MFIC

EX-99.1

2 d120983dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended June 30, 2026

Results for the Quarter Ended June 30, 2026, and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.40, compared to $0.38 for the quarter ended March 31, 2026

•

Net asset value (“NAV”) per share as of the end of the quarter was $13.37, compared to $13.82 as of March 31, 2026, representing a 3.2% decrease. The decline was driven by a net loss on the portfolio, driven by credit-related weakness concentrated in a limited number of positions partially offset by the accretive impact of stock buybacks below NAV and net investment income in excess of the dividend

•

New investment commitments made during the quarter totaled $6 million to existing borrowers(1)

•

Gross fundings, excluding revolver fundings,(2) totaled $21 million for the quarter

•

Net repayments, including revolvers(2) totaled $160 million for the quarter, including a $12.5 million repayment from Merx reducing the position to 2.5% of the total portfolio, as of quarter-end

•

Net leverage(3) was 1.54x as of June 30, 2026

•

Repurchased 2,755,221 shares of common stock at a weighted average price per share of $11.58, inclusive of commissions, for an aggregate cost of $31.9 million during the quarter, which fully utilized the existing capacity under the share repurchase program and generated $0.07 per share of NAV accretion

•

On August 5, 2026, the Company’s Board of Directors (the “Board”) declared a dividend of $0.31 per share payable on September 24, 2026, to stockholders of record as of September 8, 2026(4)

1

New York, NY — August 6, 2026 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended June 30, 2026. The Company’s net investment income was $0.40 per share for the quarter ended June 30, 2026, compared to $0.38 per share for the quarter ended March 31, 2026. The Company’s NAV was $13.37 per share as of June 30, 2026, compared to $13.82 as of March 31, 2026.

On August 5, 2026, the Board declared a quarterly dividend of $0.31 per share payable on September 24, 2026, to stockholders of record as of September 8, 2026.

Commenting on the Company’s results for the second quarter of 2026, Mr. Tanner Powell, Chief Executive Officer and Executive Chairman, stated, “As previously disclosed, during the second quarter, we repurchased approximately $31.9 million of stock below NAV, generating approximately $0.07 per share of NAV accretion for stockholders. Although we had meaningful net repayments during the quarter, portfolio losses and stock buybacks offset their de-leveraging impact. Our net loss for the quarter reflected credit weakness in a limited number of positions. We believe that MFIC’s fee structure is one of the most attractive among listed BDCs which helps mitigate the impact of losses.” Mr. Powell continued, “Looking ahead, we will make capital allocation decisions based on leverage and market conditions.”

(1)

Commitments made for the direct origination portfolio.

(2)

During the quarter ended June 30, 2026, direct origination revolver fundings totaled $26 million, direct origination revolver repayments totaled $20 million and Merx Aviation Finance, LLC repaid $12.5 million.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

There can be no assurances that the Board will continue to declare a base dividend of $0.31 per share.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

June 30, 2026

March 31, 2026

December 31, 2025

September 30, 2025

June 30,

2025

Total assets

$ 2.86

$ 3.07

$ 3.32

$ 3.31

$ 3.46

Investment portfolio (fair value)

$ 2.77

$ 2.97

$ 3.17

$ 3.18

$ 3.33

Debt outstanding

$ 1.74

$ 1.87

$ 2.00

$ 1.92

$ 2.05

Net assets

$ 1.10

$ 1.18

$ 1.31

$ 1.37

$ 1.38

Net asset value per share

$ 13.37

$ 13.82

$ 14.18

$ 14.66

$ 14.75

Debt-to-equity

ratio

1.58 x

1.59 x

1.53 x

1.40 x

1.49 x

Net leverage ratio (1)

1.54 x

1.55 x

1.45 x

1.35 x

1.44 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVITY

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)*

2026

2025

2026

2025

Investments made in portfolio companies

$ 47.2

$ 288.7

$ 149.6

$ 680.6

Investments sold

(79.1 )

(14.9 )

(103.1 )

(58.9 )

Net activity before repaid investments

(32.0 )

273.8

46.5

621.8

Investments repaid

(128.3 )

(129.9 )

(348.4 )

(307.4 )

Net investment activity

$ (160.2 )

$ 144.0

$ (301.9 )

$ 314.4

Po

EX-99.1

2 d33058dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended March 31, 2026

Results for the Quarter Ended March 31, 2026, and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.38, compared to $0.39 for the quarter ended December 31, 2025

•

Net asset value (“NAV”) per share as of the end of the quarter was $13.82, compared to $14.18 as of December 31, 2025, representing a 2.5% decrease. The decline was driven by a net loss on the portfolio, primarily reflecting the impact of broader credit spread widening and credit weakness on certain positions partially offset by the accretive impact of stock buybacks below NAV and net investment income in excess of the dividend

•

New investment commitments made during the quarter totaled $50 million(1)

•

Gross fundings, excluding revolver fundings,(2) totaled $68 million for the quarter

•

Net repayments, including revolvers(2) totaled $142 million for the quarter, including a $22 million repayment from Merx reducing the position to 2.7% of the total portfolio, as of quarter-end

•

Net leverage(3) was 1.55x as of March 31, 2026

•

Repurchased 7,084,020 shares of common stock at a weighted average price per share of $10.73, inclusive of commissions, for an aggregate cost of $76.0 million during the quarter, generating $0.24 per share of NAV accretion

•

From April 1, 2026, through April 13, 2026, the Company (as defined below) repurchased 2,755,221 shares of common stock at a weighted average price per share of $11.58, inclusive of commissions, for a total cost of $31.9 million, which fully utilized the existing capacity under the share repurchase program

•

On May 5, 2026, the Company’s Board of Directors (the “Board”) declared a dividend of $0.31 per share payable on June 25, 2026, to stockholders of record as of June 9, 2026(4)

1

New York, NY — May 6, 2026 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended March 31, 2026. The Company’s net investment income was $0.38 per share for the quarter ended March 31, 2026, compared to $0.39 per share for the quarter ended December 31, 2025. The Company’s NAV was $13.82 per share as of March 31, 2026, compared to $14.18 as of December 31, 2025.

On May 5, 2026, the Board declared a quarterly dividend of $0.31 per share payable on June 25, 2026, to stockholders of record as of June 9, 2026.

Commenting on the Company’s results for the first quarter of 2026, Mr. Tanner Powell, Chief Executive Officer, stated, “As discussed last quarter, given the size of the stock’s discount to NAV, we prioritized allocating capital toward stock repurchases rather than deploying capital into new investments during the quarter. While NAV per share declined due to portfolio losses, the impact was partially offset by the accretive impact of stock buybacks executed below NAV and net investment income in excess of the dividend. Our net loss for the quarter was driven by a combination of unrealized valuation adjustments reflecting broader credit spread widening, as well as credit weakness in certain positions. We believe that the Company’s fee structure is one of the most attractive fee structures among listed BDCs that is meaningfully aligned with stockholders and helps mitigate the impact of losses.”

(1)

Commitments made for the direct origination portfolio.

(2)

During the quarter ended March 31, 2026, direct origination revolver fundings totaled $33 million, direct origination revolver repayments totaled $32 million and Merx Aviation Finance, LLC repaid $22.0 million.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

There can be no assurances that the Board will continue to declare a base dividend of $0.31 per share.

2

FINANCIAL HIGHLIGHTS

$

$

$

$

$

($ in billions, except per share data)

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Total assets

$ 3.07

$ 3.32

$ 3.31

$ 3.46

$ 3.36

Investment portfolio (fair value)

$ 2.97

$ 3.17

$ 3.18

$ 3.33

$ 3.19

Debt outstanding

$ 1.87

$ 2.00

$ 1.92

$ 2.05

$ 1.94

Net assets

$ 1.18

$ 1.31

$ 1.37

$ 1.38

$ 1.39

Net asset value per share

$ 13.82

$ 14.18

$ 14.66

$ 14.75

$ 14.93

Debt-to-equity

ratio

1.59 x

1.53 x

1.40 x

1.49 x

1.39 x

Net leverage ratio (1)

1.55 x

1.45 x

1.35 x

1.44 x

1.31 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVITY

$

$

Three Months Ended March 31,

(in millions)*

2026

2025

Investments made in portf

EX-99.1

2 d24302dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2025

Board Authorized New $100 Million Stock Repurchase Plan

Results for the Quarter and Fiscal Year Ended December 31, 2025, and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.39, compared to $0.38 for the quarter ended September 30, 2025

•

Net asset value (“NAV”) per share as of the end of the quarter was $14.18, compared to $14.66 as of September 30, 2025, representing a 3.3% decline primarily driven by a handful of investments predominantly from 2022 and earlier vintages

•

New investment commitments made during the quarter totaled $141 million(1)

•

Gross fundings, excluding revolver fundings,(2) totaled $156 million for the quarter

•

Net fundings, including revolvers(2) and Merx, totaled $25 million for the quarter

•

Merx repaid $7.5 million to the Company (as defined below) in the December quarter and an additional $22 million in February 2026 for a total amount of $29.5 million

•

Net leverage(3) was 1.45x as of December 31, 2025

•

Repurchased 1,091,753 shares of common stock at a weighted average price per share of $11.81, inclusive of commissions, for an aggregate cost of $12.9 million during the quarter, generating $0.03 per share of NAV accretion

•

On February 25, 2026, the Company’s Board of Directors (the “Board”) declared a dividend of $0.31 per share payable on March 26, 2026, to stockholders of record as of March 10, 2026(4)

•

The Board authorized a new $100 million stock repurchase plan (the “Repurchase Plan”)

New York, NY — February 26, 2026 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter and fiscal year ended December 31, 2025. The Company’s net investment income was $0.39 per share for the quarter and fiscal year ended December 31, 2025, compared to $0.38 per share for the quarter ended September 30, 2025. The Company’s NAV was $14.18 per share as of December 31, 2025, compared to $14.66 as of September 30, 2025.

On February 25, 2026, the Board declared a quarterly dividend of $0.31 per share payable on March 26, 2026, to stockholders of record as of March 10, 2026.

