[10-Q] MidCap Financial Investment Corp Quarterly Earnings Report

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(International Cruise & Excursion Gallery, Inc),Membership Interests2024-12-310001278752Construction & Building Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 08/09/302024-12-310001278752mfic:LeisureProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2025-09-300001278752mfic:CommonEquityInterestsMembermfic:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001278752mfic:CoInvestmentHoldingsMember2025-09-300001278752mfic:FinancialServicesMembermfic:AMLRightsourceMember2025-09-300001278752mfic:CommonEquityInterestsMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:WholesaleMember2024-12-310001278752Business Services PSI Services, LLC Lifelong Learner Holdings, LLC Investment Type First Lien Secured Debt - Revolver SOFR+790, 1.00% Floor Maturity Date 10/20/252024-12-310001278752Controlled Investments ChyronHego Corporation, Preferred Equity2025-01-012025-09-300001278752mfic:PrecisionRefrigerationAirConditioningLLCMember2025-09-300001278752mfic:SeniorSecuredFacilityMember2024-12-310001278752mfic:UtilitiesElectricMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2024-12-310001278752mfic:ConsumerGoodsDurableMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001278752Healthcare & Pharmaceuticals, Allied Benefit Systems, Allied Benefit Systems Intermediate LLC, First Lien Secured Debt - Term Loan, SOFR+525, 0.75% Floor, Maturity Date 10/31/302024-12-310001278752us-gaap:InvestmentAffiliatedIssuerNoncontrolledMembermfic:ChemicalsMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:FirstLienSecuredDebtMember2024-12-310001278752mfic:ClassA2SeniorSecuredFloatingRateNotesDueTwoThousandThirtyFiveMembermfic:MficbethesdacloonellcdebtsecuritizationMember2023-11-020001278752Consumer Services Go Car Wash Go Car Wash Management Corp. 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First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 11/01/282025-09-300001278752Advertising Printing & Publishing Houghton Mifflin Houghton Mifflin Harcourt Company First Lien Secured Debt - Term Loan SOFR+525, 0.50% Floor Maturity Date 04/09/292024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:CommonEquityInterestsMembermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-310001278752Energy Equipment & Services Camin Cargo Camin Cargo Control Holdings, Inc. 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Riverbed Technology, Inc. First Lien Secured Debt - Revolver Interest Rate 6.00% Maturity Date 04/03/282024-12-310001278752mfic:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-300001278752mfic:ForcuraMedalogixProjectTarponMembermfic:SoftwareMember2025-09-300001278752High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Term Loan SOFR+640, 1.00% Floor Maturity Date 10/31/262024-12-310001278752New Era Technology, Inc. I Common Equity - Common Stock2025-01-012025-09-300001278752Commercial Services & Supplies Jacent Jacent Strategic Merchandising First Lien Secured Debt - Term Loan SOFR+585 Cash plus 0.75% PIK, 1.00% Floor Maturity Date 01/31/272025-09-300001278752Business Services Trench Plate Trench Plate Rental Co. 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First Lien Secured Debt - Term Loan SOFR+610, 4.00% Floor Maturity Date 06/01/292025-09-300001278752Insurance Spectrum Automotive Shelby 2021 Holdings Co First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity date - 06/29/282025-09-300001278752mfic:SeniorUnsecuredNotesTwoThousandTwentyFiveMember2015-03-032015-03-030001278752mfic:ZendeskIncMembermfic:LettersOfCreditMember2025-09-300001278752mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember2024-01-012024-12-310001278752Commercial Services & Supplies Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 08/09/302025-09-300001278752Business Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 03/22/302024-12-310001278752Software Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Revolver 11% Maturity Date 02/02/262025-09-300001278752Electrical Equipment US MetalCo Holdings US MetalCo Holdings LLC First Lien Secured Debt - Term Loan SOFR+411, 1.00% Floor Maturity Date 09/10/262025-09-300001278752Healthcare & Pharmaceuticals Akoya Akoya Biosciences, Inc. 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NCP-MSI Buyer First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 03/24/312025-09-300001278752mfic:RegisCorporationMembermfic:LettersOfCreditMember2024-12-310001278752Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 02/01/262024-12-310001278752us-gaap:ForeignExchangeForwardMember2025-09-300001278752Ground Transportation Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor Maturity Date 12/03/262025-09-300001278752Advertising Printing & Publishing FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt - Delayed Draw SOFR+560, 1.00% Floor Maturity Date 12/30/262024-12-310001278752Healthcare & Pharmaceuticals Ora LLC TVG Orion Blocker, Inc. Unsecured Debt - Promissory Note 11.34% Maturity Date 07/18/302024-12-310001278752mfic:AcentraHoldingsLLCMember2024-12-310001278752mfic:HotelGamingLeisureRestaurantsMembermfic:CircusTrixMember2024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermfic:FirstLienSecuredDebtMember2024-12-310001278752Health Care Technology MRO Parent Corporation MRO Parent Corporation First Lien Secured Debt - Term Loan SOFR+450, 0.75% Floor Maturity Date 06/09/322025-09-300001278752mfic:CerusMembermfic:HealthCareEquipmentSuppliesMember2025-09-300001278752mfic:BirdRidesMembermfic:GroundTransportationMember2025-09-300001278752mfic:AnaplanIncMember2024-12-310001278752Insurance PGM Holdings Corporation First Lien Secured Debt - Term Loan SOFR+615, 1.00% Floor Maturity date - 06/02/262025-09-300001278752mfic:JacentStrategicMerchandisingMember2024-12-3100012787522016-09-140001278752Controlled Investments ChyronHego US Holding Corporation, Term Loan2025-09-300001278752mfic:KureSmartMembermfic:HealthcarePharmaceuticalsMember2024-12-310001278752mfic:MAndMOPCOLLCMember2024-12-310001278752Business Services US Legal Support USLS Acquisition, Inc. Investment Type First Lien Secured Debt - Term Loan SOFR+590, 1.00% Floor Maturity Date 06/01/262024-12-310001278752Containers & Packaging Truvant NPPI Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 08/20/292025-09-300001278752mfic:GATAirlineGroundSupportIncMembermfic:LettersOfCreditMember2025-09-300001278752Consumer Goods - Non-durable Sequential Brands Group, Inc. Gainline Galaxy Holdings LLC Common Equity - Common Stock2024-12-310001278752High Tech Industries Anaplan Anaplan, Inc. First Lien Secured Debt - Revolver SOFR+575, 0.75% Floor Maturity Date 06/21/282024-12-310001278752Business Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 03/22/292024-12-310001278752Health Care Providers & Services Alcami Alcami Corporation First Lien Secured Debt - Term Loan SOFR+710, 1.00% Floor Maturity Date 12/21/282025-09-300001278752Beverage, 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 05/31/252024-12-310001278752mfic:InsuranceMembermfic:PGMHoldingsCorporationMember2025-09-300001278752mfic:MerxAviationFinanceLLCMember2025-09-300001278752Software Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt - Term Loan SOFR+585, 1.00% Floor Maturity Date 12/16/262025-09-300001278752mfic:RiverbedTechnologyIncMember2024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueMarketComparableTechniqueMembermfic:FirstLienSecuredDebtMembermfic:MeasurementInputComparableMultipleMember2024-12-310001278752mfic:WholesaleMembermfic:PSEMember2024-12-310001278752High Tech Industries Digital.ai Digital.ai Software Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 08/10/282024-12-310001278752Life Sciences Tools & Services Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Delayed Draw SOFR+555, 1.00% Floor Maturity Date 08/09/272025-09-300001278752Health Care Providers & Services Midwest Vision Midwest Vision Partners Management, LLC First Lien Secured Debt – Revolver SOFR+100, Cash plus 5.75% PIK 1.00% Floor Maturity Date 01/12/282025-09-300001278752Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 07/10/312025-09-300001278752mfic:OrigamiOpportunitiesFundIIILPMember2024-12-310001278752Consumer Goods - Non-durable Suave Silk Holdings III Corp. First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 05/01/292024-12-310001278752High Tech Industries Modern Campus Destiny Solutions U.S., Inc. First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 06/08/262024-12-310001278752mfic:CaleroHoldingsIncMembermfic:HighTechIndustriesMember2024-12-310001278752mfic:AtlasTechnicalConsultantsMembermfic:CommercialServicesSuppliesMember2025-09-300001278752us-gaap:AutomotiveSectorMember2024-12-310001278752mfic:PaceHealthCompaniesLLCMember2024-12-310001278752Controlled Investments ChyronHego Corporation2024-01-012024-12-310001278752mfic:LucidHealthMembermfic:HealthCareProvidersServicesMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMembermfic:StructuredProductsAndOtherMember2024-12-310001278752mfic:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-300001278752Aerospace & Defense Sperry Acquisition, LLC Sperry Parent Holdings, L.P. Common Equity - Common Stock2025-09-300001278752High Tech Industries Team LINX, LLC TeamLINX Buyer, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 12/18/302024-12-310001278752mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember2024-01-012024-12-310001278752Diversified Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor Maturity Date 06/07/302025-09-300001278752mfic:ApolloInvestmentManagementLPMembermfic:FeeOffsetAgreementMember2024-01-012024-09-300001278752mfic:AmplityParentIncMember2025-09-300001278752Health Care Providers & Service Omega Healthcare OMH-Healthedge Holdings, Inc. First Lien Secured Debt – Revolver SOFR+425, 1.00% Floor Maturity Date 04/10/302025-09-300001278752us-gaap:InvestmentAffiliatedIssuerMember2024-01-012024-12-310001278752Health Care Providers & Services Amplity Amplity Parent, Inc. 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Ltd., Common Stock2024-01-012024-12-310001278752Manufacturing, Capital Equipment US MetalCo Holdings US MetalCo Holdings LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 10/31/292024-12-310001278752Construction & Engineering Traffic Management Solutions, LLC Traffic Management Solutions, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 11/26/302025-09-300001278752High Tech Industries Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 11/27/302024-12-310001278752mfic:IronhorsePurchaserLLCMember2025-09-300001278752us-gaap:StandbyLettersOfCreditMembermfic:SeniorSecuredFacilityMember2024-09-300001278752Electronic Equipment, Instruments & Components Pro Vigil Pro-Vigil Holding Company, LLC First Lien Secured Debt - Term Loan SOFR+585 Cash plus 2.75% PIK, 1.00% Floor Maturity Date 06/30/262025-09-300001278752Affiliated Investments Golden Bear 2016-R, LLC, Membership Interests2025-09-300001278752mfic:ApolloInvestmentManagementLPMembermfic:FeeOffsetAgreementMember2024-07-012024-09-300001278752mfic:WholesaleMembermfic:AmbrosiaBuyerCorpMember2024-12-310001278752mfic:SummerFridaysLLCMember2025-09-300001278752mfic:RenovoMembermfic:ConstructionEngineeringMember2025-09-300001278752Professional Services Escalent M&M OPCO, LLC First Lien Secured Debt - 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First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 08/26/322025-09-300001278752mfic:MPulseMobileIncMember2025-09-300001278752Leisure Products Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 02/01/262025-09-300001278752Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+553, 0.50% Floor Maturity Date 05/26/262024-12-310001278752Healthcare & Pharmaceuticals Maxor National Pharmacy Service LLC, Maxor National Pharmacy Services, LLC First Lien Secured Debt – Term Loan SOFR+610, 1.00% Floor Maturity Date 03/01/292024-12-310001278752mfic:MultiUtilitiesMember2025-09-300001278752mfic:ChemicalsPlasticsAndRubberMembermfic:MeristemCropPerformanceMember2024-12-310001278752Healthcare & Pharmaceuticals Sterling Pharma Saffron Bidco Ltd First Lien Secured Debt - Delayed Draw SON+575, 0.75% Floor Maturity Date 09/11/312024-12-310001278752mfic:GatewayServicesMembermfic:DiversifiedConsumerServicesMember2025-09-300001278752us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001278752Communications Equipment Sorenson Holdings, LLC Sorenson Holdings, LLC Common Equity - Membership Interests2025-09-300001278752mfic:SimeioMembermfic:HighTechIndustriesMember2024-12-310001278752Healthcare & Pharmaceuticals, Cato Research, LS Clinical Services Holdings, Inc., First Lien Secured Debt - Term Loan, SOFR+751, 1.00% Floor, Maturity Date 12/16/272024-12-310001278752mfic:UplightIncMember2025-09-300001278752Carbonfree Chemicals Holdings LLC | Common Equity - Common Equity / Interest2025-01-012025-09-300001278752mfic:MedicalGuardianMembermfic:HealthCareEquipmentSuppliesMember2025-09-300001278752Media ChyronHego Corporation ChyronHego Corporation Preferred Equity - Preferred Equity2025-09-300001278752Consumer Services The Weather Company Zephyr Buyer, L.P. 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First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 08/01/302025-09-300001278752Software Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 11/27/302025-09-300001278752mfic:TechnologyHardwareStoragePeripheralsMember2025-09-300001278752mfic:MachineryMembermfic:MilacronProjectIotaMember2025-09-300001278752SMC IR Holdings, LLC I Common Equity - Common Stock2025-01-012025-09-300001278752Hotels, Restaurants & Leisure The Club Company Eldrickco Limited First Lien Secured Debt - Term Loan SON+562, 0.50% Floor Maturity Date 11/26/262025-09-300001278752srt:MinimumMember2024-01-012024-12-310001278752Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 01/07/312025-09-300001278752mfic:HeniffHoldcoLLCMember2024-12-310001278752Software Riverbed Technology, Inc. Riverbed Technology, Inc. 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Generator Buyer, Inc. First Lien Secured Debt - Delayed Draw CORRA+525, 0.75% Floor Maturity Date 07/22/302025-09-300001278752mfic:CerusCorporationMember2025-09-300001278752High Tech Industries Avalara Avalara, Inc. First Lien Secured Debt - Term Loan SOFR+625, 0.75% Floor Maturity Date 10/19/282024-12-310001278752mfic:LookoutMembermfic:HighTechIndustriesMember2024-12-310001278752mfic:SurfOpcoLLCMembermfic:LettersOfCreditMember2025-09-300001278752Controlled Investments Merx Aviation Finance, LLC, Membership Interests2025-09-300001278752Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.) 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Investment Type First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 06/06/302024-12-310001278752Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC First Lien Secured Debt - Term Loan SOFR+650, 1.00% Floor Maturity Date 07/18/282024-12-310001278752mfic:AMIBuyerIncMember2024-12-310001278752Controlled Investments ChyronHego Corporation2024-12-310001278752mfic:PersonalCareProductsMembermfic:ElidaBeautyMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMembermfic:SecondLienSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-09-300001278752Healthcare & Pharmaceuticals Rigel Pharmaceuticals Rigel Pharmaceuticals, Inc. 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First Lien Secured Debt - Revolver SOFR+310 Cash plus 4.00% PIK, 1.00% Floor Maturity Date 02/02/262024-12-310001278752mfic:SECRule10b51RepurchasePlanMember2016-07-010001278752Electronic Equipment, Instruments & Components Wolfspeed Wolfspeed Inc First Lien Secured Debt - Corporate Bond 9.88% Cash plus 4.00% PIK Maturity Date 06/23/302025-09-300001278752Business Services IRP Precision Refrigeration & Air Conditioning LLC Investment Type First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor Maturity Date 03/08/282024-12-310001278752Telecommunications MCA Mobile Communications America, Inc. 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LLC First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 01/31/282025-09-300001278752mfic:AviationAndConsumerTransportMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001278752Health Care Providers & Services Cato Research LS Clinical Services Holdings, Inc. First Lien Secured Debt - Revolver SOFR + 725 (Inclusive of 10.25% PIK), 1.00% Floor Maturity Date 06/16/292025-09-300001278752Health Care Equipment & Supplies Dr. Scholl's DRS Holdings III, Inc. 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(fka Gruden Acquisition, Inc.) First Lien Secured Debt – Revolver SOFR+475, 0.75% Floor Maturity Date 06/30/282025-09-300001278752Beverage, Food & Tobacco Turkey Hill THLP CO. LLC First Lien Secured Debt - Term Loan SOFR+600 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 05/31/252024-12-310001278752mfic:ConstructionAndBuildingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001278752Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. 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First Lien Secured Debt - Term Loan 11% Maturity Date 02/02/262025-09-300001278752Electronic Equipment, Instruments & Components Pro Vigil Pro-Vigil Holding Company, LLC First Lien Secured Debt - Term Loan SOFR+575 Cash plus 2.75% PIK, 1.00% Floor Maturity Date 06/30/262025-09-300001278752mfic:HouseholdDurablesMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:StructuredProductsAndOtherMember2024-07-012024-09-300001278752mfic:MFICBethesdaCLOTwoLLCDebtSecuritizationMembermfic:ClassDSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMember2025-02-242025-02-240001278752Transportation - Cargo, Distribution Meritus Gas Partners MGP Holdings III Corp. 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Aspen Aerogels, Inc. First Lien Secured Debt - Revolver SOFR+510, 2.50% Floor Maturity Date 08/19/292025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-07-012025-09-300001278752Construction & 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 02/07/282024-12-310001278752Construction & Engineering Renovo Renovo Home Partners Common Equity - Common Stock2025-09-300001278752High Tech Industries Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 11/27/302024-12-310001278752mfic:TotalCommitmentsMemberus-gaap:LetterOfCreditMembermfic:DebtInstrumentRedemptionPeriodSixMember2025-09-300001278752High Tech Industries BarTender Sigma Buyer LLC First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 01/04/282024-12-310001278752High Tech Industries Omada Omada Health, Inc. 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First Lien Secured Debt – Revolver SOFR+510, 1.00% Floor Maturity Date 08/30/302025-09-300001278752Trading Companies & Distributor ORS Nasco WC ORS Buyer, Inc. First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 08/07/312025-09-300001278752Hotel, Gaming, Leisure, Restaurants Tasty Chick'n Tasty Chick'n LLC First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 05/16/292024-12-310001278752us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001278752Media FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt - Revolver SOFR+510, 1.00% Floor Maturity Date 12/30/262025-09-300001278752mfic:SmithTopcoIncMember2025-09-300001278752Personal Care Products Elida Beauty PHOENIX YW BUYER, INC. First Lien Secured Debt - Term Loan SOFR+475, 1.00% Floor Maturity Date 05/31/302025-09-300001278752High Tech Industries Inovalon Inovalon Holdings, Inc. 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First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity date - 04/16/272025-09-300001278752Machinery Relevant Industrial Relevant Industrial, LLC First Lien Secured Debt - Revolver SOFR+475, 1.00% Floor Maturity Date 05/16/312025-09-300001278752mfic:ApolloInvestmentAdministrationLimitedLiabilityCompanyMembermfic:AdministrationAgreementMember2024-07-012024-09-300001278752Diversified Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Revolver SOFR+475, 0.75% Floor Maturity Date 09/22/282025-09-300001278752mfic:ItServicesMembermfic:VikingCloudMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:FirstLienSecuredDebtMember2024-06-300001278752Business Services HMA Health Management Associates Superholdings, Inc. 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First Lien Secured Debt – Delayed Draw SOFR+475, 1.00% Floor Maturity Date 06/07/302025-09-300001278752High Tech Industries AGDATA AGDATA Midco, LLC First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 07/01/302024-12-310001278752Financial Services Purchasing Power, LLC Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver SOFR+710, 0.00% Floor Maturity Date 02/26/272025-09-300001278752mfic:FinancialServicesMember2025-09-300001278752mfic:ConsumerServicesMembermfic:ClarusCommerceMember2024-12-310001278752Insurance PGM Holdings Corporation Turbo Buyer, Inc. 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(f/k/a Valeant Pharmaceuticals International, Inc.)., First Lien Secured Debt - Corporate Bond, 0.50% Floor, Maturity Date 11/01/252024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueMarketComparableTechniqueMemberus-gaap:UnsecuredDebtMembersrt:MaximumMembermfic:MeasurementInputComparableMultipleMember2025-09-300001278752Transportation - Cargo, Distribution Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/03/242024-12-310001278752mfic:GeneratorBuyerIncMembermfic:LettersOfCreditMember2024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueMarketComparableTechniqueMemberus-gaap:UnsecuredDebtMembersrt:MaximumMembermfic:MeasurementInputComparableMultipleMember2024-12-310001278752mfic:TELABioIncMember2024-12-310001278752Chemicals, Plastics & Rubber Meristem Crop Performance Lunar Buyer, LLC First Lien Secured Debt - Revolver Interest Rate SOFR+550, 0.75% Floor Maturity Date 10/03/302024-12-310001278752Hotels, Restaurants & Leisure The Club Company Eldrickco Limited First Lien Secured Debt – Revolver SON+512, 0.50% Floor Maturity Date 05/26/262025-09-300001278752mfic:FinancialServicesMembermfic:DefinitiLLCMember2025-09-300001278752us-gaap:InvestmentUnaffiliatedIssuerMembermfic:EnergyEquipmentServicesMember2025-09-300001278752mfic:AutomotiveMember2024-12-310001278752Health 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 03/01/292025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMembermfic:MeasurementInputExpectedVolatilityMember2024-12-310001278752Leisure Products LashCo Lash OpCo, LLC First Lien Secured Debt - Term Loan SOFR+275 Cash plus 5.10% PIK, 1.00% Floor Maturity Date 09/17/272025-09-300001278752mfic:UltraCleanHoldcoLLCMember2025-09-300001278752us-gaap:RetailSectorMember2024-12-310001278752mfic:BestTrashMembermfic:BusinessServicesMember2024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMembermfic:SecondLienSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMembermfic:CommonEquityInterestsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001278752Commercial Services & Supplies Atlas Technical Consultants GI Apple Midco LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 04/19/302025-09-300001278752mfic:IWBuyerLLCMember2025-09-300001278752Healthcare & Pharmaceuticals Ora LLC TVG Orion Blocker, Inc. 