MFIC 10-Q Quarterly Report March 31, 2024 | Alphaminr
MidCap Financial Investment Corp

MFIC 10-Q Quarter ended March 31, 2024

MIDCAP FINANCIAL INVESTMENT CORP
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10-Q
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Undrawn Commitment 2023-12-31 0001278752 Affiliated Investments GSC Technologies Inc., Term Loan 2022-12-31 0001278752 TELA Bio, Inc. 2024-03-31 0001278752 Smith Topco, Inc. 2023-12-31 0001278752 Treace Medical Concepts, Inc., Undrawn Commitment 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Energy - Electricity 2024-03-31 0001278752 AMI US Holdings Inc, Undrawn Commitment 2024-03-31 0001278752 Consumer Goods - Durable KLO Holdings, LLC 1244311 B.C. Ltd. Common Equity - Common Stock 2024-03-31 0001278752 A&V Holdings Midco, LLC, Undrawn Commitment 2023-12-31 0001278752 Controlled Investments 2024-01-01 2024-03-31 0001278752 High Tech Industries MYCOM Magnate Holding Corp. 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Undrawn Commitment 2023-12-31 0001278752 Consumer Goods - Non-durable Suave 2024-03-31 0001278752 Healthcare & Pharmaceuticals Gateway Services Gateway US Holdings, Inc. First Lien Secured Debt - Revolver SOFR+665, 0.75% Floor Maturity Date 09/22/26 2023-12-31 0001278752 Banner Buyer, LLC 2023-12-31 0001278752 Yak Access LLC, Undrawn Commitment 2023-12-31 0001278752 Affiliated Investments Pelican Energy, LLC, Common Stock 2023-01-01 2023-12-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Revolver 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, Common Equity/Interests 2024-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-12-06 2019-12-06 0001278752 mfic:AdministrationAgreementMember mfic:ApolloInvestmentAdministrationLimitedLiabilityCompanyMember 2024-03-31 0001278752 High Tech Industries New Era Technology, Inc. New Era Technology, Inc. First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 10/31/26 2023-12-31 0001278752 mfic:StructuredProductsAndOtherMember 2023-12-31 0001278752 Utilities - Electric 2024-03-31 0001278752 Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt – Revolver SOFR+650, 1.00% Floor Maturity Date 09/30/27 2023-12-31 0001278752 Telecommunications Securus Technologies Holdings, Inc. Securus Technologies Holdings, Inc. Investment Type Second Lien Secured Debt Interest Rate SOFR+126 Cash plus 8.05% PIK, 1.00% Floor Maturity Date 11/01/25 2024-03-31 0001278752 High Tech Industries BarTender Sigma Buyer LLC First Lien Secured Debt - Revolver SOFR+675, 0.75% Floor Maturity Date 01/04/28 2024-03-31 0001278752 Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. 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Sirsi Corporation Sirsi Corporation 2024-03-31 0001278752 First Lien - Secured Debt 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2018-06-18 0001278752 us-gaap:FairValueInputsLevel1Member mfic:CommonEquityInterestsMember 2024-03-31 0001278752 Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Preferred Equity - Class P-2 Preferred 2023-12-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Membership Interests 2023-12-31 0001278752 High Tech Industries 2024-03-31 0001278752 Construction & Building Englert 2024-03-31 0001278752 Consumer Services Clarus Commerce Marlin DTC-LS MIDCO2, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 07/01/25 2023-12-31 0001278752 mfic:AviationAndConsumerTransportMember 2023-12-31 0001278752 Maxor Topco, L.P. | Preferred Equity - Preferred Equity 2023-01-01 2023-12-31 0001278752 GS SEER Group Borrower LLC Undrawn Commitment 2023-12-31 0001278752 Banner Buyer, LLC 2024-03-31 0001278752 High Tech Industries Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 12/16/25 2023-12-31 0001278752 Cerus Corporation, Undrawn Commitment 2024-03-31 0001278752 High Tech Industries Dairy.com Momentx Corporation First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 06/24/27 2023-12-31 0001278752 KL Charlie Acquisition Company 2024-03-31 0001278752 High Tech Industries MYCOM 2023-12-31 0001278752 Controlled Investments ChyronHego Corporation, Revolver 2023-01-01 2023-12-31 0001278752 mfic:MficbethesdacloonellcdebtsecuritizationMember mfic:SubServicingAgreementMember 2023-11-02 2023-11-02 0001278752 mfic:ValuationTechniqueYieldAnalysisMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember 2024-03-31 0001278752 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-03-31 0001278752 Business Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt Revolver SOFR+560 1.00% Floor Maturity Date 08/10/27 2023-12-31 0001278752 Acentra Holdings, LLC (fka CNSI Holdings, LLC), Undrawn Commitment 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2017-03-31 0001278752 Thomas Scientific, LLC, Undrawn Commitment 2023-12-31 0001278752 Consumer Services Clarus Commerce Marlin DTC-LS MIDCO2, LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 07/01/25 2024-03-31 0001278752 Advertising Printing & Publishing 2024-03-31 0001278752 US Fertility Enterprises, LLC, Undrawn Commitment 2023-12-31 0001278752 Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 04/26/29 2024-03-31 0001278752 mfic:FirstLienSecuredDebtMember us-gaap:FairValueInputsLevel3Member mfic:ValuationTechniqueMarketComparableTechniqueMember mfic:MeasurementInputComparableMultipleMember srt:WeightedAverageMember 2024-03-31 0001278752 Business Services Avenu ACP Avenu Buyer, LLC First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor Maturity Date 10/02/29 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, Preferred Equity 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:ValuationTechniqueMarketComparableTechniqueMember mfic:CommonEquityInterestsMember mfic:MeasurementInputComparableMultipleMember srt:WeightedAverageMember 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2021-12-16 2021-12-16 0001278752 Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. 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New Era Technology, Inc. First Lien Secured Debt SOFR+640, 1.00% Floor Maturity Date 10/31/26 2023-12-31 0001278752 Manufacturing, Capital Equipment Kauffman Kauffman Intermediate, LLC 2024-03-31 0001278752 Consumer Goods - Durable KLO Holdings, LLC 1244311 B.C. Ltd. 2024-03-31 0001278752 2015-12-14 0001278752 Beverage, Food & Tobacco Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor Maturity Date 07/30/26 2023-12-31 0001278752 Carbonfree Chemicals Holdings LLC | Common Equity - Common Equity / Interest 2023-01-01 2023-12-31 0001278752 Beverage, Food & Tobacco Turkey Hill 2024-03-31 0001278752 Digital.ai Software Holdings, Inc., Undrawn Commitment 2024-03-31 0001278752 High Tech Industries Schlesinger Group Schlesinger Global, LLC First Lien Secured Debt SOFR+615 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 07/12/25 2023-12-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Revolver 2023-01-01 2023-12-31 0001278752 Protein For Pets Opco, LLC 2023-12-31 0001278752 Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Revolver SOFR+640, 1.00% Floor Maturity Date 08/02/25 2023-12-31 0001278752 High Tech Industries New Era Technology, Inc. New Era Technology, Inc. 2024-03-31 0001278752 High Tech Industries Litify Litify LLC First Lien Secured Debt - Revolver SOFR+710, 1.00% Floor Maturity Date 02/02/29 2023-12-31 0001278752 Non-Controlled/Affiliated Investments, Consumer Goods - Durable, First Lien - Secured Debt 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Structured Products and Other 2024-03-31 0001278752 Beverage, Food & Tobacco Hive FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-09-30 0001278752 BSP-TS, LP | Preferred Equity - Preferred Equity 2024-01-01 2024-03-31 0001278752 Healthcare & Pharmaceuticals Celerion Celerion Buyer, Inc. First Lien Secured Debt - Revolver SOFR+650, 0.75% Floor Maturity Date 11/03/28 2024-03-31 0001278752 High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 06/29/29 2023-12-31 0001278752 Healthcare & Pharmaceuticals Team Select 2024-03-31 0001278752 mfic:AICSPVHoldingsIILLCMember 2024-03-31 0001278752 Business Services US Legal Support USLS Acquisition, Inc. 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Alcresta Therapeutics Inc. First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 03/31/29 2024-03-31 0001278752 Beverage, Food & Tobacco Rise Baking Ultimate Baked Goods Midco LLC First Lien Secured Debt SOFR+560, 1.00% Floor Maturity Date 08/13/27 2024-03-31 0001278752 High Tech Industries Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Revolver SOFR+585 Cash plus 0.50% PIK, 1.00% Floor Maturity Date 02/02/26 2024-03-31 0001278752 Ultimate Baked Goods Midco LLC 2023-12-31 0001278752 High Tech Industries International Cruise & Excursion Gallery, Inc. International Cruise & Excursion Gallery, Inc. 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Undrawn Commitment 2023-12-31 0001278752 TS Investors, LLC, Undrawn Commitment 2023-12-31 0001278752 us-gaap:StandbyLettersOfCreditMember mfic:SeniorSecuredFacilityMember 2024-03-31 0001278752 Automotive Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt Revolver SOFR+665, 1.00% Floor Maturity Date 06/16/27 2023-12-31 0001278752 Non-Controlled/Affiliated Investments, Chemicals, Plastics & Rubber, Common Equity/Interests 2023-12-31 0001278752 Consumer Services Excelligence 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:ValuationTechniqueMarketComparableTechniqueMember mfic:SecondLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember srt:WeightedAverageMember 2024-03-31 0001278752 Wholesale Thomas Scientific BSP-TS, LP Preferred Equity - Preferred Equity 2024-03-31 0001278752 Healthcare & Pharmaceuticals EmpiRx 2023-12-31 0001278752 Healthcare & Pharmaceuticals Gateway Services Gateway US Holdings, Inc. 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Undrawn Commitment 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment, Common Equity/Interests 2023-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate RHI Acquisition LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 03/16/29 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:ValuationTechniqueMarketComparableTechniqueMember mfic:SecondLienSecuredDebtMember srt:MinimumMember mfic:MeasurementInputComparableMultipleMember 2023-12-31 0001278752 High Tech Industries BarTender 2024-03-31 0001278752 Business Services Jacent Jacent Strategic Merchandising First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 04/23/24 2024-03-31 0001278752 mfic:MerxAviationFinanceLLCMember mfic:UnfundedRevolverCommitmentsMember 2024-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation (dba Celink) First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 11/30/28 2023-12-31 0001278752 mfic:HealthcareAndPharmaceuticalsMember 2024-03-31 0001278752 Advertising Printing & Publishing FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt SOFR+685, 1.00% Floor Maturity Date 12/30/26 2023-12-31 0001278752 Business Services SEER GS SEER Group Borrower LLC First Lien Secured Debt SOFR+675, 1.00% Floor Maturity Date 4/29/30 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods - Durable, Common Equity/Interests 2024-03-31 0001278752 M&M OPCO, LLC 2024-03-31 0001278752 Aviation and Consumer Transport Merx Aviation Finance, LLC 2023-12-31 0001278752 Consumer Services Go Car Wash 2024-03-31 0001278752 mfic:MannkindCorporationMember 2024-03-31 0001278752 mfic:CoInvestmentHoldingsMember 2024-03-31 0001278752 Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. 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Undrawn Commitment 2024-03-31 0001278752 Medical Guardian, LLC, Undrawn Commitment 2023-12-31 0001278752 Non-Controlled/Affiliated Investments, Second Lien - Secured Debt 2024-03-31 0001278752 Consumer Services Excelligence Excelligence Learning Corporation First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 01/18/30 2024-03-31 0001278752 Controlled Investments, High Tech Industries, First Lien - Secured Debt 2024-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants Cave Cave Enterprises Operations, LLC Investment Type First Lien Secured Debt Interest Rate SOFR+660, 1.50% Floor Maturity Date 08/09/28 2024-03-31 0001278752 Healthcare & Pharmaceuticals PHS 2023-12-31 0001278752 Non-Controlled/Affiliated Investments, Consumer Goods – Durable, First Lien - Secured Debt 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Transportation – Cargo, Distribution 2024-03-31 0001278752 Go Car Wash Management Corp. 2024-03-31 0001278752 HEF Safety Ultimate Holdings, LLC 2024-03-31 0001278752 Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 09/02/25 2023-12-31 0001278752 Merx Aviation Finance, LLC | Common Equity - Membership Interests 2023-01-01 2023-12-31 0001278752 Energy - Electricity Solarplicity Group Limited (f/k/a AMP Solar UK) Solarplicity UK Holdings Limited Preferred Equity - Preferred Stock 2023-12-31 0001278752 Lash OpCo, LLC, Undrawn Commitment 2023-12-31 0001278752 Chemicals, Plastics & Rubber Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I) FC2 LLC Secured Debt - Promissory Note 6.50% Maturity Date 10/14/27 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member 2023-12-31 0001278752 Healthcare & Pharmaceuticals Maxor National Pharmacy Services, LLC First Lien Secured Debt SOFR+700, 1.00% Floor Maturity Date 03/01/29 2024-03-31 0001278752 Beverage, Food & Tobacco Nutpods 2023-12-31 0001278752 mfic:WholesaleMember 2024-03-31 0001278752 High Tech Industries ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt SOFR+350, 1.75% Floor Maturity Date 06/30/26 2024-03-31 0001278752 Business Services Soliant Soliant Health, Inc. 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Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+625 1.00% Floor Maturity Date 10/16/29 2024-03-31 0001278752 High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt SOFR+710, 2.50% Floor Maturity Date 06/01/28 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, High Tech Industries, Common Equity/Interests 2023-12-31 0001278752 Consumer Services Bird Bird Rides, Inc. 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Ltd. | Common Equity - Common Stock 2024-01-01 2024-03-31 0001278752 LendingPoint LLC Undrawn Commitment 2024-03-31 0001278752 Business Services Wilson Language Training 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Aviation and Consumer Transport 2024-03-31 0001278752 High Tech Industries Springbrook Springbrook Holding Company, LLC First Lien Secured Debt - Revolver SOFR+561, 1.00% Floor Maturity Date 12/23/26 2024-03-31 0001278752 GI Apple Midco LLC Letters of Credit 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2023-01-01 2023-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, Preferred Equity 2024-03-31 0001278752 Healthcare & Pharmaceuticals Team Select TS Investors, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 05/04/29 2023-12-31 0001278752 Pelican Energy, LLC | Common Equity - Membership Interests 2024-01-01 2024-03-31 0001278752 Construction & Building Yak Access Yak Access LLC First Lien Secured Debt - Revolver SOFR+486, 1.00% Floor Maturity Date 09/10/27 2023-12-31 0001278752 Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. 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Fager Company, LLC, Undrawn Commitment 2024-03-31 0001278752 Wildcat BuyerCo, Inc. 2023-12-31 0001278752 Business Services Accelerate Learning Eagle Purchaser, Inc. First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 03/22/29 2024-03-31 0001278752 Celerion Buyer, Inc. 2023-12-31 0001278752 Construction & Building Allstar Holding 2024-03-31 0001278752 Medical Guardian, LLC, Undrawn Commitment 2024-03-31 0001278752 Health Management Associates Superholdings, Inc. Undrawn Commitment 2023-12-31 0001278752 mfic:MeasurementInputEstimatedProceedsMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember mfic:ValuationTechniqueEstimatedProceedsMember 2023-12-31 0001278752 Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt SON+603, 0.50% Floor Maturity Date 11/26/25 2023-12-31 0001278752 Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 12/22/29 2023-12-31 0001278752 Insurance High Street Insurance High Street Buyer, Inc. 2024-03-31 0001278752 Business Services Ambrosia Buyer Corp. Second Lien Secured Debt 8.00% Maturity Date 08/28/25 2023-12-31 0001278752 R.F. Fager Company, LLC 2024-03-31 0001278752 Manufacturing, Capital Equipment International Wire Group IW Buyer LLC Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+685, 1.00% Floor Maturity Date 06/28/29 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate 2024-03-31 0001278752 Consumer Goods - Non-durable Paladone 2024-03-31 0001278752 Controlled Investments SHD Oil & Gas, LLC, Series C Units 2022-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Advertising, Printing & Publishing, Common Equity/Interests 2024-03-31 0001278752 Smith Topco, Inc. 2024-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-09-30 2016-09-30 0001278752 mfic:ValuationTechniqueYieldAnalysisMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputDiscountRateMember 2024-03-31 0001278752 High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 06/29/29 2024-03-31 0001278752 mfic:ControlledInvestmentsMember srt:MinimumMember 2023-12-31 0001278752 Total Commitments, Undrawn Commitment 2023-12-31 0001278752 High Tech Industries Omada 2023-12-31 0001278752 Manufacturing, Capital Equipment MedPlast Holdings Inc. Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.) Investment Type Second Lien Secured Debt Interest Rate SOFR+786, 1.00% Floor Maturity Date 07/02/26 2024-03-31 0001278752 mfic:ApolloInvestmentManagementLPMember 2024-01-01 2024-03-31 0001278752 IW Buyer LLC, Letters of Credit 2024-03-31 0001278752 Insurance PGM Holdings Corporation Turbo Buyer, Inc. 2024-03-31 0001278752 Chemicals, Plastics & Rubber Westfall Technik, Inc. First Lien Secured Debt - Revolver SOFR+760, 1.00% Floor Maturity Date 09/13/24 2023-12-31 0001278752 Ironhorse Purchaser, LLC Letters of Credit 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member 2023-03-31 0001278752 Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Therapeutics Inc. First Lien Secured Debt SOFR+575, 1.00% Floor Maturity Date 03/31/30 2024-03-31 0001278752 Business Services PSE Graffiti Buyer, Inc. First Lien Secured Debt Revolver SOFR+560 1.00% Floor Maturity Date 08/10/27 2023-12-31 0001278752 Surf Opco, LLC, Undrawn Commitment 2024-03-31 0001278752 Mobile Communications America, Inc., Undrawn Commitment 2024-03-31 0001278752 Telecommunications 2024-03-31 0001278752 Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC), Undrawn Commitment 2024-03-31 0001278752 Prime Rate Loans | Prime Rate 2023-12-31 0001278752 GS SEER Group Borrower LLC Undrawn Commitment 2024-03-31 0001278752 Consumer Services Activ Activ Software Holdings, LLC First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 05/04/27 2024-03-31 0001278752 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-01-01 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-03-31 0001278752 Business Services HMA 2024-03-31 0001278752 Healthcare & Pharmaceuticals RHA Health Services Pace Health Companies, LLC First Lien Secured Debt SOFR+640, 1.00% Floor Maturity Date 08/02/25 2023-12-31 0001278752 Energy - Oil & Gas Pelican Pelican Energy, LLC Common Equity - Membership Interests 2023-12-31 0001278752 Gabriel Partners, LLC Undrawn Commitment 2023-12-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:ValuationTechniqueOptionPricingModelMember us-gaap:WarrantMember mfic:MeasurementInputExpectedVolatilityMember 2024-03-31 0001278752 us-gaap:CommonStockMember 2018-10-30 2018-10-30 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember 2021-07-16 0001278752 Wholesale Banner Solutions Banner Buyer, LLC First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 10/31/25 2023-12-31 0001278752 mfic:AutomotiveMember 2024-03-31 0001278752 Healthcare & Pharmaceuticals TersSera 2024-03-31 0001278752 Omada Health, Inc. 2023-12-31 0001278752 Business Services Jacent Jacent Strategic Merchandising Common Equity - Common Stock 2023-12-31 0001278752 Merx Aviation Finance, LLC, Letters of Credit 2023-12-31 0001278752 mfic:ValuationTechniqueYieldAnalysisMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember srt:MinimumMember us-gaap:MeasurementInputDiscountRateMember 2023-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation (dba Celink) First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 11/30/28 2024-03-31 0001278752 Insurance PGM Holdings Corporation Turbo Buyer, Inc. Investment Type First Lien Secured Debt – Revolver Interest Rate SOFR+625, 1.00% Floor Maturity Date 12/02/25 2024-03-31 0001278752 Consumer Services Clarus Commerce 2024-03-31 0001278752 Business Services PSI Services, LLC 2023-12-31 0001278752 Business Services HMA Health Management Associates Superholdings, Inc. 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First Lien Secured Debt SOFR+560, 1.00% Floor Maturity Date 12/03/26 2023-12-31 0001278752 mfic:StructuredProductsAndOtherMember us-gaap:FairValueInputsLevel3Member 2023-03-31 0001278752 Naviga Inc. (fka Newscycle Solutions, Inc.) 2023-12-31 0001278752 mfic:AffiliatedInvestmentsMember 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:ValuationTechniqueMarketComparableTechniqueMember mfic:SecondLienSecuredDebtMember mfic:MeasurementInputComparableMultipleMember srt:WeightedAverageMember 2023-12-31 0001278752 mfic:ConstructionAndBuildingMember 2023-12-31 0001278752 WelldyneRX, LLC 2024-03-31 0001278752 Consumer Goods - Durable NSi Industries Wildcat BuyerCo, Inc. First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor Maturity Date 02/26/27 2024-03-31 0001278752 Mobile Communications America, Inc., Undrawn Commitment 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, First Lien - Secured Debt 2024-03-31 0001278752 IW Buyer LLC Letters of Credit 2023-12-31 0001278752 Business Services Jones & Frank JF Acquisition, LLC First Lien Secured Debt - Revolver SOFR+560 1.00% Floor Maturity Date 07/31/26 2023-12-31 0001278752 Unsecured Debt 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, High Tech Industries 2023-12-31 0001278752 First Lien - Secured Debt 2024-03-31 0001278752 Healthcare & Pharmaceuticals PHS PHS Buyer, Inc. First Lien Secured Debt - Revolver SOFR+610 Cash plus 1.50% PIK, 1.00% Floor Maturity Date 01/31/27 2024-03-31 0001278752 Wildcat BuyerCo, Inc. 2024-03-31 0001278752 Consumer Goods - Non-durable Dan Dee Project Comfort Buyer, Inc. First Lien Secured Debt SOFR+725, 1.00% Floor Maturity Date 02/01/25 2023-12-31 0001278752 Truck-Lite Co., LLC, Undrawn Commitment 2023-12-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Common Stock 2024-01-01 2024-03-31 0001278752 Turbo Buyer, Inc. 2024-03-31 0001278752 High Tech Industries Simeio Simeio Group Holdings, Inc. Sirsi Corporation Sirsi Corporation First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 03/15/25 2024-03-31 0001278752 Business Services Jones & Frank JF Acquisition, LLC First Lien Secured Debt - Revolver SOFR+560, 1.00% Floor Maturity Date 07/31/26 2024-03-31 0001278752 mfic:ValuationTechniqueYieldAnalysisMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember us-gaap:MeasurementInputDiscountRateMember 2023-12-31 0001278752 Business Services US Legal Support US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units 2023-12-31 0001278752 Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 12/06/29 2023-12-31 0001278752 Automotive 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Preferred Equity 2023-12-31 0001278752 Healthcare & Pharmaceuticals WellDyneRx, LLC WelldyneRX, LLC First Lien Secured Debt - Revolver SOFR+685, 0.75% Floor Maturity Date 03/09/26 2024-03-31 0001278752 Consumer Services Atlas Technical Consultants GI Apple Midco LLC First Lien Secured Debt - Revolver SOFR+675, 1.00% Floor Maturity Date 04/19/29 2024-03-31 0001278752 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember mfic:ValuationTechniqueRecoveryAnalysisMember mfic:MeasurementInputRecoverableAmountMember 2023-12-31 0001278752 mfic:ApolloInvestmentManagementLPMember mfic:BaseManagementFeeMember 2024-01-01 2024-03-31 0001278752 Transportation - Cargo, Distribution IronClad 2024-03-31 0001278752 us-gaap:InvestmentUnaffiliatedIssuerMember 2024-01-01 2024-03-31 0001278752 Healthcare & Pharmaceuticals Mannkind Corporation Common Equity - Common Stock 2023-12-31 0001278752 SI Holdings, Inc. 2023-12-31 0001278752 Smith Topco, Inc., Undrawn Commitment 2023-12-31 0001278752 mfic:MeasurementInputResidualValueMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel3Member mfic:ValuationTechniqueResidualValueMember 2023-12-31 0001278752 Affiliated Investments Pelican Energy, LLC, Common Stock 2022-12-31 0001278752 mfic:ValuationTechniqueYieldAnalysisMember us-gaap:PreferredStockMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember 2024-03-31 0001278752 srt:MaximumMember mfic:ControlledInvestmentsMember 2023-12-31 0001278752 Sigma Buyer LLC 2023-12-31 0001278752 mfic:SeniorUnsecuredBethesdaCloOneClassAOneMember 2024-01-01 2024-03-31 0001278752 EmpiRx Health LLC 2024-03-31 0001278752 Beverage, Food & Tobacco 2023-12-31 0001278752 Consumer Goods - Non-durable Village Pet Care Village Pet Care, LLC First Lien Secured Debt - Revolver SOFR+650, 1.00%Floor Maturity Date 09/22/29 2023-12-31 0001278752 Beverage, Food & Tobacco Nutpods Green Grass Foods, Inc. First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor Maturity Date 12/26/29 2024-03-31 0001278752 High Tech Industries ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt SOFR+350, 1.75% Floor Maturity Date 06/30/26 2023-12-31 0001278752 Chemicals, Plastics & Rubber Westfall Technik, Inc. First Lien Secured Debt - Revolver SOFR+690, 1.00% Floor Maturity Date 09/13/24 2024-03-31 0001278752 Controlled Investments, Transportation - Cargo, Distribution, Common Equity/Interests 2023-12-31 0001278752 Consumer Goods - Non-durable Paladone Paladone Group Bidco Limited First Lien Secured-Revolver Debt SON+585, 1.00% Floor Maturity Date 11/12/27 2024-03-31 0001278752 2004-04-08 2004-04-08 0001278752 Business Services 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate, First Lien - Secured Debt 2023-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Peer Advisors, LLC First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 06/11/24 2023-12-31 0001278752 Transportation - Cargo, Distribution Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 12/03/26 2023-12-31 0001278752 Healthcare & Pharmaceuticals Gossamer GB001, Inc. First Lien Secured Debt SOFR+711, 2.00% Floor Maturity Date 01/01/25 2023-12-31 0001278752 GB001, Inc. 2024-03-31 0001278752 Marlin DTC-LS Midco 2, LLC 2023-12-31 0001278752 Business Services Jacent JSM Equity Investors, L.P. Preferred Equity - Class P Partnership Units 2023-12-31 0001278752 Healthcare & Pharmaceuticals US Fertility US Fertility Enterprises, LLC First Lien Secured Debt - Revolver SOFR+651, 1.00% Floor Maturity Date 12/21/27 2024-03-31 0001278752 Controlled Investments, Second Lien - Secured Debt 2024-03-31 0001278752 Transportation - Cargo, Distribution 2024-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyFiveMember 2024-03-31 0001278752 Club Car Wash Operating, LLC 2024-03-31 0001278752 Affiliated Investments Golden Bear 2016-R, LLC, Membership Interests 2024-03-31 0001278752 Athlete Buyer, LLC 2023-12-31 0001278752 Transportation - Cargo, Distribution IronClad Ironhorse Purchaser, LLC First Lien Secured Debt SOFR+650, 1.00% Floor Maturity Date 09/30/27 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Telecommunications 2024-03-31 0001278752 mfic:AdministrationAgreementMember mfic:ApolloInvestmentAdministrationLimitedLiabilityCompanyMember 2024-01-01 2024-03-31 0001278752 Healthcare & Pharmaceuticals PHS 2024-03-31 0001278752 Healthcare & Pharmaceuticals PHS PHS Buyer, Inc. First Lien Secured Debt - Revolver SOFR+610 Cash plus 1.50% PIK, 1.00% Floor Maturity Date 01/31/27 2023-12-31 0001278752 Telecommunications Securus Technologies Holdings, Inc. Securus Technologies Holdings, Inc. Second Lien Secured Debt SOFR+865, 1.00% Floor Maturity Date 11/01/25 2023-12-31 0001278752 mfic:FirstLienSecuredDebtMember us-gaap:FairValueInputsLevel3Member 2023-12-31 0001278752 Manufacturing, Capital Equipment Kauffman Kauffman Intermediate, LLC First Lien Secured Debt – Revolver SOFR+585, 1.00% Floor Maturity Date 05/08/25 2023-12-31 0001278752 mfic:SeniorSecuredFacilityMember srt:ScenarioForecastMember 2024-12-23 0001278752 Protein For Pets Opco, LLC 2024-03-31 0001278752 Controlled Investments ChyronHego Corporation, Preferred Equity 2022-12-31 0001278752 Consumer Services The Weather Company 2024-03-31 0001278752 Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt SOFR+626, 1.00% Floor Maturity Date 12/27/27 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Hotel, Gaming, Leisure, Restaurants 2023-12-31 0001278752 mfic:AffiliatedInvestmentsMember srt:MinimumMember 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember 2023-01-01 2023-03-31 0001278752 Retail 2023-12-31 0001278752 Hotel, Gaming, Leisure, Restaurants Guernsey Guernsey Holdings SDI LA LLC 2024-03-31 0001278752 Springbrook Holding Company, LLC 2023-12-31 0001278752 Business Services AlpineX Alpinex Opco, LLC 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Energy - Electricity, Common Equity/Interests 2024-03-31 0001278752 Business Services Soliant Soliant Health, Inc. Common Equity - Membership Interests 2024-03-31 0001278752 Beverage, Food & Tobacco, Rise Baking 2024-03-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Revolver 2024-01-01 2024-03-31 0001278752 Club Car Wash Operating, LLC 2023-12-31 0001278752 Hotel, Gaming, Leisure, Restaurants 2023-12-31 0001278752 Pace Health Companies, LLC, Letters of Credit 2023-12-31 0001278752 High Tech Industries MYCOM Magnate Holding Corp. First Lien Secured Debt - Revolver SOFR+640, 0.50% Floor Maturity Date 02/14/24 2023-12-31 0001278752 Pace Health Companies, LLC 2024-03-31 0001278752 SHD Oil & Gas, LLC | Common Equity - Series C Units 2024-01-01 2024-03-31 0001278752 Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor Maturity Date 12/06/29 2023-12-31 0001278752 Non-Controlled/Affiliated Investments, Consumer Services, Structured Products and Other 2024-03-31 0001278752 High Street Buyer, Inc. 2023-12-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Term Loan 2024-03-31 0001278752 Total Investments before Cash Equivalents 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Advertising, Printing & Publishing 2024-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2019-06-17 0001278752 Hive Intermediate, LLC 2023-12-31 0001278752 Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Common Equity - Class A-1 Common 2023-12-31 0001278752 Affiliated Investments FC2 LLC, Term Loan 2024-01-01 2024-03-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Term Loan 2024-01-01 2024-03-31 0001278752 Manufacturing, Capital Equipment Carlisle Fluid Technologies LSF12 Donnelly Bidco, LLC First Lien Secured Debt SOFR+650, 1.00% Floor Maturity Date 10/02/29 2023-12-31 0001278752 Healthcare & Pharmaceuticals Treace Treace Medical Concepts, Inc. First Lien Secured Debt - Revolver SOFR+410, 1.00% Floor Maturity Date 04/01/27 2024-03-31 0001278752 Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. Investment Type First Lien Secured Debt Interest Rate SOFR+635 1.00% Floor Maturity Date 12/31/25 2024-03-31 0001278752 Non-Controlled/Affiliated Investments, Consumer Goods – Durable, First Lien - Secured Debt 2024-03-31 0001278752 mfic:ValuationTechniqueYieldAnalysisMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:MeasurementInputDiscountRateMember 2023-12-31 0001278752 Lash OpCo, LLC 2023-12-31 0001278752 Lash OpCo, LLC 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, Warrants 2024-03-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Automotive, First Lien - Secured Debt 2024-03-31 0001278752 Roscoe Medical, Inc, Undrawn Commitment 2023-12-31 0001278752 Business Services IRP Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt SOFR+690, 1.00% Floor Maturity Date 03/08/28 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Retail 2023-12-31 0001278752 Structured Products and Other 2023-12-31 0001278752 Healthcare & Pharmaceuticals CNSI Acentra Holdings, LLC (fka CNSI Holdings, LLC) First Lien Secured Debt SOFR+650, 0.50% Floor Maturity Date 12/17/29 2024-03-31 0001278752 mfic:ValuationTechniqueYieldAnalysisMember us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember 2023-12-31 0001278752 Controlled Investments, Energy - Oil & Gas 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods - Non-durable, Preferred Equity 2023-12-31 0001278752 High Tech Industries Gtreasury G Treasury SS LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 06/29/29 2023-12-31 0001278752 Wholesale Thomas Scientific Thomas Scientific, LLC First Lien Secured Debt SOFR+640, 1.00% Floor Maturity Date 12/14/27 2023-12-31 0001278752 Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. Alcresta Holdings, LP Common Equity - Common Stock 2024-03-31 0001278752 Unchained Labs, LLC 2024-03-31 0001278752 High Tech Industries Omada Omada Health, Inc. 2024-03-31 0001278752 Warrants 2023-12-31 0001278752 FC2 LLC | Common Equity - Common Stock 2024-01-01 2024-03-31 0001278752 Consumer Goods - Non-durable Sequential Brands Group, Inc. 2023-12-31 0001278752 mfic:ValuationTechniqueYieldAnalysisMember mfic:StructuredProductsAndOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember 2024-03-31 0001278752 ChyronHego US Holding Corporation Undrawn Commitment 2023-12-31 0001278752 Beverage, Food & Tobacco Nutpods Green Grass Foods, Inc. First Lien Secured Debt SOFR+625, 1.00% Floor Maturity Date 12/26/29 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Construction & Building, Common Equity/Interests 2023-12-31 0001278752 THLP CO. LLC 2024-03-31 0001278752 us-gaap:UnsecuredDebtMember us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-03-31 0001278752 mfic:TelecommunicationsMember 2024-03-31 0001278752 Non-Controlled/Affiliated Investments, Energy - Oil & Gas, Common Equity/Interests 2024-03-31 0001278752 High Tech Industries American Megatrends 2023-12-31 0001278752 Controlled Investments ChyronHego US Holding Corporation, Term Loan 2023-12-31 0001278752 Beverage, Food & Tobacco Turkey Hill THLP CO. LLC First Lien Secured Debt SOFR+600 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 05/31/25 2024-03-31 0001278752 TELA Bio, Inc. 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:ValuationTechniqueOptionPricingModelMember srt:MinimumMember mfic:MeasurementInputExpectedVolatilityMember 2024-03-31 0001278752 mfic:SeniorSecuredFacilityMember 2023-01-01 2023-03-31 0001278752 G Treasury SS LLC Undrawn Commitment 2024-03-31 0001278752 High Tech Industries Simeio Simeio Group Holdings, Inc. First Lien Secured Debt - Revolver P+475 Maturity Date 02/02/26 2024-03-31 0001278752 THLP CO. LLC, Undrawn Commitment 2023-12-31 0001278752 Healthcare & Pharmaceuticals Unchained Labs Unchained Labs, LLC First Lien Secured Debt - Revolver SOFR+555, 1.00% Floor Maturity Date 08/09/27 2023-12-31 0001278752 Hotel, Gaming, Leisure, Restaurants Cave Cave Enterprises Operations, LLC First Lien Secured Debt SOFR+660, 1.50% Floor Maturity Date 08/09/28 2023-12-31 0001278752 Healthcare & Pharmaceuticals Team Select TS Investors, LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 05/04/29 2023-12-31 0001278752 Transportation - Cargo, Distribution MSEA Tankers LLC MSEA Tankers LLC (5) Common Equity - Class A Units 2023-12-31 0001278752 Consumer Goods - Non-durable Sequential Brands Group, Inc. Gainline Galaxy Holdings LLC Common Equity - Common Stock 2024-03-31 0001278752 Healthcare & Pharmaceuticals Orchard Orchard Therapeutics PLC First Lien Secured Debt SOFR+605, 1.00% Floor Maturity Date 05/28/26 2023-12-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Revolver 2023-12-31 0001278752 Manufacturing, Capital Equipment Carlisle Fluid Technologies LSF12 Donnelly Bidco, LLC Investment Type First Lien Secured Debt Interest Rate SOFR+650, 1.00% Floor Maturity Date 10/02/29 2024-03-31 0001278752 Automotive 2023-12-31 0001278752 USLS Acquisition, Inc., Undrawn Commitment 2024-03-31 0001278752 mfic:ApolloInvestmentManagementLPMember mfic:PerformanceBasedIncentiveFeeMember 2024-01-01 2024-03-31 0001278752 THLP CO. LLC, Letters of Credit 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2022-12-27 2022-12-27 0001278752 Energy - Oil & Gas Spotted Hawk SHD Oil & Gas, LLC Common Equity - Series C Units 2023-12-31 0001278752 Business Services AlpineX 2023-12-31 0001278752 Affiliated Investments Auto Pool 2023 Trust (Del. Stat. Trust) 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Utilities - Electric, First Lien - Secured Debt 2024-03-31 0001278752 Affiliated Investments 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-04-01 0001278752 Transportation - Cargo, Distribution Meritus Gas Partners MGP Holding III Corp. 2024-03-31 0001278752 High Tech Industries Simeio Simeio Group Holdings, Inc. First Lien Secured Debt SOFR+585, 1.00% Floor Maturity Date 02/02/26 2023-12-31 0001278752 Paladone Group Bidco Limited, Undrawn Commitment 2023-12-31 0001278752 mfic:MSEATankersLLCMember 2023-12-31 0001278752 Consumer Goods - Non-durable Village Pet Care Village Pet Care, LLC First Lien Secured Debt SOFR+650, 1.00%Floor Maturity Date 09/22/29 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2023-12-31 0001278752 Alcami Corporation, Undrawn Commitment 2023-12-31 0001278752 Business Services Smith System 2023-12-31 0001278752 Insurance PGM Holdings Corporation Turbo Buyer, Inc. 2023-12-31 0001278752 Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC Preferred Equity - Class P-1 Preferred 2023-12-31 0001278752 Healthcare & Pharmaceuticals Alcresta Therapeutics Inc. 2024-03-31 0001278752 Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. Common Equity - Common Stock 2024-03-31 0001278752 Sirsi Corporation 2023-12-31 0001278752 Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC) 2023-12-31 0001278752 Business Services AlpineX Alpinex Opco, LLC First Lien Secured Debt SOFR+725, 1.00% Floor Maturity Date 12/27/27 2023-12-31 0001278752 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-03-31 0001278752 Energy - Oil & Gas 2024-03-31 0001278752 mfic:EnergyOilAndGasMember 2023-12-31 0001278752 Business Services IRP SMC IR Holdings, LLC Common Equity - Common Stock 2024-03-31 0001278752 High Tech Industries Litify Litify LLC First Lien Secured Debt SOFR+710, 1.00% Floor Maturity Date 02/02/29 2023-12-31 0001278752 Beverage, Food & Tobacco Rise Baking Ultimate Baked Goods Midco LLC First Lien Secured Debt SOFR+560, 1.00% Floor Maturity Date 08/13/27 2023-12-31 0001278752 mfic:DiversifiedInvestmentVehicleBankingFinanceAndRealEstateMember 2023-12-31 0001278752 Business Services US Legal Support USLS Acquisition, Inc. First Lien Secured Debt - Revolver SOFR+490, 1.00% Floor Maturity Date 12/02/24 2024-03-31 0001278752 us-gaap:GeneralAndAdministrativeExpenseMember mfic:MerxAviationFinanceLLCMember 2024-01-01 2024-03-31 0001278752 Advertising Printing & Publishing Hero Digital HRO Holdings I LP Common Equity - Common Stock 2023-12-31 0001278752 Consumer Services Atlas Technical Consultants 2023-12-31 0001278752 us-gaap:CommonStockMember 2024-01-01 2024-03-31 0001278752 mfic:CommonEquityInterestsMember 2023-12-31 0001278752 Consumer Services The Club Company Eldrickco Limited First Lien Secured Debt - Revolver SON+603, 0.50% Floor Maturity Date 05/26/25 2023-12-31 0001278752 Renew Financial LLC (f/k/a Renewable Funding, LLC) | Common Equity - Common Stock 2024-01-01 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:SecondLienSecuredDebtMember 2024-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-01-01 0001278752 1 Months SOFR Loans | 1 Month SOFR 2023-12-31 0001278752 Healthcare & Pharmaceuticals US Fertility US Fertility Enterprises, LLC First Lien Secured Debt - Revolver SOFR+651, 1.00% Floor Maturity Date 12/21/27 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2021-06-16 0001278752 Affiliated Investments Pelican Energy, LLC, Common Stock 2024-03-31 0001278752 EmpiRx Health LLC Letters of Credit 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:ValuationTechniqueOptionPricingModelMember srt:MinimumMember mfic:MeasurementInputExpectedVolatilityMember us-gaap:WarrantMember 2024-03-31 0001278752 mfic:UnfundedDelayedDrawLoanCommitmentsMember 2023-12-31 0001278752 mfic:SeniorSecuredFacilityMember currency:GBP 2024-03-31 0001278752 Business Services Jacent Jacent Strategic Merchandising First Lien Secured Debt SOFR+585 Cash plus 0.75% PIK, 1.00% Floor Maturity Date 04/23/24 2023-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Compu-Link Corporation First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 06/11/24 2023-12-31 0001278752 Consumer Goods - Durable A&V A&V Holdings Midco, LLC First Lien Secured Debt – Revolver P+350 Maturity Date 03/10/25 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2022-12-31 0001278752 us-gaap:FairValueInputsLevel3Member 2022-12-31 0001278752 Total Investments before Cash Equivalents 2024-03-31 0001278752 Transportation - Cargo, Distribution Camin Cargo Camin Cargo Control Holdings, Inc. First Lien Secured Debt SOFR+600, 1.00% Maturity Date 12/07/29 2024-03-31 0001278752 ChyronHego US Holding Corporation Undrawn Commitment 2024-03-31 0001278752 mfic:FirstLienSecuredDebtMember mfic:ValuationTechniqueYieldAnalysisMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember 2024-03-31 0001278752 High Tech Industries Litify Litify LLC First Lien Secured Debt SOFR+710, 1.00% Floor Maturity Date 02/02/29 2024-03-31 0001278752 Hive Intermediate, LLC Undrawn Commitment 2023-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive Shelby 2021 Holdings Corp. First Lien Secured Debt SOFR+586--, 0.75% Floor Maturity Date 06/29/28 2023-12-31 0001278752 Nutpods Holdings, Inc. | Common Equity - Common Stock 2023-01-01 2023-12-31 0001278752 Controlled Investments 2024-03-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2015-09-15 0001278752 Consumer Goods - Non-durable Sequential Brands Group, Inc. Swisstech IP CO, LLC First Lien Secured Debt 6.00% PIK Maturity Date 11/09/24 2023-12-31 0001278752 Business Services Accelerate Learning 2023-12-31 0001278752 Wholesale Thomas Scientific BSP-TS, LP Common Equity - Common Stock 2023-12-31 0001278752 Simeio Group Holdings, Inc. 2024-03-31 0001278752 Wildcat BuyerCo, Inc., Undrawn Commitment 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Manufacturing, Capital Equipment 2023-12-31 0001278752 Healthcare & Pharmaceuticals EmpiRx 2024-03-31 0001278752 Construction & Building Allstar Holdings Athlete Buyer, LLC First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 04/26/29 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Common Equity/Interests 2024-03-31 0001278752 Health Management Associates Superholdings, Inc. Letters of Credit 2024-03-31 0001278752 High Tech Industries Litify 2023-12-31 0001278752 High Tech Industries ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt- Revolver SOFR+600, 1.75% Floor Maturity Date 06/30/26 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Beverage, Food & Tobacco, First Lien - Secured Debt 2024-03-31 0001278752 Blue Jay Transit Inc. 2024-03-31 0001278752 High Tech Industries Modern Campus RMCF IV CIV XXXV, L.P. Common Equity - Common Stock 2023-12-31 0001278752 Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt SOFR+275 Cash plus 5.10% PIK, 1.00% Floor Maturity Date 03/18/26 2024-03-31 0001278752 Transportation - Cargo, Distribution MSEA Tankers LLC MSEA Tankers LLC (5) Common Equity – Class A Units 2024-03-31 0001278752 mfic:SeniorSecuredFacilityMember currency:GBP 2024-01-01 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Advertising, Printing & Publishing 2023-12-31 0001278752 Goldman Sachs Financial Square Government Fund 2023-12-31 0001278752 mfic:RestrictedSecuritiesMember 2024-03-31 0001278752 HSI HALO Acquisition, Inc. 2024-03-31 0001278752 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-01-01 2024-03-31 0001278752 mfic:ApolloInvestmentManagementLPMember mfic:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember 2023-12-31 0001278752 Silk Holdings I Corp. | Common Equity - Common Stock 2023-01-01 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Consumer Goods - Durable, First Lien - Secured Debt 2023-12-31 0001278752 2018-11-30 2018-11-30 0001278752 2024-01-01 2024-03-31 0001278752 Consumer Services Bird Bird Rides, Inc. First Lien Secured Debt SOFR+760, 1.00% Floor Maturity Date 07/12/25 2023-12-31 0001278752 TissueTech, Inc., Undrawn Commitment 2023-12-31 0001278752 Upstack Holdco Inc. 2023-12-31 0001278752 Total Consumer Services 2024-03-31 0001278752 Business Services Naviga Naviga Inc. (fka Newscycle Solutions, Inc.) First Lien Secured Debt Revolver SOFR+710 1.00% Floor Maturity Date 02/27/24 2023-12-31 0001278752 Manufacturing, Capital Equipment AVAD, LLC Surf Opco, LLC 2023-12-31 0001278752 Controlled Investments SHD Oil & Gas, LLC, Series C Units 2024-03-31 0001278752 Energy - Electricity Renew Financial LLC (f/k/a Renewable Funding, LLC) Renew JV LLC Common Equity - Membership Interests 2024-03-31 0001278752 Business Services IRP 2023-12-31 0001278752 Manufacturing, Capital Equipment Kauffman Kauffman Intermediate, LLC 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Healthcare & Pharmaceuticals, Common Equity/Interest 2024-03-31 0001278752 Greylock Holdings LLC | Common Equity - Common Stock 2023-01-01 2023-12-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:ValuationTechniqueOptionPricingModelMember mfic:MeasurementInputExpectedVolatilityMember srt:WeightedAverageMember 2024-03-31 0001278752 Healthcare & Pharmaceuticals Health & Safety Institute HSI HALO Acquisition, Inc. First Lien Secured Debt - Revolver P+475 Maturity Date 09/02/25 2024-03-31 0001278752 Upstack Holdco Inc., Undrawn Commitment 2023-12-31 0001278752 mfic:MficbethesdacloonellcdebtsecuritizationMember mfic:SubServicingAgreementMember 2023-10-01 2023-12-31 0001278752 Consumer Goods - Non-durable LashCo Lash OpCo, LLC First Lien Secured Debt- Revolver SOFR+275 Cash plus 5.10% PIK, 1.00% Floor Maturity Date 03/18/26 2024-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants CircusTrix CircusTrix Holdings LLC 2024-03-31 0001278752 Eldrickco Limited*, Undrawn Commitment 2023-12-31 0001278752 mfic:FirstLienSecuredDebtMember mfic:ValuationTechniqueYieldAnalysisMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember 2024-03-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Term Loan 2023-12-31 0001278752 Healthcare & Pharmaceuticals Medical Guardian, LLC First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 10/26/26 2024-03-31 0001278752 Automotive Crowne Automotive Vari-Form Group, LLC First Lien Secured Debt 11.00% (7.00% Cash plus 4.00% PIK) Maturity Date 02/02/23 2023-12-31 0001278752 Consumer Goods - Non-durable Paladone Paladone Group Holdings Limited Common Equity - Common Stock 2024-03-31 0001278752 High Street Buyer, Inc., Undrawn Commitment 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Hotel, Gaming, Leisure, Restaurants, First Lien - Secured Debt 2023-12-31 0001278752 Consumer Services Lending Point 2023-12-31 0001278752 Business Services Smith System Smith Topco, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 11/06/29 2024-03-31 0001278752 High Tech Industries Omada Omada Health, Inc. First Lien Secured Debt – Revolver SOFR+410, 2.50% Floor Maturity Date 06/01/28 2024-03-31 0001278752 Transportation - Cargo, Distribution Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/03/24 2023-12-31 0001278752 USLS Acquisition, Inc. 2024-03-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentySixMember 2021-07-16 2021-07-16 0001278752 Non-Controlled/Non-Affiliated Investments, Business Services, Unsecured Debt 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Diversified Investment Vehicles, Banking, Finance, Real Estate, Common Equity/Interests 2024-03-31 0001278752 Healthcare & Pharmaceuticals US Fertility US Fertility Enterprises, LLC First Lien Secured Debt SOFR+660, 1.00% Floor Maturity Date 12/21/27 2024-03-31 0001278752 Paladone Group Bidco Limited* 2024-03-31 0001278752 Business Services SEER GS SEER Group Borrower LLC First Lien Secured Debt SOFR+675, 1.00% Floor Maturity Date 04/29/30 2024-03-31 0001278752 mfic:RestrictedSecuritiesMember 2023-12-31 0001278752 High Tech Industries Simeio 2023-12-31 0001278752 Non-Controlled/Affiliated Investments, First Lien - Secured Debt 2023-12-31 0001278752 Affiliated Investments Auto Pool 2023 Trust (Del. Stat. Trust) 2024-01-01 2024-03-31 0001278752 GB001, Inc., Undrawn Commitment 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Energy - Electricity, Common Equity/Interests 2023-12-31 0001278752 mfic:SeniorSecuredFacilityMember 2023-12-31 0001278752 mfic:ApolloInvestmentManagementLPMember mfic:IncentiveFeeBasedOnIncomeMember mfic:LegacyFeeMember 2023-01-01 2023-01-01 0001278752 Healthcare & Pharmaceuticals Partner Therapeutics, Inc. 2023-12-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Term Loan 2022-12-31 0001278752 Healthcare & Pharmaceuticals Celerion 2024-03-31 0001278752 Patriot Foods Buyer, Inc., Undrawn Commitment 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Insurance 2023-12-31 0001278752 High Tech Industries Calero Holdings, Inc. Telesoft Holdings, LLC First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 12/16/25 2023-12-31 0001278752 Shelby 2021 Holdings Corp. 2024-03-31 0001278752 Business Services HMA 2023-12-31 0001278752 Insurance High Street Insurance High Street Buyer, Inc. First Lien Secured Debt – Revolver SOFR+590, 0.75% Floor Maturity Date 04/16/27 2023-12-31 0001278752 Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt SOFR+600, 1.00% Floor Maturity Date 12/24/29 2024-03-31 0001278752 Lash OpCo, LLC, Undrawn Commitment 2024-03-31 0001278752 Affiliated Investments 2024-01-01 2024-03-31 0001278752 Precision Refrigeration & Air Conditioning LLC, Undrawn Commitment 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:ValuationTechniqueOptionPricingModelMember srt:MinimumMember mfic:MeasurementInputExpectedVolatilityMember 2023-12-31 0001278752 High Tech Industries Schlesinger Group Schlesinger Global, LLC First Lien Secured Debt SOFR+790, 1.00% Floor Maturity Date 07/12/25 2023-12-31 0001278752 Project Comfort Buyer, Inc., Undrawn Commitment 2023-12-31 0001278752 Healthcare & Pharmaceuticals Akoya Akoya Biosciences, Inc. First Lien Secured Debt SOFR+691, 2.50% Floor Maturity Date 11/01/27 2023-12-31 0001278752 mfic:ChemicalsPlasticsAndRubberMember 2024-03-31 0001278752 srt:MaximumMember us-gaap:PreferredStockMember mfic:ValuationTechniqueMarketComparableTechniqueMember us-gaap:FairValueInputsLevel3Member mfic:MeasurementInputComparableMultipleMember 2023-12-31 0001278752 Healthcare & Pharmaceuticals TissueTech TissueTech, Inc. First Lien Secured Debt SOFR+586, 1.00% Floor Maturity Date 04/01/27 2024-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants Guernsey Guernsey Holdings SDI LA LLC First Lien Secured Debt SOFR+595, 1.00% Floor Maturity Date 11/18/26 2023-12-31 0001278752 Healthcare & Pharmaceuticals Midwest Vision 2024-03-31 0001278752 TELA Bio, Inc., Undrawn Commitment 2023-12-31 0001278752 Healthcare & Pharmaceuticals Medical Guardian 2024-03-31 0001278752 ExactCare Parent, Inc. Undrawn Commitment 2024-03-31 0001278752 Precision Refrigeration & Air Conditioning LLC 2024-03-31 0001278752 Activ Software Holdings, LLC 2023-12-31 0001278752 Kauffman Intermediate, LLC Letters of Credit 2023-12-31 0001278752 mfic:ValuationTechniqueYieldAnalysisMember mfic:FirstLienSecuredDebtMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember 2023-12-31 0001278752 Preferred Equity 2023-12-31 0001278752 TerSera Therapeutics LLC, Undrawn Commitment 2023-12-31 0001278752 Consumer Services Lending Point Lending Point LLC First Lien Secured Debt SOFR+665 Cash plus 5.00% PIK, 1.00% Floor Maturity Date 12/30/26 2024-03-31 0001278752 Hive Intermediate, LLC, Undrawn Commitment 2024-03-31 0001278752 Aviation and Consumer Transport Primeflight PrimeFlight Acquisition, LLC First Lien Secured Debt SOFR+685, 1.00% Floor Maturity Date 05/01/29 2023-12-31 0001278752 Ultimate Baked Goods Midco LLC, Letters of Credit 2024-03-31 0001278752 High Tech Industries Dairy.com Momentx Corporation First Lien Secured Debt SOFR+635, 1.00% Floor Maturity Date 06/24/27 2024-03-31 0001278752 Green Grass Foods, Inc. Undrawn Commitment 2023-12-31 0001278752 Purchasing Power Funding I, LLC 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2016-01-01 2016-01-01 0001278752 Non-Controlled/Affiliated Investments, Consumer Goods – Durable, Common Equity/Interests 2023-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Definiti LLC Greylock Holdings LLC Common Equity - Common Stock 2024-03-31 0001278752 Roscoe Medical, Inc, Undrawn Commitment 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Chemicals, Plastics & Rubber, First Lien - Secured Debt 2023-12-31 0001278752 Business Services PSI Services, LLC Lifelong Learner Holdings, LLC First Lien Secured Debt - Revolver SOFR+590, 1.00% Floor Maturity Date 10/20/25 2024-03-31 0001278752 Sirsi Corporation, Undrawn Commitment 2024-03-31 0001278752 Telecommunications 2023-12-31 0001278752 High Tech Industries Simeio Simeio Group Holdings, Inc.First Lien Secured Debt SOFR+585 Cash plus 0.50% PIK, 1.00% Floor Maturity Date 02/02/26 2024-03-31 0001278752 mfic:FirstLienSecuredDebtMember us-gaap:FairValueInputsLevel3Member mfic:ValuationTechniqueRecoveryAnalysisMember mfic:MeasurementInputRecoverableAmountMember 2023-12-31 0001278752 Controlled Investments, High Tech Industries, Preferred Equity 2024-03-31 0001278752 Total Commitments, Undrawn Commitment 2024-03-31 0001278752 Beverage, Food & Tobacco Patriot Pickle Patriot Foods Buyer, Inc. First Lien Secured Debt- Revolver SOFR+600, 1.00% Floor Maturity Date 12/22/29 2023-12-31 0001278752 Consumer Services Lending Point Lending Point LLC First Lien Secured Debt - Revolver SOFR+590, 1.00% Floor Maturity Date 12/30/26 2024-03-31 0001278752 High Tech Industries GoHealth Norvax, LLC First Lien Secured Debt - Revolver SOFR+660, 1.00% Floor Maturity Date 06/30/25 2024-03-31 0001278752 Automotive K&N Parent, Inc. K&N Holdco, LLC Common Equity - Common Stock 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Energy - Electricity, First Lien - Secured Debt 2024-03-31 0001278752 mfic:MSEATankersLLCMember 2024-03-31 0001278752 us-gaap:FairValueInputsLevel1Member 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2020-03-12 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Celink Peer Advisors, LLC First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 11/30/28 2024-03-31 0001278752 Transportation - Cargo, Distribution Beacon Mobility Beacon Mobility Corp. Investment Type First Lien Secured Debt - Revolver Interest Rate SOFR+535, 1.00% Floor Maturity Date 12/31/25 2024-03-31 0001278752 us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember mfic:ValuationTechniqueRecentTransactionMember mfic:MeasurementInputRecentTransactionMember 2023-12-31 0001278752 High Tech Industries Digital.ai 2023-12-31 0001278752 Consumer Services Go Car Wash Go Car Wash Management Corp. First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 12/31/26 2023-12-31 0001278752 Controlled Investments Merx Aviation Finance, LLC, Letter of Credit 2023-01-01 2023-12-31 0001278752 mfic:SeniorSecuredFacilityMember 2018-04-04 0001278752 A&V Holdings Midco, LLC, Undrawn Commitment 2024-03-31 0001278752 Business Services Escalent M&M OPCO, LLC First Lien Secured Debt SOFR+810, 1.00% Floor Maturity Date 04/07/29 2024-03-31 0001278752 Healthcare & Pharmaceuticals Cerus Cerus Corporation First Lien Secured Debt - Revolver SOFR+385, 1.00% Floor Maturity Date 03/01/28 2023-12-31 0001278752 Kure Pain Holdings, Inc. Undrawn Commitment 2023-12-31 0001278752 mfic:SECRule10b51RepurchasePlanMember 2018-06-18 2018-06-18 0001278752 Cave Enterprises Operations, LLC 2023-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Spectrum Automotive 2023-12-31 0001278752 Advertising Printing & Publishing Hero Digital HRO (Hero Digital) Holdings, LLC First Lien Secured Debt SOFR+610, 1.00% Floor Maturity Date 11/18/28 2024-03-31 0001278752 Patriot Foods Buyer, Inc., Undrawn Commitment 2023-12-31 0001278752 Controlled Investments, Energy - Oil & Gas, Common Equity/Interests 2024-03-31 0001278752 High Tech Industries ChyronHego Corporation ChyronHego Corporation First Lien Secured Debt - Revolver P+600 Maturity Date 06/30/26 2023-12-31 0001278752 Manufacturing, Capital Equipment Kauffman Kauffman Holdco, LLC Common Equity - Common Stock 2023-12-31 0001278752 Club Car Wash Operating, LLC, Undrawn Commitment 2024-03-31 0001278752 High Tech Industries Dairy.com Momentx Corporation First Lien Secured Debt - Revolver SOFR+585, 1.00% Floor Maturity Date 06/24/27 2024-03-31 0001278752 Construction & Building Allstar Holding 2023-12-31 0001278752 Eldrickco Limited* 2024-03-31 0001278752 Beverage, Food & Tobacco Rise Baking Ultimate Baked Goods Midco LLC First Lien Secured Debt - Revolver SOFR+635, 1.00% Floor Maturity Date 08/13/27 2023-12-31 0001278752 Diversified Investment Vehicles, Banking, Finance, Real Estate Purchasing Power, LLC Purchasing Power Funding I, LLC First Lien Secured Debt – Revolver SOFR+710, 0.00% Floor Maturity Date 02/24/25 2024-03-31 0001278752 Healthcare & Pharmaceuticals Compass Health Roscoe Medical, Inc First Lien Secured Debt SOFR+636, 1.00% Floor Maturity Date 09/30/24 2023-12-31 0001278752 Business Services Jacent Jacent Strategic Merchandising First Lien Secured Debt Revolver SOFR+660, 1.00% Floor Maturity Date 04/23/24 2023-12-31 0001278752 Consumer Services Go Car Wash 2023-12-31 0001278752 mfic:SeniorUnsecuredNotesTwoThousandTwentyEightMember 2023-12-31 0001278752 Total Commitments 2024-03-31 0001278752 Wholesale Banner Solutions Banner Parent Holdings, Inc. 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First Lien Secured Debt SOFR+711, 2.00% Floor Maturity Date 01/01/25 2024-03-31 0001278752 Maxor National Pharmacy Services, LLC, Undrawn Commitment 2023-12-31 0001278752 Business Services Trench Plate 2024-03-31 0001278752 srt:MaximumMember us-gaap:FairValueInputsLevel3Member mfic:CommonEquityInterestsMember us-gaap:ValuationTechniqueOptionPricingModelMember mfic:MeasurementInputExpectedVolatilityMember 2024-03-31 0001278752 us-gaap:RetailMember 2023-12-31 0001278752 Healthcare & Pharmaceuticals Medical Guardian, LLC First Lien Secured Debt - RevolverSOFR+635, 1.00% Floor Maturity Date 10/26/26 2023-12-31 0001278752 Beverage, Food & Tobacco Nutpods Nutpods Holdings, Inc. Common Equity - Common Stock 2023-12-31 0001278752 Warrants 2024-03-31 0001278752 Jacent Strategic Merchandising 2023-12-31 0001278752 mfic:MannkindCorporationMember 2023-12-31 0001278752 Upstack Holdco Inc., Letters of Credit 2024-03-31 0001278752 mfic:FirstLienSecuredDebtMember 2023-12-31 0001278752 Silk Holdings III Corp., Undrawn Commitment 2024-03-31 0001278752 Business Services Wilson Language Training Owl Acquisition, LLC First Lien Secured Debt SOFR+535, 1.00% Floor Maturity Date 02/04/28 2024-03-31 0001278752 Compu-Link Corporation Undrawn Commitment 2023-12-31 0001278752 Healthcare & Pharmaceuticals Compass Health Roscoe Medical, Inc First Lien Secured Debt SOFR+636, 1.00% Floor Maturity Date 09/30/24 2024-03-31 0001278752 mfic:ChyronHegoCorporationMember 2023-12-31 0001278752 A&V Holdings Midco, LLC 2023-12-31 0001278752 High Tech Industries Springbrook Springbrook Holding Company, LLC First Lien Secured Debt SOFR+561, 1.00% Floor Maturity Date 12/23/26 2024-03-31 0001278752 Transportation - Cargo, Distribution Heniff and Superior 2024-03-31 0001278752 Consumer Services The Weather Company Zephyr Buyer,L.P.First Lien Secured Debt SOFR+675,1.00% Floor Maturity Date 01/31/30 2024-03-31 0001278752 Digital.ai Software Holdings, Inc. 2024-03-31 0001278752 ChyronHego Corporation | Preferred Equity - Preferred Equity 2024-01-01 2024-03-31 0001278752 High Tech Industries American Megatrends AMI US Holdings Inc. First Lien Secured Debt SOFR+535, 1.00% Floor Maturity Date 04/01/25 2023-12-31 0001278752 Healthcare & Pharmaceuticals KureSmart Kure Pain Holdings, Inc. First Lien Secured Debt - Revolver SOFR+610, 1.00% Floor Maturity Date 08/27/24 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Energy - Electricity 2023-12-31 0001278752 Healthcare & Pharmaceuticals WellDyneRx, LLC WelldyneRX, LLC First Lien Secured Debt - Revolver SOFR+685, 0.75% Floor Maturity Date 03/09/26 2023-12-31 0001278752 Consumer Goods - Durable KLO Holdings, LLC 1244311 B.C. Ltd. First Lien Secured Debt SOFR+500, 1.00% Floor Maturity Date 09/30/25 2024-03-31 0001278752 12 Months SOFR Loans | 12 Month SOFR 2023-12-31 0001278752 Affiliated Investments Pelican Energy, LLC, Common Stock 2023-12-31 0001278752 Sorenson Holdings, LLC | Common Equity - Membership Interests 2024-01-01 2024-03-31 0001278752 Affiliated Investments Pelican Energy, LLC, Common Stock 2024-01-01 2024-03-31 0001278752 Healthcare & Pharmaceuticals TissueTech 2024-03-31 0001278752 Non-Controlled/Non-Affiliated Investments, Wholesale, Preferred Equity 2023-12-31 0001278752 Healthcare & Pharmaceuticals Cato Research LS Clinical Services Holdings, Inc. First Lien Secured Debt - Revolver SOFR+751, 1.00% Floor Maturity Date 06/16/27 2024-03-31 0001278752 Affiliated Investments 1244311 B.C. Ltd., Term Loan 2024-01-01 2024-03-31 0001278752 Healthcare & Pharmaceuticals ExactCare ExactCare Parent, Inc. First Lien Secured Debt - Revolver SOFR+650, 1.00% Floor Maturity Date 11/03/29 2024-03-31 0001278752 Hotel, Gaming, Leisure, Restaurants Taco Cabana YTC Enterprises, LLC First Lien Secured Debt SOFR+636, 1.00% Floor Maturity Date 08/16/26 2023-12-31 0001278752 Healthcare & Pharmaceuticals Unchained Labs 2023-12-31 0001278752 Total Diversified Investment Vehicles, Banking, Finance, Real Estate 2024-03-31 0001278752 Consumer Goods - Durable A&V A&V Holdings Midco, LLC First Lien Secured Debt - Revolver SOFR+461, 1.00% Floor Maturity Date 03/10/25 2023-12-31 0001278752 Non-Controlled/Non-Affiliated Investments, Transportation – Cargo, Distribution, First Lien - Secured Debt 2023-12-31 mfic:Contract xbrli:pure iso4217:USD xbrli:shares xbrli:shares mfic:Installment iso4217:GBP iso4217:USD mfic:Component

