC 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Redfin 2024-12-31 0001278752 Technology Hardware, Storage & Peripherals BusPatrol BusPatrol Holdco First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor Maturity Date 08/02/29 2025-03-31 0001278752 Total Commitments Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Entertainment, First Lien - Secured Debt 2025-03-31 0001278752 Consumer Services Village Pet Care Village Pet Care, LLC First Lien Secured Debt - Delayed Draw SOFR+650, 1.00% Floor Maturity Date 09/22/29 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Commercial Services & Supplies, Common Equity/Interests 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Environmental Industries, First Lien - Secured Debt 2024-12-31 0001278752 WelldyneRX, LLC 2025-03-31 0001278752 Advertising Printing & Publishing FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 12/30/26 2024-12-31 0001278752 Wholesale Banner Solutions Banner Parent Holdings, Inc. Investment Type Common Equity - Common Stock 2024-12-31 0001278752 Affiliated Investments Blue Jay Transit Inc.,Term Loan 2024-01-01 2024-12-31 0001278752 Professional Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt - Delayed Draw SOFR+115, 1.00% Floor Maturity Date 03/31/27 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Leisure Products 2025-03-31 0001278752 Orion Buyer, LLC 2024-12-31 0001278752 Controlled Investments SHD Oil & Gas, LLC One 2024-01-01 2024-12-31 0001278752 Manufacturing, Capital Equipment Kauffman 2024-12-31 0001278752 Advertising Printing & Publishing Accelerate360 Accelerate360 Holdings, LLC First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 02/11/27 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Transportation Infrastructure, First Lien - Secured Debt 2025-03-31 0001278752 Hotels, Restaurants & Leisure Munson Munson Buffalo Restaurant Group LLC First Lien Secured Debt - Delayed Draw SOFR+625, 1.00% Floor Maturity Date 05/31/29 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Healthcare & Pharmaceuticals TELA Bio, Inc. TELA Bio, Inc. First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor Maturity Date 05/01/27 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Commercial Services & Supplies, First Lien - Secured Debt 2025-03-31 0001278752 mfic:MachineryMember 2025-03-31 0001278752 Camin Cargo Control Holdings, Inc., Undrawn Commitment 2025-03-31 0001278752 Beverage, Food & Tobacco Turkey Hill IC Holdings LLC Common Equity - Series A Units 2024-12-31 0001278752 Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 12/07/29 2024-12-31 0001278752 Transportation - Cargo, Distribution Olympus Terminals Olympus Terminals Holdco II LLC Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+525, 0.75% Floor Maturity Date 12/17/30 2024-12-31 0001278752 Consumer Services Village Pet Care Village Pet Care, LLC First Lien Secured Debt - Revolver P+550 Maturity Date 09/22/29 2024-12-31 0001278752 Automobile Components Truck-Lite Co., LLC Truck-Lite Co., LLC First Lien Secured Debt Revolver SOFR+575, 0.75% Floor Maturity Date 02/13/31 2025-03-31 0001278752 ChyronHego US Holding Corporation One Undrawn Commitment 2024-12-31 0001278752 WC ORS Buyer, Inc. 2025-03-31 0001278752 Professional Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt - Term Loan SOFR+115 Cash plus 7.75% PIK, 1.00% Floor Maturity Date 03/31/27 2025-03-31 0001278752 Gabriel Partners, LLC, Undrawn Commitment 2025-03-31 0001278752 Consumer Services Legacy.com Lotus Topco Inc. 2024-12-31 0001278752 Commercial Services & Supplies Heritage Environmental Services Heritage Environmental Services, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 01/31/31 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Gateway US Holdings, Inc. 2025-03-31 0001278752 Healthcare & Pharmaceuticals Alcami Alcami Corporation First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 12/21/28 2024-12-31 0001278752 THLP CO. LLC, Undrawn Commitment 2025-03-31 0001278752 Heritage Environmental Services, Inc. 2024-12-31 0001278752 Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Term Loan EURIBOR+525, 0.00% Floor Maturity Date 01/07/31 2025-03-31 0001278752 High Tech Industries Uplight Uplight, Inc. First Lien Secured Debt - Term Loan SOFR+610, 4.00% Floor Maturity Date 06/01/29 2024-12-31 0001278752 RoC Holdco LLC 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Wholesale, First Lien - Secured Debt 2024-12-31 0001278752 Omnimax International, LLC 2024-12-31 0001278752 Food Products Hive Hive Intermediate, LLC First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor Maturity Date 09/22/27 2025-03-31 0001278752 Go Car Wash Management Corp. Undrawn Commitment 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Lending Point 2024-12-31 0001278752 Green Grass Foods, Inc., Undrawn Commitment 2025-03-31 0001278752 Pharmaceuticals Ora LLC 2025-03-31 0001278752 mfic:SONIAInterestRateMember 2025-03-31 0001278752 WildBrain Ltd., Undrawn Commitment 2025-03-31 0001278752 Diversified Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Delayed Draw SOFR+475, 0.75% Floor Maturity Date 09/22/28 One 2025-03-31 0001278752 LendingPoint LLC 2025-03-31 0001278752 Pharmaceuticals Avid Bioservices Space Parent, LP Preferred Equity - Preferred Equity 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, High Tech Industries 2024-12-31 0001278752 mfic:MediaDiversifiedProductionMember 2024-12-31 0001278752 Transportation - Cargo, Distribution Heniff and Superior 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Preferred Equity 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Origami Opportunities Fund III 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Beverage, Food & Tobacco, First Lien - Secured Debt 2024-12-31 0001278752 Business Services AlpineX 2024-12-31 0001278752 Crewline Buyer, Inc., Undrawn Commitment 2025-03-31 0001278752 High Tech Industries Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/16/26 2024-12-31 0001278752 Health Care Providers & Services Omega Healthcare 2025-03-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Common Stock 2024-01-01 2024-12-31 0001278752 Affiliated Investments Surf Opco, LLC,Class A-1 Common 2025-01-01 2025-03-31 0001278752 Paladone Group Bidco Limited Undrawn Commitment 2024-12-31 0001278752 Cerus Corporation 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Technology Hardware, Storage & Peripherals 2025-03-31 0001278752 Diversified Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt – Revolver SOFR+475, 1.00% Floor Maturity Date 06/07/30 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Real Estate Management & Development Redfin Redfin Corporation First Lien Secured Debt - Term Loan SOFR+575, 1.50% Floor Maturity Date 10/20/28 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2023-12-31 0001278752 Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 12/07/29 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate PMA PMA Parent Holdings, LLC First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor Maturity Date 01/31/31 2024-12-31 0001278752 Biamp, Undrawn Commitment 2025-03-31 0001278752 Software ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt - Revolver SOFR+600, 1.75% Floor Maturity Date 06/30/26 2025-03-31 0001278752 Cool Buyer, Inc. 2024-12-31 0001278752 Ironhorse Purchaser, LLC 2025-03-31 0001278752 Health Care Equipment & Supplies Medical Guardian Medical Guardian, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 04/26/28 2025-03-31 0001278752 Affiliated Investments Third Lane Mobility Inc.,Warrants 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Beverages 2025-03-31 0001278752 currency:EUR mfic:SeniorSecuredFacilityMember 2025-03-31 0001278752 Software Texada Texada Software LLC First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 04/30/30 2025-03-31 0001278752 Energy Equipment & Services, Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt - Delayed Draw CORRA+525, 0.75% Floor Maturity Date 7/22/30 2025-03-31 0001278752 Pharmaceuticals PAI Pharma 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Communications Equipment, Common Equity/Interests 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Healthcare & Pharmaceuticals, CNSI, Acentra Holdings, LLC (fka CNSI Holdings, LLC), First Lien Secured Debt - Term Loan, SOFR+575, 0.50% Floor, Maturity Date 12/17/28 2024-12-31 0001278752 mfic:SeniorSecuredFacilityMember 2024-09-30 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Unsecured Debt 2024-12-31 0001278752 Business Services IRP Precision Refrigeration & Air Conditioning LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+690, 1.00% Floor Maturity Date 03/08/28 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Ground Transportation, First Lien - Secured Debt 2025-03-31 0001278752 OMH-Healthedge Holdings, Inc. Undrawn Commitment 2025-03-31 0001278752 mfic:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-02-25 0001278752 Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. 2025-03-31 0001278752 mfic:InsuranceMember 2025-03-31 0001278752 Construction & Engineering Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 04/26/29 2025-03-31 0001278752 Insurance PGM Holdings Corporation Turbo Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor Maturity Date 12/02/25 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-04-01 2016-04-01 0001278752 PARS Group LLC, Undrawn Commitment 2025-03-31 0001278752 Ronnoco Holdings, Inc., Undrawn Commitment 2025-03-31 0001278752 Beacon Mobility Corp. Letters of Credit 2024-12-31 0001278752 Aerospace & Defense Sperry Acquisition, LLC Sperry Parent Holdings, L.P. Common Equity Common Stock 2025-03-31 0001278752 CSC Holdings, LLC 2024-12-31 0001278752 Commercial Services & Supplies Jones & Frank JF Acquisition, LLC First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 07/31/26 2025-03-31 0001278752 Financial Services Definiti LLC RHI Acquisition LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 3/16/29 2025-03-31 0001278752 us-gaap:InterestExpenseMember mfic:MerxAdministrationAgreementMember 2025-01-01 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Food Products Jacent 2025-03-31 0001278752 Controlled Investments, First Lien - Secured Debt 2024-12-31 0001278752 Construction & Engineering Kauffman Kauffman Intermediate, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 05/08/26 2025-03-31 0001278752 AHP Timberwolf Bidco Corp. 2024-12-31 0001278752 Total Non-Controlled/Non-Affiliated Investments, First Lien - Secured Debt 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, High Tech Industries, Preferred Equity 2024-12-31 0001278752 Software Uplight Uplight, Inc. First Lien Secured Debt - Delayed Draw SOFR+610, 4.00% Floor Maturity Date 06/01/29 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Chemicals 2025-03-31 0001278752 Health Care Providers & Services LucidHealth Premier Imaging, LLC