{"success":true,"data":{"pressRelease":{"id":"24086","rtpr_id":"nGNX6FCmc5","ticker":"MFIC","exchange":"NASDAQ","all_tickers":["MFIC"],"title":"MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended March 31, 2026","author":"Globe Newswire","published_at":"2026-05-06T20:05:05.244Z","article_body":"Results for the Quarter Ended March 31, 2026, and Other Recent Highlights:\n* Net investment income per share for the quarter was $0.38, compared to $0.39\nfor the quarter ended December 31, 2025\n* Net asset value (“NAV”) per share as of the end of the quarter was\n$13.82, compared to $14.18 as of December 31, 2025, representing a 2.5%\ndecrease. The decline was driven by a net loss on the portfolio, primarily\nreflecting the impact of broader credit spread widening and credit weakness on\ncertain positions partially offset by the accretive impact of stock buybacks\nbelow NAV and net investment income in excess of the dividend\n* New investment commitments made during the quarter totaled $50 million((1))\n* Gross fundings, excluding revolver fundings,((2)) totaled $68 million for\nthe quarter\n* Net repayments, including revolvers((2) )totaled $142 million for the\nquarter, including a $22 million repayment from Merx reducing the position to\n2.7% of the total portfolio, as of quarter-end\n* Net leverage((3)) was 1.55x as of March 31, 2026\n* Repurchased 7,084,020 shares of common stock at a weighted average price per\nshare of $10.73, inclusive of commissions, for an aggregate cost of\n$76.0 million during the quarter, generating $0.24 per share of NAV accretion\n\n* From April 1, 2026, through April 13, 2026, the Company (as defined below)\nrepurchased 2,755,221 shares of common stock at a weighted average price per\nshare of $11.58, inclusive of commissions, for a total cost of $31.9 million,\nwhich fully utilized the existing capacity under the share repurchase program\n* On May 5, 2026, the Company's Board of Directors (the “Board”) declared\na dividend of $0.31 per share payable on June 25, 2026, to stockholders of\nrecord as of June 9, 2026((4))\nNEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- MidCap Financial Investment\nCorporation (NASDAQ: MFIC) or the “Company,” today announced financial\nresults for the quarter ended March 31, 2026. The Company’s net investment\nincome was $0.38 per share for the quarter ended March 31, 2026, compared to\n$0.39 per share for the quarter ended December 31, 2025. The Company’s NAV\nwas $13.82 per share as of March 31, 2026, compared to $14.18 as of December\n31, 2025.\n\nOn May 5, 2026, the Board declared a quarterly dividend of $0.31 per share\npayable on June 25, 2026, to stockholders of record as of June 9, 2026.\n\nCommenting on the Company’s results for the first quarter of 2026, Mr.\nTanner Powell, Chief Executive Officer, stated, “As discussed last quarter,\ngiven the size of the stock’s discount to NAV, we prioritized allocating\ncapital toward stock repurchases rather than deploying capital into new\ninvestments during the quarter.  While NAV per share declined due to\nportfolio losses, the impact was partially offset by the accretive impact of\nstock buybacks executed below NAV and net investment income in excess of the\ndividend.  Our net loss for the quarter was driven by a combination of\nunrealized valuation adjustments reflecting broader credit spread widening, as\nwell as credit weakness in certain positions. We believe that the Company’s\nfee structure is one of the most attractive fee structures among listed BDCs\nthat is meaningfully aligned with stockholders and helps mitigate the impact\nof losses.”\n\n___________________\n\n(1) Commitments made for the direct origination portfolio. \n(2) During the quarter ended March 31, 2026, direct origination revolver\nfundings totaled $33 million, direct origination revolver repayments totaled\n$32 million and Merx Aviation Finance, LLC repaid $22.0 million.\n(3) The Company’s net leverage ratio is defined as debt outstanding plus\npayable for investments purchased, less receivable for investments sold, less\ncash and cash equivalents, less foreign currencies, divided by net assets.\n(4) There can be no assurances that the Board will continue to declare a base\ndividend of $0.31 per share.\n\nFINANCIAL HIGHLIGHTS\n\n ($ in billions, except per share data) March 31, December 31, September 30, June 30, March 31, \n 2026 2025 2025 2025 2025 \n Total assets $ 3.07 $ 3.32 $ 3.31 $ 3.46 $ 3.36 \n Investment portfolio (fair value) $ 2.97 $ 3.17 $ 3.18 $ 3.33 $ 3.19 \n Debt outstanding $ 1.87 $ 2.00 $ 1.92 $ 2.05 $ 1.94 \n Net assets $ 1.18 $ 1.31 $ 1.37 $ 1.38 $ 1.39 \n Net asset value per share $ 13.82 $ 14.18 $ 14.66 $ 14.75 $ 14.93 \n \n Debt-to-equity ratio 1.59 x 1.53 x 1.40 x 1.49 x 1.39 x \n Net leverage ratio ((1)) 1.55 x 1.45 x 1.35 x 1.44 x 1.31 x \n\n____________________\n\n(1) The Company’s net leverage ratio is defined as debt outstanding plus\npayable for investments purchased, less receivable for investments sold, less\ncash and cash equivalents, less foreign currencies, divided by net assets.\n\nPORTFOLIO AND INVESTMENT ACTIVITY\n\n Three Months Ended March 31, \n (in millions)* 2026 2025 \n Investments made in portfolio companies $ 102.5 $ 391.9 \n Investments sold (24.0 ) (43.9 ) \n Net activity before repaid investments 78.5 348.0 \n Investments repaid (220.1 ) (177.6 ) \n Net investment activity $ (141.7 ) $ 170.4 \n \n Portfolio companies, at beginning of period 247 233 \n Number of investments in new portfolio companies 2 20 \n Number of exited companies (13 ) (13 ) \n Portfolio companies at end of period 236 240 \n \n Number of investments in existing portfolio companies 83 78 \n\n____________________\n\n(*) Totals may not foot due to rounding.\n\nOPERATING RESULTS\n\n Three Months Ended March 31, \n (in millions)* 2026 2025 \n Net investment income $ 34.3 $ 34.3 \n Net realized and change in unrealized gains (losses) (61.1 ) (4.0 ) \n Net increase (decrease) in net assets resulting from operations $ (26.9 ) $ 30.3 \n \n (per share)* ((1)) \n Net investment income on per average share basis $ 0.38 $ 0.37 \n Net realized and change in unrealized gain (loss) per share (0.67 ) (0.05 ) \n Earnings per share — basic $ (0.30 ) $ 0.32 \n\n____________________\n\n* Totals may not foot due to rounding.\n\n(1) Based on the weighted average number of shares outstanding for the period\npresented.\n\nSHARE REPURCHASE PROGRAM*\n\nDuring the three months ended March 31, 2026, the Company repurchased\n7,084,020 shares at a weighted average price per share of $10.73, inclusive of\ncommissions, for a total cost of $76.0 million. This represents a discount of\napproximately 23% of the average net asset value per share for the three\nmonths ended March 31, 2026.\n\nFrom April 1, 2026, through April 13, 2026, the Company repurchased 2,755,221\nshares of common stock at a weighted average price per share of $11.58,\ninclusive of commissions, for a total cost of $31.9 million which fully\nutilized the existing capacity under the share repurchase program.\n\nSince the inception of the share repurchase program in August 2015 and through\nMay 6, 2026, the Company has approved seven stock repurchase plans, and\nrepurchased 27.0 million shares of common stock for a total cost of $375.0\nmillion, inclusive of commissions.\n\n* Share figures have been adjusted for the 1-for-3 reverse stock split which\nwas completed after market close on November 30, 2018.\n\nLIQUIDITY\n\nAs of March 31, 2026, the Company’s outstanding debt obligations, excluding\ndeferred financing cost and debt discount of $5.6 million, totaled $1.9\nbillion, which was comprised of $125 million of Senior Unsecured Notes, which\nwill mature on July 16, 2026, $80 million of Senior Unsecured Notes, which\nwill mature on December 15, 2028, $456 million outstanding secured debt in\nMFIC Bethesda CLO 1 LLC, $399 million outstanding secured debt in MFIC\nBethesda CLO 2 LLC, and $816 million outstanding under the Company's senior\nsecured, multi-currency, revolving credit facility (the “Facility” and as\namended, the “Amended Senior Secured Facility”). As of March 31, 2026, no\nstandby letters of credit were issued through the Facility. The available\nremaining capacity under the Facility was $794 million as of March 31, 2026,\nwhich is subject to compliance with a borrowing base that applies different\nadvance rates to different types of assets in the Company’s portfolio.\n\nBorrowings under the Amended Senior Secured Facility (and the incurrence of\ncertain other permitted debt) continue to be subject to compliance with a\nborrowing base that applies different advance rates to different types of\nassets in the Company’s portfolio. The advance rate applicable to any\nspecific type of asset in the Company’s portfolio depends on the relevant\nasset coverage ratio as of the date of determination. Borrowings under the\nAmended Senior Secured Facility continue to be subject to the leverage\nrestrictions contained in the Investment Company Act of 1940, as amended (the\n“1940 Act”). Terms used in this disclosure have the meanings set forth in\nthe Amended Senior Secured Facility.\n\nCONFERENCE CALL / WEBCAST AT 8:30 AM EDT ON MAY 7, 2026\n\nThe Company will host a conference call on Thursday, May 7, 2026, at 8:30 a.m.\nEastern Time. All interested parties are welcome to participate in the\nconference call by dialing (800) 343-4849 approximately 5-10 minutes prior to\nthe call; international callers should dial (203) 518-9848. Participants\nshould reference either MidCap Financial Investment Corporation Earnings or\nConference ID: MFIC0507 when prompted. A simultaneous webcast of the\nconference call will be available to the public on a listen-only basis and can\nbe accessed through the Events Calendar in the Shareholders section of our\nwebsite at www.midcapfinancialic.com. Following the call, you may access a\nreplay of the event either telephonically or via audio webcast. The telephonic\nreplay will be available approximately two hours after the live call and\nthrough May 28, 2026, by dialing (800) 839-9815; international callers should\ndial (402) 220-2190. A replay of the audio webcast will also be available\nlater that same day. To access the audio webcast please visit the Events\nCalendar in the Shareholders section of our website at\nwww.midcapfinancialic.com.\n\nSUPPLEMENTAL INFORMATION\n\nThe Company provides a supplemental information package to offer more\ntransparency into its financial results and make its reporting more\ninformative and easier to follow. The supplemental package is available in the\nShareholders section of the Company’s website under Presentations at\nwww.midcapfinancialic.com.