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 September 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 November 5, 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 September 30, 2025 and December 31, 2024	1

	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024	2

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

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024	4

	Consolidated Schedule of Investments as of September 30, 2025	5

	Consolidated Schedule of Investments as of December 31, 2024	61

	Notes to Consolidated Financial Statements	109

	Report of Independent Registered Public Accounting Firm	147

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	148

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	164

Item 4.	Controls and Procedures	166

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	167

Item 1A.	Risk Factors	167

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	168

Item 3.	Defaults Upon Senior Securities	170

Item 4.	Mine Safety Disclosures	171

Item 5.	Other Information	171

Item 6.	Exhibits	172

	Signatures	173

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)


	September 30, 2025			December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,933,570 and $2,700,957, respectively)	$	2,828,608		$	2,605,329
Non-controlled/affiliated investments (cost — $177,206 and $142,686, respectively)		112,375			84,334
Controlled investments (cost — $227,373 and $333,754, respectively)		239,982			324,753
Cash and cash equivalents		62,502			74,357
Foreign currencies (cost — $2,902 and $1,487, respectively)		3,957			1,429
Receivable for investments sold		12,219			57,195
Interest receivable		26,222			19,289
Dividends receivable		430			709
Deferred financing costs		19,761			23,555
Prepaid expenses and other assets		3,438			—
Total Assets	$	3,309,494		$	3,190,950

Liabilities
Debt	$	1,915,074		$	1,751,621
Payable for investments purchased		780			4,190
Management fees payable		6,069			6,247
Performance-based incentive fees payable		5,818			5,336
Interest payable		11,473			12,813
Accrued administrative services expense		—			60
Other liabilities and accrued expenses		2,360			6,037
Total Liabilities	$	1,941,574		$	1,786,304
Commitments and contingencies (Note 8)
Net Assets	$	1,367,920		$	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		(1,284,188	)		(1,253,538	)
Net Assets	$	1,367,920		$	1,404,646

Net Asset Value Per Share	$	14.66		$	14.98

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	72,964		$	72,640		$	212,495		$	192,782
Dividend income		—			447			—			500
PIK interest income		3,785			2,938			11,724			7,371
Other income		458			992			1,003			3,593
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)		1,548			697			4,293			2,098
Dividend income		200			241			640			476
PIK interest income		407			36			1,162			105
Controlled investments:
Interest income (excluding PIK interest income)		3,214			4,097			11,193			12,649
Other income		—			50			10			50
Total Investment Income	$	82,576		$	82,138		$	242,520		$	219,624
Expenses
Management fees	$	6,069		$	4,428		$	18,209		$	13,203
Performance-based incentive fees		5,818			4,601			16,100			16,212
Interest and other debt expenses		33,038			31,854			96,083			85,024
Administrative services expense		1,029			1,036			3,055			3,084
Other general and administrative expenses		1,599			2,246			4,457			6,478
Total expenses		47,553			44,165			137,904			124,001
Expense reimbursements		(284	)		(162	)		(1,370	)		(597	)
Net Expenses	$	47,269		$	44,003		$	136,534		$	123,404
Net Investment Income	$	35,307		$	38,135		$	105,986		$	96,220
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(18,988	)	$	527		$	(32,187	)	$	(6,914	)
Non-controlled/affiliated investments		(19	)		—			(324	)		—
Controlled investments		—			—			—			(15,700	)
Foreign currency forward contracts		—			—			(610	)		—
Foreign currency transactions		(160	)		(40	)		(196	)		(624	)
Net realized gains (losses)		(19,167	)		487			(33,317	)		(23,238	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		(3,688	)		(11,083	)		(12,300	)		(10,646	)
Non-controlled/affiliated investments		(1,173	)		(2,956	)		(3,565	)		(7,989	)
Controlled investments		15,316			3,566			21,610			21,121
Foreign currency forward contracts		—			—			(9	)		—
Foreign currency translations		859			(1,433	)		(2,505	)		(707	)
Net change in unrealized gains (losses)		11,314			(11,906	)		3,231			1,779
Net Realized and Change in Unrealized Gains (Losses)	$	(7,853	)	$	(11,419	)	$	(30,086	)	$	(21,459	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,454		$	26,716		$	75,900		$	74,761
Earnings (Loss) Per Share — Basic	$	0.29		$	0.31		$	0.81		$	1.03