1

Commenting on the Company’s results for the fourth quarter of 2025, Mr. Tanner Powell, Chief Executive Officer, stated, “We delivered solid net investment income in the fourth quarter. The overall portfolio continues to show resilience as evidenced by our relatively steady credit metrics. In light of changes in base rates and other factors, we have re-assessed the long-term earnings power of the Company, and the Board has concluded that it was prudent to adjust the dividend at this time. Accordingly, the Board has declared a quarterly dividend of $0.31 per share.”

Mr. Powell continued, “Apollo’s longstanding commitment has been to deliver positive outcomes in all instances where we manage investor capital. With respect to the public vehicles we manage across different asset classes, we have been active in evaluating potential strategies and options with the objective of maximizing realizable value for stockholders. During the fourth quarter, the market presented us with what we viewed as an attractive opportunity to repurchase MFIC stock at a significant discount to NAV, generating approximately three cents per share of NAV accretion for stockholders. At these trading levels, we continue to believe allocating capital toward stock repurchases is more accretive than deploying capital into new investments. Accordingly, the Board has authorized a new $100 million stock repurchase plan, which we expect to utilize aggressively in combination with a Rule 10b5-1 trading plan to capitalize on what we believe is a compelling opportunity for our stockholders. If the current discount continues, and trading volumes remain in their current range, we anticipate fully utilizing our current authorization by late May.”

Mr. Ted McNulty, the Company’s President and Chief Investment Officer, commented, “With respect to software, our exposure is meaningfully lower than the broader BDC industry. As of December 31, 2025, software represented only 11.4% of MFIC’s portfolio at fair value. We have constructed a portfolio that we believe is relatively resilient to AI-related risks, with an emphasis on businesses that have long-standing, entrenched customer relationships.”

(1)

Commitments made for the direct origination portfolio.

(2)

During the quarter ended December 31, 2025, direct origination revolver fundings totaled $37 million, direct origination revolver repayments totaled $26 million and Merx Aviation Finance, LLC repaid $7.5 million.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign curren

EX-99.1

2 d46238dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended September 30, 2025

Results for the Quarter Ended September 30, 2025 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.38, compared to $0.39 for the quarter ended June 30, 2025

•

Net asset value per share as of the end of the quarter was $14.66, compared to $14.75 as of June 30, 2025, a decrease of 0.6%

•

New investment commitments made during the quarter totaled $138 million(1)

•

Gross fundings, excluding revolver fundings,(2) totaled $142 million for the quarter

•

The Company received a net repayment of approximately $97 million from Merx Aviation Finance, LLC during the September quarter reducing its exposure to approximately 3.3% of the total portfolio at fair value as of September 30, 2025

•

Net repayments, including revolvers(2) and Merx, totaled $148 million. Net repayments, excluding Merx, totaled $51 million for the quarter

•

Net leverage(3) was 1.35x as of September 30, 2025

•

On November 4, 2025, the Company’s Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on December 23, 2025 to stockholders of record as of December 9, 2025(4)

•

On October 1, 2025, the Company amended and extended the senior secured, multi-currency, revolving credit facility (the “Facility” and, as amended, the “Amended Senior Secured Facility”) which included reducing the applicable margin by 10 basis points(5)

•

On October 23, 2025, the Company upsized, extended the maturity, and reduced the pricing on MFIC Bethesda CLO 1 (the “Bethesda CLO 1 Upsize”)(6)

•

The Board appointed Joseph Durkin as Chief Accounting Officer of the Company, effective as of the close of business on September 4, 2025

1

New York, NY — November 6, 2025 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended September 30, 2025. The Company’s net investment income was $0.38 per share for the quarter ended September 30, 2025, compared to $0.39 per share for the quarter ended June 30, 2025. The Company’s net asset value (“NAV”) was $14.66 per share as of September 30, 2025, compared to $14.75 as of June 30, 2025.

On November 4, 2025, the Board declared a dividend of $0.38 per share payable on December 23, 2025 to stockholders of record as of December 9, 2025.

Commenting on the Company’s results for the third quarter of 2025, Mr. Tanner Powell, Chief Executive Officer, stated, “During the September quarter, we continued to deploy capital into first lien middle market loans which we believe have strong credit attributes, underscoring MidCap Financial’s strong position as a leading lender in the middle market. As we noted in last quarter’s earnings announcement, we’re pleased to report that Merx, our aircraft leasing portfolio company repaid approximately $97 million to MFIC during the quarter, reducing our investment to 3.3% of the total portfolio, down from 5.6% at the end of the prior quarter. We currently expect to receive additional paydowns of approximately $25 million from Merx in late 2025 or early 2026. We believe the reduction in our Merx exposure, and the redeployment into middle market loans, has meaningfully de-risked our investment portfolio and improved MFIC’s earnings power.” Mr. Powell continued, “Our portfolio companies continue to deliver strong fundamental performance with solid revenue and earnings growth, although our NAV declined due to a handful of companies that faced company specific issues.”

Mr. Kenneth Seifert, Chief Financial Officer, commented, “Subsequent to the end of the September quarter, we made a couple of enhancements to our capital structure, extending our debt maturities and reducing our financing costs. We continue to benefit from our longstanding banking relationships as we amended our revolving credit facility which extended the final maturity by approximately one year and reduced the applicable margin by 10 basis points. We also reset and upsized our first CLO which extended the reinvestment period by two years and features a new senior AAA coupon of S+149 basis points, a decrease of 91 basis points from the original coupon.”

(1)

Commitments made for the direct origination portfolio.

(2)

During the quarter ended September 30, 2025, direct origination revolver fundings totaled $33 million, direct origination revolver repayments totaled $30 million and Merx Aviation Finance, LLC repaid $97 million.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

There can be no assurances that the Board will continue to declare a base dividend of $0.38 per share.

(5)

On October 1, 2025, the Company amended and extended the Facility. Lend

EX-99.1

2 d77630dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended June 30, 2025

Results for the Quarter Ended June 30, 2025 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.39, compared to $0.37 for the quarter ended March 31, 2025

•

Net asset value per share as of the end of the quarter was $14.75, compared to $14.93 as of March 31, 2025, a decrease of 1.2%

•

New investment commitments made during the quarter totaled $262 million(1)

•

Gross fundings, excluding revolver fundings,(2) totaled $254 million for the quarter

•

Net fundings, including revolvers,(2) totaled $144 million for the quarter

•

Net leverage(3) was 1.44x as of June 30, 2025

•

In June, KBRA affirmed MFIC’s BBB- rating and maintained its Positive Outlook

•

The Company’s Board of Directors (the “Board”) appointed Kenneth Seifert as Chief Financial Officer and Treasurer of the Company, effective as of the close of business on June 30, 2025

•

The Company expects to receive a net repayment of approximately $90 million from Merx Aviation Finance, LLC, during the September quarter reducing its exposure to approximately 2.8% of the total portfolio, at fair value

•

On August 5, 2025, the Board declared a dividend of $0.38 per share payable on September 25, 2025 to stockholders of record as of September 9, 2025(4)

New York, NY — August 11, 2025 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended June 30, 2025. The Company’s net investment income was $0.39 per share for the quarter ended June 30, 2025, compared to $0.37 per share for the quarter ended March 31, 2025. The Company’s net asset value (“NAV”) was $14.75 per share as of June 30, 2025, compared to $14.93 as of March 31, 2025.

On August 5, 2025, the Board declared a dividend of $0.38 per share payable on September 25, 2025 to stockholders of record as of September 9, 2025.

1

Commenting on the Company’s results for the second quarter of 2025, Mr. Tanner Powell, Chief Executive Officer, stated, “Throughout the June quarter, we continued to deploy capital into assets sourced by MidCap Financial. Despite the competitive environment, we have remained disciplined in our underwriting and new commitments have what we believe to be strong credit attributes. NAV declined due to challenges faced by a handful of companies.”

Mr. Powell continued, “We’re very pleased to report that following the end of the June quarter, Merx, our aircraft leasing portfolio company, successfully completed a sale transaction and also received additional payments from insurers related to its aircraft in Russia. These developments are expected to lead to a post-quarter net repayment of approximately $90 million to MFIC, reducing our investment in Merx by nearly half. On a pro forma basis, MFIC’s investment in Merx will represent approximately 2.8% of our portfolio, at fair value. We expect to receive an additional paydown from Merx related to the sale transaction by the end of 2025 or in early 2026, which will further reduce MFIC’s exposure to Merx. We expect the redeployment of this capital into our core assets will be accretive to earnings going forward.”

(1)

Commitments made for the direct origination portfolio.

(2)

During the quarter ended June 30, 2025, direct origination revolver fundings totaled $35 million, direct origination revolver repayments totaled $28 million and Merx Aviation Finance, LLC. repaid $8.5 million.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

There can be no assurances that the Board will continue to declare a base dividend of $0.38 per share.

