Financial Data and Key Metrics Changes - Net investment income (NII) per share was $0.38 for Q3 2025, corresponding to an annualized return on equity (ROE) of 10.3% [6] - GAAP net income per share was $0.29 for the quarter, corresponding to an annualized ROE of 8% [7] - Net asset value (NAV) per share was $14.66 at the end of September, down 0.6% compared to the prior quarter [7] - Total investment income for the September quarter was approximately $82.6 million, up $1.3 million, or 1.6% compared to the prior quarter [25] Business Line Data and Key Metrics Changes - MFIC made $138 million of new commitments across 21 transactions during the September quarter [7] - The weighted average spread on the directly originated corporate lending portfolio was 559 basis points, down 9 basis points compared to the end of June [21] - The weighted average yield at cost of the directly originated lending portfolio was 10.3% for the September quarter, down from 10.5% for the June quarter [25][21] Market Data and Key Metrics Changes - The U.S. economy has remained resilient, easing recession concerns, although inflation remains elevated [16] - The Federal Reserve cut interest rates by 25 basis points in both September and October [16] - There is an increase in sponsor M&A activity due to reduced volatility from tariffs and a more stable financing environment [16][17] Company Strategy and Development Direction - MFIC's strong position is a competitive advantage, with over half of new commitments made to existing portfolio companies [8] - The company aims to maintain a disciplined underwriting approach despite competitive pressures [17] - MFIC is focused on building a portfolio of predominantly first lien loans to sponsor-backed companies [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the increase in M&A activity is expected to continue into 2026, driven by private equity firms needing to deploy capital [42] - The company is actively working on initiatives to offset the impact of declining base rates on net investment income [14] - Management expressed confidence in the ability to navigate the current market environment and maintain portfolio quality [10][22] Other Important Information - The board declared a quarterly dividend of $0.38 per share, payable on December 23, 2025 [13] - The company has no exposure to certain troubled companies, indicating a focus on portfolio health [19] Q&A Session Summary Question: What is driving the increase in non-accruals? - Management indicated that there is no common theme among the companies that went on non-accrual, with issues being idiosyncratic [35] Question: Is the increase in M&A activity sustainable through 2026? - Management believes ongoing demand for M&A will continue due to private equity firms needing to deploy capital and a more stable financing environment [42] Question: How is the company addressing the impact of lower base rates on dividends? - Management is evaluating the timing of initiatives to offset lower base rates and is committed to maintaining the current dividend level while monitoring the situation [62]

Financial Data and Key Metrics Changes - Net investment income (NII) per share for Q3 2025 was $0.38, corresponding to an annualized return on equity (ROE) of 10.3% [5][26] - GAAP net income per share was $0.29, corresponding to an annualized ROE of 8% [6][26] - Net asset value (NAV) per share decreased by 0.6% to $14.66 compared to the prior quarter [6] - Total investment income for the quarter was approximately $82.6 million, up 1.6% from the previous quarter [24] Business Line Data and Key Metrics Changes - New commitments totaled $138 million across 21 transactions during the quarter [6][16] - The weighted average spread on new commitments was 521 basis points [16] - The weighted average yield at cost of the directly originated lending portfolio decreased to 10.3% from 10.5% [24][19] Market Data and Key Metrics Changes - The U.S. economy showed resilience, easing recession concerns, but inflation remained elevated [15] - The Federal Reserve cut interest rates by 25 basis points in both September and October [15] - Increased sponsor M&A activity was noted, driven by private equity firms needing to deploy capital [15][41] Company Strategy and Development Direction - The company aims to leverage its strong position in the middle market to source attractive investment opportunities [7][9] - The focus remains on maintaining a diversified portfolio with a significant portion in first lien loans [9][18] - The company is actively working on initiatives to offset the impact of declining base rates on net investment income [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about ongoing M&A activity due to improved market conditions and reduced volatility from tariffs [41] - The company anticipates a positive impact on portfolio company credit quality if base rates decline as expected [20] - Management is focused on a measured approach to deploying capital while maintaining portfolio granularity [46] Other Important Information - The board declared a quarterly dividend of $0.38 per share, payable on December 23, 2025 [11] - The company experienced an increase in non-accrual investments, which now represent 3.1% of the portfolio at fair value [22] Q&A Session Summary Question: What drove the increase in non-accruals? - Management noted that there was no common theme among the companies that went on non-accrual, with some impacted by tariffs and others by weakened consumer sentiment [32][33] Question: Is the increase in M&A activity sustainable through 2026? - Management indicated that ongoing demand for M&A activity is expected due to private equity firms needing to deploy capital and improved market conditions [40][41] Question: How is the company evaluating the timing of mitigating actions against lower base rates? - Management emphasized a deliberate approach to deployment, balancing the need to return to target leverage with the opportunity to create a granular portfolio [46] Question: What are the latest thoughts on dividend coverage given the current rate outlook? - Management confirmed that the dividend remains intact, with several levers in place to mitigate the effects of lower base rates [60]