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operations
Net investment income	$	35,307		$	38,135		$	105,986		$	96,220
Net realized gains (losses)		(19,167	)		487			(33,317	)		(23,238	)
Net change in unrealized gains (losses)		11,314			(11,906	)		3,231			1,779
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,454		$	26,716		$	75,900		$	74,761

Distributions to Stockholders
Distribution of net investment income	$	(35,455	)	$	(54,392	)	$	(106,547	)	$	(103,988	)
Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(35,455	)	$	(54,392	)	$	(106,547	)	$	(103,988	)

Capital Share Transactions
Net proceeds from the issuance of common stock(1)	$	—		$	440,140		$	—		$	440,140
Repurchase of common stock		—			—			(6,079	)		—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	—		$	440,140		$	(6,079	)	$	440,140

Net Assets
Net increase (decrease) in net assets during the period	$	(8,001	)	$	412,464		$	(36,726	)	$	410,913
Net assets at beginning of period		1,375,921			1,003,759			1,404,646			1,005,310
Net Assets at End of Period	$	1,367,920		$	1,416,223		$	1,367,920		$	1,416,223

Capital Share Activity
Shares issued during the period		—			28,527,003			—			28,527,003
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			93,780,278			93,303,622			93,780,278

(1) Refer to Note 10 for more information related to the Company's acquisitions of AFT and AIF.

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)


	Nine Months Ended September 30,
	2025			2024
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	75,900		$	74,761
Net realized (gains) losses on investments		32,511			22,614
Net change in unrealized (gains) losses		(3,231	)		(1,779	)
Net amortization of premiums and accretion of discounts on investments		(5,218	)		(6,126	)
Accretion of discount on notes		1,355			1,339
Amortization of deferred financing costs		3,877			3,905
PIK interest and dividends capitalized		(16,135	)		(9,108	)
Purchases of investments		(1,084,344	)		(714,495	)
Proceeds from sales and repayments of investments		954,071			561,462
Cash acquired in AFT and AIF Mergers		—			9,931
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable		(6,933	)		(5,331	)
Decrease (increase) in dividends receivable		279			868
Decrease (increase) in prepaid expenses and other assets		(3,438	)		10,004
Increase (decrease) in management and performance-based incentive fees payable		304			(1,700	)
Increase (decrease) in interest payable		(1,340	)		(5,901	)
Increase (decrease) in accrued administrative services expense		(60	)		197
Increase (decrease) in other liabilities and accrued expenses		(3,677	)		(4,946	)
Net Cash (Used in)/Provided by Operating Activities	$	(56,079	)	$	(64,305	)
Financing Activities
Issuances of debt	$	1,520,968		$	365,617
Payments of debt		(1,361,626	)		(234,371	)
Financing costs paid and deferred		—			(255	)
Repurchase of common stock		(6,079	)		—
Distributions paid		(106,547	)		(103,988	)
Net Cash (Used in)/Provided by Financing Activities	$	46,716		$	27,003

Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	(9,363	)	$	(37,302	)
Effect of foreign exchange rate changes on cash and cash equivalents		36			(20	)
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	$	66,459		$	84,806

Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	92,310		$	85,736

Supplemental Disclosure of Non-Cash Activity
PIK income	$	12,886		$	7,476
Purchases of investments(1)		—			595,887
Debt assumed(1)		—			(177,000	)
Issuance of common stock(1)		—			440,140

(1) Refer to Note 10 for more information related to the Company's acquisitions of AFT and AIF.

