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 ...

Financial Performance - Net investment income per share for the quarter was $0.44, a decrease of 4.35% from $0.46 for the quarter ended December 31, 2023[3] - Net investment income for the three months ended March 31, 2024, was $28,544 thousand, compared to $29,483 thousand for the same period in 2023, reflecting a decrease of approximately 3.2%[22] - Total investment income increased to $68,331 thousand for the three months ended March 31, 2024, up from $67,778 thousand in the prior year, marking a growth of about 0.81%[22] - Earnings per share decreased to $0.39 for the three months ended March 31, 2024, down from $0.46 in the prior year, a decline of approximately 15.22%[22] Asset and Liability Management - Total assets decreased to $2.45 billion as of March 31, 2024, from $2.50 billion as of December 31, 2023[6] - Total assets decreased to $2,445,062 thousand as of March 31, 2024, from $2,501,331 thousand as of December 31, 2023, representing a decline of approximately 2.25%[20] - Total liabilities decreased to $1,439,061 thousand as of March 31, 2024, from $1,496,021 thousand as of December 31, 2023, a reduction of about 3.83%[20] - Cash and cash equivalents decreased to $49,611 thousand as of March 31, 2024, from $93,575 thousand as of December 31, 2023, a significant drop of about 46.96%[20] Investment Activity - New investment commitments during the quarter totaled $149 million, with gross fundings of $129 million[3] - The investment portfolio (fair value) increased to $2.35 billion as of March 31, 2024, from $2.33 billion as of December 31, 2023[6] - The number of portfolio companies increased to 154 at the end of the period, up from 141 at the end of the previous quarter[7] Dividends and Share Repurchase - The Company declared a dividend of $0.38 per share, payable on June 27, 2024[3] - The Company did not repurchase any shares during the quarter, with a total of 15,593,120 shares repurchased since the program's inception[12] Management and Governance - The company is externally managed by Apollo Investment Management, L.P., focusing on generating current income and long-term capital appreciation through investments in middle-market companies[27] - The Company filed a definitive joint proxy statement for proposed mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.[3] - MFIC, AFT, and AIF filed a joint proxy statement and registration statement with the SEC regarding proposed mergers[34] - Stockholders are encouraged to read the joint proxy statement and registration statement for important information about the proposals[34] - Information about the directors and executive officers of MFIC, AFT, and AIF is available in their respective proxy statements[35] - The proxy statement for MFIC's 2024 Annual Meeting was filed on April 29, 2024, while AFT and AIF's proxy statement will be filed on May 8, 2024[35] Leverage and Financial Ratios - Net leverage ratio was 1.35x as of March 31, 2024, compared to 1.34x as of December 31, 2023[6] - Management fees increased to $4,386 thousand for the three months ended March 31, 2024, from $4,264 thousand in the same period of 2023, an increase of approximately 2.87%[22] Gains and Losses - Net realized and change in unrealized gains (losses) resulted in a loss of $3,055 thousand for the three months ended March 31, 2024, compared to a gain of $649 thousand in the same period of 2023[22] - The net asset value per share increased slightly to $15.42 as of March 31, 2024, compared to $15.41 as of December 31, 2023[20]

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 ...

MidCap Financial Investment Corporation Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2023 Results for the Quarter and Fiscal Year Ended December 31, 2023 and Other Recent Highlights: New York, NY — February 26, 2024 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the "Company," today announced financial results for its quarter and fiscal year ended December 31, 2023. The Company's net investment income was $0.46 per share for the quarter ended December 31, 2023, c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 jurisdicti ...

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 September 30, 2023 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 incorporation o ...

Financial Data and Key Metrics Changes - Net investment income per share for the June quarter was $0.44, exceeding the current dividend of $0.38, benefiting from higher base rates on floating rate assets [7][16] - NAV per share at the end of June was $15.20, an increase of $0.02 from the end of March, reflecting earnings in excess of dividends and stock buybacks [7][39] - Total expenses for the quarter were $39.8 million, up $1.5 million compared to the last quarter, primarily due to higher interest expense [17] Business Line Data and Key Metrics Changes - Gross funding for the corporate lending portfolio totaled $73 million, with sales and repayments amounting to $58 million, resulting in net fundings of $22 million for the quarter [11] - The weighted average yield of the corporate lending portfolio was 11.7%, up from 11.3% in the previous quarter, driven by an increase in base rates [35] - The weighted average net leverage of the companies in the corporate lending portfolio remained at 5.45 times, unchanged from the prior quarter [36] Market Data and Key Metrics Changes - The corporate lending and other portfolio, which constitutes 92% of the total portfolio, primarily consists of first lien loans, indicating a well-diversified risk profile [30] - The market environment showed a slowdown in new issue volumes driven by slower M&A activity, although financial sponsors are still seeking financing solutions in the private credit market [31] Company Strategy and Development Direction - The company is focused on reducing its investment in Merx, with a strategy to utilize aircraft sales and servicing income to pay down debt [8] - The management emphasized the importance of maintaining a conservative leverage ratio and a diversified portfolio to navigate through economic cycles [12][34] Management's Comments on Operating Environment and Future Outlook - Management noted stable credit quality in the portfolio, with no significant signs of credit weakness, although there is some deceleration in top-line growth [13] - The company is closely monitoring interest coverage ratios, which have decreased slightly, but management believes the situation is manageable due to strong liquidity among borrowers [14] Other Important Information - The Board of Directors declared a dividend of $0.38 per share, representing an annualized yield of 10% on NAV, with discussions ongoing regarding potential dividend increases [32] - The company repurchased approximately $2.3 million of stock during the quarter, contributing to NAV per share accretion [18] Q&A Session Summary Question: What is the current activity level with equity sponsors? - Management observed a modest uptick in activity from LBO sponsors, indicating a greater willingness to engage despite seasonal slowdowns [64] Question: How is the portfolio yield expected to change? - The yield is expected to expand, with a mix of base rate increases and potential tightening spreads as M&A activity picks up [44][66] Question: What is the outlook for companies with below 1X interest coverage? - Management indicated that some sponsors are injecting equity to cover interest coverage issues, and they are in active dialogue with those companies [69] Question: Is there a potential for a special dividend? - The Board is evaluating options for returning excess income to shareholders, including the possibility of a special dividend, but no definitive decision has been made [72] Question: How does the company view the current lending environment? - Management believes that the current environment presents opportunities for private credit to take market share from traditional banks, especially as capital requirements for banks increase [67]

Repurchased 198,084 shares of common stock at a weighted average price per share of $11.60, inclusive of commissions, for an aggregate cost of $2.3 million during the quarter. 1. Based on corporate lending portfolio. 2. Gross fundings for corporate lending includes $0.1m of equity. 3. There were no fundings into Merx Aviation during the quarter. 4. The Company's net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash ...