MidCap Financial Investment (MFIC) Investor presentation summary

Company overview and strategy

• Externally managed, publicly traded BDC focused on senior debt solutions for middle market companies, leveraging Apollo Global Management and MidCap Financial for deal sourcing and expertise.

• Portfolio totals $3.17B across 247 companies and 46 industries, with 96% direct origination and 99% first lien, all floating rate.

• Net assets stand at $1.31B, debt outstanding at $2.00B, and net leverage at 1.45x; KBRA rates the company BBB- with a positive outlook.

• Industry-leading fee structure: 1.75% management fee on net assets and 17.5% incentive fee with a total return hurdle.

• Focused on share repurchases due to trading discount to NAV, with $107.9M authorized for buybacks as of February 2026.

Market environment and opportunity

• US economy remains resilient despite macro uncertainties; credit markets are stabilizing but selective amid higher-for-longer rates.

• Bank retrenchment from middle market lending continues, with non-banks now dominating the space and strong loan demand driven by private equity dry powder.

• Direct lending is favored due to better credit documentation, due diligence, and borrower relationships compared to broadly syndicated loans.

• Middle market loans offer higher yields, strong covenants, and relationship-driven deal flow, making the sector attractive for private credit.

MidCap Financial partnership and platform

• MidCap Financial is a leading middle market lender, founded in 2008, with over $24B in annual originations and $61B+ committed capital.

• Provides a broad suite of products including asset-based, real estate, franchise, life sciences, and leveraged lending.

• Ranked #2 in 2025 middle market lending league tables by deal count.

• Strategic partnership with Apollo enhances access to capital markets and supports scalable, customized financing solutions.