2

FINANCIAL HIGHLIGHTS

June 30,

March 31,

December 31,

September 30,

June 30,

($ in billions, except per share data)

2025

2025

2024

2024

2024

Total assets

$ 3.46

$ 3.36

$ 3.19

$ 3.22

$ 2.55

Investment portfolio (fair value)

$ 3.33

$ 3.19

$ 3.01

$ 3.03

$ 2.44

Debt outstanding

$ 2.05

$ 1.94

$ 1.75

$ 1.77

$ 1.51

Net assets

$ 1.38

$ 1.39

$ 1.40

$ 1.42

$ 1.00

Net asset value per share

$ 14.75

$ 14.93

$ 14.98

$ 15.10

$ 15.38

Debt-to-equity

ratio

1.49 x

1.39 x

1.25 x

1.25 x

1.51 x

Net leverage ratio (1)

1.44 x

1.31 x

1.16 x

1.16 x

1.45 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVITY

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)*

2025

2024

2025

2024

Investments made in portfolio companies

$ 288.7

$ 245.4

$ 680.6

$ 398.2

Investments sold

(14.9 )

—

(58.9 )

EX-99.1

2 d44032dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended March 31, 2025

Results for the Quarter Ended March 31, 2025 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.37

•

Net asset value per share as of the end of the quarter was $14.93, compared to $14.98 as of December 31, 2024, a decrease of 0.3%

•

New investment commitments made during the quarter totaled $376 million(1)

•

Gross fundings, excluding revolver fundings(2), totaled $357 million for the quarter

•

Net fundings, including revolvers(2), totaled $170 million for the quarter

•

Net leverage(3) was 1.31x as of March 31, 2025

•

Repurchased 476,656 shares of common stock at a weighted average price per share of $12.75, inclusive of commissions, for an aggregate cost of $6.1 million during the quarter

•

Completed Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 2 LLC, a $529.6 million CLO secured by middle market loans in February 2025

•

On May 7, 2025, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on June 26, 2025 to stockholders of record as of June 10, 2025(4)

New York, NY — May 12, 2025 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended March 31, 2025. The Company’s net investment income was $0.37 per share for the quarter ended March 31, 2025, compared to $0.40 per share for the quarter ended December 31, 2024. The Company’s net asset value (“NAV”) was $14.93 per share as of March 31, 2025, compared to $14.98 as of December 31, 2024.

On May 7, 2025, the Board declared a dividend of $0.38 per share payable on June 26, 2025 to stockholders of record as of June 10, 2025.

Mr. Tanner Powell, the Company’s Chief Executive Officer stated, “We reported solid first quarter results including a healthy level of earnings, a reduction in non-accruals, and strong portfolio growth. We continued to deploy the investment capacity generated from our recent mergers into assets originated by MidCap Financial, although this was partially offset by ongoing sales and repayments of non-directly originated assets acquired through the mergers. Additionally, we repurchased some stock below NAV during the quarter.” Mr. Powell continued, “Looking ahead, despite the uncertainty surrounding the duration and trajectory of current market volatility, we believe the current environment may present opportunities that MidCap Financial and MFIC are well-equipped to capitalize on.”

1

(1)

Commitments made for the direct origination portfolio.

(2)

During the quarter ended March 31, 2025, direct origination revolver fundings totaled $33 million, direct origination revolver repayments totaled $30 million.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

There can be no assurances that the Board will continue to declare a base dividend of $0.38 per share.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

March 31, 2024

Total assets

$ 3.36

$ 3.19

$ 3.22

$ 2.55

$ 2.45

Investment portfolio (fair value)

$ 3.19

$ 3.01

$ 3.03

$ 2.44

$ 2.35

Debt outstanding

$ 1.94

$ 1.75

$ 1.77

$ 1.51

$ 1.41

Net assets

$ 1.39

$ 1.40

$ 1.42

$ 1.00

$ 1.01

Net asset value per share

$ 14.93

$ 14.98

$ 15.10

$ 15.38

$ 15.42

Debt-to-equity

ratio

1.39 x

1.25 x

1.25 x

1.51 x

1.40 x

Net leverage ratio (1)

1.31 x

1.16 x

1.16 x

1.45 x

1.35 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVITY

Three Months Ended March 31,

(in millions)*

2025

2024

Investments made in portfolio companies

$ 391.9

$ 152.8

Investments sold

(43.9 )

—

Net activity before repaid investments

348.0

152.8

Investments repaid

(177.6 )

(136.9 )

Net investment activity

$ 170.4

$ 15.9

Portfolio companies, at beginning of period

233

152

Number of investments in new portfolio companies

20

7

Number of exited companies

(13 )

(5 )

Portfolio companies at end of period

240

154

Number of investments in existing portfolio companies

78

49

*

Totals may not foot due to rounding.

OPERATING RESULTS

Three Months Ended March 31,

(in millions)*

2025

2024

Net investment income

$ 34.3

$ 28.5

Net realized and change in unrealized gains (losses)

(4.0 )

(3.1 )

Net increase in net assets resulting from operations

$ 30.3

$ 25.5

(per share)* (1)

Net investment income on per average share basis

$ 0.37

$ 0.44

Net realized and ch

EX-99.1

2 d906342dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2024

Results for the Quarter and Fiscal Year Ended December 31, 2024 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.40

•

Net asset value per share as of the end of the quarter was $14.98, compared to $15.10 as of September 30, 2024, a decrease of 0.8%

•

New investment commitments made during the quarter totaled $255 million(1)

•

Gross fundings, excluding revolver fundings(2), totaled $248 million for the quarter

•

Net repayments, including revolvers(2), totaled $6 million for the quarter

•

Net leverage(3) was 1.16x as of December 31, 2024

•

On February 21, 2025, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on March 27, 2025 to stockholders of record as of March 11, 2025(4)

•

On February 24, 2025, the Company closed its second Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 2 LLC (the “Bethesda CLO 2 Issuer”), a $529.6 million CLO secured by middle market loans, adding $399.0 million of secured debt capital with a weighted average price of SOFR + 161 basis points(5)

New York, NY — February 25, 2025 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter and fiscal year ended December 31, 2024. The Company’s net investment income was $0.40 per share for the quarter ended December 31, 2024, compared to $0.44 per share for the quarter ended September 30, 2024. The Company’s net asset value (“NAV”) was $14.98 per share as of December 31, 2024, compared to $15.10 as of September 30, 2024.

On February 21, 2025, the Board declared a dividend of $0.38 per share payable on March 27, 2025 to stockholders of record as of March 11, 2025.

1

Mr. Tanner Powell, the Company’s Chief Executive Officer stated, “In the December quarter, we generated solid net investment income despite a modest amount of fee income and the impact of lower base rates. The vast majority of our portfolio is performing well and we are observing stability in certain credit metrics.” Mr. Powell continued, “MFIC is fortunate to have access to the significant volume of loans originated by MidCap Financial, a leading middle market lender managed by an affiliate of Apollo, which we believe provides MFIC with a significant deal sourcing advantage. While our market remains competitive, we observed a modest increase in spreads on new commitments compared to the previous quarter, at what we believe to be attractive leverage entry points. We took advantage of strength in the liquid credit markets to continue selling certain assets acquired from our recently completed mergers with Apollo Senior Floating Rate Fund, Inc. and Apollo Tactical Income Fund, Inc. and prudently deployed proceeds from these sales, along with the investment capacity generated from the mergers, into first lien floating rate middle market loans originated by MidCap Financial. We have a clear and straightforward plan to gradually increase leverage over the coming quarters and we believe MFIC’s future results are well-positioned to benefit as we re-lever back to our target level.”

Mr. Gregory W. Hunt, the Company’s Chief Financial Officer, said, “We are pleased to announce MFIC closed its second on balance sheet CLO transaction earlier this week. This CLO transaction adds attractive term-based financing at what we believe to be among the tightest levels achieved for a middle market CLO, reflecting the high quality of the underlying loans. MFIC significantly benefited from MidCap Financial and Apollo Global’s expertise in CLO management and structuring.”

(1)

Commitments made for the direct origination portfolio.

(2)

During the quarter ended December 31, 2024, direct origination revolver fundings totaled $55 million, direct origination revolver repayments totaled $56 million.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

There can be no assurances that the Board will continue to declare a base dividend of $0.38 per share.

(5)

The Company retained all Class D Notes and all Subordinated Notes in the CLO transaction.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

December 31, 2024

September 30, 2024

June 30, 2024

March 31, 2024

December 31, 2023

Total assets

$ 3.19

$ 3.22

$ 2.55

$ 2.45

$ 2.50

Investment portfolio (fair value)

$ 3.01

$ 3.03

$ 2.44

$ 2.35

$ 2.33

Debt outstanding

$ 1.75

$ 1.77

$ 1.51

$ 1.41

$ 1.46

Net assets

$ 1.40

$ 1.42

$ 1.00

$ 1.01

$ 1.01

Net asset value per share

$ 14.98

$ 15.10

$ 15.38

$ 15.42

$ 15.41

Debt-to-equity

ratio

1.25 x

1.25 x

1.51 x

1.40 x

1.45 x

Net lever

EX-99.1

2 d806618dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended September 30, 2024

Results for the Quarter Ended September 30, 2024 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.44, compared to $0.45 for the quarter ended June 30, 2024

•

Net asset value per share as of the end of the quarter was $15.10, a decrease of 0.5% compared to June 30, 2024, excluding the impact of the $0.20 per share special distribution paid to stockholders in connection with the Mergers(1)

•

New investment commitments made during the quarter totaled $371 million(1)(2)(3)

•

Gross fundings for the quarter, excluding revolver fundings(3)(4), totaled $288 million

•

Net fundings, including revolvers(3)(4), totaled $222 million for the quarter

•

Closed the Mergers with Apollo Senior Floating Rate Fund Inc. (“AFT”) and Apollo Tactical Income Fund Inc. (“AIF”)(1), acquiring investments totaling $596 million, of which $234 million were sold or repaid during the quarter

•

Net leverage(5) was 1.16x as of September 30, 2024

•

On November 6, 2024, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on December 26, 2024 to stockholders of record as of December 10, 2024

•

Amended and extended the senior secured, multi-currency, revolving credit facility (the “Facility”) in October 2024(6) (the “Amended Senior Secured Facility”)

New York, NY — November 7, 2024 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended September 30, 2024. The Company’s net investment income was $0.44 per share for the quarter ended September 30, 2024, compared to $0.45 per share for the quarter ended June 30, 2024. The Company’s net asset value (“NAV”) was $15.10 per share as of September 30, 2024.

On November 6, 2024, the Board declared a dividend of $0.38 per share payable on December 26, 2024 to stockholders of record as of December 10, 2024.

Mr. Tanner Powell, the Company’s Chief Executive Officer stated, “This quarter MFIC successfully closed its mergers with AFT and AIF which we believe will create significant long-term value for our stockholders. Our focus is on exiting the acquired non-directly originated assets and prudently deploying the investment capacity created from the mergers into directly originated middle market loans. We are fortunate to have access to all the necessary origination to deploy this capital, thanks to the significant volume of loans originated by MidCap Financial, a leading middle market lender with one of the largest direct lending teams in the U.S. and which is managed by Apollo.”

