# EDGAR Filing Document

**Accession Number:** 0001278752
**File Stem:** 0001193125-26-208941
**Filing Date:** 2026-5
**Character Count:** 580931
**Document Hash:** 3e3ea1fb9657fcc3b5b77c27f4525c0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-208941.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001193125-26-208941

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MidCap Financial Investment Corp
- **CENTRAL INDEX KEY:** 0001278752

**ORGANIZATION NAME:**
- **EIN:** 522439556
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00646
- **FILM NUMBER:** 26948406

**BUSINESS ADDRESS:**
- **STREET 1:** 9 W. 57TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (212) 822-0509

**MAIL ADDRESS:**
- **STREET 1:** 9 W. 57TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** APOLLO INVESTMENT CORP
- **DATE OF NAME CHANGE:** 20040227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** APOLLO CAPITAL CORP
- **DATE OF NAME CHANGE:** 20040204

?xml version='1.0' encoding='ASCII'? 10-Q

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 2054923**

**FORM** 10-Q

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

**For the quarterly period ended** **March 31,** 2026

**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**<sup>th</sup> **Street**<br>New York**,** New York | 10019 |
| (Address of principal executive offices) | (Zip Code) |

---

**(**212**)** 515-3200

(Registrant's telephone number, including area code)

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

---

| | |
|:---|:---|
| **<u>Title of each class</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, $0.001 par value<br>8.00% Notes due 2028<br> MFIC<br>MFICL | NASDAQ Global Select Market<br>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 ⌧ 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 ⌧ 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 ⌧ Accelerated filer ◻ Non-accelerated filer ◻ Smaller reporting company ◻ Emerging growth company ◻

(Do not check if a smaller reporting company)

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

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

The number of shares of the Registrant's common stock, $0.001 par value per share, outstanding as of May 5, 2026 was 82,372,628.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**Table** **of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | **PART I. FINANCIAL INFORMATION** |  |
| Item 1. | [<u>Consolidated Financial Statements</u>](#section4) | 1 |
|  | [<u>Consolidated Statements of Assets and Liabilities as of<br>March 31, 2026 (Unaudited) and December 31, 2025</u>](#assets_and_liabilities) | 1 |
|  | [<u>Consolidated Statements of Operations for the <br>three months ended March 31, 2026 and March 31, 2025</u>](#sop)[<u>(Unaudited)</u>](#assets_and_liabilities) | 2 |
|  | [<u>Consolidated Statements of Changes in Net Assets for the<br>three months ended March 31, 2026 and March 31, 2025 (Unaudited)</u>](#changes_in_net_assets) | 3 |
|  | [<u>Consolidated Statements of Cash Flows for the</u>](#cash_flows)[<u>three months ended March 31, 2026 and March 31, 2025</u>](#cash_flows)[<u>(Unaudited)</u>](#changes_in_net_assets) | 4 |
|  | [<u>Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)</u>](#cy_soi) | 5 |
|  | [<u>Consolidated Schedule of Investments as of December 31, 2025</u>](#py_soi) | 56 |
|  | [<u>Notes to Consolidated Financial Statements</u>](#section12) | 108 |
|  | [<u>Report of Independent Registered Public Accounting Firm</u>](#report_of_indep_reg_public_acct_firm) | 145 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#section23) | 146 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#section29) | 159 |
| Item 4. | [<u>Controls and Procedures</u>](#item4) | 161 |
|  | **PART II. OTHER INFORMATION** |  |
| Item 1. | [<u>Legal Proceedings</u>](#section32) | 162 |
| Item 1A. | [<u>Risk Factors</u>](#section33) | 162 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#section34) | 163 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item3_default_securities) | 166 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#section36) | 166 |
| Item 5. | [<u>Other Information</u>](#section37) | 166 |
| Item 6. | [<u>Exhibits</u>](#section38) | 167 |
|  | [<u>Signatures</u>](#section39) | 168 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**PART I. FINANCIAL INFORMATION**

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

**Item 1. Consolidated Financial Statements**

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** 

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments (cost — $2,830,189 and $2,955,173, respectively) | 2654656 | $2819511 |
| &nbsp;&nbsp;Non-controlled/affiliated investments (cost — $181,645 and $176,978, respectively) | 105180 | 107111 |
| &nbsp;&nbsp;Controlled investments (cost — $201,373 and $224,619, respectively) | 211651 | 241216 |
| Cash and cash equivalents | 42626 | 98184 |
| Foreign currencies (cost — $101 and $1,286, respectively) | 63 | 1264 |
| Receivable for investments sold | 6831 | 6253 |
| Interest receivable | 23426 | 23678 |
| Dividends receivable | 459 | 630 |
| Deferred financing costs | 22401 | 23626 |
| Unrealized appreciation on foreign currency forward contracts | 799 |  |
| Prepaid expenses and other assets | 1780 | 2171 |
| &nbsp;&nbsp;**Total Assets** | 3069872 | $3323644 |
| **Liabilities** |  |  |
| Debt (net of deferred financing costs and unamortized original discount of $5,612 and $5,838, respectively) | 1870388 | $1995210 |
| Payable for investments purchased | 211 | 558 |
| Shares Repurchase Payable | 4082 |  |
| Management fees payable | 5641 | 6034 |
| Interest payable | 10729 | 12867 |
| Accrued administrative services expense | 409 | 228 |
| Other liabilities and accrued expenses | 2152 | 1486 |
| &nbsp;&nbsp;**Total Liabilities** | 1893612 | $2016383 |
| &nbsp;&nbsp;Commitments and contingencies (Note 8) |  |  |
| &nbsp;&nbsp;**Net Assets** | $1176260 | $1307261 |
| **Net Assets** |  |  |
| Common stock, $0.001 par value (130,000,000 shares authorized; 85,127,849 and 92,211,869 shares issued and outstanding, respectively) | 85 | $92 |
| Capital in excess of par value | 2576962 | 2652891 |
| Accumulated under-distributed (over-distributed) earnings | (1400787) | (1345722) |
| &nbsp;&nbsp;**Net Assets** | $1176260 | $1307261 |
| **Net Asset Value Per Share** | $13.82 | $14.18 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

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

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Investment Income** |  |  |
| Non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;Interest income (excluding Payment-in-kind ("PIK") interest income) | $64063 | $69302 |
| &nbsp;&nbsp;Dividend income | 58 |  |
| &nbsp;&nbsp;PIK interest income | 3373 | 3170 |
| &nbsp;&nbsp;Other income | 574 | 324 |
| Non-controlled/affiliated investments: |  |  |
| &nbsp;&nbsp;Interest income (excluding PIK interest income) | 912 | 1229 |
| &nbsp;&nbsp;Dividend income | 252 | 240 |
| &nbsp;&nbsp;PIK interest income |  | 351 |
| Controlled investments: |  |  |
| &nbsp;&nbsp;Interest income (excluding PIK interest income) | 2595 | 4072 |
| &nbsp;&nbsp;Other income |  | 10 |
| &nbsp;&nbsp;**Total Investment Income** | $71827 | $78698 |
| **Expenses** |  |  |
| Management fees | $5641 | $6061 |
| Performance-based incentive fees |  | 6433 |
| Interest and other debt expenses | 28479 | 30464 |
| Administrative services expense | 1441 | 1016 |
| Other general and administrative expenses | 2059 | 1248 |
| &nbsp;&nbsp;Total expenses | 37620 | 45222 |
| Expense reimbursements | (62) | (806) |
| &nbsp;&nbsp;**Net Expenses** | $37558 | $44416 |
| &nbsp;&nbsp;**Net Investment Income** | $34269 | $34282 |
| **Net Realized and Change in Unrealized Gains (Losses)** |  |  |
| Net realized gains (losses): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | $(9300) | $3588 |
| &nbsp;&nbsp;Non-controlled/affiliated investments | (67) | (188) |
| &nbsp;&nbsp;Foreign currency forward contracts | 904 |  |
| &nbsp;&nbsp;Foreign currency transactions | (3952) | (313) |
| &nbsp;&nbsp;Net realized gains (losses) | (12415) | 3087 |
| Net change in unrealized gains (losses): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | (39872) | (6088) |
| &nbsp;&nbsp;Non-controlled/affiliated investments | (6599) | (1509) |
| &nbsp;&nbsp;Controlled investments | (6319) | 1348 |
| &nbsp;&nbsp;Foreign currency forward contracts | 799 | 24 |
| &nbsp;&nbsp;Foreign currency translations | 3266 | (814) |
| &nbsp;&nbsp;Net change in unrealized gains (losses) | (48725) | (7039) |
| &nbsp;&nbsp;**Net Realized and Change in Unrealized Gains (Losses)** | $(61140) | $(3952) |
| &nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(26871) | $30330 |
| Earnings (Loss) Per Share — Basic | $(0.30) | $0.32 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)**

