MidCap Financial Investment Corp. Files 10-Q for June 30, 2025

TL;DR

**MIDCAP FINANCIAL INVESTMENT CORP (MFIC) FILED ITS 10-Q FOR JUNE 30, 2025. STOCK AND NOTES TRADED ON NASDAQ.**

AI Summary

MidCap Financial Investment Corp. filed its 10-Q for the period ending June 30, 2025. The company is registered in Maryland and its principal executive offices are located at 9 West 57th Street, New York, NY 10019. MidCap Financial Investment Corp. has common stock and 8.00% Notes due 2028 registered on the NASDAQ Global Select Market under symbols MFIC and MFICL, respectively.

Why It Matters

This filing provides investors with an update on the financial performance and condition of MidCap Financial Investment Corp. during the specified quarterly period.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information and does not indicate any immediate or unusual risks.

Key Numbers

• 8.00% — Note Interest Rate (Interest rate on the 8.00% Notes due 2028)

Key Players & Entities

• MidCap Financial Investment Corporation (company) — Registrant
• June 30, 2025 (date) — Quarterly period end date
• 8.00% Notes due 2028 (financial_instrument) — Registered debt security
• MFIC (ticker_symbol) — Common Stock ticker
• MFICL (ticker_symbol) — Notes ticker
• NASDAQ Global Select Market (exchange) — Exchange where securities are traded

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value 8.00% Notes due 2028 MFIC

Filing Documents

• mfic-20250630.htm (10-Q) — 37611KB
• mfic-ex31_1.htm (EX-31.1) — 15KB
• mfic-ex31_2.htm (EX-31.2) — 15KB
• mfic-ex32_1.htm (EX-32.1) — 9KB
• 0000950170-25-106526.txt ( ) — 117087KB
• mfic-20250630.xsd (EX-101.SCH) — 3258KB
• mfic-20250630_htm.xml (XML) — 24020KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements 1 Consolidated Statements of Assets and Liabilities as of June 30, 2025 and December 31, 2024 1 Consolidated Statements of Operations for the three and six months ended June 30, 2025 and June 30, 2024 2 Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and June 30, 2024 3 Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and June 30, 2024 4 Consolidated Schedule of Investments as of June 30, 2025 5 Consolidated Schedule of Investments as of December 31, 2024 59

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 107 Report of Independent Registered Public Accounting Firm 143 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 144 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 160 Item 4.

Controls and Procedures

Controls and Procedures 161

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 162 Item 1A.

Risk Factors

Risk Factors 162 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 163 Item 3. Defaults Upon Senior Securities 166 Item 4. Mine Safety Disclosures 166 Item 5. Other Information 166 Item 6. Exhibits 167

Signatures

Signatures 168 Table of Contents

FINANCIAL INFORMATION

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.

Consolidated Financial Statements

Item 1. Consolidated Financial Statements MIDCAP FINANCIAL INVESTMENT CORPORATION CONSOLIDATED STATEMEN TS OF ASSETS AND LIABILITIES (In thousands, except share and per share data) June 30, 2025 December 31, 2024 (Unaudited) Assets Investments at fair value: Non-controlled/non-affiliated investments (cost — $ 2,997,689 and $ 2,700,957 , respectively) $ 2,896,424 $ 2,605,329 Non-controlled/affiliated investments (cost — $ 176,195 and $ 142,686 , respectively) 112,539 84,334 Controlled investments (cost — $ 321,227 and $ 333,754 , respectively) 318,519 324,753 Cash and cash equivalents 68,985 74,357 Foreign currencies (cost — $ 2,902 and $ 1,487 , respectively) 2,911 1,429 Receivable for investments sold 8,809 57,195 Interest receivable 28,564 19,289 Dividends receivable 659 709 Deferred financing costs 21,015 23,555 Prepaid expenses and other assets 3,458 — Total Assets $ 3,461,883 $ 3,190,950 Liabilities Debt $ 2,051,654 $ 1,751,621 Payable for investments purchased 4,773 4,190 Management fees payable 6,079 6,247 Performance-based incentive fees payable 3,849 5,336 Interest payable 16,561 12,813 Accrued administrative services expense — 60 Other liabilities and accrued expenses 3,046 6,037 Total Liabilities $ 2,085,962 $ 1,786,304 Commitments and contingencies (Note 8) Net Assets $ 1,375,921 $ 1,404,646 Net Assets Common stock, $ 0.001 par value ( 130,000,000 shares authorized; 93,303,622 and 93,780,278 shares issued and outstanding, respectively) $ 93 $ 94 Capital in excess of par value 2,652,015 2,658,090 Accumulated under-distributed (over-distributed) earnings ( 1,276,187 ) ( 1,253,538 ) Net Assets $ 1,375,921 $ 1,404,646 Net Asset Value Per Share $ 14.75 $ 14.98 See notes to the consolidated financial statements. 1 Table of Contents MIDCAP FINANCIAL

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