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Fager Company, LLC First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 03/04/302024-12-310001278752us-gaap:PreferredStockMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:BeveragesMember2025-09-300001278752Software Texada Texada Software LLC First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 04/30/302025-09-300001278752mfic:IOTAHoldings3Membermfic:LettersOfCreditMember2025-09-300001278752Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 03/31/292025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueTransactionalValueMembermfic:MeasurementTransactionalValueMembermfic:FirstLienSecuredDebtMember2025-09-300001278752Consumer Services Gateway Services Gateway US Holdings, Inc. 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Investment Type Common Equity - Common Stock2024-12-310001278752High Tech Industries Beeline IQN Holding Corp. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 05/02/292024-12-310001278752Professional Services G&A G&A Partners Holding Company II, LLC First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 03/01/302025-09-300001278752us-gaap:UnsecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001278752Interactive Media & Services Securus Technologies Holdings, Inc. 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First Lien Secured Debt - Delayed Drawn SOFR+525, 1.00% Floor Maturity Date 03/01/302025-09-300001278752Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Term Loan SOFR+640, 1.00% Floor Maturity Date 09/21/262024-12-310001278752us-gaap:StandbyLettersOfCreditMembermfic:SeniorSecuredFacilityMember2024-12-310001278752mfic:BusinessServicesMembermfic:AMLRightsourceMember2024-12-310001278752Diversified Telecommunication Services Cablevision Systems CSC Holdings, LLC First Lien Secured Debt - Revolver SOFR+225, 0.00% Floor Maturity Date 07/13/272025-09-300001278752Affiliated Investments Surf Opco, LLC, Revolver2025-01-012025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMembersrt:WeightedAverageMembermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001278752mfic:SeniorUnsecuredMFICBethesdaCLO2LLCNotesMember2025-01-012025-09-300001278752mfic:ConstructionEngineeringMember2025-09-300001278752Controlled Investments ChyronHego US Holding Corporation, Revolver2025-09-300001278752mfic:BiampMembermfic:TechnologyHardwareStoragePeripheralsMember2025-09-300001278752mfic:CommonEquityInterestsMembermfic:AdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001278752Software Gtreasury G Treasury SS LLC First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor Maturity Date 06/29/292025-09-300001278752mfic:GATAirlineGroundSupportIncMember2024-12-310001278752Leisure Products Paladone Paladone Group Holdings Limited Common Equity - Common Stock2025-09-300001278752mfic:SeniorSecuredFacilityMember2025-01-012025-09-300001278752mfic:AspenAerogelsIncMember2024-12-310001278752Hotels, Restaurants & Leisure Guernsey Guernsey Holdings SDI LA LLC First Lien Secured Debt - Term Loan 6.95% Maturity Date 11/18/262025-09-300001278752Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt – Revolver SOFR+575, 1.00% Floor Maturity Date 03/31/292024-12-310001278752Insurance High Street Insurance High Street Buyer, Inc. First Lien Secured Debt - Delayed Draw SOFR+525, 0.75% Floor Maturity Date 04/14/282024-12-310001278752Transportation - Cargo, Distribution Meritus Gas Partners MGP Holdings III Corp. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate SOFR+525, 1.00% Floor Maturity Date 03/01/302024-12-310001278752mfic:LotusTopcoIncMember2024-12-310001278752Chemicals, 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 10/14/272024-12-310001278752Norvax, LLC (dba GoHealth) I Common Equity - Common Stock2025-01-012025-09-300001278752Chemicals Heubach SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.) 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Ltd., Common Stock2024-12-310001278752IT Services New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor Maturity date - 06/30/302025-09-300001278752mfic:TruvantMembermfic:ContainersPackagingMember2025-09-300001278752Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt – Term Loan SOFR+575, 1.00% Floor Maturity Date 03/12/302024-12-310001278752High Tech Industries Carbon6 Carbon6 Technologies, Inc. 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First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 03/01/302025-09-300001278752Retail EG Group EG Global Finance PLC First Lien Secured Debt - Corporate Bond SOFR+750, 0.50% Floor Maturity Date 11/30/282024-12-310001278752mfic:NewEraTechnologyIncMember2024-12-310001278752mfic:MaxorNationalPharmacyServicesLLCMembermfic:HealthCareProvidersServicesMember2025-09-300001278752mfic:BusinessServicesMembermfic:TrenchPlateMember2024-12-310001278752mfic:ElectricUtilitiesMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2025-09-300001278752Hotel, Gaming, Leisure, Restaurants Taco Cabana YTC Enterprises, LLC First Lien Secured Debt - Term Loan SOFR+636, 1.00% Floor Maturity Date 08/16/262024-12-310001278752mfic:ZafinMembermfic:SoftwareMember2025-09-300001278752TVG Orion Blocker, Inc. | Common Equity - Common Stock2024-01-012024-12-310001278752Business Services Distinct Distinct Holdings Inc Investment Type First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 07/18/292024-12-310001278752mfic:SECRule10b51RepurchasePlanMember2015-09-152015-09-150001278752mfic:LettersOfCreditMembermfic:HealthManagementAssociatesSuperholdingsIncMember2025-09-300001278752Healthcare & Pharmaceuticals TELA Bio, Inc. TELA Bio, Inc. First Lien Secured Debt - Term Loan SOFR+635, 1.00% Floor Maturity Date 05/01/272024-12-310001278752mfic:CommonEquityInterestsMembermfic:AviationAndConsumerTransportMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001278752mfic:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001278752Media - Diversified & Production DHX WildBrain Ltd. First Lien Secured Debt – Revolver SOFR+600, 0.50% Floor Maturity Date 07/23/292024-12-310001278752High Tech Industries Texada Texada Software LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 04/30/302024-12-310001278752Ground Transportation Boasso Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 06/30/282025-09-300001278752Leisure Products Dan Dee Project Comfort Buyer, Inc. 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First Lien Secured Debt - Delayed Draw SOFR+500, 2.00% Floor Maturity Date 04/01/302025-09-300001278752mfic:AICSPVHoldingsIILLCMember2025-09-300001278752mfic:InteractiveMediaServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2025-09-300001278752mfic:TransportationCargoDistributionsMember2024-12-310001278752mfic:SecurusTechnologiesHoldingsIncMembermfic:InteractiveMediaServicesMember2025-09-300001278752Health Care Equipment & Supplies Compass Health Roscoe Medical, Inc First Lien Secured Debt - Term Loan 10% Maturity Date 04/11/252025-09-300001278752mfic:SecondLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001278752Consumer Services Gateway Services Gateway US Holdings, Inc. 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I Preferred Equity - Preferred Equity2025-01-012025-09-300001278752Professional Services North Highland The North Highland Company LLC First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 12/22/312025-09-300001278752Health Care Providers & Services Rarebreed Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 04/18/302025-09-300001278752mfic:ThomasScientificMembermfic:WholesaleMember2024-12-310001278752mfic:HealthCareProvidersServicesMembermfic:RHAHealthServicesMember2025-09-300001278752mfic:NewEraTechnologyIncMember2025-09-300001278752mfic:LifelongLearnerHoldingsLLCMember2025-09-300001278752mfic:ClubCarWashMemberus-gaap:AutomotiveSectorMember2024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:FirstLienSecuredDebtMember2025-09-300001278752Construction & Building Renovo HomeRenew Buyer, Inc. 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(fka Gruden Acquisition, Inc.) First Lien Secured Debt - Revolver SOFR+475, 0.75% Floor Maturity Date 07/01/262024-12-310001278752Multi-Utilities SEER GS SEER Group Borrower LLC First Lien Secured Debt - Term Loan SOFR+675, 1.00% Floor Maturity Date 04/29/302025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-07-012025-09-300001278752High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 10/30/262024-12-310001278752mfic:AmendedSeniorSecuredFacilityMemberus-gaap:SubsequentEventMember2025-10-010001278752Software Instem Ichor Management Limited First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 12/08/292025-09-300001278752Health Care Technology Arcadia Solutions Arcadia Solutions, Inc. 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First Lien Secured Debt - Delayed Draw SOFR+625, 2.00% Floor Maturity Date 10/25/272024-12-310001278752us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueMarketComparableTechniqueMembersrt:WeightedAverageMembermfic:MeasurementInputComparableMultipleMember2025-09-300001278752Entertainment Shout Factory Shout! Factory LLC First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 06/30/312025-09-300001278752mfic:SoftwareMembermfic:BarTenderMember2025-09-300001278752mfic:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-12-310001278752Diversified Consumer Services Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt – Delayed Draw SOFR+475, 0.75% Floor Maturity Date 09/22/282025-09-300001278752Health Care Technology Merative Merative L.P. First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 09/30/322025-09-300001278752Business Services US Legal Support USLS Acquisition, Inc. 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Common Equity - Common Stock2024-12-310001278752Media Accelerate360 Accelerate360 Holdings, LLC First Lien Secured Debt - Term Loan SOFR+626, 1.00% Floor Maturity Date 02/11/272025-09-300001278752mfic:ConstructionEngineeringMembermfic:TrenchPlateMember2025-09-300001278752us-gaap:InvestmentUnaffiliatedIssuerMembermfic:ContainersPackagingAndGlassMember2024-12-310001278752Business Services SafetyCo HEF Safety Ultimate Holdings, LLC Investment Type First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 11/19/292024-12-310001278752mfic:ConsumerStaplesDistributionRetailMember2025-09-300001278752mfic:NorthHighlandMembermfic:BusinessServicesMember2024-12-310001278752Commercial Services & Supplies Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 08/09/302025-09-300001278752srt:MinimumMembermfic:AffiliatedInvestmentsMember2024-12-310001278752mfic:TotalCommitmentsUndrawnCommitmentMember2025-09-300001278752Affiliated Investments Third Lane Mobility Inc., Common Stock2025-01-012025-09-300001278752Machinery Milacron (Project Iota) IOTA HOLDINGS 3 First Lien Secured Debt - Term Loan SOFR+475, 0.00% Floor Maturity Date 03/31/322025-09-300001278752Software Beeline IQN Holding Corp. First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 05/02/282025-09-300001278752Space Parent, LP I Preferred Equity - Preferred Equity2025-01-012025-09-300001278752Software Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 11/27/302025-09-300001278752mfic:MFICBethesdaCloOneUpsizeDebtSecuritizationMembermfic:ClassCSeniorSecuredFloatingRateNotesDueTwoThousandThirtySevenMemberus-gaap:SubsequentEventMember2025-10-232025-10-2300012787522022-02-030001278752Technology Hardware, Storage & Peripherals Biamp Biamp First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 04/30/302025-09-300001278752Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Delayed Draw SOFR+565, 1.00% Floor Maturity Date 08/02/252024-12-310001278752mfic:SurfOpcoLLCMember2024-12-310001278752Business Services G&A G&A Partners Holding Company II, LLC Investment Type First Lien Secured Debt - Revolver SOFR+550, 0.75% Floor Maturity Date 03/01/302024-12-310001278752Automobile Components Truck-Lite Co., LLC Truck-Lite Co., LLC First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor Maturity Date 02/13/322025-09-300001278752us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-310001278752us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMemberus-gaap:ValuationTechniqueOptionPricingModelMembermfic:MeasurementInputExpectedVolatilityMember2024-12-310001278752Healthcare & Pharmaceuticals, Allied Benefit Systems, Allied Benefit Systems Intermediate LLC, First Lien Secured Debt - Delayed Draw, SOFR+525, 0.75% Floor, Maturity Date 10/31/302024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermfic:StructuredProductsAndOtherMember2024-12-310001278752Commercial Services & Supplies Overhaul Group, Inc. Overhaul Group, Inc. First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 08/01/302025-09-300001278752mfic:SoftwareMembermfic:AsureSoftwareMember2025-09-300001278752mfic:VikingCloudMembermfic:HighTechIndustriesMember2024-12-310001278752Diversified Consumer Services Go Car Wash Go Car Wash Management Corp. 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Alcresta Holdings, LP Preferred Equity - Preferred Equity2024-12-310001278752mfic:ApolloInvestmentManagementLPMembermfic:BaseManagementFeeMember2025-01-012025-09-300001278752mfic:ProjectTitanMembermfic:HealthCareEquipmentSuppliesMember2025-09-300001278752Diversified Investment Vehicles, Banking, Finance, Real Estate Redfin Redfin Corporation First Lien Secured Debt - Delayed Draw SOFR+575, 1.50% Floor Maturity Date 10/20/282024-12-310001278752mfic:PersonalCareProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2025-09-300001278752mfic:PaiMiddleTierLLCMember2025-09-300001278752mfic:PHOENIXYWBUYERINCMember2025-09-300001278752mfic:SubServicingAgreementMembermfic:MficbethesdacloonellcdebtsecuritizationMember2023-11-022023-11-020001278752Containers & Packaging MSI Express, Inc. NCP-MSI Buyer First Lien Secured Debt - Revolver SOFR+375, 0.75% Floor Maturity Date 03/24/312025-09-3000012787522024-12-310001278752mfic:EmpiRxHealthLLCMembermfic:LettersOfCreditMember2025-09-300001278752us-gaap:PreferredStockMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:ManufacturingCapitalEquipmentMember2024-12-310001278752mfic:TelecommunicationsMembermfic:MitelNetworksMember2024-12-310001278752Containers & Packaging Berry Tapes & Adhesives Vybond Buyer, LLC First Lien Secured Debt - Delayed Draw SOFR+500, 0.75% Floor Maturity Date 02/03/322025-09-300001278752Professional Services Schlesinger Group Schlesinger Global, LLC First Lien Secured Debt - Term Loan SOFR+275 Cash plus 5.85% PIK, 1.00% Floor Maturity Date 10/24/252025-09-300001278752us-gaap:PreferredStockMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001278752Health Care Providers & Services EmpiRx EmpiRx Health LLC First Lien Secured Debt – Term Loan SOFR+510, 1.00% Floor Maturity Date 08/05/272025-09-300001278752mfic:THLPCOLLCMember2024-12-310001278752Diversified Investment Vehicles, Banking, Finance, Real Estate Insight XI Aggregator, L.P. 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First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 10/13/282025-09-300001278752Professional Services Lexitas Chronicle Parent LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 04/15/312025-09-300001278752Automobile Components Truck-Lite Co., LLC Truck-Lite Co., LLC First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 02/13/322025-09-300001278752Diversified Consumer Services Go Car Wash Go Car Wash Management Corp. 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Maturity Date 09/30/262025-09-300001278752mfic:CommonEquityInterestsMembermfic:CommunicationsEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001278752mfic:EVERAGCorporationMember2025-09-300001278752us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001278752us-gaap:InvestmentAffiliatedIssuerControlledMembermfic:MediaMembermfic:FirstLienSecuredDebtMember2025-09-300001278752mfic:PassengerAirlinesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001278752Health Care Providers & Services CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt – Term Loan SOFR+575, 0.50% Floor Maturity Date 12/17/292025-09-300001278752us-gaap:PreferredStockMembermfic:ConstructionEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001278752High Tech Industries Uplight Uplight, Inc. First Lien Secured Debt - Delayed Draw SOFR+610, 4.00% Floor Maturity Date 06/01/292024-12-310001278752Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Term Loan SOFR+540, 1.00% Floor Maturity Date 08/02/252024-12-310001278752mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember2024-12-310001278752mfic:BusinessServicesMembermfic:AccelerateLearningMember2024-12-310001278752Healthcare & Pharmaceuticals, CNSI,Acentra Holdings, LLC (fka CNSI Holdings, LLC) , First Lien Secured Debt - Revolver, SOFR+550, 0.50% Floor, Maturity Date 12/17/292024-12-310001278752Machinery Ideal Tridon Ideal Components Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 06/30/322025-09-300001278752Beverage, Food & Tobacco Turkey Hill IC Holdings LLC Common Equity - Series A Units2024-12-310001278752us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-09-300001278752mfic:HealthCareProvidersServicesMember2025-09-300001278752Food Products Hive Hive Intermediate, LLC First Lien Secured Debt - Term Loan SOFR+560, 1.00% Floor Maturity Date 09/22/272025-09-300001278752Ronnoco Holdings, Inc. I Common Equity - Common Stock2025-01-012025-09-300001278752mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember2023-12-130001278752mfic:EnergyElectricityMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2024-12-310001278752Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity Date 10/22/292024-12-310001278752mfic:RoCHoldcoLLCMember2025-09-300001278752mfic:JFAcquisitionLLCMember2024-12-310001278752mfic:CommonEquityInterestsMembermfic:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001278752High Tech Industries ChyronHego Corporation ChyronHego US Holding Corporation First Lien Secured Debt - Revolver 3.50% Maturity Date 11/14/252024-12-310001278752mfic:SECRule10b51RepurchasePlanMember2016-09-300001278752srt:MinimumMember2025-01-012025-09-300001278752Telecommunications Global Eagle Anuvu Corp. (fka GEE Acquisition Holdings Corp.) Common Equity - Common Stock2024-12-310001278752us-gaap:InvestmentUnaffiliatedIssuerMembermfic:HealthcarePharmaceuticalsMember2024-12-310001278752mfic:FoodProductsMember2025-09-300001278752mfic:GroundTransportationMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2025-09-300001278752mfic:TelecommunicationsMembermfic:MCAMember2024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueMarketComparableTechniqueMembermfic:CommonEquityInterestsMembersrt:MaximumMembermfic:MeasurementInputComparableMultipleMember2024-12-310001278752mfic:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-300001278752Healthcare & Pharmaceuticals WellDyneRx, LLC WelldyneRX, LLC First Lien Secured Debt - Revolver SOFR+685, 0.75% Floor Maturity Date 03/09/262024-12-310001278752Business Services Best Trash Bingo Group Buyer, Inc. Investment Type First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 07/10/312024-12-310001278752mfic:ZephyrBuyerLPMember2024-12-310001278752Health Care Equipment & Supplies Carestream Health Carestream Health, Inc. First Lien Secured Debt - Term Loan SOFR+760, 1.00% Floor Maturity Date 09/30/272025-09-300001278752High Tech Industries Team LINX, LLC TeamLINX Buyer, LLC First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 12/18/302024-12-310001278752us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMembermfic:ValuationTechniqueMarketComparableTechniqueMembersrt:MaximumMembermfic:MeasurementInputComparableMultipleMember2025-09-300001278752mfic:SoftwareMembermfic:BeelineMember2025-09-300001278752mfic:BusinessServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001278752High Tech Industries Biamp Biamp First Lien Secured Debt - Term Loan SOFR+500, 1.00% Floor Maturity Date 04/30/302024-12-310001278752mfic:DigitalAiSoftwareHoldingsIncMember2025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-06-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMembermfic:MeasurementInputExpectedVolatilityMember2025-09-300001278752Affiliated Investments Surf Opco, LLC,Term Loan2025-01-012025-09-300001278752mfic:CrumblEnterprisesLLCMember2025-09-300001278752mfic:ExcelligenceMembermfic:ConsumerGoodsNonDurableMember2024-12-310001278752mfic:ORSNascoMembermfic:WholesaleMember2024-12-310001278752Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation (dba Celink) First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 11/30/292024-12-310001278752mfic:WellDyneRxLLCMembermfic:HealthcarePharmaceuticalsMember2024-12-310001278752mfic:ExcelligenceLearningCorporationMembermfic:LettersOfCreditMember2024-12-310001278752mfic:DiversifiedConsumerServicesMembermfic:ClarusCommerceMember2025-09-300001278752mfic:AirFreightLogisticsMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2025-09-300001278752mfic:ConsumerGoodsNonDurableMembermfic:SequentialBrandsGroupIncMember2024-12-310001278752Software New Relic Crewline Buyer, Inc. 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Investment Type First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 11/06/292024-12-310001278752Hotel, Gaming, Leisure, Restaurants Munson Munson Buffalo Restaurant Group LLC First Lien Secured Debt - Term Loan SOFR+625, 1.00% Floor Maturity Date 05/31/292024-12-3100012787522022-08-022022-08-020001278752mfic:ClubChampionLLCMember2024-12-310001278752Beverage, Food & Tobacco Bolthouse Farms Wm. Bolthouse Farms, Inc. 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Ltd Common Equity - Common Stock2025-09-300001278752Healthcare & Pharmaceuticals Alcami Alcami Corporation First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 12/21/282024-12-310001278752mfic:SIHoldingsIncMember2024-12-310001278752mfic:PMAParentHoldingsLLCMember2025-09-300001278752mfic:BarTenderMembermfic:HighTechIndustriesMember2024-12-310001278752Construction & Engineering Trench Plate Trench Safety Solutions Holdings, LLC Preferred Equity - Preferred Equity2025-09-300001278752us-gaap:InvestmentUnaffiliatedIssuerMembermfic:HotelsRestaurantsLeisureMember2025-09-300001278752mfic:DigitalAiSoftwareHoldingsIncMember2024-12-310001278752mfic:HotelGamingLeisureRestaurantsMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2024-12-310001278752mfic:TreaceMedicalConceptsIncMember2025-09-300001278752Electrical Equipment US MetalCo Holdings US MetalCo Holdings LLC First Lien Secured Debt - Revolver SOFR+450, 1.00% Floor Maturity Date 10/31/292025-09-300001278752us-gaap:InvestmentAffiliatedIssuerControlledMembermfic:FirstLienSecuredDebtMembermfic:HighTechIndustriesMember2024-12-310001278752Insurance PGM Holdings Corporation Turbo Buyer, Inc. 