First Lien Secured Debt – Term Loan SOFR+600 (Inclusive of 6.56% PIK), 1.00% Floor Maturity Date 03/31/26 2025-03-31 0001278752 mfic:PassengerAirlinesMember 2025-03-31 0001278752 Pro-Vigil Holding Company, LLC Undrawn Commitment 2025-03-31 0001278752 Genius Bidco LLC | Common Equity - Common Stock 2024-01-01 2024-12-31 0001278752 Healthcare & Pharmaceuticals LucidHealth Premier Imaging, LLC First Lien Secured Debt – Term Loan SOFR+426 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 03/31/26 2024-12-31 0001278752 Professional Services PSI Services, LLC 2025-03-31 0001278752 Business Services Solera 2024-12-31 0001278752 Pharmaceuticals Ora LLC Orion Buyer, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 07/18/30 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Communications Equipment 2025-03-31 0001278752 Business Services SEER GS SEER Group Borrower LLC Investment Type First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 04/29/30 2024-12-31 0001278752 mfic:AdministrationAgreementMember mfic:ApolloInvestmentAdministrationLimitedLiabilityCompanyMember 2024-03-31 0001278752 Evoriel* 2024-12-31 0001278752 Paladone Group Bidco Limited, Undrawn Commitment 2025-03-31 0001278752 Eagle Purchaser, Inc. 2025-03-31 0001278752 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Trading Companies & Distributors, Common Equity/Interests 2025-03-31 0001278752 Foreign currency forward contract, Settlement Date 6/18/2025 One 2025-03-31 0001278752 Construction & Engineering Accelevation, LLC Accelevation LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 01/02/31 2025-03-31 0001278752 Healthcare & Pharmaceuticals TELA Bio, Inc. 2024-12-31 0001278752 Excelligence Learning Corporation 2024-12-31 0001278752 Patriot Foods Buyer, Inc. 2024-12-31 0001278752 Midwest Vision Partners Management, LLC 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Software, Common Equity/Interests 2025-03-31 0001278752 Blue Jay Transit Inc. 2024-12-31 0001278752 Health Care Providers & Services Team Select TS Investors, LLC First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 05/04/29 2025-03-31 0001278752 Software Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Revolver SOFR+310 Cash plus 4.00% PIK, 1.00% Floor Maturity Date 02/02/26 2025-03-31 0001278752 mfic:FeeOffsetAgreementMember mfic:MerxAviationMember 2023-02-21 2023-02-21 0001278752 Non-Controlled / Non-Affiliated Investments, Software, First Lien - Secured Debt 2025-03-31 0001278752 mfic:ApolloTacticalIncomeFundIncMember 2024-07-22 2024-07-22 0001278752 Non-Controlled / Non-Affiliated Investments, Interactive Media & Services, First Lien - Secured Debt 2025-03-31 0001278752 Beverages 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Independent Power & Renewable Electricity Producers, Preferred Equity 2025-03-31 0001278752 Consumer Services Walters Wedding Estates WH BorrowerCo, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 08/01/30 2024-12-31 0001278752 Controlled Investments ChyronHego Corporation, Preferred Equity 2025-03-31 0001278752 Sigma Buyer LLC Undrawn Commitment 2024-12-31 0001278752 Pavement Preservation Acquisition, LLC 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2018-01-03 2018-01-03 0001278752 srt:MinimumMember 2025-01-01 2025-03-31 0001278752 Surf Opco, LLC | Preferred Equity - Class P-1 Preferred 2025-01-01 2025-03-31 0001278752 Trading Companies & Distributor Meritus Gas Partners 2025-03-31 0001278752 Non-Controlled / Affiliated Investments, Leisure Products 2025-03-31 0001278752 Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 09/30/27 2024-12-31 0001278752 HRO (Hero Digital) Holdings, LLC 2024-12-31 0001278752 Total Investments before Cash Equivalents 2025-03-31 0001278752 Diversified Consumer Services US Legal Support USLS Acquisition, Inc. 2025-03-31 0001278752 1244311 B.C. Ltd. | Common Equity - Common Stock 2024-01-01 2024-12-31 0001278752 Non-Controlled/Affiliated Investments 2025-03-31 0001278752 August Bioservices, LLC Undrawn Commitment 2024-12-31 0001278752 Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Delayed Draw SOFR+640, 1.00% Floor Maturity Date 09/21/26 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Fortress Credit BSL Limited Fortress Credit BSL Limited 2021-3 Asset Backed Security - CLO Debt Maturity Date 07/20/34 2024-12-31 0001278752 High Tech Industries Avalara Avalara, Inc. First Lien Secured Debt - Revolver SOFR+625, 0.75% Floor Maturity Date 10/19/28 2024-12-31 0001278752 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-01-01 2024-03-31 0001278752 mfic:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember mfic:ApolloInvestmentManagementLPMember 2024-01-01 2024-03-31 0001278752 mfic:HealthCareProvidersServicesMember 2025-03-31 0001278752 Ronnoco Holdings, Inc. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Space Parent, LP | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Containers & Packaging 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Telecommunications, First Lien - Secured Debt 2024-12-31 0001278752 Software Simeio Simeio Group Holdings, Inc. 2025-03-31 0001278752 Total Commitments Letters of Credit 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Communications Equipment, Second Lien - Secured Debt 2025-03-31 0001278752 High Tech Industries Texada Texada Software LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 04/30/30 2024-12-31 0001278752 ExactCare Parent, Inc. Undrawn Commitment 2024-12-31 0001278752 Banner Buyer, LLC 2024-12-31 0001278752 Business Services Best Trash Bingo Group Buyer, Inc. Investment Type First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 07/10/31 2024-12-31 0001278752 Telesoft Holdings, LLC Undrawn Commitment 2024-12-31 0001278752 BusPatrol Holdco 2025-03-31 0001278752 Transportation - Cargo, Distribution Boasso Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 06/30/28 2024-12-31 0001278752 mfic:ElectricUtilitiesMember 2025-03-31 0001278752 Transportation - Cargo, Distribution Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/03/24 2024-12-31 0001278752 Health Care Providers & Services ExactCare ExactCare Parent, Inc. First Lien Secured Debt –Term Loan SOFR+550, 1.00% Floor Maturity Date 11/05/29 2025-03-31 0001278752 Business Services Jones & Frank JF Acquisition, LLC Investment Type First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 07/31/26 2024-12-31 0001278752 Marlin DTC-LS Midco 2, LLC 2025-03-31 0001278752 Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt - Term Loan SOFR+626, 1.00% Floor Maturity Date 12/27/27 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC RHI Acquisition LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 3/16/29 2024-12-31 0001278752 Consumer Goods - Non-durable Excelligence Excelligence Learning Corporation First Lien Secured Debt - Revolver P+475 Maturity Date 01/18/30 2024-12-31 0001278752 Construction & Building Traffic Management Solutions, LLC Traffic Management Solutions, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 11/26/30 2024-12-31 0001278752 JF Acquisition, LLC Undrawn Commitment 2024-12-31 0001278752 Health Care Technology Inovalon Inovalon Holdings, Inc. First Lien Secured Debt – Term Loan SOFR+300 Cash plus 2.75% PIK, 0.75% Floor Maturity Date 11/24/28 2025-03-31 0001278752 Transportation - Cargo, Distribution Olympus Terminals Olympus Terminals Holdco II LLC 2024-12-31 0001278752 Business Services Go1 Apiom, Inc. Investment Type First Lien Secured Debt - Term Loan SOFR+745, 2.00% Floor Maturity Date 05/02/28 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 IT Services GrayMatter Systems Genius Bidco LLC Common Equity - Common Stock 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Common Equity/Interests 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Biotechnology, Common Equity/Interests 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Financial Services, Common Equity/Interests 2025-03-31 0001278752 WelldyneRX, LLC Undrawn Commitment 2024-12-31 0001278752 Peer Advisors, LLC 2025-03-31 0001278752 High Tech Industries Beeline IQN Holding Corp. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 05/02/29 2024-12-31 0001278752 Smith Topco, Inc., Undrawn Commitment 2025-03-31 0001278752 Health Care Providers & Services Team Select TS Investors, LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 05/04/29 2025-03-31 0001278752 Zinnia Corporate Holdings, LLC Undrawn Commitment 2024-12-31 0001278752 Software Digital.ai Digital.ai Software Holdings, Inc. 2025-03-31 0001278752 Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 09/21/26 2024-12-31 0001278752 mfic:TreaceMedicalConceptsIncMember 2025-03-31 0001278752 2025-03-31 0001278752 Pharmaceuticals TersSera TerSera Therapeutics LLC First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 04/04/29 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Ground Transportation 2025-03-31 0001278752 mfic:SpecialtyRetailMember 2025-03-31 0001278752 Healthcare & Pharmaceuticals Medical Guardian Medical Guardian, LLC First Lien Secured Debt – Revolver SOFR+635, 1.00% Floor Maturity Date 04/26/28 2024-12-31 0001278752 High Tech Industries Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 12/16/26 2024-12-31 0001278752 Total Commitments Letter of Credit 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Food Products, Common Equity/Interests 2025-03-31 0001278752 Business Services Distinct Distinct Holdings Inc Investment Type First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 07/18/29 2024-12-31 0001278752 Ironhorse Purchaser, LLC Undrawn Commitment 2024-12-31 0001278752 Affiliated Investments Blue Jay Transit Inc., Term Loan 2025-03-31 0001278752 Rarebreed Veterinary Partners, Inc. Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Affiliated Investments, Hotels, Restaurants & Leisure 2025-03-31 0001278752 Business Services Jacent Jacent Strategic Merchandising Investment Type First Lien Secured Debt - Term Loan SOFR+510 Cash plus 0.75% PIK, 1.00% Floor Maturity Date 10/23/25 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Commercial Services & Supplies, Common Equity/Interests 2025-03-31 0001278752 Anaplan, Inc., Undrawn Commitment 2025-03-31 0001278752 2018-11-30 2018-11-30 0001278752 mfic:ClassBSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-03-31 0001278752 RHI Acquisition LLC 2025-03-31 0001278752 Total Software 2025-03-31 0001278752 CircusTrix Holdings LLC 2025-03-31 0001278752 mfic:UnfundedRevolverObligationsAndBridgeLoanCommitmentsMember 2024-12-31 0001278752 Commercial Services & Supplies Ambrosia Buyer Corp. Ambrosia Buyer Corp. Common Equity - Common Stock 2025-03-31 0001278752 Healthcare & Pharmaceuticals All Star 2024-12-31 0001278752 Business Services North Highland The North Highland Company LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 12/22/31 2024-12-31 0001278752 Hotel, Gaming, Leisure, Restaurants PARS Group LLC PARS Group LLC First Lien Secured Debt - Term Loan SOFR+685, 1.50% Floor Maturity Date 04/03/28 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, Second Lien - Secured Debt 2024-12-31 0001278752 Anaplan, Inc. 2025-03-31 0001278752 Commercial Services & Supplies Smith System Smith Topco, Inc. 2025-03-31 0001278752 Surf Opco, LLC, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Independent Power & Renewable Electricity Producers 2025-03-31 0001278752 Automobile Components K&N Parent, Inc. K&N Holdco, LLC Common Equity - Common Stock 2025-03-31 0001278752 Containers, Packaging & Glass Truvant NPPI Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 08/20/29 2024-12-31 0001278752 Building Products RF Fager R.F. Fager Company, LLC First Lien Secured Debt Revolver P+425 Maturity Date 03/04/30 2025-03-31 0001278752 GAT-Airline Ground Support Inc 2025-03-31 0001278752 Construction & Engineering Renovo HomeRenew Buyer, Inc. First Lien Secured Debt - Term Loan First Lien Secured Debt - Term Loan 8.65% Maturity Date 11/23/27 2025-03-31 0001278752 mfic:ElectronicEquipmentInstrumentsAndComponentsMember 2025-03-31 0001278752 Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt Term loan SOFR+500, 1.00% Floor Maturity Date 07/10/31 2025-03-31 0001278752 GAT-Airline Ground Support Inc Undrawn Commitment 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-09-30 0001278752 High Tech Industries Uplight Uplight, Inc. First Lien Secured Debt - Revolver SOFR+360, 4.00% Floor Maturity Date 06/01/29 2024-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-01-01 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Bausch Health 2024-12-31 0001278752 Environmental Industries 2024-12-31 0001278752 Healthcare & Pharmaceuticals, ExactCare, ExactCare Parent, Inc, First Lien Secured Debt - Term Loan, SOFR+550, 1.00% Floor, Maturity Date 11/05/29 2024-12-31 0001278752 Affiliated Investments Golden Bear 2016-R, LLC, Membership Interests 2023-12-31 0001278752 us-gaap:InvestmentUnaffiliatedIssuerMember 2024-12-31 0001278752 Unchained Labs, LLC 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Textiles, Apparel & Luxury Goods, Common Equity/Interests 2025-03-31 0001278752 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2025-03-31 0001278752 Personal Care Products RoC Skincare RoC Holdco LLC 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember 2025-01-01 2025-03-31 0001278752 Foreign currency forward contracts Counterparty JP MORGAN CHASE BANK N.A Settlement Date 6/18/2025 2025-03-31 0001278752 Software Gtreasury G Treasury SS LLC First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 06/29/29 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member 2023-12-31 0001278752 Affiliated Investments FC2 LLC, Term Loan 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Beverages, Common Equity/Interests 2025-03-31 0001278752 Automobile Components Truck-Lite Co., LLC Truck-Lite Co., LLC First Lien Secured Debt Term Loan SOFR+575, 0.75% Floor Maturity Date 02/13/31 2025-03-31 0001278752 Chemicals, Plastics & Rubber Heubach Heubach Holdings USA LLC First Lien Secured Debt - Term Loan 10.00% Maturity Date 04/30/24 2024-12-31 0001278752 mfic:MerxAviationFinanceLLCMember us-gaap:GeneralAndAdministrativeExpenseMember 2025-01-01 2025-03-31 0001278752 Consumer Goods - Non-durable Paladone 2024-12-31 0001278752 GI Apple Midco LLC, Letters of Credit 2025-03-31 0001278752 Business Services Vixxo Vixxo Corporation Investment Type First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 08/01/30 2024-12-31 0001278752 Consumer Services The Weather Company 2024-12-31 0001278752 Financial Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Term Loan SOFR+640, 1.00% Floor Maturity Date 09/21/26 2025-03-31 0001278752 Advertising Printing & Publishing Hero Digital 2024-12-31 0001278752 RMCF V CIV L, L.P. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Professional Services 2025-03-31 0001278752 Containers & Packaging 2025-03-31 0001278752 mfic:ConsumerGoodsDurableMember 2024-12-31 0001278752 Roscoe Medical, Inc 2024-12-31 0001278752 Software G2CI Evergreen IX Borrower 2023, LLC 2025-03-31 0001278752 Healthcare & Pharmaceuticals Akoya Akoya Biosciences, Inc. First Lien Secured Debt - Term Loan SOFR+691, 2.50% Floor Maturity Date 11/01/27 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member 2024-03-31 0001278752 Commercial Services & Supplies IRP Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt - Term Loan SOFR+690, 1.00% Floor Maturity Date 03/08/28 2025-03-31 0001278752 Affiliated Investments Third Lane Mobility Inc.,Warrants 2025-01-01 2025-03-31 0001278752 Non-Controlled/Affiliated Investments, Chemicals, Plastics & Rubber, First Lien - Secured Debt 2024-12-31 0001278752 LendingPoint LLC Undrawn Commitment 2025-03-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2024-12-31 0001278752 Insurance Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 06/29/28 2025-03-31 0001278752 Trading Companies & Distributors PSE Graffiti Buyer, Inc. First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 08/10/27 2025-03-31 0001278752 Zafin Labs Americas Incorporated 2025-03-31 0001278752 Health Care Providers & Services Alcami Alcami Corporation First Lien Secured Debt - Term Loan SOFR+710, 1.00% Floor Maturity Date 12/21/28 2025-03-31 0001278752 Diversified Consumer Services Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt – Revolver SOFR+565, 1.00% Floor Maturity Date 06/16/27 2025-03-31 0001278752 TCW Midco LLC Undrawn Commitment 2024-12-31 0001278752 Midwest Vision Partners Management, LLC 2025-03-31 0001278752 Evergreen IX Borrower 2023, LLC Undrawn Commitment 2025-03-31 0001278752 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor Maturity Date 07/18/28 2024-12-31 0001278752 Commercial Services & Supplies Core Roofing CRS Holdings, Inc. First Lien Secured Debt Term Loan SOFR+500, 1.00% Floor Maturity Date 06/06/30 2025-03-31 0001278752 Building Products RF Fager R.F. Fager Company, LLC 2025-03-31 0001278752 Coretrust Purchasing Group LLC (HPG Enterprises LLC) Undrawn Commitment 2024-12-31 0001278752 Wholesale ORS Nasco WC ORS Buyer, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate SOFR+500, 0.75% Floor Maturity Date 08/07/31 2024-12-31 0001278752 2024-07-19 0001278752 Telecommunications CommScope 2024-12-31 0001278752 All Star Recruiting Locums, LLC, Undrawn Commitment 2025-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 7/22/30 2024-12-31 0001278752 Bingo Group Buyer, Inc. 2025-03-31 0001278752 Insurance High Street Insurance High Street Buyer, Inc. First Lien Secured Debt –Delayed Draw SOFR+525, 0.75% Floor Maturity Date 04/14/28 2025-03-31 0001278752 IT Services New Era Technology, Inc. New Era Technology, Inc. 2025-03-31 0001278752 Construction & Engineering Pave America 2025-03-31 0001278752 Uplight, Inc. 2024-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate US Auto Auto Pool 2023 Trust (Del. Stat. Trust) Structured Products and Other – Membership Interests Maturity Date 02/28/29 2024-12-31 0001278752 Paladone Group Bidco Limited* 2025-03-31 0001278752 EmpiRx Health LLC 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Construction & Engineering, First Lien - Secured Debt 2025-03-31 0001278752 Ultra Clean Holdco LLC 2025-03-31 0001278752 Commercial Services & Supplies Flatworld Solutions Flatworld Intermediate Corp First Lien Secured Debt - Term Loan SOFR+550, 1.50% Floor Maturity Date 03/25/30 2025-03-31 0001278752 EmpiRx Health LLC Letters of Credit 2024-12-31 0001278752 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-01-01 2025-03-31 0001278752 IOTA HOLDINGS 3, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Energy Equipment & Services, First Lien - Secured Debt 2025-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2024-01-01 2024-03-31 0001278752 Chemicals Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) Carbonfree Chemicals Holdings LLC Common Equity - Equity / Interest 2025-03-31 0001278752 Heniff Holdco, LLC Letters of Credit 2025-03-31 0001278752 2019-02-06 2019-02-06 0001278752 Non-Controlled/Non-Affiliated Investments, Advertising, Printing & Publishing, First Lien - Secured Debt 2024-12-31 0001278752 Total Healthcare & Pharmaceuticals 2024-12-31 0001278752 Beverage, Food & Tobacco Bolthouse Farms Wm. Bolthouse Farms, Inc. Common Equity - Equity Interests 2024-12-31 0001278752 Non-Controlled / Affiliated Investments, Ground Transportation 2025-03-31 0001278752 Aerospace & Defense Sperry Acquisition, LLC Sperry Acquisition, LLC First Lien Secured Debt Term Loan SOFR+525, 0.75% Floor Maturity Date 02/03/31 2025-03-31 0001278752 Telecommunications MCA Mobile Communications America, Inc. 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Unsecured Debt - Term Loan - 11%PIK Maturity Date 12/15/31 2025-03-31 0001278752 Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Preferred Equity - Class P-1 Preferred 2024-12-31 0001278752 Pai Middle Tier, LLC Undrawn Commitment 2025-03-31 0001278752 Chemicals, Plastics & Rubber Meristem Crop Performance Lunar Buyer, LLC 2024-12-31 0001278752 Beverage, Food & Tobacco Hive Hive Intermediate, LLC First Lien Secured Debt - Term Loan SOFR+610 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 09/22/27 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Wholesale 2024-12-31 0001278752 Health Care Providers & Services PHS PHS Buyer, Inc. First Lien Secured Debt - Revolver SOFR+610 Cash plus 4.50% PIK, 1.00% Floor Maturity Date 01/31/27 2025-03-31 0001278752 High Tech Industries Acronis AG ACRONIS AG First Lien Secured Debt - Term Loan SOFR+595 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 04/01/27 2024-12-31 0001278752 Health Care Providers & Services Allied Benefit Systems Allied Benefit Systems Intermediate LLC First Lien Secured Debt – Term Loan SOFR+525, 0.75% Floor Maturity Date 10/31/30 2025-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 07/18/28 2024-12-31 0001278752 Electrical Equipment, International Wire Group, IW Buyer LLC First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor Maturity Date 06/28/29 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Food Products, First Lien - Secured Debt 2025-03-31 0001278752 mfic:SeniorSecuredFacilityMember 2024-12-31 0001278752 Biamp 2024-12-31 0001278752 Electrical Equipment 2025-03-31 0001278752 Celerion Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 High Tech Industries Naviga 2024-12-31 0001278752 mfic:MerxAviationFinanceLLCMember mfic:UnfundedRevolverCommitmentsMember 2024-12-31 0001278752 Project Comfort Buyer, Inc. Undrawn Commitment 2024-12-31 0001278752 Consumer Goods - Non-durable Elida Beauty 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Interactive Media & Services, First Lien - Secured Debt 2025-03-31 0001278752 Transportation Infrastructure GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Revolver P+450 Maturity