1

Mr. Powell added, “For the quarter, we produced solid net investment income despite the modest amount of fee and prepayment income, reflecting the impact of the total return feature in our incentive fee structure, which resulted in a partial incentive fee for the quarter. NAV declined during the quarter due to the $0.20 per share special distribution paid in connection with the mergers as well as a modest net loss on the portfolio.”

(1)

On July 22, 2024, the Company completed its mergers with Apollo Senior Floating Rate Fund Inc. (“AFT”) and Apollo Tactical Income Fund Inc. (“AIF”) (together, the “Mergers”). The Mergers have been accounted for in accordance with the asset acquisition method of accounting under ASC 805-50, Business Combinations-Related Issues.

(2)

Commitments made for the direct origination portfolio.

(3)

Excludes assets acquired from the Mergers.

(4)

During the quarter ended September 30, 2024, direct origination revolver fundings totaled $28 million, direct origination revolver repayments totaled $15 million, and the Company received a $7.5 million revolver paydown from Merx Aviation Finance, LLC.

(5)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(6)

On October 17, 2024, the Company amended and extended the Facility. Lender commitments under the Amended Senior Secured Facility total $1.660 billion, an increase of $110 million, excluding non-extending lender commitments. Lender commitments under the Amended Senior Secured Facility total $1.815 billion, including $155 million of commitments from non-extending lenders which are set to terminate on December 22, 2024. The final maturity date under the Amended Senior Secured Facility for extending lenders was extended from April 19, 2028, to October 17, 2029. The remaining material business terms of the Facility will remain substantially the same.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

September 30, 2024

June 30, 2024

March 31, 2024

December 31, 2023

September 30, 2023

Total assets

$ 3.22

$ 2.55

$ 2.45

$ 2.50

$ 2.46

Inv

EX-99.1

2 d880591dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended June 30, 2024

Results for the Quarter Ended June 30, 2024 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.45, compared to $0.44 for the quarter ended March 31, 2024

•

Net asset value per share as of the end of the quarter was $15.38, compared to $15.42 as of March 31, 2024

•

New investment commitments made during the quarter totaled $285 million(1)

•

Gross fundings, excluding revolver fundings(2), totaled $214 million for the quarter

•

Net fundings, including revolvers(2), totaled $90 million for the quarter

•

Net leverage(3) was 1.45x as of June 30, 2024

•

On August 6, 2024, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on September 26, 2024 to stockholders of record as of September 10, 2024

•

In June, KBRA affirmed MFIC’s BBB- rating and revised the rating Outlook to Positive from Stable

Closing of Previously Announced Mergers:

•

On July 22, 2024 (the “Closing Date”), the Company closed its previously announced mergers (the “Mergers”) with Apollo Senior Floating Rate Fund Inc. (“AFT”) and Apollo Tactical Income Fund Inc. (“AIF”) which increased the Company’s net assets by 43.7% to $1.45 billion and increased the size of the portfolio to $3.07 billion

•

The Mergers resulted in a reduction in the Company’s net leverage ratio to 1.13x as of the Closing Date, creating more investment capacity

•

In connection with the Mergers, the Company issued 28,527,003 common shares increasing the Company’s outstanding common shares to 93,780,278

•

As previously announced, in connection with the closing of the Mergers, on July 21, 2024, the Board declared a special distribution of $0.20 per share payable on August 15, 2024 to stockholders of record as of August 5, 2024

New York, NY — August 7, 2024 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended June 30, 2024. The Company’s net investment income was $0.45 per share for the quarter ended June 30, 2024, compared to $0.44 per share for the quarter ended March 31, 2024. The Company’s net asset value (“NAV”) was $15.38 per share as of June 30, 2024, compared to $15.42 as of March 31, 2024.

1

On August 6, 2024, the Board declared a dividend of $0.38 per share payable on September 26, 2024 to stockholders of record as of September 10, 2024.

Mr. Tanner Powell, the Company’s Chief Executive Officer said, “Results for the June quarter reflect solid recurring income and strong fee and prepayment income and relatively stable credit quality. We believe these results underscore the benefits of our strategy of building a well-diversified portfolio of true first lien middle market loans as well as our industry leading fee structure.” Mr. Powell continued, “We are pleased to have successfully closed on our transformative mergers with two other Apollo managed funds post quarter end, which increased MFIC’s net assets by approximately 43.7% to approximately $1.4 billion, providing MFIC with significant investing capacity. We believe our affiliation with MidCap Financial, a leading middle market lender managed by Apollo, will allow us to prudently deploy this capital in attractive investment opportunities. We remain enthusiastic about realizing the potential benefits of a larger combined company—including enhanced returns for all stockholders, greater scale, and enhanced portfolio diversification.”

(1)

Commitments made for the corporate lending portfolio.

(2)

During the quarter ended June 30, 2024, corporate lending revolver fundings totaled $31 million, corporate lending revolver repayments totaled $21 million, and the Company received a $3 million revolver paydown from Merx Aviation Finance, LLC.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

2

FINANCIAL HIGHLIGHTS

March 31,

December 31,

September 30,

June 30,

($ in billions, except per share data)

June 30, 2024

2024

2023

2023

2023

Total assets

$ 2.55

$ 2.45

$ 2.50

$ 2.46

$ 2.50

Investment portfolio (fair value)

$ 2.44

$ 2.35

$ 2.33

$ 2.37

$ 2.41

Debt outstanding

$ 1.51

$ 1.41

$ 1.46

$ 1.43

$ 1.48

Net assets

$ 1.00

$ 1.01

$ 1.01

$ 0.99

$ 0.99

Net asset value per share

$ 15.38

$ 15.42

$ 15.41

$ 15.28

$ 15.20

Debt-to-equity

ratio

1.51 x

1.40 x

1.45 x

1.44 x

1.49 x

Net leverage ratio (1)

1.45 x

1.35 x

1.34 x

1.40 x

1.45 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVIT

EX-99.1

2 d825187dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended March 31, 2024

Results for the Quarter Ended March 31, 2024 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.44, compared to $0.46 for the quarter ended December 31, 2023

•

Net asset value per share as of the end of the quarter was $15.42, compared to $15.41 as of December 31, 2023

•

New investment commitments made during the quarter totaled $149 million(1)

•

Gross fundings, excluding revolver fundings(2), totaled $129 million for the quarter

•

Net fundings, including revolvers(2), totaled $16 million for the quarter

•

Net leverage(3) was 1.35x as of March 31, 2024

•

Declared a dividend of $0.38 per share for the quarter ending March 31, 2024(4)

•

Filed a definitive joint proxy statement / prospectus in connection with the previously announced proposed mergers of Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. with and into Midcap Financial Investment Corporation on April 4, 2024. The associated registration statement previously filed by MFIC was declared effective by the SEC on April 3, 2024.

New York, NY — May 7, 2024 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended March 31, 2024. The Company’s net investment income was $0.44 per share for the quarter ended March 31, 2024, compared to $0.46 per share for the quarter ended December 31, 2023. The Company’s net asset value (“NAV”) was $15.42 per share as of March 31, 2024, compared to $15.41 as of December 31, 2023.

On May 7, 2024, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on June 27, 2024 to stockholders of record as of June 11, 2024.

1

Mr. Tanner Powell, the Company’s Chief Executive Officer commented, “Our results for the March quarter were solid and included a slight increase in net asset value per share, relatively stable credit performance, and continued de-risking of the portfolio. We believe these results underscore the benefits of our strategy of building a well-diversified portfolio of true first lien middle market loans sourced by MidCap Financial, a leading middle-market lender managed by Apollo, and one of the largest and most successful middle market lenders.” Mr. Powell continued, “We look forward to realizing the potential benefits of our previously announced proposed mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc., which will create a larger, more scaled BDC focused on middle market direct lending.”

(1)

Commitments made for the corporate lending portfolio.

(2)

During the quarter ended March 31, 2024, corporate lending revolver fundings totaled $24 million, corporate lending revolver repayments totaled $37 million, and the Company received a $4 million revolver paydown from Merx Aviation Finance, LLC.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

The dividend is payable on June 27, 2024 to stockholders of record as of June 11, 2024.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

March 31, 2024

December 31, 2023

September 30, 2023

June 30, 2023

March 31, 2023

Total assets

$

2.45

$

2.50

$

2.46

$

2.50

$

2.49

Investment portfolio (fair value)

$

2.35

$

2.33

$

2.37

$

2.41

$

2.39

Debt outstanding

$

1.41

$

1.46

$

1.43

$

1.48

$

1.47

Net assets

$

1.01

$

1.01

$

0.99

$

0.99

$

0.99

Net asset value per share

$

15.42

$

15.41

$

15.28

$

15.20

$

15.18

Debt-to-equity

ratio

1.40 x

1.45 x

1.44 x

1.49 x

1.48 x

Net leverage ratio (1)

1.35 x

1.34 x

1.40 x

1.45 x

1.41 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVITY

Three Months Ended March 31,

(in millions)*

2024

2023

Investments made in portfolio companies

$ 152.8

$ 151.1

Investments sold

—

—

Net activity before repaid investments

152.8

151.1

Investments repaid

(136.9 )

(171.5 )

Net investment activity

$ 15.9

$ (20.5 )

Portfolio companies, at beginning of period

152

135

Number of investments in new portfolio companies

7

8

Number of exited companies

(5 )

(2 )

Portfolio companies at end of period

154

141

Number of investments in existing portfolio companies

49

45

*

Totals may not foot due to rounding.

