Midcap Financial Investment Corporation · NASDAQ:MFIC
Midcap Financial Investment — Q1 2026 Earnings Presentation
47 slides from Midcap Financial Investment's earnings presentation, May 7, 2026
Slide 1: MidCap Financial Investment Corporation Investor Presentation
MidCap Financial Investment Corporation Investor Presentation March 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 consent of Apollo Global Management, Inc. It should not be assum
Slide 2: Disclaimers, Definitions and Important Notes
Disclaimers, Definitions and Important Notes Forward-Looking Statements Additional Important Disclosure We make forward-looking statements in this presentation and other filings we make with the Securities and Exchange This presentation is confidential and may not be distributed, transmitted or othe
Slide 3: Table of Contents
Introduction Private Credit Environment Table of Contents MidCap Financial MidCap Financial Investment Corporation’s (MFIC) Investment Strategy and Portfolio Appendix 3
Slide 4: Introduction
APOLLO Introduction
Slide 5: MidCap Financial Investment Corporation ("MFIC" or the "Company")
INTRODUCTION MidCap Financial Investment Corporation (“MFIC” or the “Company”) Who is MFIC? Investment Portfolio MidCap Financial Investment Corporation (NASDAQ: MFIC) is an externally $3.17B 247 46 96% managed, publicly traded, business development company (“BDC”), Total Portfolio # of Companies #
Slide 6: Reasons to Own MFIC
INTRODUCTION Reasons to Own MFIC 1 Currently focused on allocating capital to share repurchases, which represents a compelling opportunity for stockholders, rather than deploying capital into new investments, given the current trading discount to NAV1 2 Secular tailwinds create attractive environmen
Slide 7: MFIC Compares Favorably to BDC Averages on Select Key Metrics
INTRODUCTION MFIC Compares Favorably to BDC Averages on Select Key Metrics We believe MFIC’s portfolio is more senior We believe MFIC’s revenue quality is higher We believe MFIC has a more granular relative to BDC peers which should compared to peers with notably less portfolio compared to peers whi
Slide 8: MFIC is a BDC Focused on the Middle Market
INTRODUCTION MFIC is a BDC Focused on the Middle Market Managed by an affiliate of Apollo, and focused on investing primarily in loans sourced by Midcap Financial Apollo is a high growth MFIC is a publicly Apollo traded is a high (NASDAQ: growth MFIC is MidCap a publicly traded 2(NASDAQ: global MidC
Slide 9: Apollo Today: Integrated Asset Management and Retirement Services Capabilities
INTRODUCTION Apollo Today: Integrated Asset Management and Retirement Services Capabilities GL OBA L M A NA GEMENT $84B 6,100+ ASSET Market Employees RETIREMENT M A N AG E M E N T Capitalization1 Globally SERVICES A2 / A / A Rated by Moody’s, S&P, Fitch A SSET MA N A GEM ENT $938B A2 / A / A $35B A1
Slide 10: Private Credit Environment
Private Credit Environment 10
Slide 11: Observations on Current Conditions
PRIVATE CREDIT ENVIRONMENT Observations on Current Conditions US Economy Remains Resilient Despite Uncertainty from Tariffs, Immigration Restrictions, and Geopolitics Credit Markets are Stabilizing, Though Activity Remains Selective amid Higher-for-longer Rates Deal and Exit Activity Improved in 202
Slide 12: Current Inflation and Rate Environment
PRIVATE CREDIT ENVIRONMENT Current Inflation and Rate Environment Inflation Has Been Sticky Above the Fed’s 2% Inflation Rate % YoY Headline CPI Core CPI 9.0 7.5 6.0 4.5 3.0 1.5 Fed’s 2% inflation target 0.0 Interest Rates Are Expected to Remain Higher for Longer % 12 Fed Funds rate SOFR futures ECB
Slide 13: Bank Continued Retrenchment from Middle Market Lending & Strong Demand for Loans
PRIVATE CREDIT ENVIRONMENT Bank Continued Retrenchment from Middle Market Lending & Strong Demand for Loans to Middle Market Companies Total Number of U.S. Banks Continues to Decline 1 Banks’ Reduced Participation in Loan Market 2, 3 12,000 50%+ decline since 2000 100% ~ 65%+ reduction in bank share
Slide 14: We Believe Now is an Opportune Time to Invest in Directly Originated Loans