Date 05/09/29 2025-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants 2024-12-31 0001278752 Athlete Buyer, LLC, Undrawn Commitment 2025-03-31 0001278752 Software Go1 Apiom, Inc. First Lien Secured Debt - Term Loan SOFR+745, 2.00% Floor Maturity Date 05/02/28 2025-03-31 0001278752 2024-03-31 0001278752 High Tech Industries Naviga Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Term Loan 7.10% Floor Maturity Date 04/27/24 2024-12-31 0001278752 mfic:ElectricalEquipmentMember 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-06-04 0001278752 High Tech Industries Pro Vigil Pro-Vigil Holding Company, LLC 2024-12-31 0001278752 Hotel, Gaming, Leisure, Restaurants Tasty Chick'n 2024-12-31 0001278752 Chemicals 2025-03-31 0001278752 mfic:TransportationCargoDistributionsMember 2024-12-31 0001278752 Healthcare & Pharmaceuticals PHS PHS Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+410 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 01/31/27 2024-12-31 0001278752 Telecommunications MCA Mobile Communications America, Inc. First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 10/16/29 2024-12-31 0001278752 Automotive Truck-Lite Co., LLC First Lien Secured Debt - Revolver SOFR+575, 0.75% Floor Maturity Date 02/13/30 2024-12-31 0001278752 Diversified Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 10/22/29 2025-03-31 0001278752 Controlled Investments, Software, First Lien - Secured Debt 2025-03-31 0001278752 SPS Commerce, Inc. | Common Equity - Common Stock 2025-01-01 2025-03-31 0001278752 Communications Equipment Mitel Networks MLN US Holdco LLC First Lien Secured Debt - Term Loan SOFR+800, 1.00% Floor Maturity Date 07/03/25 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Cerus, Cerus Corporation, First Lien Secured Debt - Term Loan, SOFR+660, 1.80% Floor, Maturity Date 03/01/28 2024-12-31 0001278752 Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt Delayed Draw SOFR+500, 1.00% Floor Maturity Date 07/10/31 2025-03-31 0001278752 Celerion Buyer, Inc. 2025-03-31 0001278752 Non-Controlled / Affiliated Investments, Electronic Equipment, Instruments & Components, First Lien - Secured Debt, Preferred Equity 2025-03-31 0001278752 Health Care Providers & Services Midwest Vision Midwest Vision Partners Management, LLC First Lien Secured Debt - Term Loan SOFR+450 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 01/12/27 2025-03-31 0001278752 High Tech Industries GrayMatter Systems Genius Bidco LLC 2024-12-31 0001278752 Ironhorse Purchaser, LLC Letter of Credit 2024-12-31 0001278752 Diversified Consumer Services US Legal Support USLS Acquisition, Inc. First Lien Secured Debt - Term Loan SOFR+590, 1.00% Floor Maturity Date 05/31/26 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods - Durable, Common Equity/Interests 2024-12-31 0001278752 mfic:SeniorSecuredFacilityMember 2023-12-31 0001278752 Non-Controlled / Affiliated Investments, Structured Products and Other 2025-03-31 0001278752 Interactive Media & Services Securus Technologies Holdings, Inc. Aventiv Technologies, LLC (fka Securus Technologies Holdings, LLC) 2025-03-31 0001278752 Software Anaplan 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Preferred Equity 2024-12-31 0001278752 Business Services Atlas Technical Consultants GI Apple Midco LLC Investment Type First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 04/19/30 2024-12-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Term Loan 2024-01-01 2024-12-31 0001278752 Diversified Consumer Services Legacy.com Lotus Topco Inc. 2025-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyFiveMember 2023-12-31 0001278752 Beverage, Food & Tobacco Nutpods Nutpods Holdings, Inc. Common Equity - Common Stock 2024-12-31 0001278752 mfic:BridgeLoanCommitmentsMember 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Automobile Components, Common Equity/Interests 2025-03-31 0001278752 mfic:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2025-03-31 0001278752 Diversified Consumer Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 03/22/30 2025-03-31 0001278752 Diversified Consumer Services Village Pet Care Village Pet Care, LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor Maturity Date 09/22/29 2025-03-31 0001278752 Advertising Printing & Publishing Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt - Revolver SOFR+210 Cash plus 5.00% PIK, 1.00% Floor Maturity Date 11/18/28 2024-12-31 0001278752 mfic:ManufacturingCapitalEquipmentMember 2024-12-31 0001278752 mfic:SeniorSecuredFacilityMember 2024-12-22 0001278752 M&M OPCO, LLC 2024-12-31 0001278752 Leisure Products Dan Dee Project Comfort Buyer, Inc. 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Health Care Providers & Services, First Lien - Secured Debt 2025-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2021-06-16 0001278752 Non-Controlled/Affiliated Investments, Ground Transportation, First Lien - Secured Debt 2025-03-31 0001278752 Commercial Services & Supplies SEER GS SEER Group Holdings, LLC Common Equity - Common Stock 2025-03-31 0001278752 High Tech Industries American Megatrends AMI Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 10/17/31 2024-12-31 0001278752 srt:MinimumMember mfic:ControlledInvestmentsMember 2024-12-31 0001278752 Household Durables 2025-03-31 0001278752 Advertising Printing & Publishing Acosta Acosta Holdings Corp. Preferred Equity - Preferred Equity 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputRecoverableAmountMember mfic:ValuationTechniqueRecoveryAnalysisMember 2024-12-31 0001278752 Construction & Building Traffic Management Solutions, LLC Traffic Management Solutions, LLC First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 11/26/30 2024-12-31 0001278752 mfic:SeniorUnsecuredMficBethesdaClo1LlcClassAOneNotesMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Automotive, Common Equity/Interests 2024-12-31 0001278752 Health Care Equipment & Supplies Cerus Cerus Corporation First Lien Secured Debt - Delayed Draw SOFR+660, 1.80% Floor Maturity Date 03/01/28 2025-03-31 0001278752 Hotels, Restaurants & Leisure PARS Group LLC PARS Group LLC First Lien Secured Debt - Delayed Draw SOFR+685, 1.50% Floor Maturity Date 04/03/28 2025-03-31 0001278752 G Treasury SS LLC, Undrawn Commitment 2025-03-31 0001278752 Commercial Services & Supplies SEER GS SEER Group Borrower LLC First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor Maturity Date 04/29/30 2025-03-31 0001278752 Commercial Services & Supplies SEER GS SEER Group Borrower LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 04/29/30 2025-03-31 0001278752 Commercial Services & Supplies IronClad Ironhorse Purchaser, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 09/30/27 2025-03-31 0001278752 Ground Transportation Boasso Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 06/30/28 2025-03-31 0001278752 Beverage, Food & Tobacco Turkey Hill THLP CO. LLC First Lien Secured Debt - Term Loan SOFR+600 Cash plus 6.00% PIK, 1.00% Floor Maturity Date 05/31/25 2024-12-31 0001278752 Coretrust Purchasing Group LLC (HPG Enterprises LLC) 2025-03-31 0001278752 High Tech Industries Texada Texada Software LLC First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 04/30/30 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Entertainment 2025-03-31 0001278752 Purchasing Power Funding I, LLC Undrawn Commitment 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Trading Companies & Distributors, First Lien - Secured Debt 2025-03-31 0001278752 Healthcare & Pharmaceuticals All Star All Star Recruiting Locums, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 05/01/30 2024-12-31 0001278752 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputDiscountRateMember mfic:ValuationTechniqueYieldAnalysisMember 2024-12-31 0001278752 Consumer Services Village Pet Care 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Electric Utilities 2025-03-31 0001278752 Fortress Credit Opportunities CLO LLC 2024-25 | Asset Backed Security - CLO Debt 2024-01-01 2024-12-31 0001278752 Aviation and Consumer Transport 2024-12-31 0001278752 Software Texada Texada Software LLC First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 04/30/30 2025-03-31 0001278752 High Tech Industries ChyronHego Corporation ChyronHego US Holding Corporation First Lien Secured Debt - Revolver 3.50% Maturity Date 11/14/25 2024-12-31 0001278752 Healthcare & Pharmaceuticals LucidHealth Premier Imaging, LLC First Lien Secured Debt – Delayed Draw SOFR+426 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 03/31/26 2024-12-31 0001278752 PARS Group LLC 2024-12-31 0001278752 mfic:OneMonthCorraInterestRateMember 2025-03-31 0001278752 Financial Services Celink Compu-Link Corporation (dba Celink) First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor Maturity Date 11/30/29 2025-03-31 0001278752 Village Pet Care, LLC Undrawn Commitment 2025-03-31 0001278752 Tasty Chick'n LLC Undrawn Commitment 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-06-17 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyFiveMember 2015-03-03 0001278752 Ground Transportation Beacon Mobility Beacon Mobility Corp. First Lien Secured Debt - Revolver 4.10% Maturity Date 12/31/25 2025-03-31 0001278752 Chemicals Aspen Aerogels, Inc. Aspen Aerogels, Inc. First Lien Secured Debt Term Loan SOFR+450, 4.50% Floor Maturity Date 08/19/29 2025-03-31 0001278752 Ground Transportation Bird Rides Third Lane Mobility Inc. Common Equity - Common Stock 2025-03-31 0001278752 srt:MinimumMember mfic:AffiliatedInvestmentsMember 2025-03-31 0001278752 Protein For Pets Opco, LLC, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Commercial Services & Supplies 2025-03-31 0001278752 PHOENIX YW BUYER, INC. 2025-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2025-03-31 0001278752 Treace Medical Concepts, Inc. Undrawn Commitment 2024-12-31 0001278752 Software Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 12/16/26 2025-03-31 0001278752 Healthcare & Pharmaceuticals, ExactCare 2024-12-31 0001278752 Controlled Investments, Structured Products and Other 2024-12-31 0001278752 Hotel, Gaming, Leisure, Restaurants International Cruise & Excursion Gallery, Inc. Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) First Lien Secured Debt - Term Loan 6.00% Floor Maturity Date 12/31/28 2024-12-31 0001278752 Healthcare & Pharmaceuticals Omega Healthcare OMH-Healthedge Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor 10/08/29 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2018-09-17 2018-09-17 0001278752 Controlled Investments 2025-01-01 2025-03-31 0001278752 Commercial Services & Supplies HMA Health Management Associates Superholdings, Inc. 2025-03-31 0001278752 Coretrust Purchasing Group LLC (HPG Enterprises LLC), Undrawn Commitment 2025-03-31 0001278752 Healthcare & Pharmaceuticals Akoya 2024-12-31 0001278752 Orion Buyer, LLC Undrawn Commitment 2024-12-31 0001278752 Containers & Packaging MSI Express, Inc. NCP-MSI Buyer First Lien Secured Debt – Revolver SOFR+375, 0.75% Floor Maturity Date 03/24/31 2025-03-31 0001278752 Healthcare & Pharmaceuticals, Allied Benefit Systems, Allied Benefit Systems Intermediate LLC, First Lien Secured Debt - Delayed Draw, SOFR+525, 0.75% Floor, Maturity Date 10/31/30 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Commercial Services & Supplies, Warrants 2025-03-31 0001278752 Ground Transportation Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 12/03/26 2025-03-31 0001278752 Healthcare & Pharmaceuticals Team Select TS Investors, LLC First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 05/04/29 2024-12-31 0001278752 currency:CAD mfic:SeniorSecuredFacilityMember 2025-03-31 0001278752 Colonnade Parent Inc (fka Naviga Inc.) 2025-03-31 0001278752 High Tech Industries Carbon6 Carbon6 Technologies, Inc. Preferred Equity - Preferred Equity 2024-12-31 0001278752 Alcami Corporation 2024-12-31 0001278752 High Tech Industries BusPatrol BusPatrol Holdco First Lien Secured Debt - Revolver SOFR+400, 1.00% Floor Maturity Date 08/02/29 2024-12-31 0001278752 Transportation - Cargo, Distribution Olympus Terminals Olympus Terminals Holdco II LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate SOFR+525, 0.75% Floor Maturity Date 12/17/30 2024-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-12-16 0001278752 Trench Plate Rental Co. 2024-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:ValuationTechniqueOptionPricingModelMember 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Common Equity/Interests 2025-03-31 0001278752 Containers & Packaging Berry Tapes & Adhesives Vybond Buyer, LLC First Lien Secured Debt – Delayed Draw SOFR+500, 0.75% Floor Maturity Date 02/03/32 2025-03-31 0001278752 mfic:ClassA1SeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMember 2025-02-24 0001278752 PARS Group LLC 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Life Sciences Tools & Services 2025-03-31 0001278752 Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) FC2 LLC Secured Debt - Promissory Note 6.50% Maturity Date 10/14/27 2024-12-31 0001278752 Consumer Services Clarus Commerce Marlin DTC-LS Midco 2, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 07/01/25 2024-12-31 0001278752 Financial Services Renew Financial LLC (f/k/a Renewable Funding, LLC) AIC SPV Holdings II, LLC Preferred Equity - Preferred Stock 2025-03-31 0001278752 Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Delayed Draw SON+578, 0.50% Floor Maturity Date 11/26/26 2024-12-31 0001278752 Marlin DTC-LS Midco 2, LLC Undrawn Commitment 2024-12-31 0001278752 Trading Companies & Distributor Meritus Gas Partners MGP Holdings III Corp. First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 03/01/30 2025-03-31 0001278752 Business Services Best Trash Bingo Group Buyer, Inc. Investment Type First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 07/10/31 2024-12-31 0001278752 Construction & Building Renovo 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Wireless Telecommunication Services 2025-03-31 0001278752 Controlled Investments ChyronHego Corporation 2023-12-31 0001278752 Hotels, Restaurants & Leisure Tasty Chick'n Tasty Chick'n LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 05/16/29 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Professional Services, Common Equity/Interests 2025-03-31 0001278752 Space Finco, Inc. 2025-03-31 0001278752 Consumer Goods - Non-durable Suave Silk Holdings I Corp. Common Equity - Common Stock 2024-12-31 0001278752 mfic:ConstructionEngineeringMember 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Diversified Consumer Services, First Lien - Secured Debt 2025-03-31 0001278752 Construction & Engineering Accelevation, LLC Accelevation LLC First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 01/02/31 2025-03-31 0001278752 AMI US Holdings Inc, Undrawn Commitment 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Pharmaceuticals, Preferred Equity 2025-03-31 0001278752 Trading Companies & Distributors PSE 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Energy - Electricity, Preferred Equity 2024-12-31 0001278752 August Bioservices, LLC 2024-12-31 0001278752 Non-Controlled/Affiliated Investments, Hotel, Gaming, Leisure, Restaurants, Common Equity/Interests 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, Common Equity/Interests 2024-12-31 0001278752 High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 12/31/25 2024-12-31 0001278752 Healthcare & Pharmaceuticals Treace Treace Medical Concepts, Inc. First Lien Secured Debt – Revolver SOFR+410, 1.00% Floor Maturity Date 04/01/27 2024-12-31 0001278752 Automobile Components Truck-Lite Co., LLC TL Lighting Holdings, LLC Common Equity - Equity 2025-03-31 0001278752 Wholesale Thomas Scientific BSP-TS, LP Investment Type Common Equity - Common Stock 2024-12-31 0001278752 Health Care Providers & Services Maxor National Pharmacy Services, LLC 2025-03-31 0001278752 Non-Controlled / Non-Affiliated Investments, Biotechnology, First Lien - Secured Debt 2025-03-31 0001278752 Technology Hardware, Storage & Peripherals Biamp Biamp First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 04/30/30 2025-03-31 0001278752 Business Services PSE Graffiti Buyer, Inc. First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 08/10/27 2024-12-31 0001278752 Media Accelerate360 Accelerate360 Holdings, LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 02/11/27 2025-03-31 0001278752 Business Services Escalent 2024-12-31 0001278752 Green Grass Foods, Inc. Undrawn Commitment 2024-12-31 0001278752 Energy Equipment & Services, Camin Cargo Camin Cargo Control Holdings, Inc. 2025-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Hotel, Gaming, Leisure, Restaurants, First Lien - Secured Debt 2024-12-31 0001278752 High Tech Industries Naviga Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Delayed Draw 7.10% Floor Maturity Date 04/27/24 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, Communications Equipment 2025-03-31 0001278752 Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 09/30/27 2024-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Communications Equipment, Second Lien - Secured Debt 2025-03-31 0001278752 srt:MinimumMember us-gaap:FairValueInputsLevel3Member mfic:FirstLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember mfic:ValuationTechniqueMarketComparableTechniqueMember 2024-12-31 0001278752 Non-Controlled / Non-Affiliated Investments, IT Services 2025-03-31 0001278752 Media Acosta Acosta Holdings Corp. 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0.001 1 <p id="section12" style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 1. Organization</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">April 8, 2004</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> receiving net proceeds of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">870,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> from our initial public offering by selling </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">62</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> million shares of common stock at a price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">15.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share (</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> million shares at a price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">45.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share adjusted for the </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_1f35108f-0f37-44fb-9bfe-1bfe9ca65b21;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">one-for-three</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> reverse stock split). Since then, and through </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">March 31, 2025, we have raised approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,240,067</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">254,186</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “Mergers with AFT and AIF” to our consolidated financial statements included in this report.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">75</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p> 2004-04-08 870000000 62000000 15 20700000 45 2240067000 254186000 75000000 <p id="section13" style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 2. Significant Accounting Policies</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Financial Services — Investment Companies</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> (“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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"> </p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Consolidation</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of March 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Cash and Cash Equivalents</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of March 31, 2025 was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,703</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. Cash and cash equivalents held as of December 31, 2024 was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">74,357</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Collateral on Option Contracts</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Statement of Cash Flows</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of March 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Company held certain foreign currency forward contracts with a fair market value of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">33</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. The Company did </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">t hold any derivative contracts as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment Transactions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Fair Value Measurements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company follows guidance in ASC 820, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Fair Value Measurement </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(“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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:</span></p><p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.</span></p><p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Level 3: Unobservable inputs for the asset or liability.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment Valuation Process</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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:</span></p><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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<br/>during a particular quarter, the valuation may be conducted by the Investment Adviser;</span></div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">2.