**(In thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Operations** |  |  |
| Net investment income | $34269 | $34282 |
| Net realized gains (losses) | (12415) | 3087 |
| Net change in unrealized gains (losses) | (48725) | (7039) |
| &nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(26871) | $30330 |
| **Distributions to Stockholders** |  |  |
| Distribution of net investment income | $(28105) | $(35637) |
| &nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Stockholders** | $(28105) | $(35637) |
| **Capital Share Transactions** |  |  |
| Repurchase of common stock | (76025) | (6079) |
| &nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | $(76025) | $(6079) |
| **Net Assets** |  |  |
| Net increase (decrease) in net assets during the period | $(131001) | $(11386) |
| Net assets at beginning of period | 1307261 | 1404646 |
| &nbsp;&nbsp;**Net Assets at End of Period** | $1176260 | $1393260 |
| **Capital Share Activity** |  |  |
| Shares repurchased during the period | (7084020) | (476656) |
| Shares issued and outstanding at beginning of period | 92211869 | 93780278 |
| &nbsp;&nbsp;**Shares Issued and Outstanding at End of Period** | 85127849 | 93303622 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Operating Activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $(26871) | $30330 |
| Net realized (gains) losses on investments | 9367 | (3400) |
| Net change in unrealized (gains) losses | 48725 | 7040 |
| Net amortization of premiums and accretion of discounts on investments | (1390) | (1863) |
| Accretion of discount on notes | 456 | 429 |
| Amortization of deferred financing costs | 1227 | 1396 |
| PIK interest and dividends capitalized | (3373) | (4055) |
| Changes in operating assets and liabilities: |  |  |
| Purchases of investments | (102803) | (394120) |
| Proceeds from sales and repayments of investments | 240842 | 245918 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Decrease (increase) in interest receivable | 252 | (6057) |
| &nbsp;&nbsp;Decrease (increase) in dividends receivable | 171 | 250 |
| &nbsp;&nbsp;Decrease (increase) in prepaid expenses and other assets | 391 | (1789) |
| &nbsp;&nbsp;Increase (decrease) in Shares Repurchase Payable | 4082 |  |
| &nbsp;&nbsp;Increase (decrease) in management and performance-based incentive fees payable | (393) | 911 |
| &nbsp;&nbsp;Increase (decrease) in interest payable | (2138) | (3410) |
| &nbsp;&nbsp;Increase (decrease) in accrued administrative services expense | 181 | (60) |
| &nbsp;&nbsp;Increase (decrease) in other liabilities and accrued expenses | 666 | (2828) |
| &nbsp;&nbsp;**Net Cash (Used in)/Provided by Operating Activities** | $169392 | $(131308) |
| **Financing Activities** |  |  |
| Issuances of debt | $78908 | $1022282 |
| Payments of debt | (200673) | (840000) |
| Financing costs paid and deferred | (240) | (33) |
| Repurchase of common stock | (76025) | (6079) |
| Distributions paid | (28105) | (35636) |
| &nbsp;&nbsp;**Net Cash (Used in)/Provided by Financing Activities** | $(226135) | $140534 |
| **Cash, Cash Equivalents and Foreign Currencies** |  |  |
| Net increase (decrease) in cash, cash equivalents and foreign currencies during the period | $(56743) | $9226 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (16) | 21 |
| Cash, cash equivalents and foreign currencies at beginning of period | 99448 | 75786 |
| &nbsp;&nbsp;**Cash, Cash Equivalents and Foreign Currencies at the End of Period** | $42689 | $85033 |
| **Supplemental Disclosure of Cash Flow Information** |  |  |
| Cash interest paid | $28933 | $32129 |
| **Supplemental Disclosure of Non-Cash Activity** |  |  |
| PIK income | $3373 | $3521 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Beaufort |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Aggregator Ltd | Preferred Equity - Preferred Equity | N/A | N/A | 36,288 Shares | 36,288 Shares | $49 | $48 | (9)(13)(15)(19)(32) |
|  | Common Equity - Common Stock | N/A | N/A | 741 Shares | 741 Shares | 1 | 3 | (9)(13)(15)(19)(32) |
| &nbsp;&nbsp;Eagle U.S. Purchaser, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 12/31/32 |  | 8529 | 8404 | 8404 | (9)(15)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 12/31/32 |  |  | (21) | (21) | (8)(9)(15)(17)<br>(18) |
|  |  |  |  |  |  | 8433 | 8434 |  |
| Sperry Acquisition, LLC | Sperry Acquisition, LLC | Sperry Acquisition, LLC | Sperry Acquisition, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Sperry Acquisition, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 02/03/31 |  | 6871 | 6784 | 6785 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 02/03/31 |  | 1918 | 1893 | 1894 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 02/03/31 |  |  | (7) | (8) | (8)(9)(17)(18) |
| &nbsp;&nbsp;Sperry Parent Holdings, L.P. | Common Equity - Common Stock | N/A | N/A | 1,088 Shares | 1,088 Shares | 109 | 124 | (9)(13) |
|  |  |  |  |  |  | 8779 | 8795 |  |
|  |  | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | $17212 | $17229 |  |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |  |  |  |  |  |
| Primeflight |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PrimeFlight Acquisition, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/01/29 | $— | 14072 | $13947 | $14037 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 05/01/29 |  | 10227 | 10046 | 10227 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+525, 0.00% Floor | 05/01/29 |  | 993 | 984 | 990 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 05/01/29 |  | 995 | 986 | 980 | (9)(23) |
|  |  | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | $25963 | $26234 |  |
| **Automobile Components** | **Automobile Components** | **Automobile Components** | **Automobile Components** |  |  |  |  |  |
| K&N Parent, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;K&N Holdco, LLC | Common Equity - Common Stock | N/A | N/A | 125,967 Shares | 125,967 Shares | $23718 | $147 | (13) |
| Truck-Lite Co., LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Truck-Lite Co., LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 02/13/32 |  | 3233 | 3235 | 3218 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 02/13/32 |  | 408 | 389 | 401 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 02/13/32 |  |  | (1) | (2) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 3623 | 3617 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Universal Air Conditioner | Universal Air Conditioner | Universal Air Conditioner | Universal Air Conditioner |  |  |  |  |
| &nbsp;&nbsp;Cool Acquisition Holdings, LP | Common Equity - Common Stock | N/A | N/A | 137,931 Shares | 138 | 33 | (9)(13) |
| &nbsp;&nbsp;Cool Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 10/31/30 | 13167 | 13005 | 12676 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 10/31/30 |  | (18) | (113) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 10/31/30 | 3636 | 3594 | 3499 | (9)(18)(23) |
|  |  |  |  |  | 16719 | 16095 |  |
|  |  | Total Automobile Components | Total Automobile Components | Total Automobile Components | $44060 | $19859 |  |
| **Beverages** |  |  |  |  |  |  |  |
| Ronnoco Coffee |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ronnoco Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+450, 1.00% Floor | 03/17/31 | 5275 | $5207 | $5235 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 1.00% Floor | 03/17/31 | 579 | 552 | 563 | (9)(17)(18)(23) |
|  | Preferred Equity - Preferred Equity | N/A | N/A | 1,000 Shares | 100 | 100 | (9)(13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 107 Shares |  |  | (9)(13)(19) |
|  |  | Total Beverages | Total Beverages | Total Beverages | $5859 | $5898 |  |
| **Biotechnology** |  |  |  |  |  |  |  |
| Celerion |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Celerion Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 11/05/29 | 10976 | $10815 | $10921 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 11/03/28 |  | (8) | (3) | (8)(9)(17)(18) |
|  |  |  |  |  | 10807 | 10918 |  |
| Mannkind Corporation | Mannkind Corporation | Mannkind Corporation | Mannkind Corporation |  |  |  |  |
| &nbsp;&nbsp;Mannkind Corporation | Common Equity - Common Stock | N/A | N/A | 34,226 Shares |  | 84 | (9)(10)(13)(15) |
| Partner Therapeutics, Inc | Partner Therapeutics, Inc | Partner Therapeutics, Inc | Partner Therapeutics, Inc |  |  |  |  |
| &nbsp;&nbsp;Partner Therapeutics, Inc | Preferred Equity - Preferred Equity | N/A | N/A | 55,556 Shares | 333 | 333 | (9)(13) |
|  | Warrants - Warrants | N/A | N/A | 73,333 Shares | 389 | 133 | (9)(13) |
|  |  |  |  |  | 722 | 466 |  |
| Rigel Pharmaceuticals | Rigel Pharmaceuticals | Rigel Pharmaceuticals | Rigel Pharmaceuticals |  |  |  |  |
| &nbsp;&nbsp;Rigel Pharmaceuticals, Inc. | First Lien Secured Debt - Term Loan | SOFR+650, 4.00% Floor | 09/01/27 | 2250 | 2260 | 2250 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+650, 4.00% Floor | 09/01/27 | 11250 | 11246 | 11250 | (9)(22) |
|  |  |  |  |  | 13506 | 13500 |  |
|  |  | Total Biotechnology | Total Biotechnology | Total Biotechnology | $25035 | $24968 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Building Products** |  |  |  |  |  |  |  |  |
| Decks & Docks |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;D&D Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+575, 2.00% Floor | 10/04/29 | $— | 2453 | $2453 | $2441 | (9)(23) |
| RF Fager |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;R.F. Fager Company, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 03/04/30 |  | 714 | 702 | 703 | (9)(24) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 03/04/30 |  | 1543 | 1513 | 1516 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 03/04/30 |  | 31 | 28 | 29 | (9)(17)(18)(24) |
|  |  |  |  |  |  | 2243 | 2248 |  |
|  |  | Total Building Products | Total Building Products | Total Building Products | Total Building Products | $4696 | $4689 |  |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Aspen Aerogels, Inc. | Aspen Aerogels, Inc. | Aspen Aerogels, Inc. | Aspen Aerogels, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;Aspen Aerogels, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 4.50% Floor | 08/19/29 | $— | 17131 | $16882 | $16617 | (9)(15)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 2.50% Floor | 08/19/29 |  | 7 | 7 | 5 | (9)(15)(17)(18)<br>(22) |
|  |  |  |  |  |  | 16889 | 16622 |  |
| Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) | Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) | Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) | Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) |  |  |  |  |  |
| &nbsp;&nbsp;Carbonfree Chemicals Holdings LLC (4) | Common Equity - Common Equity / Interest | N/A | N/A | 12,456,274 Shares | 12,456,274 Shares | 56506 | 16177 | (13)(19)(30) |
| &nbsp;&nbsp;FC2 LLC (4) | Common Equity - Common Stock | N/A | N/A | 5 Shares | 5 Shares |  |  | (13)(19) |
|  | Secured Debt - Promissory Note | 6.50% | 10/14/27 |  | 12500 | 12500 | 12349 |  |
|  |  |  |  |  |  | 69006 | 28526 |  |
| Heubach |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heubach Holdings USA LLC | First Lien Secured Debt - Term Loan | 13.72% | 01/03/29 |  | 478 | 54 | 239 | (14)(15) |
| &nbsp;&nbsp;SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.) | First Lien Secured Debt - Term Loan | 10.72% | 01/03/29 |  | 9438 | 29 |  | (14)(15) |
|  |  |  |  |  |  | 83 | 239 |  |
| Meristem Crop Performance | Meristem Crop Performance | Meristem Crop Performance | Meristem Crop Performance |  |  |  |  |  |
| &nbsp;&nbsp;Lunar Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+550, 0.75% Floor | 10/03/30 |  | 8977 | 8834 | 8708 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 0.75% Floor | 10/03/30 |  |  | (52) | (205) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 0.75% Floor | 10/03/30 |  | 1727 | 1664 | 1605 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 10446 | 10108 |  |
|  |  | Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | $96424 | $55495 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |
| Atlas Technical Consultants | Atlas Technical Consultants | Atlas Technical Consultants | Atlas Technical Consultants |  |  |  |  |  |
| &nbsp;&nbsp;GI Apple Midco LLC | First Lien Secured Debt - Term Loan | SOFR+675, 1.00% Floor | 04/19/30 | $— | 7460 | $7371 | $7404 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+675, 1.00% Floor | 04/19/30 |  | 85 | 84 | 85 | (9)(15)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+675, 1.00% Floor | 04/19/29 |  | 250 | 241 | 246 | (9)(15)(17)(18)<br>(22) |
|  |  |  |  |  |  | 7696 | 7735 |  |
| Best Trash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bingo Group Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 07/10/31 |  | 9346 | 9253 | 9300 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 07/10/31 |  | 2137 | 2099 | 2109 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 07/10/31 |  | 25 | 17 | 21 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 11369 | 11430 |  |
| CARDS + Live Oak |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CARDS-Live Oak Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 10/21/32 |  | 3142 | 3112 | 3089 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 10/21/32 |  | 450 | 442 | 429 | (9)(17)(18)(20) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 10/21/32 |  | 225 | 219 | 215 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 3773 | 3733 |  |
| CoreTrust |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Coretrust Purchasing Group LLC (HPG Enterprises LLC) | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 10/01/29 |  | 6143 | 6104 | 6081 | (22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 10/01/29 |  |  | (3) | (3) | (8)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 10/01/29 |  |  | (5) | (7) | (8)(17)(18) |
|  |  |  |  |  |  | 6096 | 6071 |  |
| Flatworld Solutions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Flatworld Intermediate Corp | First Lien Secured Debt - Term Loan | SOFR+550, 1.50% Floor | 03/25/30 |  | 3940 | 3874 | 3832 | (9) |
| Heritage Environmental Services | Heritage Environmental Services | Heritage Environmental Services | Heritage Environmental Services |  |  |  |  |  |
| &nbsp;&nbsp;Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.) | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 01/31/31 |  | 1727 | 1724 | 1727 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 01/31/30 |  |  |  |  | (9)(17)(18) |
|  |  |  |  |  |  | 1724 | 1727 |  |
| HMA |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Health Management Associates Superholdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 03/30/29 |  | 3894 | 3829 | 3855 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 03/30/29 |  | 503 | 495 | 498 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 03/30/29 |  |  | (8) | (3) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 4316 | 4350 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| IronClad |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ironhorse Purchaser, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 09/30/27 | 2962 | 2936 | 2902 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 09/30/27 |  | (4) | (10) | (8)(9)(17)(18) |
|  |  |  |  |  | 2932 | 2892 |  |
| IRP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Precision Refrigeration & Air Conditioning LLC | First Lien Secured Debt - Term Loan | SOFR+690, 1.00% Floor | 03/08/28 | 10842 | 10743 | 10571 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+690, 1.00% Floor | 03/08/28 | 4887 | 4830 | 4765 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+690, 1.00% Floor | 03/08/28 | 1136 | 1124 | 1080 | (9)(17)(18)(23)<br>(24) |
| &nbsp;&nbsp;SMC IR Holdings, LLC | Common Equity - Common Stock | N/A | N/A | 158 Shares | 183 | 223 | (9)(13) |
|  |  |  |  |  | 16880 | 16639 |  |
| Jacent |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jacent Strategic Merchandising, LLC | First Lien Secured Debt - Term Loan | SOFR+585, 1.00% Floor | 01/31/27 | 22153 | 22155 | 21945 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+660, 1.00% Floor | 01/31/27 | 2289 | 2287 | 2259 | (9)(17)(18)(22) |
|  | Common Equity - Common Stock | N/A | N/A | 5,000 Shares | 500 | 150 | (9)(13) |
| &nbsp;&nbsp;JSM Equity Investors, L.P. | Preferred Equity - Class P Partnership Units | N/A | N/A | 11 Shares | 11 | 1 | (9)(13) |
|  |  |  |  |  | 24953 | 24355 |  |
| Overhaul Group, Inc. | Overhaul Group, Inc. | Overhaul Group, Inc. | Overhaul Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;Overhaul Group, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/01/30 | 10714 | 10666 | 10500 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 08/01/30 |  | (19) | (86) | (8)(9)(18) |
|  | Preferred Equity - Preferred Equity | N/A | N/A | 5,405 Shares | 100 | 81 | (9)(13)(19) |
|  |  |  |  |  | 10747 | 10495 |  |
| Pavement Preservation | Pavement Preservation | Pavement Preservation | Pavement Preservation |  |  |  |  |
| &nbsp;&nbsp;Pavement Preservation Acquisition, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 08/09/30 | 10818 | 10624 | 10520 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 08/09/30 | 2155 | 2121 | 2096 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 08/09/30 | 133 | 98 | 83 | (9)(17)(18)(22) |
|  |  |  |  |  | 12843 | 12699 |  |
| SafetyCo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 11/19/29 | 7331 | 7207 | 7323 | (9)(24) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 11/19/29 | 5257 | 5169 | 5251 | (9)(24) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 11/19/29 |  | (24) | (2) | (8)(9)(17)(18) |
|  |  |  |  |  | 12352 | 12572 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Smith System |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Smith Topco, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 11/06/29 |  | 9501 | 9360 | 9358 | (9)(23)(24) |
|  | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 11/06/29 |  | 1538 | 1524 | 1515 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 11/06/29 |  |  | (16) | (17) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 10868 | 10856 |  |
| Vixxo |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vixxo Corporation | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/01/30 |  | 1441 | 1421 | 1423 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 08/01/30 |  |  | (7) | (16) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 1414 | 1407 |  |
|  |  | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | $131837 | $130793 |  |
| **Communications Equipment** | **Communications Equipment** | **Communications Equipment** | **Communications Equipment** |  |  |  |  |  |
| MCA |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mobile Communications America, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 10/16/29 | $— | 2444 | $2403 | $2358 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 10/16/29 |  | 6468 | 6398 | 6168 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 10/16/29 |  |  | (20) | (48) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 8781 | 8478 |  |
| Mitel Networks |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mitel Networks (International) Limited | Common Equity - Common Stock | N/A | N/A | 98,860 Shares | 98,860 Shares | 476 | 27 | (9)(10)(13)(15)<br>(19) |
| &nbsp;&nbsp;MLN US Holdco LLC | First Lien Secured Debt - Term Loan | SOFR+200 Cash plus 6.00% PIK, 1.00% Floor | 06/20/30 |  | 895 | 797 | 403 | (9)(10)(15)(22) |
|  |  |  |  |  |  | 1273 | 430 |  |
| Sorenson Holdings, LLC | Sorenson Holdings, LLC | Sorenson Holdings, LLC | Sorenson Holdings, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Sorenson Holdings, LLC | First Lien Secured Debt - Term Loan | 8.00% | 04/01/30 |  | 334 | 271 | 267 | (14) |
|  | First Lien Secured Debt - Term Loan | 10.00% | 04/01/30 |  | 87 | 77 | 76 | (14) |
|  | Common Equity - Membership Interests | N/A | N/A | 279 Shares | 279 Shares | 108 | 78 | (13) |
|  |  |  |  |  |  | 456 | 421 |  |
|  |  | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | $10510 | $9329 |  |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |
| Accelevation, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accelevation LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 01/02/31 | $— | 9162 | $9043 | $9116 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 01/02/31 |  | 2217 | 2182 | 2200 | (9)(17)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 01/02/31 |  | 769 | 741 | 758 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 11966 | 12074 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| American Restoration | American Restoration | American Restoration | American Restoration |  |  |  |  |  |
| &nbsp;&nbsp;American Restoration Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+510, 1.00% Floor | 07/24/30 |  | 7532 | 7416 | 7438 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+510, 1.00% Floor | 07/24/30 |  | 11237 | 11102 | 11030 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 1.00% Floor | 07/24/30 |  | 2268 | 2263 | 2239 | (9)(18)(23) |
|  |  |  |  |  |  | 20781 | 20707 |  |
| Core Roofing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CRS Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 06/06/30 |  | 1874 | 1846 | 1850 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 06/06/30 |  | 3519 | 3436 | 3431 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 06/06/30 |  |  | (13) | (12) | (8)(9)(16)(17)<br>(18) |
|  |  |  |  |  |  | 5269 | 5269 |  |
| Dynagrid |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Megavolt Borrower, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 02/13/32 |  | 4135 | 4063 | 4104 | (9)(23) |
| Traffic Management Solutions, LLC | Traffic Management Solutions, LLC | Traffic Management Solutions, LLC | Traffic Management Solutions, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Traffic Management Solutions, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 11/26/30 |  | 11027 | 10902 | 10922 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 11/26/30 |  | 3357 | 3293 | 3283 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 11/26/30 |  |  | (37) | (32) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 14158 | 14173 |  |
| Trench Plate |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trench Plate Rental Co. | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 12/04/28 |  | 17500 | 17373 | 17325 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 12/04/28 |  | 1564 | 1553 | 1545 | (9)(16)(17)(18)<br>(23) |
| &nbsp;&nbsp;Trench Safety Solutions Holdings, LLC | Preferred Equity - Preferred Equity | N/A | N/A | 40 Shares | 40 Shares | 4 | 8 | (9)(13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 331 Shares | 331 Shares | 50 | 35 | (9)(13)(19) |
|  |  |  |  |  |  | 18980 | 18913 |  |
|  |  | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | $75217 | $75240 |  |
| **Consumer Finance** |  |  |  |  |  |  |  |  |
| Lending Point |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LendingPoint 2018-1 Funding Trust | First Lien Secured Debt - Delayed Draw | SOFR+300, 1.00% Floor | 12/31/29 | $— | 5929 | $5958 | $5759 | (17)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+300, 1.00% Floor | 12/31/29 |  | 9020 | 9020 | 8849 | (17)(18)(22) |
| &nbsp;&nbsp;LendingPoint Consolidated, Inc. | Preferred Equity - Preferred Equity | N/A | N/A | 10,710 Shares | 10,710 Shares | 2943 |  | (9)(13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 1,106,939 Shares | 1,106,939 Shares | 750 |  | (9)(13)(19) |
| &nbsp;&nbsp;LendingPoint LLC | First Lien Secured Debt - Term Loan | SOFR+500 PIK, 1.00% Floor | 12/31/29 |  | 20879 | 38425 | 20121 | (9)(22) |
|  | Unsecured Debt - Term Loan | N/A | 12/31/30 |  | 1842 | 1842 | 1842 | (9)(13) |
|  |  |  |  |  |  | 58938 | 36571 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| US Auto |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Auto Pool 2023 Trust (Del. Stat. Trust) (4) | Structured Products and Other - Membership Interests | N/A | N/A | N/A | N/A | 18986 | 9128 | (9)(13)(31) |
|  |  | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | $77924 | $45699 |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |
| 3D Protein |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Protein For Pets Opco, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 09/20/30 | $— | 8453 | $8323 | $8284 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 09/20/30 |  |  | (12) | (18) | (8)(9)(17) |
|  |  |  |  |  |  | 8311 | 8266 |  |
| Metz Culinary |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Metz Culinary Management, LLC | First Lien Secured Debt - Term Loan | SOFR+450, 1.00% Floor | 12/23/29 |  | 4178 | 4138 | 4137 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 1.00% Floor | 12/23/29 |  |  | (4) | (8) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 4134 | 4129 |  |
| Turkey Hill |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IC Holdings LLC | Common Equity - Series A Units | N/A | N/A | 169 Shares | 169 Shares | 169 |  | (9)(13) |
| &nbsp;&nbsp;THLP CO., LLC | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 01/31/28 |  | 27538 | 27471 | 27277 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 01/31/28 |  | 3154 | 3148 | 3109 | (9)(17)(18)(20)<br>(22)(23) |
|  |  |  |  |  |  | 30788 | 30386 |  |
|  |  | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | $43233 | $42781 |  |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |
| ACP Packaging |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACP Packaging Intermediateco, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 10/22/31 | $— | 10617 | $10467 | $10450 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 10/22/31 |  |  | (25) | (29) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 10442 | 10421 |  |
| Berry Tapes & Adhesives | Berry Tapes & Adhesives | Berry Tapes & Adhesives | Berry Tapes & Adhesives |  |  |  |  |  |
| &nbsp;&nbsp;Vybond Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 02/03/32 |  | 17204 | 16962 | 16902 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 02/03/32 |  |  | (28) | (77) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 02/03/32 |  |  | (41) | (57) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 16893 | 16768 |  |
| ePac Flexible Packaging | ePac Flexible Packaging | ePac Flexible Packaging | ePac Flexible Packaging |  |  |  |  |  |
| &nbsp;&nbsp;ePac Holdings LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 01/14/32 |  | 9709 | 9615 | 9612 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 01/14/32 |  | 3791 | 2704 | 2697 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 01/14/32 |  |  | (39) | (40) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 12280 | 12269 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| MSI Express, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NCP-MSI Buyer | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 03/24/31 |  | 5790 | 5727 | 5572 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 03/24/31 |  | 1500 | 1483 | 1444 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+375, 0.75% Floor | 03/24/31 |  | 1911 | 1883 | 1798 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 9093 | 8814 |  |
| Truvant |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NPPI Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/20/29 |  | 21774 | 21491 | 21556 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 08/20/29 |  |  | (24) | (47) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 08/20/29 |  |  | (32) | (32) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 21435 | 21477 |  |
|  |  | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | $70143 | $69749 |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |
| Accelerate Learning |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Purchaser, Inc. | First Lien Secured Debt - Term Loan | SOFR+250 Cash plus 4.75% PIK, 1.00% Floor | 03/22/30 | $— | 4041 | $3971 | $3738 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+250 Cash plus 4.75% PIK, 1.00% Floor | 03/22/29 |  | 689 | 678 | 649 | (9)(18)(23) |
|  |  |  |  |  |  | 4649 | 4387 |  |
| Clarus Commerce |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Marlin DTC-LS Midco 2, LLC | First Lien Secured Debt - Term Loan | SOFR+660, 1.00% Floor | 07/01/26 |  | 20349 | 20316 | 19567 | (22) |
|  | First Lien Secured Debt - Revolver | SOFR+660, 1.00% Floor | 07/01/26 |  |  | (1) | (26) | (8)(17)(18) |
|  |  |  |  |  |  | 20315 | 19541 |  |
| Club Car Wash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Club Car Wash Operating, LLC | First Lien Secured Debt - Term Loan | SOFR+565, 1.00% Floor | 06/16/27 |  | 11656 | 11606 | 11602 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+565, 1.00% Floor | 06/16/27 |  | 22687 | 22476 | 22582 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+565, 1.00% Floor | 06/16/27 |  |  | (7) | (7) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 34075 | 34177 |  |
| Elase Med Spas |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Birch Group of Clinics Acquireco Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 12/31/31 |  | 1868 | 1841 | 1841 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 12/31/31 |  | 426 | 410 | 401 | (9)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 12/31/31 |  |  | (6) | (6) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 2245 | 2236 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Excelligence |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Excelligence Learning Corporation | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 01/18/30 | 15224 | 14965 | 13107 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 01/18/30 | 1627 | 1591 | 1285 | (9)(16)(17)(18)<br>(20)(23) |
|  |  |  |  |  | 16556 | 14392 |  |
| Gateway Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gateway US Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 09/22/28 | 12510 | 12476 | 12417 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 09/22/28 | 721 | 713 | 710 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 09/22/28 |  | (1) | (3) | (8)(9)(17)(18) |
|  |  |  |  |  | 13188 | 13124 |  |
| Go Car Wash |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Go Car Wash Management Corp. | First Lien Secured Debt - Term Loan | SOFR+585, 1.00% Floor | 06/30/28 | 1579 | 1572 | 1542 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+585, 1.00% Floor | 06/30/28 | 83 | 83 | 73 | (9)(17)(18)(22) |
| &nbsp;&nbsp;Go Car Wash Management, Corp. | First Lien Secured Debt - Delayed Draw | SOFR+585, 1.00% Floor | 06/30/28 | 9198 | 9142 | 8981 | (9)(22) |
|  |  |  |  |  | 10797 | 10596 |  |
| Legacy.com |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lotus Topco Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 06/07/30 | 5211 | 5148 | 5146 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 06/07/30 | 1095 | 1087 | 1077 | (9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 06/07/30 |  | (6) | (7) | (8)(9)(17)(18) |
|  |  |  |  |  | 6229 | 6216 |  |
| Mariani |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CI (MG) GROUP, LLC | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 03/27/30 | 18831 | 18573 | 18518 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 1.00% Floor | 03/27/30 | 4699 | 4613 | 4551 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 03/27/30 | 1176 | 1151 | 1142 | (9)(17)(18)(23) |
|  |  |  |  |  | 24337 | 24211 |  |
| Regis |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Regis Corporation | First Lien Secured Debt - Term Loan | SOFR+450, 2.50% Floor | 06/24/29 | 6589 | 6476 | 6490 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 2.50% Floor | 06/24/29 | 172 | 117 | 109 | (9)(16)(17)(18)<br>(23) |
|  |  |  |  |  | 6593 | 6599 |  |
| SEV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SEV Intermediate Holdco, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 06/21/30 | 8188 | 8051 | 8085 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 06/21/30 | 2329 | 2281 | 2288 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 06/21/30 | 492 | 469 | 471 | (9)(17)(18)(23) |
|  |  |  |  |  | 10801 | 10844 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Team Car Wash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TCW Midco LLC | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 10/22/29 |  | 4938 | 4900 | 4839 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 10/22/29 |  | 6605 | 6550 | 6467 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 10/22/29 |  |  | (6) | (17) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 11444 | 11289 |  |
| Ultra Clean Newco |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ultra Clean Holdco LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 07/01/30 |  | 2456 | 2417 | 2413 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 07/01/30 |  | 5464 | 5355 | 5271 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 07/01/30 |  |  | (18) | (25) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 7754 | 7659 |  |
| US Legal Support |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;US Legal Support Investment Holdings, LLC | Common Equity - Series A-1 Units | N/A | N/A | 631,972 Shares | 631,972 Shares | 632 | 1245 | (9)(13) |
| &nbsp;&nbsp;USLS Acquisition, Inc. | First Lien Secured Debt - Term Loan | SOFR+565, 1.00% Floor | 06/01/26 |  | 28023 | 27974 | 27933 | (9)(23)(24) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+565, 1.00% Floor | 06/01/26 |  | 5497 | 5494 | 5471 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+590, 1.00% Floor | 06/01/26 |  | 563 | 562 | 558 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 34662 | 35207 |  |
| Village Pet Care |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Village Pet Care, LLC | First Lien Secured Debt - Term Loan | SOFR+650, 1.00% Floor | 09/22/29 |  | 1500 | 1480 | 1463 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+650, 1.00% Floor | 09/22/29 |  | 1050 | 1017 | 925 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+650, 1.00% Floor | 09/22/29 |  | 803 | 791 | 778 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 3288 | 3166 |  |
|  |  | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | $206933 | $203644 |  |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |  |  |  |  |
| Cablevision Systems |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CSC Holdings, LLC | First Lien Secured Debt - Revolver | SOFR+225, 0.00% Floor | 07/13/27 | $— | 86 | $72 | $73 | (10)(15)(17)<br>(18)(22) |
|  | Unsecured Debt - Corporate Bond | 4.13% | 12/01/30 |  | 2000 | 1504 | 1202 | (10)(15) |
|  |  | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | $1576 | $1275 |  |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |
| Brush Group |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Brush Group Bidco Limited | First Lien Secured Debt - Term Loan | SON+500, 0.00% Floor | 07/30/31 | £nan | 5970 | $7799 | $7936 | (9)(15)(21) |
|  | First Lien Secured Debt - Revolver | SON+500, 0.00% Floor | 07/30/31 | £— |  | (27) |  | (9)(15)(17)(18) |
|  |  |  |  |  |  | 7772 | 7936 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| International Wire Group | International Wire Group | International Wire Group | International Wire Group |  |  |  |  |  |
| &nbsp;&nbsp;IW Buyer LLC | First Lien Secured Debt - Term Loan | SOFR+510, 1.00% Floor | 06/28/29 |  | 13554 | 13426 | 13485 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 1.00% Floor | 06/28/29 |  |  | (6) | (2) | (8)(9)(16)(17)<br>(18) |
|  |  |  |  |  |  | 13420 | 13483 |  |
| Kauffman |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kauffman Holdco, LLC | Common Equity - Common Stock | N/A | N/A | 250,000 Shares | 250,000 Shares | 250 |  | (9)(13) |
| &nbsp;&nbsp;Kauffman Intermediate, LLC | First Lien Secured Debt - Term Loan | 10.30% | 09/30/26 |  | 18331 | 16914 | 7666 | (9)(14) |
|  | First Lien Secured Debt - Term Loan | SOFR+460, 1.00% Floor | 09/30/26 |  | 301 | 277 | 301 | (9)(23) |
|  | First Lien Secured Debt - Revolver | 10.30% | 09/30/26 |  | 1371 | 1245 | 574 | (9)(14)(18) |
|  |  |  |  |  |  | 18686 | 8541 |  |
|  |  | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | $39878 | $29960 |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |
| AVAD, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Surf Opco, LLC (4) | First Lien Secured Debt - Term Loan | SOFR+411, 1.00% Floor | 05/10/27 | $— | 9402 | $14253 | $9356 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+411, 1.00% Floor | 05/10/27 |  | 18390 | 18390 | 18304 | (9)(17)(18)(22) |
|  | Preferred Equity - Class P-1 Preferred | N/A | N/A | 13,195 Shares | 13,195 Shares | 1713 | 2898 | (9)(13)(19)(30) |
|  | Common Equity - Class A-1 Common | N/A | N/A | 5,000 Shares | 5,000 Shares |  | 140 | (9)(13)(19)(30) |
|  |  |  |  |  |  | 34356 | 30698 |  |
| Evolv Technologies |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evolv Technologies Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 2.00% Floor | 07/01/30 |  | 6000 | 5947 | 5970 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 2.00% Floor | 07/01/30 |  |  | (52) | (30) | (8)(9)(15)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 2.00% Floor | 07/01/30 |  |  | (26) | (15) | (8)(9)(15)(17)<br>(18) |
|  |  |  |  |  |  | 5869 | 5925 |  |
| Generator Buyer, Inc. | Generator Buyer, Inc. | Generator Buyer, Inc. | Generator Buyer, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;Total Power Limited | First Lien Secured Debt - Term Loan | CORRA+450, 0.75% Floor | 07/22/30 |  | 12066 | 8653 | 8497 | (9)(15)(26) |
|  | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 07/22/30 |  | 3818 | 3765 | 3761 | (9)(15)(23) |
|  | First Lien Secured Debt - Delayed Draw | CORRA+450, 0.75% Floor | 07/22/30 |  | 2182 | 1571 | 1518 | (9)(15)(17)(18)<br>(26) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 07/22/30 |  |  | 1 | (69) | (8)(9)(15)(17)(18) |
|  | First Lien Secured Debt - Revolver | CORRA+450, 0.75% Floor | 07/22/30 |  |  | (16) | (31) | (8)(9)(15)(17)<br>(18) |
|  |  |  |  |  |  | 13974 | 13676 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Pro Vigil |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pro-Vigil Holding Company, LLC | First Lien Secured Debt - Term Loan | SOFR+860 (Inclusive of 12.04% PIK), 1.00% Floor | 06/30/26 |  | 10004 | 9995 | 9871 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+860 (Inclusive of 12.04% PIK), 1.00% Floor | 06/30/26 |  | 22615 | 22589 | 22315 | (9)(22) |
|  |  |  |  |  |  | 32584 | 32186 |  |
| Team LINX, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TeamLINX Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 12/18/30 |  | 17768 | 17565 | 17501 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 12/18/30 |  |  | (17) | (21) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 17548 | 17480 |  |
| Wolfspeed |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wolfspeed Inc | First Lien Secured Debt - Corporate Bond | 9.88% Cash plus 4.00% PIK | 06/23/30 |  | 4329 | 4220 | 4768 | (9)(10)(15) |
|  |  | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | $108551 | $104733 |  |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |  |  |  |  |  |
| Camin Cargo |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Camin Cargo Control Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 12/07/29 | $— | 978 | $962 | $941 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 1.00% Floor | 12/07/29 |  | 2056 | 2029 | 1980 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 12/07/29 |  | 670 | 653 | 632 | (9)(17)(18)(20)<br>(23) |
|  |  | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | $3644 | $3553 |  |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Shout Factory |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Shout! Factory LLC | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 06/30/31 | $— | 13169 | $12992 | $12873 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 06/30/31 |  | 592 | 571 | 557 | (9)(17)(18)(23) |
|  |  | Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | $13563 | $13430 |  |
| **Financial Services** |  |  |  |  |  |  |  |  |
| AML Rightsource |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gabriel Partners, LLC | First Lien Secured Debt - Term Loan | SOFR+635, 1.00% Floor | 05/17/27 | $— | 31162 | $31050 | $30539 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+635, 1.00% Floor | 05/17/27 |  | 1321 | 1316 | 1295 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+635, 1.00% Floor | 05/17/27 |  | 699 | 695 | 685 | (9)(18)(22) |
|  |  |  |  |  |  | 33061 | 32519 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Definiti LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greylock Holdings LLC | Common Equity - Common Stock | N/A | N/A |  | 100,000 Shares | 100 | 90 | (9)(13) |
| &nbsp;&nbsp;RHI Acquisition LLC | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 03/16/29 |  | 5909 | 5805 | 5806 | (9)(24) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 03/16/29 |  | 2115 | 2072 | 2061 | (9)(17)(18)(24) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 03/16/29 |  |  | (10) | (12) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 7967 | 7945 |  |
| Golden Bear |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Golden Bear 2016-R, LLC (4) | Structured Products and Other - Membership Interests | N/A | N/A |  | N/A | 13517 | 7457 | (3)(15) |
| Nexity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evoriel | First Lien Secured Debt - Term Loan | EURIBOR+525, 0.00% Floor | 04/02/31 | € | 2283 | 2446 | 2625 | (9)(15)(27) |
|  | First Lien Secured Debt - Delayed Draw | EURIBOR+525, 0.00% Floor | 04/02/31 | € | 1174 | 1254 | 1350 | (9)(15)(27) |
|  |  |  |  |  |  | 3700 | 3975 |  |
| Origami Opportunities Fund III | Origami Opportunities Fund III | Origami Opportunities Fund III | Origami Opportunities Fund III |  |  |  |  |  |
| &nbsp;&nbsp;Origami Opportunities Fund III, L.P. | First Lien Secured Debt - Term Loan | SOFR+625, 2.00% Floor | 10/25/27 |  | 6767 | 6713 | 6699 | (9)(15)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+625, 2.00% Floor | 10/25/27 |  | 2182 | 2165 | 2160 | (9)(15)(17)(18)<br>(23) |
|  |  |  |  |  |  | 8878 | 8859 |  |
| PMA |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PMA Parent Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 01/31/31 |  | 13978 | 13858 | 13838 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 01/31/31 |  |  | (8) | (10) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 13850 | 13828 |  |
| Renew Financial LLC (f/k/a Renewable Funding, LLC) | Renew Financial LLC (f/k/a Renewable Funding, LLC) | Renew Financial LLC (f/k/a Renewable Funding, LLC) | Renew Financial LLC (f/k/a Renewable Funding, LLC) |  |  |  |  |  |
| &nbsp;&nbsp;AIC SPV Holdings II, LLC | Preferred Equity - Preferred Stock | N/A | N/A |  | 534,375 Shares | 534 | 472 | (13)(15)(29) |
| &nbsp;&nbsp;Renew Financial LLC (f/k/a Renewable Funding, LLC) | Common Equity - Common Stock | N/A | N/A |  | 1,368,286 Shares | 16813 | 96 | (13) |
| &nbsp;&nbsp;Renew JV LLC | Common Equity - Membership Interests | N/A | N/A |  | 96,956 Shares | 97 | 337 | (13)(15) |
|  |  |  |  |  |  | 17444 | 905 |  |
| Stretto |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Stretto, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 10/13/28 |  | 10800 | 10765 | 10503 | (9)(23) |
|  |  | Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | $109182 | $85991 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Food Products** |  |  |  |  |  |  |  |  |
| Amylu Foods |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amylu Borrower Sub, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 06/10/31 | $— | 10883 | $10778 | $10801 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 06/10/31 |  | 315 | 305 | 301 | (9)(17)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 06/10/31 |  |  | (19) | (16) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 11064 | 11086 |  |
| Berner Foods |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Berner Food & Beverage, LLC | First Lien Secured Debt - Term Loan | SOFR+615, 1.00% Floor | 07/30/27 |  | 33861 | 33585 | 33268 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+615, 1.00% Floor | 07/30/26 |  | 1833 | 1828 | 1811 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 35413 | 35079 |  |
| Bolthouse Farms |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wm. Bolthouse Farms, Inc. | Common Equity - Equity Interests | N/A | N/A | 1,369,301 Shares | 1,369,301 Shares | 1460 | 1520 | (13) |
| Hive |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FCP-Hive Holdings, LLC | Preferred Equity - Preferred Equity | N/A | N/A | 589 Shares | 589 Shares | 448 | 476 | (9)(13) |
|  | Common Equity - Common Stock | N/A | N/A | 589 Shares | 589 Shares | 3 |  | (9)(13) |
| &nbsp;&nbsp;Hive Intermediate, LLC | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 09/22/27 |  | 13540 | 13464 | 13540 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 09/22/27 |  | 1147 | 1135 | 1147 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 15050 | 15163 |  |
| Justin's |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Justin's LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 12/15/31 |  | 4167 | 4106 | 4104 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 12/15/31 |  |  | (12) | (12) | (8)(9)(17)(18) |
|  | Common Equity - Common Stock | N/A | N/A | 100,000 Shares | 100,000 Shares | 100 | 100 | (9)(13)(19) |
|  |  |  |  |  |  | 4194 | 4192 |  |
| Nutpods |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Green Grass Foods, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 12/26/29 |  | 3666 | 3615 | 3666 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.00% Floor | 12/26/29 |  |  | (16) |  | (9)(17)(18) |
| &nbsp;&nbsp;Nutpods Holdings, Inc. | Common Equity - Common Stock | N/A | N/A | 125 Shares | 125 Shares | 125 | 132 | (9)(13) |
|  |  |  |  |  |  | 3724 | 3798 |  |
| Patriot Pickle |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Patriot Foods Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 12/24/29 |  | 244 | 241 | 242 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 12/24/29 |  | 166 | 163 | 161 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 12/24/29 |  | 47 | 44 | 44 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 448 | 447 |  |
|  |  | Total Food Products | Total Food Products | Total Food Products | Total Food Products | $71353 | $71285 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |  |  |  |  |  |
| Bird Rides |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Blue Jay Transit Inc. (4) | First Lien Secured Debt - Term Loan | 15.84% | 03/22/28 | $— | 22137 | $20414 | $13491 | (9)(14) |
|  | First Lien Secured Debt - Term Loan | 15.84% | 07/31/26 |  | 2789 | 2596 | 1674 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 15.84% | 07/31/26 |  | 7569 | 7569 | 7569 | (9)(14)(18) |
| &nbsp;&nbsp;Third Lane Mobility Inc. (4) | Common Equity - Common Stock | N/A | N/A | 5,012,171 Shares | 5,012,171 Shares | 722 |  | (9)(13)(19) |
|  | Warrants - Warrants | N/A | N/A | 970,252 Shares | 970,252 Shares |  |  | (9)(13)(19) |
|  |  |  |  |  |  | 31301 | 22734 |  |
| Boasso |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 06/30/28 |  | 3498 | 3492 | 3463 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 03/31/28 |  |  |  | (3) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 3492 | 3460 |  |
| Heniff and Superior |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heniff Holdco, LLC | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 12/03/26 |  | 27928 | 27813 | 26183 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+610, 1.00% Floor | 12/03/26 |  | 3793 | 3790 | 3547 | (9)(18)(23) |
|  |  |  |  |  |  | 31603 | 29730 |  |
| Olympus Terminals |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Olympus Terminals Holdco II LLC | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 12/17/30 |  | 18395 | 18085 | 18018 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 12/17/30 |  |  | (55) | (70) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 12/17/30 |  |  | (47) | (60) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 17983 | 17888 |  |
|  |  | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | $84379 | $73812 |  |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |
| Capsa Healthcare |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CSHC Buyerco, LLC | First Lien Secured Debt - Term Loan | SOFR+485, 1.00% Floor | 09/08/26 | $— | 10223 | $10174 | $10130 | (9)(23) |
| Cerus |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cerus Corporation | First Lien Secured Debt - Term Loan | SOFR+660, 1.80% Floor | 03/01/28 |  | 12000 | 11986 | 12000 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+660, 1.80% Floor | 03/01/28 |  | 4500 | 4495 | 4500 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+660, 1.00% Floor | 03/01/28 |  | 3000 | 2987 | 3000 | (9)(15)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+560 Cash plus 1.00% PIK, 1.00% Floor | 03/01/28 |  | 1043 | 1043 | 1043 | (9)(15)(17)(18)<br>(22) |
|  |  |  |  |  |  | 20511 | 20543 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| CQ Medical |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BW ISO Acquisition LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 11/01/27 |  | 4975 | 4935 | 4917 | (9)(24) |
| Medical Guardian |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Medical Guardian, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 04/26/28 |  | 30663 | 30489 | 30662 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 04/26/28 |  | 4679 | 4644 | 4679 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 04/26/28 |  | 381 | 366 | 381 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 35499 | 35722 |  |
| Natus Sensory |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Natus Sensory, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 01/07/31 |  | 10573 | 10440 | 10196 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | EURIBOR+525, 0.00% Floor | 01/07/31 |  | 2543 | 2597 | 2835 | (9)(27) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 01/07/31 |  |  | (17) | (99) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 01/07/31 |  |  | (17) | (49) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 13003 | 12883 |  |
| NeuroPace |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NeuroPace, Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 2.00% Floor | 05/27/30 |  | 20000 | 19912 | 19750 | (9)(15)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 2.00% Floor | 05/27/30 |  |  | (6) | (22) | (8)(9)(15)(17)<br>(18) |
|  |  |  |  |  |  | 19906 | 19728 |  |
| Project Titan |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tyber Medical LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 06/12/32 |  | 6029 | 5974 | 5924 | (9) |
|  | First Lien Secured Debt - Term Loan | EURIBOR+500, 0.75% Floor | 06/12/32 |  | 1175 | 1348 | 1327 | (9) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 06/12/32 |  |  | (17) | (29) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 06/12/31 |  | 456 | 449 | 442 | (9)(17)(18)(23)<br>(24) |
|  | First Lien Secured Debt - Revolver | EURIBOR+500, 0.75% Floor | 06/12/31 |  | 200 | 234 | 224 | (9)(17)(18) |
|  |  |  |  |  |  | 7988 | 7888 |  |
|  |  | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | $112016 | $111811 |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |
| Alcami |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alcami Corporation | First Lien Secured Debt - Term Loan | SOFR+710, 1.00% Floor | 12/21/28 | $— | 7952 | $7806 | $7853 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+710, 1.00% Floor | 12/21/28 |  | 585 | 575 | 578 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+710, 1.00% Floor | 12/21/28 |  | 342 | 325 | 329 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 8706 | 8760 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| All Star |  |  |  |  |  |  |  |
| &nbsp;&nbsp;All Star Recruiting Locums, LLC | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 05/01/30 | 7346 | 7237 | 7291 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 1.00% Floor | 05/01/30 | 1726 | 1686 | 1697 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 05/01/30 | 935 | 917 | 925 | (9)(17)(18)(23) |
|  |  |  |  |  | 9840 | 9913 |  |
| Amplity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amplity Parent, Inc. | First Lien Secured Debt - Term Loan | 12.27% | 01/31/27 | 26805 | 25921 | 15949 | (9)(14) |
|  | First Lien Secured Debt - Revolver | SOFR+1260 PIK, 1.00% Floor | 01/31/27 | 1284 | 1206 | 1188 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | 12.27% | 01/31/27 | 1498 | 1440 | 688 | (9)(14)(18) |
|  |  |  |  |  | 28567 | 17825 |  |
| Cato Research |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LS Clinical Services Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+875 (Inclusive of 9.95% PIK), 1.00% Floor | 12/16/29 | 16798 | 16653 | 12790 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+875 (Inclusive of 9.95% PIK), 1.00% Floor | 06/16/29 | 1050 | 1031 | 643 | (9)(17)(18)(23) |
|  |  |  |  |  | 17684 | 13433 |  |
| EmpiRx |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EmpiRx Health LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 08/05/29 | 8705 | 8624 | 8639 | (9)(22) |
|  | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 08/06/29 | 4988 | 4943 | 4950 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 08/05/29 |  | (6) | (7) | (8)(9)(17)(18) |
|  |  |  |  |  | 13561 | 13582 |  |
| ExactCare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ExactCare Parent, Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 11/05/29 | 17672 | 17268 | 17672 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 11/05/29 |  | (33) |  | (9)(17)(18) |
|  |  |  |  |  | 17235 | 17672 |  |
| Ingenovis Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ingenovis Health, Inc. (CCRR Parent Inc) | First Lien Secured Debt - Term Loan | 8.18% | 03/06/28 | 3811 | 3252 | 1363 | (14) |
| KCF Puerto Rico, LLC | KCF Puerto Rico, LLC | KCF Puerto Rico, LLC | KCF Puerto Rico, LLC |  |  |  |  |
|  | Secured Debt - Promissory Note | N/A | 06/28/28 | 1697 | 962 | 675 | (13)(15) |
| KureSmart |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) | Common Equity - Common Stock | N/A | N/A | 133 Shares | 133 | 228 | (9)(13) |
| &nbsp;&nbsp;Kure Pain Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 08/30/30 | 17885 | 17866 | 17726 | (9)(22) |
|  | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 08/31/30 | 4263 | 4227 | 4225 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 08/30/30 | 505 | 469 | 480 | (9)(17)(18)(22)<br>(23) |
|  |  |  |  |  | 22695 | 22659 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| LucidHealth |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Premier Imaging, LLC | First Lien Secured Debt - Term Loan | SOFR+426 Cash plus 2.00% PIK, 1.00% Floor | 10/31/27 | 8768 | 8676 | 6554 | (9)(23) |
| Maxor National Pharmacy Services, LLC | Maxor National Pharmacy Services, LLC | Maxor National Pharmacy Services, LLC | Maxor National Pharmacy Services, LLC |  |  |  |  |
| &nbsp;&nbsp;Maxor Acquisition, Inc. | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 03/01/29 | 9875 | 9801 | 9801 | (9)(22) |
| &nbsp;&nbsp;Maxor National Pharmacy Services, LLC | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 03/01/29 | 13017 | 12766 | 12920 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+610, 1.00% Floor | 03/01/29 |  | (23) | (11) | (8)(9)(17)(18) |
| &nbsp;&nbsp;Maxor Topco, L.P. | Preferred Equity - Preferred Equity | N/A | N/A | 50,000 Shares | 50 | 89 | (9)(13) |
|  |  |  |  |  | 22594 | 22799 |  |
| Midwest Vision |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Midwest Vision Partners Management, LLC | First Lien Secured Debt - Term Loan | 10.45% | 01/12/28 | 21936 | 21770 | 16836 | (9)(14) |
|  | First Lien Secured Debt - Term Loan | 10.20% | 01/12/28 | 1127 | 1118 | 865 | (9)(14) |
|  | First Lien Secured Debt - Revolver | 10.45% | 01/12/28 | 639 | 635 | 490 | (9)(14)(18) |
|  |  |  |  |  | 23523 | 18191 |  |
| Omega Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OMH-Healthedge Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+450, 1.00% Floor | 04/01/30 | 11898 | 11889 | 11541 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 1.00% Floor | 04/01/30 |  | (1) | (39) | (8)(9)(17)(18) |
|  |  |  |  |  | 11888 | 11502 |  |
| Rarebreed |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rarebreed Veterinary Partners, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 04/18/30 | 4184 | 4122 | 4121 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 04/18/30 | 18256 | 18052 | 17983 | (9)(22) |
|  | First Lien Secured Debt - Revolver | P+425, 1.00% Floor | 04/18/30 | 144 | 131 | 129 | (9)(17)(18)(20) |
|  |  |  |  |  | 22305 | 22233 |  |
| RHA Health Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pace Health Companies, LLC | First Lien Secured Debt - Term Loan | SOFR+565, 1.00% Floor | 08/02/27 | 1372 | 1366 | 1365 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+540, 1.00% Floor | 08/02/27 | 458 | 457 | 454 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+540, 1.00% Floor | 08/02/27 | 3385 | 3351 | 3323 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+540, 1.00% Floor | 08/02/27 |  | (34) | (5) | (8)(9)(16)(17)<br>(18) |
|  |  |  |  |  | 5140 | 5137 |  |
| Tarrytown |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tarrytown Acquisition Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 11/12/32 | 3583 | 3550 | 3549 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 11/12/32 |  | (4) | (7) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 11/12/32 |  | (6) | (6) | (8)(9)(17)(18) |
|  |  |  |  |  | 3540 | 3536 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Team Select |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TS Investors, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 05/04/29 |  | 13613 | 13449 | 13511 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 05/04/29 |  | 13701 | 13572 | 13599 | (9)(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 05/04/29 |  |  | (17) | (14) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 27004 | 27096 |  |
| Thomas Scientific |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BSP-TS, LP | Preferred Equity - Preferred Equity | N/A | N/A | 30 Shares | 30 Shares | 25 | 59 | (9)(13) |
|  | Common Equity - Common Stock | N/A | N/A | 185 Shares | 185 Shares | 185 | 10 | (9)(13) |
| &nbsp;&nbsp;Thomas Scientific, LLC | First Lien Secured Debt - Term Loan | SOFR+640, 1.00% Floor | 12/14/27 |  | 32850 | 32608 | 31625 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+640, 1.00% Floor | 12/14/27 |  | 2352 | 2333 | 2239 | (9)(17)(18)(20)<br>(23) |
|  |  |  |  |  |  | 35151 | 33933 |  |
| WellDyneRx, LLC |  |  |  |  |  |  |  |  |
|  | First Lien Secured Debt - Term Loan | SOFR+685, 0.75% Floor | 12/31/27 |  | 17354 | 17198 | 17094 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+685, 0.75% Floor | 12/31/27 |  |  | (9) | (29) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 17189 | 17065 |  |
| Xanitos |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pure Upper Holdco LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 12/03/31 |  | 6428 | 6365 | 6332 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 12/03/31 |  |  | (8) | (27) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 12/03/31 |  |  | (17) | (27) | (8)(9)(17)(18) |
| &nbsp;&nbsp;Xanitos TopCo, LLC | Common Equity - Membership Interests | N/A | N/A | 100,000 Shares | 100,000 Shares | 100 | 104 | (9)(13)(19) |
|  |  |  |  |  |  | 6440 | 6382 |  |
|  |  | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | $305952 | $280310 |  |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |
| Arcadia Solutions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Arcadia Solutions, Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 08/12/32 | $— | 10714 | $10615 | $10473 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 08/12/32 |  |  | (16) | (40) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 10599 | 10433 |  |
| CNSI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Acentra Holdings, LLC (fka CNSI Holdings, LLC) | First Lien Secured Debt - Term Loan | SOFR+550, 0.50% Floor | 12/17/29 |  | 17415 | 17044 | 17415 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+575, 0.50% Floor | 12/17/29 |  | 3910 | 3872 | 3910 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 0.50% Floor | 12/17/29 |  |  | (38) |  | (9)(17)(18) |
|  |  |  |  |  |  | 20878 | 21325 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Gainwell |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gainwell Acquisition Corp. (Milano Acquisition Corp) | First Lien Secured Debt - Term Loan | SOFR+400, 0.75% Floor | 10/01/27 |  | 16560 | 16041 | 16111 | (10)(23) |
| Inovalon |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Inovalon Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+286 Cash plus 2.75% PIK, 0.75% Floor | 11/24/28 |  | 6315 | 6250 | 5621 | (23) |
|  | Second Lien Secured Debt - Term Loan | 12.28% | 11/24/33 |  | 98 | 91 | 51 | (14) |
|  |  |  |  |  |  | 6341 | 5672 |  |
| Merative |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Merative L.P. | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 09/30/32 |  | 4107 | 4088 | 4087 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 09/30/32 |  |  | (1) | (2) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 09/30/32 |  |  | (2) | (2) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 4085 | 4083 |  |
| MRO Parent Corporation | MRO Parent Corporation | MRO Parent Corporation | MRO Parent Corporation |  |  |  |  |  |
| &nbsp;&nbsp;MRO Parent Corporation | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 06/09/32 |  | 4238 | 4180 | 4238 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 06/09/32 |  |  | (2) |  | (9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 06/09/32 |  |  | (5) |  | (9)(17)(18) |
|  |  |  |  |  |  | 4173 | 4238 |  |
|  |  | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | $62117 | $61862 |  |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |
| CircusTrix |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CircusTrix Holdings LLC | First Lien Secured Debt - Term Loan | SOFR+675, 1.00% Floor | 07/18/28 | $— | 975 | $962 | $951 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+675, 1.00% Floor | 07/18/28 |  | 6934 | 6836 | 6761 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+675, 1.00% Floor | 07/18/28 |  | 600 | 588 | 575 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 8386 | 8287 |  |
| Crumbl |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crumbl Enterprises LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 05/05/32 |  | 9190 | 9107 | 9006 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 05/05/32 |  |  | (6) | (15) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 9101 | 8991 |  |
| Guernsey |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guernsey Holdings SDI LA LLC | First Lien Secured Debt - Term Loan | 6.95% | 11/18/26 |  | 1515 | 1513 | 1493 | (9) |
| International Cruise & Excursion Gallery, Inc. | International Cruise & Excursion Gallery, Inc. | International Cruise & Excursion Gallery, Inc. | International Cruise & Excursion Gallery, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) (4) | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 12/31/28 |  | 4012 | 8739 | 3944 | (23) |
|  | Common Equity - Membership Interests | N/A | N/A | 531,312 Shares | 531,312 Shares | 4740 | 2628 | (13)(19) |
|  |  |  |  |  |  | 13479 | 6572 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Munson |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Munson Buffalo Restaurant Group LLC | First Lien Secured Debt - Term Loan | 10.16% | 05/31/29 |  | 3474 | 3400 | 2553 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 10.16% | 05/31/29 |  | 5468 | 5357 | 3768 | (9)(14)(18) |
|  |  |  |  |  |  | 8757 | 6321 |  |
| PARS Group LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PARS Group LLC | First Lien Secured Debt - Term Loan | SOFR+685, 1.50% Floor | 04/03/28 |  | 8590 | 8518 | 7302 | (9)(22) |
| Taco Cabana |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;YTC Enterprises, LLC | First Lien Secured Debt - Term Loan | SOFR+636, 1.00% Floor | 08/16/26 |  | 7983 | 7981 | 7644 | (9)(22) |
| Tasty Chick'n |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tasty Chick'n LLC | First Lien Secured Debt - Term Loan | 9.91% | 05/16/29 |  | 11620 | 11281 | 7495 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 9.91% | 05/16/29 |  | 272 | 267 | 176 | (9)(14) |
|  | First Lien Secured Debt - Revolver | 9.91% | 05/16/29 |  | 878 | 841 | 153 | (9)(14)(18) |
|  |  |  |  |  |  | 12389 | 7824 |  |
| The Club Company |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eldrickco Limited | First Lien Secured Debt - Term Loan | SON+528, 0.50% Floor | 11/26/29 | £nan | 8945 | 11544 | 11735 | (9)(15)(21) |
|  | First Lien Secured Debt - Delayed Draw | SON+528, 0.50% Floor | 11/26/29 | £nan | 10747 | 13420 | 14093 | (9)(15)(21) |
|  | First Lien Secured Debt - Revolver | SON+528, 0.50% Floor | 11/26/29 | £nan | 356 | 418 | 464 | (9)(15)(18)(21) |
|  | First Lien Secured Debt - Revolver | SON+500, 0.50% Floor | 11/26/29 | £— |  | (1) | (6) | (8)(9)(15)(17)<br>(18) |
|  |  |  |  |  |  | 25381 | 26286 |  |
| Walters Wedding Estates | Walters Wedding Estates | Walters Wedding Estates | Walters Wedding Estates |  |  |  |  |  |
| &nbsp;&nbsp;WH BorrowerCo, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/02/30 |  | 11243 | 11089 | 10822 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 08/02/30 |  | 4347 | 4264 | 4067 | (9)(17)(18)(22)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 08/02/30 |  | 583 | 555 | 489 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 15908 | 15378 |  |
|  |  | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | $111413 | $96098 |  |
| **Household Durables** |  |  |  |  |  |  |  |  |
| Allstar Holdings |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Athlete Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 04/26/29 | $— | 1903 | $1875 | $1589 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+610, 1.00% Floor | 04/26/29 |  | 22923 | 22504 | 19141 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+610, 1.00% Floor | 04/24/29 |  | 513 | 507 | 428 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+610, 1.00% Floor | 04/26/29 |  | 3201 | 3140 | 2336 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 28026 | 23494 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Polywood |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Poly-Wood, LLC | First Lien Secured Debt - Term Loan | SOFR+488, 1.00% Floor | 03/20/30 |  | 2720 | 2679 | 2706 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+488, 1.00% Floor | 03/20/30 |  | 191 | 184 | 189 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 2863 | 2895 |  |
|  |  | Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | $30889 | $26389 |  |
| **Insurance** |  |  |  |  |  |  |  |  |
| GoHealth |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Norvax, LLC (dba GoHealth) | First Lien Secured Debt - Term Loan | SOFR+550, 3.00% Floor | 08/05/29 | $— | 840 | $835 | $780 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 3.00% Floor | 08/05/29 |  | 199 | 194 | 185 | (9) |
|  | First Lien Secured Debt - Revolver | 15.21% | 08/06/29 |  | 1044 | 997 | 105 | (9)(14)(18) |
|  | Common Equity - Common Stock | N/A | N/A | 8,648 Shares | 8,648 Shares |  |  | (9)(13)(19) |
|  |  |  |  |  |  | 2026 | 1070 |  |
| High Street Insurance | High Street Insurance | High Street Insurance | High Street Insurance |  |  |  |  |  |
| &nbsp;&nbsp;High Street Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 04/14/28 |  | 9969 | 9898 | 9919 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 04/14/28 |  | 18932 | 18817 | 18837 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 04/16/27 |  |  | (8) | (11) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 28707 | 28745 |  |
| Spectrum Automotive |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Shelby 2021 Holdings Corp. | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 06/29/28 |  | 13927 | 13840 | 13823 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 06/29/28 |  | 6377 | 6292 | 6312 | (9)(17)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 06/29/27 |  |  | (1) | (3) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 20131 | 20132 |  |
|  |  | Total Insurance | Total Insurance | Total Insurance | Total Insurance | $50864 | $49947 |  |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |  |  |  |  |  |
| Securus Technologies Holdings, Inc. | Securus Technologies Holdings, Inc. | Securus Technologies Holdings, Inc. | Securus Technologies Holdings, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;Aventiv Technologies, LLC (fka Securus Technologies Holdings, LLC) | First Lien Secured Debt - Term Loan | SOFR+1026, 1.00% Floor | 09/30/26 | $— | 2205 | $2184 | $2306 | (10)(23) |
|  | Second Lien Secured Debt - Term Loan | 12.98% | 09/30/26 |  | 9451 | 7687 |  | (14) |
|  |  | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | $9871 | $2306 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **IT Services** |  |  |  |  |  |  |  |  |
| Avenu Insights & Analytics | Avenu Insights & Analytics | Avenu Insights & Analytics | Avenu Insights & Analytics |  |  |  |  |  |
| &nbsp;&nbsp;ACP Avenu Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 10/02/29 | $— | 3667 | $3624 | $3538 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 10/02/29 |  | 5444 | 5322 | 5051 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 10/02/29 |  |  | (22) | (50) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 8924 | 8539 |  |
| Distinct |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Distinct Holdings Inc | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 07/18/29 |  | 13044 | 12837 | 11765 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 07/18/29 |  | 1260 | 1239 | 1085 | (9)(17)(18)(23)<br>(24) |
|  |  |  |  |  |  | 14076 | 12850 |  |
| GrayMatter Systems |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Genius Bidco LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/01/30 |  | 1317 | 1297 | 1271 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 05/01/30 |  | 4988 | 4904 | 4813 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 05/01/30 |  | 309 | 293 | 269 | (9)(16)(17)(18)<br>(23) |
|  | Common Equity - Common Stock | N/A | N/A | 773 Shares | 773 Shares | 77 | 43 | (9)(13) |
|  |  |  |  |  |  | 6571 | 6396 |  |
| New Era Technology, Inc. | New Era Technology, Inc. | New Era Technology, Inc. | New Era Technology, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;New Era Technology, Inc. | First Lien Secured Debt - Term Loan | SOFR+640 PIK, 1.00% Floor | 06/30/30 |  | 13325 | 13325 | 12859 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+625, 0.00% Floor | 06/30/30 |  | 485 | 485 | 424 | (9)(17)(18)(23) |
|  | Preferred Equity - Preferred Equity | N/A | N/A | 11,937 Shares | 11,937 Shares | 10818 | 6100 | (9)(13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 11,937 Shares | 11,937 Shares |  |  | (9)(13)(19) |
|  |  |  |  |  |  | 24628 | 19383 |  |
| VikingCloud |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bullcave Limited | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 08/06/30 |  | 29032 | 28683 | 28669 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 08/06/30 |  | 3684 | 3622 | 3615 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 32305 | 32284 |  |
|  |  | Total IT Services | Total IT Services | Total IT Services | Total IT Services | $86504 | $79452 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Leisure Products** |  |  |  |  |  |  |  |  |
| Dan Dee |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Comfort Buyer, Inc. | Preferred Equity - Preferred Equity | N/A | N/A | 491,405 Shares | 491,405 Shares | $492 | $211 | (9)(13) |
| KLO Holdings, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1244311 B.C. Ltd. (4) | Common Equity - Common Stock | N/A | N/A | 1,000,032 Shares | 1,000,032 Shares | 1000 | 65 | (2)(13)(19)(32) |
| Paladone |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Paladone Group Bidco Limited | First Lien Secured Debt - Term Loan | SOFR+585, 1.00% Floor | 11/12/27 |  | 5860 | 5819 | 5789 | (9)(15)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+585, 1.00% Floor | 11/12/27 |  | 918 | 915 | 907 | (9)(15)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+585, 1.00% Floor | 11/12/27 |  | 1130 | 1122 | 1113 | (9)(15)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SON+585, 1.00% Floor | 11/12/27 | £nan | 353 | 471 | 461 | (9)(15)(18)(21) |
| &nbsp;&nbsp;Paladone Group Holdings Limited | Common Equity - Common Stock | N/A | N/A | 70,183 Shares | 70,183 Shares | 93 | 118 | (2)(9)(13)(15)<br>(19)(32) |
|  |  |  |  |  |  | 8420 | 8388 |  |
|  |  | Total Leisure Products | Total Leisure Products | Total Leisure Products | Total Leisure Products | $9912 | $8664 |  |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |
| August Bio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August Bioservices, LLC | First Lien Secured Debt - Term Loan | SOFR+595, 2.00% Floor | 06/01/29 | $— | 12000 | $11958 | $11430 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+595, 2.00% Floor | 06/01/29 |  | 3000 | 2990 | 2858 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+400, 2.00% Floor | 06/01/29 |  | 364 | 362 | 340 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 15310 | 14628 |  |
| Unchained Labs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Unchained Labs, LLC | First Lien Secured Debt - Term Loan | SOFR+555, 1.00% Floor | 08/09/27 |  | 1844 | 1834 | 1816 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+555, 1.00% Floor | 08/09/27 |  | 2183 | 2172 | 2150 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+555, 1.00% Floor | 08/09/27 |  |  | (3) | (11) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 4003 | 3955 |  |
|  |  | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | $19313 | $18583 |  |
| **Machinery** |  |  |  |  |  |  |  |  |
| Carlisle Fluid Technologies | Carlisle Fluid Technologies | Carlisle Fluid Technologies | Carlisle Fluid Technologies |  |  |  |  |  |
| &nbsp;&nbsp;LSF12 Donnelly Bidco, LLC | First Lien Secured Debt - Term Loan | SOFR+650, 1.00% Floor | 10/02/29 | $— | 14625 | $14355 | $14349 | (9)(22) |
| Flow Control |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Flow Control Intermediate Holdings 2.0, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/01/31 |  | 5293 | 5223 | 5214 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 05/01/31 |  | 813 | 786 | 763 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 05/01/31 |  |  | (17) | (20) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 5992 | 5957 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Ideal Tridon |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ideal Components Acquisition, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 06/30/32 |  | 13026 | 12846 | 12831 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 06/30/32 |  |  | (16) | (36) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 06/30/32 |  | 267 | 240 | 237 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 13070 | 13032 |  |
| JPW |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;JPW Industries Holding Corporation | First Lien Secured Debt - Term Loan | SOFR+588, 2.00% Floor | 11/22/28 |  | 2393 | 2393 | 2357 | (9)(23) |
| Milacron (Project Iota) | Milacron (Project Iota) | Milacron (Project Iota) | Milacron (Project Iota) |  |  |  |  |  |
| &nbsp;&nbsp;IOTA HOLDINGS 3 | First Lien Secured Debt - Term Loan | SOFR+475, 0.00% Floor | 03/31/32 |  | 22505 | 22190 | 21830 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.00% Floor | 03/31/32 |  | 1327 | 1264 | 1206 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 23454 | 23036 |  |
| Relevant Industrial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Relevant Industrial, LLC | First Lien Secured Debt - Term Loan | SOFR+450, 1.00% Floor | 05/16/31 |  | 8153 | 8058 | 7990 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 1.00% Floor | 05/16/31 |  | 195 | 165 | 88 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 1.00% Floor | 05/16/31 |  |  | (15) | (29) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 8208 | 8049 |  |
|  |  | Total Machinery | Total Machinery | Total Machinery | Total Machinery | $67472 | $66780 |  |
| **Media** |  |  |  |  |  |  |  |  |
| Accelerate360 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accelerate360 Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+626, 1.00% Floor | 02/11/27 | $— | 3368 | $3368 | $3309 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+626, 1.00% Floor | 02/11/27 |  | 1345 | 1345 | 1300 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 4713 | 4609 |  |
| Acosta |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Acosta Holdings Corp. | Preferred Equity - Preferred Equity | N/A | N/A | 11,749 Shares | 11,749 Shares | 527 | 727 |  |
|  | Common Equity - Common Stock | N/A | N/A | 6,266 Shares | 6,266 Shares | 77 | 39 |  |
|  |  |  |  |  |  | 604 | 766 |  |
| ChyronHego Corporation | ChyronHego Corporation | ChyronHego Corporation | ChyronHego Corporation |  |  |  |  |  |
| &nbsp;&nbsp;ChyronHego Corporation (5) | Preferred Equity - Preferred Equity | N/A | N/A | 7,800 Shares | 7,800 Shares | 6000 | 6827 | (13)(19) |
| &nbsp;&nbsp;ChyronHego US Holding Corporation (5) | First Lien Secured Debt - Term Loan | SOFR+350, 1.75% Floor | 06/30/29 |  | 105656 | 105455 | 105656 |  |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.75% Floor | 06/30/29 |  | 18467 | 18453 | 18467 | (17)(18)(23) |
|  |  |  |  |  |  | 129908 | 130950 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| FingerPaint Marketing | FingerPaint Marketing | FingerPaint Marketing | FingerPaint Marketing |  |  |  |  |  |
| &nbsp;&nbsp;KL Charlie Acquisition Company | First Lien Secured Debt - Term Loan | SOFR+510, 1.00% Floor | 12/30/29 |  | 12843 | 12747 | 12715 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+510, 1.00% Floor | 12/30/29 |  | 9217 | 9166 | 9093 | (9)(17)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 1.00% Floor | 12/30/29 |  |  | (14) | (20) | (8)(9)(17)(18) |
| &nbsp;&nbsp;KL Charlie Co-Invest, L.P. | Common Equity - Common Stock | N/A | N/A | 218,978 Shares | 218,978 Shares | 220 | 328 | (9)(13) |
|  |  |  |  |  |  | 22119 | 22116 |  |
| HALO Branded Solutions | HALO Branded Solutions | HALO Branded Solutions | HALO Branded Solutions |  |  |  |  |  |
| &nbsp;&nbsp;HALO Buyer, Inc | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 08/07/29 |  | 8609 | 8473 | 8325 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 08/07/29 |  | 402 | 382 | 359 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 8855 | 8684 |  |
| Hero Digital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HRO (Hero Digital) Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 11/18/28 |  | 24514 | 24287 | 23713 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 11/18/28 |  | 2112 | 2083 | 2043 | (9)(23) |
|  | First Lien Secured Debt - Revolver | P+460, 1.00% Floor | 11/18/26 |  | 1772 | 1765 | 1663 | (9)(17)(18)(20) |
| &nbsp;&nbsp;HRO Holdings I LP | Common Equity - Common Stock | N/A | N/A | 213 Shares | 213 Shares | 213 | 200 | (9)(13) |
|  |  |  |  |  |  | 28348 | 27619 |  |
| Wilson Language Training | Wilson Language Training | Wilson Language Training | Wilson Language Training |  |  |  |  |  |
| &nbsp;&nbsp;Owl Parent Holdings, LLC | Common Equity - Common Stock | N/A | N/A | 100 Shares | 100 Shares | 100 | 166 | (9) |
|  |  | Total Media | Total Media | Total Media | Total Media | $194647 | $194910 |  |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |
| Congruex |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Congruex Group LLC | First Lien Secured Debt - Term Loan | SOFR+590, 1.50% Floor | 05/03/29 | $— | 16014 | $15838 | $10910 | (9)(10)(23) |
| SEER |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GS SEER Group Borrower LLC | First Lien Secured Debt - Term Loan | SOFR+675, 1.00% Floor | 04/29/30 |  | 3167 | 3103 | 3017 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+675, 1.00% Floor | 04/29/30 |  | 1159 | 1134 | 1095 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+675, 1.00% Floor | 04/30/29 |  | 147 | 141 | 129 | (9)(17)(18)(22) |
| &nbsp;&nbsp;GS SEER Group Holdings, LLC | Common Equity - Common Stock | N/A | N/A | 42 Shares | 42 Shares | 42 | 32 | (9)(13) |
|  |  |  |  |  |  | 4420 | 4273 |  |
|  |  | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | $20258 | $15183 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** | **Paper & Forest Products** |  |  |  |  |  |
| BiOrigin Specialty Products | BiOrigin Specialty Products | BiOrigin Specialty Products | BiOrigin Specialty Products |  |  |  |  |  |
| &nbsp;&nbsp;Complete Paper Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 02/04/31 | $— | 14850 | $14651 | $14317 | (9)(22) |
|  |  | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | $14651 | $14317 |  |
| **Passenger Airlines** |  |  |  |  |  |  |  |  |
| Merx Aviation Finance, LLC | Merx Aviation Finance, LLC | Merx Aviation Finance, LLC | Merx Aviation Finance, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Merx Aviation Finance, LLC (5) | First Lien Secured Debt - Revolver | 10% | 10/31/26 | $— |  | $— | $— | (18) |
|  | Common Equity - Membership Interests | N/A | N/A |  |  | 71465 | 80701 | (13)(19) |
|  |  | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | $71465 | $80701 |  |
| **Personal Care Products** | **Personal Care Products** | **Personal Care Products** | **Personal Care Products** |  |  |  |  |  |
| Dr. Scholl's |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DRS Holdings III, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 11/01/28 | $— | 23115 | $23028 | $22884 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 11/01/28 |  |  | (5) | (15) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 23023 | 22869 |  |
| LashCo |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lash OpCo, LLC | First Lien Secured Debt - Term Loan | SOFR+510 Cash plus 2.00% PIK, 1.00% Floor | 09/17/27 |  | 45189 | 44989 | 41553 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+510 Cash plus 2.00% PIK, 1.00% Floor | 09/17/27 |  | 2431 | 2424 | 2235 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+510 Cash plus 2.00% PIK, 1.00% Floor | 09/17/27 |  |  | (13) | (135) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 47400 | 43653 |  |
| RoC Skincare |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RoC Holdco LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 02/21/31 |  | 12549 | 12326 | 12423 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 02/21/31 |  | 4117 | 4089 | 4076 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 02/21/30 |  |  | (29) | (22) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 16386 | 16477 |  |
| Suave |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Silk Holdings I Corp. | Common Equity - Common Stock | N/A | N/A | 100 Shares | 100 Shares | 100 | 237 | (9)(13) |
| &nbsp;&nbsp;Silk Holdings III Corp. | First Lien Secured Debt - Term Loan | SOFR+450, 0.50% Floor | 12/03/32 |  | 25640 | 25153 | 25384 | (9)(22) |
|  |  |  |  |  |  | 25253 | 25621 |  |
| Summer Fridays |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Summer Fridays, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/16/31 |  | 22975 | 22660 | 22630 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 05/16/31 |  |  | (24) | (28) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 22636 | 22602 |  |
|  |  | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | $134698 | $131222 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Alcresta Therapeutics Inc. | Alcresta Therapeutics Inc. | Alcresta Therapeutics Inc. | Alcresta Therapeutics Inc. |  |  |  |  |  |
| &nbsp;&nbsp;Alcresta Holdings, LP | Preferred Equity - Preferred Equity | N/A | N/A | 116 Shares | 116 Shares | $116 | $83 | (9)(13) |
|  | Common Equity - Common Stock | N/A | N/A | 1,176 Shares | 1,176 Shares | 1 | 113 | (9)(13) |
| &nbsp;&nbsp;Alcresta Therapeutics Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 03/12/31 |  | 9260 | 9209 | 9168 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 03/12/31 |  | 103 | 95 | 99 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 9421 | 9463 |  |
| Avid Bioservices |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Space Finco, Inc. | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 02/05/32 |  | 10532 | 10390 | 10372 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 02/05/32 |  | 6898 | 6773 | 6730 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 02/05/31 |  |  | (41) | (48) | (8)(9)(17)(18) |
| &nbsp;&nbsp;Space Parent, LP | Preferred Equity - Preferred Equity | N/A | N/A | 99,000 Shares | 99,000 Shares | 100 | 98 | (9)(13) |
|  | Common Equity - Common Stock | N/A | N/A | 1,000 Shares | 1,000 Shares | 1 | 1 | (9)(13) |
|  |  |  |  |  |  | 17223 | 17153 |  |
| Ora LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orion Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 07/18/30 |  | 6815 | 6710 | 6338 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 07/18/30 |  |  | (12) | (118) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | P+400, 1.00% Floor | 07/18/30 |  | 1401 | 1380 | 1303 | (9)(18)(20) |
| &nbsp;&nbsp;TVG Orion Blocker, Inc. | Common Equity - Common Stock | N/A | N/A | 2 Shares | 2 Shares | 108 |  | (9)(13) |
|  | Unsecured Debt - Promissory Note | 11.34% | 07/11/30 |  | 21 | 20 |  | (9) |
|  |  |  |  |  |  | 8206 | 7523 |  |
| PAI Pharma |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pai Middle Tier, LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 02/13/32 |  | 26351 | 25937 | 25648 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 02/13/32 |  | 350 | 306 | 257 | (9)(17)(18)(23) |
| &nbsp;&nbsp;PAI Co-Investor FT Aggregator LLC | Common Equity - Common Stock | N/A | N/A | 100 Shares | 100 Shares | 100 | 83 | (9)(13) |
|  |  |  |  |  |  | 26343 | 25988 |  |
| Sterling Pharma |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Saffron Bidco Ltd | First Lien Secured Debt - Term Loan | SOFR+325 Cash plus 2.50% PIK, 0.75% Floor | 09/24/31 |  | 13679 | 13455 | 13269 | (9)(15)(24) |
|  | First Lien Secured Debt - Term Loan | EURIBOR+325 Cash plus 2.50% PIK, 0.75% Floor | 09/24/31 |  | 98 | 107 | 110 | (9)(15)(28) |
|  | First Lien Secured Debt - Delayed Draw | SON+325 Cash plus 2.50% PIK, 0.75% Floor | 09/24/31 | £— |  | (65) | (244) | (8)(9)(15)(17)<br>(18) |
|  |  |  |  |  |  | 13497 | 13135 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Trillium |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trillium Health Care Products Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 08/06/31 |  | 8023 |  | 7872 | 7763 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 08/06/31 |  | 1006 |  | 990 | 973 | (9)(17)(18)(23)<br>(24) |
|  | First Lien Secured Debt - Revolver | CORRA+525, 1.00% Floor | 08/06/31 |  |  |  |  | (20) | (8)(9)(17)(18) |
|  |  |  |  |  |  |  | 8862 | 8716 |  |
|  |  | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | $— | 83552 | $81978 |  |
| **Professional Services** | **Professional Services** | **Professional Services** | **Professional Services** |  |  |  |  |  |  |
| AGDATA |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AGDATA Midco, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 07/01/30 | $— | 5405 | $— | 5342 | $5297 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 07/01/30 |  | 708 |  | 683 | 628 | (9)(17)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 07/01/30 |  | 174 |  | 168 | 163 | (9)(17)(18)(22) |
|  |  |  |  |  |  |  | 6193 | 6088 |  |
| BDO USA |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BDO USA, P.A. | First Lien Secured Debt - Term Loan | SOFR+500, 2.00% Floor | 08/31/28 |  | 11700 |  | 11700 | 11413 | (9)(23) |
| DCM Services |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DCM Parent, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 03/12/31 |  | 12548 |  | 12376 | 12359 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 03/12/31 |  |  |  | (29) | (35) | (8)(9)(17)(18) |
|  |  |  |  |  |  |  | 12347 | 12324 |  |
| DecisionHR |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DecisionHR Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+450, 1.00% Floor | 12/08/31 |  | 6809 |  | 6743 | 6743 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 1.00% Floor | 12/08/31 |  |  |  | (10) | (20) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 1.00% Floor | 12/08/31 |  |  |  | (10) | (10) | (8)(9)(17)(18) |
|  |  |  |  |  |  |  | 6723 | 6713 |  |
| Escalent |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;M&M OPCO, LLC | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 04/07/29 |  | 11885 |  | 11682 | 11647 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 04/07/29 |  |  |  | (7) | (10) | (8)(9)(17)(18) |
|  |  |  |  |  |  |  | 11675 | 11637 |  |
| G&A |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 03/03/31 |  | 6628 |  | 6541 | 6612 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 03/01/31 |  | 2298 |  | 2277 | 2292 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+618, 0.75% Floor | 03/01/30 |  |  |  | (5) | (1) | (8)(9)(17)(18) |
|  |  |  |  |  |  |  | 8813 | 8903 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Health & Safety Institute | Health & Safety Institute | Health & Safety Institute | Health & Safety Institute |  |  |  |  |  |
| &nbsp;&nbsp;HSI Halo Holdings, LLC | Common Equity - Common Stock | N/A | N/A | 1,010 Shares | 1,010 Shares | 46 | 1394 | (9)(13) |
| Lexitas |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Chronicle Parent LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 04/15/31 |  | 6984 | 6924 | 6845 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 04/15/31 |  | 300 | 291 | 256 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 04/15/31 |  |  | (6) | (15) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 7209 | 7086 |  |
| North Highland |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The North Highland Company LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 12/20/31 |  | 3026 | 3000 | 2981 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 12/20/31 |  |  | (5) | (17) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 12/20/30 |  | 137 | 131 | 125 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 3126 | 3089 |  |
| PSI Services, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lifelong Learner Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+115 Cash plus 6.75% PIK, 1.00% Floor | 04/12/27 |  | 5727 | 5672 | 4705 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+115 Cash plus 6.75% PIK, 1.00% Floor | 04/12/27 |  | 584 | 583 | 477 | (9)(18)(23) |
|  |  |  |  |  |  | 6255 | 5182 |  |
| Schlesinger Group |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Schlesinger Global, LLC | First Lien Secured Debt - Term Loan | SOFR+585 Cash plus 0.50% PIK, 1.00% Floor | 03/31/27 |  | 6281 | 6318 | 5917 | (9)(22) |
|  |  | Total Professional Services | Total Professional Services | Total Professional Services | Total Professional Services | $80405 | $79746 |  |
| **Software** |  |  |  |  |  |  |  |  |
| Acronis AG |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Angel Lux Bidco S.a.r.l. | First Lien Secured Debt - Term Loan | SOFR+525, 0.00% Floor | 12/20/32 | $— | 5000 | $4950 | $4950 | (15)(23) |
| Align |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RMCF V CIV L, L.P. | Common Equity - Common Stock | N/A | N/A | 241 Shares | 241 Shares | 500 | 546 | (9)(13)(15) |
| American Megatrends |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AMI Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 10/17/31 |  | 12964 | 12775 | 12705 | (9)(25) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 10/17/31 |  |  | (23) | (43) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 12752 | 12662 |  |
| Asure Software |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Asure Software, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 2.00% Floor | 04/01/30 |  | 6667 | 6639 | 6550 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 2.00% Floor | 04/01/30 |  | 13333 | 13278 | 13100 | (9)(15)(22) |
|  |  |  |  |  |  | 19917 | 19650 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Beeline |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IQN Holding Corp. | First Lien Secured Debt - Term Loan | SOFR+263 Cash plus 3.13% PIK, 0.75% Floor | 05/02/29 | 4460 | 4460 | 4259 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 05/02/28 | 154 | 154 | 142 | (9)(17)(18)(23) |
|  |  |  |  |  | 4614 | 4401 |  |
| Calero Holdings, Inc. | Calero Holdings, Inc. | Calero Holdings, Inc. | Calero Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;Telesoft Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+585, 1.00% Floor | 12/16/26 | 21364 | 21324 | 21099 | (22) |
|  | First Lien Secured Debt - Revolver | SOFR+585, 1.00% Floor | 12/16/26 | 265 | 261 | 237 | (17)(18)(22) |
|  |  |  |  |  | 21585 | 21336 |  |
| Digital.ai |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Digital.ai Software Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 08/10/28 | 22633 | 22342 | 21847 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 08/10/28 |  | (24) | (85) | (8)(9)(17)(18) |
|  |  |  |  |  | 22318 | 21762 |  |
| EVER.AG Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EVER.AG Corporation | First Lien Secured Debt - Term Loan | SOFR+510, 1.00% Floor | 06/24/27 | 20535 | 20383 | 20311 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 1.00% Floor | 06/24/27 |  | (6) | (14) | (8)(9)(17)(18) |
|  |  |  |  |  | 20377 | 20297 |  |
| Forcura + Medalogix (Project Tarpon) | Forcura + Medalogix (Project Tarpon) | Forcura + Medalogix (Project Tarpon) | Forcura + Medalogix (Project Tarpon) |  |  |  |  |
| &nbsp;&nbsp;F&M Buyer LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 03/18/32 | 16901 | 16753 | 16732 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 03/18/32 |  | (24) | (56) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 03/18/32 |  | (21) | (25) | (8)(9)(17)(18) |
|  |  |  |  |  | 16708 | 16651 |  |
| G2CI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evergreen IX Borrower 2023, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 09/30/30 | 7043 | 7043 | 6867 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 10/01/29 |  |  | (20) | (8)(9)(17)(18) |
|  |  |  |  |  | 7043 | 6847 |  |
| Instem |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ichor Management Limited | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 12/08/29 | 8861 | 8706 | 8418 | (9)(15)(24) |
| Litify |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Litify Holdings Inc. | Common Equity - Common Stock | N/A | N/A | 217,892 Shares | 107 | 423 | (9)(13) |
| &nbsp;&nbsp;Litify LLC | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 02/02/29 | 29167 | 28662 | 28146 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 02/02/29 |  | (12) | (29) | (8)(9)(17)(18) |
|  |  |  |  |  | 28757 | 28540 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Lookout |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lookout, Inc. | First Lien Secured Debt - Term Loan | SOFR+625, 3.00% Floor | 06/01/29 | 5000 | 4983 | 4950 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+625, 3.00% Floor | 06/01/29 | 5000 | 4983 | 4950 | (9)(22) |
|  |  |  |  |  | 9966 | 9900 |  |
| mPulse |  |  |  |  |  |  |  |
| &nbsp;&nbsp;mPulse Mobile, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 08/26/32 | 8057 | 7978 | 7674 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 08/26/32 |  | (8) | (37) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 08/26/32 |  | (11) | (58) | (8)(9)(17)(18) |
|  |  |  |  |  | 7959 | 7579 |  |
| MYCOM |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Magnate Holding Corp. | First Lien Secured Debt - Term Loan | SOFR+625, 0.50% Floor | 12/31/26 | 20656 | 20663 | 19642 | (9)(15)(23) |
| Naviga |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Colonnade Parent Inc (fka Naviga Inc.) | First Lien Secured Debt - Term Loan | 4.65% | 09/30/26 | 12918 | 10677 | 5813 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 4.65% | 09/30/26 | 2208 | 1808 | 993 | (9)(14) |
|  | First Lien Secured Debt - Revolver | 4.65% | 09/30/26 | 500 | 480 | 225 | (9)(14)(18) |
|  |  |  |  |  | 12965 | 7031 |  |
| New Relic |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crewline Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+675, 1.00% Floor | 11/08/30 | 5623 | 5581 | 5468 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+675, 1.00% Floor | 11/08/30 |  |  | (10) | (8)(9)(17)(18) |
|  |  |  |  |  | 5581 | 5458 |  |
| Poppulo, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Four Winds Interactive LLC | First Lien Secured Debt - Term Loan | SOFR+575, 0.75% Floor | 02/20/30 | 7504 | 7381 | 7260 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 0.75% Floor | 02/20/30 |  | (11) | (48) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 0.75% Floor | 02/20/30 |  | (15) | (32) | (8)(9)(17)(18) |
|  |  |  |  |  | 7355 | 7180 |  |
| Riverbed Technology, Inc. | Riverbed Technology, Inc. | Riverbed Technology, Inc. | Riverbed Technology, Inc. |  |  |  |  |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 04/03/28 |  | (5) | (10) | (8)(17)(18) |
| Simeio |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Simeio Group Holdings, Inc. | First Lien Secured Debt - Term Loan | 11.03% | 02/02/26 | 8128 | 8115 | 5690 | (9)(14)(33) |
|  | First Lien Secured Debt - Revolver | 11.03% | 02/02/26 | 884 | 876 | 619 | (9)(14)(18)(33) |
|  |  |  |  |  | 8991 | 6309 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| Solera |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Polaris Newco, LLC | First Lien Secured Debt - Term Loan | SOFR+426, 0.50% Floor | 06/02/28 | 8045 | 8007 | 7102 | (10)(23) |
| SPS Commerce, Inc. |  |  |  |  |  |  |  |
|  | Common Equity - Common Stock | N/A | N/A | 837 Shares | 62 | 47 | (10)(13)(15) |
| Texada |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Texada Software LLC | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 04/30/30 | 6923 | 6819 | 6646 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 1.00% Floor | 04/30/30 | 2051 | 2020 | 1969 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 04/30/30 | 77 | 63 | 36 | (9)(17)(18)(22) |
|  |  |  |  |  | 8902 | 8651 |  |
| The Weather Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zephyr Buyer, L.P. | First Lien Secured Debt - Term Loan | SOFR+475, 0.50% Floor | 01/31/31 | 30427 | 29823 | 29819 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.50% Floor | 01/31/31 |  | (68) | (79) | (8)(9)(17)(18) |
|  |  |  |  |  | 29755 | 29740 |  |
| Uniguest |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uniguest Holdings, Inc | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 11/27/30 | 19593 | 19349 | 18772 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 11/27/30 |  | (23) | (166) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 11/27/30 |  | (14) | (50) | (8)(9)(17)(18) |
|  |  |  |  |  | 19312 | 18556 |  |
| Uplight |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uplight, Inc. | First Lien Secured Debt - Term Loan | SOFR+600, 4.00% Floor | 06/01/29 | 10000 | 9930 | 9850 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+600, 4.00% Floor | 06/01/29 |  |  | (150) | (8)(9)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+350, 4.00% Floor | 06/01/29 | 300 | 300 | 285 | (9)(17)(18)(22) |
|  |  |  |  |  | 10230 | 9985 |  |
| Zafin |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zafin Labs Americas Incorporated | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 02/14/31 | 16667 | 16454 | 16422 | (9)(15)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 02/14/31 |  | (41) | (49) | (8)(9)(15)(17)<br>(18) |
|  |  |  |  |  | 16413 | 16373 |  |
| Zendesk |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zendesk, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 11/22/28 | 6603 | 6603 | 6273 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 11/22/28 | 1684 | 1684 | 1600 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 11/22/28 |  |  | (35) | (8)(9)(17)(18) |
|  |  |  |  |  | 8287 | 7838 |  |
|  |  | Total Software | Total Software | Total Software | $342670 | $327441 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Specialty Retail** |  |  |  |  |  |  |  |  |
| Club Champion |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Club Champion LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 06/14/29 | $— | 8997 | $8900 | $8907 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 06/14/29 |  | 669 | 651 | 651 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 9551 | 9558 |  |
| EG Group |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EG Global Finance PLC | First Lien Secured Debt - Corporate Bond | SOFR+750, 0.50% Floor | 11/30/28 |  | 6267 | 6388 | 6627 | (15)(23) |
|  |  | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | $15939 | $16185 |  |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |  |  |  |  |  |
| Biamp |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Biamp | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 04/30/30 | $— | 822 | $810 | $766 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 04/30/30 |  | 40 | 38 | 32 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 848 | 798 |  |
| BusPatrol |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BusPatrol Holdco | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 08/02/29 |  | 8333 | 8272 | 8249 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 08/02/29 |  | 6666 | 6643 | 6583 | (9)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+400, 1.00% Floor | 08/02/29 |  | 1733 | 1716 | 1713 | (9)(17)(18)(22) |
|  |  |  |  |  |  | 16631 | 16545 |  |
|  |  | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | $17479 | $17343 |  |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |
| Iconix Brand Group |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IBG Borrower LLC | First Lien Secured Debt - Term Loan | SOFR+515, 1.00% Floor | 08/22/29 | $— | 5758 | $5717 | $5614 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/22/31 |  | 3387 | 3323 | 3303 | (9)(23) |
|  |  |  |  |  |  | 9040 | 8917 |  |
| Sequential Brands Group, Inc. | Sequential Brands Group, Inc. | Sequential Brands Group, Inc. | Sequential Brands Group, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;Gainline Galaxy Holdings LLC | Common Equity - Common Stock | N/A | N/A | 3,060 Shares | 3,060 Shares | 575 | 244 | (13)(30) |
| &nbsp;&nbsp;Galaxy Universal LLC | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 05/12/28 |  | 16241 | 16232 | 15272 | (23)(24) |
|  | First Lien Secured Debt - Term Loan | SOFR+625, 1.00% Floor | 05/12/28 |  | 2480 | 2480 | 2368 | (23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 05/12/28 |  | 761 | 748 | 714 | (23) |
|  |  |  |  |  |  | 20035 | 18598 |  |
|  |  | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | $29075 | $27515 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |
| Banner Solutions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Banner Buyer, LLC | First Lien Secured Debt - Term Loan | 10.24% | 05/31/27 | $— | 12377 | $11903 | $7137 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 10.24% | 05/31/27 |  | 3014 | 2891 | 1738 | (9)(14) |
|  | First Lien Secured Debt - Revolver | 10.24% | 05/31/27 |  | 592 | 565 | (227) | (8)(9)(14)(17)<br>(18) |
| &nbsp;&nbsp;Banner Parent Holdings, Inc. | Common Equity - Common Stock | N/A | N/A | 6,125 Shares | 6,125 Shares | 613 |  | (9)(13) |
|  |  |  |  |  |  | 15972 | 8648 |  |
| LSG |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lindstrom, LLC | First Lien Secured Debt - Term Loan | SOFR+550, 0.75% Floor | 12/30/32 |  | 11500 | 11328 | 11256 | (9)(24) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 0.75% Floor | 12/30/32 |  | 653 | 602 | 579 | (9)(17)(18)(24) |
|  |  |  |  |  |  | 11930 | 11835 |  |
| MacQueen Equipment, LLC | MacQueen Equipment, LLC | MacQueen Equipment, LLC | MacQueen Equipment, LLC |  |  |  |  |  |
|  | First Lien Secured Debt - Delayed Draw | SOFR+551, 1.00% Floor | 01/07/28 |  | 3513 | 3499 | 3502 | (9)(17)(18)(23) |
| McNichols Company |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Patriot MCN Buyer Corp. | First Lien Secured Debt - Term Loan | SOFR+475, 1.75% Floor | 10/01/31 |  | 3873 | 3828 | 3827 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.75% Floor | 10/01/31 |  |  | (4) | (8) | (8)(9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.75% Floor | 10/01/31 |  |  | (5) | (5) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 3819 | 3814 |  |
| Meritus Gas Partners | Meritus Gas Partners | Meritus Gas Partners | Meritus Gas Partners |  |  |  |  |  |
| &nbsp;&nbsp;MGP Holdings III Corp. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 03/01/30 |  | 14030 | 13841 | 13819 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 03/01/30 |  | 1833 | 1805 | 1794 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 03/01/30 |  | 209 | 206 | 198 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 15852 | 15811 |  |
| ORS Nasco |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WC ORS Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 08/07/31 |  | 9398 | 9273 | 9304 | (9)(23) |
| &nbsp;&nbsp;WC ORS Holdings, L.P. | Common Equity - Common Stock | N/A | N/A | 100,000 Shares | 100,000 Shares | 100 | 207 | (9)(13) |
|  |  |  |  |  |  | 9373 | 9511 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(34)</sup> | **Fair Value** <sup>(1)(35)</sup> |  |
| PSE |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Graffiti Parent, LP | Common Equity - Common Stock | N/A | N/A | 2,439 Shares | 2,439 Shares | 244 | 171 | (9)(13) |
| &nbsp;&nbsp;Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.) | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 08/10/27 |  | 10720 | 10602 | 10425 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+560, 1.00% Floor | 08/10/27 |  | 3617 | 3588 | 3417 | (9)(17)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 08/10/27 |  |  | (6) | (36) | (8)(9)(17)(18) |
|  |  |  |  |  |  | 14428 | 13977 |  |
|  |  | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | $74873 | $67098 |  |
| Total Investments before Cash Equivalents | Total Investments before Cash Equivalents | Total Investments before Cash Equivalents | Total Investments before Cash Equivalents | Total Investments before Cash Equivalents | Total Investments before Cash Equivalents | $**3213207** | $**2971487** | (7)(12) |
| &nbsp;&nbsp;J.P. Morgan U.S. Government Money Market Fund | &nbsp;&nbsp;J.P. Morgan U.S. Government Money Market Fund | N/A | N/A | $155 | 155 | $155 | $155 | (11) |
| &nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, Institutional | &nbsp;&nbsp;Goldman Sachs Financial Square Government Fund, Institutional | N/A | N/A | $100 | 100 | $100 | $100 | (11) |
| &nbsp;&nbsp;Total Investment after Cash Equivalents | &nbsp;&nbsp;Total Investment after Cash Equivalents | &nbsp;&nbsp;Total Investment after Cash Equivalents | &nbsp;&nbsp;Total Investment after Cash Equivalents |  |  | $**3213462** | $**2971742** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Settlement Date** | **Notional amount to be purchased** | **Notional amount to be sold** | **Footnote Reference** |
| Foreign currency forward contract | 6/17/2026 | $13463 | 18169 | Note 5 |
| Foreign currency forward contract | 6/17/2026 | 8477 | 7295 | Note 5 |
| Foreign currency forward contract | 6/17/2026 | 36501 | £27286 | Note 5 |

