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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
OR
Commission File Number:
(Exact name of Registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
37th Floor |
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(Address of principal executive offices) |
(Zip Code) |
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading symbol(s) |
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Name of each exchange on which registered |
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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.
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).
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.
x |
Accelerated filer |
¨ |
Non-accelerated filer |
¨ |
Smaller reporting company |
Emerging growth company |
(Do not check if a smaller reporting company)
If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes ¨ No ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No
The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of August 1, 2023 was
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MIDCAP FINANCIAL INVESTMENT CORPORATION
Table of Contents
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PART I. FINANCIAL INFORMATION |
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Item 1. |
1 |
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Statements of Assets and Liabilities |
1 |
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Statements of Operations |
2 |
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Statements of Changes in Net Assets |
3 |
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Statements of Cash Flows |
4 |
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5 |
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35 |
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61 |
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92 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
93 |
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Item 3. |
107 |
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Item 4. |
109 |
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PART II. OTHER INFORMATION |
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Item 1. |
110 |
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Item 1A. |
110 |
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Item 2. |
110 |
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Item 3. |
113 |
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Item 4. |
113 |
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Item 5. |
113 |
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Item 6. |
114 |
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115 |
PART I. FINANCIAL INFORMATION
In this report, the terms the “Company,” “MFIC,” “we,” “us,” and “our” refer to MidCap Financial Investment Corporation unless the context specifically states otherwise.
Item 1. Financial Statements
MIDCAP FINANCIAL INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share and per share data)
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June 30, 2023 |
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December 31, 2022 |
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(Unaudited) |
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Assets |
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Investments at fair value: |
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Non-controlled/non-affiliated investments (cost — $ |
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$ |
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$ |
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Non-controlled/affiliated investments (cost — $ |
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Controlled investments (cost — $ |
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Cash and cash equivalents |
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Foreign currencies (cost — $ |
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Receivable for investments sold |
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Interest receivable |
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Dividends receivable |
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Deferred financing costs |
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Prepaid expenses and other assets |
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Total Assets |
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$ |
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$ |
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Liabilities |
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Debt |
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$ |
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$ |
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Payable for investments purchased |
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— |
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Distributions payable |
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— |
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Management and performance-based incentive fees payable |
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Interest payable |
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Accrued administrative services expense |
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Other liabilities and accrued expenses |
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Total Liabilities |
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$ |
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$ |
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Net Assets |
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$ |
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$ |
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Net Assets |
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Common stock, $ |
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$ |
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$ |
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Capital in excess of par value |
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Accumulated under-distributed (over-distributed) earnings |
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( |
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( |
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Net Assets |
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$ |
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$ |
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Net Asset Value Per Share |
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$ |
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$ |
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See notes to financial statements.
1
MIDCAP FINANCIAL INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Investment Income |
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Non-controlled/non-affiliated investments: |
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Interest income (excluding Payment-in-kind (“PIK”) interest income) |
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$ |
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$ |
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$ |
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$ |
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Dividend income |
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PIK interest income |
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Other income |
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Non-controlled/affiliated investments: |
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Interest income (excluding PIK interest income) |
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Dividend income |
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— |
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— |
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PIK interest income |
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Other income |
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— |
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— |
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— |
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— |
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Controlled investments: |
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Interest income (excluding PIK interest income) |
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Dividend income |
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— |
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— |
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— |
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— |
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PIK interest income |
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Other income |
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— |
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Total Investment Income |
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$ |
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$ |
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$ |
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$ |
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Expenses |
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Management fees |
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$ |
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$ |
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$ |
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$ |
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Performance-based incentive fees |
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Interest and other debt expenses |
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Administrative services expense |
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Other general and administrative expenses |
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Total expenses |
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Management and performance-based incentive fees waived |
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— |
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— |
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— |
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— |
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Performance-based incentive fee offset |
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— |
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( |
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( |
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( |
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Expense reimbursements |
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( |
) |
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( |
) |
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( |
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( |
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Net Expenses |
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$ |
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$ |
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$ |
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$ |
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Net Investment Income |
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$ |
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$ |
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$ |
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$ |
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Net Realized and Change in Unrealized Gains (Losses) |
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Net realized gains (losses): |
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Non-controlled/non-affiliated investments |
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$ |
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( |
) |
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$ |
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$ |
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( |
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$ |
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Non-controlled/affiliated investments |
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— |
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— |
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— |
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— |
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Controlled investments |
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— |
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— |
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— |
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— |
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Foreign currency transactions |
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( |
) |
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( |
) |
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( |
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Net realized gains (losses) |
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( |
) |
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( |
) |
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( |
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Net change in unrealized gains (losses): |
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Non-controlled/non-affiliated investments |
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( |
) |
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( |
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Non-controlled/affiliated investments |
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( |
) |
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( |
) |
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( |
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Controlled investments |
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( |
) |
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( |
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( |
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( |
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Foreign currency translations |
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( |
) |
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( |
) |
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Net change in unrealized gains (losses) |
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( |
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( |
) |
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( |
) |
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( |
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Net Realized and Change in Unrealized Gains (Losses) |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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( |
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Net Increase (Decrease) in Net Assets Resulting from Operations |
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$ |
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$ |
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$ |
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$ |
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Earnings (Loss) Per Share — Basic |
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$ |
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$ |
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See notes to financial statements.
2
MIDCAP FINANCIAL INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(In thousands, except share data)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Operations |
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Net investment income |
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$ |
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$ |
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$ |
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$ |
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Net realized gains (losses) |
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( |
) |
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( |
) |
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( |
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Net change in unrealized gains (losses) |
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( |
) |
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( |
) |
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( |
) |
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( |
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Net Increase (Decrease) in Net Assets Resulting from Operations |
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$ |
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$ |
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$ |
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$ |
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Distributions to Shareholders |
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Distribution of net investment income |
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$ |
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( |
) |
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$ |
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( |
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$ |
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( |
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$ |
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( |
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Distribution of return of capital |
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— |
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— |
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— |
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— |
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Net Decrease in Net Assets Resulting from Distributions to Shareholders |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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( |
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Capital Share Transactions |
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Repurchase of common stock |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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( |
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Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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( |
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Net Assets |
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Net increase (decrease) in net assets during the period |
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$ |
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( |
) |
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$ |
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( |
) |
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$ |
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$ |
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( |
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Net assets at beginning of period |
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Net Assets at End of Period |
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$ |
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$ |
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$ |
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$ |
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Capital Share Activity |
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Shares repurchased during the period |
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( |
) |
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( |
) |
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( |
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( |
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Shares issued and outstanding at beginning of period |
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Shares Issued and Outstanding at End of Period |
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See notes to financial statements.
3
MIDCAP FINANCIAL INVESTMENT CORPORATION
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
|
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Six Months Ended June 30, |
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2023 |
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2022 |
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Operating Activities |
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Net increase (decrease) in net assets resulting from operations |
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$ |
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$ |
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Net realized (gains) losses |
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Net change in unrealized (gains) losses |
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Net amortization of premiums and accretion of discounts on investments |
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( |
) |
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( |
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Accretion of discount on notes |
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Amortization of deferred financing costs |
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Increase in gains/(losses) from foreign currency transactions |
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( |
) |
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PIK interest and dividends capitalized |
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( |
) |
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( |
) |
Purchases of investments |
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( |
) |
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( |
) |
Proceeds from sales and repayments of investments |
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Changes in operating assets and liabilities: |
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Decrease (increase) in interest receivable |
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( |
) |
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Decrease (increase) in dividends receivable |
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( |
) |
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Decrease (increase) in prepaid expenses and other assets |
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( |
) |
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Increase (decrease) in management and performance-based incentive fees payable |
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|
|
( |
) |
|
Increase (decrease) in interest payable |
|
|
|
( |
) |
|
|
|
( |
) |
Increase (decrease) in accrued administrative services expense |
|
|
|
|
|
|
|
|
||
Increase (decrease) in other liabilities and accrued expenses |
|
|
|
( |
) |
|
|
|
|
|
Net Cash Used in/Provided by Operating Activities |
|
$ |
|
|
|
$ |
|
|
||
Financing Activities |
|
|
|
|
|
|
|
|
||
Issuances of debt |
|
$ |
|
|
|
$ |
|
|
||
Payments of debt |
|
|
|
( |
) |
|
|
|
( |
) |
Financing costs paid and deferred |
|
|
|
( |
) |
|
|
— |
|
|
Repurchase of common stock |
|
|
|
( |
) |
|
|
|
( |
) |
Distributions paid |
|
|
|
( |
) |
|
|
|
( |
) |
Net Cash Used in/Provided by Financing Activities |
|
$ |
|
( |
) |
|
$ |
|
( |
) |
|
|
|
|
|
|
|
|
|
||
Cash, Cash Equivalents and Foreign Currencies |
|
|
|
|
|
|
|
|
||
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period |
|
$ |
|
( |
) |
|
$ |
|
|
|
Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
|
|
|
|
|
( |
) |
|
Cash, cash equivalents and foreign currencies at beginning of period |
|
|
|
|
|
|
|
|
||
Cash, Cash Equivalents and Foreign Currencies at the End of Period |
|
$ |
|
|
|
$ |
|
|
||
|
|
|
|
|
|
|
|
|
||
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
|
|
||
Cash interest paid |
|
$ |
|
|
|
$ |
|
|
||
|
|
|
|
|
|
|
|
|
||
Non-Cash Activity |
|
|
|
|
|
|
|
|
||
PIK income |
|
$ |
|
|
|
$ |
|
|
See notes to financial statements.
4
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Advertising, Printing & Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FingerPaint Marketing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
KL Charlie Acquisition Company |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
KL Charlie Co-Invest, L.P. |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Hero Digital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HRO (Hero Digital) Holdings, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
HRO Holdings I LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Advertising, Printing & Publishing |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Club Car Wash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Club Car Wash Operating, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Crowne Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vari-Form Group, LLC |
|
First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(11)(14) |
||||||
Vari-Form Inc. |
|
First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(11)(14) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
K&N Parent, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
K&N Holdco, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13) |
|||||
Truck-Lite Co., LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TL Lighting Holdings, LLC |
|
Common Equity - Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Truck-Lite Co., LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Automotive |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
5
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Aviation and Consumer Transport |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Merx Aviation Finance, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merx Aviation Finance, LLC (5) |
|
First Lien Secured Debt - Revolver |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(20)(23) |
||||||
|
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
(24) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Primeflight |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PrimeFlight Acquisition, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
|
|
|
|
Total Aviation and Consumer Transport |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Berner Foods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berner Food & Beverage, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bolthouse Farms |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wm. Bolthouse Farms, Inc. |
|
Common Equity - Equity Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13) |
|||||
Hive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCP-Hive Holdings, LLC |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(9)(13) |
||||
Hive Intermediate, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Orgain, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Butterfly Fighter Co-Invest, L.P. |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rise Baking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ultimate Baked Goods Midco LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Turkey Hill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IC Holdings LLC |
|
Common Equity - Series A Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
THLP CO. LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Beverage, Food & Tobacco |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
6
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerate Learning |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle Purchaser, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Access Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access CIG, LLC |
|
Second Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(33) |
|||||
AlpineX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpinex Opco, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Ambrosia Buyer Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ambrosia Buyer Corp. |
|
Second Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14) |
||||||
AML Rightsource |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gabriel Partners, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Continuum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuum Global Solutions, LLC |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Electro Rent Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electro Rent Corporation |
|
Second Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(34)(35) |
|||||
Elo Touch |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TGG TS Acquisition Company |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(21)(23) |
|||
Escalent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M&M OPCO, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Go1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apiom, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(30) |
|||||
HMA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Management Associates Superholdings, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
7
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
IRP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Precision Refrigeration & Air Conditioning LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
SMC IR Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Jacent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jacent Strategic Merchandising |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
JSM Equity Investors, L.P. |
|
Preferred Equity - Class P Partnership Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Jones & Frank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JF Acquisition, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Naviga |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Naviga Inc. (fka Newscycle Solutions, Inc.) |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Graffiti Buyer, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(34) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(34) |
|||||
Graffiti Parent, LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PSI Services, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lifelong Learner Holdings, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(34) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(34) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
SEER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GS SEER Group Borrower LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
GS SEER Group Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
8
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Soliant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soliant Health, Inc. |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
|||||
Trench Plate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trench Plate Rental Co. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
Trench Safety Solutions Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
US Legal Support |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Legal Support Investment Holdings, LLC |
|
Common Equity - Series A-1 Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
USLS Acquisition, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wilson Language Training |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Owl Acquisition, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
Owl Parent Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Business Services |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Carbonfree Chemicals Holdings LLC (4) |
|
Common Equity - Common Equity / Interest |
|
|
N/A |
|
N/A |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(13)(16)(24) |
|||||
FC2 LLC (4) |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
(24) |
|||
|
|
Secured Debt - Promissory Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Westfall Technik, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Westfall Technik, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Chemicals, Plastics & Rubber |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Construction & Building |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allstar Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Athlete Buyer, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
9
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Englert |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gutter Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
Gutter Holdings, LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Pave America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pavement Partners Interco, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Yak Access |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yak Access LLC |
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
Total Construction & Building |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Consumer Goods - Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
A&V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A&V Holdings Midco, LLC |
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(21)(23)(30) |
|||||
KDC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KDC US Holdings |
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20)(21)(23) |
|||||
KLO Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1244311 B.C. Ltd. (4) |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(30) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(2)(13)(17)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
NSi Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wildcat BuyerCo, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(20)(21)(23) |
|||
Wildcat Parent LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sorenson Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sorenson Holdings, LLC |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
— |
|
|
|
|
|
|
(13) |
||||
|
|
|
|
|
|
Total Consumer Goods – Durable |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
10
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Consumer Goods - Non-durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
3D Protein |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protein For Pets Opco, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
— |
|
|
(9)(21)(23) |
|||
Dan Dee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Comfort Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
LashCo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lash OpCo, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Paladone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paladone Group Bidco Limited |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(21) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SON+ |
|
|
£ |
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(21) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(21) |
|||
Paladone Group Holdings Limited |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(17) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sequential Brands Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gainline Galaxy Holdings LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(16)(17) |
||||
Sequential Avia Holdings LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(35) |
|||||
Sequential Brands Group, Inc. |
|
Second Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
(14)(17) |
|||||
Swisstech IP CO, LLC |
|
First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Suave |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silk Holdings I Corp. |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
Silk Holdings III Corp. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Consumer Goods – Non-durable |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
11
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Activ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Activ Software Holdings, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Atlas Technical Consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GI Apple Midco LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bird |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bird US Opco, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
Clarus Commerce |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marlin DTC-LS Midco 2, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(34) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Go Car Wash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Go Car Wash Management Corp. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Lending Point |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LendingPoint LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Renovo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HomeRenew Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
The Club Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eldrickco Limited |
|
First Lien Secured Debt |
|
|
SON+ |
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(21)(23) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SON+ |
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(23)(29) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SON+ |
|
|
£ |
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(17)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
12
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
US Auto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Pool 2023 Trust (Del. Stat. Trust) (4) |
|
Structured Products and Other - Membership Interests |
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
(9)(25) |
|||||
|
|
|
|
|
|
Total Consumer Services |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Celink |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compu-Link Corporation |
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
( |
) |
|
(8)(9)(21)(23) |
|||
Peer Advisors, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||
Definiti LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greylock Holdings LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
RHI Acquisition LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Golden Bear |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Golden Bear 2016-R, LLC (4) |
|
Structured Products and Other - Membership Interests |
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
(3)(17) |
|||||
Purchasing Power, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchasing Power Funding I, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(33) |
|||||
Spectrum Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shelby 2021 Holdings Corp. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
'Total Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||||||||
Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NFA Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SSCP Spring Bidco Limited |
|
First Lien Secured Debt |
|
|
SON+ |
|
|
£ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(17)(29) |
|||||
|
|
|
|
|
|
Total Education |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Energy - Electricity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AIC SPV Holdings II, LLC (4) |
|
Preferred Equity - Preferred Stock |
|
|
N/A |
|
N/A |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(15)(17)(24) |
|||||
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4) |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(17)(24) |
|||||
|
|
Preferred Equity - Series B Preferred Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(17)(24) |
||||
|
|
Preferred Equity - Series D Preferred Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(17)(24) |
||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(17)(24) |
||||
Renew JV LLC (4) |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(17)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
13
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Solarplicity Group Limited (f/k/a AMP Solar UK) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Solarplicity UK Holdings Limited |
|
First Lien Secured Debt |
|
|
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
(11)(14)(17) |
||||||
|
|
Preferred Equity - Preferred Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(2)(13)(17) |
||||
|
|
Common Equity - Ordinary Shares |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(2)(13)(17) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Energy – Electricity |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Energy - Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pelican |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pelican Energy, LLC (4) |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(13)(16)(17)(24) |
|||||
Spotted Hawk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHD Oil & Gas, LLC (5) |
|
Common Equity - Series C Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(16)(24) |
|||||
|
|
Common Equity - Series A Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(16)(24) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Energy – Oil & Gas |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
83bar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83Bar, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(30) |
|||||
Akoya |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Akoya Biosciences, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|
(9)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Alcami |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcami Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Analogic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analogic Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Carbon6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carbon6 Technologies, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(23) |
|||
|
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cato Research |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LS Clinical Services Holdings, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
14
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Celerion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Celerion Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cerus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerus Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
CNSI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNSI Holdings, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Compass Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roscoe Medical, Inc |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EmpiRx |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EmpiRx Health LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Forge Biologics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forge Biologics, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gateway Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gateway US Holdings, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gossamer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GB001, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|
(9)(17)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
15
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Health & Safety Institute |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HSI HALO Acquisition, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
HSI Halo Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(24) |
|||||
|
|
Unsecured Debt - Convertible Bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
KureSmart |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Kure Pain Holdings, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
LucidHealth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Imaging, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
Mannkind Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mannkind Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26)(30) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(10)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Maxor National Pharmacy Services, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maxor National Pharmacy Services, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
Maxor Topco, L.P. |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Medical Guardian |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical Guardian, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Midwest Vision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest Vision Partners Management, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Orchard |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orchard Therapeutics PLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(30) |
See notes to financial statements.