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First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 08/12/322025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMembermfic:ValuationTechniqueMarketComparableTechniqueMembersrt:MaximumMembermfic:MeasurementInputComparableMultipleMember2024-12-310001278752Insurance High Street Insurance High Street Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+525, 0.75% Floor Maturity Date 04/14/282024-12-310001278752Business Services Solera Solera, LLC Investment Type Second Lien Secured Debt - Term Loan SOFR+910, 1.00% Floor Maturity Date 06/04/292024-12-310001278752Business Services Core Roofing CRS Holdings, Inc. Investment Type First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 06/06/302024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:CommonEquityInterestsMember2024-12-310001278752Diversified Consumer Services Excelligence Excelligence Learning Corporation First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 01/18/302025-09-300001278752mfic:SECRule10b51RepurchasePlanMember2016-09-302016-09-300001278752mfic:PurchasingPowerFundingILLCMember2024-12-310001278752Ground Transportation Third Lane Mobility Inc. Common Equity - Common Stock2025-09-300001278752Professional Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt - Revolver SOFR+115 Cash plus 7.75% PIK, 1.00% Floor Maturity Date 03/31/272025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-06-300001278752mfic:ElectronicEquipmentInstrumentsAndComponentsMember2025-09-300001278752Software Poppulo, Inc. Four Winds Interactive LLC First Lien Secured Debt - Term Loan SOFR+650, 0.75% Floor Maturity Date 02/20/302025-09-300001278752mfic:SoftwareMembermfic:CaleroHoldingsIncMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembermfic:FirstLienSecuredDebtMember2025-09-300001278752us-gaap:WarrantMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001278752Software Zendesk Zendesk, Inc. First Lien Secured Debt - Term Loan SOFR+500, 0.75% Floor Maturity Date 11/22/282025-09-300001278752mfic:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001278752Transportation - Cargo, Distribution Boasso Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 06/30/282024-12-310001278752Business Services Atlas Technical Consultants GI Apple Midco LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+675, 1.00% Floor Maturity Date 04/19/302024-12-310001278752mfic:VixxoCorporationMember2024-12-310001278752mfic:OneMonthCorraInterestRateMember2024-12-310001278752Consumer Goods - Non-durable Suave Silk Holdings I Corp. Common Equity - Common Stock2024-12-310001278752mfic:OmadaMembermfic:HighTechIndustriesMember2024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueCostApproachMembermfic:MeasurementCostApproachMembermfic:FirstLienSecuredDebtMember2025-09-300001278752mfic:PAIPharmaMembermfic:PharmaceuticalsMember2025-09-300001278752Sperry Parent Holdings, L.P. I Common Equity - Common Stock2025-01-012025-09-300001278752us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300001278752Diversified Investment Vehicles, Banking, Finance, Real Estate Renew Financial LLC (f/k/a Renewable Funding, LLC) AIC SPV Holdings II, LLC Preferred Equity - Preferred Stock2024-12-310001278752mfic:CelerionBuyerIncMember2025-09-300001278752Chemicals, Plastics & Rubber IPS SI Holdings, Inc. First Lien Secured Debt - Term Loan Interest Rate SOFR+585, 1.00% Floor Maturity Date 12/31/272024-12-310001278752Transportation - 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 12/17/302024-12-310001278752mfic:DigitalAiMembermfic:HighTechIndustriesMember2024-12-310001278752mfic:AFTAndAIFFirstMergerMember2024-07-220001278752mfic:TeamSelectMembermfic:HealthcarePharmaceuticalsMember2024-12-310001278752us-gaap:FairValueInputsLevel3Member2025-06-300001278752mfic:SECRule10b51RepurchasePlanMember2019-02-250001278752High Tech Industries G2CI Evergreen IX Borrower 2023, LLC First Lien Secured Debt - Term Loan SOFR+475, 0.75% Floor Maturity Date 09/30/302024-12-310001278752Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+578, 0.50% Floor Maturity Date 11/26/262024-12-310001278752mfic:SoftwareMembermfic:TexadaMember2025-09-300001278752mfic:TrenchPlateRentalCoMember2025-09-300001278752Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt – Revolver SOFR+275 Cash plus 5.10% PIK, 1.00% Floor Maturity Date 03/18/262024-12-310001278752Ambrosia Buyer Corp. | Common Equity - Common Stock2024-01-012024-12-310001278752Consumer Services Village Pet Care Village Pet Care, LLC First Lien Secured Debt - Revolver P+550 Maturity Date 09/22/292024-12-310001278752Healthcare & Pharmaceuticals , Gainwell, Gainwell Acquisition Corp. (Milano Acquisition Corp), First Lien Secured Debt - Term Loan, SOFR+400, 0.75% Floor, Maturity Date 10/01/272024-12-310001278752mfic:TersSeraMembermfic:PharmaceuticalsMember2025-09-300001278752us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembermfic:SeniorSecuredFacilityMembersrt:MaximumMember2025-01-012025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:StructuredProductsAndOtherMember2023-12-310001278752us-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:BiotechnologyMember2025-09-300001278752mfic:BusinessServicesMember2024-12-310001278752Affiliated Investments Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests2025-01-012025-09-300001278752Consumer Services Walters Wedding Estates WH BorrowerCo, LLC First Lien Secured Debt - Revolver SOFR+500, 1.00% Floor Maturity Date 08/01/302024-12-310001278752mfic:CommercialServicesSuppliesMembermfic:CoreTrustMember2025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueMarketComparableTechniqueMembersrt:WeightedAverageMembermfic:FirstLienSecuredDebtMembermfic:MeasurementInputComparableMultipleMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:CommonEquityInterestsMember2025-07-012025-09-300001278752mfic:CommunicationsEquipmentMember2025-09-300001278752Software Naviga Colonnade Parent Inc (fka Naviga Inc.) First Lien Secured Debt - Term Loan 5% Maturity Date 09/30/262025-09-300001278752Financial Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt – Revolver SOFR+195 Cash plus 4.45% PIK, 1.00% Floor Maturity Date 09/21/262025-09-300001278752mfic:CommonEquityInterestsMember2024-12-310001278752Controlled Investments ChyronHego US Holding Corporation, Term Loan2023-12-310001278752Financial Services Definiti LLC Greylock Holdings LLC Common Equity - Common Stock2025-09-300001278752Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 01/07/312025-09-300001278752mfic:WellDyneRxLLCMembermfic:HealthCareProvidersServicesMember2025-09-300001278752mfic:FlowControlMembermfic:MachineryMember2025-09-300001278752High Tech Industries DigiCert Dcert Buyer, Inc. First Lien Secured Debt - Term Loan SOFR+400, 0.00% Floor Maturity Date 10/16/262024-12-310001278752Fortress Credit Opportunities CLO LLC 2024-25 | Asset Backed Security - CLO Debt2024-01-012024-12-310001278752mfic:CommonEquityInterestsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001278752us-gaap:WarrantMember2025-09-300001278752High Tech Industries Zendesk Zendesk, Inc. First Lien Secured Debt - Revolver SOFR+500, 0.75% Floor Maturity Date 11/22/282024-12-310001278752mfic:GATAirlineGroundSupportIncMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:CommonEquityInterestsMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMembermfic:MeasurementInputExpectedVolatilityMember2024-12-310001278752Wholesale Universal Air Conditioner Cool Buyer, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate SOFR+475, 1.00% Floor Maturity Date 10/31/302024-12-310001278752mfic:HealthCareProvidersServicesMembermfic:ThomasScientificMember2025-09-300001278752Diversified Investment Vehicles, Banking, Finance, Real Estate Lending Point LendingPoint LLC First Lien Secured Debt - Delayed Draw SOFR+500, 1.00% Floor Maturity Date 12/31/272024-12-310001278752Business Services SafetyCo HEF Safety Ultimate Holdings, LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 11/19/292024-12-310001278752mfic:TelecommunicationsMembermfic:CommScopeMember2024-12-310001278752mfic:TCWMidcoLLCMember2024-12-310001278752mfic:AdvertisingPrintingAndPublishingMember2024-12-310001278752Household Durables Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt – Revolver SOFR+585, 1.00% Floor Maturity Date 04/26/292025-09-300001278752mfic:ConsumerServicesMembermfic:SEVIntermediateHoldcoLLCMember2024-12-310001278752Affiliated Investments 1244311 B.C. Ltd., Common Stock2023-12-310001278752Software GoHealth Norvax, LLC (dba GoHealth) First Lien Secured Debt - Revolver SOFR+465 Cash plus 6.60% PIK, 1.00% Floor Maturity Date 08/06/292025-09-300001278752mfic:SoftwareMembermfic:LookoutMember2025-09-300001278752Chemicals Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) FC2 LLC Secured Debt - Promissory Note Maturity Date 10/14/272025-09-300001278752us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001278752mfic:BauschHealthMembermfic:HealthcarePharmaceuticalsMember2024-12-310001278752mfic:AviationAndConsumerTransportMemberus-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMember2024-12-310001278752Health Care Providers & Services EmpiRx EmpiRx Health LLC First Lien Secured Debt – Revolver SOFR+510, 1.00% Floor Maturity Date 08/05/272025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMembermfic:SecondLienSecuredDebtMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001278752us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Membermfic:MeasurementInputRecentTransactionMembermfic:ValuationTechniqueRecentTransactionMember2024-12-310001278752us-gaap:WarrantMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001278752mfic:ArcadiaSolutionsIncMember2025-09-300001278752Food Products Hive FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity2025-09-300001278752mfic:TheClubCompanyMembermfic:HotelsRestaurantsLeisureMember2025-09-300001278752Consumer Goods - Durable Sorenson Holdings, LLC Sorenson Holdings, LLC First Lien Secured Debt - Term Loan 8% PIK Maturity Date 04/01/302024-12-310001278752Business Services Solera Polaris Newco, LLC Investment Type First Lien Secured Debt - Term Loan SOFR+426, 0.50% Floor Maturity Date 28/02/282024-12-310001278752mfic:LettersOfCreditMember2025-09-300001278752Pharmaceuticals Sterling Pharma Saffron Bidco Ltd First Lien Secured Debt - Term Loan EURIBOR+325 Cash plus 3.00% PIK, 0.75% Floor Maturity Date 09/23/312025-09-300001278752Health Care Providers & Services Kure Pain Holdings, Inc. First Lien Secured Debt – Revolver SOFR+560, 1.00% Floor Maturity Date 08/30/302025-09-300001278752mfic:PaperAndForestProductsMember2025-09-300001278752mfic:HotelGamingLeisureRestaurantsMembermfic:TastyChicknMember2024-12-310001278752mfic:SeniorSecuredFacilityMember2025-06-300001278752Communications Equipment Sorenson Holdings, LLC Sorenson Holdings, LLC First Lien Secured Debt - Term Loan 8% PIK Maturity Date 04/01/302025-09-300001278752mfic:ContainersPackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001278752mfic:WCORSBuyerIncMember2025-09-300001278752Affiliated Investments Golden Bear 2016-R, LLC, Membership Interests2024-12-310001278752Aviation and Consumer Transport Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt - Term Loan SOFR+550, 1.00% Floor Maturity Date 05/01/292024-12-310001278752Healthcare & 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 02/01/272024-12-310001278752mfic:SecondLienSecuredDebtMember2024-12-310001278752Hotel, Gaming, Leisure, Restaurants Munson Munson Buffalo Restaurant Group LLC First Lien Secured Debt - Delayed Draw SOFR+625, 1.00% Floor Maturity Date 05/31/292024-12-310001278752Affiliated Investments Carbonfree Chemicals Holdings LLC,Common Equity / Interest2025-01-012025-09-300001278752mfic:MediaMember2025-09-300001278752mfic:AffiliatedInvestmentsMember2025-09-300001278752mfic:KauffmanHoldcoLLCMembermfic:ConstructionEngineeringMember2025-09-300001278752Diversified Consumer Services SEV SEV Intermediate Holdco, LLC First Lien Secured Debt - Revolver SOFR+525, 0.75% Floor Maturity Date 06/21/302025-09-300001278752Trading Companies & Distributors Banner Parent Holdings, Inc. Common Equity - Common Stock2025-09-300001278752Healthcare & Pharmaceuticals Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Revolver SOFR+555, 1.00% Floor Maturity Date 08/09/272024-12-310001278752mfic:GuernseyHoldingsSDILALLCMember2024-12-310001278752mfic:FinancialServicesMembermfic:NexityMember2025-09-300001278752Diversified Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt - Delayed Draw SOFR+575, 1.00% Floor Maturity Date 10/22/292025-09-300001278752Chemicals Aspen Aerogels, Inc. Aspen Aerogels, Inc. First Lien Secured Debt - Term Loan SOFR+500, 4.50% Floor Maturity Date 08/19/292025-09-300001278752us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001278752Trading Companies & Distributor PSE Nasco Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.) First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 08/10/272025-09-300001278752mfic:MFICBethesdaCLO1UpsizeDebtSecuritizationOneMemberus-gaap:SubsequentEventMember2025-10-230001278752mfic:BusinessServicesMembermfic:EscalentMember2024-12-310001278752Hotels, Restaurants & Leisure Munson Munson Buffalo Restaurant Group LLC First Lien Secured Debt - Delayed Draw 11% Maturity Date 05/31/292025-09-300001278752Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt - Delayed Draw SOFR+550, 1.00% Floor Maturity Date 03/31/302025-09-300001278752currency:GBPmfic:SeniorSecuredFacilityMember2025-09-300001278752mfic:MGPHoldingsIIICorpMember2025-09-300001278752Diversified 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 Stock2024-12-310001278752mfic:DrSchollsMembermfic:HealthCareEquipmentSuppliesMember2025-09-300001278752Financial Services Renew Financial LLC (f/k/a Renewable Funding, LLC) Renew JV LLC Common Equity - Membership Interests2025-09-300001278752us-gaap:InvestmentUnaffiliatedIssuerMembermfic:DiversifiedInvestmentVehicleBankingFinanceAndRealEstateMembermfic:StructuredProductsAndOtherMember2024-12-310001278752Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt – Delayed Draw SOFR+475, 1.00% Floor Maturity Date 06/07/302024-12-310001278752mfic:EnergyEquipmentServicesMember2025-09-300001278752mfic:ChannelsideAcquisitionCoIncMembermfic:LettersOfCreditMember2025-09-300001278752Utilities - 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 05/03/292024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembermfic:FirstLienSecuredDebtMembersrt:MaximumMember2025-09-300001278752mfic:KauffmanIntermediateLLCMember2025-09-300001278752mfic:SoftwareMembermfic:MPulseMember2025-09-300001278752mfic:SoftwareMembermfic:SimeioMember2025-09-300001278752Passenger Airlines Merx Aviation Finance, LLC Merx Aviation Finance, LLC Common Equity - Membership Interests2025-09-300001278752mfic:FirstLienSecuredDebtMembermfic:HotelsRestaurantsLeisureMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001278752mfic:SecondLienSecuredDebtMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueMarketComparableTechniqueMemberus-gaap:WarrantMembermfic:MeasurementInputComparableMultipleMember2025-09-300001278752mfic:TechnologyHardwareStoragePeripheralsMembermfic:BusPatrolMember2025-09-300001278752Health Care Providers & Services WellDyneRx, LLC WelldyneRX, LLC First Lien Secured Debt - Term Loan SOFR+685, 0.75% Floor Maturity Date 03/09/272025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:MeasurementInputRecentTransactionMembermfic:CommonEquityInterestsMembermfic:ValuationTechniqueRecentTransactionMember2025-09-300001278752Healthcare & Pharmaceuticals, Compass Health , Roscoe Medical, Inc, First Lien Secured Debt - Revolver, SOFR+011, 0.00% Floor, Maturity Date 03/31/252024-12-310001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueMarketComparableTechniqueMembersrt:MinimumMembermfic:FirstLienSecuredDebtMembermfic:MeasurementInputComparableMultipleMember2025-09-300001278752mfic:HeritageEnvironmentalServicesIncMembermfic:LettersOfCreditMember2024-12-310001278752Health Care Equipment & Supplies Capsa Healthcare CSHC Buyerco, LLC First Lien Secured Debt - Term Loan SOFR+485, 1.00% Floor Maturity Date 09/08/262025-09-300001278752mfic:ItServicesMembermfic:NewEraTechnologyIncMember2025-09-300001278752High Tech Industries VikingCloud Sysnet North America, Inc. First Lien Secured Debt – Revolver SOFR+500, 0.75% Floor Maturity Date2024-12-310001278752srt:MinimumMembermfic:ControlledInvestmentsMember2025-09-300001278752Software mPulse mPulse Mobile, Inc. First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 08/26/322025-09-300001278752mfic:ElectricUtilitiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001278752Space Parent, LP I Common Equity - Common Stock2025-01-012025-09-300001278752IT Services Distinct Distinct Holdings Inc First Lien Secured Debt - Term Loan SOFR+575, 1.00% Floor Maturity date - 07/18/292025-09-300001278752us-gaap:InvestmentAffiliatedIssuerControlledMember2025-07-012025-09-300001278752mfic:CoretrustPurchasingGroupLLCHPGEnterprisesLLCMember2025-09-300001278752currency:EURmfic:SeniorSecuredFacilityMember2025-01-012025-09-300001278752Business Services AML Rightsource Gabriel Partners, LLC First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 09/21/262024-12-310001278752Health Care Equipment & Supplies Cerus Cerus Corporation First Lien Secured Debt - Term Loan SOFR+660, 1.80% Floor Maturity Date 03/01/282025-09-300001278752Beverages Ronnoco Coffee Ronnoco Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+450, 1.00% Floor Maturity Date 03/17/312025-09-300001278752Multi-Utilities SEER GS SEER Group Borrower LLC First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 04/30/292025-09-300001278752mfic:CommonEquityInterestsMembermfic:GroundTransportationMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembermfic:StructuredProductsAndOtherMember2024-12-310001278752Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Peer Advisors, LLC First Lien Secured Debt - Term Loan SOFR+610, 1.00% Floor Maturity Date 11/30/292024-12-310001278752mfic:LashOpCoLlcMember2025-09-300001278752mfic:CommonEquityInterestsMembermfic:ConstructionEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001278752us-gaap:PreferredStockMember2025-09-300001278752mfic:NorthHighlandMembermfic:ProfessionalServicesMember2025-09-300001278752Hotels, Restaurants & Leisure Tasty Chick'n Tasty Chick'n LLC First Lien Secured Debt - Delayed Draw SOFR+600, 1.00% Floor Maturity Date 05/16/292025-09-300001278752Ground Transportation Boasso Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) First Lien Secured Debt - Delayed Draw SOFR+475, 0.75% Floor Maturity Date 06/30/282025-09-300001278752Construction & 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 02/07/282024-12-310001278752BSP-TS, LP | Preferred Equity - Preferred Equity2025-01-012025-09-300001278752us-gaap:FairValueInputsLevel3Membermfic:FirstLienSecuredDebtMember2025-07-012025-09-300001278752mfic:SECRule10b51RepurchasePlanMember2020-03-122020-03-120001278752Pharmaceuticals Trillium Trillium Health Care Products Inc. First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 08/06/312025-09-300001278752Overhaul Group, Inc. I Preferred Equity - Preferred Equity2025-01-012025-09-3000012787522019-02-062019-02-060001278752us-gaap:FairValueInputsLevel3Membermfic:StructuredProductsAndOtherMember2025-01-012025-09-300001278752mfic:MSIExpressIncMembermfic:ContainersPackagingMember2025-09-300001278752Healthcare & Pharmaceuticals Maxor National Pharmacy Service LLC, Maxor National Pharmacy Services, LLC First Lien Secured Debt – Revolver SOFR+610, 1.00% Floor Maturity Date 03/01/292024-12-310001278752us-gaap:InvestmentUnaffiliatedIssuerMembermfic:FirstLienSecuredDebtMembermfic:ProfessionalServicesMember2025-09-300001278752mfic:BrushGroupBidcoLimitedMember2025-09-300001278752mfic:TransportationInfrastructureMember2025-09-300001278752mfic:GoCarWashManagementCorpMember2025-09-300001278752mfic:PersonalCareProductsMembermfic:SummerFridaysLLCMember2025-09-300001278752Diversified Investment Vehicles, Banking, Finance, Real Estate Golden Bear Golden Bear 2016-R, LLC Structured Products and Other - Membership Interests Maturity Date 09/20/422024-12-310001278752mfic:HealthCareEquipmentSuppliesMember2025-09-300001278752mfic:HealthAndSafetyInstituteMembermfic:HealthcarePharmaceuticalsMember2024-12-310001278752us-gaap:InvestmentUnaffiliatedIssuerMembermfic:PaperAndForestProductsMembermfic:FirstLienSecuredDebtMember2025-09-300001278752Business Services IRP Precision Refrigeration & Air Conditioning LLC Investment Type First Lien Secured Debt - Delayed Draw SOFR+690, 1.00% Floor Maturity Date 03/08/282024-12-310001278752us-gaap:MoneyMarketFundsMember2025-09-300001278752Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Term Loan EURIBOR+525, 0.00% Floor Maturity Date 01/07/312025-09-300001278752mfic:CompuLinkCorporationMember2024-12-310001278752mfic:GSSEERGroupBorrowerLLCMember2024-12-310001278752Interactive Media & Services The Weather Company Zephyr Buyer, L.P. First Lien Secured Debt - Revolver SOFR+525, 0.50% Floor Maturity date - 01/31/312025-09-300001278752Affiliated Investments Surf Opco, LLC, Class A-1 Common2025-01-012025-09-300001278752TVG Orion Blocker, Inc. I Common Equity - Common Stock2025-01-012025-09-300001278752us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMemberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMembermfic:MeasurementInputExpectedVolatilityMember2024-12-310001278752Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Common Equity - Class A-1 Common2024-12-310001278752mfic:ExactCareMembermfic:HealthCareProvidersServicesMember2025-09-300001278752us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001278752PAI Co-Investor FT Aggregator LLC I Common Equity - Common Stock2025-01-012025-09-300001278752Chemicals, Plastics & Rubber Aspen Aerogels, Inc. Aspen Aerogels, Inc. First Lien Secured Debt - Term Loan SOFR +450 4.50% Floor Maturity Date 08/19/292024-12-310001278752Biotechnology Rigel Pharmaceuticals Rigel Pharmaceuticals, Inc. First Lien Secured Debt - Delayed Draw SOFR+661, 4.00% Floor Maturity Date 09/01/272025-09-300001278752Software Digital.ai Digital.ai Software Holdings, Inc. First Lien Secured Debt - Term Loan SOFR+600, 1.00% Floor Maturity Date 08/10/282025-09-300001278752Manufacturing, Capital Equipment International Wire Group IW Buyer LLC First Lien Secured Debt - Term Loan SOFR+510, 1.00% Floor Maturity Date 06/28/292024-12-310001278752High Tech Industries ChyronHego Corporation ChyronHego Corporation Preferred Equity - Preferred Equity2024-12-310001278752mfic:SECRule10b51RepurchasePlanMember2018-01-030001278752mfic:VillagePetCareLLCMember2025-09-300001278752High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt - Term Loan SOFR+710, 2.50% Floor Maturity Date 06/01/282024-12-310001278752Affiliated Investments Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests2025-01-012025-09-300001278752Hotel, Gaming, Leisure, Restaurants PARS Group LLC PARS Group LLC First Lien Secured Debt - Term Loan SOFR+685, 1.50% Floor Maturity Date 04/03/282024-12-310001278752mfic:DistinctHoldingsIncMember2024-12-310001278752Healthcare & Pharmaceuticals, Cerus, Cerus Corporation, First Lien Secured Debt - Delayed Draw, SOFR+660, 1.00% Floor, Maturity Date 03/01/282024-12-31mfic:Segmentiso4217:EURxbrli:pureiso4217:USDxbrli:sharesmfic:Aircraftxbrli:sharesiso4217:CADiso4217:GBPiso4217:USDmfic:Component

