Midcap Financial Investment Corporation · NASDAQ:MFIC
Midcap Financial Investment — Q3 2026 Earnings Presentation
21 slides from Midcap Financial Investment's earnings presentation, Nov 5, 2026
Slide 1: Financial Results for the Quarter Ended September 30, 2026
Financial Results for the Quarter Ended September 30, 2026 MidCap Financial Investment Corporation November 5, 2026 Unless otherwise noted, information as of September 30, 2026. Confidential and Proprietary—Not for distribution, in whole or in part, without the express written consent of Apollo Glob
Slide 2: Forward-Looking Statements
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, including statements regarding the Transaction (as defined below) pursuant to a definitive merger agreement (t
Slide 3: Additional Information and Where to Find It
Additional Information and Where to Find It This presentation relates to the proposed Transaction and certain related matters (the ?Proposals?). In connection with the Proposals, ARCC will file with the SEC a registration statement on Form N-14 (the ?Registration Statement?) that will include a prox
Slide 4: Summary of Quarterly Results
Summary of Quarterly Results Results for the Quarter Ended September 30, 2026, and Other Recent Highlights: Net investment income for the quarter ended September 30, 2026 was $27.6 million, or $0.34 per share, compared to $0.40 for the quarter ended June 30, 2026. Net realized and change in unrealiz
Slide 5: MFIC Senior Secured Diversified Investment Portfolio
MFIC Senior Secured Diversified Investment Portfolio Portfolio Snapshot 21.1% 10.9% 9.9% 98% [GRAPHIC APPEARS HERE] Direct Origination and Other 2.0% 2.5% 2.7% 2.7% 2.7% 2.8% 2.8% 2.9% 2.9% 3.1% 3.2% 3.4% 3.3% 3.7% 6.6% 6.4% 4.2% [GRAPHIC APPEARS HERE] Aviation [GRAPHIC APPEARS HERE] Acquired Non-di
Slide 6: MFIC's Approach to Software
MFIC?s Approach to Software Software Investing Framework We invest with an AI first and risk aware mindset, recognizing that artificial intelligence is Software End Market Exposure 1, 7 2.5% 2.5% 1.1% [GRAPHIC APPEARS HERE] IT Consulting & Other Services both expanding software’s total addressab
Slide 7: Financial Highlights
Financial Highlights ($ in thousands, except per share data) [GRAPHIC APPEARS HERE] [GRAPHIC APPEARS HERE] Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Financial Highlights Net investment income per share $0.34 $0.40 $0.38 $0.39 $0.38 Net realized and unrealized gains (losses) from investments 2 ($0.54) ($0.6
Slide 8: Portfolio Highlights
Portfolio Highlights ($ in thousands) Portfolio by Strategy, at fair value ($) Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Leveraged lending $2,224,005 $2,370,545 $2,524,077 $2,661,034 $2,619,557 Life sciences 115,701 127,650 158,118 189,259 219,840 Asset based, franchise finance and lender finance 117,801 1
Slide 9: Direct Origination Portfolio Detail
Direct Origination Portfolio Detail1 [GRAPHIC APPEARS HERE] ($ in thousands) Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Portfolio by Asset Class, measured at fair value ($) First lien $2,400,730 $2,557,743 $2,789,124 $2,948,345 $2,945,693 Second lien $52 $51 $51 $62 $72 Other $56,724 $76,191 $31,592 $41,753
Slide 10: Direct Origination Commitments
Direct Origination Commitments1 ($ in thousands) Gross Commitments Made by Asset Class Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 First lien $866 $3,437 $41,785 $137,622 $136,233 Second lien and other ? 2,333 8,343 3,758 1,560 Gross commitments made $866 $5,770 $50,129 $141,380 $137,792 Gross Commitments Ma
Slide 11: Funded Investment Activity
Funded Investment Activity ($ in thousands) Fundings, excluding Merx Aviation, Revolvers, and AFT / AIF Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Gross fundings1 $10,974 $20,952 $67,650 $155,918 $142,183 Total sales and repayments1 (148,019) (165,340) (180,827) (119,306) (158,660) Net repayments, excluding
Slide 12: Funded Investment Activity (Cont.)