---

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

(2)Par amount is denominated in USD unless otherwise noted, and represents funded commitments. See Note 18 in the Consolidated Schedule of Investments and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of March 31, 2026, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

(4)Denotes investments in which we are an "Affiliated Person," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2025 and March 31, 2026 along with transactions during the three months ended March 31, 2026 in these affiliated investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Fair Value at December 31, 2025** | **Gross Additions <br>●** | **Gross Reductions ■** | **Net Change in Unrealized Gains (Losses)** | **Fair Value at March 31, 2026** | **Net Realized Gains (Losses)** | **Interest/<br>Dividend/<br>Other Income** |
| 1244311 B.C. Ltd.,Common Stock | $66 |  |  | (1) | 65 |  |  |
| Carbonfree Chemicals Holdings LLC,Common Equity / Interest | 18332 |  |  | (2153) | 16179 |  |  |
| FC2 LLC,Common Stock |  |  |  |  |  |  |  |
| FC2 LLC,Term Loan | 12373 |  |  | (24) | 12349 |  | 200 |
| Golden Bear 2016-R, LLC,Membership Interests | 8033 | 81 | (576) | (80) | 7457 |  | 253 |
| Surf Opco, LLC,Class A-1 Common | 115 |  |  | 25 | 140 |  |  |
| Surf Opco, LLC,Class P-1 Preferred | 2683 |  |  | 215 | 2898 |  |  |
| Surf Opco, LLC,Revolver | 19829 | 3117 | (4610) | (33) | 18304 |  | 413 |
| Surf Opco, LLC,Term Loan | 9431 | 18 | (58) | 36 | 9356 | (71) | 201 |
| Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests | 10317 |  | (423) | (766) | 9128 |  |  |
| Blue Jay Transit Inc.,Term Loan | 19344 | 7319 | (133) | (3800) | 22734 | 4 |  |
| Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests | 2628 |  |  |  | 2628 |  |  |
| Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan | 3962 |  |  | (18) | 3944 |  | 97 |
|  | $107111 | $10534 | $(5801) | $(6599) | $105180 | $(67) | $1164 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪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.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(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, 2025 and March 31, 2026 along with transactions during the three months ended March 31, 2026 in these controlled investments are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Fair Value at December 31, 2025** | **Gross Additions <br>●** | **Gross Reductions ■** | **Net Change in Unrealized Gains (Losses)** | **Fair Value at March 31, 2026** | **Net Realized Gains (Losses)** | **Interest/<br>Dividend/<br>Other Income** |
| **Majority Owned Company** |  |  |  |  |  |  |  |
| ChyronHego US Holding Corporation | $19467 | 1500 | (2500) | (1) | 18467 |  | 485 |
| ChyronHego US Holding Corporation | 105906 |  | (247) | (3) | 105656 |  | 1901 |
| ChyronHego Corporation | 13045 |  |  | (6218) | 6827 |  |  |
| Merx Aviation Finance, LLC | 84222 |  | (3425) | (96) | 80701 |  |  |
| Merx Aviation Finance, LLC | 18576 | 0 | (18575) | (0) |  |  | 209 |
|  | $241216 | $1500 | $(24747) | $(6319) | $211651 | $— | $2595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪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, 2026, the Company had a 72.9% and 100% equity ownership interest in ChyronHego Corporation and Merx Aviation Finance, LLC, respectively.

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

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

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

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

(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)This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

(12)Aggregate gross unrealized gain and loss for federal income tax purposes is $26,894 and $308,160, respectively. Net unrealized loss is $281,266 based on a tax cost of $3,252,753.

(13)Non-income producing security.

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

(15)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, 2026, non-qualifying assets represented approximately 8.3% of the total assets of the Company.

(16)As of March 31, 2026, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.

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

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

(18)As of March 31, 2026, 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** | **Drawn Commitment** | **Letters of Credit \*\*** | **Letters of Credit \*\*** | **Undrawn Commitment** | **Undrawn Commitment** |
| Accelerate360 Holdings, LLC | $2544 | $— | 1346 | $— |  | $— | 1198 |
| Accelevation LLC | 3540 |  | 769 |  |  |  | 2771 |
| Acentra Holdings, LLC (fka CNSI Holdings, LLC) | 2000 |  |  |  |  |  | 2000 |
| ACP Avenu Buyer, LLC | 7247 |  |  |  |  |  | 7247 |
| ACP Packaging Intermediateco, LLC | 1829 |  |  |  |  |  | 1829 |
| AGDATA Midco, LLC | 3828 |  | 174 |  |  |  | 3654 |
| Alcami Corporation | 1096 |  | 342 |  |  |  | 754 |
| Alcresta Therapeutics Inc. | 441 |  | 103 |  |  |  | 338 |
| All Star Recruiting Locums, LLC | 3478 |  | 935 |  |  |  | 2543 |
| American Restoration Holdings, LLC | 7634 |  | 2268 |  |  |  | 5366 |
| AMI Buyer, Inc. | 1905 |  |  |  |  |  | 1905 |
| Amplity Parent, Inc. | 2000 |  | 1498 |  |  |  | 502 |
| Amylu Borrower Sub, LLC | 3747 |  |  |  |  |  | 3747 |
| Arcadia Solutions, Inc. | 1786 |  |  |  |  |  | 1786 |
| Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.) | 242 |  |  |  | 12 |  | 230 |
| Aspen Aerogels, Inc. | 100 |  | 7 |  |  |  | 93 |
| Athlete Buyer, LLC | 5237 |  | 3201 |  | 291 |  | 1745 |
| August Bioservices, LLC | 500 |  | 364 |  |  |  | 136 |
| Banner Buyer, LLC | 1935 |  | 592 |  |  |  | 1343 |
| Berner Food & Beverage, LLC | 2881 |  | 1833 |  |  |  | 1048 |
| Biamp | 120 |  | 40 |  | 4 |  | 76 |
| Bingo Group Buyer, Inc. | 4130 |  | 25 |  |  |  | 4105 |
| Birch Group of Clinics Acquireco Inc. | 1702 |  |  |  |  |  | 1702 |
| Blue Jay Transit Inc. |  |  |  |  |  |  |  |
| Brush Group Bidco Limited\* | 1984 |  |  |  |  |  | 1984 |
| Bullcave Limited | 5526 |  | 3684 |  |  |  | 1842 |
| BusPatrol Holdco | 3667 |  | 1733 |  |  |  | 1934 |
| Camin Cargo Control Holdings, Inc. | 1000 |  | 670 |  |  |  | 330 |
| CARDS-Live Oak Holdings, Inc. | 1400 |  | 225 |  |  |  | 1175 |
| Celerion Buyer, Inc. | 639 |  |  |  |  |  | 639 |
| Cerus Corporation | 5000 |  | 1043 |  |  |  | 3957 |
| Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) | 333 |  |  |  | 128 |  | 205 |
| Chronicle Parent LLC | 2663 |  |  |  |  |  | 2663 |
| ChyronHego US Holding Corporation | 21000 |  | 18467 |  |  |  | 2533 |
| CI (MG) GROUP, LLC | 6223 |  | 1176 |  |  |  | 5047 |
| CircusTrix Holdings LLC | 1000 |  | 600 |  |  |  | 400 |
| Club Car Wash Operating, LLC | 1625 |  |  |  |  |  | 1625 |
| Club Champion LLC | 1807 |  | 669 |  |  |  | 1138 |
| Colonnade Parent Inc (fka Naviga Inc.) | 500 |  | 500 |  |  |  |  |
| Cool Buyer, Inc. | 6667 |  | 3636 |  |  |  | 3031 |
| Coretrust Purchasing Group LLC (HPG Enterprises LLC) | 963 |  |  |  |  |  | 963 |
| Crewline Buyer, Inc. | 377 |  |  |  |  |  | 377 |
| CRS Holdings, Inc. | 4472 |  |  |  | 150 |  | 4322 |
| Crumbl Enterprises LLC | 741 |  |  |  |  |  | 741 |
| CSC Holdings, LLC | 100 |  | 86 |  | 7 |  | 7 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Undrawn Commitment** |
| DCM Parent, LLC | 2326 |  |  | 2326 |
| DecisionHR Holdings, Inc. | 3191 |  |  | 3191 |
| Digital.ai Software Holdings, Inc. | 2419 |  |  | 2419 |
| Distinct Holdings Inc | 1758 | 1260 | 469 | 29 |
| DRS Holdings III, Inc. | 1483 |  |  | 1483 |
| Eagle Purchaser, Inc. | 689 | 689 |  |  |
| Eagle U.S. Purchaser, Inc. | 1421 |  |  | 1421 |
| Eldrickco Limited\* | 926 | 470 |  | 456 |
| EmpiRx Health LLC | 909 |  |  | 909 |
| ePac Holdings LLC | 4000 |  | 227 | 3773 |
| EVER.AG Corporation | 1257 |  |  | 1257 |
| Evergreen IX Borrower 2023, LLC | 795 |  |  | 795 |
| Evolv Technologies Holdings, Inc. | 9000 |  |  | 9000 |
| ExactCare Parent, Inc. | 1967 |  |  | 1967 |
| Excelligence Learning Corporation | 2466 | 1627 | 223 | 616 |
| F&M Buyer LLC | 8099 |  |  | 8099 |
| Flow Control Intermediate Holdings 2.0, LLC | 3853 |  |  | 3853 |
| Four Winds Interactive LLC | 2439 |  | 5 | 2434 |
| G&A Partners Holding Company II, LLC | 352 |  |  | 352 |
| Gabriel Partners, LLC | 699 | 699 |  |  |
| Gateway US Holdings, Inc. | 1226 |  |  | 1226 |
| Genius Bidco LLC | 1160 | 309 | 77 | 774 |
| GI Apple Midco LLC | 556 | 250 | 75 | 231 |
| Go Car Wash Management Corp. | 417 | 83 |  | 334 |
| Green Grass Foods, Inc. | 1250 |  |  | 1250 |
| GS SEER Group Borrower LLC | 563 | 147 | 12 | 404 |
| HALO Buyer, Inc | 1304 | 402 |  | 902 |
| Health Management Associates Superholdings, Inc. | 284 |  |  | 284 |
| HEF Safety Ultimate Holdings, LLC | 1500 |  |  | 1500 |
| Heniff Holdco, LLC | 3925 | 3793 | 132 |  |
| High Street Buyer, Inc. | 2203 |  | 7 | 2196 |
| Hive Intermediate, LLC | 2326 | 1147 |  | 1179 |
| HRO (Hero Digital) Holdings, LLC | 2657 | 1772 |  | 885 |
| Ideal Components Acquisition, LLC | 4408 | 267 | 40 | 4101 |
| IOTA HOLDINGS 3 | 4825 | 1327 | 6 | 3492 |
| IQN Holding Corp. | 264 | 154 |  | 110 |
| Ironhorse Purchaser, LLC | 483 |  | 21 | 462 |
| IW Buyer LLC | 393 |  | 9 | 384 |
| Jacent Strategic Merchandising, LLC | 3500 | 2289 |  | 1211 |
| Justin's LLC | 833 |  |  | 833 |
| Kauffman Intermediate, LLC | 1371 | 1371 |  |  |
| KL Charlie Acquisition Company | 5141 |  |  | 5141 |
| Kure Pain Holdings, Inc. | 2654 | 505 |  | 2149 |
| Lash OpCo, LLC | 1612 |  |  | 1612 |
| LendingPoint 2018-1 Funding Trust | 12821 | 9020 |  | 3801 |
| Lifelong Learner Holdings, LLC | 597 | 584 |  | 13 |
| Lindstrom, LLC | 3500 | 653 | 488 | 2359 |
| Litify LLC | 833 |  |  | 833 |
| Lotus Topco Inc. | 962 |  |  | 962 |
| LS Clinical Services Holdings, Inc. | 1875 | 1050 |  | 825 |
| Lunar Buyer, LLC | 10909 | 1727 |  | 9182 |
| M&M OPCO, LLC | 476 |  |  | 476 |
| MacQueen Equipment, LLC | 6369 |  |  | 6369 |
| Marlin DTC-LS Midco 2, LLC | 685 |  |  | 685 |
| Maxor National Pharmacy Services, LLC | 1530 |  |  | 1530 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Undrawn Commitment** |
| Medical Guardian, LLC | 3810 | 381 |  | 3429 |
| Merative L.P. | 882 |  |  | 882 |
| Merx Aviation Finance, LLC |  |  |  |  |
| Metz Culinary Management, LLC | 822 |  |  | 822 |
| MGP Holdings III Corp. | 1546 | 209 |  | 1337 |
| Midwest Vision Partners Management, LLC | 639 | 639 |  |  |
| Mobile Communications America, Inc. | 3449 |  |  | 3449 |
| mPulse Mobile, Inc. | 1923 |  |  | 1923 |
| MRO Parent Corporation | 741 |  |  | 741 |
| Munson Buffalo Restaurant Group LLC | 947 |  |  | 947 |
| Natus Sensory, Inc. | 4150 |  |  | 4150 |
| NCP-MSI Buyer | 2667 | 1911 |  | 756 |
| NeuroPace, Inc. | 1500 |  |  | 1500 |
| New Era Technology, Inc. | 1732 | 485 |  | 1247 |
| Norvax, LLC (dba GoHealth) | 1591 | 1044 |  | 547 |
| NPPI Buyer, LLC | 7895 |  |  | 7895 |
| Olympus Terminals Holdco II LLC | 6373 |  | 2142 | 4231 |
| OMH-Healthedge Holdings, Inc. | 1312 |  |  | 1312 |
| Origami Opportunities Fund III, L.P. | 3 |  |  | 3 |
| Orion Buyer, LLC | 3081 | 1401 |  | 1680 |
| Overhaul Group, Inc. | 4286 |  |  | 4286 |
| Pace Health Companies, LLC | 4399 |  | 138 | 4261 |
| Pai Middle Tier, LLC | 3500 | 350 |  | 3150 |
| Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.) | 4973 |  |  | 4973 |
| Paladone Group Bidco Limited | 1412 | 1130 |  | 282 |
| Paladone Group Bidco Limited\* | 467 | 467 |  |  |
| Patriot Foods Buyer, Inc. | 584 | 47 |  | 537 |
| Patriot MCN Buyer Corp. | 1127 |  |  | 1127 |
| Pavement Preservation Acquisition, LLC | 1829 | 133 | 42 | 1654 |
| PMA Parent Holdings, LLC | 987 |  |  | 987 |
| Poly-Wood, LLC | 409 | 191 |  | 218 |
| Precision Refrigeration & Air Conditioning LLC | 2273 | 1137 |  | 1136 |
| Protein For Pets Opco, LLC | 896 |  |  | 896 |
| Pure Upper Holdco LLC | 3556 |  |  | 3556 |
| R.F. Fager Company, LLC | 437 | 31 |  | 406 |
| Rarebreed Veterinary Partners, Inc. | 957 | 144 | 43 | 770 |
| Regis Corporation | 4167 | 172 | 833 | 3162 |
| Relevant Industrial, LLC | 6589 |  |  | 6589 |
| RHI Acquisition LLC | 1663 |  |  | 1663 |
| Riverbed Technology, Inc. | 160 |  |  | 160 |
| RoC Holdco LLC | 2195 |  |  | 2195 |
| Ronnoco Holdings, Inc. | 2172 | 579 |  | 1593 |
| Saffron Bidco Ltd\* | 8135 |  |  | 8135 |
| SEV Intermediate Holdco, LLC | 2666 | 492 |  | 2174 |
| Shelby 2021 Holdings Corp. | 2664 |  |  | 2664 |
| Shout! Factory LLC | 1579 | 592 |  | 987 |
| Simeio Group Holdings, Inc. | 884 | 884 |  |  |
| Smith Topco, Inc. | 1128 |  |  | 1128 |
| Space Finco, Inc. | 7447 |  |  | 7447 |
| Sperry Acquisition, LLC | 615 |  |  | 615 |
| Summer Fridays, LLC | 1852 |  | 73 | 1779 |
| Surf Opco, LLC | 23333 | 18390 | 1667 | 3276 |
| Tarrytown Acquisition Holdings, LLC | 1417 |  |  | 1417 |
| Tasty Chick'n LLC | 2041 | 878 |  | 1163 |
| TCW Midco LLC | 1145 |  |  | 1145 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Undrawn Commitment** |
| TeamLINX Buyer, LLC | 1429 |  |  | 1429 |
| Telesoft Holdings, LLC | 2273 | 265 |  | 2008 |
| Texada Software LLC | 1026 | 77 |  | 949 |
| The North Highland Company LLC | 1935 | 137 |  | 1798 |
| THLP CO., LLC | 4494 | 3155 | 242 | 1097 |
| Thomas Scientific, LLC | 3092 | 2352 |  | 740 |
| Total Power Limited | 4615 |  |  | 4615 |
| Total Power Limited\* | 2467 |  | 9 | 2458 |
| Traffic Management Solutions, LLC | 7704 |  | 59 | 7645 |
| Trench Plate Rental Co. | 1818 | 1564 | 137 | 117 |
| Trillium Health Care Products Inc. | 1038 | 1003 |  | 35 |
| Trillium Health Care Products Inc.\* | 602 |  |  | 602 |
| Truck-Lite Co., LLC | 1274 |  | 4 | 1270 |
| TS Investors, LLC | 1885 |  |  | 1885 |
| Tyber Medical LLC | 2578 | 456 |  | 2122 |
| Tyber Medical LLC\* | 231 | 231 |  |  |
| Ultra Clean Holdco LLC | 6964 |  |  | 6964 |
| Unchained Labs, LLC | 726 |  |  | 726 |
| Uniguest Holdings, Inc | 5159 |  |  | 5159 |
| USLS Acquisition, Inc. | 2979 | 563 | 86 | 2330 |
| Village Pet Care, LLC | 4950 | 803 |  | 4147 |
| Vixxo Corporation | 1250 |  |  | 1250 |
| Vybond Buyer, LLC | 7666 |  |  | 7666 |
| WelldyneRX, LLC | 1923 |  |  | 1923 |
| WH BorrowerCo, LLC | 5627 | 583 |  | 5044 |
| Zafin Labs Americas Incorporated | 3333 |  |  | 3333 |
| Zendesk, Inc. | 696 |  |  | 696 |
| Zephyr Buyer, L.P. | 3952 |  |  | 3952 |
| **Total Commitments** | $**495763** | $**120457** | $**7858** | $**367448** |

---

\* These investments are in a foreign currency and the total commitment has been converted to USD using the March 31, 2026 exchange rate.

\*\*For all letters of credit issued and outstanding on March 31, 2026, $5,833 will expire in 2026, $1,623 will expire in 2027, $214 will expire in 2029 and $187 will expire in 2030.

