10-Q

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2025

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

Commission File Number: 814-00646

MIDCAP FINANCIAL INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)


Maryland	52-2439556
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57th Street New York, New York	10019
(Address of principal executive offices)	(Zip Code)

(212) 515-3450

(Registrant’s telephone number, including area code)

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

     Title of each class

     Trading symbol(s)

     Name of each exchange on which registered

     Common Stock, $0.001 par value
8.00% Notes due 2028

     MFIC
MFICL

     NASDAQ Global Select Market
NASDAQ Global Select Market

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

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

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


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

(Do not check if a smaller reporting company)

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

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

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

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

Table of Contents


		Page
	PART I. FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements	1

	Consolidated Statements of Assets and Liabilities as of June 30, 2025 and December 31, 2024	1

	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and June 30, 2024	2

	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and June 30, 2024	3

	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and June 30, 2024	4

	Consolidated Schedule of Investments as of June 30, 2025	5

	Consolidated Schedule of Investments as of December 31, 2024	59

	Notes to Consolidated Financial Statements	107

	Report of Independent Registered Public Accounting Firm	143

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	144

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	160

Item 4.	Controls and Procedures	161

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	162

Item 1A.	Risk Factors	162

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	163

Item 3.	Defaults Upon Senior Securities	166

Item 4.	Mine Safety Disclosures	166

Item 5.	Other Information	166

Item 6.	Exhibits	167

	Signatures	168

Table of Contents

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “we,” “us,” and “our” refer to MidCap Financial Investment Corporation unless the context specifically states otherwise.

Item 1. Consolidated Financial Statements

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)


	June 30, 2025			December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,997,689 and $2,700,957, respectively)	$	2,896,424		$	2,605,329
Non-controlled/affiliated investments (cost — $176,195 and $142,686, respectively)		112,539			84,334
Controlled investments (cost — $321,227 and $333,754, respectively)		318,519			324,753
Cash and cash equivalents		68,985			74,357
Foreign currencies (cost — $2,902 and $1,487, respectively)		2,911			1,429
Receivable for investments sold		8,809			57,195
Interest receivable		28,564			19,289
Dividends receivable		659			709
Deferred financing costs		21,015			23,555
Prepaid expenses and other assets		3,458			—
Total Assets	$	3,461,883		$	3,190,950

Liabilities
Debt	$	2,051,654		$	1,751,621
Payable for investments purchased		4,773			4,190
Management fees payable		6,079			6,247
Performance-based incentive fees payable		3,849			5,336
Interest payable		16,561			12,813
Accrued administrative services expense		—			60
Other liabilities and accrued expenses		3,046			6,037
Total Liabilities	$	2,085,962		$	1,786,304
Commitments and contingencies (Note 8)
Net Assets	$	1,375,921		$	1,404,646

Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 93,303,622 and 93,780,278 shares issued and outstanding, respectively)	$	93		$	94
Capital in excess of par value		2,652,015			2,658,090
Accumulated under-distributed (over-distributed) earnings		(1,276,187	)		(1,253,538	)
Net Assets	$	1,375,921		$	1,404,646