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2024

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 57 th Street

37th Floor

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. Yes ¨ No ¨

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of May 6, 2024 was 65,253,275 .


MIDCAP FINANCIAL INVESTMENT CORPORATION

Table of Contents

Page

PART I. FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

1

Consolidated Statements of Assets and Liabilities
March 31, 2024 and December 31, 2023

1

Consolidated Statements of Operations
Three months ended March 31, 2024 and March 31, 2023

2

Consolidated Statements of Changes in Net Assets
Three months ended March 31, 2024 and March 31, 2023

3

Consolidated Statements of Cash Flows
Three months ended March 31, 2024 and March 31, 2023

4

Consolidated Schedule of Investments
March 31, 2024

5

Consolidated Schedule of Investments
December 31, 2023

37

Notes to Consolidated Financial Statements

67

Report of Independent Registered Public Accounting Firm

97

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

98

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

113

Item 4.

Controls and Procedures

115

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

116

Item 1A.

Risk Factors

116

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

116

Item 3.

Defaults Upon Senior Securities

119

Item 4.

Mine Safety Disclosures

119

Item 5.

Other Information

119

Item 6.

Exhibits

120

Signatures

121


Table of Contents

PART I. FINANCIAL INFORMATION

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

Item 1. Consolidated Financial Statements

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

March 31, 2024

December 31, 2023

(Unaudited)

Assets

Investments at fair value:

Non-controlled/non-affiliated investments (cost — $ 2,008,281 and $ 2,012,273 , respectively)

$

1,937,316

$

1,936,327

Non-controlled/affiliated investments (cost — $ 150,771 and $ 130,648 , respectively)

95,309

77,528

Controlled investments (cost — $ 393,475 and $ 395,221 , respectively)

320,210

320,344

Cash and cash equivalents

49,611

93,575

Foreign currencies (cost — $ 30 and $ 28,563 , respectively)

1

28,553

Receivable for investments sold

1,347

2,796

Interest receivable

20,977

21,441

Dividends receivable

459

1,327

Deferred financing costs

18,238

19,435

Prepaid expenses and other assets

1,594

5

Total Assets

$

2,445,062

$

2,501,331

Liabilities

Debt

$

1,405,121

$

1,462,267

Payable for investments purchased

1,343

Management and performance-based incentive fees payable

10,424

10,729

Interest payable

13,313

14,494

Accrued administrative services expense

1,734

1,657

Other liabilities and accrued expenses

7,126

6,874

Total Liabilities

$

1,439,061

$

1,496,021

Commitments and contingencies (Note 8)

Net Assets

$

1,006,001

$

1,005,310

Net Assets

Common stock, $ 0.001 par value ( 130,000,000 shares authorized; 65,253,275 and 65,253,275 shares issued and outstanding, respectively)

$

65

$

65

Capital in excess of par value

2,103,718

2,103,718

Accumulated under-distributed (over-distributed) earnings

( 1,097,782

)

( 1,098,473

)

Net Assets

$

1,006,001

$

1,005,310

Net Asset Value Per Share

$

15.42

$

15.41

See notes to the consolidated financial statements.

1


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

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

Three Months Ended March 31,

2024

2023

Investment Income

Non-controlled/non-affiliated investments:

Interest income (excluding Payment-in-kind (“PIK”) interest income)

$

59,996

$

60,021

Dividend income

12

22

PIK interest income

1,995

329

Other income

1,708

1,934

Non-controlled/affiliated investments:

Interest income (excluding PIK interest income)

299

278

Dividend income

PIK interest income

34

27

Other income

Controlled investments:

Interest income (excluding PIK interest income)

4,287

4,489

Dividend income

PIK interest income

428

Other income

250

Total Investment Income

$

68,331

$

67,778

Expenses

Management fees

$

4,386

$

4,264

Performance-based incentive fees

6,038

6,196

Interest and other debt expenses

26,179

24,766

Administrative services expense

1,223

1,422

Other general and administrative expenses

2,129

2,256

Total expenses

39,955

38,904

Management and performance-based incentive fees waived

Performance-based incentive fee offset

( 274

)

Expense reimbursements

( 168

)

( 335

)

Net Expenses

$

39,787

$

38,295

Net Investment Income

$

28,544

$

29,483

Net Realized and Change in Unrealized Gains (Losses)

Net realized gains (losses):

Non-controlled/non-affiliated investments

$

( 7,470

)

$

( 876

)

Non-controlled/affiliated investments

Controlled investments

1

Foreign currency transactions

( 618

)

41

Net realized gains (losses)

( 8,088

)

( 834

)

Net change in unrealized gains (losses):

Non-controlled/non-affiliated investments

4,983

( 45

)

Non-controlled/affiliated investments

( 2,341

)

1,233

Controlled investments

1,613

1,315

Foreign currency translations

778

( 1,020

)

Net change in unrealized gains (losses)

5,033

1,483

Net Realized and Change in Unrealized Gains (Losses)

$

( 3,055

)

$

649

Net Increase (Decrease) in Net Assets Resulting from Operations

$

25,489

$

30,132

Earnings (Loss) Per Share — Basic

$

0.39

$

0.46

See notes to the consolidated financial statements.

2


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

Three Months Ended March 31,

2024

2023

Operations

Net investment income

$

28,544

$

29,483

Net realized gains (losses)

( 8,088

)

( 834

)

Net change in unrealized gains (losses)

5,033

1,483

Net Increase (Decrease) in Net Assets Resulting from Operations

$

25,489

$

30,132

Distributions to Shareholders

Distribution of net investment income

$

( 24,798

)

$

( 24,870

)

Net Decrease in Net Assets Resulting from Distributions to Shareholders

$

( 24,798

)

$

( 24,870

)

Net Assets

Net increase (decrease) in net assets during the period

$

691

$

5,262

Net assets at beginning of period

1,005,310

988,106

Net Assets at End of Period

$

1,006,001

$

993,368

Capital Share Activity

Shares issued and outstanding at beginning of period

65,253,275

65,451,359

Shares Issued and Outstanding at End of Period

65,253,275

65,451,359

See notes to the consolidated financial statements.