3

OPERATING RESULTS

Three Months Ended March 31,

(in millions)*

2024

2023

Net investment income

$ 28.5

$ 29.5

Net realized and change in unrealized gains (losses)

(3.1 )

0.6

Net increase in n

EX-99.1

2 d773027dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2023

Results for the Quarter and Fiscal Year Ended December 31, 2023 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.46, compared to $0.43 for the quarter ended September 30, 2023

•

Net asset value per share as of the end of the quarter was $15.41, compared to $15.28 as of September 30, 2023, an increase of 0.9% due to net investment income in excess of the dividend and a net gain on the portfolio

•

New investment commitments made during the quarter totaled $175 million(1)

•

Gross fundings, excluding revolver fundings(2), totaled $114 million for the quarter

•

Net repayments, including revolvers(2), totaled $47 million for the quarter

•

Net leverage(3) was 1.34x as of December 31, 2023

•

Declared a dividend of $0.38 per share for the quarter ending December 31, 2023(4)

•

Completed Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 1 LLC, a $402 million CLO secured by middle market loans in November 2023

•

Issued $80.0 million of 8.0% unsecured notes due 2028 in December 2023

•

Filed a registration statement and preliminary joint proxy statement / prospectus in connection with the previously announced merger agreements pursuant to which, subject to certain stockholder approvals and customary closing conditions, Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. will merge with and into MidCap Financial Investment Corporation

New York, NY — February 26, 2024 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter and fiscal year ended December 31, 2023. The Company’s net investment income was $0.46 per share for the quarter ended December 31, 2023, compared to $0.43 per share for the quarter ended September 30, 2023. The Company’s net asset value (“NAV”) was $15.41 per share as of December 31, 2023, compared to $15.28 as of September 30, 2023.

On February 23, 2024, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on March 28, 2024 to stockholders of record as of March 12, 2024.

1

Mr. Tanner Powell, the Company’s Chief Executive Officer commented, “We are pleased to report strong results for the quarter to cap off a successful year, highlighted by strong net investment income, an increase in net asset value, and continued stable credit quality. With the successful repositioning of the portfolio into mostly first lien floating rate loans, along with our prudent dividend policy, MFIC’s NAV per share increased each quarter in 2023 and was up 2.1% for the year. We believe our results demonstrate the merits of our investment strategy and fee structure which aligns the incentives of our manager with the interests of our shareholders.” Mr. Powell continued, “We look forward to realizing the potential benefits of our previously announced proposed merger with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. which will create a larger, more scaled BDC focused on middle market direct lending.”

Mr. Gregory W. Hunt, the Company’s Chief Financial Officer, said, “During the quarter, we executed two transactions to enhance and further diversify our capital structure with long-term financing. In November, MFIC closed its first CLO transaction issuing $232 million of notes, and in December, MFIC raised $80 million of 5-year unsecured debt. We believe it was prudent to diversify and extend the maturity of our funding sources. We intend to continue to evaluate and monitor other capital raising transactions going forward.”

(1)

Commitments made for the corporate lending portfolio.

(2)

During the quarter ended December 31, 2023, corporate lending revolver fundings totaled $21 million, corporate lending revolver repayments totaled $22 million, and the Company received a $7 million revolver paydown from Merx Aviation Finance, LLC.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

The dividend is payable on March 28, 2024 to stockholders of record as of March 12, 2024.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

December 31, 2023

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

Total assets

$ 2.50

$ 2.46

$ 2.50

$ 2.49

$ 2.53

Investment portfolio (fair value)

$ 2.33

$ 2.37

$ 2.41

$ 2.39

$ 2.40

Debt outstanding

$ 1.46

$ 1.43

$ 1.48

$ 1.47

$ 1.48

Net assets

$ 1.01

$ 0.99

$ 0.99

$ 0.99

$ 0.99

Net asset value per share

$ 15.41

$ 15.28

$ 15.20

$ 15.18

$ 15.10

Debt-to-equity

ratio

1.45 x

1.44 x

1.49 x

1.48 x

1.50 x

Net leverage ratio (1)

1.34 x

1.40 x

1.45 x

1.41 x

1.

EX-99.1

4 d323914dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended September 30, 2023 and

Announces Merger Agreements with

Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.

Results for the Quarter Ended September 30, 2023 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.43, compared to $0.44 for the quarter ended June 30, 2023

•

Net asset value per share as of the end of the quarter was $15.28, compared to $15.20 as of June 30, 2023, an increase of $0.08 per share primarily due to net investment income in excess of the dividend

•

New investment commitments made during the quarter totaled $20 million(1)

•

Gross fundings excluding revolver fundings, totaled $16 million and net repayments including revolvers, totaled $43 million for the quarter

•

Net leverage(2) was 1.40x as of September 30, 2023

•

Declared a dividend of $0.38 per share for the quarter ending September 30, 2023(3)

•

On November 2, 2023, the Company completed its inaugural Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 1 LLC, a $402 million CLO which is secured by middle market loans

•

On November 7, 2023, the Company announced that it has entered into two separate merger agreements with Apollo Senior Floating Ratio Fund Inc. (NYSE: AFT) and Apollo Tactical Fund Inc. (NYSE: AIF) (the “Mergers”)(4)

New York, NY — November 7, 2023 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended September 30, 2023. The Company’s net investment income was $0.43 per share for the quarter ended September 30, 2023, compared to $0.44 per share for the quarter ended June 30, 2023. The Company’s net asset value (“NAV”) was $15.28 per share as of September 30, 2023, compared to $15.20 as of June 30, 2023.

On November 7, 2023, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on December 28, 2023 to shareholders of record as of December 12, 2023.

1

Mr. Tanner Powell, the Company’s Chief Executive Officer commented, “We are pleased to report another strong quarter of results as well as some key strategic initiatives. We are excited to announce transformative merger agreements with two funds managed by Apollo which, if both mergers successfully close, will grow MFIC’s net assets by over 40% and will enhance economics for our shareholders. We closed our first CLO transaction which priced favorably compared to other recent middle market CLO’s, a reflection of the strong quality of our corporate lending assets.” Mr. Powell continued, “We also reported a good quarter including strong net investment income, an increase in net asset value, and continued stable credit quality. It is clear from these results that we are reaping the rewards of our multi-year focus on investing in true first lien middle market loans sourced by MidCap Financial, a leading middle market lender managed by Apollo.”

Mr. Gregory W. Hunt, the Company’s Chief Financial Officer, said, “We are pleased to announce MFIC’s first CLO transaction which closed in early November which enhances our liquidity position with long-term financing and diversifies our sources of funding at an attractive all-in cost. We benefited from MidCap Financial and Apollo Global’s experience in CLO management and structuring.”

(1)

Commitments made for the corporate lending portfolio.

(2)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(3)

The dividend is payable on December 28, 2023 to stockholders of record on December 12, 2023.

(4)

The Company has issued a separate press release and posted a presentation on its website which provide additional detail on the merger announcement. The Company’s Joint Proxy Statement (as defined below) and Registration Statement (as defined below) that it will file with the SEC in the coming weeks will also contain important information on the Mergers.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

September 30, 2023

June 30, 2023

March 31, 2023

December 31, 2022

September 30, 2022

Total assets

$ 2.46

$ 2.50

$ 2.49

$ 2.53

$ 2.57

Investment portfolio (fair value)

$ 2.37

$ 2.41

$ 2.39

$ 2.40

$ 2.46

Debt outstanding

$ 1.43

$ 1.48

$ 1.47

$ 1.48

$ 1.50

Net assets

$ 0.99

$ 0.99

$ 0.99

$ 0.99

$ 1.01

Net asset value per share

$ 15.28

$ 15.20

$ 15.18

$ 15.10

$ 15.45

Debt-to-equity

ratio

1.44 x

1.49 x

1.48 x

1.50 x

1.49 x

Net leverage ratio (1)

1.40 x

1.45 x

1.41 x

1.41 x

1.42 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign cu

EX-99.1

2 d531334dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended June 30, 2023

Results for the Quarter Ended June 30, 2023 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.44, compared to $0.45 for the quarter ended March 31, 2023

•

Net asset value per share as of the end of the quarter was $15.20, compared to $15.18 as of March 31, 2023, an increase of $0.02 per share primarily due to net investment income above the dividend

•

New investment commitments made during the quarter totaled $79 million(1)

•

Gross fundings for corporate lending(2), excluding revolver fundings, totaled $73 million and net fundings for corporate lending, including revolvers, totaled $29 million for the quarter

•

Net leverage(3) was 1.45x as of June 30, 2023

•

Repurchased 198,084 shares of common stock at a weighted average price per share of $11.60, inclusive of commissions, for an aggregate cost of $2.3 million during the quarter

•

Amended and extended the Company’s senior secured, multi-currency, revolving credit facility (the “Facility”) in April 2023; Maturity date was extended by over two years(4)

•

Kroll Bond Rating Agency (KBRA) affirmed the Company’s BBB- issuer and senior unsecured debt ratings in June

•

Declared a dividend of $0.38 per share for the quarter ending June 30, 2023(5)

New York, NY — August 2, 2023 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended June 30, 2023. The Company’s net investment income was $0.44 per share for the quarter ended June 30, 2023, compared to $0.45 per share for the quarter ended March 31, 2023. The Company’s net asset value (“NAV”) was $15.20 per share as of June 30, 2023, compared to $15.18 as of March 31, 2023.

On August 2, 2023, the Board of Directors declared a dividend of $0.38 per share payable on September 28, 2023 to shareholders of record as of September 12, 2023.

Mr. Tanner Powell, the Company’s Chief Executive Officer commented, “We are very pleased with our performance for the June quarter which includes strong net investment income, an increase in net asset value per share, and stable credit quality. Net investment income per share exceeded the quarterly distribution by approximately 16%. We are particularly pleased with these results when considering the relatively muted transaction environment which resulted in below normal prepayment income.” Mr. Powell continued, “These results demonstrate the value of our first lien senior secured investment strategy which continues to perform well, even in a more challenging operating environment.”

(1)

Commitments made for the corporate lending portfolio.

(2)

Gross fundings for corporate lending include $0.1 million of equity.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

Lender commitments under the Facility will remain $1.705 billion until December 22, 2024 and will decrease to $1.550 billion thereafter. The final maturity date was extended by over two years from December 22, 2025 to April 19, 2028. The primary benchmark applicable to U.S. dollars was changed from LIBOR to SOFR and the spread under the facility was changed from 2% to an all-in spread of 1.975%, depending on the Gross Borrowing Base at the time. The covenants and representations and warranties the Company is required to comply with were also modified, but the remaining terms and conditions of the Facility remain substantially the same.