16
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Paragon 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon 28, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Partner Therapeutics, Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partner Therapeutics, Inc |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
Warrants - Warrants |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PHS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHS Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
RHA Health Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pace Health Companies, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Rigel Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigel Pharmaceuticals, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
Team Select |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TS Investors, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
05/04/29 |
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
TELA Bio, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELA Bio, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
(9)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
TersSera |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TerSera Therapeutics LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
TissueTech |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TissueTech, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
(9)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|
(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
17
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Treace |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treace Medical Concepts, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(27)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(17)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unchained Labs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unchained Labs, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
US Fertility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Fertility Enterprises, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
ViewRay |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ViewRay Inc. |
|
First Lien Secured Debt |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(28) |
|||||
|
|
First Lien Secured Debt |
|
|
P+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
WellDyneRx, LLC |
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WelldyneRX, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Healthcare & Pharmaceuticals |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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|
|
|
Acronis AG |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACRONIS AG |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(17)(30) |
|||||
American Megatrends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMI US Holdings Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
BarTender |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sigma Buyer LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
18
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Calero Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telesoft Holdings, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
ChyronHego Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChyronHego Corporation (5) |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(24) |
|||||
ChyronHego US Holding Corporation (5) |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Dairy.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Momentx Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Digital.ai |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital.ai Software Holdings, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
GoHealth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norvax, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|
(9)(21)(23) |
|||
Gtreasury |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G Treasury SS LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
International Cruise & Excursion Gallery, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
International Cruise & Excursion Gallery, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30) |
|||||
Litify |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Litify Holdings Inc. |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
Litify LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Modern Campus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Destiny Solutions U.S., Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19)(30)(31) |
|||||
RMCF IV CIV XXXV, L.P. |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
19
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
MYCOM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Magnate Holding Corp. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
New Era Technology, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
New Era Technology, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(34) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Omada |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Omada Health, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Pro Vigil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-Vigil Holding Company, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
Schlesinger Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schlesinger Global, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Simeio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simeio Group Holdings, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sirsi Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sirsi Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Springbrook |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Springbrook Holding Company, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(32) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(32) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tax Slayer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEP-TS Midco, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
20
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
UpStack |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstack Holdco Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total High Tech Industries |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Hotel, Gaming, Leisure, Restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cave |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cave Enterprises Operations, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Guernsey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guernsey Holdings SDI LA LLC |
|
First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
||||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PARS Group LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARS Group LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Taco Cabana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTC Enterprises, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
|
|
|
|
Total Hotel, Gaming, Leisure, Restaurants |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Street Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Street Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PGM Holdings Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Turbo Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Relation Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ Sunshine, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Insurance |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
21
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Manufacturing, Capital Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
AVAD, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surf Opco, LLC |
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(16)(20)(21) |
|||||
|
|
Preferred Equity - Class P-1 Preferred |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(16) |
|||||
|
|
Preferred Equity - Class P-2 Preferred |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(16) |
|||||
|
|
Common Equity - Class A-1 Common |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
— |
|
|
|
|
|
|
(9)(13)(16) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
International Wire Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IW Buyer LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Kauffman |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kauffman Holdco, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
|||||
Kauffman Intermediate, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MedPlast Holdings Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.) |
|
Second Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(33) |
|||||
|
|
|
|
|
|
Total Manufacturing, Capital Equipment |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Media - Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sonar Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonar Entertainment, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(11)(33) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(11)(23)(33) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Media – Diversified & Production |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SI Holdings, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Retail |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securus Technologies Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securus Technologies Holdings, Inc. |
|
Second Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(35) |
|||||
|
|
|
|
|
|
Total Telecommunications |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
22
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (37) |
|
|
Fair Value (1)(38) |
|
|
|
|||||||
Transportation - Cargo, Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beacon Mobility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beacon Mobility Corp. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
(9)(22)(23) |
||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Heniff and Superior |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heniff Holdco, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MSEA Tankers LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSEA Tankers LLC (5) |
|
Common Equity - Class A Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(18)(24) |
||||
|
|
|
|
|
|
Total Transportation – Cargo, Distribution |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Utilities - Electric |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congruex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congruex Group LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(31) |
|||||
|
|
|
|
|
|
Total Utilities – Electric |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banner Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banner Buyer, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(30) |
|||||
Banner Parent Holdings, Inc. |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Thomas Scientific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BSP-TS, LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Thomas Scientific, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Wholesale |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Total Investments before Cash Equivalents |
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|||||||||
J.P. Morgan U.S. Government Money Market Fund |
|
|
N/A |
|
N/A |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(36) |
||||||
Goldman Sachs Financial Square Government Fund |
|
|
N/A |
|
N/A |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(36) |
||||||
Total Investments after Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(6)(7) |
See notes to financial statements.
23
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Name of Issuer |
|
Fair Value at December 31, 2022 |
|
|
|
Gross Additions |
|
|
|
Gross Reductions ■ |
|
|
|
Net Change in Unrealized Gains (Losses) |
|
|
|
Fair Value at June 30, 2023 |
|
|
|
Net Realized Gains (Losses) |
|
|
|
Interest/ |
|
||||||||
1244311 B.C. Ltd., Common Stock |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|||
1244311 B.C. Ltd., Term Loan |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||||
AIC SPV Holdings II, LLC, Preferred Equity |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|||
Carbonfree Chemicals Holdings LLC, Common Stock |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
FC2 LLC, Term Loan |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
FC2 LLC, Common Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Golden Bear 2016-R, LLC, Membership Interests |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||||
GSC Technologies Inc., Term Loan |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||||
Pelican Energy, LLC, Common Stock |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|||
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Renew Financial LLC (f/k/a Renewable Funding, LLC), Preferred Equity |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Renew Financial LLC (f/k/a Renewable Funding, LLC), Common Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Renew JV LLC, Membership Interests |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|||
Auto Pool 2023 Trust (Del. Stat. Trust) |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|||
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
See notes to financial statements.
24
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Name of Issuer |
|
Fair Value at December 31, 2022 |
|
|
|
Gross Additions |
|
|
|
Gross Reductions ■ |
|
|
|
Net Change in Unrealized Gains (Losses) |
|
|
|
Fair Value at June 30, 2023 |
|
|
|
Net Realized Gains (Losses) |
|
|
|
Interest/ |
|
||||||||
Majority Owned Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ChyronHego Corporation, Preferred Equity |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
( |
) |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
||
ChyronHego Corporation, Revolver |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|||
ChyronHego Corporation, Term Loan |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|||
ChyronHego US Holding Corporation, Term Loan |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
ChyronHego US Holding Corporation, Revolver |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Merx Aviation Finance, LLC, Letter of Credit |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Merx Aviation Finance, LLC, Membership Interests |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|||
Merx Aviation Finance, LLC, Revolver |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
MSEA Tankers LLC, Class A Units |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Controlled Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
||||||
SHD Oil & Gas, LLC, Series C Units |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
SHD Oil & Gas, LLC, Series A Units |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
( |
) |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
____________________
As of June 30, 2023, the Company had a
See notes to financial statements.
25
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
See notes to financial statements.
26
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Name of Issuer |
|
Total Commitment |
|
|
|
Drawn Commitment |
|
|
|
Letters of Credit ** |
|
|
|
Undrawn Commitment |
|
|||||
A&V Holdings Midco, LLC |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||
AMI US Holdings Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
AQ Sunshine, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|||
Activ Software Holdings, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Akoya Biosciences, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Alcami Corporation |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Alpinex Opco, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Analogic Corporation |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Athlete Buyer, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Banner Buyer, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Beacon Mobility Corp. |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Berner Food & Beverage, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
CNSI Holdings, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Carbon6 Technologies, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Cave Enterprises Operations, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Celerion Buyer, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Cerus Corporation |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
ChyronHego US Holding Corporation |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Club Car Wash Operating, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Compu-Link Corporation |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Digital.ai Software Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Eagle Purchaser, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Eldrickco Limited* |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
EmpiRx Health LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Forge Biologics, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
G Treasury SS LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
GB001, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
GI Apple Midco LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GS SEER Group Borrower LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Gabriel Partners, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Gateway US Holdings, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Go Car Wash Management Corp. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Go Car Wash Management, Corp. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Graffiti Buyer, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Guernsey Holdings SDI LA LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Gutter Buyer, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
HRO (Hero Digital) Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
HSI HALO Acquisition, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Health Management Associates Superholdings, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Heniff Holdco, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
High Street Buyer, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Hive Intermediate, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
HomeRenew Buyer, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
IW Buyer LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
JF Acquisition, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Jacent Strategic Merchandising |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
KDC US Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
KL Charlie Acquisition Company |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Kauffman Intermediate, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Kure Pain Holdings, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
LS Clinical Services Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Lash OpCo, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
See notes to financial statements.
27
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Name of Issuer |
|
Total Commitment |
|
|
|
Drawn Commitment |
|
|
|
Letters of Credit ** |
|
|
|
Undrawn Commitment |
|
|||||
LendingPoint LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Lifelong Learner Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Litify LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
M&M OPCO, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
MEP-TS Midco, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Magnate Holding Corp. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Marlin DTC-LS Midco 2, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Maxor National Pharmacy Services, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Medical Guardian, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Merx Aviation Finance, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|||
Midwest Vision Partners Management, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Momentx Corporation |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Naviga Inc. (fka Newscycle Solutions, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
New Era Technology, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Norvax, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Omada Health, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
PARS Group LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
PHS Buyer, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Pace Health Companies, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Paladone Group Bidco Limited |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Paladone Group Bidco Limited* |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Paragon 28, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Pavement Partners Interco, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Precision Refrigeration & Air Conditioning LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Premier Imaging, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Pro-Vigil Holding Company, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Project Comfort Buyer, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Protein For Pets Opco, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Purchasing Power Funding I, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
RHI Acquisition LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Roscoe Medical, Inc |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
SI Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Shelby 2021 Holdings Corp. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Sigma Buyer LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Simeio Group Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Sirsi Corporation |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Sonar Entertainment, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Springbrook Holding Company, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Surf Opco, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
TELA Bio, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
TGG TS Acquisition Company |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
THLP CO. LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
TS Investors, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Telesoft Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
TerSera Therapeutics LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Thomas Scientific, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
TissueTech, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Treace Medical Concepts, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Trench Plate Rental Co. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Truck-Lite Co., LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Turbo Buyer, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
USLS Acquisition, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ultimate Baked Goods Midco LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Unchained Labs, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Upstack Holdco Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
See notes to financial statements.
28
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Name of Issuer |
|
Total Commitment |
|
|
|
Drawn Commitment |
|
|
|
Letters of Credit ** |
|
|
|
Undrawn Commitment |
|
|||||
ViewRay Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
WelldyneRX, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Westfall Technik, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Wildcat BuyerCo, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Yak Access LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Total Commitments |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
*
**
See notes to financial statements.