\n\nOur portfolio composition and weighted average yields as of March 31, 2026,\nDecember 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025 were\nas follows:\n\n March 31, December 31, September 30, June 30, March 31, \n 2026 2025 2025 2025 2025 \n Portfolio composition, at fair value: \n First lien secured debt 95% 95% 95% 93% 93% \n Second lien secured debt 0% 0% 0% 0% 0% \n Total secured debt 95% 95% 95% 93% 93% \n Unsecured debt 0% 0% 0% 0% 0% \n Structured products and other 0% 0% 1% 1% 1% \n Preferred equity 1% 1% 1% 1% 1% \n Common equity/interests and warrants 4% 4% 3% 5% 5% \n Weighted average yields, at amortized cost ((1)): \n First lien secured debt ((2)) 9.5% 9.7% 10.2% 10.4% 10.5% \n Second lien secured debt ((2)) 0.0% 13.0% 13.5% 13.7% 13.8% \n Total secured debt ((2)) 9.5% 9.7% 10.2% 10.4% 10.5% \n Unsecured debt portfolio ((2)) 11.1% 11.1% 11.1% 9.5% 9.5% \n Total debt portfolio ((2)) 9.5% 9.7% 10.2% 10.4% 10.5% \n Total portfolio ((3)) 8.3% 8.6% 9.0% 9.2% 9.4% \n Interest rate type, at fair value ((4)): \n Fixed rate amount $ 0.0 billion $ 0.0 billion $ 0.0 billion $ 0.0 billion $ 0.0 billion \n Floating rate amount $ 2.7 billion $ 2.9 billion $ 2.9 billion $ 3.0 billion $ 2.9 billion \n Fixed rate, as percentage of total 0% 0% 0% 1% 1% \n Floating rate, as percentage of total 100% 100% 100% 99% 99% \n Interest rate type, at amortized cost ((4)): \n Fixed rate amount $ 0.0 billion $ 0.0 billion $ 0.0 billion $ 0.0 billion $ 0.0 billion \n Floating rate amount $ 2.8 billion $ 2.9 billion $ 2.9 billion $ 3.0 billion $ 2.9 billion \n Fixed rate, as percentage of total 0% 0% 0% 1% 1% \n Floating rate, as percentage of total 100% 100% 100% 99% 99% \n \n\n(1) An investor’s yield may be lower than the portfolio yield due to sales\nloads and other expenses.\n(2) Exclusive of investments on non-accrual status.\n(3) Inclusive of all income generating investments, non-income generating\ninvestments and investments on non-accrual status.\n(4) The interest rate type information is calculated using the Company’s\ncorporate debt portfolio and excludes aviation and investments on non-accrual\nstatus.\n\n\n\n MIDCAP FINANCIAL INVESTMENT CORPORATION \n CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES \n (In thousands, except share and per share data) \n March 31, 2026 December 31, 2025 \n (Unaudited) \n Assets \n Investments at fair value: \n Non-controlled/non-affiliated investments (cost — $2,830,189 and $2,955,713, respectively) $ 2,654,656 $ 2,819,511 \n Non-controlled/affiliated investments (cost — $181,645 and $176,978, respectively) 105,180 107,111 \n Controlled investments (cost — $201,373 and $224,619, respectively) 211,651 241,216 \n Cash and cash equivalents 42,626 98,184 \n Foreign currencies (cost — $101 and $1,286, respectively) 63 1,264 \n Receivable for investments sold 6,831 6,253 \n Interest receivable 23,426 23,678 \n Dividends receivable 459 630 \n Deferred financing costs 22,401 23,626 \n Unrealized appreciation on foreign currency forward contracts 799 — \n Prepaid expenses and other assets 1,780 2,171 \n Total Assets $ 3,069,872 $ 3,323,644 \n \n Liabilities \n Debt (net of deferred financing costs and unamortized original discount of $5,612 and $5,838, respectively) $ 1,870,388 $ 1,995,210 \n Payable for investments purchased 211 558 \n Shares Repurchase Payable 4,082 — \n Management fees payable 5,641 6,034 \n Interest payable 10,729 12,867 \n Accrued administrative services expense 409 228 \n Other liabilities and accrued expenses 2,152 1,486 \n Total Liabilities $ 1,893,612 $ 2,016,383 \n Commitments and contingencies (Note 8) \n Net Assets $ 1,176,260 $ 1,307,261 \n \n Net Assets \n Common stock, $0.001 par value (130,000,000 shares authorized; 85,127,849 and 92,211,869 shares issued and outstanding, respectively) $ 85 $ 92 \n Capital in excess of par value 2,576,962 2,652,891 \n Accumulated under-distributed (over-distributed) earnings (1,400,787 ) (1,345,722 ) \n Net Assets $ 1,176,260 $ 1,307,261 \n \n Net Asset Value Per Share $ 13.82 $ 14.18 \n\n\n\n MIDCAP FINANCIAL INVESTMENT CORPORATION \n CONSOLIDATED STATEMENTS OF OPERATIONS \n (In thousands, except per share data) \n Three Months Ended March 31, \n 2026 2025 \n Investment Income \n Non-controlled/non-affiliated investments: \n Interest income (excluding Payment-in-kind (“PIK”) interest income) $ 64,063 $ 69,302 \n Dividend income 58 — \n PIK interest income 3,373 3,170 \n Other income 574 324 \n Non-controlled/affiliated investments: \n Interest income (excluding PIK interest income) 912 1,229 \n Dividend income 252 240 \n PIK interest income — 351 \n Controlled investments: \n Interest income (excluding PIK interest income) 2,595 4,072 \n Other income — 10 \n Total Investment Income $ 71,827 $ 78,698 \n Expenses \n Management fees $ 5,641 $ 6,061 \n Performance-based incentive fees — 6,433 \n Interest and other debt expenses 28,479 30,464 \n Administrative services expense 1,441 1,016 \n Other general and administrative expenses 2,059 1,248 \n Total expenses 37,620 45,222 \n Expense reimbursements (62 ) (806 ) \n Net Expenses $ 37,558 $ 44,416 \n Net Investment Income $ 34,269 $ 34,282 \n Net Realized and Change in Unrealized Gains (Losses) \n Net realized gains (losses): \n Non-controlled/non-affiliated investments $ (9,300 ) $ 3,588 \n Non-controlled/affiliated investments (67 ) (188 ) \n Foreign currency forward contracts 904 — \n Foreign currency transactions (3,952 ) (313 ) \n Net realized gains (losses) (12,415 ) 3,087 \n Net change in unrealized gains (losses): \n Non-controlled/non-affiliated investments (39,872 ) (6,088 ) \n Non-controlled/affiliated investments (6,599 ) (1,509 ) \n Controlled investments (6,319 ) 1,348 \n Foreign currency forward contracts 799 24 \n Foreign currency translations 3,266 (814 ) \n Net change in unrealized gains (losses) (48,725 ) (7,039 ) \n Net Realized and Change in Unrealized Gains (Losses) $ (61,140 ) $ (3,952 ) \n Net Increase (Decrease) in Net Assets Resulting from Operations $ (26,871 ) $ 30,330 \n Earnings (Loss) Per Share — Basic $ (0.30 ) $ 0.32 \n \n\nImportant Information\n\nInvestors are advised to carefully consider the investment objective, risks,\ncharges and expenses of the Company before investing. The Company's filings\nwith the Securities and Exchange Commission (“SEC”), including annual\nreports on Form 10-K and quarterly reports on Form 10-Q, contain this and\nother information about the Company and should be read carefully before\ninvesting. You may obtain these documents for free by visiting EDGAR on the\nSEC website at www.sec.gov.