Core Insights - MidCap Financial Investment (MFIC) reported revenue of $78.7 million for the quarter ended March 2025, reflecting a year-over-year increase of 15.2% but falling short of the Zacks Consensus Estimate of $82.29 million by 4.37% [1] - The company's earnings per share (EPS) was $0.37, down from $0.44 in the same quarter last year, and also below the consensus estimate of $0.39, resulting in an EPS surprise of -5.13% [1] Financial Performance Metrics - Interest income was reported at $74.60 million, which is a 15.5% increase compared to the previous year but below the average estimate of $80.87 million [4] - Other income from investments was $0.33 million, significantly lower than the estimated $0.93 million, representing a year-over-year decline of 80.4% [4] - Dividend income saw a substantial increase to $0.24 million, compared to the average estimate of $0.48 million, marking a year-over-year change of 1900% [4] Stock Performance - Over the past month, shares of MidCap Financial have returned +9.9%, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Unless otherwise noted, information as of March 31, 2025. Confidential and Proprietary - Not for distribution, in whole or in part, without the express written consent of Apollo Global Management, Inc. It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown in this document. Financial Results for the Quarter Ended March 31, 2025 MidCap Financial Investment Corporation May 12, 2025 Disclaimers, Definitions and Important Notes Forw ...

[Financial Results for the Quarter Ended March 31, 2025](index=1&type=section&id=Financial%20Results%20for%20the%20Quarter%20Ended%20March%2031%2C%202025) [Quarterly Highlights and CEO Statement](index=1&type=section&id=Quarterly%20Highlights%20and%20CEO%20Statement) MidCap Financial Investment Corporation reported Q1 2025 net investment income of **$0.37 per share**, NAV of **$14.93**, declared a **$0.38 per share** dividend, and achieved strong portfolio growth Q1 2025 Key Financial Metrics vs. Q4 2024 | Metric | Q1 2025 (Ended Mar 31, 2025) | Q4 2024 (Ended Dec 31, 2024) | | :--- | :--- | :--- | | Net Investment Income per Share | $0.37 | $0.40 | | Net Asset Value (NAV) per Share | $14.93 | $14.98 | - The Board of Directors declared a dividend of **$0.38 per share**, payable on June 26, 2025, to stockholders of record as of June 10, 2025[3](index=3&type=chunk) - CEO Tanner Powell highlighted **solid Q1 results**, including a **reduction in non-accruals**, **strong portfolio growth** from MidCap Financial originations, and **strategic stock repurchases** below NAV[4](index=4&type=chunk) - Key activities in the quarter included[5](index=5&type=chunk) - New investment commitments: **$376 million** - Net fundings: **$170 million** - Net leverage: **1.31x** - Share repurchases: **476,656 shares** for **$6.1 million** - Completed a **$529.6 million** CLO transaction in February 2025 [Financial Highlights](index=3&type=section&id=Financial%20Highlights) Total assets increased to **$3.36 billion** as of March 31, 2025, while net assets slightly declined to **$1.39 billion**, and net leverage rose to **1.31x** Financial Highlights (Quarter-over-Quarter) | ($ in billions, except per share data) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total assets | $3.36 | $3.19 | | Investment portfolio (fair value) | $3.19 | $3.01 | | Debt outstanding | $1.94 | $1.75 | | Net assets | $1.39 | $1.40 | | Net asset value per share | $14.93 | $14.98 | | Net leverage ratio | 1.31x | 1.16x | [Portfolio and Investment Activity](index=3&type=section&id=Portfolio%20and%20Investment%20Activity) Robust Q1 2025 investment activity saw **$391.9 million** in new investments, increasing portfolio companies to **240**, with **93%** in first lien secured debt and a **9.4%** total portfolio yield [Investment Activity Summary](index=3&type=section&id=Investment%20Activity%20Summary) Investment Activity for the Three Months Ended March 31 | (in millions) | 2025 | 2024 | | :--- | :--- | :--- | | Investments made in portfolio companies | $391.9 | $152.8 | | Investments sold | ($43.9) | — | | Investments repaid | ($177.6) | ($136.9) | | **Net investment activity** | **$170.4** | **$15.9** | | Portfolio companies at end of period | 240 | 154 | [Portfolio Composition and Yields](index=6&type=section&id=Portfolio%20Composition%20and%20Yields) - As of March 31, 2025, first lien secured debt comprised **93%** of the portfolio at fair value, consistent with the prior quarter's **92%**[18](index=18&type=chunk) Weighted Average Yields (at Amortized Cost) as of March 31, 2025 | Portfolio Type | Weighted Average Yield | | :--- | :--- | | First lien secured debt | 10.5% | | Total debt portfolio | 10.5% | | Total portfolio | 9.4% | - The debt portfolio remains predominantly floating rate, with **99%** of investments at fair value having floating interest rates[18](index=18&type=chunk) [Operating Results](index=3&type=section&id=Operating%20Results) MFIC generated **$34.3 million** in net investment income for Q1 2025, or **$0.37 per share**, with a net realized and unrealized loss of **$4.0 million**, resulting in a **$30.3 