29
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Issuer |
|
Investment Type |
|
Acquisition Date |
1244311 B.C. Ltd. |
|
Common Equity - Common Stock |
|
|
AIC SPV Holdings II, LLC |
|
Preferred Equity - Preferred Stock |
|
|
Carbon6 Technologies, Inc. |
|
Preferred Equity - Preferred Equity |
|
|
Carbonfree Chemicals Holdings LLC |
|
Common Equity - Common Equity / Interest |
|
|
ChyronHego Corporation |
|
Preferred Equity - Preferred Equity |
|
|
FC2 LLC |
|
Common Equity - Common Stock |
|
|
Greylock Holdings LLC |
|
Common Equity - Common Stock |
|
|
GS SEER Group Holdings, LLC |
|
Common Equity - Common Stock |
|
|
HSI Halo Holdings, LLC |
|
Common Equity - Common Stock |
|
|
Litify Holdings Inc. |
|
Common Equity - Common Stock |
|
|
Maxor Topco, L.P. |
|
Preferred Equity - Preferred Equity |
|
|
Merx Aviation Finance, LLC |
|
Common Equity - Membership Interests |
|
|
MSEA Tankers LLC |
|
Common Equity - Class A Units |
|
|
Pelican Energy, LLC |
|
Common Equity - Membership Interests |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
Common Equity - Common Stock |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
Preferred Equity - Series B Preferred Stock |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
Preferred Equity - Series D Preferred Stock |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
Preferred Equity - Preferred Equity |
|
|
Renew JV LLC |
|
Common Equity - Membership Interests |
|
|
SHD Oil & Gas, LLC |
|
Common Equity - Series C Units |
|
|
SHD Oil & Gas, LLC |
|
Common Equity - Series A Units |
|
|
Silk Holdings I Corp. |
|
Common Equity - Common Stock |
|
See notes to financial statements.
30
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(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 |
|
||||||||||||||||
Non-Controlled / Non-Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Advertising, Printing & Publishing |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||
Automotive |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Aviation and Consumer Transport |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
Business Services |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Construction & Building |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Consumer Goods – Durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Consumer Goods – Non-durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
Consumer Services |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Education |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Energy – Electricity |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Hotel, Gaming, Leisure, Restaurants |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Insurance |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Manufacturing, Capital Equipment |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||||
Media – Diversified & Production |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Retail |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Telecommunications |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Transportation – Cargo, Distribution |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Utilities – Electric |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Wholesale |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Total Non-Controlled / |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|||||||
Non-Controlled / Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Chemicals, Plastics & Rubber |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||
Consumer Goods – Durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Consumer Services |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Energy – Electricity |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Energy – Oil & Gas |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||
Total Non-Controlled / Affiliated Investments |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||||
Controlled Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Aviation and Consumer Transport |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||
Energy – Oil & Gas |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||
High Tech Industries |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|||
Transportation – Cargo, Distribution |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||
Total Controlled Investments |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
||||
Total |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
See notes to financial statements.
31
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(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 / Non-Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Advertising, Printing & Publishing |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
||||
Automotive |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Aviation and Consumer Transport |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||||
Business Services |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Construction & Building |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Consumer Goods – Durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Consumer Goods – Non-durable |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||||
Consumer Services |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Education |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Energy – Electricity |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|||||||
High Tech Industries |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Hotel, Gaming, Leisure, Restaurants |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Insurance |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Manufacturing, Capital Equipment |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||||
Media – Diversified & Production |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Retail |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Telecommunications |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Transportation – Cargo, Distribution |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Utilities – Electric |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Wholesale |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Total Non-Controlled / |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
% |
||||||||
% of Net Assets |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
|||||||||
Non-Controlled / Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chemicals, Plastics & Rubber |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
||||
Consumer Goods – Durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Consumer Services |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Energy – Electricity |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Energy – Oil & Gas |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Total Non-Controlled / Affiliated Investments |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
||||||
% of Net Assets |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
See notes to financial statements.
32
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(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 |
|
|||||||||||||||||
Controlled Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aviation and Consumer Transport |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
||||
Energy – Oil & Gas |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
High Tech Industries |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Transportation – Cargo, Distribution |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Total Controlled Investments |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
|||||
% of Net Assets |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
|||||||||
Total |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
% |
|||||||||
% of Net Assets |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
See notes to financial statements.
33
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2023
(In thousands, except share data)
Industry Classification |
|
Percentage of Total Investments (at Fair Value) as of June 30, 2023 |
High Tech Industries |
|
|
Healthcare & Pharmaceuticals |
|
|
Business Services |
|
|
Aviation and Consumer Transport |
|
|
Consumer Services |
|
|
Beverage, Food & Tobacco |
|
|
Insurance |
|
|
Consumer Goods – Non-durable |
|
|
Transportation – Cargo, Distribution |
|
|
Automotive |
|
|
Chemicals, Plastics & Rubber |
|
|
Manufacturing, Capital Equipment |
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
Wholesale |
|
|
Advertising, Printing & Publishing |
|
|
Construction & Building |
|
|
Education |
|
|
Retail |
|
|
Hotel, Gaming, Leisure, Restaurants |
|
|
Consumer Goods – Durable |
|
|
Utilities – Electric |
|
|
Telecommunications |
|
|
Energy – Electricity |
|
|
Energy – Oil & Gas |
|
|
Media – Diversified & Production |
|
|
Total Investments |
|
See notes to financial statements.
34
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Advertising, Printing & Publishing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
FingerPaint Marketing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KL Charlie Acquisition Company |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(25) |
|||||
KL Charlie Co-Invest, L.P. |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Hero Digital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HRO (Hero Digital) Holdings, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
HRO Holdings I LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Advertising, Printing & Publishing |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Erickson Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Erickson Inc |
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
Total Aerospace & Defense |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Club Car Wash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Club Car Wash Operating, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(21)(23)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Crowne Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vari-Form Group, LLC |
|
First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(14)(28) |
||||||
Vari-Form Inc. |
|
First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(14)(28) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
K&N Parent, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
K&N Parent, Inc. |
|
Second Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14)(28) |
||||||
Truck-Lite Co., LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TL Lighting Holdings, LLC |
|
Common Equity - Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Truck-Lite Co., LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(33) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Automotive |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Aviation and Consumer Transport |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Merx Aviation Finance, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Merx Aviation Finance, LLC (5) |
|
First Lien Secured Debt - Revolver |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(20)(23) |
||||||
|
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
(24) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PrimeFlight |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PrimeFlight Aviation Services, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
|
|
|
|
Total Aviation and Consumer Transport |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
35
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berner Foods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Berner Food & Beverage, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(25) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bolthouse Farms |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wm. Bolthouse Farms, Inc. |
|
Common Equity - Equity Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(24) |
|||||
Hive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCP-Hive Holdings, LLC |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(9)(13) |
||||
Hive Intermediate, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Orgain, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Butterfly Fighter Co-Invest, L.P. |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rise Baking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ultimate Baked Goods Midco LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Turkey Hill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IC Holdings LLC |
|
Common Equity - Series A Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
THLP CO. LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(29) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Beverage, Food & Tobacco |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Business Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access CIG, LLC |
|
Second Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(26) |
|||||
AlpineX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpinex Opco, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(32) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Ambrosia Buyer Corp. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ambrosia Buyer Corp. |
|
Second Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14)(28) |
||||||
AML Rightsource |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gabriel Partners, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(25) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
36
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Continuum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuum Global Solutions, LLC |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Electro Rent Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electro Rent Corporation |
|
Second Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
Elo Touch |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TGG TS Acquisition Company |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(21)(23) |
|||
Ensemble Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EHL Merger Sub, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(21)(23) |
|||
IRP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Precision Refrigeration & Air Conditioning LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
SMC IR Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Jacent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jacent Strategic Merchandising |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(9)(13) |
||||
JSM Equity Investors, L.P. |
|
Preferred Equity - Class P Partnership Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Jones & Frank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JF Acquisition, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Naviga |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Naviga Inc. (fka Newscycle Solutions, Inc.) |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(32) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Graffiti Buyer, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
Graffiti Parent, LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PSI Services, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lifelong Learner Holdings, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Soliant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Soliant Health, Inc. |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
See notes to financial statements.
37
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Trench Plate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trench Plate Rental Co. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
Trench Safety Solutions Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
US Legal Support |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US Legal Support Investment Holdings, LLC |
|
Common Equity - Series A-1 Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
USLS Acquisition, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Wilson Language Training |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owl Acquisition, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(33) |
|||||
Owl Parent Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Business Services |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carbonfree Chemicals Holdings LLC (4) |
|
Common Equity - Common Equity / Interest |
|
|
N/A |
|
N/A |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(13)(16)(24) |
|||||
FC2 LLC (4) |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
(24) |
|||
|
|
Secured Debt - Promissory Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Westfall Technik, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Westfall Technik, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(32) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Chemicals, Plastics & Rubber |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Construction & Building |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Englert |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gutter Buyer, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
Gutter Holdings, LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Construction & Building |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Consumer Goods - Durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A&V |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A&V Holdings Midco, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(21)(23)(26) |
|||||
KDC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KDC US Holdings |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20)(21)(23) |
See notes to financial statements.
38
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
KLO Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1244311 B.C. Ltd. (4) |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(28) |
|||||
|
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(28) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(17)(19)(24) |
|||||
GSC Technologies Inc. (4) |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Liqui-Box |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liqui-Box Holdings, Inc. |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20)(21)(23)(26)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21)(23)(25) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NSi Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wildcat BuyerCo, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20)(21)(23) |
|||||
Wildcat Parent LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sorenson Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sorenson Holdings, LLC |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
— |
|
|
|
|
|
|
(10)(13) |
||||
|
|
|
|
|
|
Total Consumer Goods – Durable |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Consumer Goods - Non-durable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
3D Protein |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protein For Pets Opco, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
— |
|
|
(9)(21)(23) |
|||
Dan Dee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Project Comfort Buyer, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
LashCo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lash OpCo, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(29) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Paladone |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paladone Group Bidco Limited |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(21)(23) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SON+ |
|
|
£ |
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(21) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(21) |
|||
Paladone Group Holdings Limited |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(17) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
39
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Sequential Brands Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gainline Galaxy Holdings LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(16)(17) |
|||||
Sequential Avia Holdings LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(28) |
|||||
Sequential Brands Group, Inc. |
|
Second Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
(14)(17) |
|||||
Swisstech IP CO, LLC |
|
First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Consumer Goods – Non-durable |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Activ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Activ Software Holdings, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Bird |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bird US Opco, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
Clarus Commerce |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marlin DTC-LS Midco 2, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28) |
|||||
|
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Go Car Wash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Go Car Wash Management Corp. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Lending Point |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LendingPoint LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(32) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Renovo |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HomeRenew Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
The Club Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eldrickco Limited |
|
First Lien Secured Debt |
|
|
SON+ |
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(21)(23) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SON+ |
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(23)(27) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SON+ |
|
|
£ |
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(17)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
40
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
US Auto |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Auto Finance, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Consumer Services |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Celink |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compu-Link Corporation |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
( |
) |
|
(8)(9)(21)(23) |
|||
Peer Advisors, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Golden Bear |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Golden Bear 2016-R, LLC (4) |
|
Structured Products and Other - Membership Interests |
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
(3)(17) |
|||||
Purchasing Power, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchasing Power Funding I, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
Spectrum Automotive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shelby 2021 Holdings Corp. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Total Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||||||
Education |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NFA Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SSCP Spring Bidco Limited |
|
First Lien Secured Debt |
|
|
SON+ |
|
|
£ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(17)(27) |
|||||
|
|
|
|
|
|
Total Education |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Energy - Electricity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
AIC SPV Holdings II, LLC (4) |
|
Preferred Equity - Preferred Stock |
|
|
N/A |
|
N/A |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(15)(17)(24) |
|||||
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4) |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(17)(24) |
|||||
|
|
Preferred Equity - Series B Preferred Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(17)(24) |
||||
|
|
Preferred Equity - Series D Preferred Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(17)(24) |
||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(17)(24) |
||||
Renew JV LLC (4) |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(17)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Solarplicity Group Limited (f/k/a AMP Solar UK) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Solarplicity UK Holdings Limited |
|
First Lien Secured Debt |
|
|
|
|
£ |
|
|
|
|
|
|
|
|
|
|
|
(14)(17) |
||||||
|
|
Preferred Equity - Preferred Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(2)(13)(17) |
||||
|
|
Common Equity - Ordinary Shares |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(2)(13)(17) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Energy – Electricity |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
41
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Energy - Oil & Gas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pelican |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pelican Energy, LLC (4) |
|
Common Equity - Membership Interests |
|
|
N/A |
|
N/A |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(13)(16)(17)(24) |
|||||
Spotted Hawk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHD Oil & Gas, LLC (5) |
|
Common Equity - Series C Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(16)(24) |
|||||
|
|
Common Equity - Series A Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
— |
|
|
(13)(16)(24) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Energy – Oil & Gas |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
83bar |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83Bar, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(31) |
|||||
Akoya |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Akoya Biosciences, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
Alcami |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcami Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Analogic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analogic Corporation |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Carbon6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carbon6 Technologies, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cato Research |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LS Clinical Services Holdings, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Celerion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Celerion Buyer, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cerus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cerus Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
CNSI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CNSI Holdings, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
42
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Compass Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roscoe Medical, Inc |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EmpiRx |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EmpiRx Health LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(29) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Forge Biologics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forge Biologics, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
Gateway Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gateway US Holdings, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(32) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gossamer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GB001, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(23)(26) |
|||||
Health & Safety Institute |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HSI HALO Acquisition, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(33) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(33) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(32) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
HSI Halo Holdings, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(24) |
|||||
|
|
Unsecured Debt - Convertible Bond |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
IMA Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMA Group Management Company, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
KureSmart |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Kure Pain Holdings, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
43
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
LucidHealth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Imaging, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
Mannkind Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mannkind Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(10)(13)(17) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Maxor National Pharmacy Services, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maxor National Pharmacy Services, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|
(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Medical Guardian |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical Guardian, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Midwest Vision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midwest Vision Partners Management, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Orchard |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Orchard Therapeutics PLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(23)(26) |
|||||
Ovation Fertility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPG Services, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||
Paragon 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paragon 28, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Partner Therapeutics, Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partner Therapeutics, Inc |
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
Warrants - Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
||||
Partner Therapeutics, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PHS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHS Buyer, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
44
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
RHA Health Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pace Health Companies, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Rigel Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rigel Pharmaceuticals, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
TELA Bio, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELA Bio, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
TissueTech |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TissueTech, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|
(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Treace |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treace Medical Concepts, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unchained Labs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unchained Labs, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
ViewRay |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ViewRay Inc. |
|
First Lien Secured Debt |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(25) |
|||||
|
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(17)(23) |
|||
|
|
First Lien Secured Debt - Revolver |
|
|
P+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
WellDyneRx, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WelldyneRX, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Healthcare & Pharmaceuticals |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
High Tech Industries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acronis AG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACRONIS AG |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(17)(26) |
|||||
American Megatrends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMI US Holdings Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Calero Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telesoft Holdings, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21)(23)(26) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
45
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
ChyronHego Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChyronHego Corporation (5) |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28) |
|||||
|
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28) |
|||||
|
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21)(23)(28) |
|||||
|
|
Preferred Equity - Preferred Equity |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13)(24) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Dairy.com |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Momentx Corporation |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(32) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Digital.ai |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital.ai Software Holdings, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
GoHealth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Norvax, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|
(9)(21)(23) |
|||
International Cruise & Excursion Gallery, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Cruise & Excursion Gallery, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31) |
|||||
Modern Campus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Destiny Solutions U.S., Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26) |
|||||
RMCF IV CIV XXXV, L.P. |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MYCOM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Magnate Holding Corp. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(17)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
New Era Technology, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Era Technology, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Pro Vigil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-Vigil Holding Company, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(31) |
|||||
Schlesinger Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schlesinger Global, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
46
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Simeio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simeio Group Holdings, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(28) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sirsi Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sirsi Corporation |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Springbrook |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Springbrook Holding Company, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26) |
|||||
|
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(32) |
|||||
|
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tax Slayer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEP-TS Midco, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(29) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
UpStack |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upstack Holdco Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(29) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total High Tech Industries |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Hotel, Gaming, Leisure, Restaurants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Guernsey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guernsey Holdings SDI LA LLC |
|
First Lien Secured Debt |
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9) |
||||||
|
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
(8)(9)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PARS Group LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARS Group LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(23)(31) |
|||||
Taco Cabana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTC Enterprises, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(26) |
|||||
|
|
|
|
|
|
Total Hotel, Gaming, Leisure, Restaurants |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Street Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Street Buyer, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PGM Holdings Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Turbo Buyer, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Relation Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ Sunshine, Inc. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(20)(21)(23) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Insurance |
|
|
$ |
|
|
|
$ |
|
|
|
|
See notes to financial statements.