Net Asset Value Per Share	$	14.75		$	14.98

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	70,230		$	60,146		$	138,301		$	120,142
Dividend income		—			41			—			53
PIK interest income		4,770			2,438			9,171			4,433
Other income		220			894			544			2,601
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		1,517			1,102			2,745			1,401
Dividend income		200			235			440			235
PIK interest income		403			35			755			69
Controlled investments:
Interest income (excluding PIK interest income)		3,907			4,265			7,979			8,552
Other income		—			—			10			—
Total Investment Income	$	81,247		$	69,156		$	159,945		$	137,486
Expenses
Management fees	$	6,079		$	4,389		$	12,140		$	8,775
Performance-based incentive fees		3,849			5,572			10,282			11,610
Interest and other debt expenses		32,581			26,992			63,044			53,170
Administrative services expense		1,010			826			2,026			2,049
Other general and administrative expenses		1,611			2,103			2,859			4,232
Total expenses		45,130			39,882			90,351			79,836
Expense reimbursements		(280	)		(267	)		(1,086	)		(434	)
Net Expenses	$	44,850		$	39,615		$	89,265		$	79,402
Net Investment Income	$	36,397		$	29,541		$	70,680		$	58,084
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(16,788	)	$	28		$	(13,200	)	$	(7,441	)
Non-controlled/affiliated investments		(117	)		—			(305	)		—
Controlled investments		—			(15,700	)		—			(15,700	)
Foreign currency forward contracts		(610	)		—			(610	)		—
Foreign currency transactions		277			34			(36	)		(584	)
Net realized gains (losses)		(17,238	)		(15,638	)		(14,151	)		(23,725	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		(2,524	)		(4,548	)		(8,611	)		436
Non-controlled/affiliated investments		(883	)		(2,691	)		(2,393	)		(5,033	)
Controlled investments		4,946			15,942			6,295			17,555
Foreign currency forward contracts		(33	)		—			(9	)		—
Foreign currency translations		(2,550	)		(51	)		(3,364	)		727
Net change in unrealized gains (losses)		(1,044	)		8,652			(8,082	)		13,685
Net Realized and Change in Unrealized Gains (Losses)	$	(18,282	)	$	(6,986	)	$	(22,233	)	$	(10,040	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,115		$	22,555		$	48,447		$	48,044
Earnings (Loss) Per Share — Basic	$	0.19		$	0.35		$	0.52		$	0.74

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Operations
Net investment income	$	36,397		$	29,541		$	70,680		$	58,084
Net realized gains (losses)		(17,238	)		(15,638	)		(14,151	)		(23,725	)
Net change in unrealized gains (losses)		(1,044	)		8,652			(8,082	)		13,685
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,115		$	22,555		$	48,447		$	48,044

Distributions to Stockholders
Distribution of net investment income	$	(35,455	)	$	(24,797	)	$	(71,092	)	$	(49,595	)
Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(35,455	)	$	(24,797	)	$	(71,092	)	$	(49,595	)

Capital Share Transactions
Repurchase of common stock	$	—		$	—			(6,079	)		—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	—		$	—		$	(6,079	)	$	—

Net Assets
Net increase (decrease) in net assets during the period	$	(17,340	)	$	(2,242	)	$	(28,724	)	$	(1,551	)
Net assets at beginning of period		1,393,261			1,006,001			1,404,646			1,005,310
Net Assets at End of Period	$	1,375,921		$	1,003,759		$	1,375,921		$	1,003,759

Capital Share Activity
Shares repurchased during the period		—			—			(476,656	)		—
Shares issued and outstanding at beginning of period		93,303,622			65,253,275			93,780,278			65,253,275
Shares Issued and Outstanding at End of Period		93,303,622			65,253,275			93,303,622			65,253,275

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)


	Six Months Ended June 30,
	2025			2024
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	48,447		$	48,044
Net realized (gains) losses		14,151			23,725
Net change in unrealized (gains) losses		8,073			(13,685	)
Net amortization of premiums and accretion of discounts on investments		(3,549	)		(3,577	)
Accretion of discount on notes		906			890
Amortization of deferred financing costs		2,619			2,591
Increase in gains/(losses) from foreign currency transactions		(36	)		(584	)
Net realized gains/(losses) on foreign currency forwards		(610	)		—
PIK interest and dividends capitalized		(11,390	)		(5,937	)
Net unrealized (appreciation) depreciation on foreign currency forward contracts		9			—
Purchases of investments		(680,122	)		(395,485	)
Proceeds from sales and repayments of investments		412,795			289,139
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable		(9,275	)		1,303
Decrease (increase) in dividends receivable		50			633
Decrease (increase) in prepaid expenses and other assets		(3,458	)		(1,003	)
Increase (decrease) in management and performance-based incentive fees payable		(1,655	)		(767	)
Increase (decrease) in interest payable		3,748			744
Increase (decrease) in accrued administrative services expense		(60	)		179
Increase (decrease) in other liabilities and accrued expenses		(2,991	)		(382	)
Net Cash (Used in)/Provided by Operating Activities	$	(222,348	)	$	(54,172	)
Financing Activities
Issuances of debt	$	1,208,562		$	213,322
Payments of debt		(913,000	)		(164,371	)
Financing costs paid and deferred		—			(250	)
Repurchase of common stock		(6,079	)		—
Distributions paid		(71,092	)		(49,595	)
Net Cash (Used in)/Provided by Financing Activities	$	218,391		$	(894	)

Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	(3,957	)	$	(55,066	)
Effect of foreign exchange rate changes on cash and cash equivalents		67			(25	)
Cash, cash equivalents and foreign currencies at beginning of period		75,786			122,128
Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	71,896		$	67,037

Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	55,821		$	48,836

Supplemental Disclosure of Non-Cash Activity
PIK income	$	9,926		$	4,502

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate(6)	Maturity Date	Par/Shares (2)			Cost (38)			Fair Value (1)(39)
Aerospace & Defense
Sperry Acquisition, LLC
Sperry Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	02/03/31	$		6,923	$	6,824		$	6,824		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	02/03/31		—			(13	)		(27	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	02/03/31		—			(16	)		(16	)	(8)(9)(21)(23)
Sperry Parent Holdings, L.P.	Common Equity - Common Stock	N/A	N/A		988 Shares			99			90		(9)(13)(24)
		Total Aerospace & Defense					$	6,894		$	6,871
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/29	$		14,179	$	14,036		$	14,038		(9)(31)
	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29			10,305		10,104			10,306		(9)(31)
		Total Air Freight & Logistics					$	24,140		$	24,344
Automobile Components
K&N Parent, Inc.
K&N Holdco, LLC	Common Equity - Common Stock	N/A	N/A		125,967 Shares		$	23,718		$	282		(13)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A		350 Shares			350			1,127		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt - Term Loan	SOFR+575, 0.75% Floor	02/13/32			3,258		3,251			3,226		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 0.75% Floor	02/13/32		—			(18	)		(14	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+575, 0.75% Floor	02/13/32		—			(1	)		(3	)	(8)(9)(21)(23)
								3,582			4,336
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Common Stock	N/A	N/A		137,931 Shares			138			131		(9)(13)(24)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/31/30			13,267		13,085			12,901		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/31/30		—			(20	)		(84	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/31/30			2,182		2,133			2,081		(9)(21)(23)(30) (31)
								15,336			15,029
		Total Automobile Components					$	42,636		$	19,647

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate(6)	Maturity Date	Par/Shares (2)			Cost (38)			Fair Value (1)(39)
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	03/17/31	$		5,315	$	5,238		$	5,235	(9)(31)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	03/17/31			145		114			112	(9)(21)(23)(31)
	Preferred Equity - Preferred Equity	N/A	N/A		1,000 Shares			100			100	(9)(13)(24)
	Common Equity - Common Stock	N/A	N/A		107 Shares			—			—	(9)(13)(24)
		Total Beverages					$	5,452		$	5,447
Biotechnology
Celerion
Celerion Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/05/29	$		11,061	$	10,870		$	11,057	(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	11/05/29		—			(24	)		—	(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/03/28		—			(11	)		—	(9)(21)(23)
								10,835			11,057
Mannkind Corporation
Mannkind Corporation	Common Equity - Common Stock	N/A	N/A		34,226 Shares			—			129	(9)(10)(13)(17)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	Preferred Equity - Preferred Equity	N/A	N/A		55,556 Shares			333			333	(9)(13)
	Warrants - Warrants				73,333 Shares			389			135	(9)(13)
								722			468
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt - Term Loan	SOFR+661, 4.00% Floor	09/01/27			3,000		3,016			3,000	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+661, 4.00% Floor	09/01/27			15,000		14,985			15,000	(9)(30)
								18,001			18,000
		Total Biotechnology					$	29,558		$	29,654
Building Products
OmniMax International, LLC
Omnimax International, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/06/30	$		15,242	$	14,959		$	14,997	(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	12/06/30			4,708		4,619			4,632	(9)(32)
								19,578			19,629