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Securities that are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities is $116,025 or 10% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment Type** | **Acquisition Date** |
| &nbsp;&nbsp;1244311 B.C. Ltd. | Common Equity - Common Stock | 9/30/2020 |
| &nbsp;&nbsp;Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) | Common Equity - Membership Interests | 12/31/2024 |
| &nbsp;&nbsp;Carbonfree Chemicals Holdings LLC | Common Equity - Common Equity / Interest | 11/1/2019 |
| &nbsp;&nbsp;ChyronHego Corporation | Preferred Equity - Preferred Equity | 12/29/2020 |
| &nbsp;&nbsp;Eagle Aggregator Ltd | Preferred Equity - Preferred Equity | 12/31/2025 |
| &nbsp;&nbsp;Eagle Aggregator Ltd | Preferred Equity - Preferred Equity | 12/31/2025 |
| &nbsp;&nbsp;FC2 LLC | Common Equity - Common Stock | 10/14/2022 |
| &nbsp;&nbsp;Justin's LLC | Common Equity - Common Stock | 12/15/2025 |
| &nbsp;&nbsp;LendingPoint Consolidated, Inc. | Preferred Equity - Preferred Equity | 12/30/2025 |
| &nbsp;&nbsp;LendingPoint Consolidated, Inc. | Common Equity - Common Stock | 12/30/2025 |
| &nbsp;&nbsp;Merx Aviation Finance, LLC | Common Equity - Membership Interests | 9/1/2022 |
| &nbsp;&nbsp;Mitel Networks (International) Limited | Common Equity - Common Stock | 6/20/2025 |
| &nbsp;&nbsp;New Era Technology, Inc. | Preferred Equity - Preferred Equity | 8/21/2025 |
| &nbsp;&nbsp;Norvax, LLC (dba GoHealth) | Common Equity - Common Stock | 8/6/2025 |
| &nbsp;&nbsp;Overhaul Group, Inc. | Preferred Equity - Preferred Equity | 8/18/2025 |
| &nbsp;&nbsp;Paladone Group Holdings Limited | Common Equity - Common Stock | 5/1/2025 |
| &nbsp;&nbsp;Ronnoco Holdings, Inc. | Preferred Equity - Preferred Equity | 3/17/2025 |
| &nbsp;&nbsp;Surf Opco, LLC | Preferred Equity - Class P-1 Preferred | 3/17/2021 |
| &nbsp;&nbsp;Third Lane Mobility Inc. | Common Equity - Common Stock | 3/22/2024 |
| &nbsp;&nbsp;Third Lane Mobility Inc. | Warrants - Warrants | 1/31/2025 |
| &nbsp;&nbsp;Trench Safety Solutions Holdings, LLC | Preferred Equity - Preferred Equity | 4/3/2025 |
| &nbsp;&nbsp;Xanitos TopCo, LLC | Common Equity - Membership Interests | 12/3/2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)The interest rate on these loans is subject to Prime, which as of March 31, 2026 was 6.75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)The interest rate on these loans is subject to SONIA, which as of March 31, 2026 was 3.73%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)The interest rate on these loans is subject to 3 months SOFR, which as of March 31, 2026 was 3.68%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)The interest rate on these loans is subject to 6 months SOFR, which as of March 31, 2026 was 3.70%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)The interest rate on these loans is subject to 12 months SOFR, which as of March 31, 2026 was 3.73%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)The interest rate on these loans is subject to 1 month CORRA, which as of March 31, 2026 was 2.28%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)The interest rate on these loans is subject to 3 months EURIBOR, which as of March 31, 2026 was 2.08%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)The interest rate on these loans is subject to 6 months EURIBOR, which as of March 31, 2026 was 2.48%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)AIC SB Holdings LLC, AIC SHD Holdings, 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 SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SHD Holdings LLC holds equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31)The Company has approximately 22.5% ownership interest in Auto Pool 2023 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32)Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments. Ordinary shares in Paladone Group Holdings Limited and Ordinary and Preference shares in Eagle Aggregator Ltd are GBP denominated equity investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33)As of March 31, 2026, the portfolio company remains in maturity default. The respective lenders are pursuing sale-related steps in the absence of an agreement to extend or waive the default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34)The following shows the composition of the Company's portfolio at cost by control designation, investment type and industry as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** |  |  |  |
| Aerospace & Defense | $17053 | $— | $— | $— | $49 | $110 | $— | $17212 |
| Air Freight & Logistics | 25963 |  |  |  |  |  |  | 25963 |
| Automobile Components | 20204 |  |  |  |  | 23856 |  | 44060 |
| Beverages | 5759 |  |  |  | 100 |  |  | 5859 |
| Biotechnology | 24313 |  |  |  | 333 |  | 389 | 25035 |
| Building Products | 4696 |  |  |  |  |  |  | 4696 |
| Chemicals | 27418 |  |  |  |  |  |  | 27418 |
| Commercial Services & Supplies | 131043 |  |  |  | 111 | 683 |  | 131837 |
| Communications Equipment | 9926 |  |  |  |  | 584 |  | 10510 |
| Construction & Engineering | 75163 |  |  |  | 4 | 50 |  | 75217 |
| Consumer Finance | 53403 |  | 1842 |  | 2943 | 750 |  | 58938 |
| Consumer Staples Distribution & Retail | 43064 |  |  |  |  | 169 |  | 43233 |
| Containers & Packaging | 70143 |  |  |  |  |  |  | 70143 |
| Diversified Consumer Services | 206301 |  |  |  |  | 632 |  | 206933 |
| Diversified Telecommunication Services | 72 |  | 1504 |  |  |  |  | 1576 |
| Electrical Equipment | 39628 |  |  |  |  | 250 |  | 39878 |
| Electronic Equipment, Instruments & Components | 74195 |  |  |  |  |  |  | 74195 |
| Energy Equipment & Services | 3644 |  |  |  |  |  |  | 3644 |
| Entertainment | 13563 |  |  |  |  |  |  | 13563 |
| Financial Services | 78121 |  |  |  | 534 | 17010 |  | 95665 |
| Food Products | 69217 |  |  |  | 448 | 1688 |  | 71353 |
| Ground Transportation | 53078 |  |  |  |  |  |  | 53078 |
| Health Care Equipment & Supplies | 112016 |  |  |  |  |  |  | 112016 |
| Health Care Providers & Services | 305459 |  |  |  | 75 | 418 |  | 305952 |
| Health Care Technology | 62026 | 91 |  |  |  |  |  | 62117 |
| Hotels, Restaurants & Leisure | 97934 |  |  |  |  |  |  | 97934 |
| Household Durables | 30889 |  |  |  |  |  |  | 30889 |
| Insurance | 50864 |  |  |  |  |  |  | 50864 |
| Interactive Media & Services | 2184 | 7687 |  |  |  |  |  | 9871 |
| IT Services | 75609 |  |  |  | 10818 | 77 |  | 86504 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(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** |
| Leisure Products | $8327 |  |  |  | 492 | 93 |  | 8912 |
| Life Sciences Tools & Services | 19313 |  |  |  |  |  |  | 19313 |
| Machinery | 67472 |  |  |  |  |  |  | 67472 |
| Media | 63602 |  |  |  | 527 | 610 |  | 64739 |
| Multi-Utilities | 20216 |  |  |  |  | 42 |  | 20258 |
| Paper & Forest Products | 14651 |  |  |  |  |  |  | 14651 |
| Personal Care Products | 134598 |  |  |  |  | 100 |  | 134698 |
| Pharmaceuticals | 83106 |  | 20 |  | 216 | 210 |  | 83552 |
| Professional Services | 80359 |  |  |  |  | 46 |  | 80405 |
| Software | 342001 |  |  |  |  | 669 |  | 342670 |
| Specialty Retail | 15939 |  |  |  |  |  |  | 15939 |
| Technology Hardware, Storage & Peripherals | 17479 |  |  |  |  |  |  | 17479 |
| Textiles, Apparel & Luxury Goods | 28500 |  |  |  |  | 575 |  | 29075 |
| Trading Companies & Distributors | 73916 |  |  |  |  | 957 |  | 74873 |
| &nbsp;&nbsp;**Total Non-Controlled / <br>Non-Affiliated Investments** | $2752427 | $7778 | $3366 | $— | $16650 | $49579 | $389 | $2830189 |
| **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** |  |  |  |  |  |  |  |
| Chemicals | 12500 |  |  |  |  | 56506 |  | 69006 |
| Consumer Finance |  |  |  | 18986 |  |  |  | 18986 |
| Electronic Equipment, Instruments & Components | 32643 |  |  |  | 1713 |  |  | 34356 |
| Financial Services |  |  |  | 13517 |  |  |  | 13517 |
| Ground Transportation | 30579 |  |  |  |  | 722 |  | 31301 |
| Hotels, Restaurants & Leisure | 8739 |  |  |  |  | 4740 |  | 13479 |
| Leisure Products |  |  |  |  |  | 1000 |  | 1000 |
| &nbsp;&nbsp;**Total Non-Controlled / Affiliated Investments** | $84461 | $— | $— | $32503 | $1713 | $62968 | $— | $181645 |
| **Controlled Investments** | **Controlled Investments** |  |  |  |  |  |  |  |
| Media | 123908 |  |  |  | 6000 |  |  | 129908 |
| Passenger Airlines |  |  |  |  |  | 71465 |  | 71465 |
| &nbsp;&nbsp;**Total Controlled Investments** | $123908 | $— | $— | $— | $6000 | $71465 | $— | $201373 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2960796 | $7778 | $3366 | $32503 | $24363 | $184012 | $389 | $3213207 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35)The following shows the composition of the Company's portfolio at fair value by control designation, investment type and industry as of March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** |  |  |  |  |
| Aerospace & Defense | $17054 | $— | $— | $— | $48 | $127 | $— | $17229 | 1.46% |
| Air Freight & Logistics | 26234 |  |  |  |  |  |  | 26234 | 2.23% |
| Automobile Components | 19679 |  |  |  |  | 180 |  | 19859 | 1.69% |
| Beverages | 5798 |  |  |  | 100 |  |  | 5898 | 0.50% |
| Biotechnology | 24418 |  |  |  | 333 | 84 | 133 | 24968 | 2.12% |
| Building Products | 4689 |  |  |  |  |  |  | 4689 | 0.40% |
| Chemicals | 26969 |  |  |  |  |  |  | 26969 | 2.29% |
| Commercial Services & Supplies | 130338 |  |  |  | 82 | 373 |  | 130793 | 11.12% |
| Communications Equipment | 9224 |  |  |  |  | 105 |  | 9329 | 0.79% |
| Construction & Engineering | 75197 |  |  |  | 8 | 35 |  | 75240 | 6.40% |
| Consumer Finance | 34729 |  | 1842 |  |  |  |  | 36571 | 3.11% |
| Consumer Staples Distribution & Retail | 42781 |  |  |  |  |  |  | 42781 | 3.64% |
| Containers & Packaging | 69749 |  |  |  |  |  |  | 69749 | 5.93% |
| Diversified Consumer Services | 202399 |  |  |  |  | 1245 |  | 203644 | 17.31% |
| Diversified Telecommunication Services | 73 |  | 1202 |  |  |  |  | 1275 | 0.11% |
| Electrical Equipment | 29960 |  |  |  |  |  |  | 29960 | 2.55% |
| Electronic Equipment, Instruments & Components | 74035 |  |  |  |  |  |  | 74035 | 6.29% |
| Energy Equipment & Services | 3553 |  |  |  |  |  |  | 3553 | 0.30% |
| Entertainment | 13430 |  |  |  |  |  |  | 13430 | 1.14% |
| Financial Services | 77539 |  |  |  | 472 | 523 |  | 78534 | 6.68% |
| Food Products | 69057 |  |  |  | 476 | 1752 |  | 71285 | 6.06% |
| Ground Transportation | 51078 |  |  |  |  |  |  | 51078 | 4.34% |
| Health Care Equipment & Supplies | 111811 |  |  |  |  |  |  | 111811 | 9.51% |
| Health Care Providers & Services | 279820 |  |  |  | 148 | 342 |  | 280310 | 23.83% |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(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** |
| Health Care Technology | 61811 | 51 |  |  |  |  |  | 61862 | 5.26% |
| Hotels, Restaurants & Leisure | 89526 |  |  |  |  |  |  | 89526 | 7.61% |
| Household Durables | 26389 |  |  |  |  |  |  | 26389 | 2.24% |
| Insurance | 49947 |  |  |  |  |  |  | 49947 | 4.25% |
| Interactive Media & Services | 2306 |  |  |  |  |  |  | 2306 | 0.20% |
| IT Services | 73309 |  |  |  | 6100 | 43 |  | 79452 | 6.75% |
| Leisure Products | 8270 |  |  |  | 211 | 118 |  | 8599 | 0.73% |
| Life Sciences Tools & Services | 18583 |  |  |  |  |  |  | 18583 | 1.58% |
| Machinery | 66780 |  |  |  |  |  |  | 66780 | 5.68% |
| Media | 62500 |  |  |  | 727 | 733 |  | 63960 | 5.44% |
| Multi-Utilities | 15151 |  |  |  |  | 32 |  | 15183 | 1.29% |
| Paper & Forest Products | 14317 |  |  |  |  |  |  | 14317 | 1.22% |
| Personal Care Products | 130985 |  |  |  |  | 237 |  | 131222 | 11.16% |
| Pharmaceuticals | 81600 |  |  |  | 181 | 197 |  | 81978 | 6.97% |
| Professional Services | 78352 |  |  |  |  | 1394 |  | 79746 | 6.78% |
| Software | 326425 |  |  |  |  | 1016 |  | 327441 | 27.84% |
| Specialty Retail | 16185 |  |  |  |  |  |  | 16185 | 1.38% |
| Technology Hardware, Storage & Peripherals | 17343 |  |  |  |  |  |  | 17343 | 1.47% |
| Textiles, Apparel & Luxury Goods | 27271 |  |  |  |  | 244 |  | 27515 | 2.34% |
| Trading Companies & Distributors | 66720 |  |  |  |  | 378 |  | 67098 | 5.70% |
| &nbsp;&nbsp;**Total Non-Controlled / <br>Non-Affiliated Investments** | $2633384 | $51 | $3044 | $— | $8886 | $9158 | $133 | $2654656 | 225.69% |
| &nbsp;&nbsp;**% of Net Assets** | 223.88% | 0.00% | 0.26% | 0.00% | 0.76% | 0.78% | 0.01% | 225.69% |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(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** | **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** |  |  |  |  |
| Chemicals | 12349 |  |  |  |  | 16177 |  | 28526 | 2.43% |
| Consumer Finance |  |  |  | 9128 |  |  |  | 9128 | 0.78% |
| Electronic Equipment, Instruments & Components | 27660 |  |  |  | 2898 | 140 |  | 30698 | 2.61% |
| Financial Services |  |  |  | 7457 |  |  |  | 7457 | 0.63% |
| Ground Transportation | 22734 |  |  |  |  |  |  | 22734 | 1.93% |
| Hotels, Restaurants & Leisure | 3944 |  |  |  |  | 2628 |  | 6572 | 0.56% |
| Leisure Products |  |  |  |  |  | 65 |  | 65 | 0.01% |
| &nbsp;&nbsp;**Total Non-Controlled / Affiliated Investments** | $66687 | $— | $— | $16585 | $2898 | $19010 | $— | $105180 | 8.94% |
| &nbsp;&nbsp;**% of Net Assets** | 5.67% | 0.00% | 0.00% | 1.41% | 0.25% | 1.62% | 0.00% | 8.94% |  |
| **Controlled Investments** | **Controlled Investments** | **Controlled Investments** |  |  |  |  |  |  |  |
| Media | 124123 |  |  |  | 6827 |  |  | 130950 | 11.13% |
| Passenger Airlines |  |  |  |  |  | 80701 |  | 80701 | 6.86% |
| &nbsp;&nbsp;**Total Controlled Investments** | $124123 | $— | $— | $— | $6827 | $80701 | $— | $211651 | 17.99% |
| &nbsp;&nbsp;**% of Net Assets** | 10.55% | 0.00% | 0.00% | 0.00% | 0.58% | 6.86% | 0.00% | 17.99% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $2824194 | $51 | $3044 | $16585 | $18611 | $108869 | $133 | $2971487 | 252.62% |
| &nbsp;&nbsp;**% of Net Assets** | 240.10% | 0.00% | 0.26% | 1.41% | 1.58% | 9.26% | 0.01% | 252.62% |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