47
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Manufacturing, Capital Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
AVAD, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surf Opco, LLC |
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(16)(20)(21) |
|||||
|
|
Preferred Equity - Class P-1 Preferred |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(16) |
|||||
|
|
Preferred Equity - Class P-2 Preferred |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13)(16) |
|||||
|
|
Common Equity - Class A-1 Common |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
— |
|
|
|
|
|
|
(9)(13)(16) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Kauffman |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kauffman Holdco, LLC |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Kauffman Intermediate, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(30) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MedPlast Holdings Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.) |
|
Second Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26) |
|||||
|
|
|
|
|
|
Total Manufacturing, Capital Equipment |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Media - Diversified & Production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sonar Entertainment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonar Entertainment, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(11)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(11)(23)(26) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Media – Diversified & Production |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SI Holdings, Inc. |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Retail |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Telecommunications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securus Technologies Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Securus Technologies Holdings, Inc. |
|
Second Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(28) |
|||||
|
|
|
|
|
|
Total Telecommunications |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Transportation - Cargo, Distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beacon Mobility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beacon Mobility Corp. |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(31) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
(9)(20)(22)(23) |
||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
48
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry/Company |
|
Investment Type |
|
|
Interest Rate |
|
Maturity Date |
|
Par/Shares (12) |
|
|
Cost (34) |
|
|
Fair Value (1)(35) |
|
|
|
|||||||
Heniff and Superior |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heniff Holdco, LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(32) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(20)(21) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MSEA Tankers LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MSEA Tankers LLC (5) |
|
Common Equity - Class A Units |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)(18)(24) |
||||
|
|
|
|
|
|
Total Transportation – Cargo, Distribution |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Utilities - Electric |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congruex |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Congruex Group LLC |
|
First Lien Secured Debt |
|
|
SOFR+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(32) |
|||||
|
|
|
|
|
|
Total Utilities – Electric |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banner Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banner Buyer, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
(9)(26) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(21)(23)(26) |
|||||
Banner Parent Holdings, Inc. |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Thomas Scientific |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BSP-TS, LP |
|
Common Equity - Common Stock |
|
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
(9)(13) |
|||||
Thomas Scientific, LLC |
|
First Lien Secured Debt |
|
|
L+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)(28) |
|||||
|
|
First Lien Secured Debt - Revolver |
|
|
L+ |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
(8)(9)(21)(23) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
Total Wholesale |
|
|
$ |
|
|
|
$ |
|
|
|
|
||||||||
Total Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
(6)(7) |
See notes to financial statements.
49
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Name of Issuer |
|
Fair Value at March 31, 2022 |
|
|
|
Gross Additions |
|
|
|
Gross Reductions ■ |
|
|
|
Net Change in Unrealized Gains (Losses) |
|
|
|
Fair Value at December 31, 2022 |
|
|
|
Net Realized Gains (Losses) |
|
|
|
Interest/ |
|
||||||||
1244311 B.C. Ltd., Common Stock |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
( |
) |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
||
1244311 B.C. Ltd., Term Loan |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
AIC SPV Holdings II, LLC, Preferred Equity |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Carbonfree Chemicals Holdings LLC, Common Stock |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|||
Carbonfree Chemicals SA LLC, Class B Units |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
FC2 LLC, Term Loan |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
FC2 LLC, Common Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Golden Bear 2016-R, LLC, Membership Interests |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
GSC Technologies Inc., Term Loan |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
Pelican Energy, LLC, Common Stock |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|||
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC), Preferred Equity |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|||
Renew Financial LLC (f/k/a Renewable Funding, LLC), Common Stock |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
Renew JV LLC, Membership Interests |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
( |
) |
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
|
● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
See notes to financial statements.
50
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Name of Issuer |
|
Fair Value at March 31, 2022 |
|
|
|
Gross Additions |
|
|
|
Gross Reductions ■ |
|
|
|
Net Change in Unrealized Gains (Losses) |
|
|
|
Fair Value at December 31, 2022 |
|
|
|
Net Realized Gains (Losses) |
|
|
|
Interest/ |
|
||||||||
Majority Owned Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ChyronHego Corporation, Preferred Equity |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|||
ChyronHego Corporation, Revolver |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||||
ChyronHego Corporation, Term Loan |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||||
Dynamic Product Tankers, LLC, Common Stock |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
— |
|
||
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
— |
|
|
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Term Loan |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||||
Merx Aviation Finance, LLC, Membership Interests |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|||
Merx Aviation Finance, LLC, Revolver |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
MSEA Tankers LLC, Class A Units |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|||
Controlled Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SHD Oil & Gas, LLC, Series C Units |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
SHD Oil & Gas, LLC, Series A Units |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
SHD Oil & Gas, LLC, Tranche C Note |
|
|
|
|
|
|
|
— |
|
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
( |
) |
|
$ |
|
|
● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
As of December 31, 2022, the Company had a
See notes to financial statements.
51
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
See notes to financial statements.
52
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Name of Issuer |
|
Total Commitment |
|
|
|
Drawn Commitment |
|
|
|
Letters of Credit ** |
|
|
|
Undrawn Commitment |
|
|||||
A&V Holdings Midco, LLC |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||
AMI US Holdings Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
AQ Sunshine, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Activ Software Holdings, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Akoya Biosciences, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Alcami Corporation |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Alpinex Opco, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Analogic Corporation |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Banner Buyer, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Beacon Mobility Corp. |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Berner Food & Beverage, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
CNSI Holdings, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Carbon6 Technologies, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Celerion Buyer, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Cerus Corporation |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
ChyronHego Corporation |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Club Car Wash Operating, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Compu-Link Corporation |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Digital.ai Software Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
EHL Merger Sub, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Eldrickco Limited* |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
EmpiRx Health LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Erickson Inc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FPG Services, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Forge Biologics, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
GB001, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Gabriel Partners, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Gateway US Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Go Car Wash Management Corp. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Graffiti Buyer, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Guernsey Holdings SDI LA LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Gutter Buyer, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|||
HRO (Hero Digital) Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
HSI HALO Acquisition, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Heniff Holdco, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
High Street Buyer, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Hive Intermediate, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
HomeRenew Buyer, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
IMA Group Management Company, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
JF Acquisition, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Jacent Strategic Merchandising |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
KDC US Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
KL Charlie Acquisition Company |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Kauffman Intermediate, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Kure Pain Holdings, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
LS Clinical Services Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Lash OpCo, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
LendingPoint LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Lifelong Learner Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Liqui-Box Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
MEP-TS Midco, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Magnate Holding Corp. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Marlin DTC-LS Midco 2, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Maxor National Pharmacy Services, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Medical Guardian, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
See notes to financial statements.
53
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Name of Issuer |
|
Total Commitment |
|
|
|
Drawn Commitment |
|
|
|
Letters of Credit ** |
|
|
|
Undrawn Commitment |
|
|||||
Merx Aviation Finance, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|||
Midwest Vision Partners Management, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Momentx Corporation |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Naviga Inc. (fka Newscycle Solutions, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
New Era Technology, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Norvax, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Orchard Therapeutics PLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
PARS Group LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
PHS Buyer, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Pace Health Companies, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Paladone Group Bidco Limited |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Paladone Group Bidco Limited* |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Paragon 28, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Partner Therapeutics, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Precision Refrigeration & Air Conditioning LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Premier Imaging, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Pro-Vigil Holding Company, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Project Comfort Buyer, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Protein For Pets Opco, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Purchasing Power Funding I, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Roscoe Medical, Inc |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
SI Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Shelby 2021 Holdings Corp. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Simeio Group Holdings, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Sirsi Corporation |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Sonar Entertainment, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Springbrook Holding Company, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Surf Opco, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
TELA Bio, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
TGG TS Acquisition Company |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
THLP CO. LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Telesoft Holdings, LLC |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Thomas Scientific, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
TissueTech, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Treace Medical Concepts, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Trench Plate Rental Co. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Truck-Lite Co., LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
Turbo Buyer, Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
U.S. Auto Finance, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
USLS Acquisition, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ultimate Baked Goods Midco LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unchained Labs, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Upstack Holdco Inc. |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|||
ViewRay Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
WelldyneRX, LLC |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Westfall Technik, Inc. |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
||
Wildcat BuyerCo, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Commitments |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
*
**
See notes to financial statements.
54
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Issuer |
|
Investment Type |
|
Acquisition Date |
1244311 B.C. Ltd. |
|
Common Equity - Common Stock |
|
|
AIC SPV Holdings II, LLC |
|
Preferred Equity - Preferred Stock |
|
|
Carbon6 Technologies, Inc. |
|
Preferred Equity - Preferred Equity |
|
|
Carbonfree Chemicals Holdings LLC |
|
Common Equity - Common Equity / Interest |
|
|
ChyronHego Corporation |
|
Preferred Equity - Preferred Equity |
|
|
Merx Aviation Finance, LLC |
|
Common Equity - Membership Interests |
|
|
MSEA Tankers LLC |
|
Common Equity - Class A Units |
|
|
Owl Parent Holdings, LLC |
|
Common Equity - Common Stock |
|
|
Pelican Energy, LLC |
|
Common Equity - Membership Interests |
|
|
Project Comfort Buyer, Inc. |
|
Preferred Equity - Preferred Equity |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
Common Equity - Common Stock |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
Preferred Equity - Series D Preferred Stock |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
Preferred Equity - Series B Preferred Stock |
|
|
Renew Financial LLC (f/k/a Renewable Funding, LLC) |
|
Preferred Equity - Preferred Equity |
|
|
Renew JV LLC |
|
Common Equity - Membership Interests |
|
|
SHD Oil & Gas, LLC |
|
Common Equity - Series C Units |
|
|
SHD Oil & Gas, LLC |
|
Common Equity - Series A Units |
|
|
SMC IR Holdings, LLC |
|
Common Equity - Common Stock |
|
|
Trench Safety Solutions Holdings, LLC |
|
Common Equity - Series A-1 Units |
|
|
Wm. Bolthouse Farms, Inc. |
|
Common Equity - Equity Interests |
|
|
FC2 LLC |
|
Common Equity - Common Stock |
|
|
HSI Halo Holdings, LLC |
|
Common Equity - Common Stock |
|
See notes to financial statements.
55
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(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 |
|
||||||||||||||||
Non-Controlled / Non-Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Advertising, Printing & Publishing |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||
Aerospace & Defense |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
Aviation and Consumer Transport |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
Business Services |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Construction & Building |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Consumer Goods – Durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Consumer Goods – Non-durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
Consumer Services |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Education |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Energy – Electricity |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High Tech Industries |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Hotel, Gaming, Leisure, Restaurants |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Insurance |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Manufacturing, Capital Equipment |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||||
Media – Diversified & Production |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Retail |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Telecommunications |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Transportation – Cargo, Distribution |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Utilities – Electric |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Wholesale |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Total Non-Controlled / |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|||||||
Non-Controlled / Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Chemicals, Plastics & Rubber |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||
Consumer Goods – Durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
||
Energy – Electricity |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|||
Energy – Oil & Gas |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||
Total Non-Controlled / Affiliated Investments |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
See notes to financial statements.
56
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(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 |
|
||||||||||||||||
Controlled Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Aviation and Consumer Transport |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|||
Energy – Oil & Gas |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||
High Tech Industries |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|||
Transportation – Cargo, Distribution |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
||
Total Controlled Investments |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
||||
Total |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
See notes to financial statements.
57
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(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 / Non-Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Advertising, Printing & Publishing |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
||||
Aerospace & Defense |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Automotive |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||||
Aviation and Consumer Transport |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Beverage, Food & Tobacco |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||||
Business Services |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||||
Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Construction & Building |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Consumer Goods – Durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Consumer Goods – Non-durable |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||||
Consumer Services |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Education |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Energy – Electricity |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|||||||
High Tech Industries |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Hotel, Gaming, Leisure, Restaurants |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Insurance |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Manufacturing, Capital Equipment |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||||
Media – Diversified & Production |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Retail |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Telecommunications |
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Transportation – Cargo, Distribution |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Utilities – Electric |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Wholesale |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Total Non-Controlled / |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
% |
||||||||
% of Net Assets |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
|||||||||
Non-Controlled / Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chemicals, Plastics & Rubber |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
||||
Consumer Goods – Durable |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Energy – Electricity |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Energy – Oil & Gas |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Total Non-Controlled / Affiliated Investments |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
||||||
% of Net Assets |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
See notes to financial statements.
58
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(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 |
|
|||||||||||||||||
Controlled Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aviation and Consumer Transport |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
||||
Energy – Oil & Gas |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
High Tech Industries |
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
% |
||||
Transportation – Cargo, Distribution |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
% |
|||
Total Controlled Investments |
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
|
$ |
|
|
|
|
% |
|||||
% of Net Assets |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
|||||||||
Total |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
% |
|||||||||
% of Net Assets |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
See notes to financial statements.