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
Aerospace & Defense
Sperry Acquisition, LLC
Sperry Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	02/03/31	$		6,906	$	6,811		$	6,818		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	02/03/31		—			(13	)		(24	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	02/03/31		—			(15	)		(15	)	(8)(9)(21)(22)
Sperry Parent Holdings, L.P.	Common Equity - Common Stock	N/A	N/A		988 Shares			99			90		(9)(13)(23)
		Total Aerospace & Defense					$	6,882		$	6,869
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	05/01/29	$		15,141	$	14,994		$	15,066		(9)(30)
	First Lien Secured Debt - Term Loan	SOFR+550, 1.00% Floor	05/01/29			10,279		10,085			10,280		(9)(30)
		Total Air Freight & Logistics					$	25,079		$	25,346
Automobile Components
K&N Parent, Inc.
K&N Holdco, LLC	Common Equity - Common Stock	N/A	N/A		125,967 Shares		$	23,718		$	241		(13)
Truck-Lite Co., LLC
Truck-Lite Co., LLC	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	02/13/32			3,250		3,252			3,218		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 0.75% Floor	02/13/32			342		327			334		(9)(21)(22)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	02/13/32		—			(5	)		(5	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	02/13/32		—			(1	)		(3	)	(8)(9)(21)(22)
								3,573			3,544
Universal Air Conditioner
Cool Acquisition Holdings, LP	Common Equity - Common Stock	N/A	N/A		137,931 Shares			138			86		(9)(13)(23)
Cool Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+475, 1.00% Floor	10/31/30			13,233		13,058			12,828		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+475, 1.00% Floor	10/31/30		—			(19	)		(93	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+475, 1.00% Floor	10/31/30			1,576		1,529			1,466		(9)(21)(22)(30)
								14,706			14,287
		Total Automobile Components					$	41,997		$	18,072

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)		Cost (37)		Fair Value (1)(38)
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+450, 1.00% Floor	03/17/31	$	5,302	$	5,228	$	5,222	(9)(30)
	First Lien Secured Debt - Revolver	SOFR+450, 1.00% Floor	03/17/31		—		(30)		(33)	(8)(9)(21)(22)
	Preferred Equity - Preferred Equity	N/A	N/A		1,000 Shares		100		100	(9)(13)(23)
	Common Equity - Common Stock	N/A	N/A		107 Shares		—		—	(9)(13)(23)
		Total Beverages				$	5,298	$	5,289
Biotechnology
Celerion
Celerion Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 0.75% Floor	11/05/29	$	11,032	$	10,852	$	11,033	(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 0.75% Floor	11/05/29		—		(23)		—	(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+500, 0.75% Floor	11/03/28		—		(10)		—	(9)(21)(22)
							10,819		11,033
Mannkind Corporation
Mannkind Corporation	Common Equity - Common Stock	N/A	N/A		34,226 Shares		—		184	(9)(10)(13)(17)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	Preferred Equity - Preferred Equity	N/A	N/A		55,556 Shares		333		401	(9)(13)
	Warrants - Warrants				73,333 Shares		389		198	(9)(13)
							722		599
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt - Term Loan	SOFR+661, 4.00% Floor	09/01/27		3,000		3,015		3,000	(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+661, 4.00% Floor	09/01/27		15,000		14,988		15,000	(9)(29)
							18,003		18,000
		Total Biotechnology				$	29,544	$	29,816
Building Products
Decks & Docks
D&D Buyer, LLC	First Lien Secured Debt - Delayed Draw	SOFR+650, 2.00% Floor	10/04/28	$	2,484	$	2,436	$	2,435	(9)(29)
OmniMax International, LLC
Omnimax International, LLC	First Lien Secured Debt - Term Loan	SOFR+575, 1.00% Floor	12/06/30		15,204		14,931		14,867	(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+575, 1.00% Floor	12/06/30		4,696		4,611		4,592	(9)(31)
							19,542		19,459

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)				Fair Value (1)(38)
RF Fager
R.F. Fager Company, LLC	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	03/04/30			714			701				703		(9)(31)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	03/04/30			615			593				588		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	03/04/30			47			43				44		(9)(21)(22)(30)
									1,337				1,335
		Total Building Products					$		23,315		$		23,229
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 4.50% Floor	08/19/29	$		19,721	$		19,399		$		19,524		(9)(17)(29)
	First Lien Secured Debt - Revolver	SOFR+510, 2.50% Floor	08/19/29			15			15				15		(9)(17)(21)(22) (29)
									19,414				19,539
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				18,515		(13)(16)(23)
FC2 LLC (4)	Common Equity - Common Stock	N/A	N/A		5 Shares			—				—			(13)(23)
	Secured Debt - Promissory Note	6.50%	10/14/27			12,500			12,500				12,414
									69,005				30,929
Heubach
Heubach Holdings USA LLC	First Lien Secured Debt - Term Loan	7.00%	04/30/24			478			54				239		(14)(17)(18)
SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.)	First Lien Secured Debt - Term Loan	9.00%	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			9,023			8,866				8,797		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+550, 0.75% Floor	10/03/30		—				(57	)			(170	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	10/03/30			1,727			1,658				1,625		(9)(21)(22)(29)
									10,467				10,252
W.R. Grace
W.R. Grace Holdings LLC	First Lien Secured Debt - Corporate Bond	4.88%	06/15/27			1,320			1,293				1,314		(10)
		Total Chemicals					$		100,262		$		62,273