\n\nThe information in this announcement is not complete and may be changed. This\ncommunication shall not constitute an offer to sell or the solicitation of an\noffer to buy nor shall there be any sale of these securities in any state or\nother jurisdiction in which such offer, solicitation or sale would be unlawful\nprior to registration or qualification under the securities laws of any such\nstate or other jurisdiction.\n\nPast performance is not indicative of, or a guarantee of, future performance.\nThe performance and certain other portfolio information quoted herein\nrepresents information as of dates noted herein. Nothing herein shall be\nrelied upon as a representation as to the future performance or portfolio\nholdings of the Company. Investment return and principal value of an\ninvestment will fluctuate, and shares, when sold, may be worth more or less\nthan their original cost. The Company’s performance is subject to change\nsince the end of the period noted in this report and may be lower or higher\nthan the performance data shown herein.\n\nAbout MidCap Financial Investment Corporation\n\nMidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end,\nexternally managed, diversified management investment company that has elected\nto be treated as a business development company under the 1940 Act. For tax\npurposes, the Company has elected to be treated as a regulated investment\ncompany under Subchapter M of the Internal Revenue Code of 1986, as amended.\nThe Company is externally managed by Apollo Investment Management, L.P., an\naffiliate of Apollo Global Management, Inc. and its consolidated subsidiaries,\na high-growth global alternative asset manager. The Company’s investment\nobjective is to generate current income and, to a lesser extent, long-term\ncapital appreciation. The Company primarily invests in directly originated and\nprivately negotiated first lien senior secured loans to privately held U.S.\nmiddle-market companies, which the Company generally defines as companies with\nless than $75 million in earnings before interest, taxes, depreciation and\namortization, as may be adjusted for market disruptions, mergers and\nacquisitions-related charges and synergies, and other items. To a lesser\nextent, the Company may invest in other types of securities including, first\nlien unitranche, second lien senior secured, unsecured, subordinated, and\nmezzanine loans, and equities in both private and public middle market\ncompanies. For more information, please visit www.midcapfinancialic.com\n\nForward-Looking Statements\n\nSome of the statements in this press release constitute forward-looking\nstatements because they relate to future events, future performance or\nfinancial condition. The forward-looking statements may include statements as\nto: future operating results of MFIC and distribution projections; business\nprospects of MFIC, and the prospects of its portfolio companies, if\napplicable; and the impact of the investments that MFIC expects to make. In\naddition, words such as “anticipate,” “believe,” “expect,”\n“seek,” “plan,” “should,” “estimate,” “project” and\n“intend” indicate forward-looking statements, although not all\nforward-looking statements include these words. The forward-looking statements\ncontained in this press release involve risks and uncertainties. Certain\nfactors could cause actual results and conditions to differ materially from\nthose projected, including the uncertainties associated with: future changes\nin laws or regulations (including the interpretation of these laws and\nregulations by regulatory authorities); changes in general economic\nconditions, including the impact of supply chain disruptions, tariffs and\ntrade disputes with other countries, or changes in financial markets, and the\nrisk of recession; changes in the interest rate environment and levels of\ngeneral interest rates and the impact of inflation; the return on equity; the\nyield on investments; the ability to borrow to finance assets; new strategic\ninitiatives; the ability to reposition the investment portfolio; the market\noutlook; future investment activity; and risks associated with changes in\nbusiness conditions and the general economy. MFIC has based the\nforward-looking statements included in this press release on information\navailable to it on the date hereof, and assumes no obligation to update any\nsuch forward-looking statements. Although MFIC undertakes no obligation to\nrevise or update any forward-looking statements, whether as a result of new\ninformation, future events or otherwise, you are advised to consult any\nadditional disclosures that they may make directly to you or through reports\nthat MFIC in the future may file with the SEC, including annual reports on\nForm 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.\n\nContact\n\nElizabeth Besen\nInvestor Relations Manager\nMidCap Financial Investment Corporation\n212.822.0625\nebesen@apollo.