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser;</span></div></div></div><div style="font-size:10pt;font-family:Times New Roman;"><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">3.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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</span></div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">4.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investments determined by these valuation procedures which have a fair value of less than $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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&amp;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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">March 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.</span></p></div><div><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Derivative Instruments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Foreign Currency Forward Contracts</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Offsetting Assets and Liabilities</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of March 31, 2025, the Company held certain foreign currency forward contracts with a fair market value of</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">33</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. The Company did not hold any derivatives as of December 31, 2024.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Valuation of Other Financial Assets and Financial Liabilities</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ASC 825, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Financial Instruments</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, 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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Realized Gains or Losses</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment Income Recognition</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Expenses</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Financing Costs</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Foreign Currency Translations</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Dividends and Distributions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Share Repurchases</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Federal and State Income Taxes</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">90</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If we do not distribute (or are not deemed to have distributed) at least </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">98</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of our annual ordinary income and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">98.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the amount by which </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">98</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of our annual ordinary income and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">98.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We follow ASC 740, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Income Taxes</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> (“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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">uncertain tax positions and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Retroactive Adjustments for Common Stock Reverse Split</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Board approved a </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_8df90a1b-6b17-4f2f-97e8-2d17e428febb;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">one-for-three</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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”).</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Purchase Accounting</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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”).</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Mergers were accounted for under the asset acquisition method of accounting in accordance with ASC 805-50 — </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Business Combinations — Related Issues</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> (“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.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> for additional information regarding the Mergers.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Recent Accounting Pronouncements</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">adopted</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> FASB </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_0fbf7a14-1c84-4ac2-94a0-887c5d4e09e5;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Accounting Standards Update 2023-07</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_97c59641-b1cc-4da3-8ec7-a1e0ad533b4a;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">chief executive officer</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of the Company, who is responsible for determining the Company’s investment strategy, capital allocation, expense structure, and significant transactions impacting the Company.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p></div> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Financial Services — Investment Companies</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> (“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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Consolidation</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of March 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Cash and Cash Equivalents</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of March 31, 2025 was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,703</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. Cash and cash equivalents held as of December 31, 2024 was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">74,357</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p> 83703000 74357000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Collateral on Option Contracts</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Statement of Cash Flows</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of March 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Company held certain foreign currency forward contracts with a fair market value of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">33</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. The Company did </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">t hold any derivative contracts as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p> 33000 0 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment Transactions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Fair Value Measurements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company follows guidance in ASC 820, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Fair Value Measurement </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(“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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:</span></p><p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.</span></p><p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="margin-left:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Level 3: Unobservable inputs for the asset or liability.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment Valuation Process</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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:</span></p><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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<br/>during a particular quarter, the valuation may be conducted by the Investment Adviser;</span></div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">2.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser;</span></div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">3.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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</span></div></div><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:10pt;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">4.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investments determined by these valuation procedures which have a fair value of less than $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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&amp;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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">March 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.</span></p> 1000000 <p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Derivative Instruments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Foreign Currency Forward Contracts</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Offsetting Assets and Liabilities</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of March 31, 2025, the Company held certain foreign currency forward contracts with a fair market value of</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">33</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. The Company did not hold any derivatives as of December 31, 2024.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> 33000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Valuation of Other Financial Assets and Financial Liabilities</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ASC 825, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Financial Instruments</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, 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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Realized Gains or Losses</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment Income Recognition</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Expenses</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Financing Costs</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p> <p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Foreign Currency Translations</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Dividends and Distributions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Share Repurchases</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Federal and State Income Taxes</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">90</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If we do not distribute (or are not deemed to have distributed) at least </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">98</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of our annual ordinary income and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">98.