59
MIDCAP FINANCIAL INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
December 31, 2022
(In thousands, except share data)
Industry Classification |
|
Percentage of Total Investments (at Fair Value) as of December 31, 2022 |
Healthcare & Pharmaceuticals |
|
|
High Tech Industries |
|
|
Aviation and Consumer Transport |
|
|
Business Services |
|
|
Consumer Services |
|
|
Beverage, Food & Tobacco |
|
|
Insurance |
|
|
Consumer Goods – Non-durable |
|
|
Transportation – Cargo, Distribution |
|
|
Automotive |
|
|
Chemicals, Plastics & Rubber |
|
|
Wholesale |
|
|
Manufacturing, Capital Equipment |
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate |
|
|
Advertising, Printing & Publishing |
|
|
Education |
|
|
Retail |
|
|
Construction & Building |
|
|
Consumer Goods – Durable |
|
|
Hotel, Gaming, Leisure, Restaurants |
|
|
Utilities – Electric |
|
|
Aerospace & Defense |
|
|
Telecommunications |
|
|
Energy – Electricity |
|
|
Media – Diversified & Production |
|
|
Energy – Oil & Gas |
|
|
Total Investments |
|
See notes to financial statements.
60
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share and per share data)
Note 1. Organization
MidCap Financial Investment Corporation (the “Company,” “MFIC,” “we,” “us,” or “our”), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on
On August 1, 2022, the Company changed its name from "Apollo Investment Corporation" to "MidCap Financial Investment Corporation". Our common stock began to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on August 12, 2022.
On November 3, 2022, the Company's Board changed the Company’s fiscal year end from March 31 to December 31, effective December 31, 2022.
Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, 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 $
61
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 financial statements.
Basis of Presentation
The accompanying 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 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 financial statements should be read in conjunction with the audited financial statements and accompanying notes included in our Transition Report on Form 10-KT for the nine months ended December 31, 2022.
Use of Estimates
The preparation of 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 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, the global outbreak of a novel coronavirus (COVID-19) and any other parameters used in determining these estimates could cause actual results to differ materially.
Cash and Cash Equivalents
The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.
Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of June 30, 2023 was $
Collateral on Option Contracts
Collateral on option contracts represents restricted cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract. In accordance with ASC 230, Statement of Cash Flows, the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies. As of and for the periods ended June 30, 2023 and December 31, 2022 the Company did
62
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Investment Transactions
Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the 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.
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 financial statements may differ materially from the values that would be received upon an actual disposition of such investments.
63
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
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 Company's Board of Directors (the "Board"). Even though the Company's Board of Directors designated the Company's Investment Adviser as "valuation designee," the Company's Board of Directors 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:
64
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Investments determined by these valuation procedures which have a fair value of less than $
Derivative Instruments
The Company recognizes all derivative instruments as assets or liabilities at fair value in its financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings.
Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.
Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Investment Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.
As of and for the periods ended June 30, 2023 and December 31, 2022, the Company did
Offsetting Assets and Liabilities
The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.
As of and for the periods ended June 30, 2023 and December 31, 2022, the Company did
65
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
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 financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.
Realized Gains or Losses
Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.
Investment Income Recognition
The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.
Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.
Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.
66
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pool of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are and will be payable solely from the cash flows from such assets. As such, any unforeseen event in these underlying pools of assets might impact the expected recovery of principal and future accrual of income.
Expenses
Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.
Financing Costs
The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the 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 financial statements), which the Company presents as an asset on the 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 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 of Directors 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.
67
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Share Repurchases
In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.
Federal and State Income Taxes
We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least
If we do not distribute (or are not deemed to have distributed) at least
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.
68
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
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 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 financial statements. As of June 30, 2023, there were
Retroactive Adjustments for Common Stock Reverse Split
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.
69
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Base Management Fee
The base management fee is calculated at an annual rate of
For the period from April 1, 2018 to December 31, 2022, the base management fee was calculated initially at an annual rate of
Performance-based Incentive Fee
The incentive fee (the “Incentive Fee”) consists of
(i) Incentive Fee on Pre-Incentive Fee Net Income - effective January 1, 2023
The Incentive Fee on pre-incentive fee net investment income is determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters (in either case, the “Trailing Twelve Quarters”) exceeds (y) the preferred return amount in respect of the Trailing Twelve Quarters; provided, however, that the pre-incentive fee net investment income in respect of the current calendar quarter exceeds the multiple of (A)
The preferred return amount is determined on a quarterly basis, and is calculated by summing the amounts obtained by multiplying
70
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The amount of the Incentive Fee on Income that is paid to the Investment Adviser for a particular quarter equals the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant Trailing Twelve Quarters.
(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)
(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
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)
(ii) Incentive Fee on Pre-Incentive Fee Net Income - (January 1, 2019 - December 31, 2022)
For the period from January 1, 2019 to December 31, 2022, the incentive fee on pre-incentive fee net investment income was determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the applicable calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after April 1, 2018 (the “trailing twelve quarters”) exceeds (y) the preferred return amount in respect of the trailing twelve quarters.
The preferred return amount was determined on a quarterly basis, and was calculated by summing the amounts obtained by multiplying
71
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The amount of the Incentive Fee on Income that was paid to the Investment Adviser for a particular quarter equaled the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant trailing twelve quarters.
(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters did not exceed the preferred return amount.
(2)
(3) for any quarter in which the Company’s pre-incentive fee net investment income for the trailing twelve quarters exceeded the catch-up amount, the incentive fee should equal
The Incentive Fee on Income as calculated was subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter was an amount equal to (a)
For this purpose,
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.
B. Incentive Fee Based on Cumulative Net Realized Gains
The Incentive Fee on Capital Gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee shall equal
72
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Prior to January 1, 2023, the Incentive Fee on Capital Gains was determined and paid in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee equaled
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
For the three and six months ended June 30, 2023, the Company recognized $
As of June 30, 2023 and December 31, 2022, management and performance-based incentive fees payable were $
Fee Offset
On January 16, 2019, the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. The Company will receive an offsetting credit against total incentive fees otherwise due to AIM under the investment advisory management agreement. The amount offset will initially be
Effective February 21, 2023, Merx and Apollo agreed to terminate the fee offset agreement in exchange for a termination fee of $
73
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
For the three and six months ended June 30, 2023, management fee offset was $
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 and six months ended June 30, 2023, the Company recognized administrative services expense under the Administration Agreement of $
Administrative Service Expense Reimbursement
Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx and several Merx managed entities. For the three and six months ended June 30, 2023, the Company recognized administrative service expense reimbursements of $
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 and six months ended June 30, 2023, the Company recognized debt expense reimbursements of $
74
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Co-Investment Activity
We may co-invest on a concurrent basis with affiliates of ours, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. On December 29, 2021, we received an exemptive order from the SEC, which was amended on January 10, 2023 (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates and Apollo proprietary accounts, subject to the conditions included therein. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.
As of June 30, 2023, the Company’s co-investment holdings were
Merx Aviation
Effective January 16, 2019, Mr. Gary Rothschild, President and Chief Executive Officer of Merx, became an employee of Apollo Management Holdings, L.P. ("AMH"), an affiliate of the Company’s investment adviser. Mr. Rothschild also retained his role as the President and Chief Executive Officer of Merx.
Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with ACM (the “Servicing Agreement”), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM (the “Research Support Agreement”), Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. Under a technical support agreement (the “Technical Support Agreement”), Merx and AMH share the services of Mr. Gary Rothschild, who is the President and Chief Executive Officer of Merx and an employee of AMH. In addition, on the same date the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets (the “Fee Offset Agreement”) under which the Company receives an offsetting credit against fees otherwise due to AIM under the Investment Advisory Agreement.
In 2022, we announced our plans to reduce our aviation leasing platform that is operating through Merx. Effective February 21, 2023, as a result of the planned reduction and the pending departure of certain Merx personnel, Merx and Apollo agreed to an Amended Servicing Agreement and to terminate the Research Support Agreement, the Technical Support Agreement and the Fee Offset Agreement in exchange for a termination fee of $
75
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
On September 1, 2022, $
Note 4. Earnings Per Share
The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three and six months ended June 30, 2023 and 2022:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||||
Basic Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings (loss) per share |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
76
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 June 30, 2023, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|||||||||||
|
|
Cost |
|
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|||||
First Lien Secured Debt |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
|
|||
Second Lien Secured Debt |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Unsecured Debt |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Structured Products and Other |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Preferred Equity |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Common Equity/Interests |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||
Warrants |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Total Investments |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
||||
Money Market Fund |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
— |
|
|||
Total Cash Equivalents |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
— |
|
|||
Total Investments after Cash Equivalents |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
The following table shows the composition of our investment portfolio as of December 31, 2022, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
|
|
|
|
|
|
|
|
Fair Value Hierarchy |
|
|||||||||||
|
|
Cost |
|
|
Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|||||
First Lien Secured Debt |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
|
|||
Second Lien Secured Debt |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Unsecured Debt |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Structured Products and Other |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Preferred Equity |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Common Equity/Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Warrants |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Total Investments |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
77
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 June 30, 2023:
|
|
First Lien Secured Debt (2) |
|
|
Second Lien Secured Debt (2) |
|
|
Unsecured Debt |
|
|
Structured Products and Other |
|
|
Preferred Equity |
|
|
Common Equity/Interests |
|
|
Warrants |
|
|
Total |
|
||||||||
Fair value as of March 31, 2023 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Net realized gains (losses) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
(losses) |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
Net amortization on investments |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Purchases, including capitalized PIK (3) |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|||||
Sales (3) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Transfers out of Level 3 (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers into Level 3 (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Fair value as of June 30, 2023 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(losses) on Level 3 investments still held as of June 30, 2023 |
|
$ |
|
|
$ |
( |
) |
|
$ |
— |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2023:
|
|
First Lien Secured Debt (2) |
|
|
Second Lien Secured Debt (2) |
|
|
Unsecured Debt |
|
|
Structured Products and Other |
|
|
Preferred Equity |
|
|
Common Equity/Interests |
|
|
Warrants |
|
|
Total |
|
||||||||
Fair value as of December 31, 2022 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Net realized gains (losses) |
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|||
(losses) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|||||
Net amortization on investments |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
|
|||
Purchases, including capitalized PIK (3) |
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Sales (3) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Transfers out of Level 3 (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers into Level 3 (1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
Fair value as of June 30, 2023 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(losses) on Level 3 investments still held as of June 30, 2023 |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
78
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 June 30, 2022:
|
|
First Lien Secured Debt (2) |
|
|
Second Lien Secured Debt (2) |
|
|
Unsecured Debt |
|
|
Structured Products and Other |
|
|
Preferred Equity |
|
|
Common Equity/Interests |
|
|
Warrants |
|
|
Total |
|
||||||||
Fair value as of March 31, 2022 |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
Net realized gains (losses) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
(losses) |
|
|
( |
) |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
||
Net amortization on investments |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Purchases, including capitalized PIK (3) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Sales (3) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Transfers out of Level 3 (1) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Transfers into Level 3 (1) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Fair value as of June 30, 2022 |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(losses) on Level 3 investments still held as of June 30, 2022 |
|
$ |
( |
) |
|
$ |
|
|
$ |
— |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2022:
|
|
First Lien Secured Debt (2) |
|
|
Second Lien Secured Debt (2) |
|
|
Unsecured Debt |
|
|
Structured Products and Other |
|
|
Preferred Equity |
|
|
Common Equity/Interests |
|
|
Warrants |
|
|
Total |
|
||||||||
Fair value as of December 31, 2021 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||||
Net realized gains (losses) |
|
|
( |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||||
gains (losses) |
|
|
( |
) |
|
|
|
|
|
— |
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
||
Net amortization on investments |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Purchases, including capitalized PIK (3) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
||||||
Sales (3) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Transfers out of Level 3 (1) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Transfers into Level 3 (1) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
|||
Fair value as of June 30, 2022 |
|
$ |
|
|
$ |
|
|
$ |
— |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
gains (losses) on Level 3 investments still held as of June 30, 2022 |
|
$ |
( |
) |
|
$ |
|
|
$ |
— |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
79
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 June 30, 2023 and December 31, 2022. 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 June 30, 2023 were as follows:
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements |
|||||
Asset Category |
|
|
Fair Value |
|
Valuation Techniques/Methodologies |
Unobservable Input |
Range |
Weighted Average (1) |
||
First Lien Secured Debt |
|
$ |
|
|
Recent Transaction |
Recent Transaction |
N/A |
N/A |
N/A |
|
|
|
|
|
|
Recovery Analysis |
Recoverable Amount |
N/A |
N/A |
N/A |
|
|
|
|
|
|
Yield Analysis |
Discount Rate |
||||
|
|
|
|
|
Estimated Proceeds |
Estimated Proceeds |
N/A |
N/A |
N/A |
|
Second Lien Secured Debt |
|
|
|
|
Market Comparable Technique |
Comparable Multiple |
||||
|
|
|
|
|
Recovery Analysis |
Recoverable Amount |
N/A |
N/A |
N/A |
|
|
|
|
|
|
Yield Analysis |
Discount Rate |
||||
Structured Products and Other |
|
|
|
|
Yield Analysis |
Discount Rate |
||||
Preferred Equity |
|
|
|
|
Market Comparable Technique |
Comparable Multiple |
||||
|
|
|
|
|
Option Pricing Model |
Expected Volatility |
||||
|
|
|
|
|
Recent Transaction |
Recent Transaction |
N/A |
N/A |
N/A |
|
|
|
|
|
|
Residual Value |
Residual Value |
N/A |
N/A |
N/A |
|
|
|
|
|
|
Yield Analysis |
Discount Rate |
||||
Common Equity/Interests |
|
|
|
|
Market Comparable Technique |
Comparable Multiple |
||||
|
|
|
|
|
Option Pricing Model |
Expected Volatility |
||||
|
|
|
|
|
Recent Transaction |
Recent Transaction |
N/A |
N/A |
N/A |
|
|
|
|
|
|
Recovery Analysis |
Recoverable Amount |
N/A |
N/A |
N/A |
|
|
|
|
|
|
Yield Analysis |
Discount Rate |
||||
|
|
|
|
|
Estimated Proceeds |
Estimated Proceeds |
N/A |
N/A |
N/A |
|
Warrants |
|
|
|
|
Option Pricing Model |
Expected Volatility |
||||
Unsecured Debt |
|
|
|
|
Yield Analysis |
Discount Rate |
||||
Total Level 3 Investments |
|
$ |
|
|
|
|
|
|
|
_________________
80
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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, 2022 were as follows:
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements |
|
||||||||||
Asset Category |
|
|
Fair Value |
|
Valuation Techniques/Methodologies |
Unobservable Input |
Range |
|
Weighted Average (1) |
|
||||||
First Lien Secured Debt |
|
$ |
|
|
Discounted Cash Flow |
Discount Rate |
|
|
|
|||||||
|
|
|
|
|
Residual Value |
Residual Value |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
|
Recent Transaction |
Recent Transaction |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
|
Recovery Analysis |
Recoverable Amount |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
|
Yield Analysis |
Discount Rate |
|
|
|
|||||||
Second Lien Secured Debt |
|
|
|
|
Market Comparable Technique |
Comparable Multiple |
|
|
|
|||||||
|
|
|
|
|
Recovery Analysis |
Recoverable Amount |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
|
Yield Analysis |
Discount Rate |
|
|
|
|||||||
|
|
|
|
|
Sale Proceeds |
Sale Proceeds |
N/A |
|
N/A |
|
N/A |
|
||||
Structured Products and Other |
|
|
|
|
Yield Analysis |
Discount Rate |
|
|
|
|||||||
Preferred Equity |
|
|
|
|
Market Comparable Technique |
Comparable Multiple |
|
x |
|
x |
|
x |
||||
|
|
|
|
|
Option Pricing Model |
Expected Volatility |
|
|
|
|||||||
|
|
|
|
|
Recent Transaction |
Recent Transaction |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
|
Recovery Analysis |
Recoverable Amount |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
|
Residual Value |
Residual Value |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
|
Yield Analysis |
Discount Rate |
|
|
|
|||||||
Common Equity/Interests |
|
|
|
|
Discounted Cash Flow |
Discount Rate |
|
|
|
|||||||
|
|
|
|
|
Residual Value |
Residual Value |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
|
Market Comparable Technique |
Comparable Multiple |
|
x |
|
x |
|
x |
||||
|
|
|
|
|
Option Pricing Model |
Expected Volatility |
|
|
|
|||||||
|
|
|
|
|
Recent Transaction |
Recent Transaction |
N/A |
|
N/A |
|
N/A |
|
||||
|
|
|
|
— |
|
Recovery Analysis |
Recoverable Amount |
N/A |
|
N/A |
|
N/A |
|
|||
|
|
|
|
|
Yield Analysis |
Discount Rate |
|
|
|
|||||||
|
|
|
|
|
Sale Proceeds |
Sale Proceeds |
N/A |
|
N/A |
|
N/A |
|
||||
Warrants |
|
|
|
|
Option Pricing Model |
Expected Volatility |
|
|
|
|||||||
Unsecured Debt |
|
|
|
|
Recent Transaction |
Recent Transaction |
N/A |
|
N/A |
|
N/A |
|
||||
Total Level 3 Investments |
|
$ |
|
|
|
|
|
|
|
|
|
|
____________________
81
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.
