Midcap Financial Investment Corporation · NASDAQ:MFIC
Midcap Financial Investment — Q4 2025 Earnings Presentation
20 slides from Midcap Financial Investment's earnings presentation, Feb 26, 2026
Slide 1: Financial Results for the Quarter and Fiscal Year Ended December 31, 2025
Financial Results for the Quarter and Fiscal Year Ended December 31, 2025 MidCap Financial Investment Corporation February 26, 2026 Unless otherwise noted, information as of December 31, 2025. Confidential and Proprietary - Not for distribution, in whole or in part, without the express written conse
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
Slide 3: Summary of Quarterly Results
Summary of Quarterly Results Results for the Quarter and Fiscal Year Ended December 31, 2025, and Other Recent Highlights: Net investment income for the quarter ended December 31, 2025 was $36.0 million, or $0.39 per share, compared to $0.38 for the quarter ended September 30, 2025. Net realized
Slide 4: MFIC Senior Secured Diversified Investment Portfolio
MFIC Senior Secured Diversified Investment Portfolio Portfolio Snapshot Portfolio by Strategy Portfolio by Industry Portfolio $3.17 bn 11.4% 1% 19.7% 3% # of Portfolio Companies 247 # of Industries1 46 9.1% Direct Origination and Other2 % Total Portfolio 96% 2.1% Non-Accrual % Total Portfolio 2.6% 2
Slide 5: MFIC's Approach to Software
MFIC’s Approach to Software Software Investing Framework Software End Market Exposure 1, 7 We invest with an AI first and risk aware mindset, recognizing that artificial intelligence is IT Consulting & Other Services 14.2% both expanding software’s total addressable market and reshaping competitiv
Slide 6: Financial Highlights
Financial Highlights ($ in thousands, except per share data) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Financial Highlights Net investment income per share $0.39 $0.38 $0.39 $0.37 $0.40 Net realized and unrealized gains (losses) from investments 2 ($0.49) ($0.08) ($0.20) ($0.05) ($0.14) Net realized loss f
Slide 7: Portfolio Highlights
Portfolio Highlights ($ in thousands) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Portfolio by Strategy, at fair value ($) Leveraged lending $2,661,034 $2,619,557 $2,634,878 $2,529,824 $2,312,147 Life sciences 189,259 219,840 224,827 186,549 186,923 Asset based, franchise finance and lender finance 139,867 1
Slide 8: Direct Origination Portfolio Detail
Direct Origination Portfolio Detail1 ($ in thousands) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Portfolio by Asset Class, measured at fair value ($) First Lien $2,948,345 $2,945,693 $2,994,520 $2,845,207 $2,621,427 Second lien $62 $72 $75 $4,187 $4,851 Other $41,753 $47,885 $39,334 $38,487 $41,408 Total di
Slide 9: Direct Origination Commitments
Direct Origination Commitments1 ($ in thousands) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Gross Commitments Made by Asset Class First lien $137,622 $136,233 $262,460 $374,734 $254,511 Second lien and other 3,758 1,560 — 1,412 317 Gross commitments made $141,380 $137,792 $262,460 $376,146 $254,828 Gross Co
Slide 10: Funded Investment Activity
Funded Investment Activity ($ in thousands) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Fundings, excluding Merx Aviation, Revolvers, and AFT / AIF Gross fundings1 $155,918 $142,183 $253,641 $357,335 $248,332 Sales and syndications (13,775) (23,739) (11,864) — — Repayments 1 (105,530) (134,921) (62,319) (132
Slide 11: Funded Investment Activity (Cont.)
Funded Investment Activity (Cont.) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Number of Portfolio Companies Number of portfolio companies, at beginning of period 246 249 240 233 250 Number of new portfolio companies, (ex AFT / AIF) 11 9 14 20 11 Number of new portfolio companies, AFT / AIF — — — — — Number
Slide 12: Credit Quality
Credit Quality As of December 31, 2025, 3.9% of total investments at amortized cost, or 2.6% of total investments at fair value, were on non-accrual status. ($ in thousands) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Investments on Non-Accrual Status, at amortized cost Non-accrual investments 1 $128,082 $14
Slide 13: Net Asset Value Rollforward
Net Asset Value Rollforward ($ in thousands, except per share data) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Per Share NAV, beginning of period $14.66 $14.75 $14.93 $14.98 $15.10 Net investment income 0.39 0.38 0.39 0.37 0.40 Net realized and unrealized gains (losses) from investments (ex. AFT / AIF) (0.4
Slide 14: Quarterly Operating Results
Quarterly Operating Results ($ in thousands, except per share data) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Total investment income Interest income (excluding PIK) $73,321 $77,726 $75,654 $73,372 $76,648 Dividend income 231 200 200 240 237 PIK interest income 1 3,781 4,192 5,173 4,752 4,674 Other income
Slide 15: Quarterly Balance Sheet
Quarterly Balance Sheet ($ in thousands, except share and per share data) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Assets Investments at fair value $3,167,838 $3,180,965 $3,327,482 $3,188,621 $3,014,416 Cash and cash equivalents (including foreign currencies) 99,447 66,459 71,897 85,033 75,786 Interest re
Slide 16: Funding Sources as of December 31, 2025
Funding Sources as of December 31, 2025 Debt Facilities ($ in thousands) Debt Issued/ Final Maturity Interest Principal Amount Amended Date Rate Outstanding Secured Facilities: Senior Secured Facility ($1.610 billion) 1 10/1/2025 10/1/2030 SOFR + 177.5 +10bps $ 941,048 2 MFIC Bethesda CLO 1 LLC Note
Slide 17: Interest Rate Exposure as of December 31, 2025
Interest Rate Exposure as of December 31, 2025 1 Investment Portfolio by Interest Rate Type Funding Sources by Interest Rate Type Fixed rate debt 10% Fixed rate assets Non yielding and 1% non-accrual assets 8% Floating rate Floating rate debt assets 90% 91% Floating Rate Asset Floor Net Investment I
Slide 18: Realized and Change in Unrealized Gains (Losses) by Strategy
Realized and Change in Unrealized Gains (Losses) by Strategy ($ in millions) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Leveraged lending ($29.4) ($14.3) ($18.0) ($1.2) ($13.9) Life sciences ($1.0) $0.5 ($0.3) $0.4 ($0.0) Franchise finance ($1.1) ($2.3) ($2.7) ($0.4) ($0.3) Asset based and lender finance ($
Slide 19: Outstanding Commitments
Outstanding Commitments ($ in thousands) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Revolver Obligations and Bridge Loans Funded 1 $119,531 $106,768 $104,550 $101,565 $96,403 Unfunded 1, 2 217,936 224,416 278,415 273,518 244,674 Par $337,467 $331,184 $382,964 $375,082 $341,077 Unfunded Revolver and Bridge L
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
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