Here are 1-2 brief analogies for MidCap Financial Investment (MFIC):

• A mini-Blackstone focused on lending to and investing in mid-sized private companies.

• Think of it as a hybrid between a bank and a private equity firm, exclusively for middle-market businesses.

• Senior Secured Debt: Provides various forms of senior debt, including first lien, stretch senior, unitranche, and general senior secured loans, offering priority claim on a borrower's assets.
• Junior and Subordinated Debt: Offers mezzanine, second lien, unsecured, and subordinated loans, which carry a lower priority claim than senior debt.
• Equity and Equity-Related Investments: Provides direct equity capital, preferred equity, common equity interests, warrants, and equity co-investments to acquire ownership stakes in portfolio companies.
• PIPES Transactions: Facilitates private investments in the equity of publicly traded companies.
• Structured Products: Invests in complex financial instruments such as Collateralized Loan Obligations (CLOs) and Credit-Linked Notes (CLNs).

Tanner Powell, Chief Executive Officer

Tanner Powell was appointed Chief Executive Officer of MidCap Financial Investment Corporation in August 2022. He joined Apollo in 2006 and previously served as President of the Company from May 2018 to August 2022, and as Chief Investment Officer for the Company's investment adviser from June 2016 to August 2022. Mr. Powell is a Managing Director and Portfolio Manager in Apollo's Direct Origination business and holds leadership roles in Apollo's Credit Business, including its aircraft leasing and lending businesses. Before joining Apollo, he was an analyst in Goldman Sachs' Principal Investment Area (PIA) from 2004 to 2006, and an analyst in the Industrials group at Deutsche Bank from 2002 to 2004. He holds a BA in political economy from Princeton University.

Kenneth Seifert, Chief Financial Officer and Treasurer

Kenneth Seifert was appointed Chief Financial Officer and Treasurer of MidCap Financial Investment Corporation in June 2025. He joined Apollo in 2015 and has been a key member of Apollo's Controllers group throughout his tenure. Mr. Seifert also serves as the Chief Financial Officer and Treasurer of both Apollo Diversified Credit Fund and Apollo Diversified Real Estate Fund, positions he has held since 2022. Previously, he served as CFO and Treasurer for several other Apollo funds. Prior to Apollo, Mr. Seifert was a Senior Manager at KPMG and Rothstein Kass, where he specialized as an auditor in alternative investments, including Hedge, Private Equity, Fund of Funds, and Regulated Investment Companies. He graduated from the Pennsylvania State University with a BS in Accounting and a minor in Business Law.

Howard T. Widra, Executive Chairman

Howard T. Widra was appointed Executive Chairman of MidCap Financial Investment Corporation in August 2022. He has been with Apollo and/or its affiliates since 2013 and serves as Apollo's Head of Direct Origination. Mr. Widra previously served as the Company's Chief Executive Officer from May 2018 to August 2022 and as President from June 2016 to May 2018. He was a co-founder of MidCap Financial, a middle-market specialty finance firm, and formerly its Chief Executive Officer. Prior to co-founding MidCap Financial, he was the founder and President of Merrill Lynch Capital Healthcare Finance. Before Merrill Lynch, Mr. Widra was President of GE Capital Healthcare Commercial Finance and held senior roles in its predecessor entities, including President of Heller Healthcare Finance and COO of Healthcare Financial Partners. He holds a J.D., Cum Laude, from Harvard Law School and a BA from the University of Michigan. Mr. Widra plans to retire from Apollo Global Management and resign as Director and Executive Chairman of MidCap Financial's Board on December 31, 2026.

Ted McNulty, President and Chief Investment Officer

Ted McNulty was appointed President of MidCap Financial Investment Corporation and Chief Investment Officer for the Company's investment adviser in August 2022. He joined Apollo in 2014 and is a Managing Director in Apollo's Credit business. Prior to joining Apollo, Mr. McNulty ran the mezzanine and merchant banking business for a subsidiary of Mitsubishi UFJ, and was previously a director at Haland. He also held various roles at JPMorgan and its predecessor institutions, primarily in leveraged finance. Mr. McNulty received an MBA from the Kellogg School of Management and a BA in Government from Harvard University.

Kristin Hester, Secretary and Chief Legal Officer

Kristin Hester serves as the Secretary and Chief Legal Officer of MidCap Financial Investment Corporation. She was promoted to Chief Legal Officer in August 2022.

