Advisory Business MidCap Financial Services Capital Management, LLC (“MidCap Financial Capital Management”) is a Delaware limited liability company organized on October 3, 2016. Its principal place of business is at 7255 Woodmont Avenue, Bethesda, MD 20814. MidCap Financial Capital Management is an indirect wholly owned subsidiary of MidCap FinCo Designated Activity Company (“FinCo”), a private company limited by shares incorporated under the law of Ireland. FinCo’s parent, MidCap FinCo Holdings Limited (“Parent”), is owned by various third-party investors none of whom has authority to exercise in excess of 24.99% of the voting interests in Parent. Subsidiaries of Apollo Global Management, Inc. (“AGI”) hold non-controlling, but significant, economic interests in Parent and FinCo. Parent and its subsidiaries (including MidCap Financial Services, LLC (“Midcap Financial Services”), MidCap Financial Trust and MidCap Financial Services (Ireland) Limited (“MidCap Ireland”), as the context requires, but not including MidCap Financial Capital Management or the collateralized loan obligation funds and similar securitization issuers (“CLOs”) and related CLO warehouse vehicles (“CLO Warehouses”), if any, that MidCap Financial Capital Management manages), are referred to herein as the “MidCap Group.” The MidCap Group is a middle-market focused specialty finance firm that provides financing to primarily middle market companies in a wide variety of industries. The MidCap Group uses its own capital (including the capital of the CLOs and CLO Warehouses that MidCap Financial Capital Management advises) to directly originate senior credit in middle-market loans some of which are CLO eligible loans. MidCap Financial Capital Management currently provides investment advisory services on a discretionary and non-discretionary basis to its clients, which include, primarily pooled investment vehicles organized as CLOs and CLO Warehouses, or as other types of vehicles which borrow money to acquire loans (collectively “Clients”). While, as of the date of this Brochure, MidCap Financial Capital Management is not providing investment supervisory services to CLO Warehouses and other types of clients not specified in this Brochure, it could do so in the future, and will update Part 2A accordingly, to the extent necessary or appropriate. As used herein, the term Client shall, as appropriate, include such future clients. The SEC, other regulatory bodies, and the courts have consistently construed the laws and regulations governing investment advisers as imposing a fiduciary duty on them consistent with the scope of the agreements and principal and agent relationship with respect to their dealings with clients. It is the policy of MidCap Financial Capital Management to act in a manner consistent with this position. Acting as a fiduciary requires that an investment adviser, consistent with its other statutory and regulatory obligations and except as otherwise disclosed to clients, acts solely in the advisory client’s best interests when providing investment advice and engaging in other fiduciary activities on behalf of the client. MidCap Financial Services employs loan sourcing, servicing and back office and loan administration employees to assist in originating commercial and mortgage loans. Please refer to Item 8 “Methods of Analysis, Investment Strategies and Risk of Loss,” and Item 10 “Other Financial Industry Activities and Affiliations” for more information. MidCap Financial Capital Management’s recommendations will generally be limited to assets described below. Generally, Clients will be organized in Delaware, the Cayman Islands, Jersey, Bermuda or the European Union as exempted companies that rely on Section 3(c)(7) of, or Rule 3a-7 under, the Investment Company Act of 1940 (the “1940 Act”), or other applicable exceptions or exemptions from the 1940 Act. The CLOs and CLO Warehouses for which MidCap Financial Capital Management performs investment advisory services invest primarily in senior secured loans (i) originated by the MidCap Group or (ii) which were acquired from or made available to the MidCap Group by a third party or related party. Apollo Capital Management, L.P. (“ACM”), an indirect subsidiary of AGI, serves as investment manager to FinCo and its subsidiaries, and originates senior secured loans made available to the MidCap Group, as described herein, as well as to MidCap Financial Capital Management’s clients. Other Clients could invest in loans not originated by, acquired from or made available to the MidCap Group. MidCap Financial Capital Management’s objective in managing the assets of each CLO is to achieve preservation of principal and diversification by company and industry. In this regard, in addition to the above, MidCap Financial Capital Management also invests in senior secured loans that are sourced or originated by certain AGI entities. ACM, together with its relying advisers