3


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

Three Months Ended March 31,

2024

2023

Operating Activities

Net increase (decrease) in net assets resulting from operations

$

25,489

$

30,132

Net realized (gains) losses

8,088

834

Net change in unrealized (gains) losses

( 5,033

)

( 1,483

)

Net amortization of premiums and accretion of discounts on investments

( 1,936

)

( 2,497

)

Accretion of discount on notes

623

151

Amortization of deferred financing costs

1,295

1,248

Increase in gains/(losses) from foreign currency transactions

( 618

)

41

PIK interest and dividends capitalized

( 2,349

)

( 791

)

Purchases of investments

( 151,447

)

( 150,947

)

Proceeds from sales and repayments of investments

136,671

170,193

Changes in operating assets and liabilities:

Decrease (increase) in interest receivable

467

1,126

Decrease (increase) in dividends receivable

868

1,684

Decrease (increase) in prepaid expenses and other assets

( 1,589

)

1,046

Increase (decrease) in management and performance-based incentive fees payable

( 305

)

1,288

Increase (decrease) in interest payable

( 1,181

)

( 6,367

)

Increase (decrease) in accrued administrative services expense

77

645

Increase (decrease) in other liabilities and accrued expenses

252

( 431

)

Net Cash Used in/Provided by Operating Activities

$

9,372

$

45,872

Financing Activities

Issuances of debt

$

82,300

$

46,194

Payments of debt

( 139,371

)

( 60,000

)

Distributions paid

( 24,798

)

( 49,089

)

Net Cash Used in/Provided by Financing Activities

$

( 81,869

)

$

( 62,895

)

Cash, Cash Equivalents and Foreign Currencies

Net increase (decrease) in cash, cash equivalents and foreign currencies during the period

$

( 72,497

)

$

( 17,023

)

Effect of foreign exchange rate changes on cash and cash equivalents

( 19

)

( 4

)

Cash, cash equivalents and foreign currencies at beginning of period

122,128

87,091

Cash, Cash Equivalents and Foreign Currencies at the End of Period

$

49,612

$

70,064

Supplemental Disclosure of Cash Flow Information

Cash interest paid

$

25,490

$

29,473

Non-Cash Activity

PIK income

$

2,029

$

784

See notes to the consolidated financial statements.

4


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Advertising, Printing & Publishing

FingerPaint Marketing

KL Charlie Acquisition Company

First Lien Secured Debt

SOFR+ 685 , 1.00 % Floor

12/30/26

$

23,934

$

23,683

$

23,339

(9)(31)

First Lien Secured Debt - Revolver

P+ 525

12/30/26

1,014

1,001

988

(9)(28)

First Lien Secured Debt - Revolver

SOFR+ 685 , 1.00 % Floor

12/30/26

948

935

925

(9)(23)(31)

KL Charlie Co-Invest, L.P.

Common Equity - Common Stock

N/A

N/A

218,978 Shares

220

315

(9)(13)

25,839

25,567

Hero Digital

HRO (Hero Digital) Holdings, LLC

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

11/18/28

26,791

19,734

18,744

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

11/18/26

2,553

2,490

2,398

(9)(20)(21)(23)
(31)

HRO Holdings I LP

Common Equity - Common Stock

N/A

N/A

213 Shares

213

170

(9)(13)

22,437

21,312

Total Advertising, Printing & Publishing

$

48,276

$

46,879

Automotive

Club Car Wash

Club Car Wash Operating, LLC

First Lien Secured Debt

SOFR+ 615 , 1.00 % Floor

06/16/27

$

26,916

$

25,317

$

25,240

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 615 , 1.00 % Floor

06/16/27

1,625

1,608

1,601

(9)(23)(31)

26,925

26,841

K&N Parent, Inc.

K&N Holdco, LLC

Common Equity - Common Stock

N/A

N/A

77,622 Shares

23,621

1,515

(13)

Truck-Lite Co., LLC

TL Lighting Holdings, LLC

Common Equity - Equity

N/A

N/A

350 Shares

350

558

(9)(13)

Total Automotive

$

50,896

$

28,914

Aviation and Consumer Transport

Merx Aviation Finance, LLC

Merx Aviation Finance, LLC (5)

First Lien Secured Debt - Revolver

10.00 %

10/31/25

$

106,177

$

70,076

$

70,075

(20)(23)

Common Equity - Membership Interests

N/A

N/A

146,500

119,672

(24)

216,576

189,747

Primeflight

PrimeFlight Acquisition, LLC

First Lien Secured Debt

SOFR+ 685 , 1.00 % Floor

05/01/29

5,436

5,289

5,314

(9)(31)(32)

First Lien Secured Debt

SOFR+ 625 , 1.00 % Floor

05/01/29

5,000

4,902

4,888

(9)(31)

10,191

10,202

Total Aviation and Consumer Transport

$

226,767

$

199,949

Beverage, Food & Tobacco

Berner Foods

Berner Food & Beverage, LLC

First Lien Secured Debt

SOFR+ 565 , 1.00 % Floor

07/30/27

$

30,341

$

29,918

$

29,279

(9)(31)

First Lien Secured Debt - Revolver

P+ 450

07/30/26

1,435

1,419

1,385

(9)(28)

First Lien Secured Debt - Revolver

SOFR+ 465 , 1.00 % Floor

07/30/26

1,446

560

525

(9)(21)(23)(31)

31,897

31,189

See notes to the consolidated financial statements.

5


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Bolthouse Farms

Wm. Bolthouse Farms, Inc.

Common Equity - Equity Interests

N/A

N/A

1,086,122 Shares

1,147

1,195

(13)

Hive

FCP-Hive Holdings, LLC

Preferred Equity - Preferred Equity

N/A

N/A

589 Shares

448

239

(9)(13)

Common Equity - Common Stock

N/A

N/A

589 Shares

3

(9)(13)

Hive Intermediate, LLC

First Lien Secured Debt

SOFR+ 610 Cash plus 2.00 % PIK, 1.00 % Floor

09/22/27

13,995

13,827

13,575

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 610 Cash plus 2.00 % PIK, 1.00 % Floor

09/22/27

2,326

608

566

(9)(21)(23)(30)

14,886

14,380

Nutpods

Green Grass Foods, Inc.

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

12/26/29

3,741

3,668

3,666

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 625 , 1.00 % Floor

12/26/29

1,250

( 24

)

( 25

)

(8)(9)(21)(23)

Nutpods Holdings, Inc.

Common Equity - Common Stock

N/A

N/A

125 Shares

125

125

(9)(13)(24)

3,769

3,766

Orgain, Inc.

Butterfly Fighter Co-Invest, L.P.

Common Equity - Membership Interests

N/A

N/A

490,000 Shares

90

1,446

Patriot Pickle

Patriot Foods Buyer, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

12/24/29

249

245

244

(9)(31)

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

12/22/29

500

( 5

)

( 10

)

(8)(9)(21)(23)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

12/22/29

250

( 5

)

( 5

)

(8)(9)(21)(23)

235

229

Rise Baking

Ultimate Baked Goods Midco LLC

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

08/13/27

26,155

25,748

26,126

(9)(30)

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

08/13/27

5,647

5,580

5,543

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

08/13/27

3,243

( 47

)

( 4

)

(8)(9)(20)(21)
(23)

31,281

31,665

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

SOFR+ 600 Cash plus 2.00 % PIK, 1.00 % Floor

05/31/25

26,038

25,916

26,038

(9)(31)

First Lien Secured Debt

SOFR+ 600 Cash plus 6.00 % PIK, 1.00 % Floor

05/31/24

1,400

1,431

1,407

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 600 Cash plus 2.00 % PIK, 1.00 % Floor

05/31/24

4,494

2,114

2,116

(9)(20)(21)(23)
(31)

29,630

29,561

Total Beverage, Food & Tobacco

$

112,935

$

113,431

See notes to the consolidated financial statements.

6


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Business Services

Accelerate Learning

Eagle Purchaser, Inc.

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

03/22/30

$

4,307

$

3,754

$

3,859

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

03/22/29

658

384

394

(9)(21)(23)(31)
(32)

4,138

4,253

AlpineX

Alpinex Opco, LLC

First Lien Secured Debt

SOFR+ 626 , 1.00 % Floor

12/27/27

21,219

20,884

20,870

(9)(31)

First Lien Secured Debt

SOFR+ 752 , 1.00 % Floor

12/27/27

630

615

614

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 626 , 1.00 % Floor

12/27/27

1,489

570

584

(9)(21)(23)(31)

22,069

22,068

Ambrosia Buyer Corp.

Ambrosia Buyer Corp.

Unsecured Debt

11 % PIK

12/15/31

336

2,664

329

(14)

Common Equity - Common Stock

N/A

N/A

152,029 Shares

11,961

1,478

(13)(24)

Warrants - Warrants

N/A

N/A

58,773 Shares

576

70

15,201

1,877

AML Rightsource

Gabriel Partners, LLC

First Lien Secured Debt

SOFR+ 640 , 1.00 % Floor

09/21/26

30,649

30,340

30,266

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 640 , 1.00 % Floor

09/21/26

665

303

302

(9)(21)(23)(31)

30,643

30,568

Avenu

ACP Avenu Buyer, LLC

First Lien Secured Debt

SOFR+ 625 , 1.00 % Floor

10/02/29

6,747

3,371

3,397

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 625 , 1.00 % Floor

10/02/29

750

( 19

)

( 11

)

(8)(9)(21)(23)

3,352

3,386

Continuum

Continuum Global Solutions, LLC

Preferred Equity - Preferred Equity

N/A

N/A

775 Shares

78

78

(9)(13)

Escalent

M&M OPCO, LLC

First Lien Secured Debt

SOFR+ 810 , 1.00 % Floor

04/07/29

9,429

9,181

9,264

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 810 , 1.00 % Floor

04/07/29

476

( 12

)

( 8

)

(8)(9)(21)(23)

9,169

9,256

G&A

G&A Partners Holding Company II, LLC

First Lien Secured Debt

SOFR+ 550 , 0.75 % Floor

03/01/31

9,648

3,112

3,111

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 550 , 0.75 % Floor

03/01/30

352

( 7

)

( 7

)

(8)(9)(21)(23)

3,105

3,104

See notes to the consolidated financial statements.

7


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Go1

Apiom, Inc.

First Lien Secured Debt

SOFR+ 745 , 2.00 % Floor

05/02/28

2,500

2,483

2,488

(9)(17)(30)

HMA

Health Management Associates Superholdings, Inc.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

03/30/29

4,613

4,012

4,060

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

03/30/29

284

( 7

)

( 4

)

(8)(9)(20)(21)
(23)

4,005

4,056

IRP

Precision Refrigeration & Air Conditioning LLC

First Lien Secured Debt

SOFR+ 690 , 1.00 % Floor

03/08/28

16,013

15,746

15,533

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 690 , 1.00 % Floor

03/08/28

1,705

1,397

1,369

(9)(21)(23)(31)

SMC IR Holdings, LLC

Common Equity - Common Stock

N/A

N/A

148 Shares

170

275

(9)

17,313

17,177

Jacent

Jacent Strategic Merchandising

First Lien Secured Debt

SOFR+ 585 Cash plus 0.75 % PIK, 1.00 % Floor

04/23/24

22,249

22,241

21,833

(9)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

04/23/24

3,500

1,563

1,505

(9)(21)(23)(30)

Common Equity - Common Stock

N/A

N/A

5,000 Shares

500

56

(9)(13)

JSM Equity Investors, L.P.

Preferred Equity - Class P Partnership Units

N/A

N/A

11 Shares

11

1

(9)(13)

24,315

23,395

Jones & Frank

JF Acquisition, LLC

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

07/31/26

12,931

12,866

12,803

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 560 , 1.00 % Floor

07/31/26

1,569

( 10

)

( 15

)

(8)(9)(21)(23)

12,856

12,788

Naviga

Colonnade Parent Inc (fka Naviga Inc.)

First Lien Secured Debt

7.10 %

04/27/24

13,126

13,111

11,551

(9)(14)(31)

First Lien Secured Debt - Revolver

7.10 %

04/27/24

500

500

440

(9)(14)(23)(31)

13,611

11,991

PSE

Graffiti Buyer, Inc.

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

08/10/27

8,283

8,188

8,200

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 460 , 1.00 % Floor

08/10/27

1,002

591

592

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

P+ 450

08/10/27

305

301

302

(9)(28)

Graffiti Parent, LP

Common Equity - Common Stock

N/A

N/A

2,439 Shares

244

385

(9)(13)

9,324

9,479

PSI Services, LLC

Lifelong Learner Holdings, LLC

First Lien Secured Debt

SOFR+ 590 , 1.00 % Floor

10/20/25

5,321

5,242

5,321

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 590 , 1.00 % Floor

10/20/25

597

445

448

(9)(21)(23)(31)

5,687

5,769

See notes to the consolidated financial statements.

8


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

SafetyCo

HEF Safety Ultimate Holdings, LLC

First Lien Secured Debt

SOFR+ 575 , 1.00 % Floor

11/19/29

13,481

7,238

7,144

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 575 , 1.00 % Floor

11/17/29

1,500

365

363

(9)(21)(23)(31)

7,603

7,507

SEER

GS SEER Group Borrower LLC

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

04/29/30

4,607

3,708

3,705

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

04/30/29

367

( 9

)

( 10

)

(8)(9)(21)(23)

GS SEER Group Holdings, LLC

Common Equity - Common Stock

N/A

N/A

42 Shares

42

38

(9)(13)(24)

3,741

3,733

Smith System

Smith Topco, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

11/06/29

8,850

8,661

8,739

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

11/06/29

1,128

( 24

)

( 14

)

(8)(9)(21)(23)

8,637

8,725

Soliant

Soliant Health, Inc.

Common Equity - Membership Interests

N/A

N/A

300 Shares

300

1,589

(9)

Trench Plate

Trench Plate Rental Co.

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

12/03/26

17,864

17,670

17,551

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 560 , 1.00 % Floor

12/03/26

1,818

865

850

(9)(20)(21)(23)
(31)

Trench Safety Solutions Holdings, LLC

Common Equity - Common Stock

N/A

N/A

331 Shares

50

44

(9)(13)

18,585

18,445

US Legal Support

US Legal Support Investment Holdings, LLC

Common Equity - Series A-1 Units

N/A

N/A

631,972 Shares

632

904

(9)(13)

USLS Acquisition, Inc.

First Lien Secured Debt

SOFR+ 590 , 1.00 % Floor

12/02/24

23,507

23,398

23,387

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 490 , 1.00 % Floor

12/02/24

1,528

1,035

1,037

(9)(20)(21)(23)
(30)(31)

First Lien Secured Debt - Revolver

P+ 475

12/02/24

80

80

80

(9)(28)

25,145

25,408

Wilson Language Training

Owl Acquisition, LLC

First Lien Secured Debt

SOFR+ 535 , 1.00 % Floor

02/04/28

9,635

9,493

9,562

(9)(30)

Owl Parent Holdings, LLC

Common Equity - Common Stock

N/A

N/A

100 Shares

100

171

(9)(13)

9,593

9,733

Total Business Services

$

250,953

$

236,873

See notes to the consolidated financial statements.

9


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Chemicals, Plastics & Rubber

Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I

Carbonfree Chemicals Holdings LLC (4)

Common Equity - Common Equity / Interest

N/A

N/A

1,246 Shares

$

56,505

$

18,972

(13)(16)(24)

FC2 LLC (4)

Common Equity - Common Stock

N/A

N/A

5 Shares

(13)(24)

Secured Debt - Promissory Note

6.50 %

10/14/27

12,500

12,500

12,500

69,005

31,472

Westfall Technik, Inc.

Westfall Technik, Inc.

First Lien Secured Debt

SOFR+ 690 Cash plus 0.75 % PIK, 1.00 % Floor

09/13/24

21,444

21,389

21,058

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 690 Cash plus 0.75 % PIK, 1.00 % Floor

09/13/24

2,046

2,041

2,009

(9)(23)(31)

23,430

23,067

Total Chemicals, Plastics & Rubber

$

92,435

$

54,539

Construction & Building

Allstar Holdings

Athlete Buyer, LLC

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

04/26/29

$

23,337

$

22,770

$

22,753

(9)(31)

First Lien Secured Debt

SOFR+ 635 Cash plus 1.00 % PIK, 1.00 % Floor

04/26/29

1,942

1,899

1,893

(9)(31)

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

04/26/29

1,000

( 10

)

( 25

)

(8)(9)(21)(23)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

04/26/29

652

421

418

(9)(21)(23)(31)

25,080

25,039

Englert

Gutter Buyer, Inc.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

03/06/25

28,881

28,765

28,509

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

03/06/25

2,727

1,591

1,563

(9)(20)(21)(23)
(31)

Gutter Holdings, LP

Common Equity - Common Stock

N/A

N/A

500 Shares

500

223

(9)(13)

30,856

30,295

Pave America

Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)

First Lien Secured Debt

SOFR+ 690 , 1.00 % Floor

02/07/28

12,441

12,135

12,068

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 690 , 1.00 % Floor

02/07/28

942

( 23

)

( 28

)

(8)(9)(21)(23)

12,112

12,040

RF Fager

R.F. Fager Company, LLC

First Lien Secured Debt

SOFR+ 525 , 1.00 % Floor

03/04/30

2,750

897

896

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 525 , 1.00 % Floor

03/04/30

250

( 6

)

( 6

)

(8)(9)(21)(23)

891

890

Total Construction & Building

$

68,939

$

68,264

See notes to the consolidated financial statements.

10


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Consumer Goods - Durable

A&V

A&V Holdings Midco, LLC

First Lien Secured Debt - Revolver

P+ 350

03/10/25

$

1,505

$

63

$

71

(21)(23)(28)

KLO Holdings, LLC

1244311 B.C. Ltd. (4)

First Lien Secured Debt

SOFR+ 500 , 1.00 % Floor

09/30/25

2,592

2,592

2,540

(17)(30)

First Lien Secured Debt

SOFR+ 500 PIK, 1.00 % Floor

09/30/25

1,281

1,281

1,253

(17)(30)

Common Equity - Common Stock

N/A

N/A

1,000,032 Shares

1,000

1,448

(2)(13)(17)(24)

4,873

5,241

NSi Industries

Wildcat BuyerCo, Inc.

First Lien Secured Debt

SOFR+ 575 , 1.00 % Floor

02/26/27

26,995

24,366

24,382

(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 575 , 1.00 % Floor

02/26/27

725

( 7

)

( 13

)

(8)(20)(21)(23)

Wildcat Parent LP

Common Equity - Common Stock

N/A

N/A

1,070 Shares

107

242

24,466

24,611

Sorenson Holdings, LLC

Sorenson Holdings, LLC

First Lien Secured Debt

8 % PIK

04/01/30

247

197

197

First Lien Secured Debt

10 % PIK

04/01/30

60

54

54

Common Equity - Membership Interests

N/A

N/A

279 Shares

108

108

(13)(24)

359

359

Total Consumer Goods – Durable

$

29,761

$

30,282

Consumer Goods - Non-durable

3D Protein

Protein For Pets Opco, LLC

First Lien Secured Debt

SOFR+ 525 , 1.00 % Floor

09/22/30

$

6,792

$

6,657

$

6,657

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 525 , 1.00 % Floor

09/22/30

708

( 14

)

( 14

)

(8)(9)(21)(23)

6,643

6,643

Dan Dee

Project Comfort Buyer, Inc.

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

02/01/25

19,790

19,662

19,569

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

02/01/25

1,731

( 6

)

( 19

)

(8)(9)(21)(23)

Preferred Equity - Preferred Equity

N/A

N/A

491,405 Shares

492

172

(9)(13)

20,148

19,722

LashCo

Lash OpCo, LLC

First Lien Secured Debt

SOFR+ 275 Cash plus 5.10 % PIK, 1.00 % Floor

03/18/26

43,263

42,851

42,610

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 275 Cash plus 5.10 % PIK, 1.00 % Floor

09/18/25

1,612

1,591

1,590

(9)(21)(23)(31)

44,442

44,200

See notes to the consolidated financial statements.

11


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Paladone

Paladone Group Bidco Limited

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

11/12/27

6,919

6,830

6,842

(9)(17)(31)

First Lien Secured Debt - Revolver

SON+ 585 , 1.00 % Floor

11/12/27

£

353

( 6

)

( 5

)

(8)(9)(17)(21)
(23)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

11/12/27

1,412

( 17

)

( 16

)

(8)(9)(17)(21)
(23)

Paladone Group Holdings Limited

Common Equity - Common Stock

N/A

N/A

94,151 Shares

94

89

(9)(13)(17)

6,901

6,910

RoC Skincare

RoC Holdco LLC

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

02/21/31

12,805

12,554

12,549

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

02/21/30

2,195

( 43

)

( 44

)

(8)(9)(21)(23)

12,511

12,505

Sequential Brands Group, Inc.

Gainline Galaxy Holdings LLC

Common Equity - Common Stock

N/A

N/A

10,854 Shares

2,041

195

(13)(16)(17)

Galaxy Universal LLC

First Lien Secured Debt

SOFR+ 525 , 1.00 % Floor

11/12/26

1,241

1,225

1,236

(17)(31)

Swisstech IP CO, LLC

First Lien Secured Debt

6.00 % PIK

11/29/24

192

79

190

(17)

3,345

1,621

Suave

Silk Holdings I Corp.

Common Equity - Common Stock

N/A

N/A

100 Shares

100

203

(9)(13)(24)

Silk Holdings III Corp.

First Lien Secured Debt

SOFR+ 775 , 1.00 % Floor

05/01/29

9,826

9,554

9,727

(9)(13)

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

05/01/29

20,125

( 201

)

(8)(9)(23)

9,654

9,729

Village Pet Care

Village Pet Care, LLC

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

09/22/29

6,500

2,173

2,120

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

P+ 550

09/22/29

1,000

382

380

(9)(21)(23)(28)

2,555

2,500

Total Consumer Goods – Non-durable

$

106,199

$

103,830

Consumer Services

Activ

Activ Software Holdings, LLC

First Lien Secured Debt

SOFR+ 625 , 1.00 % Floor

05/04/27

$

32,037

$

31,569

$

31,731

(9)(32)(33)

First Lien Secured Debt - Revolver

SOFR+ 650 , 1.00 % Floor

05/04/27

2,407

( 25

)

( 24

)

(8)(9)(21)(23)

31,544

31,707

See notes to the consolidated financial statements.

12


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Atlas Technical Consultants

GI Apple Midco LLC

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

04/19/30

8,407

7,579

7,700

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

04/19/29

556

( 14

)

(9)(20)(21)(23)

7,565

7,700

Bird

Bird Scooter Acquisition Corp. (4)

Common Equity - Common Stock

N/A

N/A

4,656,670 Shares

366

373

(9)(13)(24)

Blue Jay Transit Inc. (4)

First Lien Secured Debt

SOFR+ 300 , 1.00 % Floor

03/22/28

23,107

22,077

22,440

(9)(23)(30)

22,443

22,813

Clarus Commerce

Marlin DTC-LS Midco 2, LLC

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

07/01/25

21,355

21,218

21,212

(31)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

07/01/25

685

( 5

)

(8)(21)(23)

21,218

21,207

Excelligence

Excelligence Learning Corporation

First Lien Secured Debt

SOFR+ 575 , 1.00 % Floor

01/18/30

8,630

8,458

8,458

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 575 , 1.00 % Floor

01/18/30

1,370

388

388

(9)(21)(23)(31)

8,846

8,846

Go Car Wash

Go Car Wash Management Corp.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

12/31/26

23,728

10,721

10,511

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

12/31/26

417

( 1

)

( 9

)

(8)(9)(21)(23)

10,720

10,502

Lending Point

LendingPoint LLC

First Lien Secured Debt

SOFR+ 665 Cash plus 5.00 % PIK, 1.00 % Floor

12/30/26

32,359

32,055

32,094

(9)(30)

First Lien Secured Debt

SOFR+ 590 , 1.00 % Floor

12/30/26

4,167

4,143

4,134

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 590 , 1.00 % Floor

12/30/26

8,333

1,864

1,842

(9)(21)(23)(31)

38,062

38,070

Renovo

HomeRenew Buyer, Inc.

First Lien Secured Debt

SOFR+ 665 , 1.00 % Floor

11/23/27

15,284

15,089

14,673

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 665 , 1.00 % Floor

11/23/27

1,958

1,930

1,880

(9)(23)(31)

17,019

16,553

See notes to the consolidated financial statements.

13


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

The Club Company

Eldrickco Limited

First Lien Secured Debt

SON+ 578 , 0.50 % Floor

11/26/25

£

14,858

16,145

15,902

(9)(17)(21)(23)
(29)

First Lien Secured Debt - Revolver

SON+ 578 , 0.50 % Floor

11/26/25

£

356

415

444

(9)(17)(23)(29)

First Lien Secured Debt - Revolver

SON+ 603 , 0.50 % Floor

05/26/25

£

345

( 4

)

(8)(9)(17)(21)
(23)

16,560

16,342

The Weather Company

Zephyr Buyer, L.P.

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

01/31/30

31,048

30,296

30,272

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

01/31/30

3,952

( 96

)

( 99

)

(8)(9)(21)(23)

30,200

30,173

US Auto

Auto Pool 2023 Trust (Del. Stat. Trust) (4)

Structured Products and Other - Membership Interests

N/A

02/28/29

N/A

26,131

25,200

(9)(25)

Total Consumer Services

$

230,308

$

229,113

Diversified Investment Vehicles, Banking, Finance, Real Estate

Celink

Compu-Link Corporation (dba Celink)

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

11/30/28

$

8,432

$

8,273

$

8,308

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

11/30/28

2,883

( 13

)

( 42

)

(8)(9)(21)(23)

Peer Advisors, LLC

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

11/30/28

4,538

4,530

4,472

(9)(30)

12,790

12,738

Definiti LLC

Greylock Holdings LLC

Common Equity - Common Stock

N/A

N/A

100,000 Shares

100

67

(9)(13)

RHI Acquisition LLC

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

03/16/29

9,175

6,335

6,214

(9)(21)(23)(32)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

03/16/29

660

( 16

)

( 23

)

(8)(9)(21)(23)

6,419

6,258

Golden Bear

Golden Bear 2016-R, LLC (4)

Structured Products and Other - Membership Interests

N/A

09/20/42

N/A

16,517

10,439

(3)(17)

Purchasing Power, LLC

Purchasing Power Funding I, LLC

First Lien Secured Debt - Revolver

SOFR+ 710 , 0.00 % Floor

02/24/25

9,113

3,463

3,463

(9)(21)(23)(30)

Spectrum Automotive

Shelby 2021 Holdings Corp.

First Lien Secured Debt

SOFR+ 586 , 0.75 % Floor

06/29/28

14,217

13,519

13,526

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 586 , 0.75 % Floor

06/29/27

420

( 3

)

( 4

)

(8)(9)(21)(23)

13,516

13,522

Total Diversified Investment Vehicles, Banking, Finance, Real Estate

$

52,705

$

46,420

See notes to the consolidated financial statements.

14


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Energy - Electricity

Renew Financial LLC (f/k/a Renewable Funding, LLC)

AIC SPV Holdings II, LLC

Preferred Equity - Preferred Stock

N/A

N/A

142 Shares

$

534

$

283

(13)(15)(17)

Renew Financial LLC (f/k/a Renewable Funding, LLC)

Common Equity - Common Stock

N/A

N/A

1,368,286 Shares

16,813

96

(13)(17)(24)

Renew JV LLC

Common Equity - Membership Interests

N/A

N/A

286,236 Shares

286

378

(13)(17)

17,633

757

Solarplicity Group Limited (f/k/a AMP Solar UK)

Solarplicity UK Holdings Limited

First Lien Secured Debt

4.00 %

03/08/23

£

5,562

7,231

2,128

(11)(14)(17)

Preferred Equity - Preferred Stock

N/A

N/A

4,286 Shares

5,623

(2)(13)(17)

Common Equity - Ordinary Shares

N/A

N/A

2,825 Shares

4

(2)(13)(17)

12,858

2,128

Total Energy – Electricity

$

30,491

$

2,885

Energy - Oil & Gas

Pelican

Pelican Energy, LLC (4)

Common Equity - Membership Interests

N/A

N/A

1,444 Shares

$

11,802

$

144

(13)(16)(17)
(24)

Spotted Hawk

SHD Oil & Gas, LLC (5)

Common Equity - Series C Units

N/A

N/A

50,952,525 Shares

43,453

347

(13)(16)(24)

Common Equity - Series A Units

N/A

N/A

7,600,000 Shares

1,411

(13)(16)(24)

44,865

347

Total Energy – Oil & Gas

$

56,666

$

491

Healthcare & Pharmaceuticals

83bar

83Bar, Inc.

First Lien Secured Debt

SOFR+ 586 , 1.50 % Floor

07/02/26

$

2,995

$

2,989

$

2,943

(9)(30)

Akoya

Akoya Biosciences, Inc.

First Lien Secured Debt

SOFR+ 691 , 2.50 % Floor

11/01/27

22,500

22,496

22,500

(9)(30)

Alcami

Alcami Corporation

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

12/21/28

8,734

8,484

8,582

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

12/21/28

1,096

( 30

)

( 19

)

(8)(9)(21)(23)

8,454

8,563

Alcresta Therapeutics Inc.

Alcresta Holdings, LP

Preferred Equity - Preferred Equity

N/A

N/A

116 Shares

116

116

(9)(13)(24)

Common Equity - Common Stock

N/A

N/A

1,176 Shares

1

1

(9)(13)(24)

Alcresta Therapeutics Inc.

First Lien Secured Debt

SOFR+ 575 , 1.00 % Floor

03/31/30

9,441

2,166

2,164

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 575 , 1.00 % Floor

03/31/29

441

( 9

)

( 9

)

(8)(9)(21)(23)

2,274

2,272

See notes to the consolidated financial statements.

15


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Carbon6

Carbon6 Technologies, Inc.

Preferred Equity - Preferred Equity

N/A

N/A

280,899 Shares

250

250

(9)(13)

Cato Research

LS Clinical Services Holdings, Inc.

First Lien Secured Debt

SOFR+ 751 , 1.00 % Floor

12/16/27

13,684

13,484

13,084

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 751 , 1.00 % Floor

06/16/27

1,875

164

115

(9)(21)(23)(31)

13,648

13,199

Celerion

Celerion Buyer, Inc.

First Lien Secured Debt

SOFR+ 650 , 0.75 % Floor

11/05/29

9,260

7,753

7,935

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 650 , 0.75 % Floor

11/03/28

639

( 15

)

( 3

)

(8)(9)(21)(23)

7,738

7,932

Cerus

Cerus Corporation

First Lien Secured Debt

SOFR+ 660 , 1.80 % Floor

03/01/28

16,500

16,466

16,500

(9)(17)(30)

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

03/01/28

6,000

2,976

3,000

(9)(17)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 385 , 1.00 % Floor

03/01/28

2,000

1,711

1,712

(9)(17)(21)(23)
(30)

21,153

21,212

CNSI

Acentra Holdings, LLC (fka CNSI Holdings, LLC)

First Lien Secured Debt

SOFR+ 650 , 0.50 % Floor

12/17/29

17,775

17,242

17,508

(9)(31)

First Lien Secured Debt

SOFR+ 650 , 0.50 % Floor

12/17/28

3,990

3,921

3,950

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 650 , 0.50 % Floor

12/17/29

2,000

329

357

(9)(21)(23)(31)

21,492

21,815

Compass Health

Roscoe Medical, Inc

First Lien Secured Debt

SOFR+ 636 , 1.00 % Floor

09/30/24

7,449

7,181

7,337

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 636 , 1.00 % Floor

09/30/24

1,393

480

512

(9)(21)(23)(30)

7,661

7,849

EmpiRx

EmpiRx Health LLC

First Lien Secured Debt

SOFR+ 510 , 1.00 % Floor

08/05/27

8,886

8,767

8,864

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 510 , 1.00 % Floor

08/05/27

909

( 10

)

( 2

)

(8)(9)(20)(21)
(23)

8,757

8,862

ExactCare

ExactCare Parent, Inc.

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

11/03/29

18,033

17,555

17,717

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 650 , 1.00 % Floor

11/03/29

1,967

( 50

)

( 34

)

(8)(9)(21)(23)

17,505

17,683

See notes to the consolidated financial statements.

16


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Gateway Services

Gateway US Holdings, Inc.

First Lien Secured Debt

SOFR+ 615 , 0.75 % Floor

09/22/26

9,608

9,546

9,608

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 665 , 0.75 % Floor

09/22/26

304

( 2

)

(9)(21)(23)

9,544

9,608

Gossamer

GB001, Inc.

First Lien Secured Debt

SOFR+ 711 , 2.00 % Floor

01/01/25

25,935

1,907

1,935

(9)(17)(23)(30)

Health & Safety Institute

HSI Halo Holdings, LLC

Common Equity - Common Stock

N/A

N/A

104 Shares

16

13

(9)(13)

HSI HALO Acquisition, Inc.

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

08/31/26

16,059

15,926

15,842

(9)(31)

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

08/31/26

2,435

2,398

2,424

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 485 , 1.00 % Floor

09/02/25

677

675

674

(9)(23)(31)

First Lien Secured Debt - Revolver

P+ 475

09/02/25

135

135

135

(9)(28)

Common Equity - Common Stock

N/A

N/A

500 Shares

31

1,259

(9)(13)

19,181

20,347

KureSmart

Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)

Common Equity - Common Stock

N/A

N/A

133 Shares

133

264

(9)(13)

Kure Pain Holdings, Inc.

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

08/27/25

21,214

21,130

21,210

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

08/27/24

2,654

( 8

)

(9)(21)(23)

21,255

21,474

LucidHealth

Premier Imaging, LLC

First Lien Secured Debt

SOFR+ 611 , 1.00 % Floor

01/02/25

8,011

7,952

7,610

(9)(31)

Mannkind Corporation

Mannkind Corporation

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

08/01/25

9,822

9,800

9,822

(9)(26)(30)

Common Equity - Common Stock

N/A

N/A

334,226 Shares

76

1,514

(9)(10)(13)(17)

9,876

11,336

Maxor National Pharmacy Services, LLC

Maxor National Pharmacy Services, LLC

First Lien Secured Debt

SOFR+ 700 , 1.00 % Floor

03/01/29

13,286

12,936

13,087

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 700 , 1.00 % Floor

03/01/29

1,530

( 38

)

( 23

)

(8)(9)(21)(23)

Maxor Topco, L.P.

Preferred Equity - Preferred Equity

N/A

N/A

50,000 Shares

50

68

(9)(13)

12,948

13,132

Medical Guardian

Medical Guardian, LLC

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

10/26/26

35,483

30,450

30,455

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

10/26/26

3,810

808

810

(9)(21)(23)(30)

31,258

31,265

See notes to the consolidated financial statements.

17


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Midwest Vision

Midwest Vision Partners Management, LLC

First Lien Secured Debt

SOFR+ 665 , 1.00 % Floor

01/12/27

21,624

21,375

21,245

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 665 , 1.00 % Floor

01/12/27

612

605

601

(9)(23)(31)

21,980

21,846

Partner Therapeutics, Inc

Partner Therapeutics, Inc

Preferred Equity - Preferred Equity

N/A

N/A

55,556 Shares

333

387

(9)(13)

Warrants - Warrants

N/A

N/A

73,333 Shares

389

188

(9)(13)

722

575

PHS

PHS Buyer, Inc.

First Lien Secured Debt

SOFR+ 610 Cash plus 1.50 % PIK, 1.00 % Floor

01/31/27

23,998

23,756

23,698

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 610 Cash plus 1.50 % PIK, 1.00 % Floor

01/31/27

2,000

1,310

1,317

(9)(21)(23)(30)

25,066

25,015

RHA Health Services

Pace Health Companies, LLC

First Lien Secured Debt

SOFR+ 640 , 1.00 % Floor

08/02/25

3,722

3,699

3,676

(9)(31)

First Lien Secured Debt

SOFR+ 665 , 1.00 % Floor

08/02/25

2,496

1,568

1,568

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 640 , 1.00 % Floor

08/02/25

500

( 6

)

(8)(9)(20)(21)
(23)

5,267

5,238

Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc.

First Lien Secured Debt

SOFR+ 576 , 1.50 % Floor

09/01/26

18,000

18,000

18,000

(9)(30)

Team Select

TS Investors, LLC

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

05/04/29

2,301

1,869

1,932

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

05/04/29

185

( 5

)

(9)(21)(23)

1,864

1,932

TELA Bio, Inc.

TELA Bio, Inc.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

05/01/27

16,667

13,287

13,333

(9)(23)(30)

TersSera

TerSera Therapeutics LLC

First Lien Secured Debt

SOFR+ 575 , 1.00 % Floor

04/04/29

13,791

13,426

13,756

(9)(30)

First Lien Secured Debt

P+ 575

04/04/29

35

34

35

(9)(28)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

04/04/29

1,140

( 29

)

( 3

)

(8)(9)(21)(23)

13,431

13,788

TissueTech

TissueTech, Inc.