Key Risks to MidCap Financial Investment (MFIC)

1. Credit Risk and Portfolio Company Performance: MidCap Financial Investment's business model involves providing various forms of debt and equity capital to private, middle-market companies, often associated with leveraged buyouts, acquisitions, and recapitalizations. These investments inherently carry significant credit risk, as the financial health and operational performance of these portfolio companies directly impact MFIC’s ability to generate income and realize gains. A deterioration in the credit quality or performance of these underlying businesses, leading to defaults, restructurings, or lower valuations, would materially and adversely affect MFIC's financial results and investment returns.
2. Interest Rate Risk: As a business development company, MFIC's profitability is significantly influenced by changes in interest rates. While many of its loan investments may be floating-rate, its own funding costs are also subject to market interest rate fluctuations. A significant increase in benchmark interest rates could raise MFIC's cost of borrowing faster than the interest income generated from its portfolio, potentially compressing its net investment income. Conversely, higher interest rates could also strain the financial capacity of its borrowers, increasing the likelihood of defaults or underperformance, especially for highly leveraged companies.
3. Economic Downturn or Recession: A general economic slowdown, recession, or adverse market conditions, particularly in the United States where MFIC primarily invests, poses a substantial risk. Such conditions typically lead to reduced business activity, lower corporate earnings, increased unemployment, and tighter credit markets. For MFIC, an economic downturn could result in a higher incidence of defaults and non-performing loans within its portfolio, depressed valuations of its equity investments, and a reduced appetite for new investment opportunities, all of which would negatively impact its financial performance and asset values.

MidCap Financial Investment (MFIC) operates within the U.S. private credit market, primarily providing direct lending and various debt and equity solutions to middle-market companies.

The addressable market for MidCap Financial Investment's main products and services is the U.S. private credit market, which is a significant and growing segment of the financial industry. As of early 2026, the U.S. private credit market is estimated to be approximately $1.3 trillion and is expected to expand further. Other reports indicate the U.S. private credit market was projected to reach $1.34 trillion in 2025 or by Q2 2024. Direct lending, which is a core offering of MFIC, is the dominant strategy within this market. Furthermore, the total value of private corporate loans in the U.S. reached $1.7 trillion as of November 2025. Business Development Companies (BDCs), like MidCap Financial Investment, account for roughly $500 billion of the private credit market.

Here are 3-5 expected drivers of future revenue growth for MidCap Financial Investment (MFIC) over the next 2-3 years:

1. Consistent Origination of Senior Secured Loans: MidCap Financial Investment's core strategy involves primarily investing in loans originated by MidCap Financial, an affiliated middle-market lender. This ongoing access to deal flow is expected to continue driving revenue as the company makes new commitments, evidenced by $141 million in new commitments across 26 transactions during the December quarter of 2025. The company's strong focus on first lien positions, comprising 99% of its direct origination portfolio, generally contributes to more stable interest income.
2. Strategic Portfolio Optimization and Capital Redeployment: The company has been actively reducing its exposure to certain assets, such as Merx, and redeploying that capital into middle-market loans. This strategic shift is aimed at de-risking the investment portfolio and enhancing MFIC's earnings power. This reallocation of capital into higher-quality, income-generating assets is anticipated to contribute to future revenue growth.
3. Improved Credit Performance and Reduction in Non-Accrual Investments: MidCap Financial Investment has seen a decline in investments on non-accrual status, which decreased to 2.6% of the portfolio at fair value from 3.1% in the prior quarter. Management has also highlighted the opportunity to work through these non-accrual positions. Successfully returning these non-income-generating assets to performing status would directly increase interest income and thus revenue.

Share Repurchases

• In February 2026, the Board of Directors authorized a new $100 million stock repurchase plan, adding to an existing authorization with approximately $7.9 million remaining capacity, bringing the total available for repurchases to $107.9 million.
• During the fourth quarter of 2025 (ended December 31, 2025), the company repurchased 1.1 million shares for an aggregate cost of $12.9 million at an average 18% discount to net asset value.
• Through May 7, 2024, MidCap Financial Investment had repurchased 15,593,120 shares since the inception of its share repurchase program for a total cost of $248.1 million, with $26.9 million remaining under a $275 million authorization.

Share Issuance

• In July 2024, MidCap Financial Investment issued approximately 28.5 million shares of common stock in connection with its mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc., which increased the company's total outstanding common shares to 93.8 million.
• In August 2024, the company initiated an "at-the-market" equity program, allowing for the sale of up to $200 million of common stock from time to time.
• In August 2022, MidCap Financial, an affiliate of Apollo, made a $30 million primary equity investment in MFIC (then Apollo Investment Corporation) at net asset value, resulting in the issuance of approximately 1.93 million new shares.

Inbound Investments

• In August 2022, MidCap Financial, an affiliate of Apollo, made a $30 million primary equity investment in MidCap Financial Investment (then Apollo Investment Corporation) at net asset value, acquiring approximately 1.93 million shares.

Outbound Investments

• As of December 31, 2025, MidCap Financial Investment's portfolio had a fair value of $3.17 billion, comprising investments in 247 companies across 46 industries, with 99% of the portfolio in first-lien debt.
• During the fourth quarter of 2025, the company made new investment commitments totaling $141 million across 26 transactions, with net funded activity of $25 million for the quarter.
• New investment commitments totaled $371 million in Q3 2024 and $255 million in Q4 2024.