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the amount by which </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">98</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of our annual ordinary income and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">98.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We follow ASC 740, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Income Taxes</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> (“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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">uncertain tax positions and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p> 0.90 0.98 0.982 0.04 0.98 0.982 0 0 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Retroactive Adjustments for Common Stock Reverse Split</span></p><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Board approved a </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_8df90a1b-6b17-4f2f-97e8-2d17e428febb;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">one-for-three</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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”).</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span> 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”). <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Purchase Accounting</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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”).</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Mergers were accounted for under the asset acquisition method of accounting in accordance with ASC 805-50 — </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Business Combinations — Related Issues</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> (“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.</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> for additional information regarding the Mergers.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Recent Accounting Pronouncements</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">adopted</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> FASB </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_0fbf7a14-1c84-4ac2-94a0-887c5d4e09e5;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Accounting Standards Update 2023-07</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_97c59641-b1cc-4da3-8ec7-a1e0ad533b4a;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">chief executive officer</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of the Company, who is responsible for determining the Company’s investment strategy, capital allocation, expense structure, and significant transactions impacting the Company.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p> true 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. <p id="section14" style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 3. Related Party Agreements and Transactions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment Advisory Agreement with AIM</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Base Management Fee</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The base management fee is calculated at an annual rate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.75</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% (</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.4375</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.50</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% (</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.375</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Performance-based Incentive Fee</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The incentive fee (the “Incentive Fee”) consists of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">(i) Incentive Fee on Pre-Incentive Fee Net Income - effective January 1, 2023</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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) </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.75</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The preferred return amount is determined on a quarterly basis, and is calculated by summing the amounts obtained by multiplying </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.75</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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:</span></span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(2) </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.1875</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.1212</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% multiplied by the Company's net asset value at the beginning of each applicable Current Fee Quarter included in the relevant Trailing Twelve Quarters.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% for each Legacy Fee Quarter and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.50</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% or </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.50</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">%, as applicable, of the amount of the Company's current quarter’s pre-incentive fee net investment income.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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) </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.50</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For this purpose, </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">“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.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">“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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">B. Incentive Fee Based on Cumulative Net Realized Gains</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.50</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There was </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> accrual for theoretical capital gains incentive fee for the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For the three months ended March 31, 2025 and 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Company recognized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,061</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4,386</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, respectively, of management fees, and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,433</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,038</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, respectively, of incentive fees before impact of waived fees. For the three months ended March 31, 2025 and 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> management fees and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> incentive fees were waived.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of March 31, 2025 management and performance-based incentive fees payable were $</span><span style="font-size:10pt;font-family:Times New Roman;white-space:pre-wrap;font-kerning:none;min-width:fit-content;color:#000000;">6,061</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,433</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, respectively. As of December 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, management and performance-based incentive fees payable were $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,247</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5,336</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, respectively.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Fee Offset</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% 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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> billion cumulatively, the fee offset would step down to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The fee offset was supposed to be in place for seven years, however the incentive fees realized by AIM and its affiliates after this </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">seven-year</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> million.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There was </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> management fee and performance-based incentive fee offset for the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">three months ended March 31, 2025, respectively. For the three months ended March 31, 2024, management fee and performance-based incentive fee offset was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Administration Agreement with AIA</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,016</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,223</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, respectively. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There was </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> amount payable to </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_9f38054a-5ae9-4900-840c-987351e58be3;"><span style="-sec-ix-hidden:F_a88911bc-3e84-44f1-b940-8298c5f74d55;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">AIA and its affiliates</span></span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> for expenses paid on our behalf as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">March 31, 2025 and December 31, 2024.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Administrative Service Expense Reimbursement</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> for a quarterly fee of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">250,</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> effective as of January 1, 2025.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For the three months ended March 31, 2025 and 2024, the Company recognized administrative service expense reimbursements of $</span><span style="font-size:10pt;font-family:Times New Roman;white-space:pre-wrap;font-kerning:none;min-width:fit-content;color:#000000;">768</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">75</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, respectively, under the Merx Administration Agreement</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Debt Expense Reimbursements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 $</span><span style="font-size:10pt;font-family:Times New Roman;white-space:pre-wrap;font-kerning:none;min-width:fit-content;color:#000000;">38</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">93</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, respectively, under the debt expense reimbursement agreements.