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MIDCAP FINANCIAL INVESTMENT CORPORATION Financial Results for the Quarter Ended June 30 , 2026 MidCap Financial Investment Corporation August 6 , 2026 Unless otherwise noted , information as of June 30 , 2026 . Confidential and Proprietary - Not for distribution , in whole or in part , without the express written consent of Apollo Global Management , Inc. It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown in this document .
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2 Disclaimers, Definitions and Important Notes Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of MidCap Financial Investment Corporation (“MFIC” or the “Company”) and distribution projections; business prospects of MFIC, and the prospects of its portfolio companies, if applicable; and the impact of the investments that MFIC expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this presentation involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); changes in general economic conditions, including the impact of supply chain disruptions, tariffs and trade disputes with other countries, or changes in financial markets, and the risk of recession; changes in the interest rate environment and levels of general interest rates and the impact of inflation; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with changes in business conditions and the general economy. MFIC has based the forward-looking statements included in this presentation on information available to it on the date hereof, and assumes no obligation to update any such forward-looking statements. Although MFIC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that MFIC in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Past Performance Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of dates noted herein. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein. For more detailed information on risks relating to the Company, see the latest Form 10-K and subsequent quarterly reports filed on Form 10-Q. Financial Data Financial data used in this presentation for the periods shown is from the Company’s Form 10-K and Form 10-Q filings with the SEC during such periods. Unless otherwise indicated, the numbers shown herein are rounded and unaudited. Quarterly and annual financial information for the Company refers to fiscal periods. All share and per share data shown herein is adjusted for the one-for-three reverse stock split of the Company’s common stock which took effect at the close of business on November 30, 2018.
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3 1. Based on direct origination portfolio. Direct origination includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation and other select investments. 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. Summary of Quarterly Results Results for the Quarter Ended June 30, 2026, and Other Recent Highlights: Net investment income for the quarter ended June 30, 2026 was $32.8 million, or $0.40 per share, compared to $0.38 for the qu arter ended March 31, 2026. Net realized and change in unrealized gains (losses) on investments for the quarter ended June 30, 2026 were $(50.3) million, or $(0.61) per share. 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, represent ing 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 million1 to existing borrowers. Gross fundings for the quarter, 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 tota l portfolio, as of quarter-end. Net leverage3 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 a n 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
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4 Note: As of June 30, 2026. At fair value, unless otherwise noted. Subject to change at any time. without notice. There is no guarantee that similar allocations or investments will be available in the future. Diversification does not ensure profit or protect against loss. 1. The Company has transitioned its industry classification from the Moody’s Industries System to the Global Industry Classification System or GICS effective for the period ending June 30, 2025. 2. Direct Origination includes leveraged lending, life sciences, franchise finance, asset based, lender finance, and excludes Merx Aviation. 3. Weighted average yield on debt investments. On a cost basis. Exclusive of investment on non-accrual status. Based on average of beginning of period and end of period portfolio yield. 4. On May 14, 2025, the Company received an exemptive order (the “Order”) from the SEC, permitting greater flexibility to participate in co-investment transactions with certain of its affiliates where terms other than price and quantity are negotiated, subject to the conditions included therein. The Order superseded prior exemptive orders received from the SEC on March 29, 2016, December 29, 2021 and January 14, 2025, as amended. 5. On a cost basis. 6. Source: Company data. 7.The weighted average net leverage, weighted average interest coverage, weighted average attachment point, and median EBITDA metrics are based on the most recently available financial data for the underlying borrowers, which is typically as of the preceding quarter. 8. Through MFIC position based on Direct Origination portfolio. 9. Excludes select investments where metric is not relevant or appropriate or data is not available. 10. Weighted average by cost. Current metric. 11. As of June 30, 2026, Other consists of 25 other industries that each represents less than 2% of fair market value. 