Midcap Financial Investment Corporation · NASDAQ:MFIC
Midcap Financial Investment — Q2 2025 Earnings Presentation
19 slides from Midcap Financial Investment's earnings presentation, Aug 12, 2025
Slide 1: Financial Results for the Quarter Ended June 30, 2025
Financial Results for the Quarter Ended June 30, 2025 MidCap Financial Investment Corporation August 11, 2025 Unless otherwise noted, information as of June 30, 2025. Confidential and Proprietary - Not for distribution, in whole or in part, without the express written consent of Apollo Global Manage
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 Ended June 30, 2025, and Other Recent Highlights: ▪ Net investment income for the quarter ended June 30, 2025 was $36.4 million, or $0.39 per share, compared to $0.37 for the quarter ended March 31, 2025. ▪ Net realized and change in unrealized ga
Slide 4: MFIC Senior Secured Diversified Investment Portfolio
MFIC Senior Secured Diversified Investment Portfolio Portfolio Snapshot Portfolio by Strategy Portfolio by Industry Portfolio $3.33 bn 6% 2% 0% 15.4% # of Portfolio Companies 249 0% # of Industries1 51 28.0% Direct Origination and Other2 % Total Portfolio 92% Non-Accrual % Total Portfolio 2.0% 8.8%
Slide 5: Financial Highlights
Financial Highlights ($ in thousands, except per share data) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Financial Highlights Net investment income per share $0.39 $0.37 $0.40 $0.44 $0.45 2 Net realized and unrealized gains (losses) from investments ($0.20) ($0.05) ($0.14) ($0.10) ($0.11) Net realized and un
Slide 6: Portfolio Highlights
Portfolio Highlights ($ in thousands) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Portfolio by Strategy, at fair value ($) Leveraged lending $2,634,878 $2,529,824 $2,312,147 $2,253,723 $1,898,044 Leveraged lending, acquired AFT / AIF 124,715 149,910 167,797 168,502 — Total leveraged lending $2,634,878 $2,529
Slide 7: Direct Origination Portfolio Detail
Direct Origination Portfolio Detail1 ($ in thousands) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Portfolio by Asset Class, measured at fair value ($) First Lien $2,994,520 $2,845,207 $2,621,427 $2,550,292 $2,144,973 Second lien $75 $4,187 $4,851 $13,692 $13,401 Other 39,334 $38,487 $41,408 $41,563 $53,166 T
Slide 8: Direct Origination Commitments
Direct Origination Commitments1 ($ in thousands) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Gross Commitments Made by Asset Class First lien $262,460 $374,734 $254,511 $370,025 $285,238 Second lien and other — 1,412 317 710 77 Gross commitments made $262,460 $376,146 $254,828 $370,734 $285,316 Gross Commitm
Slide 9: Funded Investment Activity
Funded Investment Activity ($ in thousands) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Fundings, excluding Merx Aviation, Revolvers, and AFT / AIF Gross fundings $253,641 $357,335 $248,332 $287,963 $214,029 Sales and syndications (11,864) — — (1,567) — Repayments (62,319) (132,654) (158,204) (70,103) (130,6
Slide 10: Funded Investment Activity (Cont.)
Funded Investment Activity (Cont.) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Number of Portfolio Companies Number of portfolio companies, at beginning of period 240 233 250 165 154 Number of new portfolio companies, (ex AFT / AIF) 14 20 11 27 18 Number of new portfolio companies, AFT / AIF — — — 104 — Numb
Slide 11: Credit Quality
Credit Quality As of June 30, 2025, 2.8% of total investments at amortized cost, or 2.0% of total investments at fair value, were on non-accrual status. ($ in thousands) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Investments on Non-Accrual Status, at amortized cost Non-accrual investments 1 $96,576 $48,540
Slide 12: Net Asset Value Rollforward
Net Asset Value Rollforward ($ in thousands, except per share data) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Per Share NAV, beginning of period $14.93 $14.98 $15.10 $15.38 $15.42 Net investment income 0.39 0.37 0.40 0.44 0.45 Net realized and unrealized gains (losses) from investments (ex. AFT / AIF) (0.2
Slide 13: Quarterly Operating Results
Quarterly Operating Results ($ in thousands, except per share data) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Total investment income Interest income (excluding PIK) $75,654 $73,372 $76,648 $77,880 $65,513 Dividend income 200 240 237 241 277 1 PIK interest income 5,173 4,752 4,674 2,974 2,473 Other income
Slide 14: Quarterly Balance Sheet
Quarterly Balance Sheet ($ in thousands, except share and per share data) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Assets Investments at fair value $3,327,482 $3,188,621 $3,014,416 $3,027,094 $2,444,352 Cash and cash equivalents (including foreign currencies) 71,897 85,033 75,786 84,806 67,037 Interest re
Slide 15: Funding Sources as of June 30, 2025
Funding Sources as of June 30, 2025 Debt Facilities ($ in thousands) Debt Issued/ Final Maturity Interest Principal Amount Amended Date Rate Outstanding Secured Facilities: Senior Secured Facility ($1.660 billion) 10/17/2024 10/17/2029 SOFR + 187.5 +10bps $ 1,221,946 MFIC Bethesda CLO 1 LLC Class A-
Slide 16: Interest Rate Exposure as of June 30, 2025
Interest Rate Exposure as of June 30, 2025 1 Investment Portfolio by Interest Rate Type Funding Sources by Interest Rate Type Variable rate Fixed rate debt assets 10% 1% Fixed rate assets Non yielding and 2% non-accrual assets 8% Floating rate Floating rate debt assets 90% 89% Floating Rate Asset Fl
Slide 17: Realized and Change in Unrealized Gains (Losses) by Strategy
Realized and Change in Unrealized Gains (Losses) by Strategy ($ in millions) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Dec-23 Leveraged lending ($18.0) ($1.2) ($13.9) ($7.2) ($4.7) $4.5 Life sciences ($0.3) $0.4 ($0.0) $0.8 $0.1 ($3.3) Franchise finance ($2.7) ($0.4) ($0.3) ($0.0) $0.0 $0.0 Asset based and
Slide 18: Outstanding Commitments
Outstanding Commitments ($ in thousands) Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Revolver Obligations and Bridge Loans Funded 1 $104,550 $101,565 $96,403 $102,156 $86,561 Unfunded 1, 2 278,415 273,518 244,674 227,492 195,345 Par $382,964 $375,082 $341,077 $329,648 $281,906 Unfunded Revolver and Bridge Lo
Slide 19: 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 19
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