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/178161c8-7e0a-4946-980b-7b38e8203830)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX6FCmc5","title":"MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended March 31, 2026","author":"Globe Newswire","ticker":"MFIC","created":"2026-05-06T20:05:05.244Z","tickers":["MFIC"],"exchange":"NASDAQ","article_body":"Results for the Quarter Ended March 31, 2026, and Other Recent Highlights:\n* Net investment income per share for the quarter was $0.38, compared to $0.39\nfor the quarter ended December 31, 2025\n* Net asset value (“NAV”) per share as of the end of the quarter was\n$13.82, compared to $14.18 as of December 31, 2025, representing a 2.5%\ndecrease. The decline was driven by a net loss on the portfolio, primarily\nreflecting the impact of broader credit spread widening and credit weakness on\ncertain positions partially offset by the accretive impact of stock buybacks\nbelow NAV and net investment income in excess of the dividend\n* New investment commitments made during the quarter totaled $50 million((1))\n* Gross fundings, excluding revolver fundings,((2)) totaled $68 million for\nthe quarter\n* Net repayments, including revolvers((2) )totaled $142 million for the\nquarter, including a $22 million repayment from Merx reducing the position to\n2.7% of the total portfolio, as of quarter-end\n* Net leverage((3)) was 1.55x as of March 31, 2026\n* Repurchased 7,084,020 shares of common stock at a weighted average price per\nshare of $10.73, inclusive of commissions, for an aggregate cost of\n$76.0 million during the quarter, generating $0.24 per share of NAV accretion\n\n* From April 1, 2026, through April 13, 2026, the Company (as defined below)\nrepurchased 2,755,221 shares of common stock at a weighted average price per\nshare of $11.58, inclusive of commissions, for a total cost of $31.9 million,\nwhich fully utilized the existing capacity under the share repurchase program\n* On May 5, 2026, the Company's Board of Directors (the “Board”) declared\na dividend of $0.31 per share payable on June 25, 2026, to stockholders of\nrecord as of June 9, 2026((4))\nNEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- MidCap Financial Investment\nCorporation (NASDAQ: MFIC) or the “Company,” today announced financial\nresults for the quarter ended March 31, 2026. The Company’s net investment\nincome was $0.38 per share for the quarter ended March 31, 2026, compared to\n$0.39 per share for the quarter ended December 31, 2025. The Company’s NAV\nwas $13.82 per share as of March 31, 2026, compared to $14.18 as of December\n31, 2025.\n\nOn May 5, 2026, the Board declared a quarterly dividend of $0.31 per share\npayable on June 25, 2026, to stockholders of record as of June 9, 2026.\n\nCommenting on the Company’s results for the first quarter of 2026, Mr.\nTanner Powell, Chief Executive Officer, stated, “As discussed last quarter,\ngiven the size of the stock’s discount to NAV, we prioritized allocating\ncapital toward stock repurchases rather than deploying capital into new\ninvestments during the quarter.  While NAV per share declined due to\nportfolio losses, the impact was partially offset by the accretive impact of\nstock buybacks executed below NAV and net investment income in excess of the\ndividend.  Our net loss for the quarter was driven by a combination of\nunrealized valuation adjustments reflecting broader credit spread widening, as\nwell as credit weakness in certain positions. We believe that the Company’s\nfee structure is one of the most attractive fee structures among listed BDCs\nthat is meaningfully aligned with stockholders and helps mitigate the impact\nof losses.”\n\n___________________\n\n(1) Commitments made for the direct origination portfolio. \n(2) During the quarter ended March 31, 2026, direct origination revolver\nfundings totaled $33 million, direct origination revolver repayments totaled\n$32 million and Merx Aviation Finance, LLC repaid $22.0 million.\n(3) The Company’s net leverage ratio is defined as debt outstanding plus\npayable for investments purchased, less receivable for investments sold, less\ncash and cash equivalents, less foreign currencies, divided by net assets.\n(4) There can be no assurances that the Board will continue to declare a base\ndividend of $0.31 per share.\n\nFINANCIAL HIGHLIGHTS\n\n ($ in billions, except per share data) March 31, December 31, September 30, June 30, March 31, \n 2026 2025 2025 2025 2025 \n Total assets $ 3.07 $ 3.32 $ 3.31 $ 3.46 $ 3.36 \n Investment portfolio (fair value) $ 2.97 $ 3.17 $ 3.18 $ 3.33 $ 3.19 \n Debt outstanding $ 1.87 $ 2.00 $ 1.92 $ 2.05 $ 1.94 \n Net assets $ 1.18 $ 1.31 $ 1.37 $ 1.38 $ 1.39 \n Net asset value per share $ 13.82 $ 14.18 $ 14.66 $ 14.75 $ 14.93 \n \n Debt-to-equity ratio 1.59 x 1.53 x 1.40 x 1.49 x 1.39 x \n Net leverage ratio ((1)) 1.55 x 1.45 x 1.35 x 1.44 x 1.31 x \n\n____________________\n\n(1) The Company’s net leverage ratio is defined as debt outstanding plus\npayable for investments purchased, less receivable for investments sold, less\ncash and cash equivalents, less foreign currencies, divided by net assets.\n\nPORTFOLIO AND INVESTMENT ACTIVITY\n\n Three Months Ended March 31, \n (in millions)* 2026 2025 \n Investments made in portfolio companies $ 102.5 $ 391.9 \n Investments sold (24.0 ) (43.9 ) \n Net activity before repaid investments 78.5 348.0 \n Investments repaid (220.1 ) (177.6 ) \n Net investment activity $ (141.7 ) $ 170.4 \n \n Portfolio companies, at beginning of period 247 233 \n Number of investments in new portfolio companies 2 20 \n Number of exited companies (13 ) (13 ) \n Portfolio companies at end of period 236 240 \n \n Number of investments in existing portfolio companies 83 78 \n\n____________________\n\n(*) Totals may not foot due to rounding.