million** net increase in net assets Operating Results for the Three Months Ended March 31 | (in millions, except per share) | 2025 | 2024 | | :--- | :--- | :--- | | Net investment income | $34.3 | $28.5 | | Net realized and change in unrealized gains (losses) | ($4.0) | ($3.1) | | **Net increase in net assets from operations** | **$30.3** | **$25.5** | | Net investment income per share | $0.37 | $0.44 | | Earnings per share — basic | $0.32 | $0.39 | - Total investment income for Q1 2025 was **$78.7 million**, an increase from **$68.3 million** in Q1 2024, primarily driven by higher interest income from non-controlled/non-affiliated investments[23](index=23&type=chunk) - Total net expenses for Q1 2025 were **$44.4 million**, up from **$39.8 million** in Q1 2024, mainly due to higher interest, debt, and management fee expenses[23](index=23&type=chunk) [Capital Management](index=4&type=section&id=Capital%20Management) The company repurchased **476,656 shares** for **$6.1 million** at a discount to NAV, with total debt at **$1.942 billion** and **$548 million** available under its revolving credit facility [Share Repurchase Program](index=4&type=section&id=Share%20Repurchase%20Program) - In Q1 2025, the Company repurchased **476,656 shares** for a total of **$6.1 million**[11](index=11&type=chunk) - The weighted average repurchase price was **$12.75 per share**, representing a discount of approximately **14.72%** to the average NAV for the quarter[11](index=11&type=chunk) - As of May 12, 2025, **$20.8 million** remained available for future share repurchases under the current Board authorization[12](index=12&type=chunk) [Liquidity and Debt](index=4&type=section&id=Liquidity%20and%20Debt) - As of March 31, 2025, total outstanding debt obligations were **$1.942 billion**[14](index=14&type=chunk) - The debt structure includes Senior Unsecured Notes, CLO notes, and **$1.106 billion** outstanding under the multi-currency revolving credit facility[14](index=14&type=chunk) - The company had **$548 million** of available borrowing capacity under its revolving credit facility as of the quarter's end[14](index=14&type=chunk) [Detailed Financial Statements](index=7&type=section&id=Detailed%20Financial%20Statements) Unaudited consolidated financial statements show total assets of **$3.36 billion** and net assets of **$1.39 billion** as of March 31, 2025, with **$34.3 million** in net investment income [Consolidated Statements of Assets and Liabilities](index=7&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Consolidated Statements of Assets and Liabilities (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$3,355,699** | **$3,190,950** | | Total Liabilities | $1,962,439 | $1,786,304 | | **Net Assets** | **$1,393,260** | **$1,404,646** | | Net Asset Value Per Share | $14.93 | $14.98 | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations (Unaudited, in thousands) | Three Months Ended March 31, 2025 | Amount | | :--- | :--- | | Total Investment Income | $78,698 | | Net Expenses | $44,416 | | **Net Investment Income** | **$34,282** | | Net Realized and Change in Unrealized Gains (Losses) | ($3,952) | | **Net Increase in Net Assets Resulting from Operations** | **$30,330** | [Corporate and Shareholder Information](index=5&type=section&id=Corporate%20and%20Shareholder%20Information) The company will host an earnings conference call on **May 13, 2025**, operating as a BDC managed by Apollo, focusing on U.S. middle-market senior secured loans, with standard disclaimers [Conference Call and Supplemental Information](index=5&type=section&id=Conference%20Call%20and%20Supplemental%20Information) - An earnings conference call is scheduled for Tuesday, **May 13, 2025**, at 8:30 a.m. Eastern Time[16](index=16&type=chunk) - A supplemental information package is available in the Shareholders section of the Company's website[17](index=17&type=chunk) [About MidCap Financial Investment Corporation](index=9&type=section&id=About%20MidCap%20Financial%20Investment%20Corporation) - MFIC is a closed-end, externally managed **Business Development Company (BDC)** that has elected to be treated as a **Regulated Investment Company (RIC)** for tax purposes[27](index=27&type=chunk) - The company is managed by an affiliate of **Apollo Global Management** and its primary investment objective is to generate current income by investing in **first lien senior secured loans** to **U.S. middle-market companies**[27](index=27&type=chunk) [Important Information and Forward-Looking Statements](index=9&type=section&id=Important%20Information%20and%20Forward-Looking%20Statements) - Investors are advised to carefully consider the company's objectives, risks, and expenses by reading the prospectus filed with the SEC[24](index=24&type=chunk) - The report contains forward-looking statements that are subject to risks and uncertainties; past performance is not a guarantee of future results[26](index=26&type=chunk)[28](index=28&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-00646 MIDCAP FINANCIAL INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) Maryland 52-2439556 (State or other jurisdiction of i ...