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

OR

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

Commission File Number: 814-00646

MIDCAP FINANCIAL INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)

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

(212) 515-3450

(Registrant’s telephone number, including area code)

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

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value 8.00% Notes due 2028		MFIC MFICL		NASDAQ Global Select Market NASDAQ Global Select Market

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

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

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

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

(Do not check if a smaller reporting company)

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

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

The number of shares of the Registrant’s common stock, $0.001 par value per share, outstanding as of 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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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
Precision Refrigeration & Air Conditioning LLC		First Lien Secured Debt - Term Loan				SOFR+690, 1.00% Floor		03/08/28				10,888					10,766					10,616			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+690, 1.00% Floor		03/08/28				4,912					4,850					4,790			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+690, 1.00% Floor		03/08/28				1,023					1,007					966			(9)(21)(22)(30)
SMC IR Holdings, LLC		Common Equity - Common Stock				N/A		N/A			158 Shares						183					211			(9)(13)(23)
																	16,806					16,583
Jacent
Jacent Strategic Merchandising		First Lien Secured Debt - Term Loan				SOFR+585 Cash plus 0.75% PIK, 1.00% Floor		01/31/27				22,266					22,281					22,046			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+660, 1.00% Floor		01/31/27				1,589					1,589					1,559			(9)(21)(22)(29)
		Common Equity - Common Stock				N/A		N/A			5,000 Shares						500					249			(9)(13)
JSM Equity Investors, L.P.		Preferred Equity - Class P Partnership Units				N/A		N/A			11 Shares						11					1			(9)(13)
																	24,381					23,855
Overhaul Group, Inc.
Overhaul Group, Inc.		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		08/01/30				10,714					10,662					10,661			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		08/01/30			—						(21	)				(21	)		(8)(9)(22)
		Preferred Equity - Preferred Equity				N/A		N/A			5,405 Shares						100					100			(9)(23)
																	10,741					10,740

See notes to the consolidated financial statements.

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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)
Pavement Preservation
Pavement Preservation Acquisition, LLC		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		08/09/30				8,914					8,747					8,803			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		08/09/30				2,155					2,118					2,128			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		08/09/30				108					87					92			(9)(21)(22)(29)
																	10,952					11,023
SafetyCo
HEF Safety Ultimate Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		11/19/29				7,369					7,229					7,327			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		11/19/29				3,284					3,198					3,250			(9)(21)(22)(31)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		11/19/29				110					83					101			(9)(21)(22)(31)
																	10,510					10,678
Smith System
Smith Topco, Inc.		First Lien Secured Debt - Term Loan				SOFR+475, 1.00% Floor		11/06/29				9,549					9,392					9,406			(9)(30)(31)
		First Lien Secured Debt - Revolver				SOFR+475, 1.00% Floor		11/06/29			—						(18	)				(17	)		(8)(9)(21)(22)
																	9,374					9,389
Vixxo
Vixxo Corporation		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		08/01/30				3,722					3,670					3,694			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		08/01/30			—						(8	)				(9	)		(8)(9)(21)(22)
																	3,662					3,685
						Total Commercial Services & Supplies									$		144,146			$		144,084
Communications Equipment
MCA
Mobile Communications America, Inc.		First Lien Secured Debt - Term Loan				SOFR+475, 1.00% Floor		10/16/29		$		2,456			$		2,410			$		2,432			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 1.00% Floor		10/16/29				6,394					6,317					6,308			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+475, 1.00% Floor		10/16/29			—						(23	)				(14	)		(8)(9)(21)(22)
																	8,704					8,726
Mitel Networks
Mitel Networks (International) Limited		Common Equity - Common Stock				N/A		N/A			98,860 Shares						476					786			(13)(17)(23)
MLN US Holdco LLC		First Lien Secured Debt - Term Loan				SOFR+200 Cash plus 6.00% PIK, 1.00% Floor		06/20/30				872					764					758			(17)(29)
																	1,240					1,544

See notes to the consolidated financial statements.

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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)
Sorenson Holdings, LLC
Sorenson Holdings, LLC		First Lien Secured Debt - Term Loan				8% PIK		04/01/30				320					271					266			(14)
		First Lien Secured Debt - Term Loan				10% PIK		04/01/30				83					77					76			(14)
		Common Equity - Membership Interests				N/A		N/A			279 Shares						108					94			(13)
																	456					436
						Total Communications Equipment									$		10,400			$		10,706
Construction & Engineering
Accelevation, LLC
Accelevation LLC		First Lien Secured Debt - Term Loan				SOFR+450, 0.75% Floor		01/02/31		$		9,208			$		9,082			$		9,162			(9)(29)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+450, 0.75% Floor		01/02/31				290					265					273			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+450, 0.75% Floor		01/02/31				385					354					373			(9)(21)(22)(30)
																	9,701					9,808
American Restoration
American Restoration Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+510, 1.00% Floor		07/24/30				6,415					6,302					6,383			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+510, 1.00% Floor		07/24/30				9,858					9,728					9,775			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+510, 1.00% Floor		07/24/30				1,782					1,753					1,773			(9)(22)(30)
																	17,783					17,931
Core Roofing
CRS Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		06/06/30				1,903					1,872					1,879			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		06/06/30			—						(56	)				(88	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		06/06/30			—						(15	)				(12	)		(8)(9)(20)(21) (22)
																	1,801					1,779
Kauffman
Kauffman Holdco, LLC		Common Equity - Common Stock				N/A		N/A			250,000 Shares						250				—				(9)(13)
Kauffman Intermediate, LLC		First Lien Secured Debt - Term Loan				10.6%		09/30/26				17,401					16,914					10,649			(9)(14)
		First Lien Secured Debt - Revolver				10.6%		09/30/26				1,307					1,245					800			(9)(14)(22)
																	18,409					11,449

See notes to the consolidated financial statements.

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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)
Renovo
HomeRenew Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+650 PIK, 2.50% Floor		04/14/30				3,282					3,282					3,282			(9)(30)
		First Lien Secured Debt - Term Loan				SOFR+800 PIK, 2.50% Floor		04/14/30				1,387					1,387					1,387			(9)(30)
Renovo Home Partners		Preferred Equity - Preferred Equity				N/A		N/A			11,768 Shares						4,344					3,253			(9)(13)(23)
		Common Equity - Common Stock				N/A		N/A			10,696 Shares					—					—				(9)(13)(23)
																	9,013					7,922
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		11/26/30				7,323					7,225					7,257			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		11/26/30				3,247					3,201					3,217			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		11/26/30			—						(19	)				(13	)		(8)(9)(21)(22)
																	10,407					10,461
Trench Plate
Trench Plate Rental Co.		First Lien Secured Debt - Term Loan				SOFR+560, 1.00% Floor		12/04/28				17,591					17,455					17,415			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+560, 1.00% Floor		12/04/28				800					788					782			(9)(20)(21)(22) (30)
Trench Safety Solutions Holdings, LLC		Preferred Equity - Preferred Equity				N/A		N/A			40 Shares						4					8			(9)(13)(23)
		Common Equity - Common Stock				N/A		N/A			331 Shares						50					45			(9)(13)
																	18,297					18,250
						Total Construction & Engineering									$		85,411			$		77,600
Consumer Staples Distribution & Retail
3D Protein
Protein For Pets Opco, LLC		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		09/20/30		$		8,496			$		8,358			$		8,326			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		09/20/30				242					229					224			(9)(21)(29)
																	8,587					8,550
Turkey Hill
IC Holdings LLC		Common Equity - Series A Units				N/A		N/A			169 Shares						169				—				(9)(13)
THLP CO. LLC		First Lien Secured Debt - Term Loan				SOFR+600, 1.00% Floor		01/31/28				27,573					27,509					27,174			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+600, 1.00% Floor		01/31/28				2,255					2,249					2,188			(9)(22)(30)
																	29,927					29,362
						Total Consumer Staples Distribution & Retail									$		38,514			$		37,912

See notes to the consolidated financial statements.

12

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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)
Containers & Packaging
Berry Tapes & Adhesives
Vybond Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		02/03/32		$		17,290			$		17,041			$		17,161			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 0.75% Floor		02/03/32			—						(30	)				(33	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		02/03/32			—						(45	)				(25	)		(8)(9)(21)(22)
																	16,966					17,103
MSI Express, Inc.
NCP-MSI Buyer		First Lien Secured Debt - Term Loan				SOFR+450, 0.75% Floor		03/24/31				5,819					5,751					5,746			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 0.75% Floor		03/24/31			—						(9	)				(19	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+375, 0.75% Floor		03/24/31				1,575					1,544					1,542			(9)(21)(22)(29) (30)
																	7,286					7,269
Truvant
NPPI Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		08/20/29				21,884					21,591					21,720			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		08/20/29			—						(28	)				(36	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		08/20/29			—						(37	)				(24	)		(8)(9)(21)(22)
																	21,526					21,660
						Total Containers & Packaging									$		45,778			$		46,032
Diversified Consumer Services
Accelerate Learning
Eagle Purchaser, Inc.		First Lien Secured Debt - Term Loan				SOFR+250 Cash plus 4.75% PIK, 1.00% Floor		03/22/30		$		3,945			$		3,868			$		3,867			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+250 Cash plus 4.75% PIK, 1.00% Floor		03/22/29				677					664					666			(9)(22)(30)
																	4,532					4,533
Clarus Commerce
Marlin DTC-LS Midco 2, LLC		First Lien Secured Debt - Term Loan				SOFR+660, 1.00% Floor		07/01/26				20,510					20,454					20,509			(29)
		First Lien Secured Debt - Revolver				SOFR+660, 1.00% Floor		07/01/26			—						(2	)			—				(21)(22)
																	20,452					20,509
Club Car Wash
Club Car Wash Operating, LLC		First Lien Secured Debt - Term Loan				SOFR+565, 1.00% Floor		06/16/27				12,463					12,389					12,383			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+565, 1.00% Floor		06/16/27				24,258					24,023					24,104			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+615, 1.00% Floor		06/16/27			—						(10	)				(10	)		(8)(9)(21)(22)
																	36,402					36,477

See notes to the consolidated financial statements.

13

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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)
Excelligence
Excelligence Learning Corporation		First Lien Secured Debt - Term Loan				SOFR+575, 1.00% Floor		01/18/30				15,301					15,029					14,919			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+575, 1.00% Floor		01/18/30				370					330					308			(9)(20)(21)(22) (30)
																	15,359					15,227
Gateway Services
Gateway US Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		09/22/28				12,574					12,534					12,511			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 0.75% Floor		09/22/28				603					594					596			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		09/22/28			—						(1	)				(2	)		(8)(9)(21)(22)
																	13,127					13,105
Go Car Wash
Go Car Wash Management Corp.		First Lien Secured Debt - Term Loan				SOFR+585, 1.00% Floor		12/31/26				1,587					1,581					1,560			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+585, 1.00% Floor		12/31/26				9,246					9,199					9,083			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+585, 1.00% Floor		12/31/26			—					—						(7	)		(8)(9)(21)(22)
																	10,780					10,636
Legacy.com
Lotus Topco Inc.		First Lien Secured Debt - Term Loan				SOFR+475, 1.00% Floor		06/07/30				5,237					5,167					5,159			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 1.00% Floor		06/07/30				368					359					346			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+475, 1.00% Floor		06/07/30			—						(7	)				(9	)		(8)(9)(21)(22)
																	5,519					5,496
Mariani
CI (MG) GROUP, LLC		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		03/27/30				18,926					18,656					18,678			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+550, 1.00% Floor		03/27/30				1,155					1,086					1,038			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		03/27/30				973					945					946			(9)(21)(22)(30)
																	20,687					20,662
Regis
Regis Corporation		First Lien Secured Debt - Term Loan				SOFR+450, 2.50% Floor		06/24/29				6,659					6,542					6,559			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+450, 2.50% Floor		06/24/29				172					109					109			(9)(20)(21)(22) (30)
																	6,651					6,668

See notes to the consolidated financial statements.