Funded Investment Activity (Cont.) [GRAPHIC APPEARS HERE] [GRAPHIC APPEARS HERE] Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Number of Portfolio Companies Number of portfolio companies, at beginning of period 229 236 247 246 249 Number of new portfolio companies, (ex AFT / AIF) 1 — 2 11 9 Number of new portf
Slide 13: Credit Quality
Credit Quality [GRAPHIC APPEARS HERE] [GRAPHIC APPEARS HERE] As of September 30, 2026, 7.9% of total investments at amortized cost, or 5.7% of total investments at fair value, were on non-accrual status. 13 Numbers may not sum due to rounding. 1. Excluding investments acquired from AFT & AIF. 2.
Slide 14: Net Asset Value Rollforward
Net Asset Value Rollforward ($ in thousands, except per share data) Per Share Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 NAV, beginning of period $13.37 $13.82 $14.18 $14.66 $14.75 Net investment income 0.34 0.40 0.38 0.39 0.38 Net realized and unrealized gains (losses) from investments (0.54) (0.61) (0.67)
Slide 15: Quarterly Operating Results
Quarterly Operating Results ($ in thousands, except per share data) Total investment income Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Interest income (excluding PIK) $58,438 $62,957 $67,119 $73,321 $77,726 Dividend income 201 231 310 231 200 PIK interest income 1 2,882 4,456 3,824 3,781 4,192 Other income
Slide 16: Quarterly Balance Sheet
Quarterly Balance Sheet ($ in thousands, except share and per share data) Assets Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Investments at fair value $2,545,145 $2,770,342 $2,971,487 $3,167,838 $3,180,965 Cash and cash equivalents (including foreign currencies) 57,649 43,354 42,689 99,447 66,459 Interest re
Slide 17: Funding Sources as of September 30, 2026
Funding Sources as of September 30, 2026 Debt Issued/ Amended Final Maturity Date Interest Rate Principal Amount Outstanding Secured Facilities: Senior Secured Facility ($1.610 billion) 10/1/2025 10/1/2030 SOFR + 177.5 +10bps $ 648,000 MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B, an
Slide 18: Interest Rate Exposure as of September 30, 2026
Interest Rate Exposure as of September 30, 2026 Non-yielding and non-accrual assets 11% Fixed rate assets Floating rate assets 89% Fixed rate debt 5%Floating rate debt 95% No Floor $46 2% Up 150 basis points $10.1 0.12 1.00% to 1.24% 1,445 62% Up 50 basis points $3.3 0.04 1.50% to 1.74% 28 1% Down 1
Slide 19: Realized and Change in Unrealized Gains (Losses) by Strategy
Realized and Change in Unrealized Gains (Losses) by Strategy ($ in millions) Sep-26 Jun-26 Mar-26 Dec-25 Sep-25 Leveraged lending ($28.5) ($46.4) ($45.6) ($29.4) ($14.3) Life sciences ($0.1) $0.7 ($1.5) ($1.0) $0.5 Franchise finance ($6.0) ($0.9) ($1.6) ($1.1) ($2.3) Asset based and lender finance (
Slide 20: Outstanding Commitments
Outstanding Commitments See Note 8 (Commitments and Contingencies) in the Company’s Form 10-Q for the quarter ended September 30, 2026, for additional information. 1. The funded revolver obligations include standby letters of credit issued and outstanding under the facility. The unfunded revolver ob
Slide 21: Contact Information
APOLLO Contact Information Elizabeth Besen Kenneth Seifert Investor Relations Manager Phone: (212) 822-0625 Email: [email protected] Chief Financial Officer and Treasurer Phone: (212) 822-0807 Email: [email protected] 21
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