PRIVATE CREDIT ENVIRONMENT We Believe Now is an Opportune Time to Invest in Directly Originated Loans Significant and growing Structural shift from bank Elevated interest Substantial private equity dry Consideration demands from transformational lending to private solutions rate environment powder a
Slide 15: Why We Believe Direct Lending Can Produce Better Outcomes for Lenders
PRIVATE CREDIT ENVIRONMENT Why We Believe Direct Lending Can Produce Better Outcomes for Lenders Broadly Syndicated Direct Origination Loans Credit Documentation Control Financial Covenants Due Diligence Access Partial Full Relationship with Borrower Limited Comprehensive Origination and Spread Econ
Slide 16: The Case for Middle Market Direct Lending
PRIVATE CREDIT ENVIRONMENT The Case for Middle Market Direct Lending We believe the middle market is an attractive lending opportunity for the following reasons: 1 Middle market lending has been a cornerstone of private credit for decades 2 Secular decline in bank lending to the middle market has cr
Slide 17: MidCap Financial
APOLLO MidCap Financial
Slide 18: MidCap Financial is a Leading Middle Market Lender
MIDCAP FINANCIAL MidCap Financial1 is a Leading Middle Market Lender Key Members of Management Team Working Together 2 25+ Years Full-Service Finance Company Scaled Platform with Strong Credit Track Record • Founded in 2008 and headquartered in Bethesda, MD • Well-established provider of senior debt
Slide 19: MidCap Financial's Strong Strategic Partnership with Apollo
MIDCAP FINANCIAL MidCap Financial’s1 Strong Strategic Partnership with Apollo Apollo Platforms Yield Origination MidCap Financial is Apollo’s primary direct origination Assets + Capabilities platform ² in private middle market credit Demand Full service finance company focused on senior debt needs
Slide 20: MidCap Financial Offers a Broad Suite of Products
MIDCAP FINANCIAL MidCap Financial1 Offers a Broad Suite of Products, Providing Solutions to Nearly All Financing Needs of Middle Market Clients Business Segments Asset Based Real Estate Lender Life Sciences and Franchise Leveraged Lending Lending Finance Technology Lending Lending Lending Product Ca
Slide 21: MidCap Financial is Highly Ranked in League Tables
MIDCAP FINANCIAL MidCap Financial1 is Highly Ranked in League Tables 2025 Middle Market Lending League Table2 February 2026 YTD Middle Market Lending League Table2 Rank Company Deal Count Rank Company Deal Count 1. Antares Capital 197 1. Antares Capital 25 2. MidCap Financial 160 2. Churchill 23 3.
Slide 22: MFIC Investment Strategy and Portfolio
MidCap Financial Investment Corporation’s (“MFIC”) Investment Strategy and Portfolio 22
Slide 23: MFIC Positioned to be a Pure Play Senior Secured Middle Market BDC
MFIC’S INVESTMENT STRATEGY AND PORTFOLIO MFIC Positioned to be a Pure Play Senior Secured Middle Market BDC 1 2 3 Focused on First Lien Loans Assets Primarily Sourced Prudent Portfolio Construction to Middle Market from MidCap Financial’s1 Companies Portfolio and Investments Focused on true first li
Slide 24: MidCap Financial Demonstrated Ability to Source Investment Opportunities
MFIC’S INVESTMENT STRATEGY AND PORTFOLIO MidCap Financial¹ Demonstrated Ability to Source Investment Opportunities MidCap Financial Commitments Closed 2, 3 ($ in Billions) MidCap Financial and MFIC Commitments Closed LTM3 $24.3 $21.3 $19.6 $16.4 $15.5 TOTAL MFIC $24.3 Bn $0.9 Bn 2021 2022 2023 2024
Slide 25: MFIC Senior Secured Diversified Investment Portfolio
MFIC’S INVESTMENT STRATEGY AND 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%
Slide 26: MFIC's Approach to Software
MFIC’S INVESTMENT STRATEGY AND PORTFOLIO 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 ad
Slide 27: MFIC Credit Metrics
MFIC’S INVESTMENT STRATEGY AND PORTFOLIO MFIC Credit Metrics Median LTM EBITDA, $ in millions 1 Net Leverage and Attachment Point2 Net Leverage Attachment Point $51 5.50 x 5.25 x 5.32 x 5.29 x 5.29 x $48 $50 $50 $46 0.00 x 0.00 x 0.00 x 0.00 x 0.00 x Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Dec-24 Mar-25
Slide 28: MFIC Has One of the Lowest Fee Structures Among Listed BDCs
MFIC’S INVESTMENT STRATEGY AND PORTFOLIO MFIC Has One of the Lowest Fee Structures Among Listed BDCs MFIC charges a management fee of 1.75% on net assets (i.e., equity) (equates to ~0.75% on gross assets assuming a net leverage ratio of 1.40x) while all comparable listed BDCs charge a management fee