Financial Performance - The company's net investment income for Q1 2025 was $0.37 per share, down from $0.40 per share in Q4 2024, representing a decrease of 7.5% [1][6] - The net asset value (NAV) per share as of March 31, 2025, was $14.93, a slight decrease of 0.3% from $14.98 as of December 31, 2024 [1][6] - Total assets increased to $3.36 billion as of March 31, 2025, compared to $3.19 billion at the end of 2024 [5][20] Investment Activity - New investment commitments during the quarter totaled $376 million, with gross fundings (excluding revolver fundings) amounting to $357 million [6][8] - The company made investments totaling $391.9 million in portfolio companies during the quarter, compared to $152.8 million in the same period of the previous year [8] - The number of investments in new portfolio companies increased to 20 from 7 year-over-year [8] Debt and Leverage - The company's outstanding debt as of March 31, 2025, was $1.94 billion, up from $1.75 billion at the end of 2024 [5][15] - The net leverage ratio was reported at 1.31x as of March 31, 2025, indicating an increase in leverage compared to previous periods [6][15] Shareholder Returns - A dividend of $0.38 per share was declared on May 7, 2025, payable on June 26, 2025, to stockholders of record as of June 10, 2025 [2][6] - The company repurchased 476,656 shares at a weighted average price of $12.75 per share during the quarter, totaling $6.1 million [11][12] Portfolio Composition - As of March 31, 2025, 93% of the investment portfolio was in first lien secured debt, maintaining a consistent level compared to previous quarters [17][18] - The weighted average yield on the total debt portfolio was 10.5% as of March 31, 2025, slightly down from 10.8% in the previous quarter [17][18]

Company Overview - MidCap Financial Investment (MFIC) shares increased by 11.8% to close at $11.70, following a notable trading volume compared to typical sessions, despite a 15.7% loss over the past four weeks [1] - The company benefits from a strong brand reputation, diversified product portfolio, and established customer relationships, which support premium pricing and customer loyalty [2] Financial Performance - MidCap Financial is expected to report quarterly earnings of $0.39 per share, reflecting an 11.4% decrease year-over-year, while revenues are projected to be $84.27 million, representing a 23.3% increase from the previous year [3] - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] Industry Context - MidCap Financial is part of the Zacks Financial - Miscellaneous Services industry, where Atlanticus Holdings Corporation (ATLC) also operates, having seen a 13.2% increase in its stock price recently [4] - Atlanticus has a consensus EPS estimate that has increased by 20% over the past month, indicating a positive outlook compared to the previous year [5]

NEW YORK, April 03, 2025 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it will report results for the quarter ended March 31, 2025, after the closing of the Nasdaq Global Select Market on Monday, May 12, 2025. The Company will also host a conference call on Tuesday, May 13, 2025, at 8:30 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (800) 225-9448 approximately 5-10 minutes prior to the ...