**(In thousands, except share data)**

---

| | |
|:---|:---|
| **Industry Classification** | **Percentage of Total Investments (at Fair Value) as of March 31, 2026** |
| Software | 11.0% |
| Health Care Providers & Services | 9.4% |
| Diversified Consumer Services | 6.9% |
| Media | 6.6% |
| Personal Care Products | 4.4% |
| Commercial Services & Supplies | 4.4% |
| Health Care Equipment & Supplies | 3.8% |
| Electronic Equipment, Instruments & Components | 3.5% |
| Hotels, Restaurants & Leisure | 3.2% |
| Financial Services | 2.9% |
| Pharmaceuticals | 2.8% |
| Passenger Airlines | 2.7% |
| Professional Services | 2.7% |
| IT Services | 2.7% |
| Construction & Engineering | 2.5% |
| Ground Transportation | 2.5% |
| Food Products | 2.4% |
| Containers & Packaging | 2.3% |
| Trading Companies & Distributors | 2.3% |
| Machinery | 2.2% |
| Health Care Technology | 2.1% |
| Chemicals | 1.9% |
| Insurance | 1.7% |
| Consumer Finance | 1.5% |
| Consumer Staples Distribution & Retail | 1.4% |
| Electrical Equipment | 1.0% |
| Textiles, Apparel & Luxury Goods | 0.9% |
| Household Durables | 0.9% |
| Air Freight & Logistics | 0.9% |
| Biotechnology | 0.8% |
| Automobile Components | 0.7% |
| Life Sciences Tools & Services | 0.6% |
| Technology Hardware, Storage & Peripherals | 0.6% |
| Aerospace & Defense | 0.6% |
| Specialty Retail | 0.5% |
| Multi-Utilities | 0.5% |
| Paper & Forest Products | 0.5% |
| Entertainment | 0.5% |
| Communications Equipment | 0.3% |
| Leisure Products | 0.3% |
| Beverages | 0.2% |
| Building Products | 0.2% |
| Energy Equipment & Services | 0.1% |
| Interactive Media & Services | 0.1% |
| Diversified Telecommunication Services | 0.0% |
| **Total Investments** | **100.0%** |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |
| Beaufort | Beaufort |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Aggregator Ltd | Preferred Equity - Preferred Equity | N/A | N/A | 36,288 Shares | $49 | $49 | (9)(13)<br>(15) |
|  | Common Equity - Common Stock | N/A | N/A | 741 Shares | 1 | 1 | (9)(13)<br>(15) |
| &nbsp;&nbsp;Eagle U.S. Purchaser, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 12/31/32 | 8529 | 8401 | 8401 | (9)(15)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 12/31/32 |  | (21) | (21) | (8)(9)(15)<br>(17)(18) |
|  |  |  |  |  | 8430 | 8430 |  |
| Sperry Acquisition, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sperry Acquisition, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 02/03/31 | 6888 | 6797 | 6795 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 02/03/31 | 1923 | 1897 | 1897 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 02/03/31 | 231 | 216 | 215 | (9)(17)(18)<br>(23) |
| &nbsp;&nbsp;Sperry Parent Holdings, L.P. | Common Equity - Common Stock | N/A | N/A | 988 Shares | 99 | 96 | (9)(13)(19) |
|  |  |  |  |  | 9009 | 9003 |  |
|  |  | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | $17439 | $17433 |  |
| **Air Freight & Logistics** | **Air Freight & Logistics** |  |  |  |  |  |  |
| Primeflight | Primeflight |  |  |  |  |  |  |
| &nbsp;&nbsp;PrimeFlight Acquisition, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/01/29 | $14108 | $13976 | $14108 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 05/01/29 | 10253 | 10065 | 10253 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+525, 0.00% Floor | 05/01/29 | 995 | 986 | 995 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 05/01/29 | 998 | 988 | 988 | (9)(23) |
|  |  | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | $26015 | $26344 |  |
| **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |
| K&N Parent, Inc. | K&N Parent, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;K&N Holdco, LLC | Common Equity - Common Stock | N/A | N/A | 125,967 Shares | $23718 | $147 | (13) |
| Truck-Lite Co., LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Truck-Lite Co., LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 02/13/32 | 3242 | 3243 | 3210 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 02/13/32 | 409 | 390 | 396 | (9)(17)(18)<br>(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 02/13/32 |  | (1) | (3) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 3632 | 3603 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Universal Air Conditioner |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cool Acquisition Holdings, LP | Common Equity - Common Stock | N/A | N/A | 137,931 Shares | 138 | 72 | (9)(13) |
| &nbsp;&nbsp;Cool Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 10/31/30 | 13200 | 13032 | 12772 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 10/31/30 |  | (18) | (98) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 10/31/30 | 1818 | 1773 | 1699 | (9)(17)(18)<br>(23) |
|  |  |  |  |  | 14925 | 14445 |  |
|  |  | Total Automobile Components | Total Automobile Components | Total Automobile Components | $42275 | $18195 |  |
| **Beverages** | **Beverages** |  |  |  |  |  |  |
| Ronnoco Coffee | Ronnoco Coffee |  |  |  |  |  |  |
| &nbsp;&nbsp;Ronnoco Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+450, 1.00% Floor | 03/17/31 | $5288 | $5217 | $5209 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 1.00% Floor | 03/17/31 | 290 | 261 | 257 | (9)(17)(18)<br>(23) |
|  | Preferred Equity - Preferred Equity | N/A | N/A | 1,000 Shares | 100 | 100 | (9)(13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 107 Shares |  |  | (9)(13)(19) |
|  |  | Total Beverages | Total Beverages | Total Beverages | $5578 | $5566 |  |
| **Biotechnology** | **Biotechnology** |  |  |  |  |  |  |
| Celerion | Celerion |  |  |  |  |  |  |
| &nbsp;&nbsp;Celerion Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 11/05/29 | $11004 | $10833 | $11004 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 11/03/28 |  | (9) |  | (9)(17)(18) |
|  |  |  |  |  | 10824 | 11004 |  |
| Mannkind Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mannkind Corporation | Common Equity - Common Stock | N/A | N/A | 34,226 Shares |  | 194 | (9)(10)(13)<br>(15) |
| Partner Therapeutics, Inc |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Partner Therapeutics, Inc | Preferred Equity - Preferred Equity | N/A | N/A | 55,556 Shares | 333 | 521 | (9)(13) |
|  | Warrants - Warrants | N/A | N/A | 73,333 shares | 389 | 326 | (9)(13) |
|  |  |  |  |  | 722 | 847 |  |
| Rigel Pharmaceuticals |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rigel Pharmaceuticals, Inc. | First Lien Secured Debt - Term Loan | SOFR+650, 4.00% Floor | 09/01/27 | 2625 | 2638 | 2625 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+650, 4.00% Floor | 09/01/27 | 13125 | 13117 | 13125 | (9)(22) |
|  |  |  |  |  | 15755 | 15750 |  |
|  |  | Total Biotechnology | Total Biotechnology | Total Biotechnology | $27301 | $27795 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| **Building Products** | **Building Products** |  |  |  |  |  |  |  |  |  |
| Decks & Docks | Decks & Docks |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;D&D Buyer, LLC | First Lien Secured Debt - Delayed Draw | SOFR+650, 2.00% Floor | 10/04/28 | $— | 2469 | $— | 2424 | $— | 2419 | (9)(23) |
| OmniMax International, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OmniMax International, LLC | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 12/06/30 |  | 17048 |  | 16750 |  | 16726 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 12/06/30 |  | 4684 |  | 4602 |  | 4596 | (9)(23) |
|  |  |  |  |  |  |  | 21352 |  | 21322 |  |
| RF Fager |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;R.F. Fager Company, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 03/04/30 |  | 714 |  | 701 |  | 703 | (9)(24) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 03/04/30 |  | 613 |  | 593 |  | 586 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 03/04/30 |  | 51 |  | 47 |  | 48 | (9)(17)(18)<br>(24) |
|  |  |  |  |  |  |  | 1341 |  | 1337 |  |
|  |  | Total Building Products | Total Building Products | Total Building Products | Total Building Products | $— | 25117 | $— | 25078 |  |
| **Chemicals** | **Chemicals** |  |  |  |  |  |  |  |  |  |
| Aspen Aerogels, Inc. | Aspen Aerogels, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aspen Aerogels, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 4.50% Floor | 08/19/29 | $— | 18426 | $— | 18141 | $— | 17919 | (9)(15)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 2.50% Floor | 08/19/29 |  | 15 |  | 15 |  | 13 | (9)(15)(17)<br>(18)(22) |
|  |  |  |  |  |  |  | 18156 |  | 17932 |  |
| Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) | Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) | Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) | Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Carbonfree Chemicals Holdings LLC (4) | Common Equity - Common Equity / Interest | N/A | N/A | 1,246 Shares | 1,246 Shares |  | 56505 |  | 18332 | (13)(31)(19)(31) |
| &nbsp;&nbsp;FC2 LLC (4) | Common Equity - Common Stock | N/A | N/A | 5 Shares | 5 Shares |  |  |  |  | (13)(19) |
|  | Secured Debt - Promissory Note | 6.50% | 10/14/27 |  | 12500 |  | 12500 |  | 12373 |  |
|  |  |  |  |  |  |  | 69005 |  | 30705 |  |
| Heubach |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heubach Holdings USA LLC | First Lien Secured Debt - Term Loan | 13.75% | 01/03/29 |  | 478 |  | 54 |  | 239 | (14)(15) |
| &nbsp;&nbsp;SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.) | First Lien Secured Debt - Term Loan | 10.75% | 01/03/29 |  | 9438 |  | 29 |  |  | (14)(15) |
|  |  |  |  |  |  |  | 83 |  | 239 |  |
| Meristem Crop Performance | Meristem Crop Performance | Meristem Crop Performance |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lunar Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+550, 0.75% Floor | 10/03/30 |  | 9000 |  | 8850 |  | 8730 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 0.75% Floor | 10/03/30 |  |  |  | (54) |  | (205) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 0.75% Floor | 10/03/30 |  | 1727 |  | 1661 |  | 1605 | (9)(17)(18)<br>(22) |
|  |  |  |  |  |  |  | 10457 |  | 10130 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| W.R. Grace |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;W.R. Grace Holdings LLC | First Lien Secured Debt - Corporate Bond | 4.88% | 06/15/27 |  | 1320 | 1297 | 1318 | (10) |
|  |  | Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | $98998 | $60324 |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| AlpineX | AlpineX |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alpinex Opco, LLC | First Lien Secured Debt - Term Loan | SOFR+626, 1.00% Floor | 12/27/27 | $— | 14780 | $14606 | $14779 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+626, 1.00% Floor | 12/27/27 |  | 3736 | 3705 | 3736 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+626, 1.00% Floor | 12/27/27 |  | 1102 | 1087 | 1103 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 19398 | 19618 |  |
| Atlas Technical Consultants | Atlas Technical Consultants | Atlas Technical Consultants |  |  |  |  |  |  |
| &nbsp;&nbsp;GI Apple Midco LLC | First Lien Secured Debt - Term Loan | SOFR+675, 1.00% Floor | 04/19/30 |  | 7479 | 7390 | 7479 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+675, 1.00% Floor | 04/19/30 |  | 86 | 84 | 86 | (9)(15)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+675, 1.00% Floor | 04/19/29 |  | 250 | 240 | 250 | (9)(15)(17)<br>(18)(22) |
|  |  |  |  |  |  | 7714 | 7815 |  |
| Best Trash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bingo Group Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 07/10/31 |  | 9370 | 9274 | 9323 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 07/10/31 |  | 2142 | 2103 | 2114 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 07/10/31 |  | 25 | 17 | 21 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 11394 | 11458 |  |
| CARDS + Live Oak |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CARDS-Live Oak Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 10/21/32 |  | 3150 | 3119 | 3119 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 10/21/32 |  |  | (6) | (12) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | P+375, 0.75% Floor | 10/21/32 |  | 200 | 194 | 194 | (9)(17)(18)<br>(20) |
|  |  |  |  |  |  | 3307 | 3301 |  |
| CoreTrust |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Coretrust Purchasing Group LLC (HPG Enterprises LLC) | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 10/01/29 |  | 6158 | 6118 | 6097 | (22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 10/01/29 |  |  | (3) | (3) | (8)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 10/01/29 |  |  | (5) | (7) | (8)(17)(18) |
|  |  |  |  |  |  | 6110 | 6087 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Flatworld Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Flatworld Intermediate Corp | First Lien Secured Debt - Term Loan | SOFR+550, 1.50% Floor | 03/25/30 | 3950 | 3881 | 3891 | (9)(22) |
| Heritage Environmental Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.) | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 01/31/31 | 1732 | 1728 | 1732 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 01/31/30 |  |  |  | (9)(16)(17)<br>(18) |
|  |  |  |  |  | 1728 | 1732 |  |
| HMA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Health Management Associates Superholdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+635, 1.00% Floor | 03/30/29 | 3897 | 3827 | 3858 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+635, 1.00% Floor | 03/30/29 | 504 | 495 | 499 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+635, 1.00% Floor | 03/30/29 |  | (5) | (3) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 4317 | 4354 |  |
| IronClad |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ironhorse Purchaser, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 09/30/27 | 2962 | 2932 | 2902 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 09/30/27 |  | (5) | (10) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 2927 | 2892 |  |
| IRP |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Precision Refrigeration & Air Conditioning LLC | First Lien Secured Debt - Term Loan | SOFR+690, 1.00% Floor | 03/08/28 | 10865 | 10755 | 10593 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+690, 1.00% Floor | 03/08/28 | 4900 | 4840 | 4777 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+700, 1.00% Floor | 03/08/28 | 1591 | 1577 | 1534 | (9)(17)(18)<br>(23)(24) |
| &nbsp;&nbsp;SMC IR Holdings, LLC | Common Equity - Common Stock | N/A | N/A | 158 Shares | 183 | 199 | (9)(13) |
|  |  |  |  |  | 17355 | 17103 |  |
| Jacent |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jacent Strategic Merchandising, LLC | First Lien Secured Debt - Term Loan | SOFR+585, 1.00% Floor | 01/31/27 | 22210 | 22208 | 21999 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+660, 1.00% Floor | 01/31/27 | 1589 | 1586 | 1560 | (9)(17)(18)<br>(22) |
|  | Common Equity - Common Stock | N/A | N/A | 498 Shares | 500 | 191 | (9)(13) |
| &nbsp;&nbsp;JSM Equity Investors, L.P. | Preferred Equity - Class P Partnership Units | N/A | N/A | 11 Shares | 11 | 1 | (9)(13) |
|  |  |  |  |  | 24305 | 23751 |  |
| Overhaul Group, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Overhaul Group, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/01/30 | 10714 | 10664 | 10661 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 08/01/30 |  | (20) | (21) | (8)(9)(18) |
|  | Preferred Equity - Preferred Equity | N/A | N/A | 5,405 Shares | 100 | 96 | (9)(13) |
|  |  |  |  |  | 10744 | 10736 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Pavement Preservation |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pavement Preservation Acquisition, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 08/09/30 |  | 8887 | 8729 | 8775 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 08/09/30 |  | 2155 | 2119 | 2128 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 08/09/30 |  |  | (25) | (16) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 10823 | 10887 |  |
| SafetyCo |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HEF Safety Ultimate Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 11/19/29 |  | 7350 | 7218 | 7342 | (9)(24) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 11/19/29 |  | 5270 | 5165 | 5264 | (9)(17)(18)<br>(24) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 11/19/29 |  |  | (25) | (2) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 12358 | 12604 |  |
| Smith System |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Smith Topco, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 11/06/29 |  | 11067 | 10904 | 10900 | (9)(23)(24) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 11/06/29 |  |  | (17) | (17) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 10887 | 10883 |  |
| Vixxo |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vixxo Corporation | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/01/30 |  | 1534 | 1513 | 1523 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 08/01/30 |  |  | (7) | (9) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 1506 | 1514 |  |
|  |  | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | $148754 | $148626 |  |
| **Communications Equipment** | **Communications Equipment** |  |  |  |  |  |  |  |
| MCA | MCA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mobile Communications America, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 10/16/29 | $— | 2450 | $2407 | $2426 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 10/16/29 |  | 6486 | 6412 | 6400 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 10/16/29 |  | 272 | 250 | 258 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 9069 | 9084 |  |
| Mitel Networks |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Mitel Networks (International) Limited | Common Equity - Common Stock | N/A | N/A | 98,860 Shares | 98,860 Shares | 476 | 161 | (9)(13)(15)<br>(19) |
| &nbsp;&nbsp;MLN US Holdco LLC | First Lien Secured Debt - Term Loan | SOFR+200 Cash plus 6.00% PIK, 1.00% Floor | 06/20/30 |  | 883 | 781 | 530 | (9)(10)(15)<br>(22) |
|  |  |  |  |  |  | 1257 | 691 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Sorenson Holdings, LLC |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sorenson Holdings, LLC | First Lien Secured Debt - Term Loan | 8.00% | 04/01/30 |  | 334 |  | 271 |  | 274 | (14) |
|  | First Lien Secured Debt - Term Loan | 10.00% | 04/01/30 |  | 87 |  | 77 |  | 79 | (14) |
|  | Common Equity - Membership Interests | N/A | N/A | 279 Shares | 279 Shares |  | 108 |  | 89 | (13) |
|  |  |  |  |  |  |  | 456 |  | 442 |  |
|  |  | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | $— | 10782 | $— | 10217 |  |
| **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Accelevation, LLC | Accelevation, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accelevation LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 01/02/31 | $— | 9185 | $— | 9063 | $— | 9208 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 01/02/31 |  | 2223 |  | 2185 |  | 2232 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 01/02/31 |  | 385 |  | 355 |  | 385 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  |  | 11603 |  | 11825 |  |
| American Restoration |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Restoration Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+510, 1.00% Floor | 07/24/30 |  | 7551 |  | 7430 |  | 7476 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+510, 1.00% Floor | 07/24/30 |  | 10346 |  | 10214 |  | 10180 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 1.00% Floor | 07/24/30 |  | 1490 |  | 1486 |  | 1468 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  |  | 19130 |  | 19124 |  |
| Core Roofing |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CRS Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 06/06/30 |  | 1879 |  | 1849 |  | 1855 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 06/06/30 |  | 3528 |  | 3440 |  | 3440 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 06/06/30 |  |  |  | (14) |  | (12) | (8)(9)(16)<br>(17)(18) |
|  |  |  |  |  |  |  | 5275 |  | 5283 |  |
| Dynagrid |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Megavolt Borrower, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 02/13/32 |  | 4146 |  | 4071 |  | 4115 | (9)(23) |
| Renovo |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HomeRenew Buyer, Inc. | First Lien Secured Debt - Term Loan | 10.56% | 04/14/30 |  | 3373 |  | 3282 |  |  | (9)(13)(14) |
|  | First Lien Secured Debt - Term Loan | 12.06% | 04/14/30 |  | 1431 |  | 1387 |  |  | (9)(13)(14) |
| &nbsp;&nbsp;Renovo Home Partners | Preferred Equity - Preferred Equity | N/A | N/A | 11,768 Shares | 11,768 Shares |  | 4344 |  |  | (9)(13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 10,696 Shares | 10,696 Shares |  |  |  |  | (9)(13)(19) |
|  |  |  |  |  |  |  | 9013 |  |  |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Traffic Management Solutions, LLC | Traffic Management Solutions, LLC | Traffic Management Solutions, LLC | Traffic Management Solutions, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Traffic Management Solutions, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 11/26/30 |  | 11055 | 10924 | 10985 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 11/26/30 |  | 3365 | 3298 | 3316 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 11/26/30 |  |  | (39) | (21) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 14183 | 14280 |  |
| Trench Plate |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trench Plate Rental Co. | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 12/04/28 |  | 17545 | 17414 | 17370 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 12/04/28 |  | 1055 | 1043 | 1036 | (9)(16)(17)<br>(18)(23) |
| &nbsp;&nbsp;Trench Safety Solutions Holdings, LLC | Preferred Equity - Preferred Equity | N/A | N/A | 40 Shares | 40 Shares | 4 | 8 | (9)(13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 331 Shares | 331 Shares | 50 | 37 | (9)(13)(19) |
|  |  |  |  |  |  | 18511 | 18451 |  |
|  |  | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | $81786 | $73078 |  |
| **Consumer Finance** | **Consumer Finance** |  |  |  |  |  |  |  |
| Lending Point | Lending Point |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LendingPoint 2018-1 Funding Trust | First Lien Secured Debt - Delayed Draw | SOFR+300, 1.00% Floor | 12/31/29 | $— | 4929 | $4960 | $4896 | (17)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+300, 1.00% Floor | 12/31/29 |  | 5231 | 5231 | 5197 | (17)(18)(22) |
| &nbsp;&nbsp;LendingPoint Consolidated, Inc. | Preferred Equity - Preferred Equity | N/A | N/A | 10,710 Shares | 10,710 Shares | 2943 | 1563 | (9) |
|  | Common Equity - Common Stock | N/A | N/A | 1,106,939 Shares | 1,106,939 Shares | 750 | 398 | (9) |
| &nbsp;&nbsp;LendingPoint LLC | First Lien Secured Debt - Term Loan | SOFR+500 PIK, 1.00% Floor | 12/31/29 |  | 20576 | 38091 | 20253 | (9)(22) |
|  | Unsecured Debt - Term Loan | N/A | 12/31/30 |  | 1842 | 1842 | 1842 | (9) |
|  |  |  |  |  |  | 53817 | 34149 |  |
| US Auto |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Auto Pool 2023 Trust (Del. Stat. Trust) (4) | Structured Products and Other - Membership Interests | N/A | 02/28/29 | N/A | N/A | 19409 | 10317 | (9)(13)(32) |
|  |  | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | $73226 | $44466 |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| 3D Protein | 3D Protein |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Protein For Pets Opco, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 09/20/30 | $— | 8475 | $8341 | $8305 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 09/20/30 |  | 179 | 167 | 161 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 8508 | 8466 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Turkey Hill |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IC Holdings LLC | Common Equity - Series A Units | N/A | N/A | 169 Shares | 169 Shares | 169 |  |  | (9)(13) |
| &nbsp;&nbsp;THLP CO., LLC | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 01/31/28 |  | 27556 | 27483 |  | 27156 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 01/31/28 |  | 2255 | 2248 |  | 2188 | (9)(18)(23) |
|  |  |  |  |  |  | 29900 |  | 29344 |  |
|  |  | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | $38408 | $— | 37810 |  |
| **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |  |
| ACP Packaging | ACP Packaging |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACP Packaging Intermediateco, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 10/22/31 | $— | 10644 | $10488 | $— | 10484 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 10/22/31 |  |  | (27) |  | (27) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 10461 |  | 10457 |  |
| Berry Tapes & Adhesives |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vybond Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 02/03/32 |  | 17247 | 17001 |  | 17118 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 02/03/32 |  |  | (29) |  | (33) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 02/03/32 |  |  | (43) |  | (25) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 16929 |  | 17060 |  |
| MSI Express, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NCP-MSI Buyer | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 03/24/31 |  | 5804 | 5739 |  | 5746 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 03/24/31 |  | 1500 | 1483 |  | 1485 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+375, 0.75% Floor | 03/24/31 |  | 1717 | 1688 |  | 1683 | (9)(17)(18)<br>(22)(23) |
|  |  |  |  |  |  | 8910 |  | 8914 |  |
| Truvant |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NPPI Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/20/29 |  | 21829 | 21541 |  | 21665 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 08/20/29 |  |  | (26) |  | (36) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 08/20/29 |  |  | (35) |  | (24) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 21480 |  | 21605 |  |
|  |  | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | $57780 | $— | 58036 |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Accelerate Learning | Accelerate Learning |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Purchaser, Inc. | First Lien Secured Debt - Term Loan | SOFR+250 Cash plus 4.75% PIK, 1.00% Floor | 03/22/30 | $— | 3993 | $3920 | $— | 3873 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+250 Cash plus 4.75% PIK, 1.00% Floor | 03/22/29 |  | 421 | 409 |  | 405 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 4329 |  | 4278 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Clarus Commerce |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Marlin DTC-LS Midco 2, LLC | First Lien Secured Debt - Term Loan | SOFR+660, 1.00% Floor | 07/01/26 | 20405 | 20361 | 20144 | (22) |
|  | First Lien Secured Debt - Revolver | SOFR+660, 1.00% Floor | 07/01/26 |  | (1) | (9) | (8)(17)(18) |
|  |  |  |  |  | 20360 | 20135 |  |
| Club Car Wash |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Club Car Wash Operating, LLC | First Lien Secured Debt - Term Loan | SOFR+615, 1.00% Floor | 06/16/27 | 11956 | 11895 | 11890 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+615, 1.00% Floor | 06/16/27 | 23018 | 22797 | 22891 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+615, 1.00% Floor | 06/16/27 |  | (9) | (9) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 34683 | 34772 |  |
| Elase Med Spas |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Birch Group of Clinics Acquireco Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 12/31/31 | 1872 | 1844 | 1844 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 12/31/31 | 426 | 400 | 400 | (9)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 12/31/31 |  | (6) | (6) | (8)(9)(17)<br>(18)(23) |
|  |  |  |  |  | 2238 | 2238 |  |
| Excelligence |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Excelligence Learning Corporation | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 01/18/30 | 15262 | 14997 | 14652 | (9)(23) |
|  | First Lien Secured Debt - Revolver | P+475 | 01/18/30 | 395 | 356 | 296 | (9)(16)(17)<br>(18)(20) |
|  |  |  |  |  | 15353 | 14948 |  |
| Gateway Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gateway US Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 09/22/28 | 12542 | 12505 | 12479 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 09/22/28 | 602 | 593 | 594 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 09/22/28 |  | (1) | (2) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 13097 | 13071 |  |
| Go Car Wash |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Go Car Wash Management Corp. | First Lien Secured Debt - Term Loan | SOFR+585, 1.00% Floor | 06/30/28 | 1583 | 1575 | 1550 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+585, 1.00% Floor | 06/30/28 | 6098 | 6040 | 5970 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+635, 1.00% Floor | 06/30/28 | 3124 | 3120 | 3059 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+635, 1.00% Floor | 06/30/28 |  |  | (9) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 10735 | 10570 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Legacy.com |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lotus Topco Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 06/07/30 | 5224 | 5158 | 5172 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 06/07/30 | 367 | 358 | 352 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 06/07/30 |  | (7) | (6) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 5509 | 5518 |  |
| Mariani |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CI (MG) GROUP, LLC | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 03/27/30 | 18878 | 18614 | 18625 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 1.00% Floor | 03/27/30 | 4674 | 4584 | 4555 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 03/27/30 | 1176 | 1150 | 1149 | (9)(17)(18)<br>(23) |
|  |  |  |  |  | 24348 | 24329 |  |
| Regis |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Regis Corporation | First Lien Secured Debt - Term Loan | SOFR+450, 2.50% Floor | 06/24/29 | 6624 | 6509 | 6524 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 2.50% Floor | 06/24/29 | 171 | 113 | 109 | (9)(16)(17)<br>(18)(23) |
|  |  |  |  |  | 6622 | 6633 |  |
| SEV |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SEV Intermediate Holdco, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 06/21/30 | 8208 | 8071 | 8085 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 06/21/30 | 999 | 949 | 949 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 06/21/30 | 658 | 635 | 633 | (9)(17)(18)<br>(23) |
|  |  |  |  |  | 9655 | 9667 |  |
| Team Car Wash |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TCW Midco LLC | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 10/22/29 | 4950 | 4910 | 4901 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 10/22/29 | 6622 | 6564 | 6553 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 10/22/29 |  | (6) | (8) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 11468 | 11446 |  |
| Ultra Clean Newco |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ultra Clean Holdco LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 07/01/30 | 2463 | 2423 | 2419 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 07/01/30 | 5478 | 5363 | 5285 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 07/01/30 |  | (19) | (25) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 7767 | 7679 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| US Legal Support |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;US Legal Support Investment Holdings, LLC | Common Equity - Series A-1 Units | N/A | N/A | 631,972 Shares | 631,972 Shares | 632 |  | 1315 | (9)(13) |
| &nbsp;&nbsp;USLS Acquisition, Inc. | First Lien Secured Debt - Term Loan | SOFR+565, 1.00% Floor | 06/01/26 |  | 28074 | 28005 |  | 28040 | (9)(22)(24) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+565, 1.00% Floor | 06/01/26 |  | 5512 | 5501 |  | 5501 | (9)(17)(18)<br>(22) |
|  | First Lien Secured Debt - Revolver | SOFR+590, 1.00% Floor | 06/01/26 |  | 844 | 842 |  | 842 | (9)(17)(18)<br>(22) |
|  |  |  |  |  |  | 34980 |  | 35698 |  |
| Village Pet Care |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Village Pet Care, LLC | First Lien Secured Debt - Term Loan | SOFR+650, 1.00% Floor | 09/22/29 |  | 1500 | 1479 |  | 1463 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+650, 1.00% Floor | 09/22/29 |  | 1050 | 1014 |  | 925 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+650, 1.00% Floor | 09/22/29 |  | 803 | 790 |  | 778 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 3283 |  | 3166 |  |
|  |  | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | $204427 | $— | 204148 |  |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |
| Cablevision Systems | Cablevision Systems |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CSC Holdings, LLC | First Lien Secured Debt - Revolver | SOFR+225, 0.00% Floor | 07/13/27 | $— | 86 | $70 | $— | 72 | (10)(15)(17)<br>(18)(22) |
|  | Unsecured Debt - Corporate Bond | 4.13% | 12/01/30 |  | 2000 | 1483 |  | 1230 | (10) |
|  |  | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | $1553 | $— | 1302 |  |
| **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Brush Group | Brush Group |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Brush Group Bidco Limited | First Lien Secured Debt - Term Loan | SON+500, 0.00% Floor | 07/30/31 | £nan | 5985 | $7815 | $— | 7944 | (9)(15)(21) |
|  | First Lien Secured Debt - Revolver | SON+500, 0.00% Floor | 07/30/31 | £— |  | (28) |  | (30) | (8)(9)(15)<br>(17)(18) |
|  |  |  |  |  |  | 7787 |  | 7914 |  |
| International Wire Group |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IW Buyer LLC | First Lien Secured Debt - Term Loan | SOFR+510, 1.00% Floor | 06/28/29 |  | 13554 | 13418 |  | 13485 | (9)(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 1.00% Floor | 06/28/29 |  | 112 | 105 |  | 110 | (9)(16)(17)<br>(18)(22) |
|  |  |  |  |  |  | 13523 |  | 13595 |  |
| Kauffman |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kauffman Holdco, LLC | Common Equity - Common Stock | N/A | N/A | 250,000 Shares | 250,000 Shares | 250 |  |  | (9)(13) |
| &nbsp;&nbsp;Kauffman Intermediate, LLC | First Lien Secured Debt - Term Loan | 10.27% | 09/30/26 |  | 17872 | 16914 |  | 10832 | (9)(14) |
|  | First Lien Secured Debt - Revolver | 10.27% | 09/30/26 |  | 1337 | 1245 |  | 810 | (9)(14)(18) |
|  |  |  |  |  |  | 18409 |  | 11642 |  |
|  |  | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | $39719 | $— | 33151 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |
| AVAD, LLC | AVAD, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Surf Opco, LLC (4) | First Lien Secured Debt - Term Loan | SOFR+411, 1.00% Floor | 09/10/26 | $— | 9460 | $— | 14366 | $9431 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+411, 1.00% Floor | 09/10/26 |  | 19883 |  | 19883 | 19829 | (9)(17)(18)<br>(22) |
|  | Preferred Equity - Class P-1 Preferred | N/A | N/A | 13,195 Shares | 13,195 Shares |  | 1713 | 2683 | (9)(13)(19)(31) |
|  | Common Equity - Class A-1 Common | N/A | N/A | 5,000 Shares | 5,000 Shares |  |  | 115 | (9)(13)(19)(31) |
|  |  |  |  |  |  |  | 35962 | 32058 |  |
| Evolv Technologies |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evolv Technologies Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 2.00% Floor | 07/01/30 |  | 6000 |  | 5944 | 5938 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 2.00% Floor | 07/01/30 |  |  |  | (55) | (60) | (8)(9)(15)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 2.00% Floor | 07/01/30 |  |  |  | (27) | (30) | (8)(9)(15)<br>(17)(18) |
|  |  |  |  |  |  |  | 5862 | 5848 |  |
| Generator Buyer, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total Power Limited | First Lien Secured Debt - Term Loan | CORRA+450, 0.75% Floor | 07/22/30 |  | 12097 |  | 8669 | 8726 | (9)(15)(26) |
|  | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 07/22/30 |  | 3828 |  | 3772 | 3789 | (9)(15)(23) |
|  | First Lien Secured Debt - Delayed Draw | CORRA+450, 0.75% Floor | 07/22/30 |  | 2188 |  | 1573 | 1569 | (9)(15)(17)<br>(18)(26) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 07/22/30 |  |  |  | 1 | (46) | (8)(9)(15)<br>(17)(18) |
|  | First Lien Secured Debt - Revolver | CORRA+450, 0.75% Floor | 07/22/30 |  |  |  | (17) | (16) | (8)(9)(15)<br>(17)(18) |
|  |  |  |  |  |  |  | 13998 | 14022 |  |
| Pro Vigil |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pro-Vigil Holding Company, LLC | First Lien Secured Debt - Term Loan | SOFR+585 Cash plus 2.75% PIK, 1.00% Floor | 06/30/26 |  | 9705 |  | 9684 | 9466 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+585 Cash plus 2.75% PIK, 1.00% Floor | 06/30/26 |  | 21968 |  | 21904 | 21427 | (9)(23) |
|  |  |  |  |  |  |  | 31588 | 30893 |  |
| Team LINX, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TeamLINX Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 12/18/30 |  | 17813 |  | 17602 | 17635 | (9)(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 12/18/30 |  |  |  | (18) | (14) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  |  | 17584 | 17621 |  |
| Wolfspeed |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wolfspeed Inc | First Lien Secured Debt - Corporate Bond | 9.88% Cash plus 4.00% PIK | 06/23/30 |  | 7768 |  | 7556 | 8465 | (9)(10)(15) |
|  |  | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | $— | 112550 | $108907 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| **Energy Equipment & Services** | **Energy Equipment & Services** |  |  |  |  |  |  |  |
| Camin Cargo | Camin Cargo |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Camin Cargo Control Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 12/07/29 | $— | 980 | $964 | $970 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 1.00% Floor | 12/07/29 |  | 2061 | 2019 | 2029 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 12/07/29 |  | 537 | 519 | 528 | (9)(17)(18)<br>(22) |
|  |  | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | $3502 | $3527 |  |
| **Entertainment** | **Entertainment** |  |  |  |  |  |  |  |
| DHX | DHX |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WildBrain Ltd. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 07/23/29 | $— | 13223 | $12983 | $12959 | (9)(15)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 07/23/29 |  | 940 | 918 | 911 | (9)(15)(17)<br>(18)(23) |
|  |  |  |  |  |  | 13901 | 13870 |  |
| Shout Factory |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Shout! Factory LLC | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 06/30/31 |  | 13253 | 13068 | 13054 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 06/30/31 |  | 197 | 175 | 174 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 13243 | 13228 |  |
|  |  | Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | $27144 | $27098 |  |
| **Financial Services** | **Financial Services** |  |  |  |  |  |  |  |
| AML Rightsource | AML Rightsource |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gabriel Partners, LLC | First Lien Secured Debt - Term Loan | SOFR+195 Cash plus 5.45% PIK, 1.00% Floor | 01/21/27 | $— | 30814 | $30691 | $30197 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+195 Cash plus 5.45% PIK, 1.00% Floor | 01/21/27 |  | 1306 | 1301 | 1280 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+195 Cash plus 5.45% PIK, 1.00% Floor | 01/21/27 |  | 689 | 686 | 676 | (9)(18)(23) |
|  |  |  |  |  |  | 32678 | 32153 |  |
| Definiti LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greylock Holdings LLC | Common Equity - Common Stock | N/A | N/A | 100,000 Shares | 100,000 Shares | 100 | 92 | (9)(13) |
| &nbsp;&nbsp;RHI Acquisition LLC | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 03/16/29 |  | 5924 | 5813 | 5821 | (9)(24) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 03/16/29 |  | 2120 | 2074 | 2066 | (9)(17)(18)<br>(24) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 03/16/29 |  |  | (11) | (12) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 7976 | 7967 |  |
| Golden Bear |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Golden Bear 2016-R, LLC (4) | Structured Products and Other - Membership Interests | N/A | 09/20/42 | N/A | N/A | 14012 | 8033 | (3)(15) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Nexity |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evoriel | First Lien Secured Debt - Term Loan | EURIBOR+525, 0.00% Floor | 04/02/31 |  | 2283 | 2444 |  | 2669 | (9)(15)(28) |
|  | First Lien Secured Debt - Delayed Draw | EURIBOR+525, 0.00% Floor | 04/02/31 |  | 1096 | 1168 |  | 1280 | (9)(15)(17)<br>(18)(28) |
|  |  |  |  |  |  | 3612 |  | 3949 |  |
| Origami Opportunities Fund III |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Origami Opportunities Fund III, L.P. | First Lien Secured Debt - Term Loan | SOFR+625, 2.00% Floor | 10/25/27 |  | 6909 | 6845 |  | 6840 | (9)(15)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+625, 2.00% Floor | 10/25/27 |  | 2182 | 2162 |  | 2160 | (9)(15)(17)<br>(18)(23) |
|  |  |  |  |  |  | 9007 |  | 9000 |  |
| PMA |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PMA Parent Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 01/31/31 |  | 13978 | 13853 |  | 13838 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 01/31/31 |  |  | (8) |  | (10) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 13845 |  | 13828 |  |
| Purchasing Power, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Purchasing Power Funding I, LLC | First Lien Secured Debt - Revolver | SOFR+710, 0.00% Floor | 02/26/27 |  | 2126 | 2126 |  | 2126 | (9)(17)(18)<br>(22) |
| Renew Financial LLC (f/k/a Renewable Funding, LLC) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AIC SPV Holdings II, LLC | Preferred Equity - Preferred Stock | N/A | N/A |  |  | 534 |  | 501 | (13)(15)(30) |
| &nbsp;&nbsp;Renew Financial LLC (f/k/a Renewable Funding, LLC) | Common Equity - Common Stock | N/A | N/A | 1,368,286 Shares | 1,368,286 Shares | 16813 |  | 82 | (13) |
| &nbsp;&nbsp;Renew JV LLC | Common Equity - Membership Interests | N/A | N/A | 169,013 Shares | 169,013 Shares | 169 |  | 353 | (13)(15) |
|  |  |  |  |  |  | 17516 |  | 936 |  |
| Stretto |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Stretto, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 10/13/28 |  | 10950 | 10911 |  | 10731 | (9)(22) |
|  |  | Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | $111683 | $— | 88723 |  |
| **Food Products** | **Food Products** |  |  |  |  |  |  |  |  |
| Amylu Foods | Amylu Foods |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amylu Borrower Sub, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 06/10/31 | $— | 10910 | $10805 | $— | 10937 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 06/10/31 |  |  | (9) |  | 5 | (9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 06/10/31 |  |  | (20) |  |  | (9)(17)(18) |
|  |  |  |  |  |  | 10776 |  | 10942 |  |
| Berner Foods |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Berner Food & Beverage, LLC | First Lien Secured Debt - Term Loan | SOFR+665, 1.00% Floor | 07/30/27 |  | 33949 | 33654 |  | 33355 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+665, 1.00% Floor | 07/30/26 |  | 1383 | 1375 |  | 1354 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 35029 |  | 34709 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Bolthouse Farms |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wm. Bolthouse Farms, Inc. | Common Equity - Equity Interests | N/A | N/A | 1,369,301 Shares | 1,369,301 Shares |  | 1460 |  | 1534 | (13) |
| Hive |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FCP-Hive Holdings, LLC | Preferred Equity - Preferred Equity | N/A | N/A | 589 Shares | 589 Shares |  | 448 |  | 382 | (9)(13) |
|  | Common Equity - Common Stock | N/A | N/A | 589 Shares | 589 Shares |  | 3 |  |  | (9)(13) |
| &nbsp;&nbsp;Hive Intermediate, LLC | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 09/22/27 |  | 14126 |  | 14034 |  | 14126 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 09/22/27 |  | 1448 |  | 1434 |  | 1448 | (9)(17)(18)<br>(22)(23) |
|  |  |  |  |  |  |  | 15919 |  | 15956 |  |
| Justin's |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Justin's LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 12/15/31 |  | 4167 |  | 4102 |  | 4104 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 12/15/31 |  |  |  | (13) |  | (12) | (8)(9)(17)<br>(18) |
|  | Common Equity - Common Stock | N/A | N/A | 100,000 Shares | 100,000 Shares |  | 100 |  | 100 | (9)(13) |
|  |  |  |  |  |  |  | 4189 |  | 4192 |  |
| Nutpods |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Green Grass Foods, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 12/26/29 |  | 3675 |  | 3621 |  | 3620 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 12/26/29 |  |  |  | (17) |  | (19) | (8)(9)(17)<br>(18) |
| &nbsp;&nbsp;Nutpods Holdings, Inc. | Common Equity - Common Stock | N/A | N/A | 125 Shares | 125 Shares |  | 125 |  | 92 | (9)(13) |
|  |  |  |  |  |  |  | 3729 |  | 3693 |  |
| Patriot Pickle |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Patriot Foods Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 12/24/29 |  | 245 |  | 241 |  | 243 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 12/22/29 |  | 166 |  | 163 |  | 163 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 12/22/29 |  | 80 |  | 77 |  | 78 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  |  | 481 |  | 484 |  |
|  |  | Total Food Products | Total Food Products | Total Food Products | Total Food Products | $— | 71583 | $— | 71510 |  |
| **Ground Transportation** | **Ground Transportation** |  |  |  |  |  |  |  |  |  |
| Bird Rides | Bird Rides |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Blue Jay Transit Inc. (4) | First Lien Secured Debt - Term Loan | 15.87% | 03/22/28 | $— | 21288 | $— | 20528 | $— | 17158 | (9)(14) |
|  | First Lien Secured Debt - Term Loan | 15.87% | 07/31/26 |  | 2682 |  | 2611 |  | 2162 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 15.87% | 07/31/26 |  | 250 |  | 250 |  | 24 | (9)(14)(18) |
| &nbsp;&nbsp;Third Lane Mobility Inc. (4) | Common Equity - Common Stock | N/A | N/A | 5,012,171 Shares | 5,012,171 Shares |  | 722 |  |  | (9)(13)(19) |
|  | Warrants - Warrants | N/A | N/A | 970,252 shares | 970,252 shares |  |  |  |  | (9)(13)(19) |
|  |  |  |  |  |  |  | 24111 |  | 19344 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Boasso |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 06/30/28 |  | 3507 | 3501 | 3472 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 03/31/28 |  | 28 | 27 | 24 | (9)(17)(18) |
|  |  |  |  |  |  | 3528 | 3496 |  |
| Heniff and Superior |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heniff Holdco, LLC | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 12/03/26 |  | 28123 | 27993 | 27771 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+610, 1.00% Floor | 12/03/26 |  | 3173 | 3169 | 3124 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 31162 | 30895 |  |
| Olympus Terminals |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Olympus Terminals Holdco II LLC | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 12/17/30 |  | 18441 | 18119 | 18213 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 12/17/30 |  |  | (58) | (43) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 12/17/30 |  |  | (49) | (36) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 18012 | 18134 |  |
|  |  | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | $76813 | $71869 |  |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
| Capsa Healthcare | Capsa Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CSHC Buyerco, LLC | First Lien Secured Debt - Term Loan | SOFR+485, 1.00% Floor | 09/08/26 | $— | 10249 | $10184 | $10158 | (9)(23) |
| Carestream Health |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Carestream Health Holdings, Inc. | Common Equity - Common Stock | N/A | N/A | 173,887 Shares | 173,887 Shares | 1426 | 492 | (13)(19) |
| &nbsp;&nbsp;Carestream Health, Inc. | First Lien Secured Debt - Term Loan | SOFR+760, 1.00% Floor | 09/30/27 |  | 159 | 149 | 82 | (10)(23) |
|  |  |  |  |  |  | 1575 | 574 |  |
| Cerus |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cerus Corporation | First Lien Secured Debt - Term Loan | SOFR+660, 1.80% Floor | 03/01/28 |  | 12000 | 11984 | 12000 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+660, 1.80% Floor | 03/01/28 |  | 4500 | 4494 | 4500 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+660, 1.00% Floor | 03/01/28 |  | 3000 | 2985 | 3000 | (9)(15)(18)<br>(22) |
|  | First Lien Secured Debt - Revolver | SOFR+560 Cash plus 1.00% PIK, 1.00% Floor | 03/01/28 |  | 450 | 450 | 450 | (9)(15)(17)<br>(18)(22) |
|  |  |  |  |  |  | 19913 | 19950 |  |
| Compass Health |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Roscoe Medical, Inc | First Lien Secured Debt - Term Loan | P+525, 2.00% Floor | 04/11/25 |  | 7372 | 6756 | 6967 | (9)(20)(34) |
|  | First Lien Secured Debt - Revolver | P+525, 2.00% Floor | 04/11/25 |  | 164 | 129 | 119 | (9)(18)(20)(34) |
|  |  |  |  |  |  | 6885 | 7086 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| CQ Medical |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BW ISO Acquisition LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 11/01/27 |  | 4988 | 4942 | 4938 | (9)(23) |
| Medical Guardian |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Medical Guardian, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 04/26/28 |  | 30742 | 30561 | 30743 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 04/26/28 |  | 4690 | 4653 | 4690 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 04/26/28 |  | 381 | 364 | 381 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 35578 | 35814 |  |
| Natus Sensory |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Natus Sensory, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 01/07/31 |  | 10600 | 10461 | 10349 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | EURIBOR+525, 0.00% Floor | 01/07/31 |  | 2549 | 2603 | 2922 | (9)(28) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 01/07/31 |  |  | (17) | (66) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 01/07/31 |  |  | (17) | (33) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 13030 | 13172 |  |
| NeuroPace |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NeuroPace, Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 2.00% Floor | 05/27/30 |  | 20000 | 19908 | 19900 | (9)(15)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 2.00% Floor | 05/27/30 |  |  | (7) | (7) | (8)(9)(15)<br>(17)(18)(22) |
|  |  |  |  |  |  | 19901 | 19893 |  |
| Project Titan |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Titan Luxco I SARL | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 06/12/32 |  | 6044 | 5987 | 5984 | (9)(24) |
|  | First Lien Secured Debt - Term Loan | EURIBOR+500, 0.75% Floor | 06/12/32 |  | 1178 | 1351 | 1370 | (9)(29) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 06/12/32 |  |  | (8) | (17) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 06/12/31 |  | 367 | 360 | 359 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | EURIBOR+500, 0.75% Floor | 06/12/31 |  | 111 | 129 | 127 | (9)(17)(18)(29) |
|  |  |  |  |  |  | 7819 | 7823 |  |
|  |  | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | $119827 | $119408 |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| Alcami | Alcami |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alcami Corporation | First Lien Secured Debt - Term Loan | SOFR+710, 1.00% Floor | 12/21/28 | $— | 7973 | $7815 | $7873 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+710, 1.00% Floor | 12/21/28 |  | 587 | 575 | 579 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+710, 1.00% Floor | 12/21/28 |  | 233 | 213 | 219 | (9)(17)(18)<br>(22) |
|  |  |  |  |  |  | 8603 | 8671 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| All Star |  |  |  |  |  |  |  |
| &nbsp;&nbsp;All Star Recruiting Locums, LLC | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 05/01/30 | 7365 | 7250 | 7328 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 1.00% Floor | 05/01/30 | 1730 | 1688 | 1711 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 05/01/30 | 761 | 742 | 754 | (9)(17)(18)<br>(22)(23) |
|  |  |  |  |  | 9680 | 9793 |  |
| Amplity |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amplity Parent, Inc. | First Lien Secured Debt - Term Loan | 12.52% | 01/31/27 | 26638 | 25914 | 15717 | (9)(14) |
|  | First Lien Secured Debt - Revolver | SOFR+1260 PIK, 1.00% Floor | 01/31/27 | 1243 | 1143 | 1126 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | 12.52% | 01/31/27 | 1489 | 1440 | 669 | (9)(14)(18) |
|  |  |  |  |  | 28497 | 17512 |  |
| Cato Research |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LS Clinical Services Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR + 725 (Inclusive of 9.92% PIK), 1.00% Floor | 12/16/29 | 16392 | 16239 | 13258 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR + 725 (Inclusive of 9.92% PIK), 1.00% Floor | 06/16/29 | 1775 | 1754 | 1447 | (9)(17)(18)<br>(23) |
|  |  |  |  |  | 17993 | 14705 |  |
| EmpiRx |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EmpiRx Health LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 08/05/29 | 13727 | 13593 | 13590 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+485, 1.00% Floor | 08/05/29 |  | (7) | (9) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 13586 | 13581 |  |
| ExactCare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ExactCare Parent, Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 11/05/29 | 17717 | 17310 | 17717 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 11/05/29 |  | (35) |  | (9)(17)(18) |
|  |  |  |  |  | 17275 | 17717 |  |
| Ingenovis Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ingenovis Health, Inc. (CCRR Parent Inc) | First Lien Secured Debt - Term Loan | 7.90% | 03/06/28 | 3821 | 3340 | 1116 | (10)(14) |
| KCF Puerto Rico, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KCF Puerto Rico, LLC | Secured Debt - Promissory Note | N/A | 06/28/28 | 1697 | 903 | 723 | (15) |
| KureSmart |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) | Common Equity - Common Stock | N/A | N/A | 133 Shares | 133 | 306 | (9)(13) |
| &nbsp;&nbsp;Kure Pain Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 08/30/30 | 17933 | 17913 | 17924 | (9)(22) |
|  | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 08/31/30 | 4273 | 4236 | 4271 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 1.00% Floor | 08/30/30 | 505 | 467 | 505 | (9)(17)(18)<br>(23) |
|  |  |  |  |  | 22749 | 23006 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| LucidHealth |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Premier Imaging, LLC | First Lien Secured Debt - Term Loan | SOFR+426 Cash plus 2.00% PIK, 1.00% Floor | 03/31/26 | 7368 | 7342 | 6263 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+426 Cash plus 2.00% PIK, 1.00% Floor | 03/31/26 | 1977 | 1905 | 1680 | (9)(23) |
|  |  |  |  |  | 9247 | 7943 |  |
| Maxor National Pharmacy Services, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Maxor Acquisition, Inc. | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 03/01/29 | 9900 | 9821 | 9826 | (9)(22)(23) |
| &nbsp;&nbsp;Maxor National Pharmacy Services, LLC | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 03/01/29 | 13051 | 12790 | 12953 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+610, 1.00% Floor | 03/01/29 |  | (25) | (11) | (8)(9)(17)<br>(18) |
| &nbsp;&nbsp;Maxor Topco, L.P. | Preferred Equity - Preferred Equity | N/A | N/A | 50,000 Shares | 50 | 86 | (9)(13) |
|  |  |  |  |  | 22636 | 22854 |  |
| Midwest Vision |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Midwest Vision Partners Management, LLC | First Lien Secured Debt - Term Loan | SOFR+100 Cash plus 5.75% PIK, 1.00% Floor | 01/12/28 | 21936 | 21769 | 21443 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+650 PIK, 1% Floor | 01/12/28 | 1127 | 1118 | 1127 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+100 Cash plus 5.75% PIK, 1.00% Floor | 01/12/28 | 639 | 635 | 615 | (9)(18)(23) |
|  |  |  |  |  | 23522 | 23185 |  |
| Omega Healthcare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OMH-Healthedge Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+450, 1.00% Floor | 04/01/30 | 11928 | 11919 | 11869 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 1.00% Floor | 04/01/30 |  | (1) | (7) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 11918 | 11862 |  |
| Rarebreed |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rarebreed Veterinary Partners, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 04/18/30 | 4194 | 4130 | 4132 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 04/18/30 | 16933 | 16719 | 16659 | (9)(17)(18)<br>(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 04/18/30 |  | (14) | (14) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 20835 | 20777 |  |
| RHA Health Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pace Health Companies, LLC | First Lien Secured Debt - Term Loan | SOFR+565, 1.00% Floor | 08/02/27 | 1375 | 1369 | 1371 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+540, 1.00% Floor | 08/02/27 | 459 | 458 | 456 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+540, 1.00% Floor | 08/02/27 | 3393 | 3377 | 3367 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 08/02/27 |  | (24) | (21) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+540, 1.00% Floor | 08/02/27 |  | (30) | (3) | (8)(9)(16)<br>(17)(18) |
|  |  |  |  |  | 5150 | 5170 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Tarrytown |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tarrytown Acquisition Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 11/12/32 |  | 3426 | 3392 | 3392 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 11/12/32 |  |  | (5) | (9) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 11/12/32 |  |  | (6) | (6) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 3381 | 3377 |  |
| Team Select |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TS Investors, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 05/04/29 |  | 13648 | 13477 | 13580 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 05/04/29 |  | 13736 | 13599 | 13666 | (9)(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 05/04/29 |  |  | (19) | (9) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 27057 | 27237 |  |
| Thomas Scientific |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BSP-TS, LP | Preferred Equity - Preferred Equity | N/A | N/A | 30 Shares | 30 Shares | 25 | 34 | (9)(13) |
|  | Common Equity - Common Stock | N/A | N/A | 185 Shares | 185 Shares | 185 | 34 | (9)(13) |
| &nbsp;&nbsp;Thomas Scientific, LLC | First Lien Secured Debt - Term Loan | SOFR+340 Cash plus 4.50% PIK, 1.00% Floor | 12/14/27 |  | 32846 | 32578 | 31716 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+340 Cash plus 4.50% PIK, 1.00% Floor | 12/14/27 |  | 2324 | 2303 | 2220 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 35091 | 34004 |  |
| WellDyneRx, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WellDyneRx, LLC | First Lien Secured Debt - Term Loan | SOFR+685, 0.75% Floor | 03/09/27 |  | 17399 | 17251 | 17182 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+685, 0.75% Floor | 03/09/26 |  |  | (2) | (24) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 17249 | 17158 |  |
| Xanitos |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pure Upper Holdco LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 12/03/31 |  | 6444 | 6381 | 6380 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 12/03/31 |  |  | (9) | (18) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 12/03/31 |  |  | (18) | (18) | (8)(9)(17)<br>(18) |
| &nbsp;&nbsp;Xanitos TopCo, LLC | Common Equity - Membership Interests | N/A | N/A | 100,000 Shares | 100,000 Shares | 100 | 100 | (9)(13) |
|  |  |  |  |  |  | 6454 | 6444 |  |
|  |  | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | $305166 | $286835 |  |
| **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |
| Arcadia Solutions | Arcadia Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Arcadia Solutions, Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 08/12/32 | $— | 10714 | $10612 | $10607 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 08/12/32 |  |  | (17) | (18) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 10595 | 10589 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| CNSI |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Acentra Holdings, LLC (fka CNSI Holdings, LLC) | First Lien Secured Debt - Term Loan | SOFR+550, 0.50% Floor | 12/17/29 |  | 17460 | 17068 |  | 17460 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+575, 0.50% Floor | 12/17/29 |  | 3920 | 3880 |  | 3920 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 0.50% Floor | 12/17/29 |  |  | (41) |  |  | (9)(17)(18) |
|  |  |  |  |  |  | 20907 |  | 21380 |  |
| Gainwell |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gainwell Acquisition Corp. (Milano Acquisition Corp) | First Lien Secured Debt - Term Loan | SOFR+400, 0.75% Floor | 10/01/27 |  | 16603 | 16005 |  | 16342 | (10)(23) |
| Inovalon |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Inovalon Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+286 Cash plus 2.75% PIK, 0.75% Floor | 11/24/28 |  | 6271 | 6201 |  | 5926 | (23) |
|  | Second Lien Secured Debt - Term Loan | SOFR+861 PIK, 0.75% Floor | 11/25/33 |  | 95 | 91 |  | 62 | (23) |
|  |  |  |  |  |  | 6292 |  | 5988 |  |
| Merative |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Merative L.P. | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 09/30/32 |  | 4118 | 4098 |  | 4097 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 09/30/32 |  |  | (1) |  | (2) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 09/30/32 |  |  | (2) |  | (2) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 4095 |  | 4093 |  |
| MRO Parent Corporation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRO Parent Corporation | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 06/09/32 |  | 4249 | 4189 |  | 4206 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 06/09/32 |  |  | (3) |  | (4) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 06/09/32 |  |  | (5) |  | (4) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 4181 |  | 4198 |  |
|  |  | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | $62075 | $— | 62590 |  |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| CircusTrix | CircusTrix |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CircusTrix Holdings LLC | First Lien Secured Debt - Term Loan | SOFR+675, 1.00% Floor | 07/18/28 | $— | 977 | $963 | $— | 958 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+675, 1.00% Floor | 07/18/28 |  | 6951 | 6843 |  | 6812 | (9)(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+675, 1.00% Floor | 07/18/28 |  | 400 | 387 |  | 380 | (9)(17)(18)<br>(22) |
|  |  |  |  |  |  | 8193 |  | 8150 |  |
| Crumbl |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crumbl Enterprises LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 05/05/32 |  | 9213 | 9127 |  | 9121 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 05/05/32 |  |  | (7) |  | (7) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 9120 |  | 9114 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Guernsey |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guernsey Holdings SDI LA LLC | First Lien Secured Debt - Term Loan | 6.95% | 11/18/26 |  | 1552 | 1549 | 1525 | (9) |
| International Cruise & Excursion Gallery, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) (4) | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 12/31/28 |  | 4012 | 8739 | 3962 | (23) |
|  | Common Equity - Membership Interests | N/A | N/A | 531,312 Shares | 531,312 Shares | 4740 | 2628 | (13)(19) |
|  |  |  |  |  |  | 13479 | 6590 |  |
| Munson |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Munson Buffalo Restaurant Group LLC | First Lien Secured Debt - Term Loan | 10.43% | 05/31/29 |  | 3481 | 3439 | 2620 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 10.43% | 05/31/29 |  | 5480 | 5417 | 3889 | (9)(14)(18) |
|  |  |  |  |  |  | 8856 | 6509 |  |
| PARS Group LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PARS Group LLC | First Lien Secured Debt - Term Loan | SOFR+685, 1.50% Floor | 04/03/28 |  | 8636 | 8555 | 8031 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+685, 1.50% Floor | 04/03/28 |  |  | (1) | (67) | (8)(9)(18) |
|  |  |  |  |  |  | 8554 | 7964 |  |
| Taco Cabana |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;YTC Enterprises, LLC | First Lien Secured Debt - Term Loan | SOFR+636, 1.00% Floor | 08/16/26 |  | 8233 | 8223 | 7883 | (9)(22) |
| Tasty Chick'n |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tasty Chick'n LLC | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 05/16/29 |  | 11649 | 11520 | 9378 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+600, 1.00% Floor | 05/16/29 |  | 274 | 266 | (867) | (8)(9)(18)<br>(22) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 05/16/29 |  | 878 | 857 | 480 | (9)(18)(22) |
|  |  |  |  |  |  | 12643 | 8991 |  |
| The Club Company |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eldrickco Limited | First Lien Secured Debt - Term Loan | SON+525, 0.50% Floor | 11/26/26 | £nan | 8945 | 11570 | 11979 | (9)(15)(21) |
|  | First Lien Secured Debt - Delayed Draw | SON+525, 0.50% Floor | 11/26/26 | £nan | 10747 | 13517 | 14391 | (9)(15)(21) |
|  | First Lien Secured Debt - Revolver | SON+475, 0.50% Floor | 05/26/26 | £nan | 356 | 416 | 471 | (9)(15)(17)<br>(18)(21) |
|  |  |  |  |  |  | 25503 | 26841 |  |
| Walters Wedding Estates |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WH BorrowerCo, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/02/30 |  | 14348 | 14150 | 14026 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 08/02/30 |  | 3835 | 3739 | 3651 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 08/02/30 |  | 583 | 553 | 526 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 18442 | 18203 |  |
|  |  | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | $114562 | $101770 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |  |
| Allstar Holdings | Allstar Holdings |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Athlete Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 04/26/29 | $— | 1908 | $— | 1878 | $1607 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+610, 1.00% Floor | 04/26/30 |  | 22465 |  | 22023 | 18926 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+610, 1.00% Floor | 04/26/29 |  | 1031 |  | 1015 | 869 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+610, 1.00% Floor | 04/26/29 |  | 3201 |  | 3136 | 2376 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  |  | 28052 | 23778 |  |
| Polywood |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Poly-Wood, LLC | First Lien Secured Debt - Term Loan | SOFR+488, 1.00% Floor | 03/20/30 |  | 2727 |  | 2683 | 2713 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+488, 1.00% Floor | 03/20/30 |  |  |  | (11) | (2) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+488, 1.00% Floor | 03/20/30 |  |  |  | (7) | (2) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  |  | 2665 | 2709 |  |
|  |  | Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | $— | 30717 | $26487 |  |
| **Insurance** | **Insurance** |  |  |  |  |  |  |  |  |
| GoHealth | GoHealth |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Norvax, LLC (dba GoHealth) | First Lien Secured Debt - Term Loan | SOFR+550, 3.00% Floor | 08/05/29 | $— | 840 | $— | 834 | $839 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 3.00% Floor | 08/05/29 |  | 199 |  | 194 | 214 | (9) |
|  | First Lien Secured Debt - Revolver | SOFR+465 Cash plus 6.89% PIK, 1.00% Floor | 08/06/29 |  | 1025 |  | 1020 | 946 | (9)(17)(18)<br>(23) |
|  | Common Equity - Common Stock | N/A | N/A | 8,648 Shares | 8,648 Shares |  |  | 23 | (9)(13) |
|  |  |  |  |  |  |  | 2048 | 2022 |  |
| High Street Insurance |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;High Street Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 04/14/28 |  | 9995 |  | 9916 | 9945 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 04/14/28 |  | 18981 |  | 18851 | 18887 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 04/16/27 |  |  |  | (10) | (11) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  |  | 28757 | 28821 |  |
| PGM Holdings Corporation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Turbo Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+615, 1.00% Floor | 06/02/26 |  | 18550 |  | 18517 | 18549 | (9)(23)(24) |
|  | First Lien Secured Debt - Revolver | SOFR+615, 1.00% Floor | 06/02/26 |  | 694 |  | 693 | 694 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  |  | 19210 | 19243 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Spectrum Automotive |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Shelby 2021 Holdings Corp. | First Lien Secured Debt - Term Loan | SOFR+525, 0.75% Floor | 06/29/28 |  | 13964 |  | 13870 |  | 13893 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 0.75% Floor | 06/29/28 |  | 6000 |  | 5910 |  | 5957 | (9)(17)(18)<br>(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 06/29/27 |  |  |  | (2) |  | (2) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  |  | 19778 |  | 19848 |  |
|  |  | Total Insurance | Total Insurance | Total Insurance | Total Insurance | $— | 69793 | $— | 69934 |  |
| **Interactive Media & Services** | **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |
| Securus Technologies Holdings, Inc. | Securus Technologies Holdings, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aventiv Technologies, LLC (fka Securus Technologies Holdings, LLC) | First Lien Secured Debt - Term Loan | SOFR+1026, 1.00% Floor | 03/25/26 | $— | 2205 | $— | 2190 | $— | 2324 | (10)(22)(23) |
|  | Second Lien Secured Debt - Term Loan | 12.98% | 03/25/26 |  | 9154 |  | 7705 |  |  | (14) |
|  |  | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | Total Interactive Media & Services | $— | 9895 | $— | 2324 |  |
| **IT Services** | **IT Services** |  |  |  |  |  |  |  |  |  |
| Avenu Insights & Analytics | Avenu Insights & Analytics |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACP Avenu Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 10/02/29 | $— | 3676 | $— | 3631 | $— | 3640 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 10/02/29 |  | 5458 |  | 5328 |  | 5346 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.00% Floor | 10/02/29 |  |  |  | (23) |  | (14) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  |  | 8936 |  | 8972 |  |
| Distinct |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Distinct Holdings Inc | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 07/18/29 |  | 13077 |  | 12870 |  | 12690 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 07/18/29 |  | 1260 |  | 1238 |  | 1208 | (9)(17)(18)<br>(23)(24) |
|  |  |  |  |  |  |  | 14108 |  | 13898 |  |
| GrayMatter Systems |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Genius Bidco LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/01/30 |  | 1320 |  | 1299 |  | 1294 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 05/01/30 |  |  |  | (36) |  | (100) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 05/01/30 |  | 155 |  | 138 |  | 131 | (9)(16)(17)<br>(18)(23) |
|  | Common Equity - Common Stock | N/A | N/A | 773 Shares | 773 Shares |  | 77 |  | 48 | (9)(13) |
|  |  |  |  |  |  |  | 1478 |  | 1373 |  |
| New Era Technology, Inc. |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Era Technology, Inc. | First Lien Secured Debt - Term Loan | SOFR+625 PIK, 1.00% Floor | 06/30/30 |  | 12998 |  | 12998 |  | 12803 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+625, 1.00% Floor | 06/30/30 |  | 866 |  | 866 |  | 840 | (9)(17)(18)<br>(23) |
|  | Preferred Equity - Preferred Equity | N/A | N/A | 11,937 Shares | 11,937 Shares |  | 10819 |  | 6920 | (9)(13) |
|  | Common Equity - Common Stock | N/A | N/A | 11,937 Shares | 11,937 Shares |  |  |  |  | (9)(13) |
|  |  |  |  |  |  |  | 24683 |  | 20563 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| VikingCloud |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bullcave Limited | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 08/06/30 |  | 29105 | 28746 | 28887 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 08/06/30 |  | 3684 | 3619 | 3643 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 32365 | 32530 |  |
|  |  | Total IT Services | Total IT Services | Total IT Services | Total IT Services | $81570 | $77336 |  |
| **Leisure Products** | **Leisure Products** |  |  |  |  |  |  |  |
| Dan Dee | Dan Dee |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Project Comfort Buyer, Inc. | Preferred Equity - Preferred Equity | N/A | N/A | 491,405 Shares | 491,405 Shares | $492 | $211 | (9)(13) |
| KLO Holdings, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;1244311 B.C. Ltd. (4) | Common Equity - Common Stock | N/A | N/A | 1,000,032 Shares | 1,000,032 Shares | 1000 | 66 | (2)(13)(19)(33) |
| Paladone |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Paladone Group Bidco Limited | First Lien Secured Debt - Term Loan | SOFR+585, 1.00% Floor | 11/12/27 |  | 5875 | 5828 | 5787 | (9)(15)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+585, 1.00% Floor | 11/12/27 |  | 920 | 917 | 907 | (9)(15)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+585, 1.00% Floor | 11/12/27 |  | 1318 | 1309 | 1297 | (9)(15)(17)<br>(18)(20)(23) |
|  | First Lien Secured Debt - Revolver | SON+585, 1.00% Floor | 11/12/27 | £nan | 259 | 344 | 342 | (9)(15)(17)<br>(18)(21) |
| &nbsp;&nbsp;Paladone Group Holdings Limited | Common Equity - Common Stock | N/A | N/A | 70,183 Shares | 70,183 Shares | 93 | 85 | (2)(9)(13)<br>(15)(19)(33) |
|  |  |  |  |  |  | 8491 | 8418 |  |
|  |  | Total Leisure Products | Total Leisure Products | Total Leisure Products | Total Leisure Products | $9983 | $8695 |  |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |  |
| August Bio | August Bio |  |  |  |  |  |  |  |
| &nbsp;&nbsp;August Bioservices, LLC | First Lien Secured Debt - Term Loan | SOFR+595, 2.00% Floor | 06/01/29 | $— | 12000 | $11955 | $11550 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+595, 2.00% Floor | 06/01/29 |  | 3000 | 2989 | 2888 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+400, 2.00% Floor | 06/01/29 |  | 434 | 433 | 416 | (9)(17)(18)<br>(22) |
|  |  |  |  |  |  | 15377 | 14854 |  |
| Unchained Labs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Unchained Labs, LLC | First Lien Secured Debt - Term Loan | SOFR+555, 1.00% Floor | 08/09/27 |  | 1848 | 1837 | 1825 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+555, 1.00% Floor | 08/09/27 |  | 2189 | 2178 | 2162 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+555, 1.00% Floor | 08/09/27 |  |  | (4) | (9) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 4011 | 3978 |  |
|  |  | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | $19388 | $18832 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| **Machinery** | **Machinery** |  |  |  |  |  |  |  |
| Carlisle Fluid Technologies | Carlisle Fluid Technologies |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LSF12 Donnelly Bidco, LLC | First Lien Secured Debt - Term Loan | SOFR+650, 1.00% Floor | 10/02/29 | $— | 14663 | $14384 | $14418 | (9)(22) |
| Flow Control |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Flow Control Intermediate Holdings 2.0, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/01/31 |  | 5307 | 5234 | 5280 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 05/01/31 |  |  | (22) | (17) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 05/01/31 |  |  | (18) | (7) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 5194 | 5256 |  |
| Ideal Tridon |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ideal Components Acquisition, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 06/30/32 |  | 13059 | 12873 | 12961 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 06/30/32 |  |  | (17) | (18) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 06/30/32 |  | 267 | 239 | 252 | (9)(17)(18)(23) |
|  |  |  |  |  |  | 13095 | 13195 |  |
| JPW |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;JPW Industries Holding Corporation | First Lien Secured Debt - Term Loan | SOFR+588, 2.00% Floor | 11/22/28 |  | 2400 | 2400 | 2364 | (9)(23) |
| Milacron (Project Iota) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IOTA HOLDINGS 3 | First Lien Secured Debt - Term Loan | SOFR+475, 0.00% Floor | 03/31/32 |  | 22562 | 22240 | 22224 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.00% Floor | 03/31/32 |  | 1274 | 1209 | 1201 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 23449 | 23425 |  |
| Relevant Industrial |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Relevant Industrial, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 1.00% Floor | 05/16/31 |  | 8173 | 8078 | 8071 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.00% Floor | 05/16/31 |  | 196 | 165 | 129 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | P+375, 1.00% Floor | 05/16/31 |  | 143 | 127 | 125 | (9)(17)(18)<br>(20) |
|  |  |  |  |  |  | 8370 | 8325 |  |
|  |  | Total Machinery | Total Machinery | Total Machinery | Total Machinery | $66892 | $66983 |  |
| **Media** | **Media** |  |  |  |  |  |  |  |
| Accelerate360 | Accelerate360 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accelerate360 Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+626, 1.00% Floor | 02/11/27 | $— | 3462 | $3462 | $3453 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+626, 1.00% Floor | 02/11/27 |  | 1382 | 1382 | 1375 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 4844 | 4828 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| Acosta |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acosta Holdings Corp. | Preferred Equity - Preferred Equity | N/A | N/A | 11,749 Shares | 473 | 724 | (13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 6,266 Shares | 77 | 42 | (13)(19) |
|  |  |  |  |  | 550 | 766 |  |
| ChyronHego Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ChyronHego Corporation (5) | Preferred Equity - Preferred Equity | N/A | N/A | 7,800 Shares | 6000 | 13045 | (13)(19) |
| &nbsp;&nbsp;&nbsp;ChyronHego US Holding Corporation (5) | First Lien Secured Debt - Term Loan | SOFR+350, 1.75% Floor | 06/30/29 | 105906 | 105702 | 105906 | (23) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.75% Floor | 06/30/29 | 19467 | 19452 | 19467 | (17)(18)(23) |
|  |  |  |  |  | 131154 | 138418 |  |
| FingerPaint Marketing |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KL Charlie Acquisition Company | First Lien Secured Debt - Term Loan | SOFR+510, 1.00% Floor | 12/30/26 | 17999 | 17896 | 17908 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+510, 1.00% Floor | 12/30/26 | 11600 | 11544 | 11526 | (9)(17)(18)<br>(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+510, 1.00% Floor | 12/30/26 |  | (5) | (10) | (8)(9)(17)<br>(18) |
| &nbsp;&nbsp;&nbsp;KL Charlie Co-Invest, L.P. | Common Equity - Common Stock | N/A | N/A | 218,978 Shares | 220 | 337 | (9)(13) |
|  |  |  |  |  | 29655 | 29761 |  |
| HALO Branded Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;HALO Buyer, Inc | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 08/07/29 | 8630 | 8486 | 8460 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 08/07/29 | 467 | 446 | 442 | (9)(17)(18)<br>(20)(22) |
|  |  |  |  |  | 8932 | 8902 |  |
| Hero Digital |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;HRO (Hero Digital) Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 11/18/28 | 26575 | 26300 | 26094 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+610, 1.00% Floor | 11/18/28 | 102 | 100 | 100 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 11/18/26 | 1176 | 1166 | 1103 | (9)(17)(18)<br>(23) |
| &nbsp;&nbsp;&nbsp;HRO Holdings I LP | Common Equity - Common Stock | N/A | N/A | 213 Shares | 213 | 234 | (9)(13) |
|  |  |  |  |  | 27779 | 27531 |  |
| Wilson Language Training |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owl Parent Holdings, LLC | Common Equity - Common Stock | N/A | N/A | 100 Shares | 100 | 159 | (9) |
|  |  | Total Media | Total Media | Total Media | $203014 | $210365 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| **Multi-Utilities** | **Multi-Utilities** |  |  |  |  |  |  |  |
| Congruex | Congruex |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Congruex Group LLC | First Lien Secured Debt - Term Loan | SOFR+165 Cash plus 5.00% PIK, 1.50% Floor | 05/03/29 | $— | 15684 | $15496 | $12617 | (9)(10)(23) |
| SEER |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GS SEER Group Borrower LLC | First Lien Secured Debt - Term Loan | SOFR+675, 1.00% Floor | 04/29/30 |  | 3175 | 3108 | 3112 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+675, 1.00% Floor | 04/29/30 |  | 1162 | 1135 | 1135 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+675, 1.00% Floor | 04/30/29 |  | 92 | 86 | 84 | (9)(17)(18)<br>(22) |
| &nbsp;&nbsp;GS SEER Group Holdings, LLC | Common Equity - Common Stock | N/A | N/A | 42 Shares | 42 Shares | 42 | 36 | (9)(13) |
|  |  |  |  |  |  | 4371 | 4367 |  |
|  |  | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | $19867 | $16984 |  |
| **Paper & Forest Products** | **Paper & Forest Products** |  |  |  |  |  |  |  |
| BiOrigin Specialty Products | BiOrigin Specialty Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Complete Paper Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 02/04/31 | $— | 14888 | $14683 | $14588 | (9)(23) |
|  |  | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | $14683 | $14588 |  |
| **Passenger Airlines** | **Passenger Airlines** |  |  |  |  |  |  |  |
| Merx Aviation Finance, LLC | Merx Aviation Finance, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Merx Aviation Finance, LLC (5) | First Lien Secured Debt - Revolver | 10.00% | 10/31/26 | $— | 18575 | $18575 | $18576 | (18) |
|  | Common Equity - Membership Interests | N/A | N/A |  |  | 74890 | 84222 | (13)(19) |
|  |  | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | Total Passenger Airlines | $93465 | $102798 |  |
| **Personal Care Products** | **Personal Care Products** |  |  |  |  |  |  |  |
| Dr. Scholl's | Dr. Scholl's |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DRS Holdings III, Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 11/01/28 | $— | 23303 | $23208 | $23186 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 11/01/28 |  |  | (6) | (7) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 23202 | 23179 |  |
| LashCo |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lash OpCo, LLC | First Lien Secured Debt - Term Loan | SOFR+500 Cash plus 2.00% PIK, 1.00% Floor | 09/17/27 |  | 45060 | 44847 | 42766 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500 Cash plus 2.00% PIK, 1.00% Floor | 09/17/27 |  | 2424 | 2416 | 2300 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500 Cash plus 2.00% PIK, 1.00% Floor | 09/17/27 |  | 1 | (13) | (87) | (8)(9)(17)<br>(18)(22) |
|  |  |  |  |  |  | 47250 | 44979 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| RoC Skincare |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RoC Holdco LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 02/21/31 | 12581 | 12358 | 12455 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 02/21/31 | 4128 | 4098 | 4087 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 02/21/30 |  | (31) | (22) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 16425 | 16520 |  |
| Suave |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Silk Holdings I Corp. | Common Equity - Common Stock | N/A | N/A | 100 Shares | 100 | 220 | (9)(13) |
| &nbsp;&nbsp;Silk Holdings III Corp. | First Lien Secured Debt - Term Loan | SOFR+450, 0.50% Floor | 12/03/32 | 26618 | 26114 | 26352 | (9) |
|  |  |  |  |  | 26214 | 26572 |  |
| Summer Fridays |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Summer Fridays, LLC | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/16/31 | 23032 | 22708 | 22687 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 05/16/31 |  | (25) | (28) | (8)(9)(17)<br>(18)(23) |
|  |  |  |  |  | 22683 | 22659 |  |
|  |  | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | $135774 | $133909 |  |
| **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |  |  |
| Alcresta Therapeutics Inc. | Alcresta Therapeutics Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Alcresta Holdings, LP | Preferred Equity - Preferred Equity | N/A | N/A | 116 Shares | $116 | $81 | (9)(13) |
|  | Common Equity - Common Stock | N/A | N/A | 1,176 Shares | 1 | 120 | (9)(13) |
| &nbsp;&nbsp;Alcresta Therapeutics Inc. | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 03/12/30 | 9266 | 9232 | 9173 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 03/12/31 | 29 | 21 | 25 | (9)(17)(18)<br>(23) |
|  |  |  |  |  | 9370 | 9399 |  |
| Avid Bioservices |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Space Finco, Inc. | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 02/05/32 | 10585 | 10436 | 10426 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 02/05/32 |  | (77) | (168) | (8)(9)(17)<br>(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 02/05/31 |  | (43) | (48) | (8)(9)(17)<br>(18)(23) |
| &nbsp;&nbsp;Space Parent, LP | Preferred Equity - Preferred Equity | N/A | N/A | 99,000 Shares | 99 | 99 | (9)(13)(19) |
|  | Common Equity - Common Stock | N/A | N/A | 1,000 Shares | 1 | 1 | (9)(13)(19) |
|  |  |  |  |  | 10416 | 10310 |  |
| Ora LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orion Buyer, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 07/18/30 | 6832 | 6722 | 6491 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 07/18/30 |  | (13) | (84) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | P+400, 1.00% Floor | 07/18/30 | 1401 | 1379 | 1331 | (9)(18)(20) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| &nbsp;&nbsp;TVG Orion Blocker, Inc. | Common Equity - Common Stock | N/A | N/A | 2 Shares | 2 Shares |  | 110 |  |  | (9)(13) |
|  | Unsecured Debt - Promissory Note | 11.34% | 07/11/30 |  | 21 |  | 21 |  |  | (9) |
|  |  |  |  |  |  |  | 8219 |  | 7738 |  |
| PAI Pharma |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pai Middle Tier, LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 02/13/32 |  | 16418 |  | 16184 |  | 16227 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 02/13/32 |  | 500 |  | 454 |  | 461 | (9)(17)(18)<br>(23) |
| &nbsp;&nbsp;PAI Co-Investor FT Aggregator LLC | Common Equity - Common Stock | N/A | N/A | 100 Shares | 100 Shares |  | 100 |  | 106 | (9)(13)(19) |
|  |  |  |  |  |  |  | 16738 |  | 16794 |  |
| Sterling Pharma |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Saffron Bidco Ltd | First Lien Secured Debt - Term Loan | SOFR+325 Cash plus 2.50% PIK, 0.75% Floor | 09/24/31 |  | 13679 |  | 13446 |  | 13269 | (9)(15)(24) |
|  | First Lien Secured Debt - Term Loan | EURIBOR+325 Cash plus 2.50% PIK, 0.75% Floor | 09/24/31 |  | 98 |  | 107 |  | 112 | (9)(15)(29) |
|  | First Lien Secured Debt - Delayed Draw | SON+325 Cash plus 2.50% PIK, 0.75% Floor | 09/24/31 | £— |  |  | (68) |  | (249) | (8)(9)(15)<br>(17)(18) |
|  |  |  |  |  |  |  | 13485 |  | 13132 |  |
| TersSera |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TerSera Therapeutics LLC | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 04/04/29 |  | 16581 |  | 16220 |  | 16581 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 1.00% Floor | 04/04/29 |  |  |  | (19) |  |  | (9)(17)(18) |
|  |  |  |  |  |  |  | 16201 |  | 16581 |  |
| Trillium |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Trillium Health Care Products Inc. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 08/06/31 |  | 8044 |  | 7892 |  | 7782 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 08/06/31 | $— | 1006 |  | 989 |  | 973 | (9)(17)(18)<br>(23)(24) |
|  | First Lien Secured Debt - Revolver | CORRA+525, 1.00% Floor | 08/06/31 |  |  |  |  |  | (20) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  |  | 8881 |  | 8735 |  |
|  |  | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | $— | 83310 | $— | 82689 |  |
| **Professional Services** | **Professional Services** |  |  |  |  |  |  |  |  |  |
| AGDATA | AGDATA |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AGDATA Midco, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 07/01/30 | $— | 5419 | $— | 5355 | $— | 5338 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 07/01/30 |  | 710 |  | 684 |  | 649 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 07/01/30 |  | 189 |  | 183 |  | 182 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  |  | 6222 |  | 6169 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| BDO USA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BDO USA, P.A. | First Lien Secured Debt - Term Loan | SOFR+500, 2.00% Floor | 08/31/28 | 11730 | 11730 | 11702 | (9)(23) |
| DCM Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DCM Parent, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 03/12/31 | 12579 | 12403 | 12391 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 03/12/31 |  | (30) | (35) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 12373 | 12356 |  |
| DecisionHR |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DecisionHR Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+450, 1.00% Floor | 12/08/31 | 6809 | 6741 | 6740 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 1.00% Floor | 12/08/31 |  | (11) | (21) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 1.00% Floor | 12/08/31 |  | (11) | (11) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 6719 | 6708 |  |
| Escalent |  |  |  |  |  |  |  |
| &nbsp;&nbsp;M&M OPCO, LLC | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 04/07/29 | 11978 | 11760 | 11828 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 04/07/29 |  | (8) | (6) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 11752 | 11822 |  |
| G&A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;G&A Partners Holding Company II, LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 03/03/31 | 6645 | 6554 | 6628 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 03/01/31 | 2304 | 2260 | 2292 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 03/01/30 |  | (5) | (1) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 8809 | 8919 |  |
| Health & Safety Institute |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HSI Halo Holdings, LLC | Common Equity - Common Stock | N/A | N/A | 1,010 Shares | 46 | 1684 | (9)(13) |
| Lexitas |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Chronicle Parent LLC | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 04/15/31 | 7002 | 6939 | 6932 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 04/15/31 | 182 | 172 | 160 | (9)(18)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 04/15/31 |  | (7) | (7) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 7104 | 7085 |  |
| North Highland |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The North Highland Company LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 12/20/31 | 3034 | 3007 | 3004 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 12/20/31 |  | (5) | (11) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 12/20/30 | 113 | 106 | 105 | (9)(17)(18)<br>(23) |
|  |  |  |  |  | 3108 | 3098 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| PSI Services, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lifelong Learner Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+115 Cash plus 7.75% PIK, 1.00% Floor | 03/31/27 |  | 5634 | 5578 |  | 4714 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+115 Cash plus 7.75% PIK, 1.00% Floor | 03/31/27 |  | 573 | 572 |  | 475 | (9)(18)(23) |
|  |  |  |  |  |  | 6150 |  | 5189 |  |
| Schlesinger Group |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Schlesinger Global, LLC | First Lien Secured Debt - Term Loan | SOFR+610 Cash plus 0.50% PIK, 1.00% Floor | 03/31/27 |  | 6377 | 6411 |  | 6275 | (9)(22) |
|  |  | Total Professional Services | Total Professional Services | Total Professional Services | Total Professional Services | $80424 | $— | 81007 |  |
| **Software** | **Software** |  |  |  |  |  |  |  |  |
| Acronis AG | Acronis AG |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Acronis AG | First Lien Secured Debt - Term Loan | SOFR+595 Cash plus 1.00% PIK, 1.00% Floor | 04/01/27 | $— | 27490 | $27421 | $— | 27494 | (9)(15)(22) |
| Align |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RMCF V CIV L, L.P. | Common Equity - Common Stock | N/A | N/A | 241 Shares | 241 Shares | 500 |  | 589 | (9)(13)(15) |
| American Megatrends |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AMI Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 10/17/31 |  | 12997 | 12808 |  | 12997 | (9)(25) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 10/17/31 |  |  | (24) |  |  | (9)(17)(18) |
|  |  |  |  |  |  | 12784 |  | 12997 |  |
| Asure Software |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Asure Software, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 2.00% Floor | 04/01/30 |  | 6667 | 6637 |  | 6667 | (9)(15)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 2.00% Floor | 04/01/30 |  | 13333 | 13275 |  | 13333 | (9)(15)(22) |
|  |  |  |  |  |  | 19912 |  | 20000 |  |
| Beeline |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IQN Holding Corp. | First Lien Secured Debt - Term Loan | SOFR+263 Cash plus 3.13% PIK, 0.75% Floor | 05/02/29 |  | 4434 | 4434 |  | 4367 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 0.75% Floor | 05/02/28 |  | 172 | 172 |  | 168 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 4606 |  | 4535 |  |
| Calero Holdings, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Telesoft Holdings, LLC | First Lien Secured Debt - Term Loan | SOFR+585, 1.00% Floor | 12/16/26 |  | 21420 | 21366 |  | 21388 | (22) |
|  | First Lien Secured Debt - Revolver | SOFR+585, 1.00% Floor | 12/16/26 |  | 341 | 335 |  | 338 | (17)(18)(22) |
|  |  |  |  |  |  | 21701 |  | 21726 |  |
| Digital.ai |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Digital.ai Software Holdings, Inc. | First Lien Secured Debt - Term Loan | SOFR+600, 1.00% Floor | 08/10/28 |  | 22693 | 22392 |  | 22188 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 08/10/28 |  | 726 | 700 |  | 671 | (9)(17)(18)<br>(22) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| EVER.AG Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EVER.AG Corporation | First Lien Secured Debt - Term Loan | SOFR+535, 1.00% Floor | 06/24/27 | 20588 | 20420 | 20412 | (9)(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+535, 1.00% Floor | 06/24/27 |  | (7) | (11) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 20413 | 20401 |  |
| Forcura + Medalogix (Project Tarpon) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;F&M Buyer LLC | First Lien Secured Debt - Term Loan | SOFR+450, 0.75% Floor | 03/18/32 | 16901 | 16748 | 16901 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+450, 0.75% Floor | 03/18/32 |  | (25) |  | (9)(17)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+450, 0.75% Floor | 03/18/32 |  | (22) |  | (9)(17)(18) |
|  |  |  |  |  | 16701 | 16901 |  |
| G2CI |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Evergreen IX Borrower 2023, LLC | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 09/30/30 | 7061 | 7061 | 7061 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 10/01/29 |  |  |  | (9)(17)(18) |
|  |  |  |  |  | 7061 | 7061 |  |
| Go1 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Apiom, Inc. | First Lien Secured Debt - Term Loan | SOFR+745, 2.00% Floor | 05/02/28 | 2500 | 2489 | 2500 | (9)(15)(22) |
| Instem |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ichor Management Limited | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 12/08/29 | 8883 | 8719 | 8661 | (9)(15)(24) |
| Litify |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Litify Holdings Inc. | Common Equity - Common Stock | N/A | N/A | 217,892 Shares | 107 | 455 | (9)(13) |
| &nbsp;&nbsp;Litify LLC | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 02/02/29 | 29167 | 28634 | 28583 | (9)(22)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 02/02/29 |  | (13) | (17) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 28728 | 29021 |  |
| Lookout |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lookout, Inc. | First Lien Secured Debt - Term Loan | SOFR+625, 3.00% Floor | 06/01/29 | 5000 | 4981 | 4963 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+625, 3.00% Floor | 06/01/29 | 5000 | 4982 | 4963 | (9)(22) |
|  |  |  |  |  | 9963 | 9926 |  |
| mPulse |  |  |  |  |  |  |  |
| &nbsp;&nbsp;mPulse Mobile, Inc. | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 08/26/32 | 8077 | 7996 | 7996 | (9)(23)(31) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 0.75% Floor | 08/26/32 |  | (4) | (8) | (8)(9)(17)<br>(18)(31) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 08/26/32 |  | (12) | (12) | (8)(9)(17)<br>(18)(31) |
|  |  |  |  |  | 7980 | 7976 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| MYCOM |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Magnate Holding Corp. | First Lien Secured Debt - Term Loan | SOFR+625, 0.50% Floor | 12/31/26 | 20656 | 20663 | 20291 | (9)(15)(23) |
| Naviga |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Colonnade Parent Inc (fka Naviga Inc.) | First Lien Secured Debt - Term Loan | 4.77% | 09/30/26 | 12989 | 10890 | 6495 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 4.77% | 09/30/26 | 2220 | 1847 | 1110 | (9)(14) |
|  | First Lien Secured Debt - Revolver | 4.77% | 09/30/26 | 500 | 486 | 250 | (9)(14)(18) |
|  |  |  |  |  | 13223 | 7855 |  |
| New Relic |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crewline Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+675, 1.00% Floor | 11/08/30 | 5623 | 5579 | 5623 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+675, 1.00% Floor | 11/08/30 |  |  |  | (9)(17)(18) |
|  |  |  |  |  | 5579 | 5623 |  |
| Poppulo, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Four Winds Interactive LLC | First Lien Secured Debt - Term Loan | SOFR+575, 0.75% Floor | 02/20/30 | 7523 | 7393 | 7448 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 0.75% Floor | 02/20/30 |  | (12) | (15) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+575, 0.75% Floor | 02/20/30 |  | (16) | (10) | (8)(9)(17)<br>(18) |
|  |  |  |  |  | 7365 | 7423 |  |
| Riverbed Technology, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Riverbed Technology, Inc. | First Lien Secured Debt - Revolver | SOFR+600, 1.00% Floor | 04/03/28 |  | (5) | (7) | (8)(17)(18) |
| Simeio |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Simeio Group Holdings, Inc. | First Lien Secured Debt - Term Loan | 11.06% | 02/02/26 | 8128 | 8115 | 6137 | (9)(14) |
|  | First Lien Secured Debt - Revolver | 11.06% | 02/02/26 | 884 | 876 | 667 | (9)(14)(18) |
|  |  |  |  |  | 8991 | 6804 |  |
| Solera |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Polaris Newco, LLC | First Lien Secured Debt - Term Loan | SOFR+401, 0.50% Floor | 06/02/28 | 8066 | 8024 | 7797 | (10)(23) |
| SPS Commerce, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SPS Commerce, Inc. | Common Equity - Common Stock | N/A | N/A | 837 Shares | 62 | 75 | (10)(13)(15)<br>(19) |
| Texada |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Texada Software LLC | First Lien Secured Debt - Term Loan | SOFR+550, 1.00% Floor | 04/30/30 | 6923 | 6814 | 6837 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+550, 1.00% Floor | 04/30/30 | 2051 | 2018 | 2026 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 1.00% Floor | 04/30/30 | 77 | 62 | 64 | (9)(17)(18)<br>(23) |
|  |  |  |  |  | 8894 | 8927 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| The Weather Company |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zephyr Buyer, L.P. | First Lien Secured Debt - Term Loan | SOFR+475, 0.50% Floor | 01/31/31 |  | 30505 |  | 29886 | 30353 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.50% Floor | 01/31/31 |  |  |  | (72) | (20) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  |  | 29814 | 30333 |  |
| Uniguest |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uniguest Holdings, Inc | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 11/27/30 |  | 19643 |  | 19390 | 19368 | (9)(22)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 1.00% Floor | 11/27/30 |  |  |  | (24) | (56) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 11/27/30 |  |  |  | (15) | (17) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  |  | 19351 | 19295 |  |
| Uplight |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uplight, Inc. | First Lien Secured Debt - Term Loan | SOFR+610, 4.00% Floor | 06/01/29 |  | 10000 |  | 9925 | 9850 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+610, 4.00% Floor | 06/01/29 |  |  |  |  | (150) | (8)(9)(18) |
|  | First Lien Secured Debt - Revolver | SOFR+350, 4.00% Floor | 06/01/29 |  | 300 |  | 300 | 285 | (9)(17)(18)<br>(22) |
|  |  |  |  |  |  |  | 10225 | 9985 |  |
| Zafin |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zafin Labs Americas Incorporated | First Lien Secured Debt - Term Loan | SOFR+475, 0.75% Floor | 02/14/31 |  | 16667 |  | 16445 | 16477 | (9)(15)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 0.75% Floor | 02/14/31 |  |  |  | (43) | (38) | (8)(9)(15)<br>(17)(18) |
|  |  |  |  |  |  |  | 16402 | 16439 |  |
| Zendesk |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zendesk, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 11/22/28 |  | 6620 |  | 6620 | 6603 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+500, 0.75% Floor | 11/22/28 |  | 1107 |  | 1107 | 1104 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 11/22/28 |  |  |  |  | (2) | (8)(9)(16)<br>(17)(18) |
|  |  |  |  |  |  |  | 7727 | 7705 |  |
|  |  | Total Software | Total Software | Total Software | Total Software | $— | 368385 | $361192 |  |
| **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |  |  |  |
| Club Champion | Club Champion |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Club Champion LLC | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 06/14/29 | $— | 9020 | $— | 8918 | $8930 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 06/14/29 |  | 669 |  | 650 | 651 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  |  | 9568 | 9581 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| EG Group |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EG Global Finance PLC | First Lien Secured Debt - Corporate Bond | SOFR+750, 0.50% Floor | 11/30/28 |  | 6267 | 6398 | 6658 | (15)(23) |
| Tailored Brands |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The Men's Wearhouse, LLC | First Lien Secured Debt - Term Loan | SOFR+575, 0.00% Floor | 02/26/29 |  | 775 | 774 | 778 | (10)(23) |
|  |  | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | $16740 | $17017 |  |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |
| Biamp | Biamp |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Biamp | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 04/30/30 | $— | 825 | $812 | $792 | (9)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 1.00% Floor | 04/30/30 |  |  | (2) | (5) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 810 | 787 |  |
| BusPatrol |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BusPatrol Holdco | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 08/02/29 |  | 8333 | 8269 | 8249 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 08/02/29 |  | 3333 | 3309 | 3250 | (9)(18)(22) |
|  | First Lien Secured Debt - Revolver | SOFR+400, 1.00% Floor | 08/02/29 |  | 1800 | 1782 | 1780 | (9)(17)(18)<br>(22) |
|  |  |  |  |  |  | 13360 | 13279 |  |
|  |  | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | $14170 | $14066 |  |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |  |
| Iconix Brand Group | Iconix Brand Group |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IBG Borrower LLC | First Lien Secured Debt - Term Loan | SOFR+515, 1.00% Floor | 08/22/29 | $— | 5797 | $5752 | $5681 | (9)(23) |
|  | First Lien Secured Debt - Term Loan | SOFR+500, 1.00% Floor | 08/22/31 |  | 3409 | 3342 | 3341 | (9)(23) |
|  |  |  |  |  |  | 9094 | 9022 |  |
| Sequential Brands Group, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Gainline Galaxy Holdings LLC | Common Equity - Common Stock | N/A | N/A | 3,060 Shares | 3,060 Shares | 575 | 42 | (13)(31) |
| &nbsp;&nbsp;Galaxy Universal LLC | First Lien Secured Debt - Term Loan | SOFR+575, 1.00% Floor | 05/12/28 |  | 16241 | 16231 | 15928 | (23) |
|  | First Lien Secured Debt - Term Loan | SOFR+625, 1.00% Floor | 05/12/28 |  | 2480 | 2480 | 2472 | (23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+575, 1.00% Floor | 05/12/28 |  | 761 | 746 | 746 | (23) |
|  |  |  |  |  |  | 20032 | 19188 |  |
|  |  | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | $29126 | $28210 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |
| Banner Solutions | Banner Solutions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Banner Buyer, LLC | First Lien Secured Debt - Term Loan | 10.04% | 05/31/27 | $— | 12270 | $11913 | $— | 8841 | (9)(14) |
|  | First Lien Secured Debt - Delayed Draw | 10.04% | 05/31/27 |  | 2996 | 2907 |  | 2158 | (9)(14) |
|  | First Lien Secured Debt - Revolver | 10.04% | 05/31/27 |  | 587 | 569 |  | 46 | (9)(14)(18) |
| &nbsp;&nbsp;Banner Parent Holdings, Inc. | Common Equity - Common Stock | N/A | N/A | 6,125 Shares | 6,125 Shares | 613 |  |  | (9)(13) |
|  |  |  |  |  |  | 16002 |  | 11045 |  |
| LSG |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lindstrom, LLC | First Lien Secured Debt - Term Loan | SOFR+550, 0.75% Floor | 12/30/32 |  | 11500 | 11328 |  | 11328 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+550, 0.75% Floor | 12/30/32 |  | 1283 | 1230 |  | 1230 | (9)(17)(18)<br>(23) |
|  |  |  |  |  |  | 12558 |  | 12558 |  |
| MacQueen Equipment, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MacQueen Equipment, LLC | First Lien Secured Debt - Delayed Draw | SOFR+551, 1.00% Floor | 01/07/28 |  | 3522 | 3506 |  | 3513 | (9)(17)(18)<br>(23) |
| McNichols Company |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Patriot MCN Buyer Corp. | First Lien Secured Debt - Term Loan | SOFR+475, 1.75% Floor | 10/01/31 |  | 3873 | 3826 |  | 3825 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+475, 1.75% Floor | 10/01/31 |  |  | (4) |  | (9) | (8)(9)(17)<br>(18) |
|  | First Lien Secured Debt - Revolver | SOFR+475, 1.75% Floor | 10/01/31 |  |  | (5) |  | (5) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 3817 |  | 3811 |  |
| Meritus Gas Partners |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MGP Holdings III Corp. | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 03/01/30 |  | 14066 | 13867 |  | 13855 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 03/01/30 |  | 1838 | 1809 |  | 1799 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | P+425, 1.00% Floor | 03/01/30 |  | 105 | 101 |  | 93 | (9)(17)(18)<br>(20) |
|  |  |  |  |  |  | 15777 |  | 15747 |  |
| ORS Nasco |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WC ORS Buyer, Inc. | First Lien Secured Debt - Term Loan | SOFR+500, 0.75% Floor | 08/07/31 |  | 19895 | 19619 |  | 19696 | (9)(23) |
|  | First Lien Secured Debt - Revolver | SOFR+500, 0.75% Floor | 08/07/31 |  | 869 | 796 |  | 821 | (9)(17)(18)<br>(23) |
| &nbsp;&nbsp;WC ORS Holdings, L.P. | Common Equity - Common Stock | N/A | N/A | 100,000 Shares | 100,000 Shares | 100 |  | 177 | (9)(13) |
|  |  |  |  |  |  | 20515 |  | 20694 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par/Shares** <sup>(2)</sup> | **Par/Shares** <sup>(2)</sup> | **Cost** <sup>(35)</sup> | **Fair Value** <sup>(1)(36)</sup> |  |
| PSE |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Graffiti Parent, LP | Common Equity - Common Stock | N/A | N/A | 2,439 Shares | 2,439 Shares | 244 | 179 | (9)(13) |
| &nbsp;&nbsp;Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.) | First Lien Secured Debt - Term Loan | SOFR+560, 1.00% Floor | 08/10/27 |  | 10748 | 10629 | 10505 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+560, 1.00% Floor | 08/10/27 |  | 3629 | 3597 | 3465 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+560, 1.00% Floor | 08/10/27 |  |  | (8) | (29) | (8)(9)(17)<br>(18) |
|  |  |  |  |  |  | 14462 | 14120 |  |
|  |  | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | $86637 | $81488 |  |
| **Transportation Infrastructure** | **Transportation Infrastructure** |  |  |  |  |  |  |  |
| GAT-Airline Ground Support Inc | GAT-Airline Ground Support Inc |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GAT-Airline Ground Support Inc | First Lien Secured Debt - Term Loan | SOFR+525, 1.00% Floor | 05/09/29 | $— | 15010 | $14829 | $15010 | (9)(23) |
|  | First Lien Secured Debt - Delayed Draw | SOFR+525, 1.00% Floor | 05/09/29 |  | 3484 | 3434 | 3483 | (9)(17)(18)<br>(23) |
|  | First Lien Secured Debt - Revolver | SOFR+525, 1.00% Floor | 05/09/29 |  | 635 | 611 | 635 | (9)(17)(18)<br>(23) |
|  |  | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | $18874 | $19128 |  |
| Total Investment before Cash Equivalents | Total Investment before Cash Equivalents | Total Investment before Cash Equivalents |  |  |  | $**3356770** | $**3167838** |  |
| Goldman Sachs Financial Square Government Fund, Institutional | Goldman Sachs Financial Square Government Fund, Institutional | N/A | N/A | $— | 230 | $230 | $230 | (11) |
| J.P. Morgan U.S. Government Money Market Fund |  | N/A | N/A | $— | 153 | $153 | $153 | (11) |
| **Total Investment after Cash Equivalents** | **Total Investment after Cash Equivalents** | **Total Investment after Cash Equivalents** |  |  |  | $**3357153** | $**3168221** |  |