(5)

The dividend is payable on September 28, 2023 to stockholders of record on September 12, 2023.

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

June 30, 2023

March 31, 2023

December 31, 2022

September 30, 2022

June 30, 2022

Total assets

$ 2.50

$ 2.49

$ 2.53

$ 2.57

$ 2.64

Investment portfolio (fair value)

$ 2.41

$ 2.39

$ 2.40

$ 2.46

$ 2.55

Debt outstanding

$ 1.48

$ 1.47

$ 1.48

$ 1.50

$ 1.60

Net assets

$ 0.99

$ 0.99

$ 0.99

$ 1.01

$ 0.99

Net asset value per share

$ 15.20

$ 15.18

$ 15.10

$ 15.45

$ 15.52

Debt-to-equity

ratio

1.49 x

1.48 x

1.50 x

1.49 x

1.62 x

Net leverage ratio (1)

1.45 x

1.41 x

1.41 x

1.42 x

1.58 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVITY

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)*

2023

2022

2023

2022

Investments made in portfolio companies

$ 101.6

$ 227.4

$ 252.7

$ 447.5

Investments sold

—

—

—

(9.7 )

Net activity before repaid investments

101.6

227.4

252.7

437.8

Investments repaid

(7

EX-99.1

2 d121725dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended March 31, 2023

Results for the Quarter Ended March 31, 2023 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.45 compared to $0.43 for the quarter ended December 31, 2022

•

Net asset value per share as of the end of the quarter was $15.18 compared to $15.10 as of December 31, 2022, an increase of 0.5% primarily due to net investment income above the dividend

•

New investment commitments made during the quarter totaled $110 million(1)

•

Gross fundings for corporate lending(2), excluding revolver fundings, totaled $106 million and net fundings for corporate lending, including revolvers, totaled $44 million for quarter

•

Merx repaid $65 million to the Company during the quarter reducing the size of the investment to $197 million or 8.3% of the total portfolio, at fair value as of the end of the quarter

•

Net leverage(3) was 1.41x as of March 31, 2023

•

Declared a dividend of $0.38 per share for the quarter ending March 31, 2023(4)

•

Amended and extended the Company’s senior secured, multi-currency, revolving credit facility (the “Facility”) in April; Maturity date was extended by over two years(5)

New York, NY — May 2, 2023 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended March 31, 2023. The Company’s net investment income was $0.45 per share for the quarter ended March 31, 2023, compared to $0.43 per share for the quarter ended December 31, 2022. The Company’s net asset value (“NAV”) was $15.18 per share as of March 31, 2023, compared to $15.10 as of December 31, 2022.

On May 2, 2023, the Board of Directors declared a dividend of $0.38 per share payable on June 29, 2023 to shareholders of record as of June 13, 2023.

1

Mr. Tanner Powell, the Company’s Chief Executive Officer commented, “We are very pleased with our results for the March quarter which benefited from our new fee structure which became effective during the quarter, as well as the positive net impact of higher base rates, and strong fee and prepayment income. We are delivering an attractive dividend yield at NAV for shareholders while also conservatively retaining a portion of earnings. We believe the fundamentals and overall credit quality of our corporate lending portfolio remain healthy, demonstrating the value of our investment strategy of focusing on true senior secured loans to middle market companies.”

Mr. Gregory W. Hunt, the Company’s Chief Financial Officer commented, “In April, we were pleased to extend the maturity of our senior secured revolving credit facility by over two years to April 2028. We greatly appreciate the support of our lending partners.”

(1)

Commitments made for the corporate lending portfolio.

(2)

Gross fundings for corporate lending include $0.2 million of equity.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

The dividend is payable on June 29, 2023 to stockholders of record on June 13, 2023.

(5)

Lender commitments under the Facility will remain $1.705 billion until December 22, 2024 and will decrease to $1.550 billion thereafter. The final maturity date was extended by over two year from December 22, 2025 to April 19, 2028. The primary benchmark applicable to U.S. dollars was changed from LIBOR to SOFR and the spread under the facility was changed from 2% to an all-in spread of 1.975%, depending on the Gross Borrowing Base at the time. The covenants and representations and warranties the Company is required to comply with were also modified, but the remaining terms and conditions of the Facility remain substantially the same.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

March 31, 2023

December 31, 2022

September 30, 2022

June 30, 2022

March 31, 2022

Total assets

$ 2.49

$ 2.53

$ 2.57

$ 2.64

$ 2.60

Investment portfolio (fair value)

$ 2.39

$ 2.40

$ 2.46

$ 2.55

$ 2.52

Debt outstanding

$ 1.47

$ 1.48

$ 1.50

$ 1.60

$ 1.55

Net assets

$ 0.99

$ 0.99

$ 1.01

$ 0.99

$ 1.00

Net asset value per share

$ 15.18

$ 15.10

$ 15.45

$ 15.52

$ 15.79

Debt-to-equity

ratio

1.48 x

1.50 x

1.49 x

1.62 x

1.54 x

Net leverage ratio (1)

1.41 x

1.41 x

1.42 x

1.58 x

1.51 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVITY

Three Months Ended March 31,

(in millions)*

2023

2022

Investments made in portfolio companies

$ 151.1

$ 220.1

Investments sold

—

(9.7 )

Net activity before repaid investments

EX-99.1

2 d464108dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2022,

and Increases Quarterly Base Dividend to $0.38 Per Share

Results for the Quarter Ended December 31, 2022 and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.43 compared to $0.35 for the quarter ended September 30, 2022

•

Net asset value per share as of the end of the quarter was $15.10 compared to $15.45 as of September 30, 2022, a decrease of 2.3%, primarily due to losses outside of the Company’s first lien corporate lending strategy

•

New investment commitments made during the quarter totaled $73 million(1)

•

Gross fundings for the quarter totaled $159 million(2) and gross sales and repayments totaled $207 million, resulting in net repayments of $48 million

•

Sales and repayments included $21 million from two oil and gas positions reducing the Company’s oil and gas exposure to less than $1 million, at fair value, as of December 31, 2022

•

Net leverage(3) was 1.41x as of December 31, 2022

•

Increased base dividend to $0.38 per share for the quarter ending March 31, 2023(4)

•

Subsequent to quarter end, Merx Aviation Finance LLC, (“Merx”) the Company’s aircraft leasing portfolio company, repaid the Company $62 million reducing the Company’s investment in Merx to approximately $199 million or 8.3% of the total portfolio, at fair value, compared to $261 million or 10.9% as of December 31, 2022(5)

•

New, previously announced, industry-leading fee structure became effective on January 1, 2023(6)

New York, NY — February 21, 2023 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter and fiscal year ended December 31, 2022. The Company’s net investment income was $0.43 per share for the quarter ended December 31, 2022, compared to $0.35 per share for the quarter ended September 30, 2022. The Company’s net asset value (“NAV”) was $15.10 per share as of December 31, 2022, compared to $15.45 as of September 30, 2022.

On February 21, 2023, the Board of Directors declared a dividend of $0.38 per share payable on March 30, 2023 to shareholders of record as of March 14, 2023.

Mr. Tanner Powell, the Company’s Chief Executive Officer commented, “Results for the quarter benefited from the positive impact of higher base rates. Net asset value per share declined mostly due to losses outside of our first lien corporate lending strategy. Post quarter end, we received a significant repayment from Merx, our aircraft leasing portfolio company, reducing our position from approximately 11% of the portfolio at fair value at the end of December quarter to approximately 8% today.” Mr. Powell continued, “We are pleased to announce that we are increasing our quarterly base dividend by $0.01 to $0.38 per share given the benefit we are seeing from higher base rates, the exit of lower yielding and non-earning legacy assets, and the benefit from our previously announced new fee structure which became effective on January 1, 2023.”

(1)

Commitments made for the corporate lending portfolio.

(2)

Gross fundings include $0.047 million of equity.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

The dividend is payable on March 30, 2023 to stockholders of record on March 14, 2023.

(5)

In January 2023, Merx sold its 50% interest in a joint venture to the joint venture partner. The sale of the joint venture interest reduces the Company’s exposure to Merx to approximately 8.3% at fair value.

(6)

The Company’s base management fee was permanently reduced to 1.75% on net assets (i.e., equity) from the equivalent of approximately 3.4% on net assets. In other words, the base management fee rate, expressed in terms of gross assets, has been reduced from approximately 1.40% on gross assets, to the equivalent of approximately 0.75% on gross assets. Prior to this reduction, the base management fee was 1.5% on gross assets financed using leverage up to 1.0x debt-to-equity and 1.0% on gross assets financed using leverage over 1.0x debt-to-equity. For the comparison presented, a debt-to-equity ratio of 1.40x is assumed. The incentive fee on income was also permanently reduced from 20% to 17.5%. The performance threshold remained 7% and there was no change to the total return requirement or catch-up provision.

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

December 31, 2022

September 30, 2022

June 30, 2022

March 31, 2022

December 31, 2021

Total assets

$ 2.53

$ 2.57

$ 2.64

$ 2.60

$ 2.67

Investment portfolio (fair value)

$ 2.40

$ 2.46

$ 2.55

$ 2.52

$ 2.59

Debt outstanding

$ 1.48

$ 1.50

$ 1.60

$ 1.55

$ 1.59

Net assets

$ 0.99

$ 1.01

EX-99.1

2 d418005dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

MidCap Financial Investment Corporation

Reports Financial Results for the Quarter Ended September 30, 2022,

and Increases Quarterly Base Dividend to $0.37 Per Share

Fiscal Second Quarter and Other Recent Highlights:

•

Net investment income per share for the quarter was $0.35 compared to $0.37 for the quarter ended June 30, 2022

•

Net asset value per share as of the end of the quarter was $15.45 compared to $15.52 as of June 30, 2022, a decrease of 0.5%

•

New investment commitments made during the quarter totaled $21 million(1)

•

Gross fundings for the quarter totaled $113 million(2) and gross exits totaled $196 million, resulting in net repayments of $83 million

•

Reduced net leverage(3) to 1.42x as of September 30, 2022 compared to 1.58x as of June 30, 2022

•

Increased base dividend to $0.37 per share for the quarter ending December 31, 2022(4)

•

MidCap Financial,(5) made a $30 million primary investment in the Company at net asset value in August, as previously announced

New York, NY — November 3, 2022 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its second fiscal quarter ended September 30, 2022. The Company’s net investment income was $0.35 per share for the quarter ended September 30, 2022, compared to $0.37 per share for the quarter ended June 30, 2022. The Company’s net asset value (“NAV”) was $15.45 per share as of September 30, 2022, compared to $15.52 as of June 30, 2022.