14

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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)
SEV
SEV Intermediate Holdco, LLC		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		06/21/30				8,229					8,092					8,085			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 0.75% Floor		06/21/30				658					634					629			(9)(21)(22)(30)
																	8,726					8,714
Team Car Wash
TCW Midco LLC		First Lien Secured Debt - Term Loan				SOFR+575, 1.00% Floor		10/22/29				4,963					4,920					4,913			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+575, 1.00% Floor		10/22/29				4,411					4,349					4,341			(9)(21)(22)(29) (30)
		First Lien Secured Debt - Revolver				SOFR+575, 1.00% Floor		10/22/29			—						(7	)				(8	)		(8)(9)(21)(22)
																	9,262					9,246
Ultra Clean Newco
Ultra Clean Holdco LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		07/01/30				2,469					2,429					2,426			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		07/01/30				5,491					5,371					5,298			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		07/01/30			—						(20	)				(25	)		(8)(9)(21)(22)
																	7,780					7,699
US Legal Support
US Legal Support Investment Holdings, LLC		Common Equity - Series A-1 Units				N/A		N/A			631,972 Shares						632					1,270			(9)(13)
USLS Acquisition, Inc.		First Lien Secured Debt - Term Loan				SOFR+590, 1.00% Floor		05/31/26				28,148					28,061					28,094			(9)(30)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+590, 1.00% Floor		05/31/26				5,526					5,509					5,511			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+590, 1.00% Floor		05/31/26				603					600					600			(9)(21)(22)(29) (30)
																	34,802					35,475
Village Pet Care
Village Pet Care, LLC		First Lien Secured Debt - Term Loan				SOFR+650, 1.00% Floor		09/22/29				1,500					1,478					1,470			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+650, 1.00% Floor		09/22/29				1,050					1,012					950			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+650, 1.00% Floor		09/22/29				803					789					783			(9)(21)(22)(30)
																	3,279					3,203
						Total Diversified Consumer Services									$		197,358			$		197,650
Diversified Telecommunication Services
Cablevision Systems
CSC Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+450, 0.00% Floor		01/18/28		$		976			$		954			$		972			(10)(17)(29)
		First Lien Secured Debt - Revolver				SOFR+225, 0.00% Floor		07/13/27				86					67					78			(10)(17)(21)(22) (29)
		Unsecured Debt - Corporate Bond				4.13%		12/01/30				2,000					1,464					1,310			(10)(17)
						Total Diversified Telecommunication Services									$		2,485			$		2,360

See notes to the consolidated financial statements.

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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)
Electric Utilities
Dynagrid
Megavolt Borrower, LLC		First Lien Secured Debt - Term Loan				SOFR+475, 1.00% Floor		02/13/32		$		4,156			$		4,079			$		4,125			(9)(30)
						Total Electric Utilities									$		4,079			$		4,125
Electrical Equipment
Brush Group
Brush Group Bidco Limited		First Lien Secured Debt - Term Loan				SON+500, 0.00% Floor		07/30/31		£		6,000			$		7,831			$		7,947			(9)(17)(28)
		First Lien Secured Debt - Revolver				SON+500, 0.00% Floor		07/30/31		£	—						(29	)				(30	)		(8)(9)(17)(21) (22)
																	7,802					7,917
Generator Buyer, Inc.
Generator Buyer, Inc.		First Lien Secured Debt - Term Loan				CORRA+525, 0.75% Floor		07/22/30		C$		12,158					8,707					8,625			(9)(17)(33)
		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		07/22/30				3,837					3,779					3,818			(9)(17)(30)
		First Lien Secured Debt - Delayed Draw				CORRA+525, 0.75% Floor		07/22/30		C$		2,193					1,574					1,544			(9)(17)(21)(22) (33)
		First Lien Secured Debt - Revolver				CORRA+525, 0.75% Floor		07/22/30		C$		280					186					185			(9)(17)(21)(22) (33)
																	14,246					14,172
International Wire Group
IW Buyer LLC		First Lien Secured Debt - Term Loan				SOFR+510, 1.00% Floor		06/28/29				13,554					13,410					13,419			(9)(29)(30)
		First Lien Secured Debt - Revolver				SOFR+510, 1.00% Floor		06/28/29				56					49					52			(9)(20)(21)(22) (29)
																	13,459					13,471
US MetalCo Holdings
US MetalCo Holdings LLC		First Lien Secured Debt - Term Loan				SOFR+450, 1.00% Floor		10/31/29				13,509					13,251					13,509			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+450, 1.00% Floor		10/31/29			—						(23	)			—				(9)(21)(22)
																	13,228					13,509
						Total Electrical Equipment									$		48,735			$		49,069
Electronic Equipment, Instruments & Components
AVAD, LLC
Surf Opco, LLC (4)		First Lien Secured Debt - Term Loan				SOFR+411, 1.00% Floor		09/10/26		$		9,517			$		14,456			$		9,480			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+411, 1.00% Floor		09/10/26				20,142					20,142					20,074			(9)(21)(22)(29)
		Preferred Equity - Class P-1 Preferred				N/A		N/A			13,195 Shares						1,713					2,350			(9)(13)(16)(23)
		Common Equity - Class A-1 Common				N/A		N/A			5,000 Shares					—						65			(9)(13)(16)(23)
																	36,311					31,969

See notes to the consolidated financial statements.

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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)
Evolv Technologies
Evolv Technologies Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+525, 2.00% Floor		07/01/30				6,000					5,942					5,940			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 2.00% Floor		07/01/30			—						(58	)				(60	)		(8)(9)(22)
		First Lien Secured Debt - Revolver				SOFR+525, 2.00% Floor		07/01/30			—						(29	)				(30	)		(8)(9)(21)(22)
																	5,855					5,850
Pro Vigil
Pro-Vigil Holding Company, LLC		First Lien Secured Debt - Term Loan				SOFR+585 Cash plus 2.75% PIK, 1.00% Floor		06/30/26				7,640					7,607					7,431			(9)(30)
		First Lien Secured Debt - Term Loan				SOFR+575 Cash plus 2.75% PIK, 1.00% Floor		06/30/26				2,022					2,022					1,967			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+585 Cash plus 2.75% PIK, 1.00% Floor		06/30/26				21,875					21,827					21,278			(9)(30)
																	31,456					30,676
Wolfspeed
Wolfspeed Inc		First Lien Secured Debt - Corporate Bond				9.88% Cash plus 4.00% PIK		06/23/30				9,235					8,972					9,864			(9)(10)(17)
						Total Electronic Equipment, Instruments & Components									$		82,594			$		78,359
Energy Equipment & Services
Camin Cargo
Camin Cargo Control Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		12/07/29		$		983			$		966			$		973			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+550, 1.00% Floor		12/07/29				877					845					846			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		12/07/29				737					718					728			(9)(21)(22)(27) (30)
						Total Energy Equipment & Services									$		2,529			$		2,547
Entertainment
DHX
WildBrain Ltd.		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		07/23/29		$		13,257			$		13,016			$		13,091			(9)(17)(30)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		07/23/29				578					556					560			(9)(17)(21)(22) (30)
																	13,572					13,651
Shout Factory
Shout! Factory LLC		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		06/30/31				13,337					13,142					13,137			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 0.75% Floor		06/30/31				276					253					253			(9)(21)(22)(30)
																	13,395					13,390
						Total Entertainment									$		26,967			$		27,041

See notes to the consolidated financial statements.

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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)
Financial Services
AML Rightsource
Gabriel Partners, LLC		First Lien Secured Debt - Term Loan				SOFR+195 Cash plus 4.45% PIK, 1.00% Floor		09/21/26		$		30,398			$		30,259			$		29,638			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+195 Cash plus 4.45% PIK, 1.00% Floor		09/21/26				1,289					1,283					1,256			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+195 Cash plus 4.45% PIK, 1.00% Floor		09/21/26				678					675					661			(9)(22)(30)
																	32,217					31,555
Definiti LLC
Greylock Holdings LLC		Common Equity - Common Stock				N/A		N/A			100,000 Shares						100					102			(9)(13)
RHI Acquisition LLC		First Lien Secured Debt - Term Loan				SOFR+575, 1.00% Floor		03/16/29				5,939					5,820					5,850			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+575, 1.00% Floor		03/16/29				1,477					1,438					1,430			(9)(21)(22)(31)
		First Lien Secured Debt - Revolver				SOFR+575, 1.00% Floor		03/16/29			—						(12	)				(10	)		(8)(9)(21)(22)
																	7,346					7,372
Golden Bear
Golden Bear 2016-R, LLC (4)		Structured Products and Other - Membership Interests				N/A		09/20/42			N/A						14,012					8,153			(3)(17)
Lending Point
LendingPoint, LLC		First Lien Secured Debt - Term Loan				9%		12/31/27				39,063					38,450					31,160			(9)(14)
		First Lien Secured Debt - Term Loan				0.00%		12/31/27				3,719					3,365					2,967			(9)(14)
LendingPoint 2018-1 Funding Trust		First Lien Secured Debt - Delayed Draw				SOFR+300, 1.00% Floor		12/31/27				4,929					4,929					4,785			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+300, 1.00% Floor		12/31/27				5,395					5,395					5,281			(9)(21)(22)(30)
																	52,139					44,193
Nexity
Evoriel		First Lien Secured Debt - Term Loan				EURIBOR+525, 0.00% Floor		04/02/31		€		2,283					2,443					2,666			(9)(17)(34)
		First Lien Secured Debt - Delayed Draw				EURIBOR+525, 0.00% Floor		04/02/31		€		1,096					1,167					1,279			(9)(17)(21)(22) (34)
																	3,610					3,945
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P.		First Lien Secured Debt - Term Loan				SOFR+625, 2.00% Floor		10/25/27				6,647					6,576					6,564			(9)(17)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+625, 2.00% Floor		10/25/27				1,808					1,785					1,780			(9)(17)(21)(22) (30)
																	8,361					8,344

See notes to the consolidated financial statements.

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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)
PMA
PMA Parent Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		01/31/31				13,978					13,848					13,838			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		01/31/31			—						(9	)				(10	)		(8)(9)(21)(22)
																	13,839					13,828
Purchasing Power, LLC
Purchasing Power Funding I, LLC		First Lien Secured Debt - Revolver				SOFR+710, 0.00% Floor		02/26/27				1,488					1,488					1,488			(9)(21)(22)(29)
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC		Preferred Equity - Preferred Stock				N/A		N/A			534,375 Shares						534					454			(13)(15)(16)(17)
Renew Financial LLC (f/k/a Renewable Funding, LLC)		Common Equity - Common Stock				N/A		N/A			1,368,286 Shares						16,813					68			(13)(17)
Renew JV LLC		Common Equity - Membership Interests				N/A		N/A			174,899 Shares						175					348			(13)(17)
																	17,522					870
Stretto
Stretto, Inc.		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		10/13/28				11,100					11,058					10,934			(9)(30)
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4)		Structured Products and Other - Membership Interests				N/A		02/28/29			N/A						19,992					11,108			(9)(13)(24)
						Total Financial Services									$		181,584			$		141,790
Food Products
Amylu Foods
Amylu Borrower Sub, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		06/10/31		$		10,938			$		10,831			$		10,828			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 0.75% Floor		06/10/31			—						(9	)				(19	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		06/10/31				156					135					134			(9)(21)(22)(30)
																	10,957					10,943
Berner Foods
Berner Food & Beverage, LLC		First Lien Secured Debt - Term Loan				SOFR+665, 1.00% Floor		07/30/27				34,038					33,722					33,356			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+665, 1.00% Floor		07/30/27				1,383					1,371					1,340			(9)(21)(22)(30)
																	35,093					34,696

See notes to the consolidated financial statements.

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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)
Bolthouse Farms
Wm. Bolthouse Farms, Inc.		Common Equity - Equity Interests				N/A		N/A			1,369,301 Shares						1,460					1,493			(13)
Hive
FCP-Hive Holdings, LLC		Preferred Equity - Preferred Equity				N/A		N/A			589 Shares						448					425			(9)(13)
		Common Equity - Common Stock				N/A		N/A			589 Shares						3				—				(9)(13)
Hive Intermediate, LLC		First Lien Secured Debt - Term Loan				SOFR+560, 1.00% Floor		09/22/27				14,126					14,022					14,126			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+560, 1.00% Floor		09/22/27				425					409					425			(9)(21)(22)(29) (30)
																	14,882					14,976
Nutpods
Green Grass Foods, Inc.		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		12/26/29				3,684					3,628					3,675			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		12/26/29			—						(18	)				(3	)		(8)(9)(21)(22)
Nutpods Holdings, Inc.		Common Equity - Common Stock				N/A		N/A			125 Shares						125					105			(9)(13)
																	3,735					3,777
Patriot Pickle
Patriot Foods Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		12/24/29				246					242					243			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		12/22/29			—						(3	)				(5	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		12/22/29			—						(4	)				(2	)		(8)(9)(21)(22)
																	235					236
						Total Food Products									$		66,362			$		66,121
Ground Transportation
Bird Rides
Blue Jay Transit Inc. (4)		First Lien Secured Debt - Term Loan				SOFR+500 Cash plus 7.00% PIK, 1.00% Floor		03/22/28		$		20,272			$		20,069			$		20,272			(9)(29)
		First Lien Secured Debt - Term Loan				SOFR+500 Cash plus 7.00% PIK, 1.00% Floor		07/31/26				2,616					2,616					2,616			(9)(29)
Third Lane Mobility Inc. (4)		Common Equity - Common Stock				N/A		N/A			5,012,171 Shares						722					714			(9)(13)(23)
		Warrants - Warrants									970,252 Shares					—						23			(9)(13)
																	23,407					23,625
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		06/30/28				3,516					3,509					3,507			(9)(29)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 0.75% Floor		06/30/28			—					—					—				(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		03/31/28			—						(1	)				(1	)		(8)(9)(20)(21) (22)
																	3,508					3,506

See notes to the consolidated financial statements.

20

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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)
Heniff and Superior
Heniff Holdco, LLC		First Lien Secured Debt - Term Loan				SOFR+610, 1.00% Floor		12/03/26				28,317					28,173					27,963			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+610, 1.00% Floor		12/03/26				3,369					3,364					3,320			(9)(21)(22)(29)
																	31,537					31,283
Olympus Terminals
Olympus Terminals Holdco II LLC		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		12/17/30				18,488					18,152					18,244			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 0.75% Floor		12/17/30			—						(61	)				(45	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+525, 0.75% Floor		12/17/30			—						(52	)				(39	)		(8)(9)(21)(22)
																	18,039					18,160
						Total Ground Transportation									$		76,491			$		76,574
Health Care Equipment & Supplies
Capsa Healthcare
CSHC Buyerco, LLC		First Lien Secured Debt - Term Loan				SOFR+485, 1.00% Floor		09/08/26		$		10,274			$		10,187			$		10,188			(9)(30)
Carestream Health
Carestream Health Holdings, Inc.		Common Equity - Common Stock				N/A		N/A			173,887 Shares						1,426					1,043			(13)(17)
Carestream Health, Inc.		First Lien Secured Debt - Term Loan				SOFR+760, 1.00% Floor		09/30/27				163					151					83			(10)(17)(30)
																	1,577					1,126
Cerus
Cerus Corporation		First Lien Secured Debt - Term Loan				SOFR+660, 1.80% Floor		03/01/28				12,000					11,982					12,000			(9)(17)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+660, 1.80% Floor		03/01/28				4,500					4,494					4,500			(9)(17)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+660, 1.00% Floor		03/01/28				3,000					2,985					3,000			(9)(17)(22)(29)
		First Lien Secured Debt - Revolver				SOFR+560 Cash plus 1.00% PIK, 1.00% Floor		03/01/28				956					955					956			(9)(17)(21)(22) (29)
																	20,416					20,456
Compass Health
Roscoe Medical, Inc		First Lien Secured Debt - Term Loan				10%		04/11/25				7,372					6,915					6,193			(9)(14)(19)
		First Lien Secured Debt - Revolver				10%		04/11/25				164					129					33			(9)(14)(19)(22)
																	7,044					6,226
Dr. Scholl's
DRS Holdings III, Inc.		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		11/01/28				23,658					23,554					23,539			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		11/01/28			—						(6	)				(7	)		(8)(9)(21)(22)
																	23,548					23,532

See notes to the consolidated financial statements.

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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)
Medical Guardian
Medical Guardian, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		04/26/28				30,822					30,633					30,819			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		04/26/28				4,702					4,662					4,702			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		04/26/28				381					362					381			(9)(21)(22)(29) (30)
																	35,657					35,902
Natus Sensory
Natus Sensory, Inc.		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		01/07/31				10,626					10,482					10,405			(9)(30)
		First Lien Secured Debt - Term Loan				EURIBOR+525, 0.00% Floor		01/07/31		€		2,556					2,608					2,936			(9)(34)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 0.75% Floor		01/07/31			—						(18	)				(58	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+525, 0.75% Floor		01/07/31			—						(18	)				(29	)		(8)(9)(21)(22)
																	13,054					13,254
NeuroPace
NeuroPace, Inc.		First Lien Secured Debt - Term Loan				SOFR+550, 2.00% Floor		05/27/30				20,000					19,903					19,900			(9)(17)(29)
		First Lien Secured Debt - Revolver				SOFR+375, 2.00% Floor		05/27/30			—						(7	)				(7	)		(8)(9)(17)(21) (22)(29)
																	19,896					19,893
Project Titan
Titan Luxco I SARL		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		06/12/32				6,044					5,986					5,984			(9)(31)
		First Lien Secured Debt - Term Loan				EURIBOR+500, 0.75% Floor		06/12/32		€		1,178					1,351					1,368			(9)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 0.75% Floor		06/12/32			—						(8	)				(17	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		06/12/31				278					270					270			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				EURIBOR+500, 0.75% Floor		06/12/31		€		111					128					127			(9)(21)(22)(35)
																	7,727					7,732
Treace
Treace Medical Concepts, Inc.		First Lien Secured Debt - Term Loan				SOFR+610, 1.00% Floor		04/01/27				14,583					14,556					14,583			(9)(17)(26)(29)
		First Lien Secured Debt - Revolver				SOFR+410, 1.00% Floor		04/01/27				400					395					400			(9)(17)(21)(22) (26)(29)
																	14,951					14,983
						Total Health Care Equipment & Supplies									$		154,057			$		153,292

See notes to the consolidated financial statements.