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Co-Investment Activity</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of March 31, 2025, the Company’s co-investment holdings were </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">84</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of the portfolio or $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,668,475</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, measured at fair value. On a cost basis, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">80</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of the portfolio or $</span><span style="font-size:10pt;font-family:Times New Roman;white-space:pre-wrap;font-kerning:none;min-width:fit-content;color:#000000;">2,701,193</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> were co-investments. As of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Company’s co-investment holdings were </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">80</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of the portfolio or $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,417,102</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, measured at fair value. On a cost basis, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">77</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of the portfolio or $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,448,523</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> were co-investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Merx Aviation</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On September 1, 2022, $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">110,700</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> 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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. The balance of the Merx revolver as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">March 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">59,575</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">59,575</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Sub-Servicing Agreement</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> on an annual basis. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company paid $- and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">41</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> to Midcap Financial Services, LLC during the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">three months ended March 31, 2025 and 2024, respectively.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On February 24, 2025, MFIC Bethesda CLO 2 LLC entered into </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> on an annual basis. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company paid $- to Midcap Financial Services, LLC during the three months ended March 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> 0.0175 0.004375 0.015 0.00375 2 0.0175 0.0175 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. 1 0.021875 0.021212 0.20 0.175 0.20 0.175 0.20 0.175 “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. 0.175 0 0 6061000 4386000 6433000 6038000 0 0 0 0 6061000 6433000 6247000 5336000 0.20 3000000000 0.10 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. P7Y 7500000 0 0 1016000 1223000 0 0 250000 768000 75000 38000 93000 0.84 2668475000 0.80 2701193000 0.80 2417102000 0.77 2448523000 7500000 110700000 100000000 59575000 59575000 100000 41000 100000 <p id="section15" style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 4. Earnings Per Share</span></p><div style="font-size:12pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0.5pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">three months ended March 31, 2025 and 2024:</span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:56.611%;box-sizing:content-box;"></td> <td style="width:3.581%;box-sizing:content-box;"></td> <td style="width:3.061%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.983%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:3.221%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.543%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="8" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Three Months Ended March 31,</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">2024</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Basic Earnings Per Share</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net increase (decrease) in net assets resulting from operations</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">30,330</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25,489</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Weighted average shares outstanding</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">93,677,003</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">65,253,275</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:15pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="margin-left:2.773%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Basic earnings (loss) per share</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.32</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.39</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0.5pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">three months ended March 31, 2025 and 2024:</span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:56.611%;box-sizing:content-box;"></td> <td style="width:3.581%;box-sizing:content-box;"></td> <td style="width:3.061%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.983%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:3.221%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.543%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="8" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Three Months Ended March 31,</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">2024</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Basic Earnings Per Share</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net increase (decrease) in net assets resulting from operations</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">30,330</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25,489</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Weighted average shares outstanding</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">93,677,003</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">65,253,275</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:15pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="margin-left:2.773%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Basic earnings (loss) per share</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.32</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.39</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> 30330000 25489000 93677003 65253275 0.32 0.39 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 5. Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Fair Value Measurement and Disclosures</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:5pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table shows the composition of our investment portfolio as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">March 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:</span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:30.074%;box-sizing:content-box;"></td> <td style="width:2.48%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.858%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.978%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.738000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.618%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.258000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="10" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value Hierarchy</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Cost</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 1</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 2</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 3</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">First Lien Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,997,085</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,954,954</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">58,230</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,896,724</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Second Lien Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14,983</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8,345</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4,124</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4,221</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,080</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,409</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,300</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">109</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Structured Products and Other</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">51,491</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">38,385</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14,893</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">23,492</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Preferred Equity</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">15,917</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">23,664</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">23,664</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Common Equity/Interests</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">271,256</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">159,649</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">283</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">159,366</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Warrants</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">965</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">215</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">215</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Investments before Cash Equivalents</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,357,777</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,188,621</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">283</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">80,547</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,107,791</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Money Market Fund</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,853</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,853</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,853</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total Cash Equivalents</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,853</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,853</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,853</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span><