\n\nOPERATING RESULTS\n\n Three Months Ended March 31, \n (in millions)* 2026 2025 \n Net investment income $ 34.3 $ 34.3 \n Net realized and change in unrealized gains (losses) (61.1 ) (4.0 ) \n Net increase (decrease) in net assets resulting from operations $ (26.9 ) $ 30.3 \n \n (per share)* ((1)) \n Net investment income on per average share basis $ 0.38 $ 0.37 \n Net realized and change in unrealized gain (loss) per share (0.67 ) (0.05 ) \n Earnings per share — basic $ (0.30 ) $ 0.32 \n\n____________________\n\n* Totals may not foot due to rounding.\n\n(1) Based on the weighted average number of shares outstanding for the period\npresented.\n\nSHARE REPURCHASE PROGRAM*\n\nDuring the three months ended March 31, 2026, the Company repurchased\n7,084,020 shares at a weighted average price per share of $10.73, inclusive of\ncommissions, for a total cost of $76.0 million. This represents a discount of\napproximately 23% of the average net asset value per share for the three\nmonths ended March 31, 2026.\n\nFrom April 1, 2026, through April 13, 2026, the Company repurchased 2,755,221\nshares of common stock at a weighted average price per share of $11.58,\ninclusive of commissions, for a total cost of $31.9 million which fully\nutilized the existing capacity under the share repurchase program.\n\nSince the inception of the share repurchase program in August 2015 and through\nMay 6, 2026, the Company has approved seven stock repurchase plans, and\nrepurchased 27.0 million shares of common stock for a total cost of $375.0\nmillion, inclusive of commissions.\n\n* Share figures have been adjusted for the 1-for-3 reverse stock split which\nwas completed after market close on November 30, 2018.\n\nLIQUIDITY\n\nAs of March 31, 2026, the Company’s outstanding debt obligations, excluding\ndeferred financing cost and debt discount of $5.6 million, totaled $1.9\nbillion, which was comprised of $125 million of Senior Unsecured Notes, which\nwill mature on July 16, 2026, $80 million of Senior Unsecured Notes, which\nwill mature on December 15, 2028, $456 million outstanding secured debt in\nMFIC Bethesda CLO 1 LLC, $399 million outstanding secured debt in MFIC\nBethesda CLO 2 LLC, and $816 million outstanding under the Company's senior\nsecured, multi-currency, revolving credit facility (the “Facility” and as\namended, the “Amended Senior Secured Facility”). As of March 31, 2026, no\nstandby letters of credit were issued through the Facility. The available\nremaining capacity under the Facility was $794 million as of March 31, 2026,\nwhich is subject to compliance with a borrowing base that applies different\nadvance rates to different types of assets in the Company’s portfolio.\n\nBorrowings under the Amended Senior Secured Facility (and the incurrence of\ncertain other permitted debt) continue to be subject to compliance with a\nborrowing base that applies different advance rates to different types of\nassets in the Company’s portfolio. The advance rate applicable to any\nspecific type of asset in the Company’s portfolio depends on the relevant\nasset coverage ratio as of the date of determination. Borrowings under the\nAmended Senior Secured Facility continue to be subject to the leverage\nrestrictions contained in the Investment Company Act of 1940, as amended (the\n“1940 Act”). Terms used in this disclosure have the meanings set forth in\nthe Amended Senior Secured Facility.\n\nCONFERENCE CALL / WEBCAST AT 8:30 AM EDT ON MAY 7, 2026\n\nThe Company will host a conference call on Thursday, May 7, 2026, at 8:30 a.m.\nEastern Time. All interested parties are welcome to participate in the\nconference call by dialing (800) 343-4849 approximately 5-10 minutes prior to\nthe call; international callers should dial (203) 518-9848. Participants\nshould reference either MidCap Financial Investment Corporation Earnings or\nConference ID: MFIC0507 when prompted. A simultaneous webcast of the\nconference call will be available to the public on a listen-only basis and can\nbe accessed through the Events Calendar in the Shareholders section of our\nwebsite at www.midcapfinancialic.com. Following the call, you may access a\nreplay of the event either telephonically or via audio webcast. The telephonic\nreplay will be available approximately two hours after the live call and\nthrough May 28, 2026, by dialing (800) 839-9815; international callers should\ndial (402) 220-2190. A replay of the audio webcast will also be available\nlater that same day. To access the audio webcast please visit the Events\nCalendar in the Shareholders section of our website at\nwww.midcapfinancialic.com.\n\nSUPPLEMENTAL INFORMATION\n\nThe Company provides a supplemental information package to offer more\ntransparency into its financial results and make its reporting more\ninformative and easier to follow. The supplemental package is available in the\nShareholders section of the Company’s website under Presentations at\nwww.midcapfinancialic.com.