and/or other registered investment advisers affiliated with AGI, manages AGI’s credit business segment and provides investment management, advisory and administrative services through wholly owned and controlled management entities to its advisory clients. Please see Item 10 for additional information regarding ACM. Additionally, certain of our indirect equity owners are advised by ACM or otherwise associated with (but are not necessarily affiliates of) AGI. Other Clients could have differing investment objectives, as agreed with each such Client from time to time. MidCap Financial Capital Management provides investment advisory services to CLOs and CLO Warehouses to which MidCap Financial Capital Management, another member of the MidCap Group or a third-party acts as sponsor for purposes of the U.S. Risk Retention Rules. MidCap Financial Capital Management also provides investment advisory services to Clients for which the U.S Risk Retention Rules do not apply, including those following a loan to special purpose vehicle structure. As described further herein, the U.S. Risk Retention Rules require a sponsor of a securitization transaction (or its “majority-owned affiliate”) to retain at least 5% of the economic interest in the credit risk of the securitized assets. Investment Advisory Relationships The advisory relationship between MidCap Financial Capital Management and a CLO (or, if applicable, CLO Warehouse) or other Client is generally governed by a collateral management agreement or investment advisory agreement (“Management Agreement”) and the terms of other relevant offering materials, indentures, disclosure documents, and the constituent documents of the CLO (together with the Management Agreement, the “Governing Documents”). Other Clients could, but will not necessarily, have similar Governing Documents. The Management Agreements are generally negotiated between related parties and, as such, their terms, including the fees payable to MidCap Financial Capital Management, might not be as favorable to the Client as if they had been negotiated with an unaffiliated, unrelated third party. Such terms are described in more detail in the Client’s offering documents, if any. MidCap Financial Capital Management can also provide investment management services to additional Clients, including other CLOs, that are offered to investors on a private placement basis, or to SMAs, without prior consultation with, or approval of, existing Clients. In connection with providing investment management services, MidCap Financial Capital Management is appointed as investment adviser and typically, but not always, vested with discretionary trading authority. Except in limited circumstances, MidCap Financial Capital Management has full discretionary authority with respect to the investment decisions of the CLOs and other Clients; however, advice is provided in accordance with and is subject to the investment objectives, guidelines and restrictions set forth in each Client’s Governing Documents and investment guidelines. In addition, as discussed in Item 11, “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading,” MidCap Financial Capital Management expects that Clients will enter into principal transactions whereby the Client will buy an asset from (or sell an asset to) the MidCap Group. In these cases, MidCap Financial Capital Management will provide notice to, and request the informed consent of, the Client. Except as otherwise agreed, consent determinations will be made on the Client’s behalf by its representative (which could be the CLO board, an independent director or trustee, an independent investment professional, an investor or group of investors or another person or entity designated by the CLO or CLO Warehouse who is independent of the MidCap Group, each an “Independent Review Party”). No principal transaction will be completed prior to receiving the required consent from the Independent Review Party and, for some Clients, additional consents or approvals will be required for certain transactions, as set forth in the relevant Governing Documents. The information provided herein about the investment advisory services provided by MidCap Financial Capital Management is qualified in its entirety by reference to the relevant Client’s Governing Documents. The Governing Documents for the relevant Client should be read carefully prior to investing in the Client. No offer to sell interests in any Client is made by the descriptions in this Brochure. Interests in a Client are available only to investors that meet the qualifications described in the offering documents. Assets Under Management As of December 31, 2023, for CLO Clients, MidCap Financial Capital Management managed $7,518,404,444 of assets on a discretionary basis and $700,422,591 of assets on a non- discretionary basis.