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)				Fair Value (1)(38)
Commercial Services & Supplies
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt - Term Loan	SOFR+626, 1.00% Floor	12/27/27	$		14,896	$		14,715		$		14,897		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+626, 1.00% Floor	12/27/27			3,765			3,731				3,765		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+626, 1.00% Floor	12/27/27			1,102			1,085				1,103		(9)(21)(22)(30)
									19,531				19,765
Atlas Technical Consultants
GI Apple Midco LLC	First Lien Secured Debt - Term Loan	SOFR+675, 1.00% Floor	04/19/30			7,498			7,409				7,498		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+675, 1.00% Floor	04/19/30			86			84				86		(9)(29)
	First Lien Secured Debt - Revolver	SOFR+675, 1.00% Floor	04/19/29			12			1				12		(9)(21)(22)(30)
									7,494				7,596
Best Trash
Bingo Group Buyer, Inc.	First Lien Secured Debt - Term Loan	SOFR+500, 1.00% Floor	07/10/31			6,956			6,881				6,922		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+500, 1.00% Floor	07/10/31			1,777			1,755				1,766		(9)(21)(22)(30)
	First Lien Secured Debt - Revolver	SOFR+500, 1.00% Floor	07/10/31			25			17				21		(9)(21)(22)(30)
									8,653				8,709
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC)	First Lien Secured Debt - Term Loan	SOFR+525, 0.75% Floor	10/01/29			5,332			5,289				5,279		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 0.75% Floor	10/01/29		—				(8	)			(12	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 0.75% Floor	10/01/29		—				(5	)			(7	)	(8)(9)(21)(22)
									5,276				5,260
Flatworld Solutions
Flatworld Intermediate Corp	First Lien Secured Debt - Term Loan	SOFR+550, 1.50% Floor	03/25/30			7,960			7,814				7,829		(9)(29)
Heritage Environmental Services
Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.)	First Lien Secured Debt - Term Loan	SOFR+550, 0.75% Floor	01/31/31			1,736			1,733				1,754		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+550, 0.75% Floor	01/31/30		—			—				—			(9)(20)(21)(22)
									1,733				1,754

See notes to the consolidated financial statements.

Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company	Investment Type	Interest Rate (6)	Maturity Date	Par/Shares (2)			Cost (37)			Fair Value (1)(38)
HMA
Health Management Associates Superholdings, Inc.	First Lien Secured Debt - Term Loan	SOFR+635, 1.00% Floor	03/30/29			3,897		3,822			3,858		(9)(30)
	First Lien Secured Debt - Delayed Draw	SOFR+635, 1.00% Floor	03/30/29			505		495			500		(9)(30)
	First Lien Secured Debt - Revolver	SOFR+635, 1.00% Floor	03/30/29		—			(5	)		(3	)	(8)(9)(20)(21) (22)
								4,312			4,355
IronClad
Ironhorse Purchaser, LLC	First Lien Secured Debt - Term Loan	SOFR+525, 1.00% Floor	09/30/27			2,962		2,928			2,902		(9)(29)
	First Lien Secured Debt - Delayed Draw	SOFR+525, 1.00% Floor	09/30/27		—			(16	)		(29	)	(8)(9)(21)(22)
	First Lien Secured Debt - Revolver	SOFR+525, 1.00% Floor	09/30/27		—			(5	)		(10	)	(8)(9)(20)(21) (22)
								2,907			2,863
IRP