\n\nOur portfolio composition and weighted average yields as of March 31, 2026,\nDecember 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025 were\nas follows:\n\n March 31, December 31, September 30, June 30, March 31, \n 2026 2025 2025 2025 2025 \n Portfolio composition, at fair value: \n First lien secured debt 95% 95% 95% 93% 93% \n Second lien secured debt 0% 0% 0% 0% 0% \n Total secured debt 95% 95% 95% 93% 93% \n Unsecured debt 0% 0% 0% 0% 0% \n Structured products and other 0% 0% 1% 1% 1% \n Preferred equity 1% 1% 1% 1% 1% \n Common equity/interests and warrants 4% 4% 3% 5% 5% \n Weighted average yields, at amortized cost ((1)): \n First lien secured debt ((2)) 9.5% 9.7% 10.2% 10.4% 10.5% \n Second lien secured debt ((2)) 0.0% 13.0% 13.5% 13.7% 13.8% \n Total secured debt ((2)) 9.5% 9.7% 10.2% 10.4% 10.5% \n Unsecured debt portfolio ((2)) 11.1% 11.1% 11.1% 9.5% 9.5% \n Total debt portfolio ((2)) 9.5% 9.7% 10.2% 10.4% 10.5% \n Total portfolio ((3)) 8.3% 8.6% 9.0% 9.2% 9.4% \n Interest rate type, at fair value ((4)): \n Fixed rate amount $ 0.0 billion $ 0.0 billion $ 0.0 billion $ 0.0 billion $ 0.0 billion \n Floating rate amount $ 2.7 billion $ 2.9 billion $ 2.9 billion $ 3.0 billion $ 2.9 billion \n Fixed rate, as percentage of total 0% 0% 0% 1% 1% \n Floating rate, as percentage of total 100% 100% 100% 99% 99% \n Interest rate type, at amortized cost ((4)): \n Fixed rate amount $ 0.0 billion $ 0.0 billion $ 0.0 billion $ 0.0 billion $ 0.0 billion \n Floating rate amount $ 2.8 billion $ 2.9 billion $ 2.9 billion $ 3.0 billion $ 2.9 billion \n Fixed rate, as percentage of total 0% 0% 0% 1% 1% \n Floating rate, as percentage of total 100% 100% 100% 99% 99% \n \n\n(1) An investor’s yield may be lower than the portfolio yield due to sales\nloads and other expenses.\n(2) Exclusive of investments on non-accrual status.\n(3) Inclusive of all income generating investments, non-income generating\ninvestments and investments on non-accrual status.\n(4) The interest rate type information is calculated using the Company’s\ncorporate debt portfolio and excludes aviation and investments on non-accrual\nstatus.\n\n\n\n MIDCAP FINANCIAL INVESTMENT CORPORATION \n CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES \n (In thousands, except share and per share data) \n March 31, 2026 December 31, 2025 \n (Unaudited) \n Assets \n Investments at fair value: \n Non-controlled/non-affiliated investments (cost — $2,830,189 and $2,955,713, respectively) $ 2,654,656 $ 2,819,511 \n Non-controlled/affiliated investments (cost — $181,645 and $176,978, respectively) 105,180 107,111 \n Controlled investments (cost — $201,373 and $224,619, respectively) 211,651 241,216 \n Cash and cash equivalents 42,626 98,184 \n Foreign currencies (cost — $101 and $1,286, respectively) 63 1,264 \n Receivable for investments sold 6,831 6,253 \n Interest receivable 23,426 23,678 \n Dividends receivable 459 630 \n Deferred financing costs 22,401 23,626 \n Unrealized appreciation on foreign currency forward contracts 799 — \n Prepaid expenses and other assets 1,780 2,171 \n Total Assets $ 3,069,872 $ 3,323,644 \n \n Liabilities \n Debt (net of deferred financing costs and unamortized original discount of $5,612 and $5,838, respectively) $ 1,870,388 $ 1,995,210 \n Payable for investments purchased 211 558 \n Shares Repurchase Payable 4,082 — \n Management fees payable 5,641 6,034 \n Interest payable 10,729 12,867 \n Accrued administrative services expense 409 228 \n Other liabilities and accrued expenses 2,152 1,486 \n Total Liabilities $ 1,893,612 $ 2,016,383 \n Commitments and contingencies (Note 8) \n Net Assets $ 1,176,260 $ 1,307,261 \n \n Net Assets \n Common stock, $0.001 par value (130,000,000 shares authorized; 85,127,849 and 92,211,869 shares issued and outstanding, respectively) $ 85 $ 92 \n Capital in excess of par value 2,576,962 2,652,891 \n Accumulated under-distributed (over-distributed) earnings (1,400,787 ) (1,345,722 ) \n Net Assets $ 1,176,260 $ 1,307,261 \n \n Net Asset Value Per Share $ 13.82 $ 14.18 \n\n\n\n MIDCAP FINANCIAL INVESTMENT CORPORATION \n CONSOLIDATED STATEMENTS OF OPERATIONS \n (In thousands, except per share data) \n Three Months Ended March 31, \n 2026 2025 \n Investment Income \n Non-controlled/non-affiliated investments: \n Interest income (excluding Payment-in-kind (“PIK”) interest income) $ 64,063 $ 69,302 \n Dividend income 58 — \n PIK interest income 3,373 3,170 \n Other income 574 324 \n Non-controlled/affiliated investments: \n Interest income (excluding PIK interest income) 912 1,229 \n Dividend income 252 240 \n PIK interest income — 351 \n Controlled investments: \n Interest income (excluding PIK interest income) 2,595 4,072 \n Other income — 10 \n Total Investment Income $ 71,827 $ 78,698 \n Expenses \n Management fees $ 5,641 $ 6,061 \n Performance-based incentive fees — 6,433 \n Interest and other debt expenses 28,479 30,464 \n Administrative services expense 1,441 1,016 \n Other general and administrative expenses 2,059 1,248 \n Total expenses 37,620 45,222 \n Expense reimbursements (62 ) (806 ) \n Net Expenses $ 37,558 $ 44,416 \n Net Investment Income $ 34,269 $ 34,282 \n Net Realized and Change in Unrealized Gains (Losses) \n Net realized gains (losses): \n Non-controlled/non-affiliated investments $ (9,300 ) $ 3,588 \n Non-controlled/affiliated investments (67 ) (188 ) \n Foreign currency forward contracts 904 — \n Foreign currency transactions (3,952 ) (313 ) \n Net realized gains (losses) (12,415 ) 3,087 \n Net change in unrealized gains (losses): \n Non-controlled/non-affiliated investments (39,872 ) (6,088 ) \n Non-controlled/affiliated investments (6,599 ) (1,509 ) \n Controlled investments (6,319 ) 1,348 \n Foreign currency forward contracts 799 24 \n Foreign currency translations 3,266 (814 ) \n Net change in unrealized gains (losses) (48,725 ) (7,039 ) \n Net Realized and Change in Unrealized Gains (Losses) $ (61,140 ) $ (3,952 ) \n Net Increase (Decrease) in Net Assets Resulting from Operations $ (26,871 ) $ 30,330 \n Earnings (Loss) Per Share — Basic $ (0.30 ) $ 0.32 \n \n\nImportant Information\n\nInvestors are advised to carefully consider the investment objective, risks,\ncharges and expenses of the Company before investing. The Company's filings\nwith the Securities and Exchange Commission (“SEC”), including annual\nreports on Form 10-K and quarterly reports on Form 10-Q, contain this and\nother information about the Company and should be read carefully before\ninvesting. You may obtain these documents for free by visiting EDGAR on the\nSEC website at www.sec.gov.