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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)
Health Care Providers & Services
Alcami
Alcami Corporation		First Lien Secured Debt - Term Loan				SOFR+710, 1.00% Floor		12/21/28		$		7,993			$		7,824			$		7,873			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+710, 1.00% Floor		12/21/28				588					576					579			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+710, 1.00% Floor		12/21/28			—						(21	)				(16	)		(8)(9)(21)(22)
																	8,379					8,436
All Star
All Star Recruiting Locums, LLC		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		05/01/30				7,383					7,263					7,346			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+550, 1.00% Floor		05/01/30				1,735					1,690					1,715			(9)(21)(22)(29)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		05/01/30				326					306					320			(9)(21)(22)(29)
																	9,259					9,381
Allied Benefit Systems
Allied Benefit Systems Intermediate LLC		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		10/31/30				5,829					5,829					5,829			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 0.75% Floor		10/31/30				1,069					1,062					1,069			(9)(29)
																	6,891					6,898
Amplity
Amplity Parent, Inc.		First Lien Secured Debt - Term Loan				12.6%		01/31/27				26,468					25,910					20,574			(9)(14)
		First Lien Secured Debt - Revolver				SOFR+1260, 1.00% Floor		01/31/27				2,189					2,067					2,042			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				12.6%		01/31/27				1,480					1,436					1,035			(9)(14)(22)
																	29,413					23,651
Cato Research
LS Clinical Services Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR + 725 (Inclusive of 10.25% PIK), 1.00% Floor		12/16/29				15,973					15,813					14,785			(9)(30)
		First Lien Secured Debt - Revolver				SOFR + 725 (Inclusive of 10.25% PIK), 1.00% Floor		06/16/29				1,730					1,708					1,599			(9)(21)(22)(30)
																	17,521					16,384
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC)		First Lien Secured Debt - Term Loan				SOFR+550, 0.50% Floor		12/17/29				17,505					17,091					17,417			(9)(30)
		First Lien Secured Debt - Term Loan				SOFR+575, 0.50% Floor		12/17/29				3,930					3,887					3,930			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+550, 0.50% Floor		12/17/29			—						(43	)				(10	)		(8)(9)(21)(22)
																	20,935					21,337

See notes to the consolidated financial statements.

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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)
EmpiRx
EmpiRx Health LLC		First Lien Secured Debt - Term Loan				SOFR+510, 1.00% Floor		08/05/27				8,750					8,679					8,750			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+510, 1.00% Floor		08/05/27			—						(6	)			—				(9)(21)(22)
																	8,673					8,750
ExactCare
ExactCare Parent, Inc.		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		11/05/29				17,762					17,351					17,762			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		11/05/29			—						(37	)			—				(9)(21)(22)
																	17,314					17,762
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc)		First Lien Secured Debt - Term Loan				8%		03/06/28				3,831					3,432					1,305			(10)(14)
KCF Puerto Rico, LLC
KCF Puerto Rico, LLC		Secured Debt - Promissory Note				N/A		06/28/28				1,697					846					814			(17)
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)		Common Equity - Common Stock				N/A		N/A			133 Shares						133					280			(9)(13)
Kure Pain Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+560, 1.00% Floor		08/30/30				17,981					17,960					17,972			(9)(29)
		First Lien Secured Debt - Term Loan				SOFR+560, 1.00% Floor		08/31/30				4,189					4,151					4,187			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+510, 1.00% Floor		08/30/30				175					135					135			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+560, 1.00% Floor		08/30/30			—						(5	)			—				(9)(22)(29)
																	22,374					22,574
LucidHealth
Premier Imaging, LLC		First Lien Secured Debt - Term Loan				SOFR+282 Cash plus 3.44% PIK, 1.00% Floor		03/31/26				7,300					7,287					6,205			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+282 Cash plus 3.44% PIK, 1.00% Floor		03/31/26				1,964					1,895					1,669			(9)(30)
																	9,182					7,874
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.		First Lien Secured Debt - Term Loan				SOFR+610, 1.00% Floor		03/01/29				9,925					9,841					9,851			(9)(29)
Maxor National Pharmacy Services, LLC		First Lien Secured Debt - Term Loan				SOFR+610, 1.00% Floor		03/01/29				13,084					12,813					12,986			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+610, 1.00% Floor		03/01/29			—						(26	)				(11	)		(8)(9)(21)(22)
Maxor Topco, L.P.		Preferred Equity - Preferred Equity				N/A		N/A			50,000 Shares						50					83			(9)(13)
																	22,678					22,909

See notes to the consolidated financial statements.

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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)
Midwest Vision
Midwest Vision Partners Management, LLC		First Lien Secured Debt - Term Loan				SOFR+100 Cash plus 5.75% PIK, 1.00% Floor		01/12/28				21,589					21,403					21,319			(9)(30)
		First Lien Secured Debt - Term Loan				SOFR+650 PIK, 1% Floor		01/12/28				1,127					1,117					879			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+100 Cash plus 5.75% PIK, 1.00% Floor		01/12/28				630					625					611			(9)(22)(30)
																	23,145					22,809
Omega Healthcare
OMH-Healthedge Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+425, 1.00% Floor		04/01/30				11,958					11,948					11,958			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+425, 1.00% Floor		04/01/30			—						(1	)			—				(9)(21)(22)
																	11,947					11,958
Rarebreed
Rarebreed Veterinary Partners, Inc.		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		04/18/30				4,205					4,137					4,142			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		04/18/30				13,871					13,671					13,596			(9)(21)(22)(29)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		04/18/30			—						(15	)				(14	)		(8)(9)(21)(22)
																	17,793					17,724
RHA Health Services
Pace Health Companies, LLC		First Lien Secured Debt - Term Loan				SOFR+565, 1.00% Floor		08/02/27				1,379					1,371					1,371			(9)(30)
		First Lien Secured Debt - Term Loan				SOFR+540, 1.00% Floor		08/02/27				460					459					456			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+540, 1.00% Floor		08/02/27				3,401					3,354					3,333			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+540, 1.00% Floor		08/02/27			—						(26	)				(5	)		(8)(9)(20)(21) (22)
																	5,158					5,155
Team Select
TS Investors, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		05/04/29				13,683					13,504					13,615			(9)(29)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		05/04/29				183					114					114			(9)(21)(22)(29)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		05/04/29			—						(20	)				(9	)		(8)(9)(21)(22)
																	13,598					13,720
Thomas Scientific
BSP-TS, LP		Preferred Equity - Preferred Equity				N/A		N/A			30 Shares						25					32			(9)(13)(23)
		Common Equity - Common Stock				N/A		N/A			185 Shares						185					18			(9)(13)
Thomas Scientific, LLC		First Lien Secured Debt - Term Loan				SOFR+340 Cash plus 4.25% PIK, 1.00% Floor		12/14/27				32,473					32,180					31,298			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+340 Cash plus 4.25% PIK, 1.00% Floor		12/14/27				2,297					2,274					2,190			(9)(21)(22)(30)
																	34,664					33,538

See notes to the consolidated financial statements.

25

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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)
WellDyneRx, LLC
WelldyneRX, LLC		First Lien Secured Debt - Term Loan				SOFR+685, 0.75% Floor		03/09/27				17,444					17,286					17,313			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+685, 0.75% Floor		03/09/26			—						(4	)				(5	)		(8)(9)(21)(22)
																	17,282					17,308
						Total Health Care Providers & Services									$		300,484			$		290,287
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		08/12/32		$		10,714			$		10,609			$		10,607			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		08/12/32			—						(18	)				(18	)		(8)(9)(21)(22)
																	10,591					10,589
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp)		First Lien Secured Debt - Term Loan				SOFR+400, 0.75% Floor		10/01/27				16,647					15,969					16,414			(10)(30)
Inovalon
Inovalon Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+286 Cash plus 2.75% PIK, 0.75% Floor		11/24/28				6,257					6,181					5,991			(29)
		Second Lien Secured Debt - Term Loan				SOFR+861 PIK, 0.75% Floor		11/25/33				94					90					72			(29)
																	6,271					6,063
Merative
Merative L.P.		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		09/30/32				4,118					4,097					4,097			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 0.75% Floor		09/30/32			—						(1	)				(2	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		09/30/32			—						(2	)				(2	)		(8)(9)(21)(22)
																	4,094					4,093
MRO Parent Corporation
MRO Parent Corporation		First Lien Secured Debt - Term Loan				SOFR+450, 0.75% Floor		06/09/32				4,259					4,197					4,195			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+450, 0.75% Floor		06/09/32			—						(3	)				(6	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+450, 0.75% Floor		06/09/32			—						(5	)				(6	)		(8)(9)(21)(22)
																	4,189					4,183
TELA Bio, Inc.
TELA Bio, Inc.		First Lien Secured Debt - Term Loan				SOFR+635, 1.00% Floor		05/01/27				13,333					13,307					13,333			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+635, 1.00% Floor		05/01/27			—						(2	)			—				(9)(22)
																	13,305					13,333
						Total Health Care Technology									$		54,419			$		54,675

See notes to the consolidated financial statements.

26

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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)
Hotels, Restaurants & Leisure
CircusTrix
CircusTrix Holdings LLC		First Lien Secured Debt - Term Loan				SOFR+675, 1.00% Floor		07/18/28		$		980			$		964			$		965			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+675, 1.00% Floor		07/18/28				6,969					6,851					6,864			(9)(29)(30)
		First Lien Secured Debt - Revolver				SOFR+675, 1.00% Floor		07/18/28			—						(15	)				(15	)		(8)(9)(21)(22)
																	7,800					7,814
Crumbl
Crumbl Enterprises LLC		First Lien Secured Debt - Term Loan				SOFR+450, 0.75% Floor		05/05/32				9,236					9,148					9,144			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+450, 0.75% Floor		05/05/32				120					113					113			(9)(21)(22)(30)
																	9,261					9,257
Guernsey
Guernsey Holdings SDI LA LLC		First Lien Secured Debt - Term Loan				6.95%		11/18/26				1,588					1,583					1,552			(9)
		First Lien Secured Debt - Delayed Draw				SOFR+550, 1.00% Floor		11/18/26			—					—					—				(9)(30)
																	1,583					1,552
International Cruise & Excursion Gallery, Inc.
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) (4)		First Lien Secured Debt - Term Loan				SOFR+600, 1.00% Floor		12/31/28				4,012					8,739					3,959			(30)
		Common Equity - Membership Interests				N/A		N/A			531,312 Shares						4,740					2,517			(13)(23)
																	13,479					6,476
Munson
Munson Buffalo Restaurant Group LLC		First Lien Secured Debt - Term Loan				11%		05/31/29				3,489					3,446					2,826			(9)(14)
		First Lien Secured Debt - Delayed Draw				11%		05/31/29				5,491					5,429					4,268			(9)(14)(22)
																	8,875					7,094
PARS Group LLC
PARS Group LLC		First Lien Secured Debt - Term Loan				SOFR+685, 1.50% Floor		04/03/28				8,681					8,598					8,247			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+685, 1.50% Floor		04/03/28			—						(1	)				(48	)		(8)(9)(22)
																	8,597					8,199

See notes to the consolidated financial statements.

27

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)
Taco Cabana
YTC Enterprises, LLC		First Lien Secured Debt - Term Loan				SOFR+636, 1.00% Floor		08/16/26				8,463					8,444					8,103			(9)(29)
Tasty Chick'n
Tasty Chick'n LLC		First Lien Secured Debt - Term Loan				SOFR+600, 1.00% Floor		05/16/29				11,679					11,541					9,664			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+600, 1.00% Floor		05/16/29				275					267					(734	)		(8)(9)(22)(29)
		First Lien Secured Debt - Revolver				SOFR+600, 1.00% Floor		05/16/29			—						(22	)				(352	)		(8)(9)(22)
																	11,786					8,578
The Club Company
Eldrickco Limited		First Lien Secured Debt - Term Loan				SON+562, 0.50% Floor		11/26/26		£		8,945					11,562					11,951			(9)(17)(28)
		First Lien Secured Debt - Delayed Draw				SON+562, 0.50% Floor		11/26/26		£		10,747					13,483					14,359			(9)(17)(28)
		First Lien Secured Debt - Revolver				SON+512, 0.50% Floor		11/26/26		£		356					417					474			(9)(17)(22)(28)
		First Lien Secured Debt - Revolver				SON+512, 0.50% Floor		05/26/26		£	—						(2	)				(4	)		(8)(9)(17)(21) (22)(28)
																	25,460					26,780
Walters Wedding Estates
WH BorrowerCo, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		08/02/30				14,348					14,150					14,026			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		08/02/30				3,133					3,033					2,950			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		08/02/30				583					552					526			(9)(21)(22)(30)
																	17,735					17,502
						Total Hotels, Restaurants & Leisure									$		113,020			$		101,355
Household Durables
Allstar Holdings
Athlete Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+585, 1.00% Floor		04/26/29		$		1,913			$		1,881			$		1,755			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+585, 1.00% Floor		04/26/30				22,007					21,558					20,191			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+585, 1.00% Floor		04/26/29				1,549					1,524					1,410			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+585, 1.00% Floor		04/26/29				3,201					3,132					2,768			(9)(21)(22)(30)
																	28,095					26,124
Polywood
Poly-Wood, LLC		First Lien Secured Debt - Term Loan				SOFR+488, 1.00% Floor		03/20/30				2,734					2,688					2,720			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+575, 1.00% Floor		03/20/30			—						(11	)				(2	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+488, 1.00% Floor		03/20/30			—						(7	)				(2	)		(8)(9)(21)(22)
																	2,670					2,716
						Total Household Durables									$		30,765			$		28,840

See notes to the consolidated financial statements.

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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)
Independent Power & Renewable Electricity Producers
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited		First Lien Secured Debt - Term Loan				8.00%		03/08/23		£		5,562			$		7,231			$		989			(11)(14)(17)
		Preferred Equity - Preferred Stock				N/A		N/A			4,286 Shares						5,623				—				(2)(13)(17)(25)
		Common Equity - Ordinary Shares				N/A		N/A			2,825 Shares						4				—				(2)(13)(17)(25)
						Total Independent Power & Renewable Electricity Producers									$		12,858			$		989
Insurance
High Street Insurance
High Street Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		04/14/28		$		10,021			$		9,934			$		9,971			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 0.75% Floor		04/14/28				19,031					18,885					18,936			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 0.75% Floor		04/16/27			—						(12	)				(11	)		(8)(9)(21)(22)
																	28,807					28,896
PGM Holdings Corporation
Turbo Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+615, 1.00% Floor		06/02/26				18,599					18,544					18,553			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+615, 1.00% Floor		06/02/26				694					692					692			(9)(21)(22)(30)
																	19,236					19,245
Spectrum Automotive
Shelby 2021 Holdings Corp.		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		06/29/28				14,000					13,900					13,930			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 0.75% Floor		06/29/28				3,823					3,735					3,779			(9)(21)(22)(29)
		First Lien Secured Debt - Revolver				SOFR+525, 0.75% Floor		06/29/27			—						(2	)				(2	)		(8)(9)(21)(22)
																	17,633					17,707
						Total Insurance									$		65,676			$		65,848
Interactive Media & Services
Securus Technologies Holdings, Inc.
Aventiv Technologies, LLC (fka Securus Technologies Holdings, LLC)		First Lien Secured Debt - Term Loan				SOFR+1026, 1.00% Floor		03/25/26		$		2,205			$		2,174			$		2,323			(10)(30)
		Second Lien Secured Debt - Term Loan				13.05%		03/25/26				8,853					7,703				—				(14)
																	9,877					2,323
The Weather Company
Zephyr Buyer, L.P.		First Lien Secured Debt - Term Loan				SOFR+525, 0.50% Floor		01/31/31				30,583					29,949					30,353			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 0.50% Floor		01/31/31			—						(75	)				(30	)		(8)(9)(21)(22)
																	29,874					30,323
						Total Interactive Media & Services									$		39,751			$		32,646

See notes to the consolidated financial statements.

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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)
IT Services
Avenu Insights & Analytics
ACP Avenu Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		10/02/29		$		3,685			$		3,637			$		3,648			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		10/02/29				5,472					5,360					5,417			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 1.00% Floor		10/02/29			—						(26	)				(58	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		10/02/29			—						(25	)				(14	)		(8)(9)(21)(22)
																	8,946					8,993
Distinct
Distinct Holdings Inc		First Lien Secured Debt - Term Loan				SOFR+575, 1.00% Floor		07/18/29				13,110					12,902					12,862			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+575, 1.00% Floor		07/18/29			—						(24	)				(33	)		(8)(9)(21)(22)
																	12,878					12,829
GrayMatter Systems
Genius Bidco LLC		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		05/01/30				1,323					1,302					1,294			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		05/01/30			—						(38	)				(112	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		05/01/30				155					137					129			(9)(20)(21)(22) (30)
		Common Equity - Common Stock				N/A		N/A			773 Shares						77					48			(9)(13)
																	1,478					1,359
New Era Technology, Inc.
New Era Technology, Inc.		First Lien Secured Debt - Term Loan				SOFR+625, 1.00% Floor		06/30/30				12,513					12,513					12,513			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+625, 1.00% Floor		06/30/30				866					866					866			(9)(21)(22)(30)
		Preferred Equity - Preferred Equity				N/A		N/A			11,937 Shares						10,818					10,818			(9)(23)
		Common Equity - Common Stock				N/A		N/A			—					—					—				(9)(23)
																	24,197					24,197
VikingCloud
Bullcave Limited		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		08/06/30				29,179					28,807					28,960			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		08/06/30				3,684					3,616					3,643			(9)(21)(22)(30)
																	32,423					32,603
						Total IT Services									$		79,922			$		79,981

See notes to the consolidated financial statements.

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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)
Leisure Products
Dan Dee
Project Comfort Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+710, 1.00% Floor		09/01/26		$		15,488			$		15,462			$		15,412			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+710, 1.00% Floor		02/01/26			—					—						(8	)		(8)(9)(21)(22)
		Preferred Equity - Preferred Equity				N/A		N/A			491,405 Shares						492					211			(9)(13)
																	15,954					15,615
KLO Holdings, LLC
1244311 B.C. Ltd. (4)		Common Equity - Common Stock				N/A		N/A			1,000,032 Shares						1,000					115			(2)(13)(17)(23) (25)
LashCo
Lash OpCo, LLC		First Lien Secured Debt - Term Loan				SOFR+275 Cash plus 5.10% PIK, 1.00% Floor		09/17/27				44,476					44,234					43,639			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+275 Cash plus 5.10% PIK, 1.00% Floor		09/17/27				2,392					2,384					2,347			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+275 Cash plus 5.10% PIK, 1.00% Floor		09/17/27				415					401					379			(9)(21)(22)(29)
																	47,019					46,365
Paladone
Paladone Group Bidco Limited		First Lien Secured Debt - Term Loan				SOFR+585, 1.00% Floor		11/12/27				5,890					5,838					5,840			(9)(17)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+585, 1.00% Floor		11/12/27				923					919					915			(9)(17)(30)
		First Lien Secured Debt - Revolver				SOFR+585, 1.00% Floor		11/12/27				1,412					1,402					1,400			(9)(17)(22)(27) (30)
		First Lien Secured Debt - Revolver				SON+585, 1.00% Floor		11/12/27				259					344					344			(9)(17)(21)(22) (28)
Paladone Group Holdings Limited		Common Equity - Common Stock				N/A		N/A			70,183 Shares						93					108			(2)(9)(13)(17) (23)
																	8,596					8,607
						Total Leisure Products									$		72,569			$		70,702
Life Sciences Tools & Services
August Bio
August Bioservices, LLC		First Lien Secured Debt - Term Loan				SOFR+595, 2.00% Floor		06/01/29		$		12,000			$		11,952			$		11,640			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+595, 2.00% Floor		06/01/29				3,000					2,988					2,910			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+400, 2.00% Floor		06/01/29				281					279					266			(9)(21)(22)(29)
																	15,219					14,816

See notes to the consolidated financial statements.