---

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

(2)Par amount is denominated in USD unless otherwise noted, and represents funded commitments. See Note 18 in the Consolidated Schedule of Investments and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of December 31, 2025, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Fair Value at December 31, 2024** | **Gross Additions <br>●** | **Gross Reductions ■** | **Net Change in Unrealized Gains (Losses)** | **Fair Value at December 31, 2025** | **Net Realized Gains (Losses)** | **Interest/<br>Dividend/<br>Other Income** |
| 1244311 B.C. Ltd.,Common Stock | $202 |  |  | (136) | 66 |  |  |
| Carbonfree Chemicals Holdings LLC,Common Equity / Interest | 18933 | 0 |  | (602) | 18332 |  |  |
| FC2 LLC,Common Stock |  |  |  |  |  |  |  |
| FC2 LLC,Term Loan | 12459 |  |  | (86) | 12373 |  | 814 |
| Golden Bear 2016-R, LLC,Membership Interests | 9736 | 199 | (1637) | (264) | 8033 |  | 836 |
| Surf Opco, LLC,Class A-1 Common |  | 375 |  | (260) | 115 |  |  |
| Surf Opco, LLC,Class P-1 Preferred |  | 3405 |  | (722) | 2683 |  | 1782 |
| Surf Opco, LLC,Revolver |  | 31170 | (11287) | (54) | 19829 |  | 849 |
| Surf Opco, LLC,Term Loan |  | 9616 | (174) | 45 | 9431 | (56) |  |
| Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests | 16366 |  | (3783) | (2266) | 10317 |  | 2502 |
| Blue Jay Transit Inc.,Term Loan | 19940 | 4580 | (868) | (4308) | 19344 |  |  |
| Blue Jay Transit Inc.,Unfunded Delayed Draw |  |  |  |  |  |  |  |
| Bird Scooter Acquisition Corp.,Common Stock | 373 |  | (373) |  |  |  |  |
| Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests | 2144 |  |  | 484 | 2628 |  |  |
| Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan | 4183 | (48) | (187) | 296 | 3962 | (282) | 427 |
| Third Lane Mobility Inc.,Common Stock |  | 728 |  | (728) |  |  |  |
| Third Lane Mobility Inc.,Warrants |  |  |  |  |  |  |  |
|  | $84334 | $50025 | $(18310) | $(8601) | $107111 | $(338) | $7209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Fair Value at December 31, 2024** | **Gross Additions <br>●** | **Gross Reductions ■** | **Net Change in Unrealized Gains (Losses)** | **Fair Value at December 31, 2025** | **Net Realized Gains (Losses)** | **Interest/<br>Dividend/<br>Other Income** |
| **Majority Owned Company** |  |  |  |  |  |  |  |
| ChyronHego US Holding Corporation | $15500 | 15369 | (11400) | (1) | 19467 |  | 1692 |
| ChyronHego US Holding Corporation | 106406 | 6 | (500) | (6) | 105906 |  | 8334 |
| ChyronHego Corporation | 19456 |  |  | (6411) | 13045 |  |  |
| Merx Aviation Finance, LLC | 123815 |  | (71609) | 32016 | 84222 |  |  |
| Merx Aviation Finance, LLC | 59576 |  | (41000) |  | 18576 |  | 4419 |
| Merx Aviation Finance Holdings, LLC |  | 225000 | (225000) |  |  |  |  |
|  | $324753 | $240375 | $(349509) | $25598 | $241216 | $— | $14444 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪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, 2025, the Company had a 87% and 100% equity ownership interest in ChyronHego Corporation and Merx Aviation Finance, LLC, respectively.

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

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

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

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

(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)This security is included in the Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

(12)Aggregate gross unrealized gain and loss for federal income tax purposes is $39,682 and $270,079, respectively. Net unrealized loss is $230,397 based on a tax cost of $3,398,235.

(13)Non-income producing security.

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

(15)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, 2025, non-qualifying assets represented approximately 8.8% of the total assets of the Company.

(16)As of December 31, 2025, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.

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

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

(18)As of December 31, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Letters of Credit \*\*** | **Undrawn Commitment** | **Undrawn Commitment** |
| ACP Avenu Buyer, LLC | $7247 | $— |  | $— |  | $— | 7247 |
| ACP Packaging Intermediateco, LLC | 1829 |  |  |  |  |  | 1829 |
| AGDATA Midco, LLC | 3828 |  | 189 |  |  |  | 3639 |
| AMI Buyer, Inc. | 1905 |  |  |  |  |  | 1905 |
| Accelerate360 Holdings, LLC | 2544 |  | 1382 |  |  |  | 1162 |
| Accelevation LLC | 3540 |  | 385 |  |  |  | 3155 |
| Acentra Holdings, LLC (fka CNSI Holdings, LLC) | 2000 |  |  |  |  |  | 2000 |
| Alcami Corporation | 1096 |  | 233 |  |  |  | 863 |
| Alcresta Therapeutics Inc. | 441 |  | 29 |  |  |  | 412 |
| All Star Recruiting Locums, LLC | 3478 |  | 761 |  |  |  | 2717 |
| Alpinex Opco, LLC | 1489 |  | 1102 |  |  |  | 387 |
| American Restoration Holdings, LLC | 8554 |  | 1490 |  |  |  | 7064 |
| Amplity Parent, Inc. | 3243 |  | 2732 |  |  |  | 511 |
| Amylu Borrower Sub, LLC | 4063 |  |  |  |  |  | 4063 |
| Arcadia Solutions, Inc. | 1786 |  |  |  |  |  | 1786 |
| Arcwood Environmental, Inc. (f/k/a Heritage Environmental Services, Inc.) | 242 |  |  |  | 4 |  | 238 |
| Aspen Aerogels, Inc. | 100 |  | 15 |  |  |  | 85 |
| Athlete Buyer, LLC | 5237 |  | 3201 |  | 214 |  | 1822 |
| August Bioservices, LLC | 500 |  | 434 |  |  |  | 66 |
| Banner Buyer, LLC | 1935 |  | 587 |  |  |  | 1348 |
| Berner Food & Beverage, LLC | 2881 |  | 1383 |  |  |  | 1498 |
| Biamp | 120 |  |  |  | 4 |  | 116 |
| Bingo Group Buyer, Inc. | 4130 |  | 25 |  |  |  | 4105 |
| Birch Group of Clinics Acquireco Inc. | 1702 |  |  |  |  |  | 1702 |
| Blue Jay Transit Inc. |  |  |  |  |  |  |  |
| Brush Group Bidco Limited\* | 2021 |  |  |  |  |  | 2021 |
| Bullcave Limited | 5526 |  | 3684 |  |  |  | 1842 |
| BusPatrol Holdco | 7000 |  | 1800 |  |  |  | 5200 |
| CARDS-Live Oak Holdings, Inc. | 1850 |  | 200 |  |  |  | 1650 |
| CI (MG) GROUP, LLC | 6259 |  | 1176 |  |  |  | 5083 |
| CRS Holdings, Inc. | 4472 |  |  |  | 150 |  | 4322 |
| CSC Holdings, LLC | 100 |  | 86 |  | 7 |  | 7 |
| Camin Cargo Control Holdings, Inc. | 1930 |  | 537 |  |  |  | 1393 |
| Celerion Buyer, Inc. | 639 |  |  |  |  |  | 639 |
| Cerus Corporation | 5000 |  | 450 |  |  |  | 4550 |
| Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.) | 333 |  | 28 |  | 154 |  | 151 |
| Chronicle Parent LLC | 2781 |  |  |  |  |  | 2781 |
| ChyronHego US Holding Corporation | 21000 |  | 19467 |  |  |  | 1533 |
| CircusTrix Holdings LLC | 1000 |  | 400 |  |  |  | 600 |
| Club Car Wash Operating, LLC | 1625 |  |  |  |  |  | 1625 |
| Club Champion LLC | 1807 |  | 669 |  |  |  | 1138 |
| Colonnade Parent Inc (fka Naviga Inc.) | 500 |  | 500 |  |  |  |  |
| Cool Buyer, Inc. | 6667 |  | 1818 |  | 28 |  | 4821 |
| Coretrust Purchasing Group LLC (HPG Enterprises LLC) | 963 |  |  |  |  |  | 963 |
| Crewline Buyer, Inc. | 377 |  |  |  |  |  | 377 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Undrawn Commitment** |
| Crumbl Enterprises LLC | 741 |  |  | 741 |
| DCM Parent, LLC | 2326 |  |  | 2326 |
| DRS Holdings III, Inc. | 1483 |  |  | 1483 |
| DecisionHR Holdings, Inc. | 3191 |  |  | 3191 |
| Digital.ai Software Holdings, Inc. | 2419 | 726 |  | 1693 |
| Distinct Holdings Inc | 1758 | 1260 |  | 498 |
| EVER.AG Corporation | 1257 |  |  | 1257 |
| Eagle Purchaser, Inc. | 684 | 421 |  | 263 |
| Eagle U.S. Purchaser, Inc. | 1421 |  |  | 1421 |
| Eldrickco Limited\* | 944 | 479 |  | 465 |
| EmpiRx Health LLC | 909 |  |  | 909 |
| Evergreen IX Borrower 2023, LLC | 795 |  |  | 795 |
| Evolv Technologies Holdings, Inc. | 9000 |  |  | 9000 |
| Evoriel\* | 92 |  |  | 92 |
| ExactCare Parent, Inc. | 1967 |  |  | 1967 |
| Excelligence Learning Corporation | 2466 | 395 | 223 | 1848 |
| F&M Buyer LLC | 8099 |  |  | 8099 |
| Flow Control Intermediate Holdings 2.0, LLC | 4667 |  |  | 4667 |
| Four Winds Interactive LLC | 2439 |  | 5 | 2434 |
| G&A Partners Holding Company II, LLC | 2659 |  |  | 2659 |
| GAT-Airline Ground Support Inc | 3661 | 635 | 118 | 2908 |
| GI Apple Midco LLC | 556 | 250 | 50 | 256 |
| GS SEER Group Borrower LLC | 563 | 92 | 12 | 459 |
| Gabriel Partners, LLC | 689 | 689 |  |  |
| Gateway US Holdings, Inc. | 1346 |  |  | 1346 |
| Genius Bidco LLC | 6160 | 155 | 77 | 5928 |
| Go Car Wash Management Corp. | 417 |  |  | 417 |
| Green Grass Foods, Inc. | 1250 |  |  | 1250 |
| HALO Buyer, Inc | 1304 | 467 | 4 | 833 |
| HEF Safety Ultimate Holdings, LLC | 2200 |  |  | 2200 |
| HRO (Hero Digital) Holdings, LLC | 2657 | 1176 |  | 1481 |
| Health Management Associates Superholdings, Inc. | 284 |  | 4 | 280 |
| Heniff Holdco, LLC | 3925 | 3173 | 139 | 613 |
| High Street Buyer, Inc. | 2203 |  | 7 | 2196 |
| Hive Intermediate, LLC | 2326 | 1448 |  | 878 |
| IOTA HOLDINGS 3 | 4825 | 1274 | 6 | 3545 |
| IQN Holding Corp. | 264 | 172 |  | 92 |
| IW Buyer LLC | 393 | 112 | 9 | 272 |
| Ideal Components Acquisition, LLC | 4408 | 267 |  | 4141 |
| Ironhorse Purchaser, LLC | 483 |  | 21 | 462 |
| Jacent Strategic Merchandising, LLC | 3500 | 1589 |  | 1911 |
| Justin's LLC | 833 |  |  | 833 |
| KL Charlie Acquisition Company | 5141 |  |  | 5141 |
| Kauffman Intermediate, LLC | 1337 | 1337 |  |  |
| Kure Pain Holdings, Inc. | 2654 | 505 |  | 2149 |
| LS Clinical Services Holdings, Inc. | 1875 | 1775 |  | 100 |
| Lash OpCo, LLC | 1612 | 1 |  | 1611 |
| LendingPoint 2018-1 Funding Trust | 13821 | 5231 |  | 8590 |
| Lifelong Learner Holdings, LLC | 597 | 573 |  | 24 |
| Lindstrom, LLC | 3500 | 1283 |  | 2217 |
| Litify LLC | 833 |  |  | 833 |
| Lotus Topco Inc. | 1691 |  |  | 1691 |
| Lunar Buyer, LLC | 10909 | 1727 |  | 9182 |
| M&M OPCO, LLC | 476 |  |  | 476 |
| MGP Holdings III Corp. | 1546 | 105 |  | 1441 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Undrawn Commitment** |
| MRO Parent Corporation | 741 |  |  | 741 |
| MacQueen Equipment, LLC | 6369 |  |  | 6369 |
| Marlin DTC-LS Midco 2, LLC | 685 |  |  | 685 |
| Maxor National Pharmacy Services, LLC | 1530 |  |  | 1530 |
| Medical Guardian, LLC | 3810 | 381 |  | 3429 |
| Merative L.P. | 882 |  |  | 882 |
| Merx Aviation Finance, LLC | 18575 | 18575 |  |  |
| Midwest Vision Partners Management, LLC | 639 | 639 |  |  |
| Mobile Communications America, Inc. | 3449 | 272 |  | 3177 |
| Munson Buffalo Restaurant Group LLC | 947 |  |  | 947 |
| NCP-MSI Buyer | 2667 | 1717 |  | 950 |
| NPPI Buyer, LLC | 7895 |  |  | 7895 |
| Natus Sensory, Inc. | 4150 |  |  | 4150 |
| NeuroPace, Inc. | 1500 |  |  | 1500 |
| New Era Technology, Inc. | 1732 | 866 |  | 866 |
| Norvax, LLC (dba GoHealth) | 1591 | 1025 |  | 566 |
| OMH-Healthedge Holdings, Inc. | 1312 |  |  | 1312 |
| Olympus Terminals Holdco II LLC | 6373 |  | 2142 | 4231 |
| Origami Opportunities Fund III, L.P. | 3 |  |  | 3 |
| Orion Buyer, LLC | 3081 | 1401 |  | 1680 |
| Overhaul Group, Inc. | 4286 |  |  | 4286 |
| PARS Group LLC | 952 |  |  | 952 |
| PMA Parent Holdings, LLC | 987 |  |  | 987 |
| Pace Health Companies, LLC | 4399 |  | 138 | 4261 |
| Pai Middle Tier, LLC | 3500 | 500 |  | 3000 |
| Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.) | 4973 |  |  | 4973 |
| Paladone Group Bidco Limited | 1412 | 1318 |  | 94 |
| Paladone Group Bidco Limited\* | 476 | 349 |  | 127 |
| Patriot Foods Buyer, Inc. | 584 | 80 |  | 504 |
| Patriot MCN Buyer Corp. | 1127 |  |  | 1127 |
| Pavement Preservation Acquisition, LLC | 1293 |  |  | 1293 |
| Poly-Wood, LLC | 818 |  |  | 818 |
| Precision Refrigeration & Air Conditioning LLC | 2273 | 1591 |  | 682 |
| Protein For Pets Opco, LLC | 896 | 179 |  | 717 |
| Purchasing Power Funding I, LLC | 9113 | 2126 |  | 6987 |
| Pure Upper Holdco LLC | 3556 |  |  | 3556 |
| R.F. Fager Company, LLC | 1368 | 51 |  | 1317 |
| RHI Acquisition LLC | 1663 |  |  | 1663 |
| Rarebreed Veterinary Partners, Inc. | 2324 |  | 5 | 2319 |
| Regis Corporation | 4167 | 172 | 833 | 3162 |
| Relevant Industrial, LLC | 6589 | 143 |  | 6446 |
| Riverbed Technology, Inc. | 160 |  |  | 160 |
| RoC Holdco LLC | 2195 |  |  | 2195 |
| Ronnoco Holdings, Inc. | 2172 | 290 |  | 1882 |
| Roscoe Medical, Inc | 819 | 164 |  | 655 |
| SEV Intermediate Holdco, LLC | 3998 | 658 |  | 3340 |
| Saffron Bidco Ltd\* | 8287 |  |  | 8287 |
| Shelby 2021 Holdings Corp. | 3057 |  |  | 3057 |
| Shout! Factory LLC | 1579 | 197 |  | 1382 |
| Simeio Group Holdings, Inc. | 884 | 884 |  |  |
| Smith Topco, Inc. | 1128 |  |  | 1128 |
| Space Finco, Inc. | 14362 |  |  | 14362 |
| Sperry Acquisition, LLC | 1154 | 231 |  | 923 |
| Summer Fridays, LLC | 1852 |  |  | 1852 |
| Surf Opco, LLC | 23333 | 19883 | 1667 | 1783 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Undrawn Commitment** |
| TCW Midco LLC | 1139 |  |  | 1139 |
| THLP CO., LLC | 4494 | 2255 | 435 | 1804 |
| TS Investors, LLC | 1885 |  |  | 1885 |
| Tarrytown Acquisition Holdings, LLC | 1574 |  |  | 1574 |
| Tasty Chick'n LLC | 7614 | 878 |  | 6736 |
| TeamLINX Buyer, LLC | 1429 |  |  | 1429 |
| Telesoft Holdings, LLC | 2273 | 341 |  | 1932 |
| TerSera Therapeutics LLC | 1395 |  |  | 1395 |
| Texada Software LLC | 1026 | 77 |  | 949 |
| The North Highland Company LLC | 1936 | 113 |  | 1823 |
| Thomas Scientific, LLC | 3067 | 2324 | 296 | 447 |
| Titan Luxco I SARL | 2667 | 367 |  | 2300 |
| Titan Luxco I SARL\* | 131 | 131 |  |  |
| Total Power Limited | 4615 |  |  | 4615 |
| Total Power Limited\* | 2502 |  | 50 | 2452 |
| Traffic Management Solutions, LLC | 7706 |  |  | 7706 |
| Trench Plate Rental Co. | 1818 | 1055 | 137 | 626 |
| Trillium Health Care Products Inc. | 1038 | 1006 |  | 32 |
| Trillium Health Care Products Inc.\* | 610 |  |  | 610 |
| Truck-Lite Co., LLC | 1323 |  | 4 | 1319 |
| Turbo Buyer, Inc. | 923 | 694 |  | 229 |
| USLS Acquisition, Inc. | 2979 | 844 | 86 | 2049 |
| Ultra Clean Holdco LLC | 6964 |  |  | 6964 |
| Unchained Labs, LLC | 726 |  |  | 726 |
| Uniguest Holdings, Inc | 5159 |  |  | 5159 |
| Uplight, Inc. | 1000 | 300 |  | 700 |
| Village Pet Care, LLC | 4950 | 803 |  | 4147 |
| Vixxo Corporation | 1250 |  |  | 1250 |
| Vybond Buyer, LLC | 7666 |  |  | 7666 |
| WC ORS Buyer, Inc. | 4828 | 869 |  | 3959 |
| WH BorrowerCo, LLC | 6817 | 583 |  | 6234 |
| WelldyneRX, LLC | 1923 |  |  | 1923 |
| WildBrain Ltd. | 1446 | 940 |  | 506 |
| Zafin Labs Americas Incorporated | 3333 |  |  | 3333 |
| Zendesk, Inc. | 696 |  | 7 | 689 |
| Zephyr Buyer, L.P. | 3952 |  |  | 3952 |
| mPulse Mobile, Inc. | 1923 |  |  | 1923 |
| **Total Commitments** | $**571740** | $**139352** | $**7036** | $**425352** |

---

\* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2025 exchange rate.