Slide 29: Appendix
APOLLO Appendix
Slide 30: MFIC Senior Leadership Team
APPENDIX MFIC Senior Leadership Team Howard T. Widra* Executive Chairman Mr. Widra has been with Apollo and/or its affiliates since 2013 and serves as Apollo’s Head of Direct Origination. He was appointed Executive Chairman in August 2022. He served as the Company’s Chief Executive Officer from May
Slide 31: MFIC Senior Leadership Team (continued)
APPENDIX MFIC Senior Leadership Team (continued) Kristin Hester Chief Legal Officer and Secretary Ms. Hester was elected the Chief Legal Officer and Secretary of the Company in August 2022. Ms. Hester has been with Apollo since 2015 and currently serves as General Counsel--Global Wealth. Ms. Hester
Slide 32: MFIC Top Direct Origination Portfolio Companies
APPENDIX MFIC Top Direct Origination Portfolio Companies1 as of December 31, 2025 Fair Value % of Total ($ in millions) Portfolio 1 ChyronHego Corporation 2 $ 138 4.4% 2 LashCo $ 45 1.4% 3 Medical Guardian $ 36 1.1% 4 US Legal Support $ 36 1.1% 5 Club Car Wash $ 35 1.1% 6 Berner Foods $ 35 1.1% 7 Le
Slide 33: Financial Highlights
APPENDIX 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) ($0.14) Net realiz
Slide 34: Portfolio Highlights
APPENDIX Portfolio Highlights ($ 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 $2,312,147 Life sciences 189,259 219,840 224,827 186,549 186,923 Asset based, franchise finance and lender finance
Slide 35: Direct Origination Portfolio Detail
APPENDIX Direct Origination Portfolio Detail1 ($ 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 $41,408
Slide 36: Direct Origination Commitments
APPENDIX Direct Origination Commitments1 ($ 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 $254,828
Slide 37: Funded Investment Activity
APPENDIX Funded Investment Activity ($ 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 $248,332 Sales and syndications (13,775) (23,739) (11,864) — — Repayments 1 (105,530) (134,921) (62,
Slide 38: Funded Investment Activity (Cont.)
APPENDIX Funded Investment Activity (Cont.) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Number of Portfolio Companies Number of portfolio companies, at beginning of period 246 249 240 233 250 Number of new portfolio companies, (ex AFT / AIF) 11 9 14 20 11 Number of new portfolio companies, AFT / AIF — — — —
Slide 39: Credit Quality
APPENDIX Credit Quality As of December 31, 2025, 3.9% of total investments at amortized cost, or 2.6% of total investments at fair value, were on non-accrual status. ($ in thousands) Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Investments on Non-Accrual Status, at amortized cost Non-accrual investments 1 $12
Slide 40: Net Asset Value Rollforward
APPENDIX Net Asset Value Rollforward ($ 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 $15.10 Net investment income 0.39 0.38 0.39 0.37 0.40 Net realized and unrealized gains (losses) from investments (ex. AFT /
Slide 41: Quarterly Operating Results
APPENDIX Quarterly Operating Results ($ 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 $76,648 Dividend income 231 200 200 240 237 PIK interest income 1 3,781 4,192 5,173 4,752 4,674 Othe
Slide 42: Quarterly Balance Sheet
APPENDIX Quarterly Balance Sheet ($ 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 $3,014,416 Cash and cash equivalents (including foreign currencies) 99,447 66,459 71,897 85,033 75,786 In
Slide 43: Funding Sources as of December 31, 2025
APPENDIX Funding Sources as of December 31, 2025 Debt Facilities ($ 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
Slide 44: Interest Rate Exposure as of December 31, 2025
APPENDIX 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 Inv
Slide 45: Realized and Change in Unrealized Gains (Losses) by Strategy
APPENDIX 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) ($0.3) Asset based and lender f
Slide 46: Outstanding Commitments
APPENDIX Outstanding Commitments ($ 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
Slide 47: Contact Information
APPENDIX 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 47
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