Investment Transactions
For the three and six months ended June 30, 2023, purchases of investments on a trade date basis were $
For the three and six months ended June 30, 2023, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $
82
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
PIK Income
The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three and six months ended June 30, 2023, PIK income earned was $
The following table shows the change in capitalized PIK balance for the three and six months ended June 30, 2023 and 2022:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||||||
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||||||
PIK balance at beginning of period |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
||||
PIK income capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments due to investments exited or written off |
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
|
|
|
( |
) |
PIK income received in cash |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
PIK balance at end of period |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Dividend Income on CLOs
The Company holds structured products and other investments. The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. During the three and six months ended June 30, 2023, there were
Investments on Non-Accrual Status
As of June 30, 2023,
Note 6. Debt and Foreign Currency Transactions and Translations
On April 4, 2018, the Company’s Board of Directors, including a “required majority” (as defined in Section 57(o) of the Investment Company Act of 1940, as amended) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940. As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from
83
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The Company’s outstanding debt obligations as of June 30, 2023 were as follows:
|
|
Date Issued/ |
|
Total Aggregate Principal Amount Committed |
|
|
|
Principal Amount Outstanding |
|
|
|
Fair Value |
|
|
|
|
Final Maturity Date |
|||||||
Senior Secured Facility |
|
|
$ |
|
|
** |
|
$ |
|
|
* |
|
$ |
|
|
|
(1 |
) |
|
|||||
2025 Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|||||
2026 Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|||||
Total Debt Obligations |
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
|
|
||||
Deferred Financing Costs and Debt Discount |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
Total Debt Obligations, net of Deferred |
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.
** Prior to November 19, 2022, total lender commitments were $
The Company’s outstanding debt obligations as of December 31, 2022 were as follows:
|
|
Date Issued/ |
|
Total Aggregate Principal Amount Committed |
|
|
|
Principal Amount Outstanding |
|
|
|
Fair Value |
|
|
|
|
Final Maturity Date |
|||||||
Senior Secured Facility |
|
|
$ |
|
|
** |
|
$ |
|
|
* |
|
$ |
|
|
|
(1 |
) |
|
|||||
2025 Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|||||
2026 Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|||||
Total Debt Obligations |
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
$ |
|
|
|
|
|
|
||||
Deferred Financing Costs and Debt Discount |
|
|
|
|
|
|
|
|
$ |
|
( |
) |
|
|
|
|
|
|
|
|
|
|||
Total Debt Obligations, net of Deferred |
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
___________________
* Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.
** Prior to November 19, 2022, total lender commitments were $
84
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Senior Secured Facility
On April 19, 2023, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through
The Senior Secured Facility contains affirmative and restrictive covenants, events of default and other customary provisions for similar debt facilities, including: (a) periodic financial reporting requirements, (b) maintaining minimum stockholders’ equity of the greater of (i)
85
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $
Senior Unsecured Notes
2025 Notes
On March 3, 2015, the Company issued $
2026 Notes
On July 16, 2021, the Company issued $
The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended June 30, 2023 and 2022:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||||
Average debt outstanding |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
||||
Maximum amount of debt outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average annualized interest cost (1) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
||||
Annualized amortized debt issuance cost |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
||||
Total annualized interest cost |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
% |
____________________
86
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Foreign Currency Transactions and Translations
The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of June 30, 2023:
|
|
Original Principal Amount (Local) |
|
|
Original Principal Amount (USD) |
|
|
Principal Amount Outstanding |
|
|
Unrealized Gain/(Loss) |
|
|
Reset Date |
|||||||||
British Pound |
|
£ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
( |
) |
|
|
||||
Total |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
( |
) |
|
|
|
The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2022:
|
|
Original Principal Amount (Local) |
|
|
Original Principal Amount (USD) |
|
|
Principal Amount Outstanding |
|
|
Unrealized Gain/(Loss) |
|
|
Reset Date |
|||||||||
British Pound |
|
£ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|||||
Total |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
As of June 30, 2023 and December 31, 2022, the Company was in compliance with all debt covenants for all outstanding debt obligations.
Note 7. Stockholders’ Equity
The Company issued approximately $
The Company adopted the following plans, approved by the Board of Directors, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the Securities Exchange Act of 1934 (the “1934 Act”) (the “Repurchase Plans”):
Date of Agreement/Amendment |
|
Maximum Cost of Shares That May Be Repurchased |
|
|
Cost of Shares Repurchased |
|
|
Remaining Cost of Shares That May Be Repurchased |
|
||||||
August 5, 2015 |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
— |
|
||
December 14, 2015 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
||
September 14, 2016 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
||
October 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
— |
|
||
February 6, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
February 3, 2022 |
|
|
|
|
|
|
|
— |
|
|
|
|
|
||
Total as of June 30, 2023 |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
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.
87
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 |
|
|
$ |
|
|
||
January 1, 2016 |
|
|
|
|
|
||
April 1, 2016 |
|
|
|
|
|
||
July 1, 2016 |
|
|
|
|
|
||
September 30, 2016 |
|
|
|
|
|
||
January 4, 2017 |
|
|
|
|
|
||
March 31, 2017 |
|
|
|
|
|
||
June 30, 2017 |
|
|
|
|
|
||
October 2, 2017 |
|
|
|
|
|
||
January 3, 2018 |
|
|
|
|
|
||
June 18, 2018 |
|
|
|
|
|
||
September 17, 2018 |
|
|
|
|
|
||
December 12, 2018 |
|
|
|
|
|
||
February 25, 2019 |
|
|
|
|
|
||
March 18, 2019 |
|
|
|
|
|
||
June 4, 2019 |
|
|
|
|
|
||
June 17, 2019 |
|
|
|
|
|
||
September 16, 2019 |
|
|
|
|
|
||
December 6, 2019 |
|
|
|
|
|
||
December 16, 2019 |
|
|
|
|
|
||
March 12, 2020 |
|
|
|
|
|
||
March 30, 2021 |
|
|
|
|
|
||
June 16, 2021 |
|
|
|
|
|
||
December 16, 2021 |
|
|
|
|
|
||
December 27, 2022 |
|
|
|
|
|
During the three months ended June 30, 2023, the Company repurchased
During the six months ended June 30, 2023, the Company repurchased
During the three months ended June 30, 2022, the Company repurchased
During the six months ended June 30, 2022, the Company repurchased
Since the inception of the Repurchase Plans through June 30, 2023, the Company repurchased
88
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
On August 2, 2022, the Company entered into a share subscription agreement (“Purchase Agreement”) with MFIC Holdings, LP, a subsidiary of MidCap FinCo Designated Activity Company (together with its subsidiaries, “MidCap Financial”), a middle-market specialty finance firm discretionarily managed by an affiliate of the Company's investment adviser, in connection with the issuance and sale of the Company's common stock, par value $
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.
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
||||
Unfunded revolver obligations and bridge loan commitments (1) |
|
$ |
|
|
|
$ |
|
|
||
Standby letters of credit issued and outstanding (2) |
|
|
|
|
|
|
|
|
||
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3) |
|
|
|
|
|
|
|
|
||
Total Unfunded Commitments (4) |
|
$ |
|
|
|
$ |
|
|
____________________
89
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 six months ended June 30, 2023 and 2022.
|
|
|
Six Months Ended June 30, 2023 |
|
|
|
Six Months Ended June 30, 2022 |
|
||
|
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
||
Per Share Data* |
|
|
|
|
|
|
|
|
||
Net asset value at beginning of period |
|
$ |
|
|
|
$ |
|
|
||
Net investment income (1) |
|
|
|
|
|
|
|
|
||
Net realized and change in unrealized gains (losses) (1) |
|
|
|
( |
) |
|
|
|
( |
) |
Net increase in net assets resulting from operations |
|
|
|
|
|
|
|
|
||
Distribution of net investment income (2) |
|
|
|
( |
) |
|
|
|
( |
) |
Distribution of return of capital (2) |
|
|
|
|
|
|
|
|
||
Accretion due to share repurchases |
|
|
|
|
|
|
|
|
||
Net asset value at end of period |
|
$ |
|
|
|
$ |
|
|
||
|
|
|
|
|
|
|
|
|
||
Per share market value at end of period |
|
$ |
|
|
|
$ |
|
|
||
Total return (3) |
|
|
|
% |
|
|
( |
|
||
Shares outstanding at end of period |
|
|
|
|
|
|
|
|
||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Ratio/Supplemental Data |
|
|
|
|
|
|
|
|
||
Net assets at end of period (in millions) |
|
$ |
|
|
|
$ |
|
|
||
Annualized ratio of operating expenses to average net assets (4)(5) |
|
|
|
% |
|
|
|
% |
||
Annualized ratio of interest and other debt expenses to average net assets (5) |
|
|
|
% |
|
|
|
% |
||
Annualized ratio of total expenses to average net assets (4)(5) |
|
|
|
% |
|
|
|
% |
||
Annualized ratio of net investment income to average net assets (5) |
|
|
|
% |
|
|
|
% |
||
Average debt outstanding (in millions) |
|
$ |
|
|
|
$ |
|
|
||
Average debt per share |
|
$ |
|
|
|
$ |
|
|
||
Annualized portfolio turnover rate (5) |
|
|
|
% |
|
|
|
% |
||
Asset coverage per unit (6) |
|
$ |
|
|
|
$ |
|
|
____________________
*
90
MIDCAP FINANCIAL INVESTMENT CORPORATION
NOTES TO 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 financial statements other than those disclosed below.
On
91
Report of Independent Registered Public Accounting Firm
To the stockholders and Board of Directors of MidCap Financial Investment Corporation
Results of Review of Interim Financial Information
We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of MidCap Financial Investment Corporation (the “Company”) as of June 30, 2023, the related statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2023 and 2022, the statements of cash flows and the financial highlights for the six-month periods ended June 30, 2023 and 2022, 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 statement of assets and liabilities, including the schedule of investments, of the Company as of December 31, 2022, the related statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein), and the financial highlights for the year then ended (not presented herein); and in our report dated February 21, 2023, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying statement of assets and liabilities, including the schedule of investments, as of December 31, 2022, is fairly stated, in all material respects, in relation to the statement of assets and liabilities, including the 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
August 2, 2023
92
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:
We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.
We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview
MidCap Financial Investment Corporation (the “Company,” “MFIC,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through June 30, 2023, we have raised approximately $2.24 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $248.1 million.
93
On August 1, 2022, the Company changed its name from "Apollo Investment Corporation" to "MidCap Financial Investment Corporation." Our common stock began to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on August 12, 2022.
Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order (the “Order”) we received from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.
Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.
Investments
Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies.
94
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 and market disruptions due to COVID-19. 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 June 30, 2023, non-qualifying assets represented approximately 7.3% 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 the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”), 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:
95
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 and six months ended June 30, 2023 and 2022, was as follows:
|
|
Three Months Ended June 30, |
|
|
|
Six Months Ended June 30, |
|
|||||||||||||
(in millions)* |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||||||
Investments made in portfolio companies |
|
$ |
|
101.6 |
|
|
|
|
227.4 |
|
|
$ |
|
252.7 |
|
|
$ |
|
447.5 |
|
Investments sold |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(9.7 |
) |
Net activity before repaid investments |
|
|
|
101.6 |
|
|
|
|
227.4 |
|
|
|
|
252.7 |
|
|
|
|
437.8 |
|
Investments repaid |
|
|
|
(79.2 |
) |
|
|
|
(184.0 |
) |
|
|
|
(250.8 |
) |
|
|
|
(448.6 |
) |
Net investment activity |
|
$ |
|
22.4 |
|
|
|
|
43.4 |
|
|
$ |
|
1.9 |
|
|
$ |
|
(10.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Portfolio companies, at beginning of period |
|
|
|
141 |
|
|
|
|
139 |
|
|
|
|
135 |
|
|
|
|
139 |
|
Number of investments in new portfolio companies |
|
|
|
12 |
|
|
|
|
7 |
|
|
|
|
20 |
|
|
|
|
13 |
|
Number of exited companies |
|
|
|
(3 |
) |
|
|
|
(6 |
) |
|
|
|
(5 |
) |
|
|
|
(12 |
) |
Portfolio companies at end of period |
|
|
|
150 |
|
|
|
|
140 |
|
|
|
|
150 |
|
|
|
|
140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Number of investments in existing portfolio companies |
|
|
|
40 |
|
|
|
|
53 |
|
|
|
|
61 |
|
|
|
|
72 |
|
____________________
* Totals may not foot due to rounding.