First Lien Secured Debt

SOFR+ 586 , 1.00 % Floor

04/01/27

17,500

17,433

17,500

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 411 , 1.00 % Floor

04/01/27

1,000

497

500

(9)(21)(23)(30)

17,930

18,000

See notes to the consolidated financial statements.

18


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Treace

Treace Medical Concepts, Inc.

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

04/01/27

35,000

14,532

13,796

(9)(17)(23)(27)
(30)

First Lien Secured Debt - Revolver

SOFR+ 410 , 1.00 % Floor

04/01/27

3,000

394

328

(9)(17)(21)(23)
(27)(30)

14,926

14,124

Unchained Labs

Unchained Labs, LLC

First Lien Secured Debt

SOFR+ 555 , 1.00 % Floor

08/09/27

4,111

4,074

4,060

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 555 , 1.00 % Floor

08/09/27

726

( 8

)

( 9

)

(8)(9)(21)(23)

4,066

4,051

US Fertility

US Fertility Enterprises, LLC

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

12/21/27

3,313

3,264

3,264

(9)(31)

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

12/21/27

2,950

2,891

2,920

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 651 , 1.00 % Floor

12/21/27

63

15

15

(9)(21)(23)(31)

6,170

6,199

WellDyneRx, LLC

WelldyneRX, LLC

First Lien Secured Debt

SOFR+ 685 , 0.75 % Floor

03/09/27

17,715

17,468

17,228

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 685 , 0.75 % Floor

03/09/26

1,923

( 19

)

( 48

)

(8)(9)(21)(23)

17,449

17,180

Total Healthcare & Pharmaceuticals

$

408,496

$

411,068

High Tech Industries

Acronis AG

ACRONIS AG

First Lien Secured Debt

SOFR+ 595 Cash plus 1.00 % PIK, 1.00 % Floor

04/01/27

$

27,006

$

26,856

$

27,006

(9)(17)(30)

American Megatrends

AMI US Holdings Inc.

First Lien Secured Debt

SOFR+ 535 , 1.00 % Floor

04/01/25

20,462

20,370

20,462

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 535 , 0.00 % Floor

04/01/24

2,907

(9)(21)(23)

20,370

20,462

BarTender

Sigma Buyer LLC

First Lien Secured Debt

SOFR+ 675 , 0.75 % Floor

01/04/28

5,940

5,797

5,925

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 675 , 0.75 % Floor

01/04/28

1,500

266

296

(9)(21)(23)(31)
(32)

6,063

6,221

Calero Holdings, Inc.

Telesoft Holdings, LLC

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

12/16/25

21,818

21,662

21,539

(30)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

12/16/25

2,273

98

84

(21)(23)(30)

21,760

21,623

See notes to the consolidated financial statements.

19


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

ChyronHego Corporation

ChyronHego Corporation (5)

Preferred Equity - Preferred Equity

N/A

N/A

7,800 Shares

6,001

19,610

(13)(24)

ChyronHego US Holding Corporation (5)

First Lien Secured Debt

SOFR+ 350 , 1.75 % Floor

06/30/26

106,656

106,443

106,656

(31)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.75 % Floor

06/30/26

5,000

3,800

3,800

(21)(23)(31)

116,244

130,066

Dairy.com

Momentx Corporation

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

06/24/27

15,008

14,832

14,859

(9)(31)

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

06/24/27

1,353

1,331

1,353

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

06/24/27

1,257

1,243

1,244

(9)(23)(31)

17,406

17,456

Digital.ai

Digital.ai Software Holdings, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

08/10/28

23,110

22,713

22,879

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

08/10/28

2,419

( 43

)

( 24

)

(8)(9)(21)(23)

22,670

22,855

GoHealth

Norvax, LLC

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

06/30/25

1,591

( 8

)

(9)(21)(23)

Gtreasury

G Treasury SS LLC

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

06/29/29

2,250

211

205

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

06/29/29

250

( 4

)

( 5

)

(8)(9)(21)(23)

207

200

International Cruise & Excursion Gallery, Inc.

International Cruise & Excursion Gallery, Inc.

First Lien Secured Debt

SOFR+ 535 , 1.00 % Floor

06/06/25

14,138

14,069

11,423

(31)

Litify

Litify Holdings Inc.

Common Equity - Common Stock

N/A

N/A

217,892 Shares

107

283

(9)(13)

Litify LLC

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

02/02/29

11,667

11,367

11,404

(9)(30)

First Lien Secured Debt

SOFR+ 760 , 1.00 % Floor

02/02/29

7,500

7,299

7,350

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

02/02/29

833

( 20

)

( 19

)

(8)(9)(21)(23)

18,753

19,018

Modern Campus

Destiny Solutions U.S., Inc.

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

06/08/26

25,318

24,999

24,937

(19)(30)

RMCF IV CIV XXXV, L.P.

Common Equity - Common Stock

N/A

N/A

482 Shares

1,000

1,788

(13)

25,999

26,725

See notes to the consolidated financial statements.

20


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

MYCOM

Magnate Holding Corp.

First Lien Secured Debt

SOFR+ 615 , 0.50 % Floor

12/16/24

18,831

18,827

18,661

(9)(17)(31)

New Era Technology, Inc.

New Era Technology, Inc.

First Lien Secured Debt

SOFR+ 640 , 1.00 % Floor

10/31/26

31,829

31,505

31,113

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 640 , 1.00 % Floor

10/30/26

1,732

( 17

)

( 39

)

(8)(9)(21)(23)

31,488

31,074

Omada

Omada Health, Inc.

First Lien Secured Debt

SOFR+ 710 , 2.50 % Floor

06/01/28

2,900

1,425

1,422

(9)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 410 , 2.50 % Floor

06/01/28

100

4

4

(9)(21)(23)(30)

1,429

1,426

Pro Vigil

Pro-Vigil Holding Company, LLC

First Lien Secured Debt

SOFR+ 860 , 1.00 % Floor

01/11/26

29,939

23,448

23,277

(9)(21)(23)(31)

Schlesinger Group

Schlesinger Global, LLC

First Lien Secured Debt

SOFR+ 275 Cash plus 5.60 % PIK, 1.00 % Floor

07/12/25

11,465

11,393

11,354

(9)(30)(31)

Simeio

Simeio Group Holdings, Inc.

First Lien Secured Debt

SOFR+ 585 Cash plus 0.50 % PIK, 1.00 % Floor

02/02/26

8,126

8,088

8,025

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 585 Cash plus 0.50 % PIK, 1.00 % Floor

02/02/26

1,442

1,149

1,129

(9)(21)(23)
(30)(31)

First Lien Secured Debt - Revolver

P+ 475

02/02/26

288

288

283

(9)(28)

9,525

9,437

Sirsi Corporation

Sirsi Corporation

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

03/15/25

4,658

4,658

4,646

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

03/15/25

429

( 1

)

( 1

)

(8)(9)(21)(23)

4,657

4,645

Springbrook

Springbrook Holding Company, LLC

First Lien Secured Debt

SOFR+ 561 , 1.00 % Floor

12/23/26

15,647

15,507

15,373

(31)

First Lien Secured Debt

SOFR+ 661 , 1.00 % Floor

12/23/26

2,331

2,309

2,331

(31)

First Lien Secured Debt

SOFR+ 550 , 1.00 % Floor

12/23/26

1,287

1,265

1,264

(30)

First Lien Secured Debt - Revolver

SOFR+ 561 , 1.00 % Floor

12/23/26

1,463

( 10

)

( 26

)

(8)(21)(23)

19,071

18,942

UpStack

Upstack Holdco Inc.

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

08/20/27

31,310

30,780

31,075

(9)(31)(32)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

08/20/27

3,000

1,903

1,928

(9)(20)(21)(23)
(30)(32)

32,683

33,003

Total High Tech Industries

$

442,910

$

454,874

See notes to the consolidated financial statements.

21


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Hotel, Gaming, Leisure, Restaurants

Cave

Cave Enterprises Operations, LLC

First Lien Secured Debt

SOFR+ 660 , 1.50 % Floor

08/09/28

$

9,949

$

8,470

$

8,616

(9)(23)(30)

CircusTrix

CircusTrix Holdings LLC

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

07/18/28

3,995

945

975

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

07/18/28

1,000

( 22

)

( 5

)

(8)(9)(21)(23)

923

970

Guernsey

Guernsey Holdings SDI LA LLC

First Lien Secured Debt

6.95 %

11/18/26

1,789

1,779

1,668

(9)

First Lien Secured Debt

SOFR+ 595 , 1.00 % Floor

11/18/26

1,167

(9)(23)

1,779

1,668

PARS Group LLC

PARS Group LLC

First Lien Secured Debt

SOFR+ 685 , 1.50 % Floor

04/03/28

9,910

8,853

8,833

(9)(23)(30)

Taco Cabana

YTC Enterprises, LLC

First Lien Secured Debt

SOFR+ 636 , 1.00 % Floor

08/16/26

9,358

9,294

9,171

(9)(30)

Total Hotel, Gaming, Leisure, Restaurants

$

29,319

$

29,258

Insurance

High Street Insurance

High Street Buyer, Inc.

First Lien Secured Debt

SOFR+ 540 , 0.75 % Floor

04/14/28

$

29,507

$

29,150

$

29,064

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 590 , 0.75 % Floor

04/16/27

2,203

( 23

)

( 33

)

(8)(9)(21)(23)

29,127

29,031

PGM Holdings Corporation

Turbo Buyer, Inc.

First Lien Secured Debt

SOFR+ 625 , 1.00 % Floor

12/02/25

18,838

18,667

18,414

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 625 , 1.00 % Floor

12/02/25

923

270

256

(9)(21)(23)(31)

18,937

18,670

Total Insurance

$

48,064

$

47,701

Manufacturing, Capital Equipment

AVAD, LLC

Surf Opco, LLC

First Lien Secured Debt - Revolver

SOFR+ 411 , 1.00 % Floor

03/17/26

$

20,000

$

13,508

$

13,533

(9)(16)(20)(21)
(23)(30)

Preferred Equity - Class P-1 Preferred

N/A

N/A

33,333 Shares

3,333

6,666

(9)(13)(16)

Preferred Equity - Class P-2 Preferred

N/A

N/A

85,164 Shares

8,516

4,864

(9)(13)(16)

Common Equity - Class A-1 Common

N/A

N/A

3,333 Shares

200

(9)(13)(16)

25,357

25,263

See notes to the consolidated financial statements.

22


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Carlisle Fluid Technologies

LSF12 Donnelly Bidco, LLC

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

10/02/29

14,925

14,576

14,573

(9)(30)

International Wire Group

IW Buyer LLC

First Lien Secured Debt

SOFR+ 685 , 1.00 % Floor

06/28/29

2,091

2,035

2,054

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 685 , 1.00 % Floor

06/28/29

393

( 10

)

( 7

)

(8)(9)(20)(21)
(23)

2,025

2,047

Kauffman

Kauffman Holdco, LLC

Common Equity - Common Stock

N/A

N/A

250,000 Shares

250

128

(9)

Kauffman Intermediate, LLC

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

05/08/25

15,932

15,870

15,769

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

05/08/25

1,243

469

453

(9)(20)(21)(23)
(31)(32)

16,589

16,350

MedPlast Holdings Inc.

Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.)

Second Lien Secured Debt

SOFR+ 786 , 0.00 % Floor

07/02/26

8,000

7,981

7,900

(10)(30)

Total Manufacturing, Capital Equipment

$

66,528

$

66,133

Retail

IPS

SI Holdings, Inc.

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

12/31/27

$

30,709

$

30,586

$

30,398

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 510 , 1.00 % Floor

12/31/27

3,242

512

473

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

P+ 500

12/31/27

171

171

169

(9)(28)

Total Retail

$

31,269

$

31,040

Telecommunications

MCA

Mobile Communications America, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

10/16/29

$

11,135

$

2,343

$

2,355

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 625 , 1.00 % Floor

10/16/29

1,359

( 31

)

( 17

)

(8)(9)(21)(23)

2,312

2,338

Securus Technologies Holdings, Inc.

Securus Technologies Holdings, Inc.

Second Lien Secured Debt

SOFR+ 126 Cash plus 8.05 % PIK, 1.00 % Floor

11/01/25

7,412

7,385

5,559

(31)

Total Telecommunications

$

9,697

$

7,897

Transportation - Cargo, Distribution

Beacon Mobility

Beacon Mobility Corp.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

12/31/25

$

36,936

$

36,827

$

36,897

(9)(30)(31)

First Lien Secured Debt - Revolver

P+ 525

12/31/25

650

645

649

(9)(28)

First Lien Secured Debt - Revolver

SOFR+ 535 , 1.00 % Floor

12/31/25

3,495

( 30

)

( 4

)

(8)(9)(20)(21)(23)

First Lien Secured Debt - Revolver

4.10 %

05/22/24

55,000

(9)(22)(23)

37,442

37,542

See notes to the consolidated financial statements.

23


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Camin Cargo

Camin Cargo Control Holdings, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

12/07/29

3,998

946

908

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

12/07/29

967

146

145

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

P+ 500

12/07/29

33

33

33

(9)(28)

1,125

1,086

Heniff and Superior

Heniff Holdco, LLC

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

12/03/26

29,366

29,103

29,219

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

12/03/24

3,925

2,735

2,738

(9)(20)(21)(23)
(30)

31,838

31,957

IronClad

Ironhorse Purchaser, LLC

First Lien Secured Debt

SOFR+ 676 , 1.00 % Floor

09/30/27

3,060

3,003

2,999

(9)(31)

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

09/30/27

1,449

( 27

)

( 29

)

(8)(9)(21)(23)

First Lien Secured Debt - Revolver

SOFR+ 650 , 1.00 % Floor

09/30/27

483

233

232

(9)(20)(21)(23)
(30)

3,209

3,202

Meritus Gas Partners

MGP Holdings III Corp.

First Lien Secured Debt

SOFR+ 525 , 1.00 % Floor

03/01/30

9,215

7,892

7,879

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 525 , 1.00 % Floor

03/01/30

785

( 15

)

( 16

)

(8)(9)(21)(23)

7,877

7,863

MSEA Tankers LLC

MSEA Tankers LLC (5)

Common Equity - Class A Units

N/A

N/A

15,791

50

(13)(17)(18)(24)

Total Transportation – Cargo, Distribution

$

97,282

$

81,700

Utilities - Electric

Congruex

Congruex Group LLC

First Lien Secured Debt

SOFR+ 590 , 0.75 % Floor

05/03/29

$

14,738

$

14,469

$

14,332

(9)(31)

Total Utilities – Electric

$

14,469

$

14,332

Wholesale

Banner Solutions

Banner Buyer, LLC

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

10/31/25

$

14,986

$

14,908

$

14,884

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 585 , 0.00 % Floor

10/31/25

1,935

( 11

)

( 13

)

(8)(9)(21)(23)

Banner Parent Holdings, Inc.

Common Equity - Common Stock

N/A

N/A

6,125 Shares

613

435

(9)(13)

15,510

15,306

See notes to the consolidated financial statements.

24


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (35)

Fair Value (1)(36)

Thomas Scientific

BSP-TS, LP

Preferred Equity - Preferred Equity

N/A

N/A

17 Shares

17

18

(9)(13)(24)

Common Equity - Common Stock

N/A

N/A

185 Shares

185

164

(9)(13)

Thomas Scientific, LLC

First Lien Secured Debt

SOFR+ 640 , 1.00 % Floor

12/14/27

31,174

30,746

30,772

(9)(31)

First Lien Secured Debt - Revolver

P+ 525

12/14/27

2,963

704

702

(9)(21)(23)(28)

31,652

31,656

Total Wholesale

$

47,162

$

46,962

Total Investments before Cash Equivalents

$

2,552,527

$

2,352,835

J.P. Morgan U.S. Government Money Market Fund

N/A

N/A

142

$

142

$

142

(34)

Goldman Sachs Financial Square Government Fund

N/A

N/A

113

$

113

$

113

(34)

Total Investments after Cash Equivalents

$

2,552,782

$

2,353,090

(6)(7)

(1)
Fair value is determined in good faith subject to the oversight of the Board of Directors of the Company (See Note 2 to the consolidated financial statements).
(2)
Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments.
(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 March 31, 2024 , we had a 100 % equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.

See notes to the consolidated financial statements.

25


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

(4)
Denotes investments in which we are an “Affiliated Person,” as defined in 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, 2023 and March 31, 2024 along with transactions during the three months ended March 31, 2024 in these affiliated investments are as follows:

Name of Issuer

Fair Value at December 31, 2023

Gross Additions

Gross Reductions ■

Net Change in Unrealized Gains (Losses)

Fair Value at March 31, 2024

Net Realized Gains (Losses)

Interest/
Dividend/
Other Income

1244311 B.C. Ltd., Common Stock

$

1,087

$

$

$

361

$

1,448

$

$

1244311 B.C. Ltd., Term Loan

3,740

33

( 8

)

28

3,793

102

Auto Pool 2023 Trust (Del. Stat. Trust)

30,621

( 1,736

)

( 3,685

)

25,200

Blue Jay Transit Inc., Term Loan

22,077

363

22,440

28

Bird Scooter Acquisition Corp.

366

7

373

Carbonfree Chemicals Holdings LLC, Common Stock

18,727

245

18,972

FC2 LLC, Term Loan

12,501

( 1

)

12,500

203

FC2 LLC, Common Stock

Golden Bear 2016-R, LLC, Membership Interests

10,712

( 610

)

337

10,439

Pelican Energy, LLC, Common Stock

140

4

144

$

77,528

$

22,476

$

( 2,354

)

$

( 2,341

)

$

95,309

$

$

333

Gross additions includes 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.

26


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(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, 2023 and March 31, 2024 along with transactions during the three months ended March 31, 2024 in these controlled investments are as follows:

Name of Issuer

Fair Value at December 31, 2023

Gross Additions

Gross Reductions ■

Net Change in Unrealized Gains (Losses)

Fair Value at March 31, 2024

Net Realized Gains (Losses)

Interest/
Dividend/
Other Income

Majority Owned Company

ChyronHego Corporation, Preferred Equity

$

20,628

$

$

$

( 1,018

)

$

19,610

$

$

ChyronHego US Holding Corporation, Term Loan

106,906

3

( 250

)

( 3

)

106,656

2,394

ChyronHego US Holding Corporation, Revolver

1,300

2,500

3,800

60

Merx Aviation Finance, LLC, Letter of Credit

Merx Aviation Finance, LLC, Membership Interests

117,043

2,629

119,672

Merx Aviation Finance, LLC, Revolver

74,076

( 4,000

)

( 1

)

70,075

1,833

MSEA Tankers LLC, Class A Units

45

5

50

Controlled Company

SHD Oil & Gas, LLC, Series C Units

346

1

347

SHD Oil & Gas, LLC, Series A Units

$

320,344

$

2,503

$

( 4,250

)

$

1,613

$

320,210

$

$

4,287

Gross additions includes 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 March 31, 2024 , the Company had a 87 %, 100 %, 100 % and 38 % equity ownership interest in ChyronHego Corporation; Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC ( f/k/a Spotted Hawk Development LLC), respectively.

See notes to the consolidated financial statements.

27


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

(6)
Aggregate gross unrealized gain and loss for federal income tax purposes is $ 58,103 and $ 261,581 , respectively. Net unrealized loss is $ 203,477 based on a tax cost of $ 2,582,131 .
(7)
Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 6 to the consolidated financial statements). 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)
These 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.
(12)
Par amount is denominated in USD unless otherwise noted, British Pound (“£”).
(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 Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC, AIC SB Holdings LLC and AP Surf Investments, 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 Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC.
(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 March 31, 2024 , non-qualifying assets represented approximately 5.4 % of the total assets of the Company.
(18)
As of March 31, 2024 , MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.
(19)
In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.
(20)
As of March 31, 2024 , 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.
(22)
A letter of credit associated with this investment has been issued through the Company’s Senior Secured Facility. In the event of draw of funds the related funding would be pro-rated for all existing lenders in the investment.

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

(23)
As of March 31, 2024, 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

A&V Holdings Midco, LLC

$

1,505

$

90

$

$

1,415

ACP Avenu Buyer, LLC

3,999

3,999

AMI US Holdings Inc.

2,907

2,907

Acentra Holdings, LLC (fka CNSI Holdings, LLC)

2,000

387

1,613

Activ Software Holdings, LLC

2,407

2,407

Alcami Corporation

1,096

1,096

Alcresta Therapeutics Inc.

7,529

7,529

Alpinex Opco, LLC

1,490

596

894

Athlete Buyer, LLC

1,652

435

1,217

Banner Buyer, LLC

1,935

1,935

Beacon Mobility Corp.

59,145

650

34,336

24,159

Berner Food & Beverage, LLC

2,881

2,011

870

Blue Jay Transit Inc.

667

667

Camin Cargo Control Holdings, Inc.

4,000

200

3,800

Cave Enterprises Operations, LLC

1,333

1,333

Celerion Buyer, Inc.

1,918

1,918

Cerus Corporation

5,000

1,712

3,288

ChyronHego US Holding Corporation

5,000

3,800

1,200

CircusTrix Holdings LLC

4,000

4,000

Club Car Wash Operating, LLC

2,900

1,625

1,275

Colonnade Parent Inc (fka Naviga Inc.)

500

500

Compu-Link Corporation (dba Celink)

2,883

2,883

Digital.ai Software Holdings, Inc.

2,419

2,419

Eagle Purchaser, Inc.

1,106

401

705

Eldrickco Limited*

3,582

449

3,133

EmpiRx Health LLC

909

227

682

ExactCare Parent, Inc.

1,967

1,967

Excelligence Learning Corporation

1,370

415

77

878

G Treasury SS LLC

2,250

2,250

G&A Partners Holding Company II, LLC

6,761

6,761

GB001, Inc.

24,000

24,000

GI Apple Midco LLC

1,262

39

1,223

GS SEER Group Borrower LLC

1,142

1,142

Gabriel Partners, LLC

665

310

355

Gateway US Holdings, Inc.

304

304

Go Car Wash Management Corp.

13,142

13,142

Graffiti Buyer, Inc.

1,307

908

399

Green Grass Foods, Inc.

1,250

1,250

Guernsey Holdings SDI LA LLC

1,167

1,167

Gutter Buyer, Inc.

2,727

1,602

102

1,023

HEF Safety Ultimate Holdings, LLC

7,500

400

7,100

HRO (Hero Digital) Holdings, LLC

9,317

2,519

31

6,767

HSI HALO Acquisition, Inc.

813

813

Health Management Associates Superholdings, Inc.

768

5

763

Heniff Holdco, LLC

3,926

2,748

164

1,014

High Street Buyer, Inc.

2,203

2,203

Hive Intermediate, LLC

2,325

635

1,690

HomeRenew Buyer, Inc.

1,958

1,958

IW Buyer LLC

393

9

384

Ironhorse Purchaser, LLC

1,933

242

13

1,678

JF Acquisition, LLC

1,569

1,569

Jacent Strategic Merchandising

3,500

1,564

1,936

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Name of Issuer

Total Commitment

Drawn Commitment

Letters of Credit **

Undrawn Commitment

KL Charlie Acquisition Company

1,962

1,962

Kauffman Intermediate, LLC

1,243

466

155

622

Kure Pain Holdings, Inc.

2,654

2,654

LS Clinical Services Holdings, Inc.

1,875

193

1,682

Lash OpCo, LLC

1,612

1,610

2

LendingPoint LLC

8,333

1,908

6,425

Lifelong Learner Holdings, LLC

597

448

149

Litify LLC

833

833

M&M OPCO, LLC

476

476

MGP Holdings III Corp.

1,937

1,937

Marlin DTC-LS Midco 2, LLC

685

685

Maxor National Pharmacy Services, LLC

1,530

1,530

Medical Guardian, LLC

8,571

838

7,733

Merx Aviation Finance, LLC

76,252

70,075

6,177

Midwest Vision Partners Management, LLC

612

612

Mobile Communications America, Inc.

10,000

10,000

Momentx Corporation

1,257

1,257

New Era Technology, Inc.

1,732

1,732

Norvax, LLC

1,591

1,591

Omada Health, Inc.

1,550

5

1,545

PARS Group LLC

952

952

PHS Buyer, Inc.

2,000

1,342

658

Pace Health Companies, LLC

1,400

118

1,282

Paladone Group Bidco Limited

1,412

1,412

Paladone Group Bidco Limited*

446

446

Patriot Foods Buyer, Inc.

750

750

Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)

942

942

Precision Refrigeration & Air Conditioning LLC

1,704

1,420

284

Pro-Vigil Holding Company, LLC

6,072

6,072

Project Comfort Buyer, Inc.

1,731

1,731

Protein For Pets Opco, LLC

708

708

Purchasing Power Funding I, LLC

9,113

3,463

5,650

R.F. Fager Company, LLC

2,063

2,063

RHI Acquisition LLC

3,300

3,300

RoC Holdco LLC

2,195

2,195

Roscoe Medical, Inc

1,393

533

860

SI Holdings, Inc.

3,413

683

2,730

Shelby 2021 Holdings Corp.

969

969

Sigma Buyer LLC

1,500

300

1,200

Silk Holdings III Corp.

20,125

20,125

Simeio Group Holdings, Inc.

1,731

1,443

288

Sirsi Corporation

429

429

Smith Topco, Inc.

1,128

1,128

Springbrook Holding Company, LLC

1,463

1,463

Surf Opco, LLC

20,000

13,564

333

6,103

TELA Bio, Inc.

3,333

3,333

THLP CO. LLC

4,494

2,116

181

2,197

TS Investors, LLC

554

554

Telesoft Holdings, LLC

2,273

114

2,159

TerSera Therapeutics LLC

1,140

1,140

Thomas Scientific, LLC

2,963

741

296

1,926

TissueTech, Inc.

1,000

500

500

Treace Medical Concepts, Inc.

23,416

403

23,013

Trench Plate Rental Co.

1,818

881

125

812

Turbo Buyer, Inc.

923

277

646

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Name of Issuer

Total Commitment

Drawn Commitment

Letters of Credit **

Undrawn Commitment

US Fertility Enterprises, LLC

62

15

47

USLS Acquisition, Inc.

1,608

1,126

62

420

Ultimate Baked Goods Midco LLC

3,244

645

2,599

Unchained Labs, LLC

726

726

Upstack Holdco Inc.

3,000

1,950

110

940

Village Pet Care, LLC

5,250

400

4,850

WelldyneRX, LLC

1,923

1,923

Westfall Technik, Inc.

2,046

2,046

Wildcat BuyerCo, Inc.

2,851

30

2,821

Zephyr Buyer, L.P.

3,952

3,952

Total Commitments

$

499,099

$

139,661

$

43,235

$

316,203

* These investments are in a foreign currency and the total commitment has been converted to USD using the March 31, 2024 exchange rate.

** For all letters of credit issued and outstanding on March 31, 2024 , $ 42,760 will expire in 2024 and $ 475 will expire in 2025 .

(24)
Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2024, the aggregate fair value of these securities is $ 162,798 or 16 % of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer

Investment Type

Acquisition Date

1244311 B.C. Ltd.

Common Equity - Common Stock

9/30/2020

Alcresta Holdings, LP

Preferred Equity - Preferred Equity

3/12/2024

Alcresta Holdings, LP

Preferred Equity - Preferred Equity

3/12/2024

Ambrosia Buyer Corp.

Common Equity - Common Stock

2/1/2024

Bird Scooter Acquisition Corp.

Common Equity - Common Stock

3/22/2024

BSP-TS, LP

Preferred Equity - Preferred Equity

10/23/2023

Carbonfree Chemicals Holdings LLC

Common Equity - Common Equity / Interest

11/1/2019

ChyronHego Corporation

Preferred Equity - Preferred Equity

12/29/2020

FC2 LLC

Common Equity - Common Stock

10/14/2022

GS SEER Group Holdings, LLC

Common Equity - Common Stock

4/28/2023

Merx Aviation Finance, LLC

Common Equity - Membership Interests

9/1/2022

MSEA Tankers LLC

Common Equity - Class A Units

12/12/2014

Nutpods Holdings, Inc.

Common Equity - Common Stock

12/26/2023

Pelican Energy, LLC

Common Equity - Membership Interests

3/28/2012

Renew Financial LLC (f/k/a Renewable Funding, LLC)

Common Equity - Common Stock

10/1/2023

SHD Oil & Gas, LLC

Common Equity - Series A Units

11/18/2016

SHD Oil & Gas, LLC

Common Equity - Series C Units

12/27/2012

Silk Holdings I Corp.

Common Equity - Common Stock

5/1/2023

Sorenson Holdings, LLC

Common Equity - Membership Interests

1/25/2024

(25)
The Company has approximately 22.5 % ownership interest in the Auto Pool 2023. Auto Pool 2023 Trust holds underlying assets that consist of a pool of retail auto loans and residual interests in auto loan trusts. The Company also continues to have an interest in any residual assets from the bankruptcy proceedings related to U.S. Auto Finance.
(26)
Mannkind Corporation is subject to an interest rate cap. The investment is capped at the lesser of 8.25 % and the stated interest rate.
(27)
Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00 % plus the applicable margin.
(28)
The interest rate on these loans is subject to Prime, which as of March 31, 2024 was 8.50 %.
(29)
The interest rate on these loans is subject to SONIA, which as of March 31, 2024 was 5.19 %.
(30)
The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2024 was 5.33 %.

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

(31)
The interest rate on these loans is subject to 3 months SOFR, which as of March 31, 2024 was 5.30 %.
(32)
The interest rate on these loans is subject to 6 months SOFR, which as of March 31, 2024 was 5.22 %.
(33)
The interest rate on these loans is subject to 12 months SOFR, which as of March 31, 2024 was 5.00 %.
(34)
This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

See notes to the consolidated financial statements.

32


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

(35)
The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of March 31, 2024:

Industry

First Lien - Secured Debt

Second Lien - Secured Debt

Unsecured Debt

Structured Products and Other

Preferred Equity

Common Equity/Interests

Warrants

Total

Non-Controlled / Non-Affiliated Investments

Advertising, Printing & Publishing

$

47,843

$

$

$

$

$

433

$

$

48,276

Automotive

26,925

23,971

50,896

Aviation and Consumer Transport

10,191

10,191

Beverage, Food & Tobacco

110,953

448

1,534

112,935

Business Services

233,625

2,664

89

13,999

576

250,953

Chemicals, Plastics & Rubber

23,430

23,430

Construction & Building

68,439

500

68,939

Consumer Goods – Durable

24,673

215

24,888

Consumer Goods – Non-durable

103,472

492

2,235

106,199

Consumer Services

181,734

181,734

Diversified Investment Vehicles, Banking, Finance, Real Estate

36,088

100

36,188

Energy – Electricity

7,231

6,157

17,103

30,491

Healthcare & Pharmaceuticals

407,101

749

257

389

408,496

High Tech Industries

325,559

1,107

326,666

Hotel, Gaming, Leisure, Restaurants

29,319

29,319

Insurance

48,064

48,064

Manufacturing, Capital Equipment

46,448

7,981

11,849

250

66,528

Retail

31,269

31,269

Telecommunications

2,312

7,385

9,697

Transportation – Cargo, Distribution

81,491

81,491

Utilities – Electric

14,469

14,469

Wholesale

46,347

17

798

47,162

Total Non-Controlled /
Non-Affiliated Investments

$

1,906,983

$

15,366

$

2,664

$

$

19,801

$

62,502

$

965

$

2,008,281

Non-Controlled / Affiliated Investments

Chemicals, Plastics & Rubber

$

12,500

$

$

$

$

$

56,505

$

$

69,005

Consumer Goods – Durable

3,873

1,000

4,873

Consumer Services

22,078

26,130

366

48,574

Diversified Investment Vehicles, Banking, Finance, Real Estate

16,517

16,517

Energy – Oil & Gas

11,802

11,802

Total Non-Controlled / Affiliated Investments

$

38,451

$

$

$

42,647

$

$

69,673

$

$

150,771

Controlled Investments

Aviation and Consumer Transport

$

70,076

$

$

$

$

$

146,500

$

$

216,576

Energy – Oil & Gas

44,864

44,864

High Tech Industries

110,243

6,001

116,244

Transportation – Cargo, Distribution

15,791

15,791

Total Controlled Investments

$

180,319

$

$

$

$

6,001

$

207,155

$

$

393,475

Total

$

2,125,753

$

15,366

$

2,664

$

42,647

$

25,802

$

339,330

$

965

$

2,552,527

See notes to the consolidated financial statements.

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Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

(36)
The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of March 31, 2024:

Industry

First Lien - Secured Debt

Second Lien - Secured Debt

Unsecured Debt

Structured Products and Other

Preferred Equity

Common Equity/Interests

Warrants

Total

% of Net Assets

Non-Controlled / Non-Affiliated Investments

Advertising, Printing & Publishing

$

46,394

$

$

$

$

$

485

$

$

46,879

4.66

%

Automotive

26,841

2,073

28,914

2.87

%

Aviation and Consumer Transport

10,202

10,202

1.01

%

Beverage, Food & Tobacco

110,426

239

2,766

113,431

11.28

%

Business Services

231,455

329

79

4,940

70

236,873

23.55

%

Chemicals, Plastics & Rubber

23,067

23,067

2.29

%

Construction & Building

68,041

223

68,264

6.79

%

Consumer Goods – Durable

24,691

350

25,041

2.49

%

Consumer Goods – Non-durable

103,171

172

487

103,830

10.32

%

Consumer Services

181,100

181,100

18.00

%

Diversified Investment Vehicles, Banking, Finance, Real Estate

35,914

67

35,981

3.58

%

Energy – Electricity

2,128

283

474

2,885

0.29

%

Healthcare & Pharmaceuticals

407,008

821

3,051

188

411,068

40.86

%

High Tech Industries

322,737

2,071

324,808

32.29

%

Hotel, Gaming, Leisure, Restaurants

29,258

29,258

2.91

%

Insurance

47,701

47,701

4.74

%

Manufacturing, Capital Equipment

46,375

7,900

11,530

328

66,133

6.57

%

Retail

31,040

31,040

3.09

%

Telecommunications

2,338

5,559

7,897

0.78

%

Transportation – Cargo, Distribution

81,650

81,650

8.12

%

Utilities – Electric

14,332

14,332

1.42

%

Wholesale

46,345

18

599

46,962

4.67

%

Total Non-Controlled /
Non-Affiliated Investments

$

1,892,214

$

13,459

$

329

$

$

13,142

$

17,914

$

258

$

1,937,316

192.58

%

% of Net Assets

188.09

%

1.34

%

0.03

%

0.00

%

1.31

%

1.78

%

0.03

%

192.58

%

See notes to the consolidated financial statements.

34


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry

First Lien - Secured Debt

Second Lien - Secured Debt

Unsecured Debt

Structured Products and Other

Preferred Equity

Common Equity/Interests

Warrants

Total

% of Net Assets

Non-Controlled / Affiliated Investments

Chemicals, Plastics & Rubber

$

12,500

$

$

$

$

$

18,972

$

$

31,472

3.13

%

Consumer Goods – Durable

3,793

1,448

5,241

0.52

%

Consumer Services

22,440

25,200

373

48,013

4.77

%

Diversified Investment Vehicles, Banking, Finance, Real Estate

10,439

10,439

1.04

%

Energy – Oil & Gas

144

144

0.01

%

Total Non-Controlled / Affiliated Investments

$

38,733

$

$

$

35,639

$

$

20,937

$

$

95,309

9.47

%

% of Net Assets

3.85

%

0.00

%

0.00

%

3.54

%

0.00

%

2.08

%

0.00

%

9.47

%

Controlled Investments

Aviation and Consumer Transport

$

70,075

$

$

$

$

$

119,672

$

$

189,747

18.87

%

Energy – Oil & Gas

347

347

0.03

%

High Tech Industries

110,456

19,610

130,066

12.94

%

Transportation – Cargo, Distribution

50

50

0.00

%

Total Controlled Investments

$

180,531

$

$

$

$

19,610

$

120,069

$

$

320,210

31.84

%

% of Net Assets

17.95

%

0.00

%

0.00

%

0.00

%

1.95

%

11.94

%

0.00

%

31.84

%

Total

$

2,111,478

$

13,459

$

329

$

35,639

$

32,752

$

158,920

$

258

$

2,352,835

233.89

%

% of Net Assets

209.89

%

1.34

%

0.03

%

3.54

%

3.26

%

15.80

%

0.03

%

233.89

%

See notes to the consolidated financial statements.

