MidCap Financial Investment Corporation (NASDAQ: MFIC) 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"). For tax purposes, the Company has elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by Apollo Investment Management, ...

NEW YORK, July 16, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the "Company") announced today that it will report results for the quarter ended June 30, 2024, after the closing of the Nasdaq Global Select Market on Wednesday, August 7, 2024. The Company will host a conference call on Thursday, August 8, 2024, at 8:30 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (800) 343-5172 approximately 5-10 minutes prior to th ...

Midcap Financial Investment Corp. (MFIC) and Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.'s (collectively referred to as "CEF") proposed merger received approval from CEF Stockholders recently. The approval was granted during the special stockholders meeting on Jun 21, 2024. On May 28, 2024, MFIC's stockholders approved the merger in a special meeting. The merger is expected to be closed in late July, subject to fulfillment of customary closing conditions. Stockholders of CEF w ...

Portfolio Review, Non-Accruals, NII Performance MidCap Financial Investment is a diversified business development company with a large focus on Senior Secured loans. The BDC owned a $2.35 billion portfolio, as of March 2024, with First Liens accounting for a whopping 97% of investments in the corporate lending portfolio. MidCap Financial Investment is also, as I alluded to in my last review of the business development company in December 2023, heavily geared towards floating-rate loans (100% of the corporat ...

J Studios/DigitalVision via Getty ImagesOverview I've covered a ton of business development companies ('BDC') in the last month, and there aren't many opportunities for attractive price entries in the sector. This is due to the mass price run of many quality BDCs, as they've all thrived in a higher interest rate environment. However, I believe that we have an attractive opportunity with MidCap Financial Investment Corp (NASDAQ:MFIC) as they are currently in the process of completing a merger. MFIC opera ...

Financial Data and Key Metrics Changes - Net investment income per share for Q1 2024 was $0.44, reflecting an annualized return on equity (ROE) of 11.4% [21] - GAAP EPS for the quarter was $0.39, with a slight increase in net asset value per share to $5.42, up $0.01 from the previous quarter [58] - Net expenses for the quarter were $39.8 million, down $2.4 million compared to the prior quarter [59] Business Line Data and Key Metrics Changes - Corporate lending and other represented 92% of the total portfolio, with 97% being first lien on a fair value basis, up from 96% last quarter [22] - New investment commitments totaled $149 million across 16 different borrowers, with an average new commitment of $9.3 million [28] - The weighted average spread of new commitments was relatively unchanged at 624 basis points, one basis point lower than the previous quarter [29] Market Data and Key Metrics Changes - The lending market saw an increase in activity in the syndicated loan market, with MFIC focusing on the middle market, which is less susceptible to competition [10] - The weighted average interest coverage ratio remained at 1.9x, with four companies below one times [36] - The weighted average net leverage of the corporate lending portfolio was 5.36x, up from 5.27x last quarter [53] Company Strategy and Development Direction - MFIC is focused on the core middle market, which offers attractive investment opportunities across cycles and does not compete directly with the broadly syndicated loan market [24] - The company is excited about proposed mergers with AFT and AIF, which are expected to create a stronger combined entity with enhanced returns and portfolio diversification [12] - The strategy includes maintaining a focus on first lien loans and reducing exposure to second lien positions, with only 0.7% of the total corporate lending portfolio being non-first lien [30] Management's Comments on Operating Environment and Future Outlook - Despite high interest rates and inflation, the U.S. economy has shown resilience and strong growth, with expectations for the Federal Reserve to potentially not cut rates in 2024 [9] - Management has not observed significant signs of credit weakness across the portfolio and continues to monitor the impacts of a prolonged high-rate environment [8] - Portfolio companies have shown strong fundamental performance, with median revenue and EBITDA growth in the mid-single digits year-over-year [34] Other Important Information - The company declared a dividend of $0.38 per share, consistent with the prior quarter, representing an annualized yield of approximately 9.9% based on NAV per share [25][50] - The weighted average interest rate on debt for the quarter was 7.09%, reflecting the impact of CLO notes and baby bonds [59] - The company has a strong pipeline of investment opportunities, supported by a large dedicated portfolio management team [55] Q&A Session Summary Question: What is the current competitive landscape in the middle market? - Management noted that while there is competition causing spread compression, the middle market remains insulated from broader syndicated market fluctuations [64] Question: How will the merger affect the seniority profile of the portfolio? - The focus on first lien loans will remain, and the merger is expected to enhance the ability to deploy capital into these loans [66] Question: What discussions have been had with sponsors regarding credit quality? - Sponsors are becoming more efficient and are engaging in early discussions about extensions and re-pricings due to the current high interest rate environment [71][73]

Confidential and Proprietary - Not for distribution, in whole or in part, without the express written consent of Apollo Global Management, Inc. MidCap Financial Investment Corporation Disclaimers, Definitions and Important Notes 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 Cor ...

For the quarter ended March 2024, MidCap Financial Investment (MFIC) reported revenue of $68.33 million, up 0.8% over the same period last year. EPS came in at $0.44, compared to $0.45 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $69.48 million, representing a surprise of -1.66%. The company delivered an EPS surprise of +2.33%, with the consensus EPS estimate being $0.43.While investors closely watch year-over-year changes in headline numbers -- revenue and earnin ...

Exhibit 99.1 MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended March 31, 2024 Results for the Quarter Ended March 31, 2024 and Other Recent Highlights: New York, NY — May 7, 2024 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the "Company," today announced financial results for its quarter ended March 31, 2024. The Company's net investment income was $0.44 per share for the quarter ended March 31, 2024, compared to $0.46 per share for the quarter ended Dece ...

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, 2024 OR MIDCAP FINANCIAL INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 9 West 57 Street 37th Floor th (Address of principal executive offices) (Zip Code) Maryland 52-2 ...