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate(6)	Maturity Date	Par/Shares (2)			Cost (38)			Fair Value (1)(39)
RF Fager
R.F. Fager Company, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	03/04/30			714		700			703		(9)(32)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	03/04/30			616		594			589		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/04/30		—			(4	)		(3	)	(8)(9)(21)(23)
								1,290			1,289
		Total Building Products					$	20,868		$	20,918
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 4.50% Floor	08/19/29	$		21,016	$	20,654		$	20,805		(9)(17)(30)
	First Lien Secured Debt - Revolver	SOFR+510, 2.50% Floor	08/19/29			30		30			30		(9)(17)(21)(23) (30)
								20,684			20,835
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A		1,246 Shares			56,505			18,519		(13)(16)(24)
FC2 LLC (4)	Common Equity - Common Stock	N/A	N/A		5 Shares			—			—		(13)(24)
	Secured Debt - Promissory Note	6.50%	10/14/27			12,500		12,500			12,403
								69,005			30,922
Heubach
SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.)	First Lien Secured Debt - Term Loan	11.00%	04/30/24			478		54			239		(14)(17)(18)
	First Lien Secured Debt - Term Loan	5.50%	01/03/29			9,438		29			—		(14)(17)
								83			239
Meristem Crop Performance
Lunar Buyer, LLC	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	10/03/30			9,045		8,883			8,887		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	10/03/30		—			(60	)		(119	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	10/03/30			1,727		1,655			1,656		(9)(21)(23)(30)
								10,478			10,424
W.R. Grace
W.R. Grace Holdings LLC	First Lien Secured Debt - Corporate Bond	4.88%	06/15/27			2,000		1,954			1,990		(10)
		Total Chemicals					$	102,204		$	64,410

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate(6)	Maturity Date	Par/Shares (2)			Cost (38)			Fair Value (1)(39)
Commercial Services & Supplies
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	12/27/27	$		14,941	$	14,751		$	14,939		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+626, 1.00% Floor	12/27/27			3,776		3,738			3,776		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	12/27/27			1,102		1,084			1,103		(9)(21)(23)(31)
								19,573			19,818
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Common Equity - Common Stock	N/A	N/A		152,029 Shares			11,961			—		(13)
	Warrants - Warrants				58,773 Shares			576			—		(13)
								12,537			—
Atlas Technical Consultants
GI Apple Midco LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/19/30			7,517		7,428			7,517		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/19/30			86		84			86		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/19/29			12		1			12		(9)(20)(21)(23) (30)
								7,513			7,615
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/10/31			6,974		6,896			6,939		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/10/31			291		277			280		(9)(21)(23)(31)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/10/31			25		16			21		(9)(21)(23)(31)
								7,189			7,240
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC)	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/01/29			5,346		5,300			5,292		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	10/01/29		—			(10	)		(12	)	(8)(9)(21)(23)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	10/01/29		—			(6	)		(7	)	(8)(9)(21)(23)
								5,284			5,273
Flatworld Solutions
Flatworld Intermediate Corp	First Lien Secured Debt - Term Loan	SOFR+550, 1.50% Floor	03/25/30			7,980		7,827			7,848		(9)(30)
Heritage Environmental Services
Heritage Environmental Services, Inc.	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	01/31/31			1,741		1,737			1,754		(9)(31)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	01/31/30		—			(1	)