35


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

Industry Classification

Percentage of Total Investments (at Fair Value) as of March 31, 2024

High Tech Industries

19.3 %

Healthcare & Pharmaceuticals

17.6 %

Business Services

10.1 %

Consumer Services

9.7 %

Aviation and Consumer Transport

8.5 %

Beverage, Food & Tobacco

4.8 %

Consumer Goods – Non-durable

4.4 %

Transportation – Cargo, Distribution

3.5 %

Construction & Building

2.9 %

Manufacturing, Capital Equipment

2.8 %

Chemicals, Plastics & Rubber

2.3 %

Insurance

2.0 %

Wholesale

2.0 %

Advertising, Printing & Publishing

2.0 %

Diversified Investment Vehicles, Banking, Finance, Real Estate

2.0 %

Retail

1.3 %

Consumer Goods – Durable

1.3 %

Hotel, Gaming, Leisure, Restaurants

1.3 %

Automotive

1.2 %

Utilities – Electric

0.6 %

Telecommunications

0.3 %

Energy – Electricity

0.1 %

Energy – Oil & Gas

0.0 %

Total Investments

100.0 %

See notes to the consolidated financial statements.

36


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Advertising, Printing & Publishing

FingerPaint Marketing

KL Charlie Acquisition Company

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

12/30/26

$

23,280

$

23,020

$

22,699

(9)(31)

First Lien Secured Debt

SOFR+ 685 , 1.00 % Floor

12/30/26

715

703

701

(9)(31)

First Lien Secured Debt - Revolver

P+ 525

12/30/26

1,962

1,409

1,390

(9)(21)(23)(28)

KL Charlie Co-Invest, L.P.

Common Equity - Common Stock

N/A

N/A

218,978 Shares

220

357

(9)(13)

25,352

25,147

Hero Digital

HRO (Hero Digital) Holdings, LLC

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

11/18/28

26,842

19,463

18,608

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

11/18/26

2,553

2,487

2,407

(9)(20)(21)(23)(31)

HRO Holdings I LP

Common Equity - Common Stock

N/A

N/A

213 Shares

213

167

(9)(13)

22,163

21,182

Total Advertising, Printing & Publishing

$

47,515

$

46,329

Automotive

Club Car Wash

Club Car Wash Operating, LLC

First Lien Secured Debt

SOFR+ 665 , 1.00 % Floor

06/16/27

$

27,847

$

26,226

$

26,134

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 665 , 1.00 % Floor

06/16/27

1,625

1,607

1,600

(9)(23)(31)

27,833

27,734

Crowne Automotive

Vari-Form Group, LLC

First Lien Secured Debt

11.00 % ( 7.00 % Cash plus 4.00 % PIK)

02/02/23

5,860

893

293

(9)(11)(14)

Vari-Form Inc.

First Lien Secured Debt

11.00 % ( 7.00 % Cash plus 4.00 % PIK)

02/02/23

2,110

391

105

(9)(11)(14)

1,284

398

K&N Parent, Inc.

K&N Holdco, LLC

Common Equity - Common Stock

N/A

N/A

77,622 Shares

23,621

1,515

(13)

Truck-Lite Co., LLC

TL Lighting Holdings, LLC

Common Equity - Equity

N/A

N/A

350 Shares

350

464

(9)(13)

Truck-Lite Co., LLC

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

12/14/26

31,409

31,035

30,979

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

12/13/24

3,052

( 14

)

(8)(9)(20)(21)(23)

31,385

31,429

Total Automotive

$

84,123

$

61,076

Aviation and Consumer Transport

Merx Aviation Finance, LLC

Merx Aviation Finance, LLC (5)

First Lien Secured Debt - Revolver

10.00 %

10/31/25

$

106,177

$

74,075

$

74,076

(20)(23)

Common Equity - Membership Interests

N/A

N/A

146,500

117,043

(24)

220,575

191,119

Primeflight

PrimeFlight Acquisition, LLC

First Lien Secured Debt

SOFR+ 685 , 1.00 % Floor

05/01/29

5,450

5,300

5,286

(9)(31)(32)

Total Aviation and Consumer Transport

$

225,875

$

196,405

See notes to the consolidated financial statements.

37


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Beverage, Food & Tobacco

Berner Foods

Berner Food & Beverage, LLC

First Lien Secured Debt

SOFR+ 565 , 1.00 % Floor

07/30/27

$

30,418

$

29,960

$

29,202

(9)(31)

First Lien Secured Debt - Revolver

P+ 450

07/30/26

801

791

769

(9)(28)

First Lien Secured Debt - Revolver

SOFR+ 565 , 1.00 % Floor

07/30/26

2,080

550

493

(9)(21)(23)(31)

31,301

30,464

Bolthouse Farms

Wm. Bolthouse Farms, Inc.

Common Equity - Equity Interests

N/A

N/A

1,086,122 Shares

1,147

1,043

(13)

Hive

FCP-Hive Holdings, LLC

Preferred Equity - Preferred Equity

N/A

N/A

589 Shares

448

148

(9)(13)

Common Equity - Common Stock

N/A

N/A

589 Shares

3

(9)(13)

Hive Intermediate, LLC

First Lien Secured Debt

SOFR+ 610 Cash plus 2.00 % PIK, 1.00 % Floor

09/22/27

13,925

13,745

13,368

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 610 Cash plus 2.00 % PIK, 1.00 % Floor

09/22/27

2,326

603

539

(9)(21)(23)(30)

14,799

14,055

Nutpods

Green Grass Foods, Inc.

First Lien Secured Debt

SOFR+ 625 , 1.00 % Floor

12/26/29

3,750

3,675

3,675

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 625 , 1.00 % Floor

12/26/29

1,250

( 25

)

( 25

)

(8)(9)(21)(23)

Nutpods Holdings, Inc.

Common Equity - Common Stock

N/A

N/A

125 Shares

125

125

(9)(13)(24)

3,775

3,775

Orgain, Inc.

Butterfly Fighter Co-Invest, L.P.

Common Equity - Membership Interests

N/A

N/A

490,000 Shares

90

1,142

Patriot Pickle

Patriot Foods Buyer, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

12/22/29

750

240

235

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

12/22/29

250

( 5

)

( 5

)

(8)(9)(21)(23)

235

230

Rise Baking

Ultimate Baked Goods Midco LLC

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

08/13/27

26,222

25,787

26,193

(9)(30)

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

08/13/27

5,661

5,584

5,550

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

08/13/27

3,243

( 50

)

( 5

)

(8)(9)(20)(21)(23)

31,321

31,738

See notes to the consolidated financial statements.

38


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

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

SOFR+ 600 Cash plus 2.00 % PIK, 1.00 % Floor

05/31/25

25,921

25,778

25,791

(9)(32)

First Lien Secured Debt

SOFR+ 600 Cash plus 6.00 % PIK, 1.00 % Floor

05/31/24

1,383

1,379

1,383

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 600 Cash plus 2.00 % PIK, 1.00 % Floor

05/31/24

4,494

2,101

2,107

(9)(20)(21)(23)(31)(32)

29,427

29,281

Total Beverage, Food & Tobacco

$

112,095

$

111,728

Business Services

Accelerate Learning

Eagle Purchaser, Inc.

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

03/22/30

$

4,316

$

3,372

$

3,442

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

03/22/29

658

246

252

(9)(21)(23)(31)

3,618

3,694

Access Information

Access CIG, LLC

Second Lien Secured Debt

SOFR+ 775 , 0.00 % Floor

02/27/26

15,900

15,859

15,701

(31)

AlpineX

Alpinex Opco, LLC

First Lien Secured Debt

SOFR+ 626 , 1.00 % Floor

12/27/27

21,273

20,922

20,889

(9)(31)

First Lien Secured Debt

SOFR+ 752 , 1.00 % Floor

12/27/27

630

614

614

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 626 , 1.00 % Floor

12/27/27

1,489

568

584

(9)(21)(23)(31)

22,104

22,087

Ambrosia Buyer Corp.

Ambrosia Buyer Corp.

Second Lien Secured Debt

8.00 %

08/28/25

21,429

15,201

2,207

(14)

AML Rightsource

Gabriel Partners, LLC

First Lien Secured Debt

SOFR+ 615 , 1.00 % Floor

09/21/26

30,729

30,388

30,495

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 615 , 1.00 % Floor

09/21/26

665

258

259

(9)(21)(23)(30)
(31)

30,646

30,754

Avenu

ACP Avenu Buyer, LLC

First Lien Secured Debt

SOFR+ 625 , 1.00 % Floor

10/02/29

6,750

1,146

1,140

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 625 , 1.00 % Floor

10/02/29

750

( 20

)

( 21

)

(8)(9)(21)(23)

1,126

1,119

Continuum

Continuum Global Solutions, LLC

Preferred Equity - Preferred Equity

N/A

N/A

775 Shares

78

78

(9)(13)

Escalent

M&M OPCO, LLC

First Lien Secured Debt

SOFR+ 810 , 1.00 % Floor

04/07/29

9,452

9,195

9,240

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 810 , 1.00 % Floor

04/07/29

476

( 13

)

( 11

)

(8)(9)(21)(23)

9,182

9,229

See notes to the consolidated financial statements.

39


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Go1

Apiom, Inc.

First Lien Secured Debt

SOFR+ 745 , 2.00 % Floor

05/02/28

2,500

2,482

2,481

(9)(17)(30)

HMA

Health Management Associates Superholdings, Inc.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

03/30/29

4,624

4,016

4,025

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

03/30/29

284

( 8

)

( 7

)

(8)(9)(20)(21)(23)

4,008

4,018

IRP

Precision Refrigeration & Air Conditioning LLC

First Lien Secured Debt

SOFR+ 690 , 1.00 % Floor

03/08/28

21,048

15,679

15,417

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 690 , 1.00 % Floor

03/08/28

1,705

828

801

(9)(21)(23)(31)

SMC IR Holdings, LLC

Common Equity - Common Stock

N/A

N/A

148 Shares

170

263

(9)

16,677

16,481

Jacent

Jacent Strategic Merchandising

First Lien Secured Debt

SOFR+ 585 Cash plus 0.75 % PIK, 1.00 % Floor

04/23/24

22,263

22,231

21,807

(9)(30)(31)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

04/23/24

3,500

1,560

1,502

(9)(21)(23)(30)

Common Equity - Common Stock

N/A

N/A

5,000 Shares

500

4

(9)(13)

JSM Equity Investors, L.P.

Preferred Equity - Class P Partnership Units

N/A

N/A

114 Shares

11

11

(9)(13)

24,302

23,324

Jones & Frank

JF Acquisition, LLC

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

07/31/26

12,964

12,887

12,823

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 560 , 1.00 % Floor

07/31/26

1,569

( 11

)

( 17

)

(8)(9)(21)(23)

12,876

12,806

Naviga

Naviga Inc. (fka Newscycle Solutions, Inc.)

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

02/27/24

13,160

13,144

13,292

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

02/27/24

500

450

450

(9)(23)(31)

13,594

13,742

PSE

Graffiti Buyer, Inc.

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

08/10/27

8,305

8,203

8,222

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 560 , 1.00 % Floor

08/10/27

1,307

434

437

(9)(21)(23)(31)

Graffiti Parent, LP

Common Equity - Common Stock

N/A

N/A

2,439 Shares

244

398

(9)(13)

8,881

9,057

PSI Services, LLC

Lifelong Learner Holdings, LLC

First Lien Secured Debt

SOFR+ 590 , 1.00 % Floor

10/19/26

33,367

33,063

32,786

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 590 , 1.00 % Floor

10/20/25

2,985

2,962

2,945

(9)(21)(23)(31)

36,025

35,731

See notes to the consolidated financial statements.

40


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

SafetyCo

HEF Safety Ultimate Holdings, LLC

First Lien Secured Debt

SOFR+ 575 , 1.00 % Floor

11/17/29

13,500

7,243

7,238

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 575 , 1.00 % Floor

11/17/29

1,500

363

363

(9)(21)(23)(31)

7,606

7,601

SEER

GS SEER Group Borrower LLC

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

04/29/30

4,616

3,331

3,333

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

04/30/29

367

( 10

)

( 10

)

(8)(9)(21)(23)

GS SEER Group Holdings, LLC

Common Equity - Common Stock

N/A

N/A

42 Shares

42

39

(9)(13)(24)

3,363

3,362

Smith System

Smith Topco, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

11/06/29

8,872

8,675

8,673

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

11/06/29

1,128

( 25

)

( 25

)

(8)(9)(21)(23)

8,650

8,648

Soliant

Soliant Health, Inc.

Common Equity - Membership Interests

N/A

N/A

300 Shares

300

1,428

(9)

Trench Plate

Trench Plate Rental Co.

First Lien Secured Debt

SOFR+ 560 , 1.00 % Floor

12/03/26

17,909

17,709

17,640

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 560 , 1.00 % Floor

12/03/26

1,818

573

564

(9)(20)(21)(23)(31)

Trench Safety Solutions Holdings, LLC

Common Equity - Common Stock

N/A

N/A

331 Shares

50

50

(9)(13)

18,332

18,254

US Legal Support

US Legal Support Investment Holdings, LLC

Common Equity - Series A-1 Units

N/A

N/A

631,972 Shares

632

935

(9)(13)

USLS Acquisition, Inc.

First Lien Secured Debt

SOFR+ 590 , 1.00 % Floor

12/02/24

23,569

23,428

23,407

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 590 , 1.00 % Floor

12/02/24

1,608

952

954

(9)(20)(21)(23)
(30)(31)

25,012

25,296

Wilson Language Training

Owl Acquisition, LLC

First Lien Secured Debt

SOFR+ 540 , 1.00 % Floor

02/04/28

9,635

9,486

9,562

(9)(31)

Owl Parent Holdings, LLC

Common Equity - Common Stock

N/A

N/A

100 Shares

100

195

(9)(13)

9,586

9,757

Total Business Services

$

289,508

$

276,855

See notes to the consolidated financial statements.

41


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Chemicals, Plastics & Rubber

Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I

Carbonfree Chemicals Holdings LLC (4)

Common Equity - Common Equity / Interest

N/A

N/A

1,246 Shares

$

56,505

$

18,727

(13)(16)(24)

FC2 LLC (4)

Common Equity - Common Stock

N/A

N/A

5 Shares

(13)(24)

Secured Debt - Promissory Note

6.50 %

10/14/27

12,500

12,500

12,501

69,005

31,228

Westfall Technik, Inc.

Westfall Technik, Inc.

First Lien Secured Debt

SOFR+ 760 Cash plus 0.75 % PIK, 1.00 % Floor

09/13/24

21,459

21,381

20,850

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 760 Cash plus 0.75 % PIK, 1.00 % Floor

09/13/24

2,042

2,037

1,984

(9)(23)(30)

23,418

22,834

Total Chemicals, Plastics & Rubber

$

92,423

$

54,062

Construction & Building

Allstar Holdings

Athlete Buyer, LLC

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

04/26/29

$

5,323

$

5,189

$

5,190

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

04/26/29

652

( 14

)

( 16

)

(8)(9)(21)(23)

5,175

5,174

Englert

Gutter Buyer, Inc.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

03/06/25

28,669

28,525

28,125

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

03/06/24

2,727

2,622

2,615

(9)(20)(21)(23)(31)

Gutter Holdings, LP

Common Equity - Common Stock

N/A

N/A

500 Shares

500

137

(9)(13)

31,647

30,877

Pave America

Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)

First Lien Secured Debt

SOFR+ 690 , 1.00 % Floor

02/07/28

11,035

10,744

10,704

(9)(31)

First Lien Secured Debt

SOFR+ 700 , 1.00 % Floor

02/07/28

1,438

1,402

1,394

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 690 , 1.00 % Floor

02/07/28

942

( 24

)

( 28

)

(8)(9)(21)(23)

12,122

12,070

Yak Access

Yak Access LLC

First Lien Secured Debt - Revolver

SOFR+ 486 , 1.00 % Floor

09/10/27

5,000

1,187

1,225

(9)(21)(23)(30)

Total Construction & Building

$

50,131

$

49,346

See notes to the consolidated financial statements.

42


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Consumer Goods - Durable

A&V

A&V Holdings Midco, LLC

First Lien Secured Debt - Revolver

SOFR+ 461 , 1.00 % Floor

03/10/25

$

1,505

$

327

$

337

(21)(23)(30)

KLO Holdings, LLC

1244311 B.C. Ltd. (4)

First Lien Secured Debt

SOFR+ 500 , 1.00 % Floor

09/30/25

2,600

2,600

2,529

(17)(30)

First Lien Secured Debt

SOFR+ 500 PIK, 1.00 % Floor

09/30/25

1,248

1,248

1,211

(17)(30)

Common Equity - Common Stock

N/A

N/A

1,000,032 Shares

1,000

1,087

(2)(13)(17)(24)

4,848

4,827

NSi Industries

Wildcat BuyerCo, Inc.

First Lien Secured Debt

SOFR+ 575 , 1.00 % Floor

02/26/27

27,059

24,387

24,405

(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 575 , 1.00 % Floor

02/26/27

725

( 7

)

( 14

)

(8)(20)(21)(23)

Wildcat Parent LP

Common Equity - Common Stock

N/A

N/A

1,070 Shares

107

231

24,487

24,622

Sorenson Holdings, LLC

Sorenson Holdings, LLC

Common Equity - Membership Interests

N/A

N/A

587 Shares

595

Total Consumer Goods – Durable

$

29,662

$

30,381

Consumer Goods - Non-durable

3D Protein

Protein For Pets Opco, LLC

First Lien Secured Debt - Revolver

SOFR+ 450 , 1.00 % Floor

05/31/24

$

2,219

$

( 5

)

$

(9)(21)(23)

Dan Dee

Project Comfort Buyer, Inc.

First Lien Secured Debt

SOFR+ 725 , 1.00 % Floor

02/01/25

18,172

18,041

17,888

(9)(32)

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

02/01/25

3,116

3,100

3,068

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

02/01/25

1,731

( 8

)

( 27

)

(8)(9)(21)(23)

Preferred Equity - Preferred Equity

N/A

N/A

491,405 Shares

492

73

(9)(13)

21,625

21,002

LashCo

Lash OpCo, LLC

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

03/18/26

42,702

42,213

42,189

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

09/18/25

1,612

1,192

1,199

(9)(21)(23)(31)
(32)

43,405

43,388

Paladone

Paladone Group Bidco Limited

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

11/12/27

6,937

6,843

6,853

(9)(17)(31)

First Lien Secured Debt - Revolver

SON+ 585 , 1.00 % Floor

11/12/27

£

353

( 6

)

( 5

)

(8)(9)(17)(21)
(23)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

11/12/27

1,412

( 18

)

( 17

)

(8)(9)(17)(21)
(23)

Paladone Group Holdings Limited

Common Equity - Common Stock

N/A

N/A

94,151 Shares

94

58

(9)(13)(17)

6,913

6,889

See notes to the consolidated financial statements.

43


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Sequential Brands Group, Inc.

Gainline Galaxy Holdings LLC

Common Equity - Common Stock

N/A

N/A

10,854 Shares

2,041

72

(13)(16)(17)

Galaxy Universal LLC

First Lien Secured Debt

SOFR+ 500 , 1.00 % Floor

11/12/26

1,241

1,224

1,235

(17)(31)

Sequential Brands Group, Inc.

Second Lien Secured Debt

8.75 %

02/07/24

1,293

238

(14)(17)

Swisstech IP CO, LLC

First Lien Secured Debt

6.00 % PIK

11/29/24

189

55

186

(17)

3,320

1,731

Suave

Silk Holdings I Corp.

Common Equity - Common Stock

N/A

N/A

100 Shares

100

172

(9)(13)(24)

Silk Holdings III Corp.

First Lien Secured Debt

SOFR+ 775 , 1.00 % Floor

05/01/29

9,851

9,570

9,703

(9)(13)

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

05/01/29

20,125

(9)(23)

9,670

9,875

Village Pet Care

Village Pet Care, LLC

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

09/22/29

6,500

2,168

2,088

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 650 , 1.00 % Floor

09/22/29

1,000

( 19

)

( 25

)

(8)(9)(21)(23)

2,149

2,063

Total Consumer Goods – Non-durable

$

87,077

$

84,948

Consumer Services

Activ

Activ Software Holdings, LLC

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

05/04/27

$

32,119

$

31,633

$

31,812

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 650 , 1.00 % Floor

05/04/27

2,407

( 27

)

( 24

)

(8)(9)(21)(23)

31,606

31,788

Atlas Technical Consultants

GI Apple Midco LLC

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

04/19/30

4,426

3,593

3,642

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

04/19/29

556

295

300

(9)(20)(21)(23)(30)

3,888

3,942

Bird

Bird Rides, Inc.

First Lien Secured Debt

SOFR+ 760 , 1.00 % Floor

07/12/25

13,118

13,032

12,725

(9)(30)

First Lien Secured Debt

15.00 % ( 6.00 % Cash plus 9.00 % PIK)

03/18/24

6,540

1,333

1,177

(9)(23)

First Lien Secured Debt

15.00 %

09/12/25

667

667

647

(9)

15,032

14,549

See notes to the consolidated financial statements.

44


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Clarus Commerce

Marlin DTC-LS Midco 2, LLC

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

07/01/25

21,410

21,250

21,232

(31)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

07/01/25

685

( 6

)

(8)(21)(23)

21,250

21,226

Go Car Wash

Go Car Wash Management Corp.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

12/31/26

23,756

10,724

10,622

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

12/31/26

417

( 1

)

( 7

)

(8)(9)(21)(23)

10,723

10,615

Lending Point

LendingPoint LLC

First Lien Secured Debt

SOFR+ 1065 , 1.00 % Floor

12/30/26

32,229

31,908

31,946

(9)(31)

First Lien Secured Debt

SOFR+ 590 , 1.00 % Floor

12/30/26

4,167

4,140

4,131

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 590 , 1.00 % Floor

12/30/26

8,333

8,285

8,263

(9)(23)(31)

44,333

44,340

Renovo

HomeRenew Buyer, Inc.

First Lien Secured Debt

SOFR+ 665 , 1.00 % Floor

11/23/27

15,323

15,116

14,863

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 665 , 1.00 % Floor

11/23/27

1,958

1,929

1,899

(9)(23)(31)

17,045

16,762

The Club Company

Eldrickco Limited

First Lien Secured Debt

SON+ 603 , 0.50 % Floor

11/26/25

£

14,858

15,695

15,566

(9)(17)(21)(23)
(29)

First Lien Secured Debt - Revolver

SON+ 603 , 0.50 % Floor

11/26/25

£

356

415

447

(9)(17)(23)(29)

First Lien Secured Debt - Revolver

SON+ 603 , 0.50 % Floor

05/26/25

£

345

( 5

)

(8)(9)(17)(21)
(23)

16,110

16,008

US Auto

Auto Pool 2023 Trust (Del. Stat. Trust) (4)

Structured Products and Other - Membership Interests

N/A

02/28/29

N/A

27,865

30,621

(9)(25)

Total Consumer Services

$

187,852

$

189,851

Diversified Investment Vehicles, Banking, Finance, Real Estate

Celink

Compu-Link Corporation

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

06/11/24

$

2,273

$

( 5

)

$

( 43

)

(8)(9)(21)(23)

Compu-Link Corporation (dba Celink)

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

11/30/28

9,501

9,311

9,320

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

11/30/28

610

( 12

)

( 12

)

(8)(9)(21)(23)

Peer Advisors, LLC

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

06/11/24

5,114

5,101

5,016

(9)(30)

14,395

14,281

See notes to the consolidated financial statements.

45


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Definiti LLC

Greylock Holdings LLC

Common Equity - Common Stock

N/A

N/A

100,000 Shares

100

86

(9)(13)(24)

RHI Acquisition LLC

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

03/16/29

9,192

6,343

6,230

(9)(21)(23)(32)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

03/16/29

660

( 17

)

( 23

)

(8)(9)(21)(23)

6,426

6,293

Golden Bear

Golden Bear 2016-R, LLC (4)

Structured Products and Other - Membership Interests

N/A

09/20/42

N/A

17,128

10,712

(3)(17)

Purchasing Power, LLC

Purchasing Power Funding I, LLC

First Lien Secured Debt - Revolver

SOFR+ 710 , 0.00 % Floor

02/24/25

9,113

9,112

9,113

(9)(23)(30)

Spectrum Automotive

Shelby 2021 Holdings Corp.

First Lien Secured Debt

SOFR+ 586 , 0.75 % Floor

06/29/28

14,252

13,546

13,490

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 586 , 0.75 % Floor

06/29/27

420

( 4

)

( 6

)

(8)(9)(21)(23)

13,542

13,484

Total Diversified Investment Vehicles, Banking, Finance, Real Estate

$

60,603

$

53,883

Energy - Electricity

Renew Financial LLC (f/k/a Renewable Funding, LLC)

AIC SPV Holdings II, LLC

Preferred Equity - Preferred Stock

N/A

N/A

142 Shares

$

534

$

109

(15)(17)

Renew Financial LLC (f/k/a Renewable Funding, LLC)

Common Equity - Common Stock

N/A

N/A

1,368,286 Shares

16,813

96

(13)(17)

Renew JV LLC

Common Equity - Membership Interests

N/A

N/A

305,832 Shares

306

412

(13)(17)

17,653

617

Solarplicity Group Limited (f/k/a AMP Solar UK)

Solarplicity UK Holdings Limited

First Lien Secured Debt

4.00 %

03/08/23

£

5,562

7,231

2,146

(11)(14)(17)

Preferred Equity - Preferred Stock

N/A

N/A

4,286 Shares

5,623

(2)(13)(17)

Common Equity - Ordinary Shares

N/A

N/A

2,825 Shares

4

(2)(13)(17)

12,858

2,146

Total Energy – Electricity

$

30,511

$

2,763

Energy - Oil & Gas

Pelican

Pelican Energy, LLC (4)

Common Equity - Membership Interests

N/A

N/A

1,444 Shares

11,802

140

(13)(16)(17)(24)

See notes to the consolidated financial statements.

46


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Spotted Hawk

SHD Oil & Gas, LLC (5)

Common Equity - Series C Units

N/A

N/A

50,952,525 Shares

43,454

346

(13)(16)(24)

Common Equity - Series A Units

N/A

N/A

7,600,000 Shares

1,411

(13)(16)(24)

44,865

346

Total Energy – Oil & Gas

$

56,667

$

486

Healthcare & Pharmaceuticals

83bar

83Bar, Inc.

First Lien Secured Debt

SOFR+ 586 , 1.50 % Floor

07/02/26

$

3,108

$

3,101

$

3,054

(9)(30)

Akoya

Akoya Biosciences, Inc.

First Lien Secured Debt

SOFR+ 691 , 2.50 % Floor

11/01/27

22,500

22,493

22,498

(9)(30)

Alcami

Alcami Corporation

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

12/21/28

8,822

7,872

7,960

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

12/21/28

1,096

( 32

)

( 22

)

(8)(9)(21)(23)

7,840

7,938

Carbon6

Carbon6 Technologies, Inc.

Preferred Equity - Preferred Equity

N/A

N/A

280,899 Shares

250

250

(9)(13)

Cato Research

LS Clinical Services Holdings, Inc.

First Lien Secured Debt

SOFR+ 651 Cash plus 1.00 % PIK, 1.00 % Floor

12/16/27

13,285

13,074

12,696

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 651 Cash plus 1.00 % PIK, 1.00 % Floor

06/16/27

1,875

719

672

(9)(21)(23)(31)

13,793

13,368

Celerion

Celerion Buyer, Inc.

First Lien Secured Debt

SOFR+ 650 , 0.75 % Floor

11/05/29

9,280

7,763

7,908

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 650 , 0.75 % Floor

11/03/28

639

( 16

)

( 6

)

(8)(9)(21)(23)

7,747

7,902

Cerus

Cerus Corporation

First Lien Secured Debt

SOFR+ 660 , 1.80 % Floor

03/01/28

16,500

16,464

16,500

(9)(17)(30)

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

03/01/28

6,000

1,474

1,500

(9)(17)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 385 , 1.00 % Floor

03/01/28

2,000

1,761

1,763

(9)(17)(21)(23)
(30)

19,699

19,763

CNSI

Acentra Holdings, LLC (fka CNSI Holdings, LLC)

First Lien Secured Debt

SOFR+ 650 , 0.50 % Floor

12/15/28

17,820

17,287

17,462

(9)(31)

First Lien Secured Debt

SOFR+ 650 , 0.50 % Floor

12/17/28

4,000

3,920

3,920

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 650 , 0.50 % Floor

12/17/27

2,000

677

693

(9)(21)(23)(30)

21,884

22,075

See notes to the consolidated financial statements.

47


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Compass Health

Roscoe Medical, Inc

First Lien Secured Debt

SOFR+ 636 , 1.00 % Floor

09/30/24

7,468

7,199

7,281

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 636 , 1.00 % Floor

09/30/24

1,393

480

498

(9)(23)(30)

7,679

7,779

EmpiRx

EmpiRx Health LLC

First Lien Secured Debt

SOFR+ 510 , 1.00 % Floor

08/05/27

8,909

8,784

8,865

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 510 , 1.00 % Floor

08/05/27

909

( 11

)

( 5

)

(8)(9)(20)(21)(23)

8,773

8,860

ExactCare

ExactCare Parent, Inc.

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

11/03/29

18,033

17,543

17,537

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 650 , 1.00 % Floor

11/03/29

1,967

( 53

)

( 54

)

(8)(9)(21)(23)

17,490

17,483

Gateway Services

Gateway US Holdings, Inc.

First Lien Secured Debt

SOFR+ 665 , 0.75 % Floor

09/22/26

9,632

9,565

9,585

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 665 , 0.75 % Floor

09/22/26

304

( 2

)

( 2

)

(8)(9)(21)(23)

9,563

9,583

Gossamer

GB001, Inc.

First Lien Secured Debt

SOFR+ 711 , 2.00 % Floor

01/01/25

26,516

2,477

2,516

(9)(17)(23)(30)

Health & Safety Institute

HSI HALO Acquisition, Inc.

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

08/31/26

16,101

15,950

15,862

(9)(31)

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

08/31/26

2,441

2,400

2,429

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

09/02/25

677

675

674

(9)(23)(32)

First Lien Secured Debt - Revolver

P+ 475

09/02/25

135

135

135

(9)(23)(28)

Common Equity - Common Stock

N/A

N/A

500 Shares

31

1,356

(9)(13)

HSI Halo Holdings, LLC

Common Equity - Common Stock

N/A

N/A

104 Shares

16

14

(9)(13)

19,207

20,470

KureSmart

Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)

Common Equity - Common Stock

N/A

N/A

133 Shares

133

242

(9)(13)

Kure Pain Holdings, Inc.

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

08/27/25

21,269

21,171

21,264

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

08/27/24

2,654

( 10

)

(9)(21)(23)

21,294

21,506

LucidHealth

Premier Imaging, LLC

First Lien Secured Debt

SOFR+ 611 , 1.00 % Floor

01/02/25

8,032

7,972

7,932

(9)(31)

See notes to the consolidated financial statements.

48


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Mannkind Corporation

Mannkind Corporation

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

08/01/25

11,556

11,523

11,555

(9)(26)(30)

Common Equity - Common Stock

N/A

N/A

334,226 Shares

76

1,217

(9)(10)(13)(17)

11,599

12,772

Maxor National Pharmacy Services, LLC

Maxor National Pharmacy Services, LLC

First Lien Secured Debt

SOFR+ 700 , 1.00 % Floor

03/01/29

13,319

12,956

12,986

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 700 , 1.00 % Floor

03/01/29

1,530

( 40

)

( 38

)

(8)(9)(21)(23)

Maxor Topco, L.P.

Preferred Equity - Preferred Equity

N/A

N/A

50,000 Shares

50

60

(9)(13)(24)

12,966

13,008

Medical Guardian

Medical Guardian, LLC

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

10/26/26

35,562

30,499

30,444

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

10/26/26

3,810

519

514

(9)(21)(23)(30)

31,018

30,958

Midwest Vision

Midwest Vision Partners Management, LLC

First Lien Secured Debt

SOFR+ 665 , 1.00 % Floor

01/12/27

21,624

21,358

21,083

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 665 , 1.00 % Floor

01/12/27

612

605

595

(9)(23)(31)

21,963

21,678

Orchard

Orchard Therapeutics PLC

First Lien Secured Debt

SOFR+ 605 , 1.00 % Floor

05/28/26

7,595

7,580

8,006

(9)(17)(30)

Partner Therapeutics, Inc

Partner Therapeutics, Inc

Preferred Equity - Preferred Equity

N/A

N/A

55,556 Shares

333

399

(9)(13)

Warrants - Warrants

73,333 Shares

389

199

(9)(13)

722

598

PHS

PHS Buyer, Inc.

First Lien Secured Debt

SOFR+ 610 Cash plus 1.50 % PIK, 1.00 % Floor

01/31/27

23,908

23,643

23,848

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 610 Cash plus 1.50 % PIK, 1.00 % Floor

01/31/27

2,000

1,301

1,330

(9)(21)(23)(30)

24,944

25,178

RHA Health Services

Pace Health Companies, LLC

First Lien Secured Debt

SOFR+ 640 , 1.00 % Floor

08/02/25

3,731

3,707

3,667

(9)(31)

First Lien Secured Debt

SOFR+ 665 , 1.00 % Floor

08/02/25

2,500

1,567

1,563

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 640 , 1.00 % Floor

08/02/25

500

( 5

)

( 9

)

(8)(9)(20)(21)(23)

5,269

5,221

Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc.

First Lien Secured Debt

SOFR+ 576 , 1.50 % Floor

09/01/26

18,000

17,998

18,000

(9)(30)

See notes to the consolidated financial statements.

49


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Team Select

TS Investors, LLC

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

05/04/29

2,306

1,872

1,913

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

05/04/29

185

( 5

)

( 2

)

(8)(9)(21)(23)

1,867

1,911

TELA Bio, Inc.

TELA Bio, Inc.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

05/01/27

16,667

13,283

13,333

(9)(23)(30)

TersSera

TerSera Therapeutics LLC

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

04/04/29

13,860

13,478

13,756

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

04/04/29

1,140

( 30

)

( 9

)

(8)(9)(21)(23)

13,448

13,747

TissueTech

TissueTech, Inc.

First Lien Secured Debt

SOFR+ 586 , 1.00 % Floor

04/01/27

17,500

12,205

12,250

(9)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 411 , 1.00 % Floor

04/01/27

1,000

497

500

(9)(21)(23)(30)

12,702

12,750

Treace

Treace Medical Concepts, Inc.

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

04/01/27

35,000

14,528

14,146

(9)(17)(23)(27)
(30)

First Lien Secured Debt - Revolver

SOFR+ 410 , 1.00 % Floor

04/01/27

3,000

390

355

(9)(17)(21)(23)
(27)(30)

14,918

14,501

Unchained Labs

Unchained Labs, LLC

First Lien Secured Debt

SOFR+ 555 , 1.00 % Floor

08/09/27

4,121

4,079

4,080

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 555 , 1.00 % Floor

08/09/27

726

( 9

)

( 7

)

(8)(9)(21)(23)

4,070

4,073

US Fertility

US Fertility Enterprises, LLC

First Lien Secured Debt

SOFR+ 660 , 1.00 % Floor

12/21/27

2,958

2,896

2,913

(9)(30)(31)

First Lien Secured Debt - Revolver

SOFR+ 651 , 1.00 % Floor

12/21/27

63

28

28

(9)(21)(23)(31)

2,924

2,941

ViewRay

ViewRay Inc.

