Midcap Financial Investment Corporation · NASDAQ:MFIC

Midcap Financial Investment — Q2 2026 Earnings Presentation

20 slides from Midcap Financial Investment's earnings presentation, Aug 6, 2026

  1. Slide 1: Financial Results for the Quarter Ended June 30, 2026

    Financial Results for the Quarter Ended June 30, 2026 MidCap Financial Investment Corporation August 6, 2026 Unless otherwise noted, information as of June 30, 2026. Confidential and Proprietary - Not for distribution, in whole or in part, without the express written consent of Apollo Global Managem

  2. Slide 2: Disclaimers, Definitions and Important Notes

    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: futu

  3. Slide 3: Summary of Quarterly Results

    Summary of Quarterly Results Results for the Quarter Ended June 30, 2026, and Other Recent Highlights:  Net investment income for the quarter ended June 30, 2026 was $32.8 million, or $0.40 per share, compared to $0.38 for the quarter ended March 31, 2026.  Net realized and change in unrealized ga

  4. Slide 4: MFIC Senior Secured Diversified Investment Portfolio

    MFIC Senior Secured Diversified Investment Portfolio Portfolio Snapshot Portfolio by Strategy Portfolio by Industry Portfolio $2.77 bn 18.8% 11.9% # of Portfolio Companies 229 3% 1% # of Industries1 45 Direct Origination and Other2 % Total Portfolio 96.4% 9.3% Non-Accrual % Total Portfolio 2.8% 2.2%

  5. Slide 5: MFIC's Approach to Software

    MFIC’s Approach to Software Software Investing Framework Software End Market Exposure 1, 7  We invest with an artificial intelligence (“AI”) first and risk aware mindset, recognizing that AI 8.8% 14.9% IT Consulting & Other Services is both expanding software’s total addressable market and reshapin

  6. Slide 6: Financial Highlights

    Financial Highlights ($ in thousands, except per share data) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Financial Highlights Net investment income per share $0.40 $0.38 $0.39 $0.38 $0.39 Net realized and unrealized gains (losses) from investments 2 ($0.61) ($0.67) ($0.49) ($0.08) ($0.20) Net realized loss f

  7. Slide 7: Portfolio Highlights

    Portfolio Highlights ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Portfolio by Strategy, at fair value ($) Leveraged lending $2,370,545 $2,524,077 $2,661,034 $2,619,557 $2,634,878 Life sciences 127,650 158,118 189,259 219,840 224,827 Asset based, franchise finance and lender finance 135,790 1

  8. Slide 8: Direct Origination Portfolio Detail

    Direct Origination Portfolio Detail1 ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Portfolio by Asset Class, measured at fair value ($) First Lien $2,557,743 $2,789,124 $2,948,345 $2,945,693 $2,994,520 Second lien $51 $51 $62 $72 $75 Other $76,191 $31,592 $41,753 $47,885 $39,334 Total direct o

  9. Slide 9: Direct Origination Commitments

    Direct Origination Commitments1 ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Gross Commitments Made by Asset Class First lien $3,437 $41,785 $137,622 $136,233 $262,460 Second lien and other 2,333 8,343 3,758 1,560 — Gross commitments made $5,770 $50,129 $141,380 $137,792 $262,460 Gross Commit

  10. Slide 10: Funded Investment Activity

    Funded Investment Activity ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Fundings, excluding Merx Aviation, Revolvers, and AFT / AIF Gross fundings1 $20,952 $67,650 $155,918 $142,183 $253,641 Total sales and repayments 1 (165,340) (180,827) (119,306) (158,660) (74,183) Net repayments, excludin

  11. Slide 11: Funded Investment Activity (Cont.)

    Funded Investment Activity (Cont.) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Number of Portfolio Companies Number of portfolio companies, at beginning of period 236 247 246 249 240 Number of new portfolio companies, (ex AFT / AIF) — 2 11 9 14 Number of new portfolio companies, AFT / AIF — — — — — Number of

  12. Slide 12: Credit Quality

    Credit Quality As of June 30, 2026, 4.6% of total investments at amortized cost, or 2.8% of total investments at fair value, were on non-accrual status. ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Investments on Non-Accrual Status, at amortized cost Non-accrual investments 1 $141,159 $167,11

  13. Slide 13: Net Asset Value Rollforward

    Net Asset Value Rollforward ($ in thousands, except per share data) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Per Share NAV, beginning of period $13.82 $14.18 $14.66 $14.75 $14.93 Net investment income 0.40 0.38 0.39 0.38 0.39 Net realized and unrealized gains (losses) from investments (0.61) (0.67) (0.49)

  14. Slide 14: Quarterly Operating Results

    Quarterly Operating Results ($ in thousands, except per share data) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total investment income Interest income (excluding PIK) $63,166 $67,119 $73,321 $77,726 $75,654 Dividend income 231 310 231 200 200 PIK interest income 1 4,247 3,824 3,781 4,192 5,173 Other income

  15. Slide 15: Quarterly Balance Sheet

    Quarterly Balance Sheet ($ in thousands, except share and per share data) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Assets Investments at fair value $2,770,342 $2,971,487 $3,167,838 $3,180,965 $3,327,482 Cash and cash equivalents (including foreign currencies) 43,354 42,689 99,447 66,459 71,897 Interest re

  16. Slide 16: Funding Sources as of June 30, 2026

    Funding Sources as of June 30, 2026 Debt Facilities ($ in thousands) Debt Issued/ Final Maturity Interest Principal Amount Amended Date Rate Outstanding Secured Facilities: Senior Secured Facility ($1.610 billion) 10/1/2025 10/1/2030 SOFR + 177.5 +10bps $ 685,000 MFIC Bethesda CLO 1 LLC Notes (Class

  17. Slide 17: Interest Rate Exposure as of June 30, 2026

    Interest Rate Exposure as of June 30, 2026 1 Investment Portfolio by Interest Rate Type Funding Sources by Interest Rate Type Fixed rate debt 12% Fixed rate assets 1% Non yielding and non-accrual assets 9% Floating rate Floating rate debt assets 88% 90% Floating Rate Asset Floor Net Investment Incom

  18. Slide 18: Realized and Change in Unrealized Gains (Losses) by Strategy

    Realized and Change in Unrealized Gains (Losses) by Strategy ($ in millions) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Leveraged lending ($46.4) ($45.6) ($29.4) ($14.3) ($18.0) Life sciences $0.7 ($1.5) ($1.0) $0.5 ($0.3) Franchise finance ($0.9) ($1.6) ($1.1) ($2.3) ($2.7) Asset based and lender finance (

  19. Slide 19: Outstanding Commitments

    Outstanding Commitments ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Revolver Obligations and Bridge Loans Funded 1 $109,429 $120,457 $119,531 $106,768 $104,550 Unfunded 1, 2 202,420 197,607 217,936 224,416 278,415 Par $311,849 $318,064 $337,467 $331,184 $382,964 Unfunded Revolver and Bridge

  20. Slide 20: Contact Information

    Contact Information Elizabeth Besen Kenneth Seifert Investor Relations Manager Chief Financial Officer and Treasurer Phone: (212) 822-0625 Phone: (212) 822-0807 Email: ebesen@apollo.com Email: kseifert@apollo.com 20

MidCap Financial Investment — Q2 2026 Earnings Presentation on 6ix