Disclaimers, Definitions and Important Notes Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of MidCap Financial Investment Corporation ("MFIC" or the "Company") and distribution projections; business prospects of MFIC, and the prospects of its portfolio companies, if applicable; and ...

Core Insights - MidCap Financial Investment (MFIC) reported quarterly earnings of $0.38 per share, matching the Zacks Consensus Estimate, but down from $0.44 per share a year ago [1] - The company posted revenues of $82.58 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.79%, and showing a year-over-year increase from $82.14 million [2] - MidCap Financial shares have declined approximately 9.3% year-to-date, contrasting with the S&P 500's gain of 15.6% [3] Earnings Outlook - The future performance of MidCap Financial's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $82.51 million, and for the current fiscal year, it is $1.51 on revenues of $325.69 million [7] Industry Context - The Financial - Miscellaneous Services industry, to which MidCap Financial belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]

Exhibit 99.1 MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2025 Results for the Quarter Ended September 30, 2025 and Other Recent Highlights: 1 • Net investment income per share for the quarter was $0.38, compared to $0.39 for the quarter ended June 30, 2025 • Net asset value per share as of the end of the quarter was $14.66, compared to $14.75 as of June 30, 2025, a decrease of 0.6% • New investment commitments made during the quarter totaled $138 mil ...