First Lien Secured Debt

3.50 %

11/01/27

9,583

7,852

717

(9)(14)(17)

WellDyneRx, LLC

WelldyneRX, LLC

First Lien Secured Debt

SOFR+ 685 , 0.75 % Floor

03/09/27

17,761

17,499

17,272

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 685 , 0.75 % Floor

03/09/26

1,923

( 21

)

( 53

)

(8)(9)(21)(23)

17,478

17,219

Total Healthcare & Pharmaceuticals

$

413,863

$

409,588

See notes to the consolidated financial statements.

50


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

High Tech Industries

Acronis AG

ACRONIS AG

First Lien Secured Debt

SOFR+ 595 , 1.00 % Floor

04/01/27

$

21,000

$

20,945

$

21,000

(9)(17)(30)

American Megatrends

AMI US Holdings Inc.

First Lien Secured Debt

SOFR+ 535 , 1.00 % Floor

04/01/25

21,044

20,925

21,044

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 535 , 0.00 % Floor

04/01/24

2,907

( 3

)

(9)(21)(23)

20,922

21,044

BarTender

Sigma Buyer LLC

First Lien Secured Debt

SOFR+ 675 , 0.75 % Floor

01/04/28

5,955

5,804

5,940

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 675 , 0.75 % Floor

01/04/28

1,500

64

96

(9)(21)(23)(32)

5,868

6,036

Calero Holdings, Inc.

Telesoft Holdings, LLC

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

12/16/25

21,875

21,696

21,548

(30)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

12/16/25

2,273

308

291

(21)(23)(30)

22,004

21,839

ChyronHego Corporation

ChyronHego Corporation (5)

Preferred Equity - Preferred Equity

N/A

N/A

7,800 Shares

6,000

20,628

(13)(24)

ChyronHego US Holding Corporation (5)

First Lien Secured Debt

SOFR+ 350 , 1.75 % Floor

06/30/26

106,906

106,690

106,906

(31)

First Lien Secured Debt - Revolver

P+ 600

06/30/26

5,000

1,300

1,300

(21)(23)(28)

113,990

128,834

Dairy.com

Momentx Corporation

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

06/24/27

15,046

14,859

14,886

(9)(31)

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

06/24/27

1,357

1,333

1,357

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

06/24/27

1,257

1,242

1,243

(9)(23)(31)

17,434

17,486

Digital.ai

Digital.ai Software Holdings, Inc.

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

02/10/27

21,960

21,589

21,356

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

02/10/27

2,419

990

950

(9)(21)(23)(31)

22,579

22,306

GoHealth

Norvax, LLC

First Lien Secured Debt - Revolver

SOFR+ 660 , 1.00 % Floor

09/13/24

3,182

( 11

)

(9)(21)(23)

See notes to the consolidated financial statements.

51


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Gtreasury

G Treasury SS LLC

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

06/29/29

2,250

208

205

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

06/29/29

250

( 5

)

( 5

)

(8)(9)(21)(23)

203

200

International Cruise & Excursion Gallery, Inc.

International Cruise & Excursion Gallery, Inc.

First Lien Secured Debt

SOFR+ 535 , 1.00 % Floor

06/06/25

14,175

14,105

13,935

(31)

Litify

Litify Holdings Inc.

Common Equity - Common Stock

N/A

N/A

217,892 Shares

107

255

(9)(13)(24)

Litify LLC

First Lien Secured Debt

SOFR+ 710 , 1.00 % Floor

02/02/29

11,667

11,354

11,346

(9)(31)

First Lien Secured Debt

SOFR+ 760 , 1.00 % Floor

02/02/29

7,500

7,278

7,313

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 710 , 1.00 % Floor

02/02/29

833

( 21

)

( 23

)

(8)(9)(21)(23)

18,718

18,891

Modern Campus

Destiny Solutions U.S., Inc.

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

06/08/26

25,382

25,031

24,935

(19)(30)

RMCF IV CIV XXXV, L.P.

Common Equity - Common Stock

N/A

N/A

482 Shares

1,000

1,745

(13)

26,031

26,680

MYCOM

Magnate Holding Corp.

First Lien Secured Debt

SOFR+ 615 , 0.50 % Floor

12/16/24

18,873

18,858

18,790

(9)(17)(31)

First Lien Secured Debt - Revolver

SOFR+ 615 , 0.50 % Floor

02/14/24

3,150

3,146

3,145

(9)(17)(23)(31)

22,004

21,935

New Era Technology, Inc.

New Era Technology, Inc.

First Lien Secured Debt

SOFR+ 640 , 1.00 % Floor

10/31/26

31,911

31,550

31,111

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 640 , 1.00 % Floor

10/30/26

1,732

( 19

)

( 43

)

(8)(9)(21)(23)

31,531

31,068

Omada

Omada Health, Inc.

First Lien Secured Debt

SOFR+ 710 , 2.50 % Floor

06/01/28

2,900

1,423

1,422

(9)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 410 , 2.50 % Floor

06/01/28

100

4

4

(9)(21)(23)(30)

1,427

1,426

Pro Vigil

Pro-Vigil Holding Company, LLC

First Lien Secured Debt

SOFR+ 860 , 1.00 % Floor

01/11/25

22,939

22,699

22,744

(9)(31)

Schlesinger Group

Schlesinger Global, LLC

First Lien Secured Debt

SOFR+ 615 Cash plus 1.00 % PIK, 1.00 % Floor

07/12/25

10,260

10,175

10,200

(9)(31)

First Lien Secured Debt

SOFR+ 790 , 1.00 % Floor

07/12/25

944

937

944

(9)(31)

11,112

11,144

See notes to the consolidated financial statements.

52


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Simeio

Simeio Group Holdings, Inc.

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

02/02/26

8,116

8,069

8,015

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

02/02/26

1,731

1,146

1,125

(9)(21)(23)(30)

9,215

9,140

Sirsi Corporation

Sirsi Corporation

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

03/15/25

4,658

4,655

4,611

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

03/15/25

429

( 1

)

( 4

)

(8)(9)(21)(23)

4,654

4,607

Springbrook

Springbrook Holding Company, LLC

First Lien Secured Debt

SOFR+ 561 , 1.00 % Floor

12/23/26

15,647

15,494

15,406

(31)

First Lien Secured Debt

SOFR+ 661 , 1.00 % Floor

12/23/26

2,331

2,306

2,341

(30)

First Lien Secured Debt - Revolver

SOFR+ 561 , 1.00 % Floor

12/23/26

1,463

( 11

)

( 23

)

(8)(21)(23)

17,789

17,724

UpStack

Upstack Holdco Inc.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

08/20/27

31,390

30,819

31,076

(9)(32)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

08/20/27

3,000

849

870

(9)(20)(21)(23)

31,668

31,946

Total High Tech Industries

$

434,887

$

449,985

Hotel, Gaming, Leisure, Restaurants

Cave

Cave Enterprises Operations, LLC

First Lien Secured Debt

SOFR+ 660 , 1.50 % Floor

08/09/28

$

9,971

$

8,484

$

8,635

(9)(23)(30)

CircusTrix

CircusTrix Holdings LLC

First Lien Secured Debt

SOFR+ 675 , 1.00 % Floor

07/18/28

3,998

943

938

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 675 , 1.00 % Floor

07/18/28

1,000

( 23

)

( 15

)

(8)(9)(21)(23)

920

923

Guernsey

Guernsey Holdings SDI LA LLC

First Lien Secured Debt

6.95 %

11/18/26

1,821

1,810

1,716

(9)

First Lien Secured Debt

SOFR+ 595 , 1.00 % Floor

11/18/26

1,167

(9)(23)

1,810

1,716

PARS Group LLC

PARS Group LLC

First Lien Secured Debt

SOFR+ 685 , 1.50 % Floor

04/03/28

9,932

8,869

8,831

(9)(23)(30)

Taco Cabana

YTC Enterprises, LLC

First Lien Secured Debt

SOFR+ 636 , 1.00 % Floor

08/16/26

9,483

9,412

9,294

(9)(30)

Total Hotel, Gaming, Leisure, Restaurants

$

29,495

$

29,399

See notes to the consolidated financial statements.

53


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Insurance

High Street Insurance

High Street Buyer, Inc.

First Lien Secured Debt

SOFR+ 590 , 0.75 % Floor

04/14/28

$

29,582

$

29,207

$

29,138

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 590 , 0.75 % Floor

04/16/27

2,203

( 24

)

( 33

)

(8)(9)(21)(23)

29,183

29,105

PGM Holdings Corporation

Turbo Buyer, Inc.

First Lien Secured Debt

SOFR+ 625 , 1.00 % Floor

12/02/25

18,887

18,703

18,462

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 625 , 1.00 % Floor

12/02/25

923

( 7

)

( 21

)

(8)(9)(21)(23)

18,696

18,441

Total Insurance

$

47,879

$

47,546

Manufacturing, Capital Equipment

AVAD, LLC

Surf Opco, LLC

First Lien Secured Debt - Revolver

SOFR+ 411 , 1.00 % Floor

03/17/26

$

20,000

$

15,820

$

15,786

(9)(16)(20)(21)(23)
(30)

Preferred Equity - Class P-1 Preferred

N/A

N/A

33,333 Shares

3,333

6,667

(9)(13)(16)

Preferred Equity - Class P-2 Preferred

N/A

N/A

85,164 Shares

8,516

3,964

(9)(13)(16)

Common Equity - Class A-1 Common

N/A

N/A

3,333 Shares

185

(9)(13)(16)

27,669

26,602

Carlisle Fluid Technologies

LSF12 Donnelly Bidco, LLC

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

10/02/29

14,963

14,601

14,588

(9)(30)

International Wire Group

IW Buyer LLC

First Lien Secured Debt

SOFR+ 685 , 1.00 % Floor

06/28/29

2,096

2,037

2,054

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 685 , 1.00 % Floor

06/28/29

393

( 11

)

( 8

)

(8)(9)(20)(21)(23)

2,026

2,046

Kauffman

Kauffman Holdco, LLC

Common Equity - Common Stock

N/A

N/A

250,000 Shares

250

248

(9)

Kauffman Intermediate, LLC

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

05/08/25

15,976

15,894

15,779

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

05/08/25

1,243

311

295

(9)(21)(20)(23)(30)

16,455

16,322

MedPlast Holdings Inc.

Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.)

Second Lien Secured Debt

SOFR+ 786 , 0.00 % Floor

07/02/26

8,000

7,976

7,710

(30)

Total Manufacturing, Capital Equipment

$

68,727

$

67,268

Retail

IPS

SI Holdings, Inc.

First Lien Secured Debt

SOFR+ 610 , 1.00 % Floor

12/30/27

$

30,789

$

30,311

$

30,460

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 610 , 1.00 % Floor

12/30/27

3,413

503

469

(9)(21)(23)(30)

Total Retail

$

30,814

$

30,929

See notes to the consolidated financial statements.

54


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Telecommunications

MCA

Mobile Communications America, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

10/16/29

$

11,141

$

2,338

$

2,330

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

10/16/29

1,359

( 33

)

( 34

)

(8)(9)(21)(23)

2,305

2,296

Securus Technologies Holdings, Inc.

Securus Technologies Holdings, Inc.

Second Lien Secured Debt

SOFR+ 865 , 1.00 % Floor

11/01/25

7,266

7,238

6,031

(31)

Total Telecommunications

$

9,543

$

8,327

Transportation - Cargo, Distribution

Beacon Mobility

Beacon Mobility Corp.

First Lien Secured Debt

SOFR+ 635 , 1.00 % Floor

12/31/25

$

37,049

$

36,895

$

36,940

(9)(31)

First Lien Secured Debt - Revolver

4.10 %

05/22/24

55,000

(9)(22)(23)

First Lien Secured Debt - Revolver

SOFR+ 635 , 1.00 % Floor

12/31/25

4,145

( 42

)

( 15

)

(8)(9)(20)(21)(23)

36,853

36,925

Camin Cargo

Camin Cargo Control Holdings, Inc.

First Lien Secured Debt

SOFR+ 600 , 1.00 % Floor

12/06/29

$

4,000

$

945

$

911

(9)(21)(23)(30)

First Lien Secured Debt - Revolver

SOFR+ 600 , 1.00 % Floor

12/06/29

1,000

( 22

)

( 22

)

(8)(9)(21)(23)

923

889

Heniff and Superior

Heniff Holdco, LLC

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

12/03/26

29,443

29,153

29,296

(9)(31)

First Lien Secured Debt - Revolver

SOFR+ 585 , 1.00 % Floor

12/03/24

3,925

1,488

1,495

(9)(20)(21)(23)
(30)

30,641

30,791

IronClad

Ironhorse Purchaser, LLC

First Lien Secured Debt

SOFR+ 650 , 1.00 % Floor

09/30/27

4,517

2,978

2,977

(9)(21)(23)(31)

First Lien Secured Debt - Revolver

SOFR+ 650 , 1.00 % Floor

09/30/27

483

268

268

(9)(20)(21)(23)(31)

3,246

3,245

MSEA Tankers LLC

MSEA Tankers LLC (5)

Common Equity - Class A Units

N/A

N/A

15,791

45

(13)(17)(18)(24)

Total Transportation – Cargo, Distribution

$

87,454

$

71,895

Utilities - Electric

Congruex

Congruex Group LLC

First Lien Secured Debt

SOFR+ 590 , 0.75 % Floor

05/03/29

$

14,775

$

14,489

$

14,369

(9)(31)

Total Utilities – Electric

$

14,489

$

14,369

See notes to the consolidated financial statements.

55


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry/Company

Investment Type

Interest Rate

Maturity Date

Par/Shares (12)

Cost (34)

Fair Value (1)(35)

Wholesale

Banner Solutions

Banner Buyer, LLC

First Lien Secured Debt

SOFR+ 585 , 1.00 % Floor

10/31/25

$

15,025

$

14,933

$

14,934

(9)(30)

First Lien Secured Debt - Revolver

SOFR+ 585 , 0.00 % Floor

10/31/25

1,935

( 13

)

( 12

)

(8)(9)(21)(23)

Banner Parent Holdings, Inc.

Common Equity - Common Stock

N/A

N/A

6,125 Shares

613

549

(9)(13)

15,533

15,471

Thomas Scientific

BSP-TS, LP

Preferred Equity - Preferred Equity

N/A

N/A

17 Shares

17

18

(9)(13)(24)

Common Equity - Common Stock

N/A

N/A

185 Shares

185

161

(9)(13)

Thomas Scientific, LLC

First Lien Secured Debt

SOFR+ 640 , 1.00 % Floor

12/14/27

31,254

30,809

30,735

(9)(31)

First Lien Secured Debt - Revolver

P+ 525

12/14/27

2,963

405

395

(9)(21)(23)(28)

31,416

31,309

Total Wholesale

$

46,949

$

46,780

Total Investments before Cash Equivalents

$

2,538,142

$

2,334,199

J.P. Morgan U.S. Government Money Market Fund

N/A

N/A

140

$

140

$

140

(34)

Goldman Sachs Financial Square Government Fund

N/A

N/A

112

$

112

$

112

(34)

Total Investments after Cash Equivalents

$

2,538,394

$

2,334,451

(6)(7)

(1)
Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (See Note 2 to the consolidated financial statements).
(2)
Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments.
(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 December 31, 2023, we had a 100 % equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.

See notes to the consolidated financial statements.

56


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

(4)
Denotes investments in which we are an “Affiliated Person,” as defined in 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, 2022 and December 31, 2023 along with transactions during the twelve months ended December 31, 2023 in these affiliated investments are as follows:

Name of Issuer

Fair Value at December 31, 2022

Gross Additions

Gross Reductions ■

Net Change in Unrealized Gains (Losses)

Fair Value at December 31, 2023

Net Realized Gains (Losses)

Interest/
Dividend/
Other Income

1244311 B.C. Ltd., Common Stock

$

339

$

$

$

748

$

1,087

$

$

1244311 B.C. Ltd., Term Loan

3,830

115

( 378

)

173

3,740

421

AIC SPV Holdings II, LLC, Preferred Equity*

74

( 74

)

Carbonfree Chemicals Holdings LLC, Common Stock

20,202

( 1,475

)

18,727

FC2 LLC, Term Loan

12,500

1

12,501

817

FC2 LLC, Common Stock

Golden Bear 2016-R, LLC, Membership Interests

9,413

131

1,168

10,712

GSC Technologies Inc., Term Loan

177

7

( 198

)

14

13

Pelican Energy, LLC, Common Stock

195

( 469

)

414

140

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock*

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock*

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock

Renew Financial LLC (f/k/a Renewable Funding, LLC), Preferred Equity*

1,961

( 1,961

)

Renew Financial LLC (f/k/a Renewable Funding, LLC), Common Stock*

Renew JV LLC, Membership Interests*

449

( 449

)

Auto Pool 2023 Trust (Del. Stat. Trust)

29,946

( 2,082

)

2,757

30,621

1,010

$

49,141

$

30,199

$

( 5,611

)

$

3,799

$

77,528

$

$

2,261

* As of December 31, 2023 this investment was not considered to be an “Affiliated Person” to the Company. The Company’s ownership of, or power to vote, the outstanding voting securities of the investment was reduced below 5 % during the current period.

● 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.

57


Table of Contents

MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(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, 2022 and December 31, 2023 along with transactions during the twelve months ended December 31, 2023 in these controlled investments are as follows:

Name of Issuer

Fair Value at December 31, 2022

Gross Additions

Gross Reductions ■

Net Change in Unrealized Gains (Losses)

Fair Value at December 31, 2023

Net Realized Gains (Losses)

Interest/
Dividend/
Other Income

Majority Owned Company

ChyronHego Corporation, Preferred Equity

$

22,500

$

$

$

( 1,872

)

$

20,628

$

$

ChyronHego Corporation, Revolver

8,956

1,044

( 9,989

)

( 11

)

440

ChyronHego Corporation, Term Loan

91,042

1,246

( 91,833

)

( 455

)

4,823

ChyronHego US Holding Corporation, Term Loan

106,691

215

106,906

5,379

ChyronHego US Holding Corporation, Revolver

1,300

1,300

18

Merx Aviation Finance, LLC, Letter of Credit

30

Merx Aviation Finance, LLC, Membership Interests

111,446

5,597

117,043

Merx Aviation Finance, LLC, Revolver

150,000

( 75,926

)

2

74,076

8,321

MSEA Tankers LLC, Class A Units

4,256

( 3,605

)

( 606

)

45

Controlled Company

SHD Oil & Gas, LLC, Series C Units

580

( 234

)

346

SHD Oil & Gas, LLC, Series A Units

$

388,780

$

110,281

$

( 181,353

)

$

2,636

$

320,344

$

$

19,011

● 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 December 31, 2023, the Company had an 87 %, 100 %, 100 % and 38 % equity ownership interest in ChyronHego Corporation; Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.

(6)
Aggregate gross unrealized gain and loss for federal income tax purposes is $ 60,869 and $ 271,663 , respectively. Net unrealized loss is $ 210,794 based on a tax cost of $ 2,545,245 .
(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 4 to the consolidated financial statements for discussion of the exemptive order from the SEC.)

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

(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)
These investments have a maturity date prior to the end of the current period. Sonar Entertainment is expected to be paid down in a series of payments subsequent to the stated maturity date. Additional proceeds are expected from Crowne Automotive and Solarplicity Group after the resolution of bankruptcy proceedings, or other corporate actions, at each respective issuer.
(12)
Par amount is denominated in USD unless otherwise noted, Euro (“€”), British Pound (“£”), Canadian Dollar (“C$”), and Australian Dollar (“A$”) .
(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 Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC, AP Surf Investments, LLC and AIC SB Holdings 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 Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC.
(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 December 31, 2023, non-qualifying assets represented approximately 5.5 % of the total assets of the Company.
(18)
As of December 31, 2023 , MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.
(19)
In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.
(20)
As of December 31, 2023 , 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.
(22)
A letter of credit associated with this investment has been issued through the Company’s Senior Secured Facility. In the event of draw of funds the related funding would be pro-rated for all existing lenders in the investment.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

(23)
As of December 31, 2023, 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

A&V Holdings Midco, LLC

$

1,505

$

361

$

$

1,144

ACP Avenu Buyer, LLC

6,250

6,250

AMI US Holdings Inc.

2,907

2,907

Acentra Holdings, LLC (fka CNSI Holdings, LLC)

2,000

733

1,267

Activ Software Holdings, LLC

2,407

2,407

Alcami Corporation

1,781

1,781

Alpinex Opco, LLC

1,489

596

893

Athlete Buyer, LLC

652

652

Banner Buyer, LLC

1,935

1,935

Beacon Mobility Corp.

59,145

34,336

24,809

Berner Food & Beverage, LLC

2,881

1,377

1,504

Bird Rides, Inc.

5,167

5,167

Camin Cargo Control Holdings, Inc.

4,000

4,000

Cave Enterprises Operations, LLC

1,333

1,333

Celerion Buyer, Inc.

1,918

1,918

Cerus Corporation

6,500

1,763

4,737

ChyronHego US Holding Corporation

5,000

1,300

3,700

CircusTrix Holdings LLC

4,000

4,000

Club Car Wash Operating, LLC

2,900

1,625

1,275

Compu-Link Corporation

2,273

2,273

Compu-Link Corporation (dba Celink)

610

610

Digital.ai Software Holdings, Inc.

2,419

1,028

1,391

Eagle Purchaser, Inc.

1,500

263

1,237

Eldrickco Limited*

4,051

452

3,599

EmpiRx Health LLC

909

227

682

ExactCare Parent, Inc.

1,967

1,967

G Treasury SS LLC

2,250

2,250

GB001, Inc.

24,000

24,000

GI Apple Midco LLC

1,262

310

39

913

GS SEER Group Borrower LLC

1,523

1,523

Gabriel Partners, LLC

665

266

399

Gateway US Holdings, Inc.

304

304

Go Car Wash Management Corp.

13,142

13,142

Graffiti Buyer, Inc.

1,307

451

856

Green Grass Foods, Inc.

1,250

1,250

Guernsey Holdings SDI LA LLC

1,167

1,167

Gutter Buyer, Inc.

2,727

2,625

102

HEF Safety Ultimate Holdings, LLC

7,500

400

7,100

HRO (Hero Digital) Holdings, LLC

9,617

2,520

31

7,066

HSI HALO Acquisition, Inc.

813

813

Health Management Associates Superholdings, Inc.

768

5

763

Heniff Holdco, LLC

3,925

1,504

164

2,257

High Street Buyer, Inc.

2,203

2,203

Hive Intermediate, LLC

2,326

633

1,693

HomeRenew Buyer, Inc.

1,958

1,958

IW Buyer LLC

393

9

384

Ironhorse Purchaser, LLC

1,932

277

13

1,642

JF Acquisition, LLC

1,569

1,569

Jacent Strategic Merchandising

3,500

1,564

1,936

KL Charlie Acquisition Company

1,962

1,439

523

Kauffman Intermediate, LLC

1,243

311

155

777

Kure Pain Holdings, Inc.

2,654

2,654

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Name of Issuer

Total Commitment

Drawn Commitment

Letters of Credit **

Undrawn Commitment

LS Clinical Services Holdings, Inc.

1,875

750

1,125

Lash OpCo, LLC

1,612

1,216

396

LendingPoint LLC

8,333

8,333

Lifelong Learner Holdings, LLC

2,985

2,982

3

Litify LLC

833

833

M&M OPCO, LLC

476

476

Magnate Holding Corp.

3,150

3,150

Marlin DTC-LS Midco 2, LLC

685

685

Maxor National Pharmacy Services, LLC

1,530

1,530

Medical Guardian, LLC

8,571

552

8,019

Merx Aviation Finance, LLC

80,252

74,075

6,177

Midwest Vision Partners Management, LLC

612

612

Mobile Communications America, Inc.

10,000

10,000

Momentx Corporation

1,257

1,257

Naviga Inc. (fka Newscycle Solutions, Inc.)

500

450

50

New Era Technology, Inc.

1,732

1,732

Norvax, LLC

3,182

3,182

Omada Health, Inc.

1,550

5

1,545

PARS Group LLC

952

952

PHS Buyer, Inc.

2,000

1,335

665

Pace Health Companies, LLC

1,400

118

1,282

Paladone Group Bidco Limited

1,412

1,412

Paladone Group Bidco Limited*

449

449

Patriot Foods Buyer, Inc.

750

750

Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)

942

942

Precision Refrigeration & Air Conditioning LLC

6,705

853

5,852

Project Comfort Buyer, Inc.

1,731

1,731

Protein For Pets Opco, LLC

2,219

2,219

Purchasing Power Funding I, LLC

9,112

9,112

RHI Acquisition LLC

3,300

3,300

Roscoe Medical, Inc

1,393

533

860

SI Holdings, Inc.

3,413

512

2,901

Shelby 2021 Holdings Corp.

969

969

Sigma Buyer LLC

1,500

100

1,400

Silk Holdings III Corp.

20,125

20,125

Simeio Group Holdings, Inc.

1,731

1,156

575

Sirsi Corporation

429

429

Smith Topco, Inc.

1,128

1,128

Springbrook Holding Company, LLC

1,463

1,463

Surf Opco, LLC

20,000

15,882

333

3,785

TELA Bio, Inc.

3,333

3,333

THLP CO. LLC

4,494

2,106

180

2,208

TS Investors, LLC

554

554

Telesoft Holdings, LLC

2,273

326

1,947

TerSera Therapeutics LLC

1,140

1,140

Thomas Scientific, LLC

2,963

444

2,519

TissueTech, Inc.

6,250

500

5,750

Treace Medical Concepts, Inc.

23,417

400

23,017

Trench Plate Rental Co.

1,818

590

125

1,103

Truck-Lite Co., LLC

3,052

95

2,957

Turbo Buyer, Inc.

923

923

US Fertility Enterprises, LLC

62

28

34

USLS Acquisition, Inc.

1,608

965

27

616

Ultimate Baked Goods Midco LLC

3,244

645

2,599

Unchained Labs, LLC

726

726

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Name of Issuer

Total Commitment

Drawn Commitment

Letters of Credit **

Undrawn Commitment

Upstack Holdco Inc.

3,000

900

110

1,990

Village Pet Care, LLC

5,250

5,250

WelldyneRX, LLC

1,923

1,923

Westfall Technik, Inc.

2,042

2,042

Wildcat BuyerCo, Inc.

2,851

30

2,821

Yak Access LLC

5,000

1,250

3,750

Total Commitments

$

507,640

$

156,985

$

42,921

$

307,734

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2023 exchange rate.

** For all letters of credit issued and outstanding on December 31, 2023 , $ 42,921 will expire in 2024 .

(24)
Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2023, the aggregate fair value of these securities is $ 158,771 or 16 % of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer

Investment Type

Acquisition Date

1244311 B.C. Ltd.

Common Equity - Common Stock

9/30/2020

BSP-TS, LP

Preferred Equity - Preferred Equity

10/23/2023

Carbonfree Chemicals Holdings LLC

Common Equity - Common Equity / Interest

11/1/2019

ChyronHego Corporation

Preferred Equity - Preferred Equity

12/29/2020

FC2 LLC

Common Equity - Common Stock

10/14/2022

Greylock Holdings LLC

Common Equity - Common Stock

3/16/2023

GS SEER Group Holdings, LLC

Common Equity - Common Stock

4/28/2023

Litify Holdings Inc.

Common Equity - Common Stock

2/3/2023

Maxor Topco, L.P.

Preferred Equity - Preferred Equity

3/1/2023

Merx Aviation Finance, LLC

Common Equity - Membership Interests

9/1/2022

MSEA Tankers LLC

Common Equity - Class A Units

12/12/2014

Nutpods Holdings, Inc.

Common Equity - Common Stock

12/26/2023

Pelican Energy, LLC

Common Equity - Membership Interests

3/28/2012

SHD Oil & Gas, LLC

Common Equity - Series A Units

11/18/2016

SHD Oil & Gas, LLC

Common Equity - Series C Units

12/27/2012

Silk Holdings I Corp.

Common Equity - Common Stock

5/1/2023

(25)
The Company has approximately 22.5 % ownership interest in the Auto Pool 2023 Trust (Del. Stat. Trust). Auto Pool 2023 Trust holds underlying assets that consist of a pool of retail auto loans and residual interests in auto loan trusts. The Company also continues to have an interest in any residual assets from the bankruptcy proceedings related to U.S. Auto Finance.
(26)
Mannkind Corporation is subject to an interest rate cap. The investment is capped at the lesser of 8.25 % and the stated interest rate.
(27)
Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00 % plus the applicable margin.
(28)
The interest rate on these loans is subject to Prime, which as of December 31, 2023 was 8.50 %.
(29)
The interest rate on these loans is subject to SONIA, which as of December 31, 2023 was 5.19 %.
(30)
The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35 %.
(31)
The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2023 was 5.33 %.
(32)
The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2023 was 5.16 %.

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

(33)
The interest rate on these loans is subject to 12 months SOFR, which as of December 31, 2023 was 4.77 %.
(34)
The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of December 31, 2023:

Industry

First Lien - Secured Debt

Second Lien - Secured Debt

Unsecured Debt

Structured Products and Other

Preferred Equity

Common Equity/Interests

Warrants

Total

Non-Controlled / Non-Affiliated Investments

Advertising, Printing & Publishing

$

47,082

$

$

$

$

$

433

$

$

47,515

Automotive

60,152

23,971

84,123

Aviation and Consumer Transport

5,300

5,300

Beverage, Food & Tobacco

110,113

448

1,534

112,095

Business Services

256,321

31,060

89

2,038

289,508

Chemicals, Plastics & Rubber

23,418

23,418

Construction & Building

49,631

500

50,131

Consumer Goods – Durable

24,707

107

24,814

Consumer Goods – Non-durable

84,351

492

2,234

87,077

Consumer Services

159,987

159,987

Diversified Investment Vehicles, Banking, Finance, Real Estate

43,375

100

43,475

Energy – Electricity

7,231

6,157

17,123

30,511

Healthcare & Pharmaceuticals

412,585

633

256

389

413,863

High Tech Industries

319,790

1,107

320,897

Hotel, Gaming, Leisure, Restaurants

29,495

29,495

Insurance

47,879

47,879

Manufacturing, Capital Equipment

48,652

7,976

11,849

250

68,727

Retail

30,814

30,814

Telecommunications

2,305

7,238

9,543

Transportation – Cargo, Distribution

71,663

71,663

Utilities – Electric

14,489

14,489

Wholesale

46,134

17

798

46,949

Total Non-Controlled /
Non-Affiliated Investments

$

1,895,474

$

46,274

$

$

$

19,685

$

50,451

$

389

$

2,012,273

Non-Controlled / Affiliated Investments

Chemicals, Plastics & Rubber

$

12,500

$

$

$

$

$

56,505

$

$

69,005

Consumer Goods – Durable

3,848

1,000

4,848

Consumer Services

27,865

27,865

Diversified Investment Vehicles, Banking, Finance, Real Estate

17,128

17,128

Energy – Oil & Gas

11,802

11,802

Total Non-Controlled / Affiliated Investments

$

16,348

$

$

$

44,993

$

$

69,307

$

$

130,648

Controlled Investments

Aviation and Consumer Transport

$

74,075

$

$

$

$

$

146,500

$

$

220,575

Energy – Oil & Gas

44,865

44,865

High Tech Industries

107,990

6,000

113,990

Transportation – Cargo, Distribution

15,791

15,791

Total Controlled Investments

$

182,065

$

$

$

$

6,000

$

207,156

$

$

395,221

Total

$

2,093,887

$

46,274

$

$

44,993

$

25,685

$

326,914

$

389

$

2,538,142

See notes to the consolidated financial statements.

63


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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

(35)
The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of December 31, 2023:

Industry

First Lien - Secured Debt

Second Lien - Secured Debt

Unsecured Debt

Structured Products and Other

Preferred Equity

Common Equity/Interests

Warrants

Total

% of Net Assets

Non-Controlled / Non-Affiliated Investments

Advertising, Printing & Publishing

$

45,805

$

$

$

$

$

524

$

$

46,329

4.61

%

Automotive

59,097

1,979

61,076

6.08

%

Aviation and Consumer Transport

5,286

5,286

0.53

%

Beverage, Food & Tobacco

109,270

148

2,310

111,728

11.11

%

Business Services

255,546

17,908

89

3,312

276,855

27.54

%

Chemicals, Plastics & Rubber

22,834

22,834

2.27

%

Construction & Building

49,209

137

49,346

4.91

%

Consumer Goods – Durable

24,728

826

25,554

2.54

%

Consumer Goods – Non-durable

84,335

238

73

302

84,948

8.45

%

Consumer Services

159,230

159,230

15.84

%

Diversified Investment Vehicles, Banking, Finance, Real Estate

43,085

86

43,171

4.29

%

Energy – Electricity

2,146

109

508

2,763

0.27

%

Healthcare & Pharmaceuticals

405,851

709

2,829

199

409,588

40.74

%

High Tech Industries

319,151

2,000

321,151

31.95

%

Hotel, Gaming, Leisure, Restaurants

29,399

29,399

2.92

%

Insurance

47,546

47,546

4.73

%

Manufacturing, Capital Equipment

48,494

7,710

10,631

433

67,268

6.69

%

Retail

30,929

30,929

3.08

%

Telecommunications

2,296

6,031

8,327

0.83

%

Transportation – Cargo, Distribution

71,850

71,850

7.15

%

Utilities – Electric

14,369

14,369

1.43

%

Wholesale

46,052

18

710

46,780

4.65

%

Total Non-Controlled /
Non-Affiliated Investments

$

1,876,508

$

31,887

$

$

$

11,777

$

15,956

$

199

$

1,936,327

192.61

%

% of Net Assets

186.66

%

3.17

%

0.00

%

0.00

%

1.17

%

1.59

%

0.02

%

192.61

%

See notes to the consolidated financial statements.

64


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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Non-Controlled / Affiliated Investments

Chemicals, Plastics & Rubber

$

12,501

$

$

$

$

$

18,727

$

$

31,228

3.11

%

Consumer Goods – Durable

3,740

1,087

4,827

0.48

%

Consumer Services

30,621

30,621

3.05

%

Diversified Investment Vehicles, Banking, Finance, Real Estate

10,712

10,712

1.07

%

Energy – Oil & Gas

140

140

0.01

%

Total Non-Controlled / Affiliated Investments

$

16,241

$

$

$

41,333

$

$

19,954

$

$

77,528

7.72

%

% of Net Assets

1.62

%

0.00

%

0.00

%

4.11

%

0.00

%

1.99

%

0.00

%

7.72

%

Controlled Investments

Aviation and Consumer Transport

$

74,076

$

$

$

$

$

117,043

$

$

191,119

19.01

%

Energy – Oil & Gas

346

346

0.03

%

High Tech Industries

108,206

20,628

128,834

12.82

%

Transportation – Cargo, Distribution

45

45

0.00

%

Total Controlled Investments

$

182,282

$

$

$

$

20,628

$

117,434

$

$

320,344

31.86

%

% of Net Assets

18.13

%

0.00

%

0.00

%

0.00

%

2.05

%

11.68

%

0.00

%

31.86

%

Total

$

2,075,031

$

31,887

$

$

41,333

$

32,405

$

153,344

$

199

$

2,334,199

232.19

%

% of Net Assets

206.41

%

3.17

%

0.00

%

4.11

%

3.22

%

15.26

%

0.02

%

232.19

%

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

Industry Classification

Percentage of Total Investments (at Fair Value) as of December 31, 2023

High Tech Industries

19.3 %

Healthcare & Pharmaceuticals

17.6 %

Business Services

11.9 %

Aviation and Consumer Transport

8.4 %

Consumer Services

8.1 %

Beverage, Food & Tobacco

4.8 %

Consumer Goods – Non-durable

3.6 %

Transportation – Cargo, Distribution

3.1 %

Manufacturing, Capital Equipment

2.9 %

Automotive

2.6 %

Chemicals, Plastics & Rubber

2.3 %

Diversified Investment Vehicles, Banking, Finance, Real Estate

2.3 %

Construction & Building

2.1 %

Insurance

2.0 %

Wholesale

2.0 %

Advertising, Printing & Publishing

2.0 %

Retail

1.3 %

Consumer Goods – Durable

1.3 %

Hotel, Gaming, Leisure, Restaurants

1.3 %

Utilities – Electric

0.6 %

Telecommunications

0.4 %

Energy – Electricity

0.1 %

Energy – Oil & Gas

0.0 %

Total Investments

100.0 %

See notes to the consolidated financial statements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Note 1. Organization

MidCap Financial Investment Corporation (the “Company,” “MFIC,” “we,” “us,” or “our”), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on April 8, 2004 receiving net proceeds of $ 870,000 from our initial public offering by selling 62 million shares of common stock at a price of $ 15.00 per share ( 20.7 million shares at a price of $ 45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through March 31, 2024, we have raised approximately $ 2,240,067 in net proceeds from additional offerings of common stock and repurchased common stock for $ 248,107 .