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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)
Unchained Labs
Unchained Labs, LLC		First Lien Secured Debt - Term Loan				SOFR+555, 1.00% Floor		08/09/27				1,853					1,840					1,830			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+555, 1.00% Floor		08/09/27				2,195					2,184					2,167			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+555, 1.00% Floor		08/09/27			—						(5	)				(9	)		(8)(9)(21)(22)
																	4,019					3,988
						Total Life Sciences Tools & Services									$		19,238			$		18,804
Machinery
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC		First Lien Secured Debt - Term Loan				SOFR+650, 1.00% Floor		10/02/29		$		14,700			$		14,413			$		14,441			(9)(29)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		05/01/31				5,320					5,244					5,293			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		05/01/31			—						(23	)				(17	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		05/01/31			—						(19	)				(7	)		(8)(9)(21)(22)
																	5,202					5,269
Ideal Tridon
Ideal Components Acquisition, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		06/30/32				13,092					12,900					12,895			(9)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 0.75% Floor		06/30/32			—						(17	)				(36	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		06/30/32			—						(29	)				(30	)		(8)(9)(21)(22)
																	12,854					12,829
JPW
JPW Industries Holding Corporation		First Lien Secured Debt - Term Loan				SOFR+588, 2.00% Floor		11/22/28				2,406					2,406					2,376			(9)(30)
Milacron (Project Iota)
IOTA HOLDINGS 3		First Lien Secured Debt - Term Loan				SOFR+475, 0.00% Floor		03/31/32				22,619					22,291					22,562			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+475, 0.00% Floor		03/31/32				1,274					1,206					1,262			(9)(21)(22)(30)
																	23,497					23,824
Relevant Industrial
Relevant Industrial, LLC		First Lien Secured Debt - Term Loan				SOFR+475, 1.00% Floor		05/16/31				8,194					8,097					8,091			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 1.00% Floor		05/16/31				196					164					130			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+475, 1.00% Floor		05/16/31				214					198					196			(9)(21)(22)(30)
																	8,459					8,417
						Total Machinery									$		66,831			$		67,156

See notes to the consolidated financial statements.

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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)
Media
Accelerate360
Accelerate360 Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+626, 1.00% Floor		02/11/27		$		3,589			$		3,589			$		3,580			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+626, 1.00% Floor		02/11/27				1,382					1,382					1,375			(9)(21)(22)(30)
																	4,971					4,955
Acosta
Acosta Holdings Corp.		Preferred Equity - Preferred Equity				N/A		N/A			10,954 Shares						473					626			(13)
		Common Equity - Common Stock				N/A		N/A			6,266 Shares						77					38			(13)
																	550					664
ChyronHego Corporation
ChyronHego Corporation (5)		Preferred Equity - Preferred Equity				N/A		N/A			7,800 Shares				$		6,000			$		14,586			(13)(23)
ChyronHego US Holding Corporation (5)		First Lien Secured Debt - Term Loan				SOFR+350, 1.75% Floor		06/30/26				106,156					105,949					106,156
		First Lien Secured Debt - Revolver				SOFR+600, 1.75% Floor		06/30/26				14,467					14,459					14,467			(21)(22)(30)
																	126,408					135,209
FingerPaint Marketing
KL Charlie Acquisition Company		First Lien Secured Debt - Term Loan				SOFR+510, 1.00% Floor		12/30/26				18,045					17,933					17,910			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+510, 1.00% Floor		12/30/26				8,150					8,089					8,039			(9)(21)(22)(29)
		First Lien Secured Debt - Revolver				SOFR+510, 1.00% Floor		12/30/26			—						(8	)				(15	)		(8)(9)(21)(22)
KL Charlie Co-Invest, L.P.		Common Equity - Common Stock				N/A		N/A			218,978 Shares						220					322			(9)(13)
																	26,234					26,256
HALO Branded Solutions
HALO Buyer, Inc		First Lien Secured Debt - Term Loan				SOFR+600, 1.00% Floor		08/07/29				8,652					8,499					8,500			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+600, 1.00% Floor		08/07/29				250					228					227			(9)(21)(22)(27) (29)
																	8,727					8,727
Hero Digital
HRO (Hero Digital) Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+210 Cash plus 4.00% PIK, 1.00% Floor		11/18/28				26,699					26,400					25,956			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+210 Cash plus 4.00% PIK, 1.00% Floor		11/18/26				917					904					819			(9)(20)(21)(22) (30)
HRO Holdings I LP		Common Equity - Common Stock				N/A		N/A			213 Shares						213					222			(9)(13)
																	27,517					26,997

See notes to the consolidated financial statements.

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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)
Wilson Language Training
Owl Parent Holdings, LLC		Common Equity - Common Stock				N/A		N/A			100 Shares						100					187			(9)(13)
						Total Media									$		194,507			$		202,995
Multi-Utilities
Congruex
Congruex Group LLC		First Lien Secured Debt - Term Loan				SOFR+165 Cash plus 5.00% PIK, 1.50% Floor		05/03/29		$		15,486			$		15,286			$		13,163			(9)(10)(30)
SEER
GS SEER Group Borrower LLC		First Lien Secured Debt - Term Loan				SOFR+675, 1.00% Floor		04/29/30				3,184					3,113					3,168			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+675, 1.00% Floor		04/29/30				1,165					1,137					1,159			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+675, 1.00% Floor		04/30/29			—						(7	)				(2	)		(8)(9)(21)(22)
GS SEER Group Holdings, LLC		Common Equity - Common Stock				N/A		N/A			42 Shares						42					48			(9)(13)
																	4,285					4,373
						Total Multi-Utilities									$		19,571			$		17,536
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		02/04/31		$		14,925			$		14,715			$		14,689			(9)(30)
						Total Paper & Forest Products									$		14,715			$		14,689
Passenger Airlines
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)		First Lien Secured Debt - Revolver				10.00%		10/31/25				26,075					26,075					26,075			(22)
		Common Equity - Membership Interests				N/A		N/A			—						74,890					78,698			(13)(23)
						Total Passenger Airlines									$		100,965			$		104,773

See notes to the consolidated financial statements.

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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)
Personal Care Products
Elida Beauty
PHOENIX YW BUYER, INC.		First Lien Secured Debt - Term Loan				SOFR+475, 1.00% Floor		05/31/30		$		7,456			$		7,290			$		7,307			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+475, 1.00% Floor		05/31/30			—						(20	)				(23	)		(8)(9)(21)(22)
																	7,270					7,284
RoC Skincare
RoC Holdco LLC		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		02/21/31				12,613					12,389					12,455			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		02/21/31				4,138					4,107					4,087			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		02/21/30			—						(32	)				(27	)		(8)(9)(21)(22)
																	16,464					16,515
Suave
Silk Holdings I Corp.		Common Equity - Common Stock				N/A		N/A			100 Shares						100					179			(9)(13)
Silk Holdings III Corp.		First Lien Secured Debt - Term Loan				SOFR+450, 1.00% Floor		05/01/29				26,618					26,115					26,352			(9)(29)
																	26,215					26,531
Summer Fridays
Summer Fridays, LLC		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		05/16/31				23,090					22,756					22,744			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		05/16/31			—						(26	)				(28	)		(8)(9)(21)(22) (30)
																	22,730					22,716
						Total Personal Care Products									$		72,679			$		73,046
Pharmaceuticals
Alcresta Therapeutics Inc.
Alcresta Holdings, LP		Preferred Equity - Preferred Equity				N/A		N/A			116 Shares				$		116			$		133			(9)(13)
		Common Equity - Common Stock				N/A		N/A			1,176 Shares						1					88			(9)(13)
Alcresta Therapeutics Inc.		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		03/12/30				2,201					2,166					2,201			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+550, 1.00% Floor		03/31/30				4,886					4,779					4,886			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		03/31/29			—						(6	)			—				(9)(21)(22)
																	7,056					7,308

See notes to the consolidated financial statements.

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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)
Avid Bioservices
Space Finco, Inc.		First Lien Secured Debt - Term Loan				SOFR+575, 1.00% Floor		02/05/32				10,612					10,458					10,453			(9)(17)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+575, 1.00% Floor		02/05/32			—						(80	)				(168	)		(8)(9)(17)(21) (22)(30)
		First Lien Secured Debt - Revolver				SOFR+575, 1.00% Floor		02/05/31			—						(45	)				(48	)		(8)(9)(17)(21) (22)(30)
Space Parent, LP		Preferred Equity - Preferred Equity				N/A		N/A			99,000 Shares						99					99			(9)(13)(17)(23)
		Common Equity - Common Stock				N/A		N/A			1,000 Shares						1					1			(9)(13)(17)(23)
																	10,433					10,337
Ora LLC
Orion Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		07/18/30				6,850					6,734					6,627			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		07/18/30			—						(13	)				(55	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		07/18/30				1,401					1,378					1,355			(9)(22)(27)(29)
TVG Orion Blocker, Inc.		Common Equity - Common Stock				N/A		N/A			2 Shares						110					57			(9)(13)
		Unsecured Debt - Promissory Note				11.34%		07/11/30				21					21					21			(9)
																	8,230					8,005
PAI Pharma
Pai Middle Tier, LLC		First Lien Secured Debt - Term Loan				SOFR+450, 0.75% Floor		02/13/32				16,459					16,221					16,268			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+450, 0.75% Floor		02/13/32			—						(48	)				(41	)		(8)(9)(21)(22)
PAI Co-Investor FT Aggregator LLC		Common Equity - Common Stock				N/A		N/A			100 Shares						100					106			(9)(13)(23)
																	16,273					16,333
Sterling Pharma
Saffron Bidco Ltd		First Lien Secured Debt - Term Loan				SOFR+325 Cash plus 3.00% PIK, 0.75% Floor		09/23/31				13,474					13,234					13,069			(9)(17)(31)
		First Lien Secured Debt - Term Loan				EURIBOR+325 Cash plus 3.00% PIK, 0.75% Floor		09/23/31		€		96					106					110			(9)(17)(35)
		First Lien Secured Debt - Delayed Draw				SON+325 Cash plus 3.00% PIK, 0.75% Floor		09/23/31		£	—						(71	)				(248	)		(8)(9)(17)(21) (22)
																	13,269					12,931
TersSera
TerSera Therapeutics LLC		First Lien Secured Debt - Term Loan				SOFR+575, 1.00% Floor		04/04/29				16,623					16,261					16,623			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+575, 1.00% Floor		04/04/29			—						(20	)			—				(9)(21)(22)
																	16,241					16,623

See notes to the consolidated financial statements.

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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)
Trillium
Trillium Health Care Products Inc.		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		08/06/31				8,064					7,912					7,842			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		08/06/31		$		1,006					989					978			(9)(21)(22)(30) (31)
		First Lien Secured Debt - Revolver				CORRA+557, 1.00% Floor		08/06/31		C$		838					577					585			(9)(21)(22)(34)
																	9,478					9,405
						Total Pharmaceuticals									$		80,980			$		80,942
Professional Services
AGDATA
AGDATA Midco, LLC		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		07/01/30		$		2,633			$		2,596			$		2,593			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 0.75% Floor		07/01/30				711					696					684			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		07/01/30				163					157					156			(9)(21)(22)(30)
																	3,449					3,433
BDO USA
BDO USA, P.A.		First Lien Secured Debt - Term Loan				SOFR+500, 2.00% Floor		08/31/28				11,760					11,760					11,731			(9)(29)
DCM Services
DCM Parent, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		03/12/31				12,611					12,431					12,422			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		03/12/31			—						(32	)				(35	)		(8)(9)(21)(22)
																	12,399					12,387
Escalent
M&M OPCO, LLC		First Lien Secured Debt - Term Loan				SOFR+600, 1.00% Floor		04/07/29				12,071					11,838					11,921			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+600, 1.00% Floor		04/07/29				181					172					175			(9)(21)(22)(30)
																	12,010					12,096
G&A
G&A Partners Holding Company II, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		03/03/31				6,662					6,568					6,645			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 0.75% Floor		03/01/31				928					897					917			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		03/01/30			—						(5	)				(1	)		(8)(9)(21)(22)
																	7,460					7,561
Health & Safety Institute
HSI Halo Holdings, LLC		Common Equity - Common Stock				N/A		N/A			1,010 Shares						46					1,756			(9)(13)

See notes to the consolidated financial statements.

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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)
Lexitas
Chronicle Parent LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		04/15/31				7,019					6,954					6,949			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		04/15/31				182					172					160			(9)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		04/15/31			—						(7	)				(7	)		(8)(9)(21)(22)
																	7,119					7,102
North Highland
The North Highland Company LLC		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		12/22/31				3,042					3,014					3,011			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 0.75% Floor		12/22/31			—						(5	)				(11	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		12/20/30				395					388					387			(9)(21)(22)(30)
																	3,397					3,387
PSI Services, LLC
Lifelong Learner Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+115 Cash plus 7.75% PIK, 1.00% Floor		03/31/27				5,525					5,466					4,989			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+115 Cash plus 7.75% PIK, 1.00% Floor		03/31/27				562					561					504			(9)(22)(30)
																	6,027					5,493
Schlesinger Group
Schlesinger Global, LLC		First Lien Secured Debt - Term Loan				SOFR+275 Cash plus 5.85% PIK, 1.00% Floor		10/24/25				6,316					6,366					6,255			(9)(29)
Team LINX, LLC
TeamLINX Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		12/18/30				11,001					10,851					10,836			(9)(29)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		12/18/30			—						(19	)				(21	)		(8)(9)(21)(22)
																	10,832					10,815
						Total Professional Services									$		80,865			$		82,016
Software
Acronis AG
ACRONIS AG		First Lien Secured Debt - Term Loan				SOFR+595 Cash plus 1.00% PIK, 1.00% Floor		04/01/27		$		27,421			$		27,339			$		27,421			(9)(17)(29)
Align
RMCF V CIV L, L.P.		Common Equity - Common Stock				N/A		N/A			241 Shares						500					568			(13)
American Megatrends
AMI Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		10/17/31				13,030					12,840					13,030			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		10/17/31			—						(25	)			—				(9)(21)(22)
																	12,815					13,030

See notes to the consolidated financial statements.

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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)
Asure Software
Asure Software, Inc.		First Lien Secured Debt - Term Loan				SOFR+500, 2.00% Floor		04/01/30				6,667					6,636					6,667			(9)(17)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 2.00% Floor		04/01/30				13,333					13,272					13,333			(9)(17)(29)
																	19,908					20,000
BarTender
Sigma Buyer LLC		First Lien Secured Debt - Term Loan				SOFR+525, 0.75% Floor		01/04/28				13,481					13,269					13,447			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 0.75% Floor		01/04/28				7,218					7,112					7,200			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+525, 0.75% Floor		01/04/28				700					679					696			(9)(21)(22)(31)
																	21,060					21,343
Beeline
IQN Holding Corp.		First Lien Secured Debt - Term Loan				SOFR+262 Cash plus 3.13% PIK, 0.75% Floor		05/02/29				4,407					4,407					4,368			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 0.75% Floor		05/02/28				128					128					125			(9)(21)(22)(30)
																	4,535					4,493
Calero Holdings, Inc.
Telesoft Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+585, 1.00% Floor		12/16/26				21,477					21,408					21,417			(29)
		First Lien Secured Debt - Revolver				SOFR+585, 1.00% Floor		12/16/26				265					258					259			(21)(22)(29)
																	21,666					21,676
Digital.ai
Digital.ai Software Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+600, 1.00% Floor		08/10/28				22,752					22,443					22,306			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+600, 1.00% Floor		08/10/28				323					294					274			(9)(21)(22)(30)
																	22,737					22,580
EVER.AG Corporation
EVER.AG Corporation		First Lien Secured Debt - Term Loan				SOFR+535, 1.00% Floor		06/24/27				20,642					20,457					20,418			(9)(29)(30)
		First Lien Secured Debt - Revolver				SOFR+535, 1.00% Floor		06/24/27				1,257					1,249					1,243			(9)(22)(29)
																	21,706					21,661
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC		First Lien Secured Debt - Term Loan				SOFR+450, 0.75% Floor		03/18/32				16,901					16,743					16,901			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 0.75% Floor		03/18/32			—						(26	)			—				(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		03/18/32			—						(23	)			—				(9)(21)(22)
																	16,694					16,901

See notes to the consolidated financial statements.

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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)
G2CI
Evergreen IX Borrower 2023, LLC		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		09/30/30				7,079					7,079					7,079			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		10/01/29			—					—					—				(9)(21)(22)
																	7,079					7,079
Go1
Apiom, Inc.		First Lien Secured Debt - Term Loan				SOFR+745, 2.00% Floor		05/02/28				2,500					2,488					2,500			(9)(17)(29)
GoHealth
Norvax, LLC (dba GoHealth)		First Lien Secured Debt - Term Loan				SOFR+550, 3.00% Floor		08/05/29				840					834					844			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+550, 3.00% Floor		08/05/29			—						(6	)				4			(9)(22)
		First Lien Secured Debt - Revolver				SOFR+465 Cash plus 6.60% PIK, 1.00% Floor		08/06/29				1,002					997					955			(9)(21)(22)(29)
		Common Equity - Common Stock				N/A		N/A			8,648 Shares					—						49			(9)(23)
																	1,825					1,852
Gtreasury
G Treasury SS LLC		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		06/29/29				250					247					247			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+550, 1.00% Floor		06/29/29				591					556					565			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		06/29/29				67					64					64			(9)(21)(22)(30)
																	867					876
Instem
Ichor Management Limited		First Lien Secured Debt - Term Loan				SOFR+575, 1.00% Floor		12/08/29				8,905					8,733					8,638			(9)(17)(31)
Litify
Litify Holdings Inc.		Common Equity - Common Stock				N/A		N/A			217,892 Shares						107					495			(9)(13)
Litify LLC		First Lien Secured Debt - Term Loan				SOFR+560, 1.00% Floor		02/02/29				29,167					28,597					28,583			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+560, 1.00% Floor		02/02/29			—						(14	)				(17	)		(8)(9)(21)(22)
																	28,690					29,061
Lookout
Lookout, Inc.		First Lien Secured Debt - Term Loan				SOFR+625, 3.00% Floor		06/01/29				5,000					4,980					4,963			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+625, 3.00% Floor		06/01/29				5,000					4,981					4,963			(9)(29)
																	9,961					9,926

See notes to the consolidated financial statements.

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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)
mPulse
mPulse Mobile, Inc.		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		08/26/32				8,077					7,996					7,996			(9)(16)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+475, 0.75% Floor		08/26/32			—						(4	)				(8	)		(8)(9)(16)(21) (22)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		08/26/32			—						(12	)				(12	)		(8)(9)(16)(21) (22)
																	7,980					7,976
MYCOM
Magnate Holding Corp.		First Lien Secured Debt - Term Loan				SOFR+625, 0.50% Floor		12/31/26				20,656					20,662					20,326			(9)(17)(30)
Naviga
Colonnade Parent Inc (fka Naviga Inc.)		First Lien Secured Debt - Term Loan				5%		09/30/26				12,989					11,060					6,623			(9)(14)
		First Lien Secured Debt - Delayed Draw				5%		09/30/26				2,220					1,876					1,132			(9)(14)
		First Lien Secured Debt - Revolver				5%		09/30/26				500					493					255			(9)(14)(22)
																	13,429					8,010
New Relic
Crewline Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+675, 1.00% Floor		11/08/30				5,623					5,577					5,623			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+675, 1.00% Floor		11/08/30			—					—					—				(9)(21)(22)
																	5,577					5,623
Poppulo, Inc.
Four Winds Interactive LLC		First Lien Secured Debt - Term Loan				SOFR+650, 0.75% Floor		02/20/30				7,542					7,405					7,410			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+650, 0.75% Floor		02/20/30			—						(13	)				(26	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+650, 0.75% Floor		02/20/30			—						(17	)				(17	)		(8)(9)(21)(22)
																	7,375					7,367
Riverbed Technology, Inc.
Riverbed Technology, Inc.		First Lien Secured Debt - Revolver				SOFR+600, 1.00% Floor		04/03/28			—						(5	)				(6	)		(8)(21)(22)
Simeio
Simeio Group Holdings, Inc.		First Lien Secured Debt - Term Loan				11%		02/02/26				8,128					8,115					6,178			(9)(14)
		First Lien Secured Debt - Revolver				11%		02/02/26				884					876					672			(9)(14)(22)
																	8,991					6,850
Solera
Polaris Newco, LLC		First Lien Secured Debt - Term Loan				SOFR+426, 0.50% Floor		06/02/28				8,087					8,041					7,811			(10)(30)
																	8,041					7,811

See notes to the consolidated financial statements.

