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