On November 3, 2022, the Board of Directors declared a dividend of $0.37 per share payable on January 5, 2023 to shareholders of record as of December 19, 2022.

Mr. Tanner Powell, the Company’s Chief Executive Officer commented, “In the face of significant market volatility, we believe our corporate lending portfolio continues to perform well which, in our view, demonstrates the value of our senior investment strategy and the quality of our portfolio companies. Additionally, amid the challenging market conditions, we were able to generate considerable cash paydowns from several investments which we are seeking to reduce, including from our investment in Merx Aviation.” Mr. Powell continued “As a result of higher base rates, the strong performance of our portfolio, and the upcoming reduction in our fee structure, we are pleased to announce that we are increasing our quarterly base dividend to 37 cents per share.”

1

(1)

Commitments made for the corporate lending portfolio.

(2)

Gross fundings include $1.4 million of equity.

(3)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(4)

The dividend payable on January 5, 2023 to stockholders of record on December 19, 2022.

(5)

MidCap Financial refers to MidCap FinCo Designated Activity Company, a designated activity company limited by shares incorporated under the laws of Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc., pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Designated Activity Company. MidCap Financial is not an investment adviser, subadviser or fiduciary to the Company or to the Company’s Investment Adviser. MidCap Financial is not obligated to take into account the Company’s interests (or those of other potential participants in its originations) when originating loans across its platform.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)

September 30, 2022

June 30, 2022

March 31, 2022

December 31, 2021

September 30, 2021

Total assets

$ 2.57

$ 2.64

$ 2.60

$ 2.67

$ 2.69

Investment portfolio (fair value)

$ 2.46

$ 2.55

$ 2.52

$ 2.59

$ 2.61

Debt outstanding

$ 1.50

$ 1.60

$ 1.55

$ 1.59

$ 1.60

Net assets

$ 1.01

$ 0.99

$ 1.00

$ 1.02

$ 1.04

Net asset value per share

$ 15.45

$ 15.52

$ 15.79

$ 16.08

$ 16.07

Debt-to-equity

ratio

1.49 x

1.62 x

1.54 x

1.55 x

1.54 x

Net leverage ratio (1)

1.42 x

1.58 x

1.51 x

1.52 x

1.51 x

(1)

The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND

INVESTMENT ACTIVITY

Three Months Ended September 30,

Six Months Ended September 30,

(in millions)*

2022

2021

2022

2021

Investments made in portfolio companies

$ 113.0

290.1

$ 341.0

$ 585.3

Investments sold

—

(10.7 )

—

(10.7 )

Net activity before repaid investments

113.0

279.4

341.0

574.6

Investments repaid

(196.0 )

(165.6 )

(380.0 )

(431.7 )

Net investment activity

$ (83.0 )

113.8

$ (39.0 )

$ 142.9

Portfolio companies, at begin

EX-99.1

2 ainv2022q48-kex991.htm

EX-99.1

Document

Apollo Investment Corporation

Reports Financial Results for the Quarter and Fiscal Year Ended March 31, 2022

Fiscal Fourth Quarter Financial Results:

•Net investment income per share for the quarter was $0.42 compared to $0.35 for the quarter ended December 31, 2021

•Net asset value per share as of the end of the quarter was $15.79 compared to $16.08 as of December 31, 2021, a decrease of 1.8% attributable to a decline in Merx and certain non core assets(1)

•New investment commitments made during the quarter totaled $116 million(2)

•Gross fundings during the quarter totaled $220 million(3) consisting $115 million of term loans and $105 million(4) of revolvers

•Gross exits during the quarter totaled $274 million, primarily consisting of $10 million of term loan sales, $124 million of term loan repayments, $7 million of equity positions, and $133 million of gross revolver paydowns(5)

–Sales and repayments include $7 million of second lien corporate loans and $32 million from non-core assets

•Net repayments during the quarter totaled $54 million primarily consisting of $26 million of net term loan repayments and $28 million of net revolver fundings

•Net leverage(6) as of March 31, 2022 was 1.51x, compared to 1.52x as of December 31, 2021

•Continued to repurchase $2.4 million(7) of common stock

•Declared a base distribution of $0.31 per share and a supplemental distribution of $0.05 per share for the quarter ending March 31, 2022(8)

New York, NY — May 19, 2022 —Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” or “Apollo Investment” today announced financial results for its fourth fiscal quarter and fiscal year ended March 31, 2022. The Company’s net investment income was $0.42 per share for the quarter ended March 31, 2022, compared to $0.35 per share for the quarter ended December 31, 2021. The Company’s net asset value (“NAV”) was $15.79 per share as of March 31, 2022, compared to $16.08 as of December 31, 2021.

On May 19, 2022, the Board of Directors declared a distribution of $0.31 per share payable on July 7, 2022 to shareholders of record as of June 16, 2022. On May 19, 2022, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on July 7, 2022 to shareholders of record as of June 16, 2022.

1

Mr. Howard Widra, Apollo Investment’s Chief Executive Officer commented, “We continue to make substantial progress reducing our exposure to non-core assets with the receipt of significant cash proceeds from the repayment of non-core assets. Pro-forma for post quarter end paydowns and pending sales, non-core assets represent approximatley 3% of the total portfolio, at fair value.” Mr. Howard Widra continued “Over the years, we have constructed a high quality first lien corporate lending portfolio which we believe is well-positioned for the current and evolving economic environment.”

(1)Corporate lending portfolio includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation Finance, LLC ("Merx") and non-core and legacy assets. Non-core assets include oil & gas, structured credit, renewables, shipping and commodities

(2)Commitments made for the corporate lending portfolio.

(3)Gross fundings include $0.2 million of equity.

(4)Revolver fundings include $5.0 million funding for the Merx revolver.

(5)Revolver paydowns include $5.0 million paydown for the Merx revolver.

(6)The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(7)From January 1, 2022 through May 18, 2022.

(8)Both distributions are payable on July 7, 2022 to stockholders of record on June 16, 2022.

2

FINANCIAL HIGHLIGHTS

($ in billions, except per share data)March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021

Total assets$2.60 $2.67 $2.69 $2.59 $2.54

Investment portfolio (fair value)$2.52 $2.59 $2.61 $2.49 $2.45

Debt outstanding$1.55 $1.59 $1.60 $1.49 $1.47

Net assets$1.00 $1.02 $1.04 $1.04 $1.04

Net asset value per share$15.79 $16.08 $16.07 $16.02 $15.88

Debt-to-equity ratio 1.54  x1.55  x1.54  x1.43  x1.41  x

Net leverage ratio (1)1.51  x1.52  x1.51  x1.39  x1.36  x

(1)The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND INVESTMENT ACTIVITY

Three Months Ended March 31,Year Ended March 31,

(in millions)*2022202120222021

Investments made in portfolio companies$220.1 $216.2 $1,140.8 $617.1

Investments sold(9.7)— (27.8)(101.1)

Net activity before repaid investments210.3 216.2 1,113.0 516.0

Investments repaid(264.6)(268.8)(1,047.1)(896.9)

Net investment a

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Apollo Investment Corporation

Reports Financial Results for the Quarter Ended December 31, 2021

Fiscal Third Quarter and Other Recent Highlights:

•Net investment income per share for the quarter was $0.35 compared to $0.33 for the quarter ended September 30, 2021

•Net asset value per share as of the end of the quarter was $16.08 compared to $16.07 as of September 30, 2021, an increase of $0.01 driven primarily by a net appreciation on the corporate lending portfolio(1) and the accretive impact of share buybacks

•New investment commitments made during the quarter totaled $271 million(2)

•Gross fundings during the quarter totaled $335 million(3) consisting of $234 million of term loans and $101 million of revolvers

•Gross exits during the quarter totaled $358 million primarily consisting of $7 million of term loan sales, $274 million of term loan repayments, $6 million of equity positions, and $71 million of gross revolver paydowns

◦Repayments include $29 million of second lien corporate loans and $11 million from non-core assets

•Net repayments during the quarter totaled $23 million primarily consisting of $53 million of net term loan repayments and $30 million of net revolver fundings

•Net leverage(4) as of December 31, 2021 was 1.52x, up from 1.51x as of September 30, 2021

•Repurchased 954,806 shares of common stock at a weighted average price per share of $12.99, inclusive of commissions, for an aggregate cost of $12.4 million during the quarter

•Declared a distribution of $0.31 per share and a supplemental distribution of $0.05 per share for the quarter ending December 31, 2021

•Board authorizes a new $25 million share repurchase plan

New York, NY — February 3, 2022 — Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” or “Apollo Investment,” today announced financial results for its third fiscal quarter ended December 31, 2021. The Company’s net investment income was $0.35 per share for the quarter ended December 31, 2021, compared to $0.33 per share for the quarter ended September 30, 2021. The Company’s net asset value (“NAV”) was $16.08 per share as of December 31, 2021, compared to $16.07 as of September 30, 2021.

On February 3, 2022, the Board of Directors declared a distribution of $0.31 per share payable on April 7, 2022 to shareholders of record as of March 21, 2022. On February 3, 2022, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on April 7, 2022 to shareholders of record as of March 21, 2022.