\*\*For all letters of credit issued and outstanding on December 31, 2025, $6,353 will expire in 2026, $324 will expire in 2027, $214 will expire in 2029 and $145 will expire in 2030.

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Securities that are exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $131,042 or 10% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Issuer** | **Investment Type** | **Acquisition Date** |
| &nbsp;&nbsp;1244311 B.C. Ltd. | Common Equity - Common Stock | 9/30/2020 |
| &nbsp;&nbsp;Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) | Common Equity - Membership Interests | 12/31/2024 |
| &nbsp;&nbsp;Carbonfree Chemicals Holdings LLC | Common Equity - Common Equity / Interest | 11/1/2019 |
| &nbsp;&nbsp;ChyronHego Corporation | Preferred Equity - Preferred Equity | 12/29/2020 |
| &nbsp;&nbsp;Eagle Aggregator Ltd | Preferred Equity - Preferred Equity | 12/31/2025 |
| &nbsp;&nbsp;Eagle Aggregator Ltd | Preferred Equity - Preferred Equity | 12/31/2025 |
| &nbsp;&nbsp;FC2 LLC | Common Equity - Common Stock | 10/14/2022 |
| &nbsp;&nbsp;Justin's LLC | Common Equity - Common Stock | 12/15/2025 |
| &nbsp;&nbsp;LendingPoint Consolidated, Inc. | Preferred Equity - Preferred Equity | 12/30/2025 |
| &nbsp;&nbsp;LendingPoint Consolidated, Inc. | Common Equity - Common Stock | 12/30/2025 |
| &nbsp;&nbsp;Merx Aviation Finance, LLC | Common Equity - Membership Interests | 9/1/2022 |
| &nbsp;&nbsp;Mitel Networks (International) Limited | Common Equity - Common Stock | 6/20/2025 |
| &nbsp;&nbsp;New Era Technology, Inc. | Preferred Equity - Preferred Equity | 8/21/2025 |
| &nbsp;&nbsp;Norvax, LLC (dba GoHealth) | Common Equity - Common Stock | 8/6/2025 |
| &nbsp;&nbsp;Overhaul Group, Inc. | Preferred Equity - Preferred Equity | 8/18/2025 |
| &nbsp;&nbsp;PAI Co-Investor FT Aggregator LLC | Common Equity - Common Stock | 2/13/2025 |
| &nbsp;&nbsp;Paladone Group Holdings Limited | Common Equity - Common Stock | 5/1/2025 |
| &nbsp;&nbsp;Renovo Home Partners | Preferred Equity - Preferred Equity | 4/14/2025 |
| &nbsp;&nbsp;Renovo Home Partners | Common Equity - Common Stock | 4/14/2025 |
| &nbsp;&nbsp;Ronnoco Holdings, Inc. | Preferred Equity - Preferred Equity | 3/17/2025 |
| &nbsp;&nbsp;Ronnoco Holdings, Inc. | Common Equity - Common Stock | 4/1/2025 |
| &nbsp;&nbsp;SMC IR Holdings, LLC | Common Equity - Common Stock | 12/24/2024 |
| &nbsp;&nbsp;Space Parent, LP | Common Equity - Common Stock | 2/5/2025 |
| &nbsp;&nbsp;Space Parent, LP | Preferred Equity - Preferred Equity | 2/5/2025 |
| &nbsp;&nbsp;Sperry Parent Holdings, L.P. | Common Equity - Common Stock | 2/3/2025 |
| &nbsp;&nbsp;SPS Commerce, Inc. | Common Equity - Common Stock | 2/10/2025 |
| &nbsp;&nbsp;Surf Opco, LLC | Common Equity - Class A-1 Common | 3/17/2021 |
| &nbsp;&nbsp;Surf Opco, LLC | Preferred Equity - Class P-1 Preferred | 3/17/2021 |
| &nbsp;&nbsp;Third Lane Mobility Inc. | Common Equity - Common Stock | 3/22/2024 |
| &nbsp;&nbsp;Third Lane Mobility Inc. | Warrants - Warrants | 1/31/2025 |
| &nbsp;&nbsp;Trench Safety Solutions Holdings, LLC | Preferred Equity - Preferred Equity | 4/3/2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2025 was 3.65%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2025 was 3.57%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)The interest rate on these loans is subject to 12 months SOFR, which as of December 31, 2025 was 3.41%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)The interest rate on these loans is subject to 1 month CORRA, which as of December 31, 2025 was 2.26%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)The interest rate on these loans is subject to 3 month CORRA, which as of December 31, 2025 was 2.26%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)The interest rate on these loans is subject to 3 months EURIBOR, which as of December 31, 2025 was 2.03%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2025 was 2.11%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31)AIC SB Holdings LLC, AIC SHD Holdings, AP Surf Investments, LLC and MFIC Epsilon SPV LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdings LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SHD Holdings LLC holds equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. MFIC Epsilon SPV LLC holds investments in mPulse Mobile, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32)The Company has approximately 22.5% ownership interest in Auto Pool 2023 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33)Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments. Ordinary shares in Paladone Group Holdings Limited are GBP denominated equity investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34)As of December 31, 2025, the portfolio company remains in maturity default. The respective lenders are pursuing sale-related steps in the absence of an agreement to extend or waive the default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35)The following shows the composition of the Company's portfolio at cost by control designation, investment type and industry as of December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Non-Controlled / Non-Affiliated Investments** |  |  |  |  |  |  |  |
| Aerospace & Defense | $17290 | $— | $— | $— | $49 | $100 | $— | $17439 |
| Air Freight & Logistics | 26015 |  |  |  |  |  |  | 26015 |
| Automobile Components | 18419 |  |  |  |  | 23856 |  | 42275 |
| Beverages | 5478 |  |  |  | 100 |  |  | 5578 |
| Biotechnology | 26579 |  |  |  | 333 |  | 389 | 27301 |
| Building Products | 25117 |  |  |  |  |  |  | 25117 |
| Chemicals | 29993 |  |  |  |  |  |  | 29993 |
| Commercial Services & Supplies | 147960 |  |  |  | 111 | 683 |  | 148754 |
| Communications Equipment | 10198 |  |  |  |  | 584 |  | 10782 |
| Construction & Engineering | 77388 |  |  |  | 4348 | 50 |  | 81786 |
| Consumer Finance | 48282 |  | 1842 |  | 2943 | 750 |  | 53817 |
| Consumer Staples Distribution & Retail | 38239 |  |  |  |  | 169 |  | 38408 |
| Containers & Packaging | 57780 |  |  |  |  |  |  | 57780 |
| Diversified Consumer Services | 203795 |  |  |  |  | 632 |  | 204427 |
| Diversified Telecommunication Services | 70 |  | 1483 |  |  |  |  | 1553 |
| Electrical Equipment | 39469 |  |  |  |  | 250 |  | 39719 |
| Electronic Equipment, Instruments & Components | 76588 |  |  |  |  |  |  | 76588 |
| Energy Equipment & Services | 3502 |  |  |  |  |  |  | 3502 |
| Entertainment | 27144 |  |  |  |  |  |  | 27144 |
| Financial Services | 80055 |  |  |  | 534 | 17082 |  | 97671 |
| Food Products | 69448 |  |  |  | 448 | 1687 |  | 71583 |
| Ground Transportation | 52702 |  |  |  |  |  |  | 52702 |
| Health Care Equipment & Supplies | 118401 |  |  |  |  | 1426 |  | 119827 |
| Health Care Providers & Services | 304673 |  |  |  | 75 | 418 |  | 305166 |
| Health Care Technology | 61984 | 91 |  |  |  |  |  | 62075 |
| Hotels, Restaurants & Leisure | 101083 |  |  |  |  |  |  | 101083 |
| Household Durables | 30717 |  |  |  |  |  |  | 30717 |
| Insurance | 69793 |  |  |  |  |  |  | 69793 |
| Interactive Media & Services | 2190 | 7705 |  |  |  |  |  | 9895 |
| IT Services | 70674 |  |  |  | 10819 | 77 |  | 81570 |

---

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(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** |
| Leisure Products | $8398 |  |  |  | 492 | 93 |  | $8983 |
| Life Sciences Tools & Services | 19388 |  |  |  |  |  |  | 19388 |
| Machinery | 66892 |  |  |  |  |  |  | 66892 |
| Media | 70777 |  |  |  | 473 | 610 |  | 71860 |
| Multi-Utilities | 19825 |  |  |  |  | 42 |  | 19867 |
| Paper & Forest Products | 14683 |  |  |  |  |  |  | 14683 |
| Personal Care Products | 135674 |  |  |  |  | 100 |  | 135774 |
| Pharmaceuticals | 82862 |  | 21 |  | 215 | 212 |  | 83310 |
| Professional Services | 80378 |  |  |  |  | 46 |  | 80424 |
| Software | 367716 |  |  |  |  | 669 |  | 368385 |
| Specialty Retail | 16740 |  |  |  |  |  |  | 16740 |
| Technology Hardware, Storage & Peripherals | 14170 |  |  |  |  |  |  | 14170 |
| Textiles, Apparel & Luxury Goods | 28551 |  |  |  |  | 575 |  | 29126 |
| Trading Companies & Distributors | 85680 |  |  |  |  | 957 |  | 86637 |
| Transportation Infrastructure | 18874 |  |  |  |  |  |  | 18874 |
| &nbsp;&nbsp;**Total Non-Controlled / <br>Non-Affiliated Investments** | $2871634 | $7796 | $3346 | $— | $20940 | $51068 | $389 | $2955173 |
| **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** |  |  |  |  |  |  |  |
| Chemicals | 12500 |  |  |  |  | 56505 |  | 69005 |
| Consumer Finance |  |  |  | 19409 |  |  |  | 19409 |
| Electronic Equipment, Instruments & Components | 34249 |  |  |  | 1713 |  |  | 35962 |
| Financial Services |  |  |  | 14012 |  |  |  | 14012 |
| Ground Transportation | 23389 |  |  |  |  | 722 |  | 24111 |
| Hotels, Restaurants & Leisure | 8739 |  |  |  |  | 4740 |  | 13479 |
| Leisure Products |  |  |  |  |  | 1000 |  | 1000 |
| &nbsp;&nbsp;**Total Non-Controlled / Affiliated Investments** | $78877 | $— | $— | $33421 | $1713 | $62967 | $— | $176978 |
| **Controlled Investments** | **Controlled Investments** |  |  |  |  |  |  |  |
| Media | 125154 |  |  |  | 6000 |  |  | 131154 |
| Passenger Airlines | 18575 |  |  |  |  | 74890 |  | 93465 |
| &nbsp;&nbsp;**Total Controlled Investments** | $143729 | $— | $— | $— | $6000 | $74890 | $— | $224619 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3094240 | $7796 | $3346 | $33421 | $28653 | $188925 | $389 | $3356770 |

---

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36)The following shows the composition of the Company's portfolio at fair value by control designation, investment type and industry as of December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** | **Non-Controlled / Non-Affiliated Investments** |  |  |  |  |
| Aerospace & Defense | $17287 | $— | $— | $— | $49 | $97 | $— | $17433 | 1.33% |
| Air Freight & Logistics | 26344 |  |  |  |  |  |  | 26344 | 2.02% |
| Automobile Components | 17976 |  |  |  |  | 219 |  | 18195 | 1.39% |
| Beverages | 5466 |  |  |  | 100 |  |  | 5566 | 0.43% |
| Biotechnology | 26754 |  |  |  | 521 | 194 | 326 | 27795 | 2.13% |
| Building Products | 25078 |  |  |  |  |  |  | 25078 | 1.92% |
| Chemicals | 29619 |  |  |  |  |  |  | 29619 | 2.27% |
| Commercial Services & Supplies | 148139 |  |  |  | 97 | 390 |  | 148626 | 11.37% |
| Communications Equipment | 9967 |  |  |  |  | 250 |  | 10217 | 0.78% |
| Construction & Engineering | 73033 |  |  |  | 8 | 37 |  | 73078 | 5.59% |
| Consumer Finance | 30346 |  | 1842 |  | 1563 | 398 |  | 34149 | 2.61% |
| Consumer Staples Distribution & Retail | 37810 |  |  |  |  |  |  | 37810 | 2.89% |
| Containers & Packaging | 58036 |  |  |  |  |  |  | 58036 | 4.44% |
| Diversified Consumer Services | 202833 |  |  |  |  | 1315 |  | 204148 | 15.62% |
| Diversified Telecommunication Services | 72 |  | 1230 |  |  |  |  | 1302 | 0.10% |
| Electrical Equipment | 33151 |  |  |  |  |  |  | 33151 | 2.54% |
| Electronic Equipment, Instruments & Components | 76851 |  |  |  |  |  |  | 76851 | 5.88% |
| Energy Equipment & Services | 3527 |  |  |  |  |  |  | 3527 | 0.27% |
| Entertainment | 27098 |  |  |  |  |  |  | 27098 | 2.07% |
| Financial Services | 79662 |  |  |  | 501 | 527 |  | 80690 | 6.17% |
| Food Products | 69402 |  |  |  | 382 | 1726 |  | 71510 | 5.47% |
| Ground Transportation | 52525 |  |  |  |  |  |  | 52525 | 4.02% |
| Health Care Equipment & Supplies | 118916 |  |  |  |  | 492 |  | 119408 | 9.13% |
| Health Care Providers & Services | 286275 |  |  |  | 120 | 440 |  | 286835 | 21.94% |

---

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(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** |
| Health Care Technology | 62528 | 62 |  |  |  |  |  | 62590 | 4.79% |
| Hotels, Restaurants & Leisure | 95180 |  |  |  |  |  |  | 95180 | 7.28% |
| Household Durables | 26487 |  |  |  |  |  |  | 26487 | 2.03% |
| Insurance | 69912 |  |  |  |  | 22 |  | 69934 | 5.35% |
| Interactive Media & Services | 2324 |  |  |  |  |  |  | 2324 | 0.18% |
| IT Services | 70368 |  |  |  | 6920 | 48 |  | 77336 | 5.92% |
| Leisure Products | 8333 |  |  |  | 211 | 85 |  | 8629 | 0.66% |
| Life Sciences Tools & Services | 18832 |  |  |  |  |  |  | 18832 | 1.44% |
| Machinery | 66983 |  |  |  |  |  |  | 66983 | 5.12% |
| Media | 70451 |  |  |  | 724 | 772 |  | 71947 | 5.50% |
| Multi-Utilities | 16948 |  |  |  |  | 36 |  | 16984 | 1.30% |
| Paper & Forest Products | 14588 |  |  |  |  |  |  | 14588 | 1.12% |
| Personal Care Products | 133689 |  |  |  |  | 220 |  | 133909 | 10.24% |
| Pharmaceuticals | 82282 |  |  |  | 180 | 227 |  | 82689 | 6.33% |
| Professional Services | 79323 |  |  |  |  | 1684 |  | 81007 | 6.20% |
| Software | 360073 |  |  |  |  | 1119 |  | 361192 | 27.63% |
| Specialty Retail | 17017 |  |  |  |  |  |  | 17017 | 1.30% |
| Technology Hardware, Storage & Peripherals | 14066 |  |  |  |  |  |  | 14066 | 1.08% |
| Textiles, Apparel & Luxury Goods | 28168 |  |  |  |  | 42 |  | 28210 | 2.16% |
| Trading Companies & Distributors | 81132 |  |  |  |  | 356 |  | 81488 | 6.23% |
| Transportation Infrastructure | 19128 |  |  |  |  |  |  | 19128 | 1.46% |
| &nbsp;&nbsp;**Total Non-Controlled / <br>Non-Affiliated Investments** | $2793979 | $62 | $3072 | $— | $11376 | $10696 | $326 | $2819511 | 215.67% |
| &nbsp;&nbsp;**% of Net Assets** | 213.73% | 0.00% | 0.23% | 0.00% | 0.87% | 0.82% | 0.02% | 215.67% |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** | **Non-Controlled / Affiliated Investments** |  |  |  |  |
| Chemicals | 12373 |  |  |  |  | 18332 |  | 30705 | 2.35% |
| Consumer Finance |  |  |  | 10317 |  |  |  | 10317 | 0.79% |
| Electronic Equipment, Instruments & Components | 29258 |  |  |  | 2683 | 115 |  | 32056 | 2.45% |
| Financial Services |  |  |  | 8033 |  |  |  | 8033 | 0.61% |
| Ground Transportation | 19344 |  |  |  |  |  |  | 19344 | 1.48% |
| Hotels, Restaurants & Leisure | 3962 |  |  |  |  | 2628 |  | 6590 | 0.50% |
| Leisure Products |  |  |  |  |  | 66 |  | 66 | 0.01% |
| &nbsp;&nbsp;**Total Non-Controlled / Affiliated Investments** | $64937 | $— | $— | $18350 | $2683 | $21141 | $— | $107111 | 8.19% |
| &nbsp;&nbsp;**% of Net Assets** | 4.96% | 0.00% | 0.00% | 1.40% | 0.21% | 1.62% | 0.00% | 8.19% |  |
| **Controlled Investments** | **Controlled Investments** | **Controlled Investments** |  |  |  |  |  |  |  |
| Media | 125373 |  |  |  | 13045 |  |  | 138418 | 10.59% |
| Passenger Airlines | 18575 |  |  |  |  | 84223 |  | 102798 | 7.86% |
| &nbsp;&nbsp;**Total Controlled Investments** | $143948 | $— | $— | $— | $13045 | $84223 | $— | $241216 | 18.45% |
| &nbsp;&nbsp;**% of Net Assets** | 11.01% | 0.00% | 0.00% | 0.00% | 1.00% | 6.44% | 0.00% | 18.45% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3002864 | $62 | $3072 | $18350 | $27104 | $116060 | $326 | $3167838 | 242.31% |
| &nbsp;&nbsp;**% of Net Assets** | 229.70% | 0.00% | 0.23% | 1.40% | 2.08% | 8.88% | 0.02% | 242.31% |  |

---

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(In thousands, except share data)**

---

| | |
|:---|:---|
| **Industry Classification** | **Percentage of Total Investments (at Fair Value) as of December 31, 2025** |
| Software | 11.4% |
| Health Care Providers & Services | 9.1% |
| Media | 6.7% |
| Diversified Consumer Services | 6.4% |
| Commercial Services & Supplies | 4.7% |
| Personal Care Products | 4.2% |
| Health Care Equipment & Supplies | 3.8% |
| Electronic Equipment, Instruments & Components | 3.4% |
| Passenger Airlines | 3.2% |
| Hotels, Restaurants & Leisure | 3.2% |
| Financial Services | 2.8% |
| Pharmaceuticals | 2.6% |
| Trading Companies & Distributors | 2.6% |
| Professional Services | 2.6% |
| IT Services | 2.4% |
| Construction & Engineering | 2.3% |
| Ground Transportation | 2.3% |
| Food Products | 2.3% |
| Insurance | 2.2% |
| Machinery | 2.1% |
| Health Care Technology | 2.0% |
| Chemicals | 1.9% |
| Containers & Packaging | 1.8% |
| Consumer Finance | 1.4% |
| Consumer Staples Distribution & Retail | 1.2% |
| Electrical Equipment | 1.0% |
| Textiles, Apparel & Luxury Goods | 0.9% |
| Biotechnology | 0.9% |
| Entertainment | 0.9% |
| Household Durables | 0.8% |
| Air Freight & Logistics | 0.8% |
| Building Products | 0.8% |
| Transportation Infrastructure | 0.6% |
| Life Sciences Tools & Services | 0.6% |
| Automobile Components | 0.6% |
| Aerospace & Defense | 0.6% |
| Specialty Retail | 0.5% |
| Multi-Utilities | 0.5% |
| Paper & Forest Products | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.4% |
| Communications Equipment | 0.3% |
| Leisure Products | 0.3% |
| Beverages | 0.2% |
| Energy Equipment & Services | 0.1% |
| Interactive Media & Services | 0.1% |
| Diversified Telecommunication Services | 0.0% |
| **Total Investments** | **100.0%** |

---

Effective March 31, 2025, the Company transitioned its industry classification methodology from Moody's to the Global Industry Classification Standard (GICS).

See notes to the consolidated financial statements.

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[**<u>**Table of Contents**</u>**](#toc_page)

**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," "we," "us," or "our"), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, for tax purposes we have elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). We commenced operations on 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, 2026, we have raised approximately $2,680,207 in net proceeds from additional offerings of common stock, including the Mergers with AFT and AIF and repurchased common stock for $343,101.

On November 7, 2023, the Company entered into (i) an Agreement and Plan of Merger (the "AFT Merger Agreement") with Apollo Senior Floating Rate Fund Inc., a Maryland corporation ("AFT"), AFT Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company ("AFT Merger Sub"), and, solely for the limited purposes set forth therein, Apollo Investment Management, L.P. (the "Investment Adviser" or "AIM"), and (ii) an Agreement and Plan of Merger (the "AIF Merger Agreement" and, together with the AFT Merger Agreement, the "Merger Agreements") with Apollo Tactical Income Fund Inc., a Maryland corporation ("AIF"), AIF Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company ("AIF Merger Sub"), and, solely for the limited purposes set forth therein, the Investment Adviser. The Merger Agreements provide that, subject to the terms and conditions set forth in the applicable Merger Agreement, at the effective time of such merger, AFT and AIF will, through a two-step merger process, merge with and into the Company, with the Company continuing as the surviving company. Each of the board of directors of the Company (the "Board"), and AFT's and AIF's Board of Directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AFT and AIF, as applicable, approved the applicable Merger Agreement and the transactions contemplated thereby. The Company's stockholders approved the necessary proposal related to the mergers of AFT and AIF with and into the Company at a special meeting of stockholders held on May 28, 2024. AFT and AIF received stockholder approval of the necessary proposals related to their previously announced mergers with and into the Company at the AFT and AIF special meetings of stockholders reconvened on June 21, 2024. On July 22, 2024, the Company completed its acquisition of AFT and AIF.

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, 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.

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 earnings before interest, taxes, depreciation and amortization ("EBITDA"), as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

**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 fiscal year ended December 31, 2025.

***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 intercompany balances and transactions have been eliminated in consolidation.

As of March 31, 2026, the Company's consolidated subsidiaries were MFIC Bethesda CLO 1 LLC, MFIC Bethesda CLO 1 Depositor LLC, MFIC Bethesda CLO 2 LLC, MFIC Bethesda CLO 2 Depositor LLC, MFIC Lender LLC, MFIC WP SPV LLC, and MFIC Alpha SPV LLC.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(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 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, 2026 was $42,626. Cash and cash equivalents held as of December 31, 2025 was $98,184.

***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 payable for investment purchased and receivable for investment sold, 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.

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.

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[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

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.

***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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.At least each quarter, the valuation will be reassessed and updated by the Investment Adviser or an independent valuation firm to reflect company specific events and latest market data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Investment Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.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, 2026, 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 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.

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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

*Foreign Currency Forward Contracts*

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.

*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 March 31, 2026, the Company held certain foreign currency forward contracts with a fair market value of $799. The Company did not hold any derivatives as of December 31, 2025.

***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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***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.

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.

*Non-Accrual Income*

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

***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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***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.

***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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***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, 2026 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, 2026. 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.

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, 2026, 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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***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 stock 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**.

***Purchase Accounting***

Pursuant to the AFT Merger Agreement, AFT Merger Sub was first merged with and into AFT, with AFT continuing as the surviving company (the "AFT First Merger"), and, following the effectiveness of the AFT First Merger, AFT was then merged with and into the Company, with the Company continuing as the surviving company (together with the AFT First Merger, the "AFT Mergers"). Pursuant to the AIF Merger Agreement, AIF Merger Sub was first merged with and into AIF, with AIF continuing as the surviving company (the "AIF First Merger"), and, following the effectiveness of the AIF First Merger, AIF was then merged with and into the Company, with the Company continuing as the surviving company (together with the AIF First Merger, the "AIF Mergers" and, together with the AFT Mergers, the "Mergers").

The Mergers were accounted for under the asset acquisition method of accounting in accordance with ASC 805-50 — *Business Combinations — Related Issues* ("ASC Topic 805"), also referred to as "purchase accounting." Under the asset acquisition method of accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC Topic 805, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the assets carrying amounts on the acquiring entity's books.

Immediately following the acquisitions of AFT and AIF, the Company recorded its assets at their respective fair values. Since the fair value of the net assets acquired exceeded the merger consideration paid by the Company, the Company recognized a deemed contribution from Investment Adviser.

***Segment Reporting***

The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company operates under one operating segment and reporting unit, investment management. The CODM is the chief executive officer of the Company, who is responsible for determining the Company's investment strategy, capital allocation, expense structure, and significant transactions impacting the Company. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that is reported on the Consolidated Statements of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company's stockholders.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***Income Taxes*** 

In December 2023, the Financial Accounting Standards Board ("**FASB**") issued Accounting Standards Update ("**ASU**") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("**ASU 2023-09**"), which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company's consolidated financial statements.

***Recent Accounting Pronouncements***

***Income Statement - Reporting Comprehensive Income***

In November 2024, the FASB issued Accounting Standard Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the consolidated financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

**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.

*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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

*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*

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.

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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

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.

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.

*(ii) Incentive Fee Based on Cumulative Net Realized Gains*

The incentive fee on capital 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.

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, 2026 and 2025. 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, 2026 and 2025, the Company recognized $5,641 and $6,061, respectively, of management fees, and $— and $6,433, respectively, of incentive fees before impact of waived fees. For the three months ended March 31, 2026 and 2025, no management fees and no incentive fees were waived.

As of March 31, 2026 management and performance-based incentive fees payable were $5,641 and $—, respectively. As of December 31, 2025, management and performance-based incentive fees payable were $6,034 and $—, respectively.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

In connection with the Mergers, the Company and the Investment Adviser agreed that, for purposes of incentive fee calculations under the Investment Advisory Agreement, any amortization or accretion of any purchase premium or purchase discount to interest income or any gains or losses resulting solely from accounting adjustments to the cost basis of the assets beneficially owned by AFT and AIF assets acquired in the Mergers as required under applicable accounting guidance under ASC 805 will be excluded.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

*Fee Offset*

On January 16, 2019, the Company and AIM entered into a fee offset agreement (the "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 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.

***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, 2026 and 2025, the Company recognized administrative services expense under the Administration Agreement of $1,441 and $1,016, respectively. There was no amount payable to AIA and its affiliates for expenses paid on our behalf as of March 31, 2026 and December 31, 2025.

***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, as amended (the "Merx Administration Agreement") under which AIA provides administrative services to Merx and several Merx managed entities for a annual fee of $250, effective as of January 1, 2026.

For the three months ended March 31, 2026 and 2025 the Company recognized administrative service expense reimbursements of $62 and $768, respectively, under the Merx Administration Agreement.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***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, 2026 and 2025 the Company recognized debt expense reimbursements of $- and $38, respectively, under the debt expense reimbursement agreements.

***Co-Investment Activity***

The Company, the Investment Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the "Order"), that permits us, among other things, to co-invest with other funds and accounts managed by the Investment Adviser or its affiliates, subject to certain conditions. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting the Company to do so. Pursuant to the requirements of the Order, the Board, including a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Directors, has approved co-investment policies and procedures describing how the Company will comply with the Order. Further, the Investment Adviser has adopted policies and procedures (the "Adviser Allocation Policy") which is 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. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Investment Adviser. The Company may determine to participate or not to participate, depending on whether the Investment Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). If the Investment Adviser determines that the investment is not appropriate for us, the investment will not be allocated to us.

As of March 31, 2026, the Company's co-investment holdings were 87% of the portfolio or $2,586,944, measured at fair value. On a cost basis, 85% of the portfolio or $2,730,611 were co-investments. As of December 31, 2025, the Company's co-investment holdings were 87% of the portfolio or $2,754,947, measured at fair value. On a cost basis, 85% of the portfolio or $2,856,364 were co-investments.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***Merx Aviation***

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with Apollo Credit Management, LLC ("ACM") (the "Servicing Agreement"), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM (the "Research Support Agreement"), Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. In addition, on the same date the Company and AIM entered into 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, as amended, 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.

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. During the quarter of March 31, 2026, the Company received holdback proceeds of $22 million related to prior sale. The balance of the Merx revolver as of March 31, 2026 was $- and as of December 31, 2025 was $18,575.

***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 $145 on an annual basis, which began accruing on October 23, 2025. The Company paid $25 to Midcap Financial Services, LLC during the three months ended March 31, 2026. The Company paid $- to Midcap Financial Services, LLC during the three months ended March 31, 2025

On February 24, 2025, MFIC Bethesda CLO 2 LLC entered into a sub-servicing agreement with MidCap Financial Services, LLC (the "CLO2 Sub-Servicing Agreement"), under which MidCap Financial Services, LLC provides management services to Bethesda CLO 2 Issuer in connection with the issuance of the Bethesda CLO 2 Notes. Under the Sub-Servicing Agreement, MFIC Bethesda CLO 2 LLC will pay MidCap Financial Services, LLC a fee in the amount of $100 on an annual basis. The Company paid $25 to Midcap Financial Services, LLC during the three months ended March 31, 2026.

**Note 4. Earnings Per Share**

The following table sets forth the computation of earnings (loss) per share, pursuant to ASC 260-10, for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Basic Earnings Per Share** |  |  |
| Net increase (decrease) in net assets resulting from operations | (26871) | 30330 |
| Weighted average shares outstanding | 91053511 | 93677003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings (loss) per share | $(0.30) | $0.32 |

---

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(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, 2026, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
|  | **Cost** | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| First Lien Secured Debt | $2960796 | $2824194 | $— | $41674 | $2782520 |
| Second Lien Secured Debt | 7778 | 51 |  |  | 51 |
| Unsecured Debt | 3366 | 3044 |  | 1202 | 1842 |
| Structured Products and Other | 32503 | 16585 |  |  | 16585 |
| Preferred Equity | 24363 | 18611 |  |  | 18611 |
| Common Equity/Interests | 184012 | 108869 | 130 | 27 | 108712 |
| Warrants | 389 | 133 |  |  | 133 |
| &nbsp;&nbsp;Total Investments | $3213207 | $2971487 | $130 | $42903 | $2928454 |
| Money Market Fund | $255 | $255 | $255 | $— | $— |
| &nbsp;&nbsp;Total Cash Equivalents | $255 | $255 | $255 | $— | $— |
| &nbsp;&nbsp;Total Investments after Cash Equivalents | $3213462 | $2971742 | $385 | $42903 | $2928454 |
| Foreign currency forward transactions | $— | $799 | $— | $799 | $— |
| &nbsp;&nbsp;**Total Assets and Liabilities at Fair Value** | $3213462 | $2972541 | $385 | $43702 | $2928454 |

---

The following table shows the composition of our investment portfolio as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
|  | **Cost** | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| First Lien Secured Debt | $3094240 | $3002864 | $— | $51441 | $2951423 |
| Second Lien Secured Debt | 7796 | 62 |  |  | 62 |
| Unsecured Debt | 3346 | 3072 |  | 1230 | 1842 |
| Structured Products and Other | 33421 | 18350 |  |  | 18350 |
| Preferred Equity | 28653 | 27104 |  |  | 27104 |
| Common Equity/Interests | 188925 | 116060 | 269 |  | 115791 |
| Warrants | 389 | 326 |  |  | 326 |
| &nbsp;&nbsp;Total Investments | $3356770 | $3167838 | $269 | $52671 | $3114898 |
| Money Market Fund | $383 | $383 | $383 | $— | $— |
| &nbsp;&nbsp;Total Cash Equivalents | $383 | $383 | $383 | $— | $— |
| &nbsp;&nbsp;Total Investments after Cash Equivalents | $3357153 | $3168221 | $652 | $52671 | $3114898 |

---

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(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, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien Secured Debt** <sup>(2)</sup> | **Second Lien Secured Debt** <sup>(2)</sup> | **Unsecured Debt** | **Structured Products and Other** | **Preferred Equity** | **Common Equity/Interests** | **Warrants** | **Total** |
| Fair value as of December 31, 2025 | $2951423 | $62 | $1842 | $18350 | $27104 | $115791 | $326 | $3114898 |
| Net realized gains (losses) | (1959) |  |  |  | (4344) | (817) |  | (7120) |
| Net change in unrealized gains (losses) | (42091) | 7 |  | (846) | (4203) | (2006) | (193) | (49332) |
| Net amortization on investments | 1307 | (18) |  |  |  |  |  | 1289 |
| Purchases, including capitalized PIK <sup>(3)</sup> | 105188 | 3 |  | 81 | 54 | 10 |  | 105336 |
| Proceeds from sales and repayments of investments<sup>(3)</sup> | (232710) | (3) |  | (1000) |  | (4105) |  | (237818) |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |  | (161) |  | (161) |
| Transfers into Level 3 <sup>(1)</sup> | 1362 |  |  |  |  |  |  | 1362 |
| &nbsp;&nbsp;**Fair value as of March 31, 2026** | $2782520 | $51 | $1842 | $16585 | $18611 | $108712 | $133 | $2928454 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2026 | $(44798) | $258 | $— | $(846) | $(8547) | $(2861) | $(194) | $(56988) |

---

(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 of $(8,984).

(3)Includes reorganizations and restructuring of investments.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien Secured Debt** <sup>(2)</sup> | **Second Lien Secured Debt** <sup>(2)</sup> | **Unsecured Debt** | **Structured Products and Other** | **Preferred Equity** | **Common Equity/Interests** | **Warrants** | **Total** |
| Fair value as of December 31, 2024 | $2676253 | $5764 | $117 | $26101 | $24831 | $161648 | $136 | $2894850 |
| Net realized gains (losses) | 1434 |  |  |  |  | 1979 |  | 3413 |
| Net change in unrealized gains (losses) | (2089) | (1549) | (8) | (431) | (1017) | (368) | 79 | (5383) |
| Net amortization on investments | 1687 |  |  |  |  |  |  | 1687 |
| Purchases, including capitalized PIK <sup>(3)</sup> | 391001 | 6 |  |  | 100 | 697 |  | 391804 |
| Proceeds from sales and repayments of investments<sup>(3)</sup> | (164998) |  |  | (2178) | (250) | (4590) |  | (172016) |
| Transfers out of Level 3 <sup>(1)</sup> | (6564) |  |  |  |  |  |  | (6564) |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Fair value as of March 31, 2025** | $2896724 | $4221 | $109 | $23492 | $23664 | $159366 | $215 | $3107791 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2025 | $(1528) | $(4533) | $65 | $(431) | $(1017) | $2798 | $79 | $(4567) |

---

(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 of $(5,105).

(3)Includes reorganizations and restructuring of investments.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of March 31, 2026 and December 31, 2025. 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, 2026 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value** | **Valuation Techniques/Methodologies** | **Unobservable Input** | **Range** | **Range** | **Weighted Average** <sup>(1)</sup> |
| First Lien Secured Debt | 2510968 | Yield Analysis | Discount Rate | 7.3% | 37.8% | 10.8% |
|  | 220120 | Recovery Analysis | Recoverable Amount | N/A | N/A | N/A |
|  | 51432 | Cost Approach | Cost Approach | N/A | N/A | N/A |
| Second Lien Secured Debt | 51 | Recovery Analysis | Recoverable Amount | N/A | N/A | N/A |
| Unsecured Debt | 1842 | Cost Approach | Cost Approach | N/A | N/A | N/A |
|  |  | Market Comparable Technique | Comparable Multiple | N/A | N/A | N/A |
| Structured Products and Other | 16585 | Yield Analysis | Discount Rate | 6.3% | 13.7% | 9.6% |
| Preferred Equity | 18139 | Market Comparable Technique | Comparable Multiple | 2.0x | 41.5x | 10.1x |
|  | 472 | Yield Analysis | Discount Rate | 12.0% | 12.0% | 12.0% |
| Common Equity/Interests | 81103 | Yield Analysis | Discount Rate | 11.5% | 14.0% | 11.5% |
|  | 11195 | Market Comparable Technique | Comparable Multiple | 0.9x | 41.5x | 10.0x |
|  | 236 | Option Pricing Model | Expected Volatility | 25.0% | 60.0% | 39.2% |
|  | 16179 | Cost Approach | Cost Approach | N/A | N/A | N/A |
| Warrants | 133 | Option Pricing Model | Expected Volatility | 50.0% | 50.0% | 50.0% |
|  |  | Market Comparable Technique | Comparable Multiple | N/A | N/A | N/A |
| Total Level 3 Investments | $2928454 |  |  |  |  |  |

---

(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)— Continued**

**(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, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value** | **Valuation Techniques/Methodologies** | **Unobservable Input** | **Range** | **Range** | **Weighted Average** <sup>(1)</sup> |
| First Lien Secured Debt | 2706879 | Yield Analysis | Discount Rate | 3.6% | 43.2% | 10.4% |
|  | 170489 | Recovery Analysis | Recoverable Amount | N/A | N/A | N/A |
|  | 66201 | Cost Approach | Cost Approach | N/A | N/A | N/A |
|  | 7854 | Market Comparable Technique | Comparable Multiple | 4.8x | 4.8x | 4.8x |
| Second Lien Secured Debt | 62 | Yield Analysis | Discount Rate | 18.8% | 18.8% | 18.8% |
| Unsecured Debt | 1842 | Yield Analysis | Discount Rate | 58.0% | 58.0% | 58.0% |
|  |  | Market Comparable Technique | Comparable Multiple | 30.6x | 30.6x | 30.6x |
| Structured Products and Other | 18350 | Yield Analysis | Discount Rate | 6.3% | 13.6% | 9.5% |
| Preferred Equity | 26455 | Market Comparable Technique | Comparable Multiple | 2x | 16.5x | 9.8x |
|  | 501 | Yield Analysis | Discount Rate | 11.0% | 11.0% | 11.0% |
|  | 49 | Cost Approach | Cost Approach | N/A | N/A | N/A |
|  | 99 | Transactional Value | Transactional Value | N/A | N/A | N/A |
| Common Equity/Interests | 84641 | Yield Analysis | Discount Rate | 11.0% | 13.0% | 0.1% |
|  | 18332 | Estimated Proceeds | Estimated Proceeds | N/A | N/A | N/A |
|  | 12259 | Market Comparable Technique | Comparable Multiple | 0.9x | 30.6x | 10.0x |
|  | 1 | Transactional Value | Transactional Value | N/A | N/A | N/A |
|  | 197 | Option Pricing Model | Expected Volatility | 25.0% | 85.0% | 50.0% |
|  | 161 | Public Marked | Public Marked | N/A | N/A | N/A |
|  | 201 | Cost Approach | Cost Approach | N/A | N/A | N/A |
| Warrants | 326 | Option Pricing Model | Expected Volatility | 50.0% | 50.0% | 50.0% |
|  |  | Market Comparable Technique | Comparable Multiple | 5.0x | 5.0x | 5.0x |
| Total Level 3 Investments | $3114898 |  |  |  |  |  |

---

(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)— Continued**

**(In thousands, except share and per share data)**

The significant unobservable inputs used in the fair value measurement of the Company's debt and equity securities are primarily 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.

***Investment Transactions***

For the three months ended March 31, 2026 and 2025, purchases of investments on a trade date basis were $102,457 and $391,908, respectively.

For the three months ended March 31, 2026 and 2025, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $244,111 and $221,491, 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 a receivable up to the capitalization date. During the three months ended March 31, 2026 and 2025, PIK income earned was $3,373 and $3,521, respectively.

The following table shows the change in capitalized PIK balance for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| PIK balance at beginning of period | $55607 | $36655 |
| PIK income capitalized | 3373 | 4055 |
| PIK capitalized exited from investment sales, repayments, and restructurings |  | (922) |
| &nbsp;&nbsp;PIK balance at end of period | $58980 | $39788 |

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***Dividend Income on Collateralized Loan Obligations ("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 meeting contractual obligations to debt holders and paying fund expenses. The Company recognizes dividend income on its beneficial interests in structured products, such as CLOs, based on projected cash flows subject to various uncertainties and contingencies. During the three months ended March 31, 2026 and 2025, dividend income from structured products was $253 and $236, respectively.

***Investments on Non-Accrual Status***

As of March 31, 2026, 5.3% of total investments at amortized cost, or 3.5% of total investments at fair value, were on non-accrual status. As of December 31, 2025, 3.9% of total investments at amortized cost, or 2.6% of total investments at fair value, were on non-accrual status.

***Derivative Instruments***

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

As of March 31, 2026, the Company held certain foreign currency forward contracts with a fair market value of $799. The Company did not hold any derivatives as of December 31, 2025.

Certain information related to the Company's foreign currency forward contracts is presented below as of March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional amount to be purchased** | **Notional amount to be sold** | **Settlement Date** | **Fair Value** | **Balance Sheet Location of Net Amounts** |
| JP MORGAN CHASE BANK N.A | $13463 | (18169) | 6/17/2026 | 363 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| JP MORGAN CHASE BANK N.A | 8477 | (7295) | 6/17/2026 | 22 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
| JP MORGAN CHASE BANK N.A | 36501 | £(27286) | 6/17/2026 | 414 | Unrealized appreciation (depreciation) on foreign currency forward contracts |
|  |  |  |  | $799 |  |

---

The Company's foreign currency forward contracts are subject to an enforceable ISDA Master Netting Agreement with JP Morgan Chase Bank N.A. As of March 31, 2026, the Company held a net derivative asset at fair value of $799 subject to such arrangement, with no offsetting derivative liability positions. No cash collateral was posted or received in connection with these contracts. If the Company had elected to offset, the net amount would be $799.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

The Company's foreign currency forward contracts are not designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three months ended March 31, 2026 and 2025, for the Company's foreign currency forward contracts, are in the following locations in the Consolidated Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **Derivative Instrument** | **Financial Statement Location** | **2026** | **2025** |
| Foreign currency forward contracts | Net realized gain(loss) on foreign currency forward contracts | $904 | $- |
|  |  | $904 | $- |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **Derivative Instrument** | **Financial Statement Location** | **2026** | **2025** |
| Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | $799 | $24 |
|  |  | $799 | $24 |

---

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

**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 1940 Act, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. 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).

