MidCap Financial Services Capital Management LLC

5, “Fees and Compensation,” MidCap Financial Services and MidCap Ireland provide various
services to MidCap Financial Capital Management. Further, conflicts of interest can arise from the
fact that some of MidCap Financial Capital Management’s personnel will be shared with MidCap
Financial Services and/or MidCap Ireland and be involved in the management of other aspects of
the MidCap Group’s operations.

The MidCap Group and certain entities that are connected with MidCap Financial Capital
Management through advisory service arrangements involving the MidCap Group (including
ACM as investment adviser to the MidCap Group), and their respective partners, directors,
officers, employees and agents provide investment management services to, and have voting
control over, investment funds (including the MidCap Group) and could, in the future, carry on
investment activities for other clients, including other investment funds, collateralized loan
obligations, collateralized loan obligation warehouses, client accounts and proprietary accounts in
which MidCap Financial Capital Management will have no interest and whose respective
investment programs can, but will not necessarily, be substantially similar. Participation in
specific investment opportunities could be appropriate at times for both MidCap Financial Capital
Management’s Clients and Apollo Accounts. The investment program of the MidCap Group and
the Apollo Accounts allow investments in CLOs and other instruments in which MidCap Financial
Capital Management’s Clients can invest. In light of the various relationships between MidCap
Financial Capital Management and the MidCap Group, MidCap Financial Capital Management
has an incentive to pursue investment opportunities in a way that is favorable to the MidCap Group.

The MidCap Group can invest in transactions as principal with respect to loans and securities or
other investments that are purchased, sold or held by Clients of MidCap Financial Capital
Management. Any such affiliate transactions will be undertaken in accordance with applicable
provisions of the Advisers Act.

Members of the MidCap Group, as well as the Apollo Accounts, and Clients invest in debt
obligations that are part of a capital structure that includes both senior and subordinated
indebtedness or debt obligation. In certain circumstances, the MidCap Group will invest in the

MidCap Financial Capital Management Form ADV Part 2A March 2026

senior debt obligations and Clients will invest in subordinated debt obligations. If the obligor of
such debt obligations were to become bankrupt or experience severe financial distress, a resolution
of the situation could (and often does) require adversarial judicial proceedings or contentious
negotiations. If this were to occur with respect to a debtor or debt obligation for which the MidCap
Group and Clients hold senior and subordinated indebtedness, members of the MidCap Group and
the Clients could have competing or conflicting interests. Any such competing or conflicting
interests could result in Clients experiencing a worse outcome than they might have achieved in
the absence of such conflicts. Moreover, the MidCap Group has no obligation to consider the
interests of Clients and could intentionally take action that would result in a detriment to Clients.

Where Clients hold senior debt obligations and the MidCap Group holds subordinated obligations,
the Client, as holder of the senior obligation, similarly could intentionally take action that would
result in a detriment to the MidCap Group. Alternatively, the Clients could be subject to
intercreditor arrangements where the holders of the junior debt obligations, including members of
the MidCap Group, have certain controlling or protective rights. The existence of such competing
interests could adversely impact the ability of Clients to effectuate remedies in their capacity as
the owner of such senior debt obligations and otherwise experiencing a worse outcome than they
might have achieved in the absence of such conflicts.

Apollo Capital Management, L.P. (ACM)

ACM is a Delaware limited partnership and a registered investment adviser, and an indirect
wholly-owned subsidiary of AGI. As discussed in Item 4, “Advisory Business,” ACM has entered
into an investment management agreement pursuant to which ACM acts as the investment manager
of the credit business of FinCo’s and its subsidiaries’ (other than their servicing activities with
respect to loan and other credit investments and certain of their investment advisory
activities). Investment opportunities sourced for FinCo and its subsidiaries could be appropriate
for ACM’s clients, and therefore, personnel from FinCo and ACM communicate from time to time
about such investment opportunities. Because FinCo’s and its subsidiaries’ business consists
predominately of its credit business for which ACM is the investment manager, FinCo and its
subsidiaries are subject to Apollo’s policies and procedures, including, among others, those
addressing confidential and MNPI, that are designed to monitor and address these potential
conflicts.

Additionally, ACM’s services to the MidCap Group, which will effectively limit the available
investment universe for Clients, are rendered in the best interest of the MidCap Group and without
regard to the interests of MidCap Financial Capital Management’s Clients, which could reduce the
number and quality of available investments. MidCap Financial Capital Management’s allocation
practices will take the available investment and offer it to Clients in accordance with its policies,
as described in Item 6, “Performance-Based Fees and Side-By-Side Management,” above. The
relationships between MidCap Financial Capital Management, FinCo and its subsidiaries and
ACM create conflicts of interest among their clients, including conflicts arising from the allocation
of investment opportunities, as MidCap Financial Capital Management and ACM will act as
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Types of Clients

MidCap Financial Capital Management Form ADV Part 2A March 2026

MidCap Financial Capital Management Clients are generally CLOs and CLO Warehouses but can
include SMAs or other institutional clients. Investment in the CLOs and CLO Warehouses is
generally only available to qualified institutional buyers or institutional investors that are
“accredited investors” or non “U.S. persons” as those terms are defined in the Securities Act of
1933 (the “Securities Act”) and “qualified purchasers” or “knowledgeable employees” as defined
in the 1940 Act (or rules thereunder), as applicable, or meet other qualifications relevant to non-
U.S. markets. In some cases, the CLOs and CLO Warehouses have a specified minimum
investment amount as described in their Governing Documents although MidCap Financial Capital
Management could be granted authority under the Governing Documents to waive or reduce the
minimum investment amount for an investor. MidCap Financial Capital Management anticipates
that a broad range of institutional investors meeting the criteria set forth above, which can include
the MidCap Group, will invest in these CLOs or CLO Warehouses.