On August 1, 2022, the Company changed its name from “Apollo Investment Corporation” to “MidCap Financial Investment Corporation”. Our common stock began to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on August 12, 2022.

On November 3, 2022, the Company's Board of Directors (the “Board”) changed the Company’s fiscal year end from March 31 to December 31, effective December 31, 2022.

On November 7, 2023, the Company entered into (i) an Agreement and Plan of Merger (the “AFT Merger Agreement”) with Apollo Senior Floating Rate Fund Inc., a Maryland corporation (“AFT”), AFT Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AFT Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser, and (ii) an Agreement and Plan of Merger (the “AIF Merger Agreement” and, together with the AFT Merger Agreement, the “Merger Agreements”) with Apollo Tactical Income Fund Inc., a Maryland corporation (“AIF”), AIF Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AIF Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser. The Merger Agreements provide that, subject to the terms and conditions set forth in the applicable Merger Agreement, at the effective time of such merger, AFT and AIF will, through a two-step merger process, merge with and into the Company, with the Company continuing as the surviving company. Each of the Company’s Board of Directors, and AFT’s and AIF’s board of directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AFT and AIF, as applicable, have approved the applicable Merger Agreement and the transactions contemplated thereby. Consummation of the Mergers, which is currently anticipated to occur in the first half of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s, AFT’s and AIF’s stockholders and certain other closing conditions. For more information on the Mergers, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Recent Developments.”

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of and provides investment advisory services to the Company.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $ 75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies.

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us.

These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the twelve months ended December 31, 2023 .

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ materially.

Consolidation

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

As of March 31, 2024 and December 31, 2023, the Company's consolidated subsidiary was MFIC Bethesda CLO 1 LLC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of March 31, 2024 was $ 49,611 . Cash and cash equivalents held as of December 31, 2023 was $ 93,575 .

Collateral on Option Contracts

Collateral on option contracts represents restricted cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract. In accordance with ASC 230, Statement of Cash Flows , the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies. As of and for the periods ended March 31, 2024 and December 31, 2023 , the Company did no t hold any derivative contracts.

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the C onsolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

Investment Valuation Process

The Board has designated the Investment Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Investment Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Company's Investment Adviser as “valuation designee,” the Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Investment Adviser values investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of the Investment Adviser including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Investment Adviser. Such determination of fair values may involve subjective judgments and estimates.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Investment Adviser undertakes a multi-step valuation process each quarter, as described below:

1.
Our quarterly valuation process begins with independent valuation firms conducting independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged
during a particular quarter, the valuation may be conducted by the Investment Adviser;
2.
Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.
3.
The Investment Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm.
4.
For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments determined by these valuation procedures which have a fair value of less than $ 1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the three months ended March 31, 2024 , there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Investment Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

As of and for the periods ended March 31, 2024 and December 31, 2023 , the Company did no t hold any derivative contracts.

Offsetting Assets and Liabilities

The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

As of and for the periods ended March 31, 2024 and December 31, 2023 , the Company did no t hold any derivative contracts.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments , permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.

Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.

The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pool of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are and will be payable solely from the cash flows from such assets. As such, any unforeseen event in these underlying pools of assets might impact the expected recovery of principal and future accrual of income.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Financing Costs

The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the Consolidated Statements of Assets and Liabilities. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of capital upon utilization, in accordance with ASC 946-20-25, or charged to expense if no offering is completed.

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability, except that incurred under the Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), which the Company presents as an asset on the Consolidated Statements of Assets and Liabilities. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments (“ASC 470-50”). For modifications to or exchanges of our Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), any unamortized deferred financing costs relating to lenders who are not part of the new lending group are expensed. For extinguishments of our senior secured notes and senior unsecured notes, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Dividends and Distributions

Dividends and distributions to common stockholders are recorded as of the ex-dividend date. The amount to be paid out as a distribution is determined by the Board each quarter. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Share Repurchases

In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90 % of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through March 31, 2024 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending December 31, 2024. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98 % of our annual ordinary income and 98.2 % of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4 % of the amount by which 98 % of our annual ordinary income and 98.2 % of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the consolidated financial statements. As of March 31, 2024 , there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

Retroactive Adjustments for Common Stock Reverse Split

The Company’s Board approved a one-for-three reverse stock split of the Company’s common stock on October 30, 2018, which was effective as of close of business as of November 30, 2018 (the “Reverse Stock Split”). All common share and common per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split as disclosed in Note 7 .

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement with AIM

The Company has an investment advisory management agreement with the Investment Adviser (the “Investment Advisory Agreement”) under which AIM receives a fee from the Company, consisting of two components — a base management fee and a performance-based incentive fee.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Base Management Fee

The base management fee is calculated at an annual rate of 1.75 % ( 0.4375 % per quarter) of the Company's net asset value as of the final business day of the prior calendar quarter; provided, however, that the base management fee shall not be greater than 1.50 % ( 0.375 % per quarter) of the lesser of (i) the average of the value of the Company's gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company's gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter. The base management fee is payable quarterly in arrears. The value of the Company's gross assets is calculated in accordance with the Company's valuation procedures.

For the period from April 1, 2018 to December 31, 2022, the base management fee was calculated initially at an annual rate of 1.50 % ( 0.375 % per quarter) of the lesser of (i) the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter; provided, however, in each case, the base management fee was calculated at an annual rate of 1.00 % ( 0.250 % per quarter) of the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) that exceeds the product of (A) 200 % and (B) the value of the Company’s net asset value at the end of the prior calendar quarter. The base management fee was payable quarterly in arrears. The value of the Company’s gross assets was calculated in accordance with the Company's valuation procedures.

Performance-based Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:

(i) Incentive Fee on Pre-Incentive Fee Net Income - effective January 1, 2023

The Incentive Fee on pre-incentive fee net investment income is determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters (in either case, the “Trailing Twelve Quarters”) exceeds (y) the preferred return amount in respect of the Trailing Twelve Quarters; provided, however, that the pre-incentive fee net investment income in respect of the current calendar quarter exceeds the multiple of (A) 1.75 % and (B) the Company's net asset value at the beginning of such calendar quarter. For the purposes of the Incentive Fee calculations, each calendar quarter comprising the relevant Trailing Twelve Quarters that commenced prior to January 1, 2023 shall be known as a “Legacy Fee Quarter” while a calendar quarter that commenced on or after January 1, 2023 shall be known as a “Current Fee Quarter.”

The preferred return amount is determined on a quarterly basis, and is calculated by summing the amounts obtained by multiplying 1.75 % by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The preferred return amount is calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

The amount of the Incentive Fee on Income that is paid to the Investment Adviser for a particular quarter equals the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant Trailing Twelve Quarters.

The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the Trailing Twelve Quarters does not exceed the preferred return amount.

(2) 100 % of our pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the preferred return amount but is less than or equal to the catch-up amount, which shall be the sum of (i) the product of 2.1875 % multiplied by the Company's net asset value at the beginning of each applicable Legacy Fee Quarter included in the relevant Trailing Twelve Quarters and (ii) the product of 2.1212 % multiplied by the Company's net asset value at the beginning of each applicable Current Fee Quarter included in the relevant Trailing Twelve Quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the Trailing Twelve Quarters exceeds the catch-up amount, the incentive fee shall equal 20.00 % for each Legacy Fee Quarter and 17.50 % otherwise of the amount of the Company’s pre-incentive fee net investment income for such Trailing Twelve Quarters, provided, however, that the incentive fee on income for any quarter shall not be greater than 20.00 % or 17.50 %, as applicable, of the amount of the Company's current quarter’s pre-incentive fee net investment income.

The Incentive Fee on Income as calculated is subject to the Incentive Fee Cap. The Incentive Fee Cap in any quarter is an amount equal to (a) 20.00 % of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Legacy Fee Quarters included in the relevant Trailing Twelve Quarters and 17.50 % of the Cumulative Pre-Incentive Fee Net Return during the relevant Current Fee Quarters included in the relevant Trailing Twelve Quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

(ii) Incentive Fee on Pre-Incentive Fee Net Income - (January 1, 2019 - December 31, 2022)

For the period from January 1, 2019 to December 31, 2022, the incentive fee on pre-incentive fee net investment income was determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the applicable calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after April 1, 2018 (the “trailing twelve quarters”) exceeds (y) the preferred return amount in respect of the trailing twelve quarters.

The preferred return amount was determined on a quarterly basis, and was calculated by summing the amounts obtained by multiplying 1.75 % by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters. The preferred return amount was calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

The amount of the Incentive Fee on Income that was paid to the Investment Adviser for a particular quarter equaled the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant trailing twelve quarters.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

The Company paid the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters did not exceed the preferred return amount.

(2) 100 % of our pre-incentive fee net investment income for the trailing twelve quarters, if any, that exceeded the preferred return amount but is less than or equal to an amount (the “catch-up amount”) determined by multiplying 2.1875 % by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the trailing twelve quarters exceeded the catch-up amount, the incentive fee should equal 20 % of the amount of the Company’s pre-incentive fee net investment income for such trailing twelve quarters.

The Incentive Fee on Income as calculated was subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter was an amount equal to (a) 20 % of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant trailing twelve quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant trailing twelve quarters.

For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant trailing twelve quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the trailing twelve quarters less (y) any Net Capital Loss, since April 1, 2018, in respect of the trailing twelve quarters. If, in any quarter, the Incentive Fee Cap was zero or a negative value, the Company shall pay no Incentive Fee on Income to the Investment Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap was equal to or greater than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee on Income for such quarter.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

B. Incentive Fee Based on Cumulative Net Realized Gains

The Incentive Fee on Capital Gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee shall equal 17.50 % of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Prior to January 1, 2023, the Incentive Fee on Capital Gains was determined and paid in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee equaled 20.0 % of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company was calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

For accounting purposes only, we are required under GAAP to accrue a theoretical capital gains incentive fee based upon net realized capital gains and unrealized capital gain and loss on investments held at the end of each period. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. There was no accrual for theoretical capital gains incentive fee for the three months ended March 31, 2024 and 2023. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three months ended March 31, 2024 and 2023, the Company recognized $ 4,386 and $ 4,264 , respectively, of management fees, and $ 6,038 and $ 6,196 , respectively, of incentive fees before impact of waived fees. For the three months ended March 31, 2024 and 2023 , no management fees and no incentive fees were waived.

As of March 31, 2024 and December 31, 2023, management and performance-based incentive fees payable were $ 10,424 and $ 10,729 , respectively.

Fee Offset

On January 16, 2019, the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. the Company received an offsetting credit against total incentive fees otherwise due to AIM under the investment advisory management agreement. The amount offset was initially 20 % of the management fee revenue earned and incentive fee revenue realized by AIM and its affiliates in connection with managing aircraft assets on related insurance balance sheets (“New Balance Sheet Investments”), new aircraft managed account capital (“New Managed Accounts”) and new dedicated aircraft funds (“New Aircraft Funds”). Once the aggregate capital raised by the New Aircraft Funds or New Managed Accounts and capital invested by the New Balance Sheet Investments exceeded $ 3 billion cumulatively, the fee offset would step down to 10 % of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. The fee offset was supposed to be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period would also be used to offset incentive fees payable to AIM by the Company. The offset would be limited to the amount of incentive fee payable by the Company to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by the Company in subsequent quarters.

Effective February 21, 2023, as a result of the planned reduction and the pending departure of certain Merx personnel, Merx and Apollo agreed to terminate the fee offset agreement in exchange for a termination fee of $ 7.5 million.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

For three months ended March 31, 2024 and 2023, management fee and performance based fee offset was $ 0 and $ 274 , respectively.

Administration Agreement with AIA

The Company has also entered into an administration agreement with the Administrator (the “Administration Agreement”) under which AIA provides administrative services for the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator and requested to be reimbursed by the Administrator in performing its obligations under the Administration Agreement. The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. For the three months ended March 31, 2024 and 2023, the Company recognized administrative services expense under the Administration Agreement of $ 1,223 and $ 1,422 , respectively. There was no payable to AIA and its affiliates for expenses paid on our behalf as of March 31, 2024 and December 31, 2023.

Administrative Service Expense Reimbursement

Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx and several Merx managed entities. For the three months ended March 31, 2024 and 2023, the Company recognized administrative service expense reimbursements of $ 75 and $ 74 , respectively, under the Merx Administration Agreement.

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies, which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf. For the three months ended March 31, 2024 and 2023, the Company recognized debt expense reimbursements of $ 93 and $ 261 , respectively, under the debt expense reimbursement agreements.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Co-Investment Activity

We may co-invest on a concurrent basis with affiliates of ours, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. On December 29, 2021, we received an exemptive order from the SEC, which was amended on January 10, 2023 (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates and Apollo proprietary accounts, subject to the conditions included therein. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

As of March 31, 2024, the Company’s co-investment holdings were 78 % of the portfolio or $ 1,836,370 , measured at fair value. On a cost basis, 72 % of the portfolio or $ 1,840,585 were co-investments. As of December 31, 2023 , the Company’s co-investment holdings were 77 % of the portfolio or $ 1,808,017 , measured at fair value. On a cost basis, 72 % of the portfolio or $ 1,817,084 were co-investments.

Merx Aviation

Effective January 16, 2019, Mr. Gary Rothschild, President and Chief Executive Officer of Merx, became an employee of Apollo Management Holdings, L.P. (“AMH”), an affiliate of the Company’s investment adviser. Mr. Rothschild also retained his role as the President and Chief Executive Officer of Merx.

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with ACM (the “Servicing Agreement”), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM (the “Research Support Agreement”), Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. Under a technical support agreement (the “Technical Support Agreement”), Merx and AMH share the services of Mr. Gary Rothschild, who is the President and Chief Executive Officer of Merx and an employee of AMH. In addition, on the same date the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets (the “Fee Offset Agreement”) under which the Company receives an offsetting credit against fees otherwise due to AIM under the Investment Advisory Agreement.

In 2022, we announced our plans to reduce our aviation leasing platform that is operating through Merx. Effective February 21, 2023, as a result of the planned reduction and the pending departure of certain Merx personnel, Merx and Apollo agreed to an Amended Servicing Agreement and to terminate the Research Support Agreement, the Technical Support Agreement and the Fee Offset Agreement in exchange for a termination fee of $ 7.5 million. Under the Amended Servicing Agreement and the subservicing agreement with an affiliate, as part of the February 21, 2023 termination payment, Merx will continue to service certain legacy Apollo aircraft investments during its reduction.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

On September 1, 2022, $ 110,700 of the Merx first lien secured revolver held by the Company was converted into common equity. On September 30, 2023, Merx amended its credit agreement and the commitment of the Merx first lien secured revolver decreased to $ 100,000 . The balance of the Merx revolver as of March 31, 2024 was $ 70,075 and as of December 31, 2023 was $ 74,075 .

Sub-Servicing Agreement

On November 2, 2023, MFIC Bethesda CLO 1 LLC entered into a sub-servicing agreement with MidCap Financial Services, LLC (the “Sub-Servicing Agreement”), under which MidCap Financial Services, LLC provides management services to Bethesda CLO 1 Issuer in connection with the issuance of the Bethesda CLO 1 Notes. Under the Sub-Servicing Agreement, MFIC Bethesda CLO 1 LLC will pay MidCap Financial Services, LLC a fee in the amount of $ 100 on an annual basis. No fees were paid by the Company to Midcap Financial Services, LLC, for the three months ended March 31, 2024 and December 31, 2023.

Note 4. Earnings Per Share

The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31,

2024

2023

Basic Earnings Per Share

Net increase (decrease) in net assets resulting from operations

$

25,489

$

30,132

Weighted average shares outstanding

65,253,275

65,451,359

Basic earnings (loss) per share

$

0.39

$

0.46

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Note 5. Investments

Fair Value Measurement and Disclosures

The following table shows the composition of our investment portfolio as of March 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

Fair Value Hierarchy

Cost

Fair Value

Level 1

Level 2

Level 3

First Lien Secured Debt

$

2,125,753

$

2,111,478

$

$

$

2,111,478

Second Lien Secured Debt

15,366

13,459

7,900

5,559

Unsecured Debt

2,664

329

329

Structured Products and Other

42,647

35,639

35,639

Preferred Equity

25,802

32,752

32,752

Common Equity/Interests

339,330

158,920

1,514

157,406

Warrants

965

258

258

Total Investments

$

2,552,527

$

2,352,835

$

1,514

$

7,900

$

2,343,421

Money Market Fund

$

255

$

255

$

255

$

$

Total Cash Equivalents

$

255

$

255

$

255

$

$

Total Investments after Cash Equivalents

$

2,552,782

$

2,353,090

$

1,769

$

7,900

$

2,343,421

The following table shows the composition of our investment portfolio as of December 31, 2023, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

Fair Value Hierarchy

Cost

Fair Value

Level 1

Level 2

Level 3

First Lien Secured Debt

$

2,093,887

$

2,075,031

$

$

$

2,075,031

Second Lien Secured Debt

46,274

31,887

31,887

Unsecured Debt

Structured Products and Other

44,993

41,333

41,333

Preferred Equity

25,685

32,405

32,405

Common Equity/Interests

326,914

153,344

1,217

152,127

Warrants

389

199

199

Total Investments

$

2,538,142

$

2,334,199

$

1,217

$

$

2,332,982

Money Market Fund

$

252

$

252

$

252

$

$

Total Investments after Cash Equivalents

$

2,538,394

$

2,334,451

$

1,469

$

$

2,332,982

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 2024:

First Lien Secured Debt (2)

Second Lien Secured Debt (2)

Unsecured Debt

Structured Products and Other

Preferred Equity

Common Equity/Interests

Warrants

Total

Fair value as of December 31, 2023

$

2,075,031

$

31,887

$

$

41,333

$

32,405

$

152,127

$

199

$

2,332,982

Net realized gains (losses)

( 6,464

)

273

359

( 5,832

)

Net change in unrealized gains (losses)

4,581

12,296

( 2,335

)

( 3,347

)

231

( 7,138

)

( 517

)

3,771

Net amortization on investments

1,933

6

1,939

Purchases, including capitalized PIK (3)

154,876

146

116

1

155,139

Sales (3)

( 118,479

)

( 31,339

)

2,664

( 2,347

)

12,057

576

( 136,868

)

Transfers out of Level 3 (1)

( 7,710

)

( 7,710

)

Transfers into Level 3 (1)

Fair value as of March 31, 2024

$

2,111,478

$

5,559

$

329

$

35,639

$

32,752

$

157,406

$

258

$

2,343,421

Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2024

$

( 3,233

)

$

( 594

)

$

( 2,335

)

$

( 3,346

)

$

231

$

5,856

$

( 517

)

$

( 3,938

)

(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
(2)
Includes unfunded commitments measured at fair value o f $( 3,976 ) .
(3)
Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 2023:

First Lien Secured Debt (2)

Second Lien Secured Debt (2)

Unsecured Debt

Structured Products and Other

Preferred Equity

Common Equity/Interests

Warrants

Total

Fair value as of December 31, 2022

$

2,130,309

$

70,919

$

50

$

9,413

$

35,557

$

149,314

$

474

$

2,396,036

Net realized gains (losses)

2,531

( 1,128

)

367

1,770

Net change in unrealized gains (losses)

272

21,983

( 2

)

1,383

1,004

( 21,734

)

( 13

)

2,893

Net amortization on investments

2,421

111

( 36

)

2,496

Purchases, including capitalized PIK (3)

151,510

1

106

50

23,473

175,140

Sales (3)

( 172,248

)

( 22,528

)

( 18

)

( 23

)

( 194,817

)

Transfers out of Level 3 (1)

Transfers into Level 3 (1)

Fair value as of March 31, 2023

$

2,114,795

$

69,357

$

31

$

10,902

$

36,611

$

151,361

$

461

$

2,383,518

Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2023

$

620

$

( 235

)

$

( 2

)

$

1,384

$

1,004

$

( 21,734

)

$

( 14

)

$

( 18,977

)

(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
(2)
Includes unfunded commitments measured at fair value o f $( 4,006 ).

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

(3)
Includes reorganizations and restructuring of investments.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of March 31, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2024 were as follows:

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

$

23,414

Market Comparable Technique

Comparable Multiple

3.5 x

10.3 x

6.8 x

65,536

Recent Transaction

Recent Transaction

N/A

N/A

N/A

112,585

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

1,909,943

Yield Analysis

Discount Rate

6.6 %

21.5 %

12.2 %

Second Lien Secured Debt

5,559

Market Comparable Technique

Comparable Multiple

5.8 x

5.8 x

5.8 x

Unsecured Debt

329

Yield Analysis

Discount Rate

11.3 %

11.3 %

11.3 %

Structured Products and Other

35,639

Yield Analysis

Discount Rate

12.9 %

15.6 %

14.8 %

Preferred Equity

32,006

Market Comparable Technique

Comparable Multiple

2.8 x

13.2 x

11.0 x

385

Recent Transaction

Recent Transaction

N/A

N/A

N/A

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

78

Residual Value

Residual Value

N/A

N/A

N/A

283

Yield Analysis

Discount Rate

13.3 %

13.3 %

13.3 %

Common Equity/Interests

15,658

Market Comparable Technique

Comparable Multiple

3.7 x

27.0 x

11.2 x

296

Option Pricing Model

Expected Volatility

35.0 %

105.0 %

57.7 %

374

Recent Transaction

Recent Transaction

N/A

N/A

N/A

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

120,050

Yield Analysis

Discount Rate

10.5 %

13.2 %

10.5 %

21,028

Estimated Proceeds

Estimated Proceeds

N/A

N/A

N/A

Warrants

258

Option Pricing Model

Expected Volatility

25.0 %

50.0 %

43.2 %

Total Level 3 Investments

$

2,343,421

_________________

(1)
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2023 were as follows:

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

$

59,746

Recent Transaction

Recent Transaction

N/A

N/A

N/A

111,468

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

1,903,817

Yield Analysis

Discount Rate

6.6 %

25.1 %

12.2 %

Second Lien Secured Debt

2,207

Market Comparable Technique

Comparable Multiple

8.5 x

8.5 x

8.5 x

238

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

29,442

Yield Analysis

Discount Rate

13.7 %

25.8 %

17.3 %

Structured Products and Other

41,333

Yield Analysis

Discount Rate

13.0 %

15.6 %

14.9 %

Preferred Equity

31,950

Market Comparable Technique

Comparable Multiple

2.8 x

12.5 x

11.1 x

268

Recent Transaction

Recent Transaction

N/A

N/A

N/A

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

78

Residual Value

Residual Value

N/A

N/A

N/A

109

Yield Analysis

Discount Rate

13.5 %

13.5 %

13.5 %

Common Equity/Interests

12,898

Market Comparable Technique

Comparable Multiple

3.6 x

26.0 x

11.8 x

281

Option Pricing Model

Expected Volatility

30.0 %

115.0 %

59.1 %

125

Recent Transaction

Recent Transaction

N/A

N/A

N/A

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

117,454

Yield Analysis

Discount Rate

13.5 %

14.3 %

14.3 %

21,369

Estimated Proceeds

Estimated Proceeds

N/A

N/A

N/A

Warrants

199

Option Pricing Model

Expected Volatility

50.0 %

50.0 %

50.0 %

Total Level 3 Investments

$

2,332,982

____________________

(1)
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Investment Transactions

For the three months ended March 31, 2024 and 2023 , purchases of investments on a trade date basis were $ 152,791 and $ 151,058 , respectively.

For the three months ended March 31, 2024 and 2023 , sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $ 136,868 and $ 171,529 respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three months ended March 31, 2024 and 2023, PIK income earned was $ 2,029 and $ 784 , respectively.

The following table shows the change in capitalized PIK balance for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31,

2024

2023

PIK balance at beginning of period

$

24,485

$

21,534

PIK income capitalized

2,349

791

Adjustments due to investments exited or written off

PIK income received in cash

PIK balance at end of period

$

26,834

$

22,325

Dividend Income on CLOs and Structured Finance Products

The Company holds structured finance products and other investments. The CLO equity investments and structured finance products are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. During the three months ended March 31, 2024 and 2023 , dividend income from structured products was $ 0 and $ 0 , respectively

Investments on Non-Accrual Status

As of March 31, 2024, 0.9 % of total investments at amortized cost, or 0.6 % of total investments at fair value, were on non-accrual status. As of December 31, 2023, 1.2 % of total investments at amortized cost, or 0.2 % of total investments at fair value, were on non-accrual status.

Note 6. Debt and Foreign Currency Transactions and Translations

On April 4, 2018, the Company’s Board, including a “required majority” (as defined in Section 57(o) of the Investment Company Act of 1940, as amended) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940. As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200 % to 150 % (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

The Company’s outstanding debt obligations as of March 31, 2024 were as follows:

Date Issued/
Amended

Total Aggregate Principal Amount Committed

Principal Amount Outstanding

Fair Value

Final Maturity Date

Senior Secured Facility

4/19/2023

$

1,705,000

**

$

625,110

*

$

625,110

(1

)

4/19/2028

Bethesda CLO 1 Class A-1

11/2/2023

232,000

232,000

232,000

(2

)

10/23/2035

2025 Notes

3/3/2015

350,000

350,000

344,100

(2

)

3/3/2025

2026 Notes

7/16/2021

125,000

125,000

116,165

(2

)

7/16/2026

2028 Notes

12/13/2023

80,000

80,000

81,184

(3

)

12/15/2028

Total Debt Obligations

$

2,492,000

$

1,412,110

$

1,398,559

Deferred Financing Costs and Debt Discount

( 6,989

)

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount

$

1,405,121

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** Prior to November 19, 2022, total lender commitments were $ 1,810,000 . As of March 31, 2024 , total lender commitments were $ 1,705,000 . The total lender commitments will remain $ 1,705,000 until December 22, 2024 and will decrease to $ 1,550,000 thereafter.

(1)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2024 . The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(2)
The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of March 31, 2024 . The valuation is based on broker quoted prices.
(3)
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2024 . The valuation is arrived using the closing price on exchange as on the relevant date.

The Company’s outstanding debt obligations as of December 31, 2023 were as follows:

Date Issued/
Amended

Total Aggregate Principal Amount Committed

Principal Amount Outstanding

Fair Value

Final Maturity Date

Senior Secured Facility

4/19/2023

$

1,705,000

**

$

682,977

*

$

682,977

(1

)

4/19/2028

Bethesda CLO 1 Class A-1

11/2/2023

232,000

232,000

232,000

(2

)

10/23/2035

2025 Notes

3/3/2015

350,000

350,000

336,013

(2

)

3/3/2025

2026 Notes

7/16/2021

125,000

125,000

114,291

(2

)

7/16/2026

2028 Notes

12/13/2023

80,000

80,000

81,600

(3

)

12/15/2028

Total Debt Obligations

$

2,492,000

$

1,469,977

$

1,446,881

Deferred Financing Costs and Debt Discount

$

( 7,710

)

Total Debt Obligations, net of Deferred
Financing Cost and Debt Discount

$

1,462,267

* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the consolidated financial statements.

** Prior to November 19, 2022, total lender commitments were $ 1,810,000 . As of December 31, 2023 , total lender commitments were $ 1,705,000 .

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

(1)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2023 . The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(2)
The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2023 . The valuation is based on broker quoted prices.
(3)
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2023 . The valuation is arrived using the closing price on exchange as on the relevant date.

Senior Secured Facility

On April 19, 2023, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through April 19, 2028 . Lender commitments under the Senior Secured Facility were $ 1,810,000 prior to November 19, 2022 and decreased to $ 1,705,000 as non-extending commitments were paid down. The total lender commitments will remain $ 1,705,000 until December 22, 2024 and will decrease to $ 1,550,000 thereafter. The Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Facility to $ 2,325,000 . The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents.

Commencing April 19, 2027 , the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of April 19, 2027. The stated interest rates on outstanding borrowings under the Senior Secured Facility depend on the type of borrowing and the “gross borrowing base” at the time. USD borrowings accrue at (a) either Term SOFR plus 1.85 % per annum or Term SOFR plus 1.975 % per annum, or (b) either Alternate Base Rate plus 0.75 % per annum or Alternate Base Rate plus 0.875 % per annum. The Company is required to pay a commitment fee of 0.375 % per annum on any unused portion of the Senior Secured Facility and fronting fees of up to 2.25 % per annum on the letters of credit issued.

The Senior Secured Facility contains affirmative and restrictive covenants, events of default and other customary provisions for similar debt facilities, including: (a) periodic financial reporting requirements, (b) maintaining minimum stockholders’ equity of the greater of (i) 30 % of the total assets of the Company and its consolidated subsidiaries as of the last day of any fiscal quarter and (ii) the sum of (A) $ 705,000 plus (B) 25 % of the net proceeds from the sale of equity interests in the Company after the closing date of the Senior Secured Facility, (c) maintaining a ratio of total assets, less total liabilities (other than indebtedness) to total indebtedness, in each case of the Company and its consolidated subsidiaries, of not less than 1.5 :1.0, (d) limitations on the incurrence of additional indebtedness, including a requirement to meet a certain minimum liquidity threshold before the Company can incur such additional debt, (e) limitations on liens, (f) limitations on investments (other than in the ordinary course of the Company’s business), (g) limitations on mergers and disposition of assets (other than in the normal course of the Company’s business activities), (h) limitations on the creation or existence of agreements that permit liens on properties of the Company’s consolidated subsidiaries and (i) limitations on the repurchase or redemption of certain unsecured debt and debt securities. In addition to the asset coverage ratio described in clause (c) of the preceding sentence, borrowings under the Senior Secured Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio will also depend on the relevant asset coverage ratio as of the date of determination. Borrowings under the Senior Secured Facility will also continue to be subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $ 150,000 . As of March 31, 2024 and December 31, 2023, the Company had $ 17,291 and $ 17,291 , respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was $ 1,062,599 and $ 1,004,732 as of March 31, 2024 and December 31, 2023, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

Senior Unsecured Notes

2025 Notes

On March 3, 2015, the Company issued $ 350,000 aggregate principal amount of senior unsecured notes for net proceeds of $ 343,650 (the “2025 Notes”). The 2025 Notes will mature on March 3, 2025 . Interest on the 2025 Notes is due semi-annually on March 3 and September 3, at an annual rate of 5.25 %, commencing on September 3, 2015 . The 2025 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness

2026 Notes

On July 16, 2021, the Company issued $ 125,000 aggregate principal amount of general unsecured notes for net proceeds of $ 122,965 (the “2026 Notes”). The 2026 Notes will mature on July 16, 2026 . Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50 %, commencing on January 16, 2022 . The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

2028 Notes

On December 13, 2023, the Company issued $ 80,000 aggregate principal amount of 8.00 % Notes due 2028 (inclusive of $ 5,000 aggregate principal amount pursuant to the underwriters’ overallotment option to purchase additional Notes) (the “2028 Notes”). As of December 31, 2023, the principal amount outstanding was $ 80,000 . The 2028 Notes will mature on December 15, 2028 . The 2028 Notes bear interest at a rate of 8.00 % per year, commencing December 13, 2023. The Company will pay interest on the 2028 Notes on March 15, June 15, September 15 and December 15 of each year, beginning on March 15, 2024. The 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after December 15, 2025 , at a redemption price of $ 25 per Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

MFIC Bethesda CLO 1 LLC Debt Securitization

On November 2, 2023, the Company completed a $ 402,360 term debt securitization (the “Bethesda CLO 1”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the Bethesda CLO 1 (collectively, the “Bethesda CLO 1 Notes”) were issued by MFIC Bethesda CLO 1 LLC (the “Bethesda CLO 1 Issuer”), an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein. The following table presents information on the secured and unsecured notes issued in the Bethesda CLO 1:

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

March 31, 2024

Description

Type

Principal Outstanding

Interest Rate

Credit Rating

Class A-1 Notes

Senior Secured Floating Rate

232,000

SOFR + 2.40 %

AAA(sf)/ AAAsf

Class A-2 Notes (1)

Senior Secured Floating Rate

16,000

SOFR + 2.90 %

AAA(sf)

Total Secured Notes

248,000

Subordinated Notes (1)

154,360

None

NR

Total Bethesda CLO 1 Notes

$

402,360

(1) The Company retained (in the Bethesda CLO 1 Depositor) all of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1 Debt Securitization which are eliminated in consolidation.

The Company retained (in a newly formed wholly owned subsidiary of the Company (the “Bethesda CLO 1 Depositor”)) all of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1 in part in exchange for the Company’s sale and contribution to the Bethesda CLO 1 Issuer of the initial closing date portfolio. The Class A-1 Notes and the Class A-2 Notes are scheduled to mature in October 2035 and the Subordinated Notes are scheduled to mature in October 2123; however the Bethesda CLO 1 Notes may be redeemed by the Issuer, at the direction of the Bethesda CLO 1 Depositor (at the direction of the Company) as holder of the Subordinated Notes, on any business day after October 23, 2025. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The Class A-1 Notes and Class A-2 Notes are secured obligations of the Bethesda CLO 1 Issuer, the Subordinated Notes are the unsecured obligations of the Bethesda CLO 1 Issuer, and the indenture governing the Bethesda CLO 1 Notes includes customary covenants and events of default.

The Bethesda CLO 1 Notes has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company serves as collateral manager to the Bethesda CLO 1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31,

2024

2023

Average debt outstanding

$

1,370,740

$

1,451,485

Maximum amount of debt outstanding

1,461,563

1,484,362

Weighted average annualized interest cost (1)

7.09

%

6.46

%

Annualized amortized debt issuance cost

0.56

%

0.39

%

Total annualized interest cost

7.65

%

6.85

%

________________

(1)
Includes the stated interest expense and commit ment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three months ended March 31, 2024 and 2023 were $ 1,039 and $ 670 respectively.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Foreign Currency Transactions and Translations,

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of March 31, 2024:

Original Principal Amount (Local)

Original Principal Amount (USD)

Principal Amount Outstanding

Unrealized Gain/(Loss)

Reset Date

British Pound

£

14,900

$

18,538

$

18,810

$

( 272

)

4/30/2024

Total

$

18,538

$

18,810

$

( 272

)

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2023:

Original Principal Amount (Local)

Original Principal Amount (USD)

Principal Amount Outstanding

Unrealized Gain/(Loss)

Reset Date

British Pound

£

36,900

$

45,909

$

46,977

$

( 1,068

)

1/31/2024

Total

$

45,909

$

46,977

$

( 1,068

)

As of March 31, 2024 and December 31, 2023 , the Company was in compliance with all debt covenants for all outstanding debt obligations.

Note 7. Stockholders’ Equity

The Company issued approximately $ 30,000 of common stock in August 2022. Subsequent to the August 2022 stock issuance, the Company has conducted no additional stock offerings.