96
Our portfolio composition and weighted average yields as of June 30, 2023 and December 31, 2022 were as follows:
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
||||
Portfolio composition, at fair value: |
|
|
|
|
|
|
|
|
||
First lien secured debt |
|
|
|
88 |
% |
|
|
|
89 |
% |
Second lien secured debt |
|
|
|
3 |
% |
|
|
|
3 |
% |
Total secured debt |
|
|
|
91 |
% |
|
|
|
92 |
% |
Unsecured debt |
|
|
|
0 |
% |
|
|
|
0 |
% |
Structured products and other |
|
|
|
2 |
% |
|
|
|
0 |
% |
Preferred equity |
|
|
|
1 |
% |
|
|
|
2 |
% |
Common equity/interests and warrants |
|
|
|
6 |
% |
|
|
|
6 |
% |
Weighted average yields, at amortized cost (1): |
|
|
|
|
|
|
|
|
||
First lien secured debt (2) |
|
|
|
11.7 |
% |
|
|
|
10.8 |
% |
Second lien secured debt (2) |
|
|
|
14.2 |
% |
|
|
|
13.2 |
% |
Secured debt portfolio (2) |
|
|
|
11.8 |
% |
|
|
|
10.9 |
% |
Unsecured debt portfolio (2) |
|
|
|
10.0 |
% |
|
|
|
10.0 |
% |
Total debt portfolio (2) |
|
|
|
11.8 |
% |
|
|
|
10.9 |
% |
Total portfolio (3) |
|
|
|
10.0 |
% |
|
|
|
9.3 |
% |
Interest rate type, at fair value (4): |
|
|
|
|
|
|
|
|
||
Fixed rate amount |
|
$ |
0.0 billion |
|
|
$ |
0.0 billion |
|
||
Floating rate amount |
|
$ |
2.1 billion |
|
|
$ |
2.0 billion |
|
||
Fixed rate, as percentage of total |
|
|
|
0 |
% |
|
|
|
0 |
% |
Floating rate, as percentage of total |
|
|
|
100 |
% |
|
|
|
100 |
% |
Interest rate type, at amortized cost (4): |
|
|
|
|
|
|
|
|
||
Fixed rate amount |
|
$ |
0.0 billion |
|
|
$ |
0.0 billion |
|
||
Floating rate amount |
|
$ |
2.1 billion |
|
|
$ |
2.0 billion |
|
||
Fixed rate, as percentage of total |
|
|
|
0 |
% |
|
|
|
0 |
% |
Floating rate, as percentage of total |
|
|
|
100 |
% |
|
|
|
100 |
% |
____________________
Since the initial public offering of MidCap Financial Investment Corporation in April 2004 and through June 30, 2023, invested capital totaled $23.7 billion in 615 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.
Recent Developments
On June 2, 2023, Amit Joshi, Vice President and Chief Accounting Officer of the Company notified the Company of his intention to resign. Mr. Joshi has continued to serve as the Company’s Vice President and Chief Accounting Officer for a period of time to transition his responsibilities to other members of the Company’s finance department. Mr. Joshi’s decision to resign is not the result of any disagreement with the Company, its advisor or their affiliates regarding their operations, policies, practices or otherwise.
97
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 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 financial statements may differ materially from the values that would be received upon an actual disposition of such investments.
As of June 30, 2023, 2.41 billion or 99.9% 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.
98
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 Company’s Board of Directors has designated the Investment Adviser as its "valuation designee” to perform the fair value determinations for all investments held by the Company. The Company's Board of Directors 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:
99
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 six months ended June 30, 2023, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.
Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had an active market existed for such investments and may differ materially from the values that we may ultimately realize.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
100
Results of Operations
Operating results for the three and six months ended June 30, 2023 and 2022 were as follows:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||||||
(in millions)* |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
$ |
|
66.7 |
|
|
$ |
|
51.6 |
|
|
$ |
|
131.4 |
|
|
$ |
|
104.1 |
|
Dividend income |
|
|
|
0.1 |
|
|
|
|
0.3 |
|
|
|
|
0.1 |
|
|
|
|
0.7 |
|
PIK interest income |
|
|
|
0.8 |
|
|
|
|
1.0 |
|
|
|
|
1.6 |
|
|
|
|
1.6 |
|
Other income |
|
|
|
1.0 |
|
|
|
|
0.5 |
|
|
|
|
3.2 |
|
|
|
|
1.8 |
|
Total investment income |
|
$ |
|
68.6 |
|
|
$ |
|
53.4 |
|
|
$ |
|
136.4 |
|
|
$ |
|
108.1 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Management and performance-based incentive fees, net of amounts waived |
|
$ |
|
10.5 |
|
|
$ |
|
10.3 |
|
|
$ |
|
20.6 |
|
|
$ |
|
20.2 |
|
Interest and other debt expenses, net of reimbursements |
|
|
|
25.7 |
|
|
|
|
16.1 |
|
|
|
|
50.1 |
|
|
|
|
30.3 |
|
Administrative services expense, net of reimbursements |
|
|
|
1.4 |
|
|
|
|
1.2 |
|
|
|
|
2.8 |
|
|
|
|
2.7 |
|
Other general and administrative expenses |
|
|
|
2.2 |
|
|
|
|
2.2 |
|
|
|
|
4.5 |
|
|
|
|
4.6 |
|
Net Expenses |
|
$ |
|
39.8 |
|
|
$ |
|
29.9 |
|
|
$ |
|
78.1 |
|
|
$ |
|
57.8 |
|
Net Investment Income |
|
$ |
|
28.9 |
|
|
$ |
|
23.5 |
|
|
$ |
|
58.3 |
|
|
$ |
|
50.4 |
|
Net Realized and Change in Unrealized Gains (Losses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gains (losses) |
|
$ |
|
(0.2 |
) |
|
$ |
|
0.3 |
|
|
$ |
|
(1.0 |
) |
|
$ |
|
(1.7 |
) |
Net change in unrealized gains (losses) |
|
|
|
(3.3 |
) |
|
|
|
(18.1 |
) |
|
|
|
(1.8 |
) |
|
|
|
(38.8 |
) |
Net Realized and Change in Unrealized Gains (Losses) |
|
$ |
|
(3.4 |
) |
|
$ |
|
(17.8 |
) |
|
$ |
|
(2.8 |
) |
|
|
|
(40.5 |
) |
Net Increase in Net Assets Resulting from Operations |
|
$ |
|
25.4 |
|
|
$ |
|
5.7 |
|
|
$ |
|
55.5 |
|
|
$ |
|
9.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Investment Income on Per Average Share Basis (1) |
|
$ |
|
0.44 |
|
|
$ |
|
0.37 |
|
|
$ |
|
0.89 |
|
|
$ |
|
0.79 |
|
Earnings per share — basic (1) |
|
$ |
|
0.39 |
|
|
$ |
|
0.09 |
|
|
$ |
|
0.85 |
|
|
$ |
|
0.16 |
|
* 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 June 30, 2023 as compared to the three months ended June 30, 2022
The increase in total investment income for the three months ended June 30, 2023 compared to the three months ended June 30, 2022 was primarily driven by the increase in total interest income (including PIK interest income) of $14.9 million. The increase in total interest income was due to an increase in the average yield for the total debt portfolio, from 8.3% for the three months ended June 30, 2022 to 11.6% for the three months ended June 30, 2023. The increase was partially offset by a decrease in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled $1.9 million for the three months ended June 30, 2022 and $0.6 million for the three months ended June 30, 2023. Furthermore, the increase in other income of $0.5 million was primarily due to an increase in consent fees.
101
For the six months ended June 30, 2023 as compared to the six months ended June 30, 2022
The increase in total investment income for the six months ended June 30, 2023 compared to the six months ended June 30, 2022 was primarily driven by the increase in total interest income (including PIK interest income) of $27.3 million. The increase in total interest income was due to an increase in the average yield for the total debt portfolio, from 8.3% for the six months ended June 30, 2022 to 11.3% for the six months ended June 30, 2023. The increase was partially offset by a decrease in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled $5.6 million for the six months ended June 30, 2022 and $3.3 million for the six months ended June 30, 2023. Furthermore, the increase in other income of $1.3 million was primarily due to an increase in structuring and consent fees received.
Net Expenses
For the three months ended June 30, 2023 as compared to the three months ended June 30, 2022
The increase in net expenses for the three months ended June 30, 2023 compared to the three months ended June 30, 2022 was primarily driven by the increase in interest and other debt expenses of $9.5 million. The increase in interest and other debt expenses was attributed to an increase in the total annualized cost of debt, from 4.02% for the three months ended June 30, 2022 to 7.04% for the three months ended June 30, 2023. Further, the increase of $0.2 million in management and performance-based incentive fees (net of amounts waived) was due to an increase in performance-based incentive fees. This was partially offset by a decrease in management fee due to the change in fee structure effective January 1, 2023.
For the six months ended June 30, 2023 as compared to the six months ended June 30, 2022
The increase in net expenses for the six months ended June 30, 2023 compared to the six months ended June 30, 2022 was primarily driven by the increase in interest and other debt expenses of $19.8 million. The increase in interest and other debt expenses was attributed to an increase in the total annualized cost of debt, from 3.81% for the six months ended June 30, 2022 to 6.94% for the six months ended June 30, 2023. Further, the increase of $0.4 million in management and performance-based incentive fees (net of amounts waived) was due to an increase in performance-based incentive fees. This was partially offset by a decrease in management fee due to the change in fee structure effective January 1, 2023.
Net Realized Gains (Losses)
For the three months ended June 30, 2023 as compared to the three months ended June 30, 2022
During the three months ended June 30, 2023, we recognized gross realized gains of $0.0 million and gross realized losses of $0.2 million, resulting in net realized losses of $0.2 million.
During the three months ended June 30, 2022, we recognized gross realized gains of $0.5 million and gross realized losses of $0.2 million, resulting in net realized gains of $0.3 million.
102
For the six months ended June 30, 2023 as compared to the six months ended June 30, 2022
During the six months ended June 30, 2023, we recognized gross realized gains of $0.1 million and gross realized losses of $1.1 million, resulting in net realized losses of $1.0 million. There were no significant realized gains (losses) for the six months ended June 30, 2023.
During the six months ended June 30, 2022, we recognized gross realized gains of $2.5 million and gross realized losses of $4.2 million, resulting in net realized losses of $1.7 million. Net realized losses for the six months ended June 30, 2022 was primarily driven by the write off of the Company’s investment in AVAD, LLC. Significant realized gains (losses) for the six months ended June 30, 2022 are summarized below:
(in millions) |
|
Net Realized Gain (Loss) |
|
||
AVAD, LLC |
|
$ |
|
(1.0 |
) |
Net Change in Unrealized Gains (Losses)
For the three months ended June 30, 2023 as compared to the three months ended June 30, 2022
During the three months ended June 30, 2023, we recognized gross unrealized gains of $8.2 million and gross unrealized losses of $11.5 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $3.3 million. Net change in unrealized gains (losses) for the three months ended June 30, 2023 was primarily driven by the financial under-performance of Ambrosia Buyer Group and widening credit spreads. Significant changes in unrealized gains (losses) for the three months ended June 30, 2023 are summarized below:
(in millions) |
|
Net Change in Unrealized Gain (Loss) |
|
||
NFA Group |
|
$ |
|
1.1 |
|
Ambrosia Buyer Corp. |
|
|
|
(1.3 |
) |
Sequential Brands Group, Inc. |
|
|
|
(1.1 |
) |
ChyronHego Corporation |
|
|
|
(1.1 |
) |
103
During the three months ended June 30, 2022, we recognized gross unrealized gains of $10.8 million and gross unrealized losses of $28.9 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $18.1 million. Net change in unrealized gains (losses) for the three months ended June 30, 2022 was primarily driven by the decrease in value of Merx Aviation Finance LLC due to various lease restructuring, aircraft sales and impacts from the Russian/Ukraine conflict. Significant changes in unrealized gains (losses) for the three months ended June 30, 2022 are summarized below:
(in millions) |
|
Net Change in Unrealized Gain (Loss) |
|
||
Spotted Hawk |
|
$ |
|
3.3 |
|
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) |
|
|
|
2.8 |
|
ChyronHego Corporation |
|
|
|
1.1 |
|
Merx Aviation Finance, LLC |
|
|
|
(14.1 |
) |
NFA Group |
|
|
|
(2.9 |
) |
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) |
|
|
|
(1.5 |
) |
Golden Bear |
|
|
|
(1.1 |
) |
The Club Company |
|
|
|
(1.1 |
) |
For the six months ended June 30, 2023 as compared to the six months ended June 30, 2022
During the six months ended June 30, 2023, we recognized gross unrealized gains of $14.2 million and gross unrealized losses of $16.0 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $1.8 million. Net change in unrealized gains (losses) for the six months ended June 30, 2023 was primarily driven by the financial under-performance of Ambrosia Buyer Group and Berner Foods and widening credit spreads. Significant changes in unrealized gains (losses) for the six months ended June 30, 2023 are summarized below:
(in millions) |
|
Net Change in Unrealized Gain (Loss) |
|
||
NFA Group |
|
$ |
|
1.8 |
|
Golden Bear |
|
|
|
1.5 |
|
Ambrosia Buyer Corp. |
|
|
|
(1.6 |
) |
Berner Foods |
|
|
|
(1.4 |
) |
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) |
|
|
|
(1.3 |
) |
Sequential Brands Group, Inc. |
|
|
|
(1.2 |
) |
104
During the six months ended June 30, 2022, we recognized gross unrealized gains of $35.3 million and gross unrealized losses of $74.1 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $38.8 million. Net change in unrealized gains (losses) for the six months ended June 30, 2022 was primarily driven by the decrease in value of Merx Aviation Finance LLC due to various lease restructuring, aircraft sales and impacts from the Russian/Ukraine conflict. Significant changes in unrealized gains (losses) for the six months ended June 30, 2022 are summarized below:
(in millions) |
|
Net Change in Unrealized Gain (Loss) |
|
||
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) |
|
$ |
|
6.4 |
|
Spotted Hawk |
|
|
|
5.1 |
|
ChyronHego Corporation |
|
|
|
4.0 |
|
Dynamic Product Tankers (Prime), LLC |
|
|
|
2.4 |
|
MYCOM |
|
|
|
1.6 |
|
Ambrosia Buyer Corp. |
|
|
|
1.4 |
|
Merx Aviation Finance, LLC |
|
|
|
(33.8 |
) |
MSEA Tankers LLC |
|
|
|
(11.7 |
) |
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) |
|
|
|
(4.4 |
) |
NFA Group |
|
|
|
(4.2 |
) |
K&N Parent, Inc. |
|
|
|
(2.0 |
) |
Golden Bear |
|
|
|
(1.9 |
) |
The Club Company |
|
|
|
(1.3 |
) |
CARE Fertility |
|
|
|
(1.1 |
) |
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 financial statements), our senior secured notes, our senior unsecured notes, investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.