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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)
SPS Commerce, Inc.
SPS Commerce, Inc.		Common Equity - Common Stock				N/A		N/A			837 Shares						62					87			(10)(13)(17) (23)
Stax Payments
Stax Purchaser, LLC		First Lien Secured Debt - Term Loan				SOFR+700, 1.00% Floor		06/06/30				9,975					9,833					9,825			(9)(29)
Texada
Texada Software LLC		First Lien Secured Debt - Term Loan				SOFR+550, 1.00% Floor		04/30/30				6,923					6,809					6,837			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+550, 1.00% Floor		04/30/30				2,051					2,017					2,026			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+550, 1.00% Floor		04/30/30			—						(16	)				(13	)		(8)(9)(21)(22)
																	8,810					8,850
Uniguest
Uniguest Holdings, Inc		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		11/27/30				19,692					19,429					19,433			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 1.00% Floor		11/27/30			—						(26	)				(52	)		(8)(9)(21)(22)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		11/27/30			—						(15	)				(16	)		(8)(9)(21)(22)
																	19,388					19,365
Uplight
Uplight, Inc.		First Lien Secured Debt - Term Loan				SOFR+610, 4.00% Floor		06/01/29				10,000					9,921					9,875			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+610, 4.00% Floor		06/01/29			—					—						(124	)		(8)(9)(22)
		First Lien Secured Debt - Revolver				SOFR+360, 4.00% Floor		06/01/29			—					—						(12	)		(8)(9)(21)(22)
																	9,921					9,739
Zafin
Zafin Labs Americas Incorporated		First Lien Secured Debt - Term Loan				SOFR+475, 0.75% Floor		02/14/31				16,667					16,437					16,480			(9)(17)(31)
		First Lien Secured Debt - Revolver				SOFR+475, 0.75% Floor		02/14/31			—						(45	)				(37	)		(8)(9)(17)(21) (22)
																	16,392					16,443
Zendesk
Zendesk, Inc.		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		11/22/28				7,495					7,495					7,476			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+500, 0.75% Floor		11/22/28				576					576					571			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		11/22/28			—					—						(2	)		(8)(9)(20)(21) (22)
																	8,071					8,045
						Total Software									$		373,130			$		365,916

See notes to the consolidated financial statements.

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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)
Specialty Retail
Club Champion
Club Champion LLC		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		06/14/29		$		9,043			$		8,935			$		8,952			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		06/14/29				187					166					169			(9)(21)(22)(31)
																	9,101					9,121
EG Group
EG Global Finance PLC		First Lien Secured Debt - Corporate Bond				SOFR+750, 0.50% Floor		11/30/28				6,267					6,408					6,690			(17)(30)
Tailored Brands
The Men's Wearhouse, LLC		First Lien Secured Debt - Term Loan				SOFR+575, 0.00% Floor		02/26/29				775					773					779			(10)(29)
						Total Specialty Retail									$		16,282			$		16,590
Technology Hardware, Storage & Peripherals
Biamp
Biamp		First Lien Secured Debt - Term Loan				SOFR+500, 1.00% Floor		04/30/30		$		827			$		813			$		809			(9)(29)
		First Lien Secured Debt - Revolver				SOFR+500, 1.00% Floor		04/30/30			—						(2	)				(3	)		(8)(9)(21)(22)
																	811					806
BusPatrol
BusPatrol Holdco		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		08/02/29				8,333					8,265					8,249			(9)(29)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		08/02/29				3,333					3,307					3,250			(9)(22)(29)
		First Lien Secured Debt - Revolver				SOFR+400, 1.00% Floor		08/02/29				300					281					280			(9)(21)(22)(29)
																	11,853					11,779
						Total Technology Hardware, Storage & Peripherals									$		12,664			$		12,585
Textiles, Apparel & Luxury Goods
Iconix Brand Group
IBG Borrower LLC		First Lien Secured Debt - Term Loan				SOFR+515, 1.00% Floor		08/22/29		$		5,836			$		5,789			$		5,777			(9)(30)
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC		Common Equity - Common Stock				N/A		N/A			3,060 Shares						575					73			(13)(16)(17)
Galaxy Universal LLC		First Lien Secured Debt - Term Loan				SOFR+575, 1.00% Floor		05/12/28				16,241					16,230					16,028			(30)
		First Lien Secured Debt - Term Loan				SOFR+625, 1.00% Floor		05/12/28				2,480					2,480					2,486			(30)
Swisstech IP CO, LLC		First Lien Secured Debt - Term Loan				6.00% PIK		11/24/25				160					149					160			(17)
																	19,434					18,747
						Total Textiles, Apparel & Luxury Goods									$		25,223			$		24,524

See notes to the consolidated financial statements.

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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)
Trading Companies & Distributors
Banner Solutions
Banner Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+290 Cash plus 3.50% PIK, 3.75% Floor		05/31/27		$		12,192			$		12,154			$		11,162			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+290 Cash plus 3.50% PIK, 3.75% Floor		05/31/27				2,977					2,966					2,725			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+290 Cash plus 3.50% PIK, 3.75% Floor		05/31/27				3					(3	)				(161	)		(8)(9)(21)(22) (30)
Banner Parent Holdings, Inc.		Common Equity - Common Stock				N/A		N/A			6,125 Shares						611					10			(9)(13)
																	15,728					13,736
MacQueen Equipment, LLC
MacQueen Equipment, LLC		First Lien Secured Debt - Delayed Draw				SOFR+551, 1.00% Floor		01/07/28			—					—					—				(9)(21)(22)
Meritus Gas Partners
MGP Holdings III Corp.		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		03/01/30		$		14,101			$		13,892			$		13,889			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		03/01/30				1,842					1,812					1,803			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		03/01/30				366					355					355			(9)(21)(22)(30)
																	16,059					16,047
ORS Nasco
WC ORS Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+500, 0.75% Floor		08/07/31				19,945					19,667					19,646			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+500, 0.75% Floor		08/07/31				1,352					1,276					1,279			(9)(21)(22)(27) (30)
WC ORS Holdings, L.P.		Common Equity - Common Stock				N/A		N/A			100,000 Shares						100					146			(9)(13)
																	21,043					21,071
PSE
Graffiti Parent, LP		Common Equity - Common Stock				N/A		N/A			2,439 Shares						244					215			(9)(13)
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.)		First Lien Secured Debt - Term Loan				SOFR+560, 1.00% Floor		08/10/27				10,775					10,656					10,560			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+560, 1.00% Floor		08/10/27				3,635					3,601					3,490			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+560, 1.00% Floor		08/10/27				54					46					28			(9)(21)(22)(30)
																	14,547					14,293
						Total Trading Companies & Distributors									$		67,377			$		65,147
Transportation Infrastructure
GAT-Airline Ground Support Inc
GAT-Airline Ground Support Inc		First Lien Secured Debt - Term Loan				SOFR+525, 1.00% Floor		05/09/29		$		15,048			$		14,862			$		14,935			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+525, 1.00% Floor		05/09/29				2,369					2,324					2,334			(9)(21)(22)(30)
		First Lien Secured Debt - Revolver				SOFR+525, 1.00% Floor		05/09/29				476					450					458			(9)(21)(22)(30)
						Total Transportation Infrastructure									$		17,636			$		17,727

See notes to the consolidated financial statements.

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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)
Wireless Telecommunication Services
Global Eagle
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)		Common Equity - Common Stock				N/A		N/A			211,026 Shares				$	—				$	—				(13)
Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC)		First Lien Secured Debt - Term Loan				SOFR+800, 0.00% Floor		09/27/27				5,048					3,934					4,922			(30)
		First Lien Secured Debt - Term Loan				8.25%		03/23/26				5,245					2,221					118			(14)
						Total Wireless Telecommunication Services									$		6,155			$		5,040
Total Investment before Cash Equivalents															$		3,338,149			$		3,180,965			(7)(12)
J.P. Morgan U.S. Government Money Market Fund						N/A		N/A		$		152			$		152			$		152			(36)
Goldman Sachs Financial Square Government Fund, Institutional						N/A		N/A		$		31			$		31			$		31			(36)
Total Investment after Cash Equivalents															$		3,338,332			$		3,181,148

(1)Fair value is determined in good faith subject to the oversight of the board of directors of the Company (the “Board”) (See Note 2 to the consolidated financial statements).

(2)Par amount is denominated in USD unless otherwise noted, and represents funded commitments. See Note 23 in the Consolidated Schedule of Investments
and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including
commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of September 30, 2025, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

(4)Denotes investments in which we are an “Affiliated Person,” as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2024 and September 30, 2025 along with transactions during the nine months ended September 30, 2025 in these affiliated investments are as follows:

Name of Issuer	Fair Value at December 31, 2024					Gross Additions ●				Gross Reductions ■				Net Change in Unrealized Gains (Losses)					Fair Value at September 30, 2025				Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
1244311 B.C. Ltd.,Common Stock	$		202		$		—		$		—		$		(87	)		$		115		$		—			$		—
Carbonfree Chemicals Holdings LLC,Common Equity / Interest			18,933				—				—				(418	)				18,515				—					—
FC2 LLC,Common Stock			—				—				—				—					—				—					—
FC2 LLC,Term Loan			12,459				—				—				(45	)				12,414				—					607
Golden Bear 2016-R, LLC,Membership Interests			9,736				201				(1,637	)			(145	)				8,153				—					636
Surf Opco, LLC,Class A-1 Common			—				375				—				(310	)				65				—					—
Surf Opco, LLC,Class P-1 Preferred			—				3,405				—				(1,055	)				2,350				—					—
Surf Opco, LLC,Revolver			—				26,791				(6,649	)			(68	)				20,074				—					1,328
Surf Opco, LLC,Term Loan			—				9,633				(116	)			5					9,480				(42	)				668
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests			16,366				—				(3,200	)			(2,057	)				11,108				—					—
Blue Jay Transit Inc.,Term Loan			19,940				3,592				(583	)			(61	)				22,888				—					2,531
Blue Jay Transit Inc.,Unfunded Delayed Draw			—				—				—				—					—				—					—
Bird Scooter Acquisition Corp.,Common Stock			373				—				(373	)			—					—				—					—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests			2,144				—				(1	)			375					2,517				—					—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan			4,183				(48	)			(186	)			291					3,959				(282	)				324
Third Lane Mobility Inc.,Common Stock			—				728				—				(14	)				714				—					—
Third Lane Mobility Inc.,Warrants			—				—				—				23					23				—					—
	$		84,334		$		44,676		$		(12,746	)	$		(3,565	)		$		112,375		$		(324	)		$		6,095

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

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

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

(5)Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of December 31, 2024 and September 30, 2025 along with transactions during the nine months ended September 30, 2025 in these controlled investments are as follows:

Name of Issuer	Fair Value at December 31, 2024					Gross Additions ●				Gross Reductions ■				Net Change in Unrealized Gains (Losses)					Fair Value at September 30, 2025				Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
Majority Owned Company
ChyronHego US Holding Corporation	$		15,500		$		10,375		$		(11,400	)	$		(8	)		$		14,467		$		—			$		1,136
ChyronHego US Holding Corporation			106,406				—				(247	)			(3	)				106,156				—					6,303
ChyronHego US Holding Corporation			—				—				—				—					—				—					—
ChyronHego Corporation			19,456				—				—				(4,870	)				14,586				—					—
Merx Aviation Finance, LLC			123,815				—				(71,609	)			26,492					78,698				—					—
Merx Aviation Finance, LLC			59,576				0				(33,501	)			(0	)				26,075				—					3,764
Merx Aviation Finance Holdings, LLC			—				225,000				(225,000	)			—					—				—					—
	$		324,753		$		235,376		$		(341,757	)	$		21,610			$		239,982		$		—			$		11,203

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

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

As of September 30, 2025, the Company had a 87% and 100% equity ownership interest in ChyronHego Corporation and Merx Aviation Finance, LLC, respectively.

(6)Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime rate on select contracts and switch to an alternative base rate contract in the future.

(7)Substantially all securities are pledged as collateral to the Company's credit facilities (see Note 6 to the consolidated financial statements). For investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. As such, these securities are not available as collateral to our general creditors.

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

(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)

(10)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(11)The investments have a maturity date prior to the end of the current period. Additional proceeds are expected from Solarplicity Group after the resolution of bankruptcy proceedings, or other corporate actions, at each respective issuer.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

(12)Aggregate gross unrealized gain and loss for federal income tax purposes is $35,066 and $233,437, respectively. Net unrealized loss is $198,371 based on a tax cost of $3,379,336.

(13)Non-income producing security.

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

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

(16)AIC SB Holdings LLC, AIC SHD Holdings, AP Surf Investments, LLC and MFIC Epsilon SPV LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SHD Holdings LLC holds equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. MFIC Epsilon SPV LLC holds investments in mPulse Mobile, Inc.

(17)Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2025, non-qualifying assets represented approximately 9.6% of the total assets of the Company.

(18)The maturity date for these investments is expected to be extended past September 30, 2025. The final terms of the extension, restructuring or exit are still under negotiation between the Company and the respective portfolio company.

(19)As of September 30, 2025, the portfolio company remains in maturity default. The respective lenders are pursuing foreclosure and sale-related steps in the absence of an agreement to extend or waive the default.

(20)As of September 30, 2025, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.

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

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

(22) As of September 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Name of Issuer	Total Commitment					Drawn Commitment				Letters of Credit **				Undrawn Commitment
Accelerate360 Holdings, LLC	$		2,544				1,382				—				1,162
Accelevation LLC			5,478				385				—				5,093
Acentra Holdings, LLC (fka CNSI Holdings, LLC)			2,000				—				—				2,000
ACP Avenu Buyer, LLC			7,247				—				—				7,247
AGDATA Midco, LLC			1,621				163				—				1,458
Alcami Corporation			1,096				—				—				1,096
Alcresta Therapeutics Inc.			2,643				—				—				2,643
All Star Recruiting Locums, LLC			3,478				326				—				3,152
Alpinex Opco, LLC			1,489				1,102				—				387
American Restoration Holdings, LLC			8,582				1,782				—				6,800
AMI Buyer, Inc.			1,905				—				—				1,905
Amplity Parent, Inc.			4,189				3,669				—				520
Amylu Borrower Sub, LLC			4,063				156				—				3,907
Arcadia Solutions, Inc.			1,786				—				—				1,786
Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.)			242				—				4				238
Aspen Aerogels, Inc.			100				15				—				85
Athlete Buyer, LLC			5,383				3,201				214				1,968
August Bioservices, LLC			500				281				—				219
Banner Buyer, LLC			1,935				3				—				1,932
Berner Food & Beverage, LLC			2,881				1,383				—				1,498
Biamp			120				—				4				116
Bingo Group Buyer, Inc.			1,196				25				—				1,171
Brush Group Bidco Limited*			2,017				—				—				2,017
Bullcave Limited			5,526				3,684				—				1,842
BusPatrol Holdco			7,000				300				—				6,700
Camin Cargo Control Holdings, Inc.			3,120				737				—				2,383
Celerion Buyer, Inc.			1,918				—				—				1,918
Cerus Corporation			5,000				956				—				4,044
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)			396				—				116				280
Chronicle Parent LLC			2,781				—				—				2,781
ChyronHego US Holding Corporation			21,000				14,467				—				6,533
CI (MG) GROUP, LLC			9,791				973				—				8,818
CircusTrix Holdings LLC			1,000				—				—				1,000
Club Car Wash Operating, LLC			1,625				—				—				1,625
Club Champion LLC			1,807				187				—				1,620
Colonnade Parent Inc (fka Naviga Inc.)			500				500				—				—
Cool Buyer, Inc.			6,667				1,576				73				5,018
Coretrust Purchasing Group LLC (HPG Enterprises LLC)			1,805				—				—				1,805
Crewline Buyer, Inc.			377				—				—				377
CRS Holdings, Inc.			8,000				—				145				7,855
Crumbl Enterprises LLC			741				120				—				621
CSC Holdings, LLC			100				86				7				7
DCM Parent, LLC			2,326				—				—				2,326
Digital.ai Software Holdings, Inc.			2,419				323				—				2,096
Distinct Holdings Inc			1,758				—				—				1,758
DRS Holdings III, Inc.			1,483				—				—				1,483
Eagle Purchaser, Inc.			677				677				—				—
Eldrickco Limited*			942				478				—				464

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)

Name of Issuer	Total Commitment					Drawn Commitment				Letters of Credit **				Undrawn Commitment
EmpiRx Health LLC			909				—				227				682
EVER.AG Corporation			1,257				1,257				—				—
Evergreen IX Borrower 2023, LLC			795				—				—				795
Evolv Technologies Holdings, Inc.			9,000				—				—				9,000
Evoriel*			92				—				—				92
ExactCare Parent, Inc.			1,967				—				—				1,967
Excelligence Learning Corporation			2,466				370				223				1,873
F&M Buyer LLC			8,099				—				—				8,099
Flow Control Intermediate Holdings 2.0, LLC			4,667				—				—				4,667
Four Winds Interactive LLC			2,439				—				5				2,434
G Treasury SS LLC			1,659				67				—				1,592
G&A Partners Holding Company II, LLC			4,037				—				—				4,037
Gabriel Partners, LLC			678				678				—				—
GAT-Airline Ground Support Inc			4,782				476				22				4,284
Gateway US Holdings, Inc.			1,346				—				—				1,346
Generator Buyer, Inc.*			2,190				201				40				1,949
Genius Bidco LLC			6,160				155				77				5,928
GI Apple Midco LLC			556				12				50				494
Go Car Wash Management Corp.			417				—				—				417
Green Grass Foods, Inc.			1,250				—				—				1,250
GS SEER Group Borrower LLC			563				—				12				551
HALO Buyer, Inc			1,304				250				4				1,050
Health Management Associates Superholdings, Inc.			284				—				5				279
HEF Safety Ultimate Holdings, LLC			4,200				110				—				4,090
Heniff Holdco, LLC			3,925				3,369				164				392
High Street Buyer, Inc.			2,203				—				7				2,196
Hive Intermediate, LLC			2,326				425				—				1,901
HRO (Hero Digital) Holdings, LLC			2,654				917				32				1,705
Ideal Components Acquisition, LLC			4,408				—				—				4,408
IOTA HOLDINGS 3			4,825				1,274				6				3,545
IQN Holding Corp.			264				128				—				136
Ironhorse Purchaser, LLC			1,932				—				15				1,917
IW Buyer LLC			393				56				9				328
Jacent Strategic Merchandising			3,500				1,589				—				1,911
Kauffman Intermediate, LLC			1,307				1,307				—				—
KL Charlie Acquisition Company			8,612				—				—				8,612
Kure Pain Holdings, Inc.			2,654				175				—				2,479
Lash OpCo, LLC			1,612				415				—				1,197
LendingPoint 2018-1 Funding Trust			16,321				5,395				—				10,926
Lifelong Learner Holdings, LLC			597				562				—				35
Litify LLC			833				—				—				833
Lotus Topco Inc.			1,691				—				—				1,691
LS Clinical Services Holdings, Inc.			1,875				1,730				—				145
Lunar Buyer, LLC			10,909				1,727				⚠️ Filing Content Truncated This filing was too large to display in its entirety (original size: 33.08 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website Filing: 10-Q - MidCap Financial Investment Corp (MFIC) Accession Number: 0001193125-25-269512