1

Mr. Howard Widra, Apollo Investment’s Chief Executive Officer commented, “Results for the December quarter benefited from strong fee and prepayment income and also reflect the benefit from the ongoing monetization of non-earning or under-earning non-core assets. We continued to generate cash proceeds from the repayment of junior capital positions and non-core non-earning assets during the period. We have visibility into additional monetizations from our non-core portfolio in the coming quarters.” Mr. Widra continued, “The market did present us with an opportunity to repurchase our stock below NAV during the quarter which was accretive to both NAV per share and net investment income per share. In addition, we are pleased to announce that our Board has increased our share repurchase authorization by $25 million having nearly completed the prior authorization.”

(1)Based on corporate lending portfolio. Corporate lending portfolio includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation Finance, LLC ("Merx") and non-core and legacy assets.

(2)Commitments made for the corporate lending portfolio.

(3)Gross fundings includes $0.5 million of equity.

(4)The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

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FINANCIAL HIGHLIGHTS

($ in billions, except per share data)December 31, 2021September 30, 2021June 30, 2021March 31, 2021December 31, 2020

Total assets$2.67 $2.69 $2.59 $2.54 $2.58

Investment portfolio (fair value)$2.59 $2.61 $2.49 $2.45 $2.48

Debt outstanding$1.59 $1.60 $1.49 $1.47 $1.51

Net assets$1.02 $1.04 $1.04 $1.04 $1.02

Net asset value per share$16.08 $16.07 $16.02 $15.88 $15.59

Debt-to-equity ratio 1.55  x1.54  x1.43  x1.41  x1.49  x

Net leverage ratio (1)1.52  x1.51  x1.39  x1.36  x1.43  x

(1)The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

PORTFOLIO AND INVESTMENT ACTIVITY

Three Months Ended December 31,Nine Months Ended December 31,

(in millions)*2021202020212020

Investments made in portfolio companies$335.5 $157.2 $920.8 $400.9

Investment

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Apollo Investment Corporation

Reports Financial Results for the Quarter Ended September 30, 2021

Fiscal Second Quarter and Other Recent Highlights:

•Net investment income per share for the quarter was $0.33 compared to $0.39 for the quarter ended June 30, 2021

•Net asset value per share as of the end of the quarter was $16.07 compared to $16.02 as of June 30, 2021, an increase of 0.3% driven primarily by a net appreciation on the corporate lending portfolio(1)

•New investment commitments made during the quarter totaled $222 million(2)

•Gross fundings during the quarter totaled $290 million(3) consisting of $211 million of term loans and $79 million of revolvers

•Gross exits during the quarter totaled $176 million primarily consisting of $10 million of term loan sales, $97 million of term loan repayments, and $69 million of gross revolver paydowns

•Net fundings during the quarter totaled $114 million primarily consisting of $104 million of net term loan fundings and $10 million of net revolver fundings

•Net leverage(4) as of September 30, 2021 was 1.51x, up from 1.39x as of June 30, 2021

•Average net leverage(5) for the September quarter was 1.46x

•$454 million of immediately available liquidity and $228 million of additional capacity under the Facility as of September 30, 2021(6)

•Repurchased 450,953 shares of common stock at a weighted average price per share of $13.09, inclusive of commissions, for an aggregate cost of $5.9 million during the quarter

•Declared a distribution of $0.31 per share and a supplemental distribution of $0.05 per share for the quarter ending September 30, 2021

New York, NY — November 4, 2021 — Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” or “Apollo Investment,” today announced financial results for its second fiscal quarter ended September 30, 2021. The Company’s net investment income was $0.33 per share for the quarter ended September 30, 2021, compared to $0.39 per share for the quarter ended June 30, 2021. The Company’s net asset value (“NAV”) was $16.07 per share as of September 30, 2021, compared to $16.02 as of June 30, 2021.

On November 4, 2021, the Board of Directors declared a distribution of $0.31 per share payable on January 6, 2022 to shareholders of record as of December 20, 2021. On November 4, 2021, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on January 6, 2022 to shareholders of record as of December 20, 2021.

1

Mr. Howard Widra, Apollo Investment’s Chief Executive Officer commented, “We continue to successfully execute our strategy of deploying capital into first lien floating rate corporate loans while reducing our exposure to non-core and junior capital positions. Our corporate lending portfolio continues to perform well as evidenced by strong and improving credit metrics.” Mr. Widra continued, “We remain focused on increasing AINV's earnings and we believe the combination of upside in our existing portfolio with the redeployment of non and under-earning positions provides a clear path to generating a higher level of earnings.”

(1)Based on corporate lending portfolio. Corporate lending portfolio includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation Finance, LLC ("Merx") and non-core and legacy assets.

(2)Commitments made for the corporate lending portfolio.

(3)Gross fundings includes $0.7 million of equity.

(4)The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(5)The Company’s average net leverage ratio is based on the daily average debt outstanding for the quarter.

(6)As of September 30, 2021, aggregate lender commitments under the Senior Secured Facility (the “Facility”) totaled $1.81 billion and there were $1.13 billion of outstanding borrowings under the Facility and $0.2 million of letters of credit issued under the Facility. Accordingly, there was $682 million of unused capacity under the Facility as of September 30, 2021, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. As of September 30, 2021, the Company had immediate access to $454 million under the Facility based on the Company’s borrowing base and $228 million of additional capacity.

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FINANCIAL HIGHLIGHTS

($ in billions, except per share data)September 30, 2021June 30, 2021March 31, 2021December 31, 2020September 30, 2020

Total assets$2.69 $2.59 $2.54 $2.58 $2.65

Investment portfolio (fair value)$2.61 $2.49 $2.45 $2.48 $2.59

Debt outstanding$1.60 $1.49 $1.47 $1.51 $1.60

Net assets$1.04 $1.04 $1.04 $1.02 $1.01

Net asset value per share$16.07 $16.02 $15.88 $15.59 $15.44

Debt-to-equity ratio 1.54  x1.43  x1.41  x1.49  x1.59  x

Net leverage ratio (1

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Apollo Investment Corporation

Reports Financial Results for the Quarter Ended June 30, 2021

Fiscal First Quarter and Other Recent Highlights:

•Net investment income per share for the quarter was $0.39 compared to $0.39 for the quarter ended March 31, 2021

•Net asset value per share as of the end of the quarter was $16.02 compared to $15.88 as of March 31, 2021, an increase of 0.9% driven primarily by net appreciation on the corporate lending portfolio(1)

•New investment commitments made during the quarter totaled $332 million(2)

•Gross fundings during the quarter totaled $295 million(3) consisting of $230 million of term loans and $65 million of revolvers

•Gross exits during the quarter totaled $266 million primarily consisting of $189 million of term loan repayments and $77 million of gross revolver paydowns

•Net fundings during the quarter totaled $29 million primarily consisting of $41 million of net term loan fundings and $12 million of net revolver paydowns

•Net leverage(4) as of the end of the quarter was 1.39x, up from 1.36x as of March 31, 2021

•$367 million of immediately available liquidity and $300 million of additional capacity under the Facility as of June 30, 2021(5)

•Repurchased 145,572 shares of common stock at a weighted average price per share of $13.92, inclusive of commissions, for an aggregate cost of $2.0 million during the quarter

•Declared a distribution of $0.31 per share and a supplemental distribution of $0.05 per share for the quarter ending June 30, 2021

•Kroll Bond Rating Agency (KBRA) affirmed the BBB- issuer and senior unsecured debt rating for the Company and revised the Outlook to Stable from Negative in July

•Issued $125 million of 4.500% unsecured notes due 2026 in July

New York, NY — August 5, 2021 — Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” or “Apollo Investment,” today announced financial results for its first fiscal quarter ended June 30, 2021. The Company’s net investment income was $0.39 per share for the quarter ended June 30, 2021, compared to $0.39 per share for the quarter ended March 31, 2021. The Company’s net asset value (“NAV”) was $16.02 per share as of June 30, 2021, compared to $15.88 as of March 31, 2021.

On August 5, 2021, the Board of Directors declared a distribution of $0.31 per share payable on October 8, 2021 to shareholders of record as of September 21, 2021. On August 5, 2021, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on October 8, 2021 to shareholders of record as of September 21, 2021.

1

Mr. Howard Widra, Apollo Investment’s Chief Executive Officer commented, “During the quarter we continued to make ongoing progress reducing our exposure to junior capital and non-core positions while increasing our exposure to first lien floating rate corporate loans. Our corporate lending portfolio continues to perform well and is benefiting from its first lien orientation and an improving economic backdrop.”

(1)Based on corporate lending portfolio. Corporate lending portfolio includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation Finance, LLC ("Merx") and non-core and legacy assets.

(2)Commitments made for the corporate lending portfolio.

(3)Gross fundings includes $2 million of equity.

(4)The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

(5)As of June 30, 2021, aggregate lender commitments under the Senior Secured Facility (the “Facility”) totaled $1.81 billion and there were $1.49 billion of outstanding borrowings under the Facility and $0.2 million of letters of credit issued under the Facility. Accordingly, there was $667 million of unused capacity under the Facility as of June 30, 2021, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. As of June 30, 2021, the Company had immediate access to $367 million under the Facility based on the Company’s borrowing base and $300 million of additional capacity.

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FINANCIAL HIGHLIGHTS

($ in billions, except per share data)June 30, 2021March 31, 2021December 31, 2020September 30, 2020June 30, 2020

Total assets$2.59 $2.54 $2.58 $2.65 $2.81

Investment portfolio (fair value)$2.49 $2.45 $2.48 $2.59 $2.67

Debt outstanding$1.49 $1.47 $1.51 $1.60 $1.76

Net assets$1.04 $1.04 $1.02 $1.01 $1.00

Net asset value per share$16.02 $15.88 $15.59 $15.44 $15.29

Debt-to-equity ratio 1.43  x1.41  x1.49  x1.59  x1.76 x

Net leverage ratio (1)1.39  x1.36  x1.43  x1.56  x1.66 x

(1)The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cas