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 June 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 or org ...

MidCap Financial Investment Corporation (NASDAQ:MFIC) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET Company Participants Elizabeth Besen - Investor Relations Manager Tanner Powell - Chief Executive Officer Ted McNulty - President Greg Hunt - Chief Financial Officer Howard Widra - Executive Chairman Conference Call Participants Mark Hughes - Truist Securities Kenneth Lee - RBC Capital Markets Kyle Joseph - Jefferies Sean-Paul Adams - Raymond James Paul Johnson - KBW Melissa Wedel - JPMorgan Jordan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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, 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 Washington, D.C. 20549 (State or other jurisdiction of incorporation or or ...

Financial Data and Key Metrics Changes - Net investment income per share for the December quarter was $0.43, an increase from $0.35 in the September quarter and the same period last year [35] - Net asset value (NAV) per share at the end of December was $15.10, a decline of 2.3% quarter-over-quarter, primarily due to losses outside of the first-lien corporate lending strategy [19][36] - The weighted average interest coverage ratio was 2.5 times, down from 2.7 times in the previous quarter [33] Business Line Data and Key Metrics Changes - The first lien corporate lending portfolio grew to nearly $2 billion at fair value by the end of December 2022, with total losses during the period amounting to approximately $7 million or 12 basis points on a cumulative basis [2][3] - The corporate lending portfolio comprised 94% first liens, with a weighted average spread of 610 basis points [55] - The investment in Merx was reduced to approximately $199 million or 8.3% of the portfolio at fair value after a significant transaction [6][7] Market Data and Key Metrics Changes - In 2022, MidCap Financial closed approximately $16.4 billion in new commitments, including $4 billion in the December quarter [21] - The weighted average net leverage of new commitments made during the quarter was 4.8 times, which is 0.7 times below the average of the portfolio [32] - The yield on the corporate lending portfolio increased to approximately 11% at the end of December, compared to 9.6% at the end of September [58] Company Strategy and Development Direction - The company is focused on being a pure-play, senior secured middle market BDC, emphasizing the reduction of investments in Merx and increasing exposure to first lien corporate loans [5][23] - The establishment of a new fee structure and equity investment into the BDC by MidCap Financial reinforces the company's commitment to democratizing finance [22] - The corporate lending portfolio is designed to weather a more challenging economic environment, focusing on floating rate investments at the top of the capital structure [29][61] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains volatile due to ongoing Federal Reserve interest rate hikes aimed at curbing inflation, with expectations of further rate increases [10][25] - Despite the challenges, the company believes that increased volatility in public markets has created attractive investment opportunities for direct lenders [26] - The company is well-positioned to grow earnings in the coming quarters due to the rising interest rate environment, estimating that a 50 basis point increase in base rates could result in incremental annual earnings of approximately $0.06 [38] Other Important Information - The company has changed its fiscal year-end from March 31 to December 31 to align with other Apollo Global entities [57] - The incentive fee on income has been permanently reduced from 20% to 17.5%, and the base management fee was also reduced, making it the lowest among listed BDCs [59] Q&A Session All Questions and Answers Question: What is the outlook for Merx and its paydowns? - Management indicated that while they expect additional paydowns in 2023, these may not occur evenly and will depend on market conditions [7][63] Question: How is the company managing its exposure to the high-tech industry amid volatility? - Management noted that their high-tech exposure includes various sectors, and they have structured deals to maintain lower loan-to-value ratios, providing a cushion against market challenges [64] Question: Can you elaborate on the nature of the writedown from NAV this quarter? - The writedown was primarily due to spread widening, with a significant markdown coming from the KNN investment, which underwent a restructuring [70][82]

Financial Performance (Q4 2022) - Net asset value per share decreased by 2.3% from $15.45 on September 30, 2022 to $15.10 on December 31, 2022[7] - Net investment income was $28 million, or $0.43 per share, compared to $22.6 million, or $0.35 per share in the previous quarter[91] - Net realized and change in unrealized losses on investments were ($26.7) million, or ($0.41) per share, primarily due to losses outside of first lien corporate lending[23] - The company declared a dividend of $0.38 per share[94] Portfolio Composition and Activity - Total portfolio size is $2.40 billion[27] - Corporate lending and other assets constitute 89.1% of the portfolio, amounting to $2.1 billion[54] - Merx Aviation represents 10.9% of the portfolio with a value of $261 million as of December 31, 2022, which subsequently reduced to $199 million or 8.3% of the total portfolio in January 2023 after a $62 million repayment[9, 12] - Gross fundings for the quarter totaled $159 million, while gross exits totaled $207 million, resulting in net repayments of $48 million[24] - New investment commitments made during the quarter totaled $73 million across 9 companies[89] Debt and Leverage - Net leverage was 1.41x as of December 31, 2022[25] - Total debt obligations, net of deferred financing cost and debt discount, were $1,483,394[42] Non-Accrual Status - As of December 31, 2022, 1.9% of total investments at amortized cost, or 0.4% of total investments at fair value, were on non-accrual status[34] Fee Structure - A new fee structure became effective on January 1, 2023, reducing the base management fee to 1.75% on net assets and the incentive fee on income from 20% to 17.5%[26, 10]

MidCap Financial Investment Corporation (NASDAQ:MFIC) Q3 2022 Earnings Conference Call November 3, 2022 5:00 PM ET Company Participants Elizabeth Besen ??? Investor Relations Manager Tanner Powell ??? Chief Executive Officer Ted McNulty ??? President Greg Hunt ??? Chief Financial Officer Howard Widra ??? Executive Chairman Conference Call Participants Kenneth Lee ??? RBC Capital Markets Finian O???Shea ??? Wells Fargo Securities Kyle Joseph ??? Jefferies Melissa Wedel ??? JPMorgan Paul Johnson ??? KBW Opera ...

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, 2022 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 ...

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 June 30, 2022 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-00646 APOLLO INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) Maryland 52-2439556 (State or other jurisdiction of incorporation or organization) ...

Apollo Investment Corporation (AINV) Overview - AINV, a publicly traded BDC, has invested $23 billion in 585 portfolio companies since its IPO in 2004[9] - As of March 31, 2022, AINV's investment portfolio totaled $252 billion across 139 companies[9] - AINV's base distribution yield at market price is 101%, and the base plus supplemental distribution yield is 117%[10] - AINV's market capitalization is $778 million as of June 7, 2022[10] Apollo Global Management (AGM) Affiliation - AINV is externally managed by an affiliate of AGM, a global alternative asset manager with approximately $513 billion of AUM as of March 31, 2022[9] - AGM's credit business has over $370 billion in AUM and 323 investment professionals[13] - MidCap Financial, managed by an Apollo subsidiary, originated over $21 billion in annual originations through March 31, 2022[17] Investment Strategy and Portfolio Composition - Corporate lending constitutes $21 billion, or 828%, of AINV's total portfolio as of March 31, 2022, with a weighted average yield of 77%[32] - First lien investments represent 94% of the corporate lending portfolio, with 99% being floating rate and 87% sponsored[32] - Merx Aviation, AINV's aviation portfolio, accounts for $298 million, or 118%, of the total portfolio[33] - As of March 31, 2022, 13% of total investments at amortized cost, or 06% at fair value, were on non-accrual status[39]

APOLLO APOLLO INVESTMENT CORPORATION Fourth Quarter Fiscal Year 2022 Earnings Three Months Ended March 31, 2022 May 19, 2022 Disclaimers, Definitions, and Important Notes Forward-Looking Statements We make forward-looking statements in this presentation and other filings we make with the Securities and Exchange Commission ("SEC") within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subj ...