The Company adopted the following plans, approved by the Board, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the Securities Exchange Act of 1934 (the “1934 Act”) (the “Repurchase Plans”):

Date of Agreement/Amendment

Maximum Cost of Shares That May Be Repurchased

Cost of Shares Repurchased

Remaining Cost of Shares That May Be Repurchased

August 5, 2015

$

50,000

$

50,000

$

December 14, 2015

50,000

50,000

September 14, 2016

50,000

50,000

October 30, 2018

50,000

50,000

February 6, 2019

50,000

48,107

1,893

February 3, 2022

25,000

25,000

Total as of March 31, 2024

$

275,000

$

248,107

$

26,893

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date

Termination Date

Amount Allocated to 10b5-1 Repurchase Plans

September 15, 2015

November 5, 2015

$

5,000

January 1, 2016

February 5, 2016

10,000

April 1, 2016

May 19, 2016

5,000

July 1, 2016

August 5, 2016

15,000

September 30, 2016

November 8, 2016

20,000

January 4, 2017

February 6, 2017

10,000

March 31, 2017

May 19, 2017

10,000

June 30, 2017

August 7, 2017

10,000

October 2, 2017

November 6, 2017

10,000

January 3, 2018

February 8, 2018

10,000

June 18, 2018

August 9, 2018

10,000

September 17, 2018

October 31, 2018

10,000

December 12, 2018

February 7, 2019

10,000

February 25, 2019

May 17, 2019

25,000

March 18, 2019

May 17, 2019

10,000

June 4, 2019

August 7, 2019

25,000

June 17, 2019

August 7, 2019

20,000

September 16, 2019

November 6, 2019

20,000

December 6, 2019

February 5, 2020

25,000

December 16, 2019

February 5, 2020

15,000

March 12, 2020

March 19, 2020

20,000

March 30, 2021

May 21, 2021

10,000

June 16, 2021

November 5, 2021

10,000

December 16, 2021

August 3, 2022

5,000

December 27, 2022

February 22, 2023

10,000

During the three months ended March 31, 2024 and 2023, the Company did no t repurchase any shares.

Since the inception of the Repurchase Plans through March 31, 2024, the Company repurchased 15,593,120 shares at a weighted average price per share of $ 15.91 , inclusive of commissions, for a total cost of $ 248,107 . Including fractional shares, the Company has repurchased 15,593,150 shares at a weighted average price per share of $ 15.91 , inclusive of commissions for a total cost of $ 248,107 .

On October 30, 2018, the Company’s Board approved a one-for-three reverse stock split of the Company’s common stock which was effective as of the close of business on November 30, 2018. The Company's common stock began trading on a split-adjusted basis on December 3, 2018. The fractional shares that resulted from the Reverse Stock Split were approximately 29 shares and they were canceled by paying cash in lieu of the fair value.

On August 2, 2022, the Company entered into a share subscription agreement (“Purchase Agreement”) with MFIC Holdings, LP, a subsidiary of MidCap FinCo Designated Activity Company (together with its subsidiaries, “MidCap Financial”), a middle-market specialty finance firm discretionarily managed by an affiliate of the Company's investment adviser, in connection with the issuance and sale of the Company's common stock, par value $ 0.001 per share (the “Offering”). Pursuant to the Purchase Agreement, the Company issued 1,932,641 shares of its common stock at a purchase price of $ 15.52 per share, the net asset value per share of the Company's common stock as of June 30, 2022. The total proceeds of the offering excluding expenses was approximately $ 30,000 . The shares are subject to a two-year lock-up period. MidCap Financial agreed to bear any expenses that the Company incurred in connection with the Offering greater than $ 300 .

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Note 8. Commitments and Contingencies

The Company has various 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. As of March 31, 2024, and December 31, 2023, the Company had the following unfunded commitments to its portfolio companies:

March 31, 2024

December 31, 2023

Unfunded revolver obligations and bridge loan commitments (1)

$

145,637

$

139,979

Standby letters of credit issued and outstanding (2)

43,235

42,921

Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)

170,567

167,756

Total Unfunded Commitments (4)

$

359,438

$

350,656

____________________

(1)
The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of March 31, 2024 and December 31, 2023, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of March 31, 2024 and December 31, 2023, the bridge loan commitments included in the balances were $ 0 and $ 0 , respectively.
(2)
For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.
(3)
The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.
(4)
The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $ 29,925 and $ 25,925 as of March 31, 2024 and December 31, 2023 , respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Note 9. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023 .

Three Months Ended March 31, 2024

Three Months Ended March 31, 2023

(Unaudited)

(Unaudited)

Per Share Data*

Net asset value at beginning of period

$

15.41

$

15.10

Net investment income (1)

0.44

0.45

Net realized and change in unrealized gains (losses) (1)

( 0.05

)

0.01

Net increase in net assets resulting from operations

0.39

0.46

Distribution of net investment income (2)

( 0.38

)

( 0.38

)

Distribution of return of capital (2)

Accretion due to share repurchases

Net asset value at end of period

$

15.42

$

15.18

Per share market value at end of period

$

15.04

$

11.40

Total return (3)

12.71

%

3.36 %

Shares outstanding at end of period

65,253,275

65,451,359

Weighted average shares outstanding

65,253,275

65,451,359

Ratio/Supplemental Data

Net assets at end of period (in millions)

$

1,006.0

$

993.4

Annualized ratio of operating expenses to average net assets (4)(5)

5.48

%

5.64

%

Annualized ratio of interest and other debt expenses to average net assets (5)

10.43

%

10.03

%

Annualized ratio of total expenses to average net assets (4)(5)

15.91

%

15.68

%

Annualized ratio of net investment income to average net assets (5)

11.42

%

12.07

%

Average debt outstanding (in millions)

$

1,370.7

$

1,451.5

Average debt per share

$

21.01

$

22.18

Annualized portfolio turnover rate (5)

23.49

%

25.61

%

Asset coverage per unit (6)

$

1,712

$

1,652

____________________

* Totals may not foot due to rounding.

(1)
Financial highlights are based on the weighted average number of shares outstanding for the period presented.
(2)
The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through March 31, 2024 may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.
(3)
Total return is based on the change in market price per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return does not reflect sales load.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

(4)
The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the consolidated financial statements). For the three months ended March 31, 2024, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.51 % and 15.98 % , respectively, without the voluntary fee waivers. For the three months ended March 31, 2023, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to av erage net assets would be 5.79 % and 15.93 %, respectively, without the voluntary fee waivers.
(5)
Annualized for the three months ended March 31, 2024 and 2023 .
(6)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of March 31, 2024, the Company's asset coverage wa s 171 %.

Note 10. Pending Mergers with AFT and AIF

On November 7, 2023, the Company entered into (i) AFT Merger Agreement with AFT, AFT Merger Sub, Inc., and, solely for the limited purposes set forth therein, the Investment Adviser, and (ii) AIF Merger Agreement with AIF, AIF Merger Sub, Inc., and, solely for the limited purposes set forth therein, the Investment Adviser.

The Merger Agreements provide that, subject to the terms and conditions set forth in the applicable Merger Agreement, at the effective time of such merger, AFT (the “AFT Effective Time”) and AIF (the “AIF Effective Time”) will, through a two-step merger process, merge with and into the Company, each share of AFT Common Stock and AIF Common Stock issued and outstanding immediately prior to the such effective time (other than shares owned by the Company or any of its consolidated subsidiaries) will be converted into the right to receive a number of shares of the Company’s Common Stock equal to an exchange ratio calculated based on each of the Company’s, AFT’s and AIF’s respective NAVs (cash will be paid in lieu of fractional shares). The Company will continue as the surviving company.

Each Merger Agreement contains representations and warranties by the Company and the other parties thereto, subject to specified exceptions and qualifications. Consummation of the Mergers, which is currently anticipated to occur in the first half of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s, AFT’s and AIF’s stockholders and certain other closing conditions.

The Company's registration statement that includes a preliminary joint proxy statement and a prospectus of the Company was declared effective by the SEC on April 3, 2024. The Company filed a definitive joint proxy statement/prospectus with the SEC on April 4, 2024.

Note 11. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

On May 7, 2024 , the Company’s Board declared a base distribution of $ 0.38 per share, payable on June 27, 2024 to stockholders of record as of June 11, 2024 . There can be no assurances that the Board will continue to declare a base distribution of $ 0.38 per share.

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Report of Independent Registered Public Accounting Firm

To the stockholders and Board of Directors of MidCap Financial Investment Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of MidCap Financial Investment Corporation (the “Company”) as of March 31, 2024, the related consolidated statements of operations, changes in net assets, cash flows, and the financial highlights for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the Company as of December 31, 2023, the related consolidated statements of operations, changes in net assets, cash flows, and the financial highlights for the year then ended (not presented herein); and in our report dated February 26, 2024, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying consolidated statements of assets and liabilities as of December 31, 2023, is fairly stated, in all material respects, in relation to the statements of assets and liabilities from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, New York

May 7, 2024

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

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

our future operating results;
our business prospects and the prospects of our portfolio companies;
the impact of investments that we expect to make;
our contractual arrangements and relationships with third parties;
the dependence of our future success on the general economy and its impact on the industries in which we invest;
the ability of our portfolio companies to achieve their objectives;
our expected financings and investments;
the adequacy of our cash resources and working capital; and
the timing of cash flows, if any, from the operations of our portfolio companies.

We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

MidCap Financial Investment Corporation (the “Company,” “MFIC,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through March 31, 2024, we have raised approximately $2.24 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $248.1 million.

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On August 1, 2022, the Company changed its name from “Apollo Investment Corporation” to “MidCap Financial Investment Corporation.” Our common stock began to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on August 12, 2022.

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors (the “Board”) , manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order (the “Order”) we received from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

Investments

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies.

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of March 31, 2024, non-qualifying assets represented approximately 5.4% of the total assets of the Company.

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Revenue

We generate revenue primarily in the form of interest and dividend income from the securities we hold and capital gains, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of mezzanine or senior secured loans, generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as SOFR, the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments provide for payment-in-kind (“PIK”) interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees, etc.

Expenses

For all investment professionals of AIM and their staff, when and to the extent engaged in providing investment advisory and management services to us, the compensation and routine overhead expenses of that personnel which is allocable to those services are provided and paid for by AIM. We bear all other costs and expenses of our operations and transactions, including those relating to:

investment advisory and management fees;
expenses incurred by AIM payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;
calculation of our net asset value (including the cost and expenses of any independent valuation firm);
direct costs and expenses of administration, including independent registered public accounting and legal costs;
costs of preparing and filing reports or other documents with the SEC;
interest payable on debt, if any, incurred to finance our investments;
offerings of our common stock and other securities;
registration and listing fees;
fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;
transfer agent and custodial fees;
taxes;
independent directors’ fees and expenses;
marketing and distribution-related expenses;
the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;

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our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
organizational costs; and
all other expenses incurred by us or the Administrator in connection with administering our business, such as our allocable portion of overhead under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

We expect our general and administrative operating expenses related to our ongoing operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities relative to comparative periods, among other factors.

Portfolio and Investment Activity

Our portfolio and investment activity during the three months ended March 31, 2024 and 2023, was as follows:

Three Months Ended March 31,

(in millions)*

2024

2023

Investments made in portfolio companies

$

152.8

$

151.1

Investments sold

Net activity before repaid investments

152.8

151.1

Investments repaid

(136.9

)

(171.5

)

Net investment activity

$

15.9

$

(20.5

)

Portfolio companies, at beginning of period

152

135

Number of investments in new portfolio companies

7

8

Number of exited companies

(5

)

(2

)

Portfolio companies at end of period

154

141

Number of investments in existing portfolio companies

49

45

____________________

* Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of March 31, 2024 and December 31, 2023 were as follows:

March 31, 2024

December 31, 2023

Portfolio composition, at fair value:

First lien secured debt

90

%

89

%

Second lien secured debt

1

%

1

%

Total secured debt

91

%

90

%

Unsecured debt

0

%

%

Structured products and other

1

%

2

%

Preferred equity

1

%

1

%

Common equity/interests and warrants

7

%

7

%

Weighted average yields, at amortized cost (1):

First lien secured debt (2)

12.0

%

12.1

%

Second lien secured debt (2)

14.1

%

13.7

%

Secured debt portfolio (2)

12.0

%

12.1

%

Unsecured debt portfolio (2)

%

%

Total debt portfolio (2)

12.0

%

12.1

%

Total portfolio (3)

10.0

%

10.1

%

Interest rate type, at fair value (4):

Fixed rate amount

$

0.0 billion

$

0.0 billion

Floating rate amount

$

2.0 billion

$

2.0 billion

Fixed rate, as percentage of total

0

%

0

%

Floating rate, as percentage of total

100

%

100

%

Interest rate type, at amortized cost (4):

Fixed rate amount

$

0.0 billion

$

0.0 billion

Floating rate amount

$

2.0 billion

$

2.0 billion

Fixed rate, as percentage of total

0

%

0

%

Floating rate, as percentage of total

100

%

100

%

(1)
An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
(2)
Exclusive of investments on non-accrual status.
(3)
Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.
(4)
The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status.

Since the initial public offering of MidCap Financial Investment Corporation in April 2004 and through March 31, 2024, invested capital totaled $24.1 billion in 634 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

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Recent Developments

Pending Mergers with AFT and AIF

AFT Merger. On November 7, 2023, the Company entered into an Agreement and Plan of Merger (the “AFT Merger Agreement”) with Apollo Senior Floating Rate Fund Inc., a Maryland corporation (“AFT”), AFT Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AFT Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser. The AFT Merger Agreement provides that, subject to the terms and conditions set forth in the AFT Merger Agreement, at the effective time of the merger (the “AFT Effective Time”), AFT Merger Sub will be merged with and into AFT (the “AFT First Merger”), with AFT continuing as the surviving company and as a wholly-owned subsidiary of the Company. Immediately after the effectiveness of the AFT First Merger, AFT will be merged with and into the Company, with the Company continuing as the surviving company (together with the AFT First Merger, the “AFT Merger”). Both the Company’s Board and AFT’s board of directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AFT, as applicable, have approved the AFT Merger Agreement and the transactions contemplated thereby.

Subject to the terms and conditions of the AFT Merger Agreement, at the AFT Effective Time, each share of AFT Common Stock issued and outstanding immediately prior to the AFT Effective Time (other than shares owned by the Company or any of its consolidated subsidiaries, including AFT Merger Sub (the “AFT Cancelled Shares”)) will be converted into the right to receive a number of shares of the Company’s Common Stock equal to the AFT Exchange Ratio (as defined below) (cash will be paid in lieu of fractional shares). AFT has no preferred stock outstanding, and no preferred stock will be issued by the Company as a result of the AFT Merger.

Under the AFT Merger Agreement, as of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the AFT Effective Time (such date, the “AFT Determination Date”), the Company and AFT will deliver to the other a calculation of its NAV as of such date (such calculation with respect to AFT, the “Closing AFT Net Asset Value” and such calculation with respect to the Company, the “Closing AFT Merger MFIC Net Asset Value”), in each case using the same set of assumptions, methodologies and adjustments as has been historically used in preparing such calculation. Based on such calculations, the parties will calculate: (1) the “AFT Per Share NAV,” which will be equal to (i) the Closing AFT Net Asset Value divided by (ii) the number of shares of AFT Common Stock issued and outstanding as of the AFT Determination Date (excluding any AFT Cancelled Shares) and (2) the “AFT Merger MFIC Per Share NAV,” which will be equal to (A) the Closing AFT Merger MFIC Net Asset Value divided by (B) the number of shares of the Company’s Common Stock issued and outstanding as of the AFT Determination Date. The “AFT Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the AFT Per Share NAV divided by (ii) the AFT Merger MFIC Per Share NAV. Furthermore, promptly following closing of the AFT Merger, the Adviser or its affiliates will pay to holders of shares of AFT Common Stock that are issued and outstanding immediately prior to the AFT Effective Time a special payment equal to $0.25 per share of AFT Common Stock, subject to deduction for any applicable withholding tax.

The AFT Merger Agreement contains representations and warranties by the Company, AFT Merger Sub, the Adviser and AFT, subject to specified exceptions and qualifications.

Under the AFT Merger Agreement, immediately following the AFT Effective Time, the Company will repay or prepay any amounts outstanding under AFT’s existing credit facility as of the AFT Effective Time, subject to the conditions set forth in the Senior Secured Facility.

Consummation of the AFT Merger, which is currently anticipated to occur in the first half of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s and AFT’s stockholders and certain other closing conditions. Neither the closing of the AFT Merger nor the closing of the AIF Merger is contingent on the closing of the other merger.

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AIF Merger. On November 7, 2023, the Company entered into an Agreement and Plan of Merger (the “AIF Merger Agreement” and, together with the AFT Merger Agreement, the “Merger Agreements”) with Apollo Tactical Income Fund Inc., a Maryland corporation (“AIF”), AIF Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AIF Merger Sub”), and, solely for the limited purposes set forth therein, the Investment Adviser. The AIF Merger Agreement provides that, subject to the terms and conditions set forth in the AIF Merger Agreement, at the effective time of the merger (the “AIF Effective Time”), AIF Merger Sub will be merged with and into AIF (the “AIF First Merger”), with AIF continuing as the surviving company and as a wholly owned subsidiary of the Company. Immediately after the effectiveness of the AIF First Merger, AIF will be merged with and into the Company, with the Company continuing as the surviving company (together with the AIF First Merger, the “AIF Merger” and, together with the AFT Merger, the “Mergers”). Both the Company’s Board and AIF’s board of directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AIF, as applicable, have approved the AIF Merger Agreement and the transactions contemplated thereby.

Subject to the terms and conditions of the AIF Merger Agreement, at the AIF Effective Time, each share of AIF Common Stock issued and outstanding immediately prior to the AIF Effective Time (other than shares owned by the Company or any of its consolidated subsidiaries, including AIF Merger Sub (the “AIF Cancelled Shares”) will be converted into the right to receive a number of shares of the Company’s Common Stock equal to the AIF Exchange Ratio (as defined below) (cash will be paid in lieu of fractional shares). AIF has no preferred stock outstanding, and no preferred stock will be issued by the Company as a result of the AIF Merger.

Under the AIF Merger Agreement, as of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the AIF Effective Time (such date, the “AIF Determination Date”), each of the Company and AIF will deliver to the other a calculation of its NAV as of such date (such calculation with respect to AIF, the “Closing AIF Net Asset Value” and such calculation with respect to the Company, the “Closing AIF Merger MFIC Net Asset Value”), in each case using the same set of assumptions, methodologies and adjustments as has been historically used in preparing such calculation. Based on such calculations, the parties will calculate: (1) the “AIF Per Share NAV,” which will be equal to (i) the Closing AIF Net Asset Value divided by (ii) the number of shares of AIF Common Stock issued and outstanding as of the AIF Determination Date (excluding any AIF Cancelled Shares) and (2) the “AIF Merger MFIC Per Share NAV,” which will be equal to (A) the Closing AIF Merger MFIC Net Asset Value divided by (B) the number of shares of the Company’s Common Stock issued and outstanding as of the AIF Determination Date. The “AIF Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the AIF Per Share NAV divided by (ii) the AIF Merger MFIC Per Share NAV. Furthermore, promptly following the closing of the AIF Merger, the Adviser or its affiliates will pay to holders of shares of AIF Common Stock that are issued and outstanding immediately prior to the AIF Effective Time a special payment equal to $0.25 per share of AIF Common Stock, subject to deduction for any applicable withholding tax.

The AIF Merger Agreement contains representations and warranties by the Company, AIF Merger Sub, the Adviser and AIF, subject to specified exceptions and qualifications.

Under the AIF Merger Agreement, immediately following the AIF Effective Time, the Company will repay or prepay any amounts outstanding under AIF’s existing credit facility as of the AIF Effective Time, subject to the conditions set forth in the Company’s Senior Secured Credit Facility.

Consummation of the AIF Merger, which is currently anticipated to occur in the first half of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s and AIF’s stockholders and certain other closing conditions. Neither the closing of the AIF Merger nor the closing of the AFT Merger (as defined below) is contingent on the closing of the other merger.

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Distribution after the Consummation of the Mergers. Following the consummation of the Mergers and subject to applicable law, the Company will distribute to holders of shares of the Company’s Common Stock as of a record date to be determined by the Company’s Board an amount in cash equal to $0.20 per share of the Company’s Common Stock.

The foregoing descriptions of the Merger Agreements and the transactions contemplated thereby do not purport to be complete and are qualified in their entirety by reference to the full text of the Merger Agreements, which have been included as Exhibits 2.1 and 2.2 to the Company's Annual Report on Form 10-K for the twelve months ended December 31, 2023. The representations, warranties, covenants and agreements contained in each Merger Agreement were made only for purposes of such Merger Agreement and as of specific dates; were solely for the benefit of the parties to such Merger Agreement (except as may be expressly set forth in such Merger Agreement); may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to such Merger Agreement instead of establishing these matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors and security holders should not rely on such representations, warranties, covenants or agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any of the parties to the Merger Agreements or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties, covenants and agreements may change after the date of each Merger Agreement, which subsequent information may or may not be fully reflected in public disclosures by the parties to such Merger Agreement. For more information, see the Company’s current report on Form 8-K filed with the SEC on November 7, 2023.

The Company's registration statement that includes a preliminary joint proxy statement and a prospectus of the Company was declared effective by the SEC on April 3, 2024. The Company filed a definitive joint proxy statement/prospectus with the SEC on April 4, 2024.

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

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ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

As of March 31, 2024, $2.34 billion or 99.6% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.

Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.

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Investment Valuation Process

Pursuant to Rule 2a-5 under the 1940 Act, the Company’s Board has designated the Investment Adviser as its “valuation designee” to perform the fair value determinations for all investments held by the Company. The Company's Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Investment Adviser values investments, including certain secured debt, unsecured debt, and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case, such investments shall be valued at fair value as determined in good faith by or under the direction of the Investment Adviser, including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Investment Adviser. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Investment Adviser undertakes a multi-step valuation process each quarter, as described below:

1.
Our quarterly valuation process begins with each portfolio company or investment being initially valued by using certain inputs provided, among others, by the investment professionals of our Investment Adviser who are responsible for the portfolio investment.
2.
Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.
3.
The Investment Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm.
4.
For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value.

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Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the three months ended March 31, 2024, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had an active market existed for such investments and may differ materially from the values that we may ultimately realize.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

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Results of Operations

Operating results for the three months ended March 31, 2024 and 2023 were as follows:

Three Months Ended March 31,

(in millions)*

2024

2023

Investment Income

Interest income

$

64.6

$

64.8

Dividend income

0.0

0.0

PIK interest income

2.0

0.8

Other income

1.7

2.2

Total investment income

$

68.3

$

67.8

Expenses

Management and performance-based incentive fees, net of amounts waived

$

10.4

$

10.2

Interest and other debt expenses, net of reimbursements

26.1

24.4

Administrative services expense, net of reimbursements

1.1

1.4

Other general and administrative expenses

2.1

2.3

Net Expenses

$

39.8

$

38.3

Net Investment Income

$

28.5

$

29.5

Net Realized and Change in Unrealized Gains (Losses)

Net realized gains (losses)

$

(8.1

)

$

(0.8

)

Net change in unrealized gains (losses)

5.0

1.5

Net Realized and Change in Unrealized Gains (Losses)

$

(3.1

)

$

0.6

Net Increase in Net Assets Resulting from Operations

$

25.5

$

30.1

Net Investment Income on Per Average Share Basis (1)

$

0.44

$

0.45

Earnings per share — basic (1)

$

0.39

$

0.46

* Totals may not foot due to rounding.

(1) Based on the weighted average number of shares outstanding for the period presented.

Total Investment Income

The increase in total investment income for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily driven by increase in interest income (including PIK) of $1.0 million. The increase in total interest income was due to an increase in the average yield for the total debt portfolio, from 11.2% for the three months ended March 31, 2023 to 12% for the three months ended March 31, 2024. The increase was partially offset by a decrease in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled $2.6 million for the three months ended March 31, 2023 and $2.2 million for the three months ended March 31, 2024. Furthermore, the decrease in other income of $0.5 million was primarily due to decrease in structuring fees.

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Net Expenses

The increase in net expenses for the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily driven by the increase in interest and other debt expenses of $1.7 million. The increase in interest and other debt expenses was attributed to an increase in the total annualized cost of debt, from 6.85% for the three months ended March 31, 2023 to 7.65% for the three months ended March 31, 2024 which was partially offset by decrease in average debt outstanding from $1.45 billion as of March 31, 2023 to $1.37 billion as of March 31, 2024. Further, the increase of $0.2 million in management and performance-based incentive fees (net of amounts waived) was primarily driven by the offset, which ended in February 2023.

Net Realized Gains (Losses)

During the three months ended March 31, 2024, we recognized gross realized gains of $0.6 million and gross realized losses of $8.7 million, resulting in net realized losses of $8.1 million. Net realized losses for the three months ended March 31, 2024 was primarily driven by the write off of the Company's investment in ViewRay. Significant realized gains (losses) for the three months ended March 31, 2024 are summarized below:

(in millions)

Net Realized Gain (Loss)

ViewRay

$

(7.1

)

During the three months ended March 31, 2023, we recognized gross realized gains of $0.1 million and gross realized losses of $0.9 million, resulting in net realized losses of $0.8 million.

Net Change in Unrealized Gains (Losses)

During the three months ended March 31, 2024, we recognized gross unrealized gains of $20.1 million and gross unrealized losses of $15.1 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $5.0 million. Net change in unrealized gains (losses) for the three months ended March 31, 2024 was primarily driven by the increase in cashflows and new lease extensions from Merx Aviation Finance, LLC., and underperformance of US Auto, International Cruise & Excursion Gallery, Naviga and ChyronHego. Significant changes in unrealized gains (losses) for the three months ended March 31, 2024 are summarized below:

(in millions)

Net Change in Unrealized Gain (Loss)

Merx Aviation Finance, LLC

$

2.6

US Auto

(3.7

)

International Cruise & Excursion Gallery, Inc.

(2.5

)

Naviga

(1.8

)

ChyronHego Corporation

(1.0

)

During the three months ended March 31, 2023, we recognized gross unrealized gains of $9.5 million and gross unrealized losses of $8.0 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $1.5 million. Significant changes in unrealized gains (losses) for the three months ended March 31, 2023 are summarized below:

(in millions)

Net Change in Unrealized Gain (Loss)

Golden Bear

$

1.4

Merx Aviation Finance, LLC

1.2

Berner Foods

(1.4

)

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Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through periodic follow-on equity and debt offerings, our Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), our senior secured notes, our senior unsecured notes, investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from the sale of our 2025 Notes, 2026 Notes, 2028 Notes and Bethesda CLO 1, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (See Note 2 to the consolidated financial statements) At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. The Company may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.

Debt

See Note 6 to the consolidated financial statements for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of March 31, 2024:

Payments Due by Period

(in millions)

Total

Less than 1 Year

1 to 3 Years

3 to 5 Years

More than 5 Years

Senior Secured Facility (1)

$

625.1

$

$

$

625.1

$

2025 Notes

350.0

350.0

2026 Notes

125.0

125.0

2028 Notes

80.0

80.0

Bethesda CLO 1 Class A-1

232.0

232.0

Total Debt Obligations

$

1,412.1

$

350.0

$

125.0

$

705.1

$

232.0

____________________

(1)
As of March 31, 2024, aggregate lender commitments under the Senior Secured Facility totaled $1.71 billion and $1062.6 million of unused capacity. As of March 31, 2024, there were $17.3 million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the consolidated financial statements.

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Stockholders’ Equity

See Note 7 to the consolidated financial statements for information on the Company’s public offerings and share repurchase plans.

Distributions

Distributions paid to stockholders during the three months ended March 31, 2024 and 2023 totaled $24.8 million ($0.38 per share) and $49.1 million ($0.75 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through March 31, 2024 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended December 31, 2024. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board.

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash dividends.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.

PIK Income

For the three months ended March 31, 2024 and 2023, PIK income totaled $2.0 million and $0.8 million on total investment income of $68.3. million and $67.8 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the consolidated financial statements for more information on the Company’s PIK income.

Related Party Transactions

See Note 3 to the consolidated financial statements for information on the Company’s related party transactions.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio.

Investment valuation risk

Because there is not a readily available market value for most of the investments in our portfolio, we value all of our portfolio investments at fair value as determined in good faith by our Board based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our Board to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our financial statements for the three months ended March 31, 2024 for more information relating to our investment valuation .

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2024, the majority of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, our Senior Secured Facility and Class A-1 Notes under the CLO bears interest at SOFR rates with no interest rate floors, while our 2025 Notes, 2026 Notes and 2028 Notes bears interest at a fixed rate.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

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The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of March 31, 2024, assuming no changes in our investment and borrowing structure:

Basis Point Change

Net Investment Income

Net Investment Income Per Share

Up 150 basis points

$

14.9 million

$

0.228

Up 100 basis points

9.9 million

0.152

Up 50 basis points

5 million

0.076

Down 50 basis points

(5) million

(0.076

)

Down 100 basis points

(9.9) million

(0.152

)

Down 150 basis points

(14.9) million

(0.228

)

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors

In addition to the risk factor below and other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Report on Form 10-K for the twelve months ended December 31, 2023 , which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

The Company adopted the following plans, approved by the Board, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the 1934 Act (the “Repurchase Plans”):

Date of Agreement/Amendment

Maximum Cost of Shares That May Be Repurchased

Cost of Shares Repurchased

Remaining Cost of Shares That May Be Repurchased

August 5, 2015

$

50.0 million

$

50.0 million

$

— million

December 14, 2015

50.0 million

50.0 million

— million

September 14, 2016

50.0 million

50.0 million

— million

October 30, 2018

50.0 million

50.0 million

— million

February 6, 2019

50.0 million

48.1 million

1.9 million

February 3, 2022

25.0 million

— million

25.0 million

Total as of March 31, 2024

$

275.0 million

$

248.1 million

$

26.9 million

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

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Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date

Termination Date

Amount Allocated to 10b5-1 Repurchase Plans

September 15, 2015

November 5, 2015

$

5.0 million

January 1, 2016

February 5, 2016

10.0 million

April 1, 2016

May 19, 2016

5.0 million

July 1, 2016

August 5, 2016

15.0 million

September 30, 2016

November 8, 2016

20.0 million

January 4, 2017

February 6, 2017

10.0 million

March 31, 2017

May 19, 2017

10.0 million

June 30, 2017

August 7, 2017

10.0 million

October 2, 2017

November 6, 2017

10.0 million

January 3, 2018

February 8, 2018

10.0 million

June 18, 2018

August 9, 2018

10.0 million

September 17, 2018

October 31, 2018

10.0 million

December 12, 2018

February 7, 2019

10.0 million

February 25, 2019

May 17, 2019

25.0 million

March 18, 2019

May 17, 2019

10.0 million

June 4, 2019

August 7, 2019

25.0 million

June 17, 2019

August 7, 2019

20.0 million

September 16, 2019

November 6, 2019

20.0 million

December 6, 2019

February 5, 2020

25.0 million

December 16, 2019

February 5, 2020

15.0 million

March 12, 2020

March 19, 2020

20.0 million

March 30, 2021

May 21, 2021

10.0 million

June 16, 2021

November 5, 2021

10.0 million

December 16, 2021

August 3, 2022

5.0 million

December 27, 2022

February 22, 2023

10.0 million

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The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through March 31, 2024:

Month

Total Number of Shares Purchased

Average Price Paid Per Share*

Total Number of Shares Purchased as Part of Publicly Announced Plans

Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans

August 2015

510,000

$

19.71

510,000

$

$ 40.0 million

September 2015

603,466

18.46

603,466

28.8 million

November 2015

1,116,666

18.10

1,116,666

8.6 million

December 2015

627,443

17.58

627,443

47.6 million

January 2016

670,708

14.91

670,708

37.6 million

June 2016

362,933

16.73

362,933

31.5 million

July 2016

16,491

16.53

16,491

31.2 million

August 2016

596,294

17.67

596,294

20.7 million

September 2016

411,523

18.13

411,523

63.2 million

October 2016

527,417

17.82

527,417

53.8 million

November 2016

239,289

17.45

239,289

49.6 million

August 2017

33,333

17.96

33,333

49.0 million

September 2017

186,767

17.98

186,767

45.7 million

October 2017

144,867

17.96

144,867

43.1 million

November 2017

64,500

17.79

64,500

41.9 million

December 2017

50,100

17.89

50,100

41.0 million

January 2018

577,386

17.32

577,386

31.0 million

February 2018

70,567

16.23

70,567

29.9 million

May 2018

263,667

17.12

263,667

25.4 million

June 2018

198,601

16.94

198,601

22.0 million

July 2018

8,867

16.75

8,867

21.9 million

August 2018

502,767

17.11

502,767

13.3 million

September 2018

444,467

16.54

444,467

5.9 million

October 2018

160,800

16.46

160,800

53.3 million

November 2018

595,672

15.81

595,672

43.9 million

December 2018

741,389

13.49

741,359

33.9 million

February 2019

19,392

15.16

19,392

83.6 million

March 2019

291,426

15.40

291,426

79.1 million

April 2019

44,534

15.23

44,534

78.4 million

May 2019

298,026

15.93

298,026

73.6 million

June 2019

607,073

15.97

607,073

63.9 million

July 2019

89,610

16.10

89,610

62.5 million

August 2019

758,020

16.15

758,020

50.3 million

September 2019

32,371

16.26

32,371

49.7 million

October 2019

495,464

15.65

495,464

42.0 million

November 2019

6,147

15.91

6,147

41.9 million

March 2020

1,286,565

11.62

1,286,565

26.9 million

May 2021

145,572

13.92

145,572

24.9 million

July 2021

44,418

13.46

44,418

24.3 million

August 2021

45,675

13.32

45,675

23.7 million

September 2021

360,860

13.02

360,860

19.0 million

October 2021

308,005

13.30

308,005

14.9 million

November 2021

419,372

13.05

419,372

9.4 million

December 2021

227,429

12.44

227,429

6.6 million

January 2022

60,605

12.70

60,605

30.8 million

April 2022

88,478

12.82

88,478

29.7 million

May 2022

40,044

12.57

40,044

29.2 million

May 2023

171,061

11.56

171,061

27.2 million

June 2023

27,023

11.84

27,023

26.9 million

Total

15,593,150

$

15.91

15,593,120

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* The average price per share is inclusive of commissions.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended March 31, 2024 , none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Table of Contents

Item 6. Exhibits

(a)
Exhibits

3.1(a)

Articles of Amendment and Restatement (1)

3.1(b)

Articles of Amendment and Restatement (2)

3.1(c)

Articles of Amendment (3)

3.1(d)

Articles of Amendment (4)

3.2

Sixth Amended and Restated Bylaws (5)

31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

32.1

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

101.INS

Inline XBRL Instance Document*

101.SHC

Inline XBRL Taxonomy Extension Schema Document*

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104

Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)*

_________________________

* Filed herewith.

(1)
Incorporated by reference from the Registrant’s pre-effective Amendment No. 3 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2, filed on April 1, 2004.
(2)
Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed on December 3, 2018.
(3)
Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed on July 22, 2019.
(4)
Incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K, filed on August 12, 2022.
(5)
Incorporated by reference to Exhibit 3.3 to the Registrant’s Current Report on Form 8-K, filed on August 12, 2022.


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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 7, 2024.

MIDCAP FINANCIAL INVESTMENT CORPORATION

By:

/s/ TANNER POWELL

Tanner Powell

Chief Executive Officer

By:

/s/ GREGORY W. HUNT

Gregory W. Hunt

Chief Financial Officer and Treasurer

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TABLE OF CONTENTS
Part I. Financial InformationprintItem 1. Consolidated Financial StatementsprintNote 1. OrganizationprintNote 2. Significant Accounting PoliciesprintNote 3. Related Party Agreements and TransactionsprintNote 4. Earnings Per ShareprintNote 5. InvestmentsprintNote 6. Debt and Foreign Currency Transactions and TranslationsprintNote 7. Stockholders EquityprintNote 8. Commitments and ContingenciesprintNote 9. Financial HighlightsprintNote 10. Pending Mergers with Aft and AifprintNote 11. Subsequent EventsprintItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsprintItem 3. Quantitative and Qualitative Disclosures About Market RiskprintItem 4. Controls and ProceduresprintPart II. Other InformationprintItem 1. Legal ProceedingsprintItem 1A. Risk FactorsprintItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsprintItem 3. Defaults Upon Senior SecuritiesprintItem 4. Mine Safety DisclosuresprintItem 5. Other InformationprintItem 6. Exhibitsprint

Exhibits

3.1(a) Articles of Amendment and Restatement (1) 3.1(b) Articles of Amendment and Restatement (2) 3.1(c) Articles of Amendment (3) 3.1(d) Articles of Amendment (4) 3.2 Sixth Amended and Restated Bylaws (5) 31.1 Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934* 31.2 Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934* 32.1 Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*