Core Viewpoint - MidCap Financial Investment Corporation (NASDAQ: MFIC) reported results that align with expectations for the December quarter, exceeding the paid dividend while maintaining a low leverage ratio of 1.18 [1]. Financial Performance - The company’s results for the December quarter were in line with market expectations, indicating stable financial performance [1]. - The leverage ratio of 1.18 suggests a conservative approach to debt management, which may enhance financial stability [1]. Dividend Safety - During the conference call, concerns regarding the safety of the dividend payout were addressed, indicating that the current earnings are sufficient to cover the dividend [1].

Financial Data and Key Metrics Changes - Net investment income (NII) per share for Q4 2024 was $0.40, with a full-year NII of $1.71, reflecting an annualized return on equity (ROE) of 10.5% for the quarter and 11.2% for the year [8][9] - GAAP net income per share was $0.26 for Q4 and $1.27 for the full year, with NAV per share at $14.98, down $0.12 or approximately 0.8% [9][10] - Total investment income for December was approximately $82.2 million, flat compared to the prior quarter, with net expenses increasing to $45.1 million [44][45] Business Line Data and Key Metrics Changes - New commitments in Q4 totaled $255 million, with a full-year total of approximately $1.06 billion [10][26] - The weighted average spread on new commitments was 546 basis points, up 13 basis points from the previous quarter, while net leverage on new commitments decreased to 4.3 times [28] - Direct origination represented 90% of the total portfolio, up from 88% last quarter, with 98% of the direct origination portfolio being first lien [31][32] Market Data and Key Metrics Changes - MidCap Financial closed approximately $6.6 billion of new commitments during Q4, contributing to a total of $21.3 billion for the year [13][14] - The overall credit quality of the direct origination portfolio remains stable, with a weighted average interest coverage ratio improving to 2.1 times [37][39] - The probability of a recession has declined significantly, with encouraging signs for an increase in sponsor-related M&A activity [22] Company Strategy and Development Direction - The company aims to gradually grow the portfolio and reach a target leverage of approximately 1.4 times in the next couple of quarters [11][50] - The strategy includes reducing investment in the aircraft leasing and servicing business, with a focus on selling assets acquired through mergers [16][20] - The company plans to leverage its affiliation with MidCap Financial to enhance deal sourcing and capitalize on attractive investment opportunities in the middle market [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic backdrop, citing strong consumer spending and capital goods investment, while acknowledging potential near-term impacts from tariffs and government layoffs [21][22] - The company is optimistic about the stabilization of interest rates and the potential for increased M&A activity in the direct lending market [22][23] - Management remains comfortable with the sustainability of the dividend, considering the leverage profile and expected origination pace [88][89] Other Important Information - The company reported a net loss of approximately $13 million for the quarter, with 60% of that loss attributed to positions on non-accrual status at the beginning of the quarter [49] - The company completed a $529 million CLO, which is expected to be an important source of debt financing going forward [51][52] Q&A Session Summary Question: Impact of post-quarter insurance recovery for Merx - Management indicated that recoveries are approximately in line with valuations, leading to a positive outlook for resolution of claims [57] Question: Potential for better recoveries if conditions in Russia and Ukraine improve - Management clarified that recoveries are locked in and are primarily tied to the insurance process, independent of geopolitical conditions [65][66] Question: Increase in spreads and leverage dynamics - Management noted that the increase in spreads was due to commitments to existing borrowers, rather than a general widening of spreads in the market [68][69] Question: Update on non-accrual positions - Management confirmed that there are four non-accruals remaining from the legacy CEF portfolio, with ongoing restructuring efforts [81] Question: Sustainability of the current dividend - Management expressed confidence in the sustainability of the dividend, supported by the current leverage profile and expected origination pace [88][89]

MidCap Financial Investment (MFIC) came out with quarterly earnings of $0.40 per share, missing the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.44%. A quarter ago, it was expected that this investment company would post earnings of $0.43 per share when it actually produced earnings of $0.44, delivering a surprise of 2.33%.Over the last four ...