Investment Activity - As of September 30, 2025, the company made investments totaling $400.4 million in the three months ended September 30, 2025, compared to $911.9 million in the same period of 2024[515]. - The company reported net investment activity of $(148.0) million for the three months ended September 30, 2025, down from $584.6 million in the same period of 2024[515]. - Total invested capital since the initial public offering in April 2004 reached $26.6 billion across 837 portfolio companies by September 30, 2025[519]. - As of September 30, 2025, $3.13 billion or 98.2% of the Company's investments were classified as Level 3, indicating a high proportion of private investments relative to total investments[527]. Portfolio Composition - The portfolio composition as of September 30, 2025, included 95% in first lien secured debt, up from 92% as of December 31, 2024[517]. - The weighted average yield on first lien secured debt decreased to 10.2% as of September 30, 2025, from 10.8% at the end of 2024[517]. - The average debt yielding portfolio increased from $2.76 billion to $2.94 billion, while the average yield for the total debt portfolio decreased from 11.5% to 10.3%[538]. - As of September 30, 2025, the majority of the company's debt portfolio investments bore interest at variable rates, which are generally SOFR-based and typically reset every one to six months[568]. Income and Expenses - Total investment income for the three months ended September 30, 2025 was $82.6 million, consistent with $82.1 million for the same period in 2024[536]. - For the nine months ended September 30, 2025, total investment income increased by $22.9 million, primarily driven by an increase in interest income due to a higher income-bearing investment portfolio[540]. - Net expenses for the three months ended September 30, 2025 increased by $3.3 million, primarily due to an increase in management and performance-based incentive fees of $2.9 million[541]. - For the nine months ended September 30, 2025, net expenses increased by $13.1 million, primarily driven by an increase in interest and other debt expenses of $10 million[542]. Realized and Unrealized Gains/Losses - For the three months ended September 30, 2025, the company recognized net realized losses of $19.2 million, primarily due to the write-off of Ambrosia Buyer Corp. and the restructure of New Era Technology, Inc.[543]. - For the nine months ended September 30, 2025, the company reported net realized losses of $33.3 million, driven by the restructure of Renovo, Mitel Networks, and New Era Technology, along with a partial write-off of Ambrosia Buyer Corp.[546]. - The company recognized gross unrealized gains of $44.7 million and gross unrealized losses of $33.4 million for the three months ended September 30, 2025, resulting in a net change in unrealized gains of $11.3 million[548]. - For the nine months ended September 30, 2025, the company reported gross unrealized gains of $66.8 million and gross unrealized losses of $63.6 million, leading to a net change in unrealized losses of $3.2 million[549]. Distributions and Stockholder Information - Distributions paid to stockholders during the three months ended September 30, 2025 totaled $35.5 million ($0.38 per share), compared to $54.4 million ($0.58 per share) in the same period of 2024[558]. - The company maintains an "opt out" dividend reinvestment plan for common stockholders, allowing them to receive cash dividends unless they opt out[560]. - The company may face limitations on distributions due to asset coverage tests applicable to BDCs and potential defaults under its revolving credit facility[561]. Management and Operational Changes - The company appointed Joseph Durkin as Chief Accounting Officer effective September 4, 2025[521]. - The company expects general and administrative operating expenses to increase moderately in dollar terms, particularly during periods of asset growth[514]. Financial Position and Risk Management - The company has $1.66 billion in aggregate lender commitments under the Senior Secured Facility, with $575.1 million of unused capacity as of September 30, 2025[555]. - The company anticipates that its current cash and cash equivalents, along with available borrowing capacity, will be adequate to meet cash needs for daily operations for at least the next twelve months[553]. - A 150 basis point increase in interest rates is estimated to increase net investment income by $14.7 million, while a 150 basis point decrease is estimated to decrease net investment income by $14.0 million[570]. - The company regularly measures exposure to interest rate risk and assesses whether hedging transactions are necessary to mitigate this exposure[569]. - The company may hedge against interest rate fluctuations using standard hedging instruments, but this may limit participation in benefits from lower interest rates[571]. Tax and Compliance - To maintain RIC status, the company must distribute at least 90% of ordinary income and realized net short-term capital gains, but currently expects to generate cumulative net capital gains in the foreseeable future due to substantial net capital loss carryforwards[559]. - Income from origination, structuring, closing, commitment, and other upfront fees associated with investments in portfolio companies is treated as taxable income and distributed to stockholders[562]. - The fair value of investments may fluctuate significantly due to the lack of readily available market values, impacting the realized gains or losses[566].

Results for the Quarter Ended September 30, 2025 and Other Recent Highlights: Net investment income per share for the quarter was $0.38, compared to $0.39 for the quarter ended June 30, 2025Net asset value per share as of the end of the quarter was $14.66, compared to $14.75 as of June 30, 2025, a decrease of 0.6%New investment commitments made during the quarter totaled $138 million(1)Gross fundings, excluding revolver fundings,(2) totaled $142 million for the quarterThe Company received a net repayment of ...