The Company's outstanding debt obligations as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Date Issued/<br>Amended** | **Total Aggregate Principal Amount Committed** |  | **Principal Amount Outstanding** | **Fair Value** |  | **Final Maturity Date** |
| Senior Secured Facility | 10/1/2025 | $1610000 | \*\* | $816000<br> \* | $816000 | (1) | 10/1/2030 |
| MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B and Class C) | 10/23/2025 | 456000 |  | 456000 | 453829 | (2) | 10/23/2037 |
| MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C) | 2/24/2025 | 399000 |  | 399000 | 397383 | (2) | 1/23/2037 |
| 2026 Notes | 7/16/2021 | 125000 |  | 125000 | 124047 | (2) | 7/16/2026 |
| 2028 Notes | 12/13/2023 | 80000 |  | 80000 | 80480 | (3) | 12/15/2028 |
| &nbsp;&nbsp;Total Debt Obligations |  | $2670000 |  | $1876000 | $1871739 |  |  |
| &nbsp;&nbsp;Deferred Financing Costs and Debt Discount | &nbsp;&nbsp;Deferred Financing Costs and Debt Discount | &nbsp;&nbsp;Deferred Financing Costs and Debt Discount |  | (5612) |  |  |  |
| &nbsp;&nbsp;Total Debt Obligations, net of Deferred Financing Cost and Debt Discount | &nbsp;&nbsp;Total Debt Obligations, net of Deferred Financing Cost and Debt Discount | &nbsp;&nbsp;Total Debt Obligations, net of Deferred Financing Cost and Debt Discount |  | $1870388 |  |  |  |

---

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

\*\* As of March 31, 2026, total lender commitments were $1,610,000.

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2026. 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, 2026. The valuation is based on quoted prices.

(3)The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2026. The valuation is arrived using the closing price on exchange as on the relevant date.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

The Company's outstanding debt obligations as of December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Date Issued/<br>Amended** | **Total Aggregate Principal Amount Committed** |  | **Principal Amount Outstanding** | **Fair Value** |  | **Final Maturity Date** |
| Senior Secured Facility | 10/1/2025 | $1610000 | \*\* | $941048<br> \* | $941048 | (1) | 10/1/2030 |
| MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B and Class C) | 10/23/2025 | 456000 |  | 456000 | 456000 | (2) | 10/23/2037 |
| MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C) | 2/24/2025 | 399000 |  | 399000 | 396513 | (2) | 1/23/2037 |
| 2026 Notes | 7/16/2021 | 125000 |  | 125000 | 123451 | (2) | 7/16/2026 |
| 2028 Notes | 12/13/2023 | 80000 |  | 80000 | 80416 | (3) | 12/15/2028 |
| Total Debt Obligations |  | $2670000 |  | $2001048 | $1997428 |  |  |
| Deferred Financing Costs and Debt Discount | Deferred Financing Costs and Debt Discount | Deferred Financing Costs and Debt Discount |  | (5838) |  |  |  |
| Total Debt Obligations, net of Deferred<br>Financing Cost and Debt Discount | Total Debt Obligations, net of Deferred<br>Financing Cost and Debt Discount | Total Debt Obligations, net of Deferred<br>Financing Cost and Debt Discount |  | $1995210 |  |  |  |

---

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

\*\*Between January 1, 2025 and October 1, 2025, total lender commitments were $1,660,000. As of December 31, 2025, total lender commitments were $1,610,000.

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2025. 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, 2025. 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, 2025. The valuation is arrived using the closing price on exchange as on the relevant date.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***Senior Secured Facility***

On October 1, 2025 (the "Amendment and Restatement Date"), the Company amended and restated its senior secured, multi-currency, revolving credit facility (the "Senior Secured Facility"), previously amended and restated as of October 17, 2024, April 19, 2023, December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through October 1, 2030. Lender commitments under the Senior Secured Facility decreased from $1,660,000 to $1,610,000. The Senior Secured Facility includes an "accordion" feature that allows the Company to increase the size of the Senior Secured Facility to $2,415,000. The Senior Secured Facility is guaranteed by certain subsidiaries of the Company in existence as of the Amendment and Restatement Date, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company thereafter (each a "Guarantor" and collectively, the "Guarantors"). The Senior Secured Facility is secured by substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

Commencing October 1, 2029, the Company is required to repay, the outstanding amount under the Senior Secured Facility as of October 1, 2029 out of the proceeds of certain asset sales and other recovery events and equity and debt issuances. 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 1.75% per annum or Term SOFR plus 1.875% per annum, or (b) either Alternative Base Rate plus 0.65% per annum or Alternative Base Rate plus 0.775% per annum. The Company is required to pay a commitment fee of 0.325% per annum on any unused portion of the Senior Secured Facility and fronting fees (which fronting fee is exclusive of the applicable margin) of 0.25% 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 (subject to the exceptions set forth in the Senior Secured Facility): (a) periodic financial reporting requirements, (b) maintaining minimum stockholders' equity of $1,000,000 plus 25% of the net proceeds from the sale of equity interests in the Company after April 1, 2025, (c) maintaining a ratio of total assets, less total liabilities (and indebtedness not represented by "senior securities") to total "senior securities" representing 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, (e) limitations on liens, (f) limitations on investments (other than, among other exceptions, as permitted under the 1940 Act, as amended, and the Company's investment policies), (g) limitations on mergers and disposition of assets (other than, among other exceptions, 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 1940 Act.

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, 2026 and December 31, 2025, the Company had $— and $— , 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 $794,000 and $668,952 as of March 31, 2026 and December 31, 2025, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***Senior Unsecured Notes***

*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 2028 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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***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 notes offered by Bethesda CLO 1 Issuer in connection with the CLO transaction consist of $232,000 of AAA(sf) Class A-1 Senior Secured Floating Rate due 2035, which bear interest at three-month SOFR plus 2.40%, $16,000 of AAA(sf) Class A-2 Senior Secured Floating Rate due 2035, which bear interest at three-month SOFR plus 2.90% <u>(</u>collectively, the "CLO 1 Secured Notes"), and $154,360 of Subordinated Notes due in 2123 (the "CLO 1 Subordinated Notes"), which do not bear interest. The Company, through a newly formed wholly owned subsidiary of the Company (the "Bethesda CLO 1 Depositor"), has retained 100% of the Class A-2 Notes and the Subordinated Notes issued in the Bethesda CLO 1, which are eliminated in consolidation.

On October 23, 2025, the Company upsized, extended the maturity, and reduced the pricing on Bethesda CLO 1 (the "Bethesda CLO 1 Upsize"). The size of Bethesda CLO 1 increased from $402,360 to $646,360. The notes offered in Bethesda CLO 1 (collectively, the "Bethesda CLO 1 Upsize Notes") were issued by Bethesda CLO 1 Issuer, and are primarily secured by a diversified portfolio of middle market loans and participation interests therein. The notes offered by Bethesda CLO 1 Issuer in connection with Bethesda CLO 1 Upsize consisted of $348,000 of AAA(sf) Class A-1 Notes and the-R Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.49%, $24,000 of AAA(sf) Class A-2Notes are scheduled to mature in October 2035 and the -R Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.65%, $36,000 of AA(sf) Class B-R Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.85%, $48,000 of A(sf) Class C-R Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 2.30%, $36,000 of BBB-(sf) Class D-R Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 3.30% (collectively, the "CLO 1 Upsize Secured Notes"). The Company, through Bethesda CLO 1 Depositor retained the $154,360 of Subordinated Notes due in 2123, which do not bear interest. The Company, through Bethesda CLO 1 Depositor acquired 100% of the Class D Notes issued in Bethesda CLO 1 upsize. The Subordinated Notes and Class D Notes are both eliminated in consolidation.

The Bethesda CLO 1 Upsize Notes are scheduled to mature on October 23, 2037; however, the Bethesda CLO 1 Upsize Notes may be redeemed by the Bethesda CLO 1 Issuer, at the direction of CLO Retention Holder on any business day after October 23, 2027. In connection with the sale and contribution, the Company has made customary representations, warranties and covenants to the Issuer. The CLO 1 Upsize Secured Notes are the secured obligation of the Bethesda CLO 1 Issuer, the CLO 1 Upsize Subordinated Notes are the unsecured obligation of the Bethesda CLO 1 Issuer, and the indenture governing the Bethesda CLO 1 Upsize Notes include customary covenants and events of default.

The Bethesda CLO 1 Upsize Notes are not, 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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***MFIC Bethesda CLO 2 LLC Debt Securitization***

On February 24, 2025, the Company completed a $529,600 CLO transaction (the "Bethesda CLO 2"), a form of secured financing incurred by MFIC Bethesda CLO 2 LLC (the "Bethesda CLO 2 Issuer"), an indirect wholly owned, consolidated subsidiary of the Company. The notes offered by Bethesda CLO 2 Issuer in connection with Bethesda CLO 2 (collectively, the "Bethesda CLO 2 Notes") consist of $304,500 of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.48%, $21,000 of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.70%, $31,500 of AA(sf) Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.85%, $42,000 of A(sf) Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.30%, $31,500 of Class D Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 3.75% and $99,100 of Subordinated notes due 2125, which do not bear interest. The CLO transaction is backed by a diversified portfolio of middle-market commercial loans, which Bethesda CLO 2 Issuer purchased from the Company pursuant to a loan sale agreement entered into on February 24, 2025, using the proceeds of the CLO transaction. The Company, through a newly formed wholly owned subsidiary of the Company (the "Bethesda CLO 2 Depositor"), has retained all of the Class D Notes and the Subordinated Notes issued in the Bethesda CLO 2, which are eliminated in consolidation. The proceeds from the CLO transaction were used to repay borrowings under the Senior Secured Facility. The Company serves as collateral manager to Bethesda CLO 2 Issuer, Citigroup Global Markets Inc. acted as initial purchaser and Apollo Global Securities, LLC acted as placement agent.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
| Average debt outstanding | $— | 1909527 | $— | 1807602 |
| Maximum amount of debt outstanding |  | 2004728 |  | 2325684 |
| Weighted average annualized interest cost <sup>(1)</sup> |  | 5.61% |  | 6.42% |
| Annualized amortized debt issuance cost |  | 0.35% |  | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total annualized interest cost |  | 5.96% |  | 6.83% |

---

(1)Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three months ended March 31, 2026 and 2025 were $617 and $632, respectively.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

***Foreign Currency Transactions and Translations***

The Company had no foreign-denominated debt outstanding on the Senior Secured Facility as of March 31, 2026.

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Original Principal Amount (Local)** | **Original Principal Amount (USD)** | **Principal Amount Outstanding** | **Unrealized Gain/(Loss)** | **Reset Date** |
| British Pound | £28200 | $35143 | $38000 | $(2857) | 1/30/2026 |
| European Euro | 6000 | 6646 | 7048 | (402) | 1/31/2026 |
| Canadian Dollar | 14000 | 10176 | 10201 | (25) | 1/31/2026 |
| Total |  | $51965 | $55249 | $(3284) |  |

---

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all debt covenants for all outstanding debt obligations.

**Note 7. Stockholders' Equity**

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 "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 | $50000 | $50000 | $— |
| December 14, 2015 | 50000 | 50000 |  |
| September 14, 2016 | 50000 | 50000 |  |
| October 30, 2018 | 50000 | 50000 |  |
| February 6, 2019 | 50000 | 50000 |  |
| February 3, 2022 | 25000 | 25000 |  |
| February 25, 2026 | 100000 | 68101 | 31899 |
| &nbsp;&nbsp;Total as of March 31, 2026 | $375000 | $343101 | $31899 |

---

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)— Continued**

**(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 | $5000 |
| January 1, 2016 | February 5, 2016 | 10000 |
| April 1, 2016 | May 19, 2016 | 5000 |
| July 1, 2016 | August 5, 2016 | 15000 |
| September 30, 2016 | November 8, 2016 | 20000 |
| January 4, 2017 | February 6, 2017 | 10000 |
| March 31, 2017 | May 19, 2017 | 10000 |
| June 30, 2017 | August 7, 2017 | 10000 |
| October 2, 2017 | November 6, 2017 | 10000 |
| January 3, 2018 | February 8, 2018 | 10000 |
| June 18, 2018 | August 9, 2018 | 10000 |
| September 17, 2018 | October 31, 2018 | 10000 |
| December 12, 2018 | February 7, 2019 | 10000 |
| February 25, 2019 | May 17, 2019 | 25000 |
| March 18, 2019 | May 17, 2019 | 10000 |
| June 4, 2019 | August 7, 2019 | 25000 |
| June 17, 2019 | August 7, 2019 | 20000 |
| September 16, 2019 | November 6, 2019 | 20000 |
| December 6, 2019 | February 5, 2020 | 25000 |
| December 16, 2019 | February 5, 2020 | 15000 |
| March 12, 2020 | March 19, 2020 | 20000 |
| March 30, 2021 | May 21, 2021 | 10000 |
| June 16, 2021 | November 5, 2021 | 10000 |
| December 16, 2021 | August 3, 2022 | 5000 |
| December 27, 2022 | February 22, 2023 | 10000 |
| March 16, 2026 | April 13, 2026 | 76380 |

---

During the three months ended March 31, 2026, the Company repurchased 7,084,020 shares at a weighted average price per share of $10.73, inclusive of commissions, for a total cost of $76,025. This represents a discount of approximately 23.33% of the average net asset value per share for the three months ended March 31, 2026.

During the three months ended March 31, 2025, the Company repurchased 476,656 shares at a weighted average price per share of $12.75, inclusive of commissions, for a total cost of $6,079. This represents a discount of approximately 14.72% of the average net asset value per share for the three months ended March 31, 2025.

Since the inception of the Repurchase Plans through March 31, 2026, the Company repurchased 24,245,549 shares at a weighted average price per share of $14.15, inclusive of commissions, for a total cost of $343,101. Including fractional shares, the Company has repurchased 24,245,579 shares at a weighted average price per share of $14.15, inclusive of commissions for a total cost of $343,101.

On October 30, 2018, the 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 "Reverse Stock Split"). 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.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

On July 22, 2019, the Board approved Articles of Amendment which amended the Company's charter to reduce the amount of authorized capital stock from 400,000,000 shares, par value $0.001 per share, to 130,000,000 shares, par value $0.001 per share. The Articles of Amendment were accepted for record by the Department of Assessments and Taxation of the State of Maryland on July 22, 2019 and immediately became effective.

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 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.

On July 22, 2024, the Company completed the Mergers with AFT and AIF. In connection with the Mergers, the Company issued an aggregate of 28,527,003 shares of the Company's common stock valued at approximately $440,140.

On August 13, 2024, the Company entered into (i) an equity distribution agreement by and among the Company, the Investment Adviser, the Administrator and Truist Securities, Inc. ("Truist") and (ii) an equity distribution agreement by and among the Company, the Investment Adviser, the Administrator and Jefferies LLC ("Jefferies," and together with Truist, the "Sales Agents"). The equity distribution agreements with the Sales Agents described in the preceding sentence are collectively referred to herein as the "Equity Distribution Agreements." The Equity Distribution Agreements provided that the Company may from time to time issue and sell shares of its common stock, par value $0.001 per share ("Shares"), having an aggregate offering price of up to $200,000, through the Sales Agents, or to them as principal for their own respective accounts. Sales of the shares, if any, may be made in transactions that are deemed to be an "at the market" ("ATM") offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended, including without limitation sales made directly on or through the NASDAQ Global Select Market, sales made to or through market makers and sales made through any other existing trading market or electronic communications network, and by any other method permitted by law, including but not limited to privately negotiated transactions, which may include block trades, as the Company and the Sales Agents may agree. The Sales Agents will receive a commission from the Company up to 1.5% of the gross sales price of any Shares sold through the Sales Agents under the Equity Distribution Agreements. The Company may from time to time issue and sell shares of its common stock through public or ATM offerings. For the three months ended March 31, 2026, there were no shares issued through ATM offerings.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(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, 2026, and December 31, 2025, the Company had the following unfunded commitments to its portfolio companies:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Unfunded revolver obligations and bridge loan commitments <sup>(1)</sup> | $189749 | $210900 |
| Standby letters of credit issued and outstanding <sup>(2)</sup> | 7858 | 7036 |
| Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) <sup>(3)</sup> | 177699 | 214452 |
| &nbsp;&nbsp;Total Unfunded Commitments <sup>(4)</sup> | $375306 | $432388 |

---

(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, 2026 and December 31, 2025, 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, 2026 and December 31, 2025, the bridge loan commitments included in the balances were $- and $-, 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 $100,000 and $81,425 as of March 31, 2026 and December 31, 2025, 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)— Continued**

**(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, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Per Share Data\*** |  |  |
| Net asset value at beginning of period | $14.18 | 14.98 |
| Net investment income <sup>(1)</sup> | 0.38 | 0.37 |
| Net realized and change in unrealized gains (losses) <sup>(1)</sup> | (0.67) | (0.05) |
| Net increase in net assets resulting from operations | (0.30) | 0.32 |
| Distribution of net investment income <sup>(2)</sup> | (0.31) | (0.38) |
| Distribution of return of capital <sup>(2)</sup> |  |  |
| Accretion due to share repurchases | 0.24 | 0.01 |
| Net asset value at end of period | $13.82 | $14.93 |
| Per share market value at end of period | $11.24 | 12.86 |
| Total return <sup>(3)</sup> | 0.96% | 1.93% |
| Shares outstanding at end of period | 85127849 | 93303622 |
| Weighted average shares outstanding | 91053511 | 93677003 |
| **Ratio/Supplemental Data** |  |  |
| Net assets at end of period (in millions) | $1176.3 | 1393.3 |
| Annualized ratio of operating expenses to average net assets <sup>(4)(5)</sup> | 2.97% | 4.04% |
| Annualized ratio of interest and other debt expenses to average net assets <sup>(5)</sup> | 9.30% | 8.83% |
| Annualized ratio of total expenses to average net assets <sup>(4)(5)</sup> | 12.27% | 12.88% |
| Annualized ratio of net investment income to average net assets <sup>(5)</sup> | 11.19% | 9.94% |
| Average debt outstanding (in millions) | $1909.5 | 1807.6 |
| Average debt per share | $20.97 | 19.30 |
| Annualized portfolio turnover rate <sup>(5)</sup> | 13.54% | 28.96% |
| Asset coverage per unit <sup>(6)</sup> | $1627 | 1717 |

---

\* 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, 2026 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.

(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, 2026, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 2.99% and 12.29%, respectively, without the voluntary fee waivers. For the three months ended March 31, 2025, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 4.27% and 13.11%, respectively, without the voluntary fee waivers.

(5)Annualized for the three months ended March 31, 2026 and 2025.

(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, 2026, the Company's asset coverage was 163%.

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**MIDCAP FINANCIAL INVESTMENT CORPORATION**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)— Continued**

**(In thousands, except share and per share data)**

**Note 10. 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.

***Stock Repurchase***

Subsequent to March 31, 2026, through April 13, 2026, the Company repurchased 2,755,221 shares of common stock at a weighted average price per share of $11.58, inclusive of commissions, for a total cost of $31.9 million. These repurchases exhausted the remaining capacity under the program.

***Distribution Declarations*** 

On May 5, 2026, the Company's Board declared a base distribution of $0.31 per share, payable on June 25, 2026 to stockholders of record as of June 9, 2026. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share.

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**Report of Independent Registered Public Accounting Firm**

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

**Results of Review of Interim Financial Information** 

We have reviewed the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of MidCap Financial Investment Corporation (the "Company") as of March 31, 2026, the related consolidated statements of operations, changes in net assets, cash flows, and financial highlights for the three-month periods ended March 31, 2026 and 2025, 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 statement of assets and liabilities , including the consolidated schedule of investments, of the Company as of December 31, 2025, and the related consolidated statements of operations, changes in net assets, cash flows, and financial highlights for the year then ended (not presented herein); and in our report dated February 26, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments 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 6, 2026

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of trade policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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**Overview**

MidCap Financial Investment Corporation (the "Company," "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, 2026, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $343.1 million.

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. The Company, the Investment Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the "Order"), that permits us, among other things, to co-invest with other funds and accounts managed by the Investment Adviser or its affiliates, subject to certain conditions. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting the Company to do so. Pursuant to the requirements of the Order, the Board, including a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Independent Directors, has approved co-investment policies and procedures describing how the Company will comply with the Order. Further, the Investment Adviser has adopted policies and procedures (the "Adviser Allocation Policy") which is 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. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Investment Adviser. The Company may determine to participate or not to participate, depending on whether the Investment Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). If the Investment Adviser determines that the investment is not appropriate for us, the investment will not be allocated to us.

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.

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***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, 2026, non-qualifying assets represented approximately 8.3% of the total assets of the Company.

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment advisory and management fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculation of our net asset value (including the cost and expenses of any independent valuation firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including independent registered public accounting and legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing and filing reports or other documents with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest payable on debt, if any, incurred to finance our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•offerings of our common stock and other securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•registration and listing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•marketing and distribution-related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•organizational costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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, 2026 and 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)\*** | **2026** | **2025** |
| Investments made in portfolio companies | $102.5 | $391.9 |
| Investments sold | (24.0) |  |
| Net activity before repaid investments | 78.5 | 391.9 |
| Investments repaid | (220.1) | (221.5) |
| Net investment activity | $(141.7) | $170.4 |
| Portfolio companies, at beginning of period | 247 | 233 |
| Number of investments in new portfolio companies | 2 | 20 |
| Number of exited companies | (13) | (13) |
| Portfolio companies at end of period | 236 | 240 |
| Number of investments in existing portfolio companies | 83 | 78 |

---

\* Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of March 31, 2026 and December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Portfolio composition, at fair value:** |  |  |  |  |
| First lien secured debt |  | 95% |  | 95% |
| Second lien secured debt |  | 0% |  | 0% |
| Total secured debt |  | 95% |  | 95% |
| Unsecured debt |  | 0% |  | 0% |
| Structured products and other |  | 0% |  | 0% |
| Preferred equity |  | 1% |  | 1% |
| Common equity/interests and warrants |  | 4% |  | 4% |
| **Weighted average yields, at amortized cost** <sup>(1)</sup>**:** |  |  |  |  |
| First lien secured debt <sup>(2)</sup> |  | 9.5% |  | 9.7% |
| Second lien secured debt <sup>(2)</sup> |  | 0.0% |  | 13.0% |
| Secured debt portfolio <sup>(2)</sup> |  | 9.5% |  | 9.7% |
| Unsecured debt portfolio <sup>(2)</sup> |  | 11.1% |  | 11.1% |
| Total debt portfolio <sup>(2)</sup> |  | 9.5% |  | 9.7% |
| Total portfolio <sup>(3)</sup> |  | 8.3% |  | 8.6% |
| **Interest rate type, at fair value** <sup>(4)</sup>**:** |  |  |  |  |
| Fixed rate amount | $0.0 billion | 0.0 billion | $0.0 billion | 0.0 billion |
| Floating rate amount | $2.7 billion | 2.7 billion | $2.9 billion | 2.9 billion |
| Fixed rate, as percentage of total |  | 0% |  | 0% |
| Floating rate, as percentage of total |  | 100% |  | 100% |
| **Interest rate type, at amortized cost** <sup>(4)</sup>**:** |  |  |  |  |
| Fixed rate amount | $0.0 billion | 0.0 billion | $0.0 billion | 0.0 billion |
| Floating rate amount | $2.8 billion | 2.8 billion | $2.9 billion | 2.9 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 and investments on non-accrual status.

Since the initial public offering of the Company in April 2004 and through March 31, 2026, invested capital totaled $26.9 billion in 850 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

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***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.

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.

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As of March 31, 2026, $2.93 billion or 98.6% 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.

***Investment Valuation Process***

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Investment Adviser as its "valuation designee" to perform the fair value determinations for all investments held by the Company. 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.At least each quarter, the valuation will be reassessed and updated by the Investment Adviser or an independent valuation firm to reflect company specific events and latest market data;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Investment Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.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, 2026, 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 the 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, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(in millions)\*** | **2026** | **2025** |
| **Investment Income** |  |  |
| Interest income | $67.6 | $74.6 |
| Dividend income | 0.3 | 0.2 |
| PIK interest income | 3.4 | 3.5 |
| Other income | 0.6 | 0.3 |
| Total investment income | $71.8 | $78.7 |
| **Expenses** |  |  |
| Management and performance-based incentive fees, net of amounts waived | $5.6 | $12.5 |
| Interest and other debt expenses, net of reimbursements | 28.5 | 30.4 |
| Administrative services expense, net of reimbursements | 1.4 | 0.2 |
| Other general and administrative expenses | 2.0 | 1.2 |
| Net Expenses | $37.5 | $44.4 |
| Net Investment Income | $34.3 | $34.3 |
| **Net Realized and Change in Unrealized Gains (Losses)** |  |  |
| Net realized gains (losses) | $(12.4) | $3.1 |
| Net change in unrealized gains (losses) | (48.7) | (7.0) |
| Net Realized and Change in Unrealized Gains (Losses) | $(61.1) | $(4.0) |
| Net Increase in Net Assets Resulting from Operations | $(26.9) | $30.3 |
| Net Investment Income on Per Average Share Basis <sup>(1)</sup> | $0.38 | $0.37 |
| Earnings per share — basic <sup>(1)</sup> | $(0.30) | $0.32 |

---

\* Totals may not foot due to rounding.

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

***Total Investment Income***

*For the three months ended March 31, 2026 as compared to the three months ended March 31, 2025*

The decrease in total investment income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by a decrease in recurring interest income of $7.0 million. The decrease in recurring interest income was due to a decrease in the average yield for the total debt portfolio, from 10.7% for the three months ended March 31, 2025 to 9.6% for the three months ended March 31, 2026 combined with a decrease in the overall income-bearing investment portfolio.

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***Net Expenses***

*For the three months ended March 31, 2026 as compared to the three months ended March 31, 2025*

Net expenses decreased by $6.9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, due to the fact that incentive fees were not accrued in the current quarter, as the Company did not meet its total return threshold. Interest and other debt expenses also decreased, driven by lower base rates and a lower average debt outstanding during the period. This was partially offset by an increase in administrative service and other G&A expenses.

***Net Realized Gains (Losses)***

*For the three months ended March 31, 2026 as compared to the three months ended March 31, 2025*

During the three months ended March 31, 2026, we recognized gross realized gains of $1.6 million and gross realized losses of $14.0 million, resulting in net realized losses of $12.4 million.

Net realized losses on investments for the three months ended March 31, 2026 totaled $10.0 million and was primarily driven by the write off of Renovo and the sale of Carestream. Net realized gains on investments for the three months ended March 31, 2026 totaled $0.7 million, resulting in a net realized loss of $9.4 million.

The Company also had a realized gain of $0.9 million on the settlement of foreign currency forward contracts during the period. This was offset by a $3.9 million realized loss on foreign currencies driven by the principal repayment of the CAD, EUR, and GBP contracts on the Senior Secured Facility.

Significant realized gains (losses) for the three months ended March 31, 2026 are summarized below:

---

| | |
|:---|:---|
| **(in millions)** | **Net Realized Gain (Loss)** |
| Renovo | $(9.0) |

---

During the three months ended March 31, 2025, we recognized gross realized gains of $4.5 million and gross realized losses of $1.4 million, resulting in net realized gains of $3.1 million. Net realized gains for the three months ended March 31, 2025 was primarily due to the exit of Orgain, Inc. and the partial exit of Heubach.. Significant realized gains (losses) for the three months ended March 31, 2025 are summarized below:

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| | |
|:---|:---|
| **(in millions)** | **Net Realized Gain (Loss)** |
| Orgain, Inc.\* | $1.2 |
| Heubach | 1.0 |

---

\*Orgain, Inc was sold during the quarter and the realized gain was previously recorded as an unrealized gain.

***Net Change in Unrealized Gains (Losses)***

*For the three months ended March 31, 2026 as compared to the three months ended March 31, 2025*

During the three months ended March 31, 2026, we recognized gross unrealized gains of $16.1 million and gross unrealized losses of $64.8 million, resulting in a net unrealized loss of $48.7 million.

Net unrealized losses on investments for the three months ended March 31, 2026, totaled $64.8 million and was primarily driven by market-wide spread widening, concentrated in software and technology as well as credit stress in a handful of positions. Net unrealized gains on investments for the three months ended March 31, 2026 totaled $12.0 million and was driven by the unrealized to realized flip of Renovo and Carestream.

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The Company also had a unrealized gain of $0.8 million on open foreign currency forward contracts and a $3.3 million unrealized gain on foreign currencies driven by the principal repayment of the CAD, EUR, and GBP contracts on the Senior Security Facility.

Significant unrealized gains (losses) for the three months ended March 31, 2026 are summarized below:

---

| | |
|:---|:---|
| **(in millions)** | **Net Change in Unrealized Gain (Loss)** |
| ChyronHego Corporation | $(6.2) |
| Midwest Vision | (5.0) |
| Bird Rides | (3.8) |
| Kauffman | (3.4) |
| Lending Point | (2.7) |
| Banner Solutions | (2.4) |
| Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) | (2.2) |
| Congruex | (2.0) |
| Excelligence | (1.8) |
| Heniff and Superior | (1.6) |
| LashCo | (1.5) |
| New Era Technology, Inc. | (1.1) |
| Distinct | (1.0) |

---

During the three months ended March 31, 2025, we recognized gross unrealized gains of $12.5 million and gross unrealized losses of $19.5 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses in investments of $7.0 million. Net change in unrealized gains (losses) for the three months ended March 31, 2025 was primarily driven by the the underperformance of Renovo, AVAD, LLC and Modern Campus, the recent restructure in Mitel Networks and the sale of Orgain, Inc. The change in unrealized losses were partially offset by an increase in Merx equity, expected sale proceedings of The Club Company, performance improvement in Congruex and recent equity infusion in the Sequential Brands Inc. Significant changes in unrealized gains (losses) for the three months ended March 31, 2025 are summarized below:

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| | |
|:---|:---|
| **(in millions)** | **Net Change in Unrealized Gain (Loss)** |
| Merx Aviation Finance, LLC | $1.8 |
| The Club Company | 1.3 |
| Congruex | 1.2 |
| Sequential Brands Group, Inc. | 1.2 |
| Renovo | (2.8) |
| Orgain, Inc.\* | (1.9) |
| Mitel Networks | (1.2) |
| AVAD, LLC | (1.2) |
| Modern Campus | (1.1) |

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\*Orgain, Inc was sold during the quarter and the realized gain was previously recorded as an unrealized gain.

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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 2026 Notes and 2028 Notes, Bethesda CLO 1, and Bethesda CLO 2, together with 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.

***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, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **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 <sup>(1)</sup> | 816.0 | $— | $— | $816.0 | $— |
| 2026 Notes | 125.0 | 125.0 |  |  |  |
| 2028 Notes | 80.0 |  | 80.0 |  |  |
| MFIC Bethesda CLO 1 LLC (Class A-1, Class A-2, Class B and Class C) | 456.0 |  |  |  | 456.0 |
| MFIC Bethesda CLO 2 LLC (Class A-1, Class A-2, Class B and Class C) | 399.0 |  |  |  | 399.0 |
| &nbsp;&nbsp;Total Debt Obligations | $1876.0 | $125.0 | $80.0 | $816.0 | $855.0 |

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(1)As of March 31, 2026, aggregate lender commitments under the Senior Secured Facility totaled $1.61 billion and $0.79 million of unused capacity. As of March 31, 2026, the Company had $— 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.

***Stockholders' Equity***

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

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***Equity Issuances*** 

We may from time to time issue and sell shares of our common stock through public or at-the-market ("ATM") offerings. On August 13, 2024, we entered into (i) an equity distribution agreement by and among us, the Investment Adviser, the Administrator and Truist Securities, Inc. ("Truist") and (ii) an equity distribution agreement by and among us, the Investment Adviser, the Administrator and Jefferies LLC ("Jefferies," and together with Truist, the "Sales Agents"). The equity distribution agreements with Sales Agents described in the preceding sentence are collectively referred to herein as the "Equity Distribution Agreements." For further details regarding the Equity Distribution Agreements, see **Note 7** "Stockholders' Equity—Equity Issuances — At-the-market ("ATM") Offering" to our consolidated financial statements included in this report.

***Distributions***

Distributions paid to stockholders during the three months ended March 31, 2026 totaled $28.1 million ($0.31 per share). Distributions paid to stockholders during the three months ended March 31, 2025 totaled $35.6 million ($0.38 per share). 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, 2026 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, 2026. 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.

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***PIK Income***

For the three months ended March 31, 2026, PIK income totaled $3.4 million on total investment income of $71.8. For the three months ended March 31, 2025, PIK income totaled $3.5 million on total investment income of $78.7 million. 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.

**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 consolidated financial statements for the three months ended March 31, 2026 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, 2026, 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, Class A-1 Notes under the Bethesda CLO 1 and the Notes under MFIC Bethesda CLO 2 LLC bears interest at SOFR rates with no interest rate floors, while our 2026 Notes and 2028 Notes bear 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, 2026, assuming no changes in our investment and borrowing structure:

---

| | | |
|:---|:---|:---|
| **Basis Point Change** | **Net Investment Income**<sup>(1)</sup> | **Net Investment Income Per Share** |
| &nbsp;&nbsp;&nbsp;&nbsp;Up 150 basis points | $13.5 million | $0.159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Up 100 basis points | 8.9 million | 0.105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Up 50 basis points | 4.4 million | 0.052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Down 50 basis points | (4.4) million | (0.052) |
| &nbsp;&nbsp;&nbsp;&nbsp;Down 100 basis points | (8.8) million | (0.103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Down 150 basis points | (13.1) million | (0.154) |

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(1) Net investment income presented in the sensitivity table is after applying a 17.5% performance-based incentive fee.

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, 2026 (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 Securities Exchange Act of 1934). 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, 2026 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 other information set forth in this report, and as provided below you should carefully consider the risk factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the twelve months ended December 31, 2025, 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.

We may be subject to risks associated with our investments in the software industry.

The revenue, income (or losses) and valuations of software and other technology-related companies, including companies focused on the development of artificial intelligence, can and often do fluctuate suddenly and dramatically. While the continued expansion of such companies may present opportunities, it may also lead to inflated or unsustainable valuations for certain companies, particularly in the absence of consistent revenue or profitability. If valuations are not supported by long-term fundamentals, a correction in the market could result in substantial losses for our investments in the software industry. This risk is heightened in an environment where market sentiment and investor enthusiasm for artificial intelligence-driven innovation may outpace actual business performance of certain software and other technology-related companies, potentially creating valuation bubbles that could burst with broader economic or market shifts.

In addition, because of rapid technological change, the average selling prices of software products have historically decreased over their productive lives. As a result, the average selling prices of software offered by our portfolio companies may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any securities that we may hold. Additionally, companies operating in the software industry are subject to vigorous competition, changing technology, changing client and end-consumer needs, evolving industry standards and frequent introductions of new products and services. Our portfolio companies in the software industry could compete with companies that are larger and could be engaged in a greater range of businesses or have greater financial, technical, sales or other resources than our portfolio companies do. Our portfolio companies could lose market share if their competitors introduce or acquire new products that compete with their software and related services or add new features to existing products. Any deterioration in the results of our portfolio companies due to competition or otherwise could, in turn, materially adversely affect our business, financial condition and results of operations.

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[**<u>**Table of Contents**</u>**](#toc_page)

**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 Securities Exchange Act of 1934 (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 | 50.0 million | — million |
| February 3, 2022 | 25.0 million | 25.0 million | — million |
| February 25, 2026 | 100.0 million | 68.1 million | 31.9 million |
| &nbsp;&nbsp;Total as of March 31, 2026 | $375.0 million | $343.1 million | $31.9 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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[**<u>**Table of Contents**</u>**](#toc_page)

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 |
| March 16, 2026 | April 13, 2026 | 76.4 million |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 510000 | 19.71 | 510000 | $40.0 million |
| September 2015 | 603466 | 18.46 | 603466 | 28.8 million |
| November 2015 | 1116666 | 18.10 | 1116666 | 8.6 million |
| December 2015 | 627443 | 17.58 | 627443 | 47.6 million |
| January 2016 | 670708 | 14.91 | 670708 | 37.6 million |
| June 2016 | 362933 | 16.73 | 362933 | 31.5 million |
| July 2016 | 16491 | 16.53 | 16491 | 31.2 million |
| August 2016 | 596294 | 17.67 | 596294 | 20.7 million |
| September 2016 | 411523 | 18.13 | 411523 | 63.2 million |
| October 2016 | 527417 | 17.82 | 527417 | 53.8 million |
| November 2016 | 239289 | 17.45 | 239289 | 49.6 million |
| August 2017 | 33333 | 17.96 | 33333 | 49.0 million |
| September 2017 | 186767 | 17.98 | 186767 | 45.7 million |
| October 2017 | 144867 | 17.96 | 144867 | 43.1 million |
| November 2017 | 64500 | 17.79 | 64500 | 41.9 million |
| December 2017 | 50100 | 17.89 | 50100 | 41.0 million |
| January 2018 | 577386 | 17.32 | 577386 | 31.0 million |
| February 2018 | 70567 | 16.23 | 70567 | 29.9 million |
| May 2018 | 263667 | 17.12 | 263667 | 25.4 million |
| June 2018 | 198601 | 16.94 | 198601 | 22.0 million |
| July 2018 | 8867 | 16.75 | 8867 | 21.9 million |
| August 2018 | 502767 | 17.11 | 502767 | 13.3 million |
| September 2018 | 444467 | 16.54 | 444467 | 5.9 million |
| October 2018 | 160800 | 16.46 | 160800 | 53.3 million |
| November 2018 | 595672 | 15.81 | 595672 | 43.9 million |
| December 2018 | 741389 | 13.49 | 741359 | 33.9 million |
| February 2019 | 19392 | 15.16 | 19392 | 83.6 million |
| March 2019 | 291426 | 15.40 | 291426 | 79.1 million |
| April 2019 | 44534 | 15.23 | 44534 | 78.4 million |
| May 2019 | 298026 | 15.93 | 298026 | 73.6 million |
| June 2019 | 607073 | 15.97 | 607073 | 63.9 million |
| July 2019 | 89610 | 16.10 | 89610 | 62.5 million |
| August 2019 | 758020 | 16.15 | 758020 | 50.3 million |
| September 2019 | 32371 | 16.26 | 32371 | 49.7 million |
| October 2019 | 495464 | 15.65 | 495464 | 42.0 million |
| November 2019 | 6147 | 15.91 | 6147 | 41.9 million |
| March 2020 | 1286565 | 11.62 | 1286565 | 26.9 million |
| May 2021 | 145572 | 13.92 | 145572 | 24.9 million |
| July 2021 | 44418 | 13.46 | 44418 | 24.3 million |
| August 2021 | 45675 | 13.32 | 45675 | 23.7 million |
| September 2021 | 360860 | 13.02 | 360860 | 19.0 million |
| October 2021 | 308005 | 13.30 | 308005 | 14.9 million |
| November 2021 | 419372 | 13.05 | 419372 | 9.4 million |
| December 2021 | 227429 | 12.44 | 227429 | 6.6 million |
| January 2022 | 60605 | 12.70 | 60605 | 30.8 million |
| April 2022 | 88478 | 12.82 | 88478 | 29.7 million |
| May 2022 | 40044 | 12.57 | 40044 | 29.2 million |
| May 2023 | 171061 | 11.56 | 171061 | 27.2 million |
| June 2023 | 27023 | 11.84 | 27023 | 26.9 million |
| March 2025 | 476656 | 12.75 | 476656 | 20.8 million |
| November 2025 | 1091753 | 11.81 | 1091753 | 7.9 million |
| March 2026 | 7084020 | 10.73 | 7084020 | 31.9 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 24245579 | $14.15 | 24245549 |  |

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[**<u>**Table of Contents**</u>**](#toc_page)

From April 1, 2026, through April 13, 2026, the Company repurchased 2,755,221 shares of common stock at a weighted average price per share of $11.58, inclusive of commissions, for a total cost of $31.9 million, which fully utilized the existing capacity under the Repurchase Plans.

**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, 2026, 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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[**<u>**Table of Contents**</u>**](#toc_page)

**Item 6. Exhibits** 

(a)Exhibits

---

| | |
|:---|:---|
| 3.1(a) | [<u>Articles of Amendment and Restatement (1)</u>](https://www.sec.gov/Archives/edgar/data/1278752/000119312522219995/d352439dex32.htm) |
| 3.2 | [<u>Sixth Amended and Restated Bylaws (2)</u>](https://www.sec.gov/Archives/edgar/data/1278752/000119312522219995/d352439dex33.htm) |
| 31.1 | [<u>Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934\*</u>](mfic-ex31_1.htm) |
| 31.2 | [<u>Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934\*</u>](mfic-ex31_2.htm) |
| 32.1 | [<u>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)\*</u>](mfic-ex32_1.htm) |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents\* |
| 104 | Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)\* |

---

_________________________

\* Filed herewith.

(1)Incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K, filed on August 12, 2022.

(2)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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[**<u>**Table of Contents**</u>**](#toc_page)

**SIGNATURES**

Pursuant to the requirements 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 6, 2026.

---

| | |
|:---|:---|
| **MIDCAP FINANCIAL INVESTMENT CORPORATION** | **MIDCAP FINANCIAL INVESTMENT CORPORATION** |
| **By:** | **/s/ TANNER POWELL** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanner Powell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanner Powell |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |
| **By:** | **/s/ KENNETH SEIFERT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenneth Seifert | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenneth Seifert |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Treasurer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer) |
| **By:** | **/s/ JOSEPH DURKIN** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph Durkin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph Durkin |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Accounting Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Accounting Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Accounting Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Accounting Officer) |

---

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

I, Tanner Powell, Chief Executive Officer of MidCap Financial Investment Corporation (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: | May 6, 2026 |
| /s/ TANNER POWELL | /s/ TANNER POWELL |
| Tanner Powell | Tanner Powell |
| *Chief Executive Officer* | *Chief Executive Officer* |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Kenneth Seifert, Chief Financial Officer of MidCap Financial Investment Corporation (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: | May 6, 2026 |
| /s/ KENNETH SEIFERT | /s/ KENNETH SEIFERT |
| Kenneth Seifert | Kenneth Seifert |
| *Chief Financial Officer and Treasurer* | *Chief Financial Officer and Treasurer* |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of MidCap Financial Investment Corporation (the "Company") on Form 10-Q for the period ended March 31, 2026 (the "Report"), I, Tanner Powell, Chief Executive Officer of the Company, and I, Kenneth Seifert, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ TANNER POWELL |
| Tanner Powell |
| *Chief Executive Officer* |
| May 6, 2026 |

---

---

| |
|:---|
| /s/ KENNETH SEIFERT |
| Kenneth Seifert |
| *Chief Financial Officer and Treasurer* |
| May 6, 2026 |

---

------