We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from the sale of our 2025 Notes and 2026 Notes, 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 financial statements) At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. The Company may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.
105
Debt
See Note 6 to the financial statements for information on the Company’s debt.
The following table shows the contractual maturities of our debt obligations as of June 30, 2023:
|
|
|
Payments Due by Period |
|
|||||||||||||||||||||
(in millions) |
|
Total |
|
|
Less than 1 Year |
|
|
1 to 3 Years |
|
|
3 to 5 Years |
|
|
More than 5 Years |
|
||||||||||
Senior Secured Facility (1) |
|
$ |
|
1,011.1 |
|
|
$ |
|
— |
|
|
$ |
|
— |
|
|
$ |
|
1,011.1 |
|
|
$ |
|
— |
|
2025 Notes |
|
|
|
350.0 |
|
|
|
|
— |
|
|
|
|
350.0 |
|
|
|
|
— |
|
|
|
|
— |
|
2026 Notes |
|
|
|
125.0 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
125.0 |
|
|
|
|
— |
|
Total Debt Obligations |
|
$ |
|
1,486.1 |
|
|
$ |
|
— |
|
|
$ |
|
350.0 |
|
|
$ |
|
1,136.1 |
|
|
$ |
|
— |
|
____________________
Stockholders’ Equity
See Note 7 to the financial statements for information on the Company’s public offerings and share repurchase plans.
Distributions
Distributions paid to stockholders during the three and six months ended June 30, 2023 totaled $24.8 million ($0.38 per share) and $49.7 million ($0.76 per share), respectively. Distributions paid to stockholders during the three and six months ended June 30, 2022 totaled $22.9 million ($0.36 per share) and $45.9 million ($0.72 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through June 30, 2023 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, 2023. 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 of Directors.
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.
106
We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.
With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.
PIK Income
For the three and six months ended June 30, 2023, PIK income totaled $0.8 million and $1.6 million on total investment income of $68.6 million and $136.4 million, respectively. For the three and six months ended June 30, 2022, PIK income totaled $1.0 million and $1.6 million on total investment income of $53.4 million and $108.1 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the financial statements for more information on the Company’s PIK income.
Related Party Transactions
See Note 3 to the 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. Uncertainty with respect to the economic effects of rising interest rates in response to inflation, the war in Russia and Ukraine and the COVID-19 pandemic introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For additional information concerning these risks and their potential impact on our business and our operating results, see Part II - Other information, Item 1A. Risk Factors.
107
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 of directors 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 of directors to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our financial statements for the three and six months ended June 30, 2023 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 June 30, 2023, a majority of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate such as SOFR) 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 bears interest at SOFR rates with no interest rate floors, while our 2025 Notes and 2026 Notes bears interest at a fixed rate. Some of our investments are LIBOR-based. As of December 31, 2021, all non-U.S. dollar LIBOR publications have been phased out. The phase out of a majority of the U.S. dollar publications is delayed until June 30, 2023. Potential changes, or uncertainty related to such potential changes, may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. SOFR appears to be the preferred alternative replacement rate for U.S. dollar LIBOR, but there is no guarantee SOFR will become the dominant alternative. Please see Part 1 of our transition report on Form 10-KT for the nine months ended December 31, 2022, “Item 1A. Risk Factors—Risks Relating to the Current Environment — The interest rates of some of our floating-rate loans to our portfolio companies may be priced using a spread over LIBOR, which is being phased out."
108
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.
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 June 30, 2023, assuming no changes in our investment and borrowing structure:
Basis Point Change |
|
Net Investment Income |
|
Net Investment Income Per Share |
|
|||
Up 150 basis points |
|
$ |
13.8 million |
|
$ |
|
0.211 |
|
Up 100 basis points |
|
|
9.2 million |
|
|
|
0.141 |
|
Up 50 basis points |
|
|
4.6 million |
|
|
|
0.070 |
|
Down 50 basis points |
|
|
(4.6) million |
|
|
|
(0.070 |
) |
Down 100 basis points |
|
|
(9.2) million |
|
|
|
(0.141 |
) |
Down 150 basis points |
|
|
(13.8) million |
|
|
|
(0.211 |
) |
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.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of June 30, 2023 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
Changes in Internal Control Over Financial Reporting
Management has not identified any change in the Company’s internal control over financial reporting that occurred during the second quarter of 2023 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
109
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.
Item 1A. Risk Factors
In addition to the risk factor below and other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Transition Report on Form 10-KT for the nine months ended December 31, 2022, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
The Company adopted the following plans, approved by the Board of Directors, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the 1934 Act (the “Repurchase Plans”):
Date of Agreement/Amendment |
|
Maximum Cost of Shares That May Be Repurchased |
|
Cost of Shares Repurchased |
|
Remaining Cost of Shares That May Be Repurchased |
|||
August 5, 2015 |
|
$ |
50.0 million |
|
$ |
50.0 million |
|
$ |
— million |
December 14, 2015 |
|
|
50.0 million |
|
|
50.0 million |
|
|
— million |
September 14, 2016 |
|
|
50.0 million |
|
|
50.0 million |
|
|
— million |
October 30, 2018 |
|
|
50.0 million |
|
|
50.0 million |
|
|
— million |
February 6, 2019 |
|
|
50.0 million |
|
|
48.1 million |
|
|
1.9 million |
February 3, 2022 |
|
|
25.0 million |
|
|
— million |
|
|
25.0 million |
Total as of June 30, 2023 |
|
$ |
275.0 million |
|
$ |
248.1 million |
|
$ |
26.9 million |
The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.
110
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 |
111
The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through June 30, 2023:
Month |
|
Total Number of Shares Purchased |
|
|
Average Price Paid Per Share* |
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans |
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans |
|||||
August 2015 |
|
|
510,000 |
|
|
$ |
19.71 |
|
|
|
510,000 |
|
|
$ |
$ 40.0 million |
|
September 2015 |
|
|
603,466 |
|
|
|
18.46 |
|
|
|
603,466 |
|
|
|
28.8 million |
|
November 2015 |
|
|
1,116,666 |
|
|
|
|
18.10 |
|
|
|
1,116,666 |
|
|
|
8.6 million |
December 2015 |
|
|
627,443 |
|
|
|
17.58 |
|
|
|
627,443 |
|
|
|
47.6 million |
|
January 2016 |
|
|
670,708 |
|
|
|
14.91 |
|
|
|
670,708 |
|
|
|
37.6 million |
|
June 2016 |
|
|
362,933 |
|
|
|
16.73 |
|
|
|
362,933 |
|
|
|
31.5 million |
|
July 2016 |
|
|
16,491 |
|
|
|
16.53 |
|
|
|
16,491 |
|
|
|
31.2 million |
|
August 2016 |
|
|
596,294 |
|
|
|
17.67 |
|
|
|
596,294 |
|
|
|
20.7 million |
|
September 2016 |
|
|
411,523 |
|
|
|
18.13 |
|
|
|
411,523 |
|
|
|
63.2 million |
|
October 2016 |
|
|
527,417 |
|
|
|
17.82 |
|
|
|
527,417 |
|
|
|
53.8 million |
|
November 2016 |
|
|
239,289 |
|
|
|
17.45 |
|
|
|
239,289 |
|
|
|
49.6 million |
|
August 2017 |
|
|
33,333 |
|
|
|
17.96 |
|
|
|
33,333 |
|
|
|
49.0 million |
|
September 2017 |
|
|
186,767 |
|
|
|
17.98 |
|
|
|
186,767 |
|
|
|
45.7 million |
|
October 2017 |
|
|
144,867 |
|
|
|
17.96 |
|
|
|
144,867 |
|
|
|
43.1 million |
|
November 2017 |
|
|
64,500 |
|
|
|
17.79 |
|
|
|
64,500 |
|
|
|
41.9 million |
|
December 2017 |
|
|
50,100 |
|
|
|
17.89 |
|
|
|
50,100 |
|
|
|
41.0 million |
|
January 2018 |
|
|
577,386 |
|
|
|
17.32 |
|
|
|
577,386 |
|
|
|
31.0 million |
|
February 2018 |
|
|
70,567 |
|
|
|
16.23 |
|
|
|
70,567 |
|
|
|
29.9 million |
|
May 2018 |
|
|
263,667 |
|
|
|
17.12 |
|
|
|
263,667 |
|
|
|
25.4 million |
|
June 2018 |
|
|
198,601 |
|
|
|
16.94 |
|
|
|
198,601 |
|
|
|
22.0 million |
|
July 2018 |
|
|
8,867 |
|
|
|
16.75 |
|
|
|
8,867 |
|
|
|
21.9 million |
|
August 2018 |
|
|
502,767 |
|
|
|
17.11 |
|
|
|
502,767 |
|
|
|
13.3 million |
|
September 2018 |
|
|
444,467 |
|
|
|
16.54 |
|
|
|
444,467 |
|
|
|
5.9 million |
|
October 2018 |
|
|
160,800 |
|
|
|
16.46 |
|
|
|
160,800 |
|
|
|
53.3 million |
|
November 2018 |
|
|
595,672 |
|
|
|
15.81 |
|
|
|
595,672 |
|
|
|
43.9 million |
|
December 2018 |
|
|
741,389 |
|
|
|
13.49 |
|
|
|
741,359 |
|
|
|
33.9 million |
|
February 2019 |
|
|
19,392 |
|
|
|
15.16 |
|
|
|
19,392 |
|
|
|
83.6 million |
|
March 2019 |
|
|
291,426 |
|
|
|
|
15.40 |
|
|
|
291,426 |
|
|
|
79.1 million |
April 2019 |
|
|
44,534 |
|
|
|
15.23 |
|
|
|
44,534 |
|
|
|
78.4 million |
|
May 2019 |
|
|
298,026 |
|
|
|
15.93 |
|
|
|
298,026 |
|
|
|
73.6 million |
|
June 2019 |
|
|
607,073 |
|
|
|
15.97 |
|
|
|
607,073 |
|
|
|
63.9 million |
|
July 2019 |
|
|
89,610 |
|
|
|
|
16.10 |
|
|
|
89,610 |
|
|
|
62.5 million |
August 2019 |
|
|
758,020 |
|
|
|
16.15 |
|
|
|
758,020 |
|
|
|
50.3 million |
|
September 2019 |
|
|
32,371 |
|
|
|
16.26 |
|
|
|
32,371 |
|
|
|
49.7 million |
|
October 2019 |
|
|
495,464 |
|
|
|
15.65 |
|
|
|
495,464 |
|
|
|
42.0 million |
|
November 2019 |
|
|
6,147 |
|
|
|
15.91 |
|
|
|
6,147 |
|
|
|
41.9 million |
|
March 2020 |
|
|
1,286,565 |
|
|
|
11.62 |
|
|
|
1,286,565 |
|
|
|
26.9 million |
|
May 2021 |
|
|
145,572 |
|
|
|
13.92 |
|
|
|
145,572 |
|
|
|
24.9 million |
|
July 2021 |
|
|
44,418 |
|
|
|
13.46 |
|
|
|
44,418 |
|
|
|
24.3 million |
|
August 2021 |
|
|
45,675 |
|
|
|
13.32 |
|
|
|
45,675 |
|
|
|
23.7 million |
|
September 2021 |
|
|
360,860 |
|
|
|
13.02 |
|
|
|
360,860 |
|
|
|
19.0 million |
|
October 2021 |
|
|
308,005 |
|
|
|
|
13.30 |
|
|
|
308,005 |
|
|
|
14.9 million |
November 2021 |
|
|
419,372 |
|
|
|
13.05 |
|
|
|
419,372 |
|
|
|
9.4 million |
|
December 2021 |
|
|
227,429 |
|
|
|
12.44 |
|
|
|
227,429 |
|
|
|
6.6 million |
|
January 2022 |
|
|
60,605 |
|
|
|
|
12.70 |
|
|
|
60,605 |
|
|
|
30.8 million |
April 2022 |
|
|
88,478 |
|
|
|
12.82 |
|
|
|
88,478 |
|
|
|
29.7 million |
|
May 2022 |
|
|
40,044 |
|
|
|
12.57 |
|
|
|
40,044 |
|
|
|
29.2 million |
|
May 2023 |
|
|
171,061 |
|
|
|
11.56 |
|
|
|
171,061 |
|
|
|
27.2 million |
|
June 2023 |
|
|
27,023 |
|
|
|
11.84 |
|
|
|
27,023 |
|
|
|
26.9 million |
|
Total |
|
|
15,593,150 |
|
|
$ |
|
15.91 |
|
|
|
15,593,120 |
|
|
|
|
____________________
* The average price per share is inclusive of commissions.
112
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the fiscal quarter ended June 30, 2023, none of our directors or executive officers
113
Item 6. Exhibits
3.1(a) |
|
3.1(b) |
|
3.1(c) |
|
3.1(d) |
|
3.1(e) |
|
3.1(f) |
|
3.2 |
|
10.1 |
|
31.1 |
|
31.2 |
|
32.1 |
|
101.INS |
Inline XBRL Instance Document* |
101.SHC |
Inline XBRL Taxonomy Extension Schema Document* |
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document* |
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document* |
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document* |
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document* |
104 |
Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)* |
_________________________
* Filed herewith.
114
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 2, 2023.
|
MIDCAP FINANCIAL INVESTMENT CORPORATION |
|
|
|
|
|
By: |
/s/ TANNER POWELL |
|
Tanner Powell |
|
|
Chief Executive Officer |
|
|
|
|
|
By: |
/s/ GREGORY W. HUNT |
|
Gregory W. Hunt |
|
|
Chief Financial Officer and Treasurer |
|
|
|
|
|
By: |
/s/ AMIT JOSHI |
|
Amit Joshi |
|
|
Chief Accounting Officer and Assistant Treasurer |
115