Company Overview - MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that qualifies as a business development company (BDC) under the Investment Company Act of 1940 [3] - The company is externally managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., which is a high-growth global alternative asset manager [3] - The investment objective of the company is to generate current income and, to a lesser extent, long-term capital appreciation [3] Investment Strategy - The company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, defined as those with less than $75 million in EBITDA [3] - Additionally, the company may invest in other types of securities, including first lien unitranche, second lien senior secured, unsecured, subordinated, mezzanine loans, and equities in both private and public middle-market companies [3] Upcoming Events - The company will report results for the quarter ended September 30, 2025, after the closing of the Nasdaq Global Select Market on Thursday, November 6, 2025 [1] - A conference call will be hosted on Friday, November 7, 2025, at 8:30 a.m. Eastern Time, with participation details provided for interested parties [2]

Core Points - MidCap Financial Investment Corporation has amended and extended its senior secured, multi-currency revolving credit facility, reducing lender commitments to $1.610 billion, a decrease of $50 million [1] - The final maturity date of the facility has been extended to October 1, 2030, and the applicable margin has been reduced by 10 basis points to 177.5 basis points [1] - The commitment fee has also been reduced from 37.5 basis points to 32.5 basis points, while other material business terms remain substantially the same [1] Company Overview - MidCap Financial Investment Corporation is a closed-end, externally managed, diversified management investment company that operates as a business development company under the Investment Company Act of 1940 [4] - The company is managed by an affiliate of Apollo Global Management, Inc., focusing on generating current income and long-term capital appreciation [4] - It primarily invests in first lien senior secured loans to privately held U.S. middle-market companies, defined as those with less than $75 million in EBITDA [4]

Financial Data and Key Metrics Changes - Net investment income (NII) per share was $0.39 for the quarter, corresponding to an annualized return on equity (ROE) of 10.5% [11] - GAAP net income per share was $0.19, corresponding to an annualized ROE of 5.2% [11] - Net asset value (NAV) per share was $14.75, down 1.2% compared to the prior quarter [11] Business Line Data and Key Metrics Changes - MFIC made $262 million of new commitments across 29 transactions during the quarter [12] - The weighted average spread on new commitments was 538 basis points, with a slight increase compared to the prior quarter [12][23] - The weighted average net leverage on new commitments was 4.0 times, down from 4.2 times in the prior quarter [23] Market Data and Key Metrics Changes - The quarter began with heightened volatility due to U.S. tariffs, but market sentiment improved as tariffs were paused and trade deals were struck [20] - The labor market showed resilience with steady unemployment, and the Federal Reserve kept its policy rate unchanged [20] - The weighted average yield at cost of the direct origination portfolio was 10.5%, down from 10.7% in the prior quarter [35] Company Strategy and Development Direction - The company is focused on lending to the core middle market on a first lien senior secured basis, which offers attractive risk-adjusted returns [22] - The reduction in exposure to Merx is expected to provide capital for deployment into first lien middle market loans, which are believed to deliver higher returns [17] - The company intends to redeploy capital repaid from Merx to enhance earnings power and strengthen dividend coverage [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the M&A pipeline is building, with sponsors remaining active despite previous uncertainties [55] - The company expects a busy second half of the year with plenty of opportunities to deploy capital [55] - Management expressed confidence in covering the declared dividend of $0.38 per share through net investment income, despite potential base rate pressures [90] Other Important Information - The company reported total investment income of approximately $81.3 million, up 3.2% compared to the prior quarter [33] - Total principal debt outstanding was $2.05 billion, with total net assets standing at $1.3 billion [38] - The company received an $8.5 million pay down from Merx during the quarter [24] Q&A Session Summary Question: Can you clarify the structure of the remaining investment in Merx? - The remaining investment consists of four aircraft and a servicing platform, with 40% of the remaining exposure related to servicing contracts [43][44] Question: What are the expectations for investment activity in the second half of the year? - The company anticipates a busy second half with a growing M&A pipeline and active sponsors, which should provide ample opportunities for deployment [55] Question: How does the company view the current leverage levels? - The company is comfortable with the current leverage levels and expects them to remain within target ranges, especially with anticipated M&A activity [56][58] Question: What is the expected impact of the Merx transactions on NAV? - The Merx transactions are expected to result in a positive impact to NAV in the high single-digit per share range, specifically between $0.06 to $0.09 [94]