\n\nThe information in this announcement is not complete and may be changed. This\ncommunication shall not constitute an offer to sell or the solicitation of an\noffer to buy nor shall there be any sale of these securities in any state or\nother jurisdiction in which such offer, solicitation or sale would be unlawful\nprior to registration or qualification under the securities laws of any such\nstate or other jurisdiction.\n\nPast performance is not indicative of, or a guarantee of, future performance.\nThe performance and certain other portfolio information quoted herein\nrepresents information as of dates noted herein. Nothing herein shall be\nrelied upon as a representation as to the future performance or portfolio\nholdings of the Company. Investment return and principal value of an\ninvestment will fluctuate, and shares, when sold, may be worth more or less\nthan their original cost. The Company’s performance is subject to change\nsince the end of the period noted in this report and may be lower or higher\nthan the performance data shown herein.\n\nAbout MidCap Financial Investment Corporation\n\nMidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end,\nexternally managed, diversified management investment company that has elected\nto be treated as a business development company under the 1940 Act. For tax\npurposes, the Company has elected to be treated as a regulated investment\ncompany under Subchapter M of the Internal Revenue Code of 1986, as amended.\nThe Company is externally managed by Apollo Investment Management, L.P., an\naffiliate of Apollo Global Management, Inc. and its consolidated subsidiaries,\na high-growth global alternative asset manager. The Company’s investment\nobjective is to generate current income and, to a lesser extent, long-term\ncapital appreciation. The Company primarily invests in directly originated and\nprivately negotiated first lien senior secured loans to privately held U.S.\nmiddle-market companies, which the Company generally defines as companies with\nless than $75 million in earnings before interest, taxes, depreciation and\namortization, as may be adjusted for market disruptions, mergers and\nacquisitions-related charges and synergies, and other items. To a lesser\nextent, the Company may invest in other types of securities including, first\nlien unitranche, second lien senior secured, unsecured, subordinated, and\nmezzanine loans, and equities in both private and public middle market\ncompanies. For more information, please visit www.midcapfinancialic.com\n\nForward-Looking Statements\n\nSome of the statements in this press release constitute forward-looking\nstatements because they relate to future events, future performance or\nfinancial condition. The forward-looking statements may include statements as\nto: future operating results of MFIC and distribution projections; business\nprospects of MFIC, and the prospects of its portfolio companies, if\napplicable; and the impact of the investments that MFIC expects to make. In\naddition, words such as “anticipate,” “believe,” “expect,”\n“seek,” “plan,” “should,” “estimate,” “project” and\n“intend” indicate forward-looking statements, although not all\nforward-looking statements include these words. The forward-looking statements\ncontained in this press release involve risks and uncertainties. Certain\nfactors could cause actual results and conditions to differ materially from\nthose projected, including the uncertainties associated with: future changes\nin laws or regulations (including the interpretation of these laws and\nregulations by regulatory authorities); changes in general economic\nconditions, including the impact of supply chain disruptions, tariffs and\ntrade disputes with other countries, or changes in financial markets, and the\nrisk of recession; changes in the interest rate environment and levels of\ngeneral interest rates and the impact of inflation; the return on equity; the\nyield on investments; the ability to borrow to finance assets; new strategic\ninitiatives; the ability to reposition the investment portfolio; the market\noutlook; future investment activity; and risks associated with changes in\nbusiness conditions and the general economy. MFIC has based the\nforward-looking statements included in this press release on information\navailable to it on the date hereof, and assumes no obligation to update any\nsuch forward-looking statements. Although MFIC undertakes no obligation to\nrevise or update any forward-looking statements, whether as a result of new\ninformation, future events or otherwise, you are advised to consult any\nadditional disclosures that they may make directly to you or through reports\nthat MFIC in the future may file with the SEC, including annual reports on\nForm 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.\n\nContact\n\nElizabeth Besen\nInvestor Relations Manager\nMidCap Financial Investment Corporation\n212.822.0625\nebesen@apollo.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/178161c8-7e0a-4946-980b-7b38e8203830)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-06T20:05:05.712703538Z","server_sent_at_ms":1778097905712},"received_at":"2026-05-06T20:05:05.780Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}