12. Acquired Non-direct origination assets include high yield bonds, structured credit, and broadly syndicated loan positions acquired through the mergers with Apollo Senior Floating Rate Fund, Inc. ("AFT") and Apollo Tactical Income Fund, Inc. ("AIF"). MFIC Senior Secured Diversified Investment Portfolio Portfolio Snapshot Portfolio $2.77 bn # of Portfolio Companies 229 # of Industries1 45 Direct Origination and Other2 % Total Portfolio 96.4% Non-Accrual % Total Portfolio 2.8% Direct Origination Portfolio Statistics Weighted Average Yield3 9.5% Weighted Average Spread over SOFR 539 bps First Lien 97% Floating Rate 100% Sponsored 95% Pursuant to co-investment order4 92% Average exposure $12.1 mn % with financial covenants5 93.7% Median EBITDA6, 7 $53 mn Weighted Avg Net Leverage6, 7, 8, 9, 10 5.36x Weighted Avg Attachment Point6, 7, 8, 9, 10 0.0x Weighted Avg Interest Coverage6, 7, 8, 10 2.3x Portfolio by Strategy Portfolio by Industry 11 12 11.9% 9.3% 7.4% 6.3% 4.3% 3.8%3.7%3.4%3.0%3.0%2.9%2.6% 2.6% 2.6% 2.5% 2.5% 2.5% 2.4% 2.3% 2.2% 18.8% Software Health Care Providers & Services Diversified Consumer Services Media Commercial Services & Supplies Personal Care Products Electronic Equipment, Instruments & Components Hotels, Restaurants & Leisure Health Care Equipment & Supplies Financial Services Pharmaceuticals IT Services Professional Services Food Products Containers & Packaging Passenger Airlines Ground Transportation Trading Companies & Distributors Machinery Health Care Technology Other 96% 3% 1% Direct Origination and Other Aviation Acquired Non-direct origination assets
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5Private and Confidential Dollars expressed in millions as of June 30, 2026. 1. Weighted by cost 2. Weighted by fair value 3. ARR Loans represents 4% of the total MFIC Portfolio, by fair value 4. Excludes Non-Accrual Positions 5. Excludes ARR Positions 6. Financial data as of March 31st or most recent available reporting date. 7. Based on GICS Level 4 Sub-Industries. Other industries include Managed Health Care, Publishing, Property & Casualty Insurance, Aerospace & Defense, Construction & Engineering, Broadline Retail, and Systems Software 8. Quarterly Software PIK Income totaled $693,484. MFIC’s Approach to Software Software Performance Metrics Median EBITDA 6 $53 mn Weighted Average Total Net Leverage 1, 5, 6 4.3x Weighted Average Interest Coverage 1, 5, 6 2.2x Number of Software Companies with PIK 4 2 PIK Income as a % of Total Quarterly Software Income 8 6.0% Software Portfolio Statistics Fair Value of Software Portfolio $329 mn Fair Value of Software Portfolio as of % of Total 11.9% Number of Companies 28 Average Exposure by Fair Value $11.8 mn Software Weighted Average Spread 1 537 bps % First Lien 2 100% Number of ARR Loans 7 % ARR Loans of Software Portfolio 2, 3 17% Software End Market Exposure 1, 7Software Investing Framework We invest with an artificial intelligence (“AI”) first and risk aware mindset, recognizing that AI is both expanding software’s total addressable market and reshaping competitive dynamics. Every investment is underwritten for AI driven upside as well as potential displacement risk We prioritize mission critical platforms that are deeply embedded in enterprise workflows, supported by high switching costs, proprietary data, and durable network effects. These systems of record are best positioned to consolidate share as disruption unfolds We are highly selective at the subsector level, avoiding categories where workflows are easily automated or pricing is vulnerable to seat-based compression. Instead, we favor resilient areas such as core infrastructure, security, ERP, and integrated enterprise platforms Our approach combines AI positioning, franchise strength, and disciplined balance sheet analysis. By integrating technology, competitive durability, and credit quality into a single framework, we look for software businesses built to endure and compound through periods of rapid change 14.9% 9.0% 8.7% 8.3% 6.2%6.0%5.9% 5.8% 5.3% 5.0% 5.0% 3.1% 2.6% 2.6% 2.5% 8.8% IT Consulting & Other Services Interactive Media & Services Specialized Consumer Services Internet Services & Infrastructure Agricultural Products & Services Transaction & Payment Processing Services Integrated Telecommunication Services Hotels, Resorts & Cruise Lines Application Software Health Care Services Diversified Banks Electric Utilities Trading Companies & Distributors Diversified Financial Services Health Care Technology Other
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6 Financial Highlights Notes: Numbers may not sum due to rounding. 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. 2. Includes reorganizations and restructurings of investments. 3. The Company sold and or was repaid $9.1 million of assets acquired through the mergers with AFT and AIF (the “Mergers”) during the quarter ended June 30, 2026. ($ in thousands, except per share data) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Financial Highlights Net investment income per share $0.40 $0.38 $0.39 $0.38 $0.39 Net realized and unrealized gains (losses) from investments 2 ($0.61) ($0.67) ($0.49) ($0.08) ($0.20) Net realized loss from extinguishment of debt $0.00 $0.00 ($0.04) — — Earnings (loss) per share ($0.21) ($0.30) ($0.14) $0.29 $0.19 Net asset value per share $13.37 $13.82 $14.18 $14.66 $14.75 Distribution recorded per common share $0.31 $0.31 $0.38 $0.38 $0.38 Net leverage ratio 1 1.54 x 1.55 x 1.45 x 1.35 x 1.44 x Investment Activity Commitments Gross commitments made $5,770 $50,129 $141,380 $137,792 $262,460 Exits of commitments (186,213) (224,054) (139,701) (221,935) (95,734) Net investment commitments made ($180,442) ($173,925) $1,680 ($84,143) $166,726 Funded Investment Activity Gross fundings, excluding Merx Aviation, revolvers 2 $20,952 $67,650 $155,918 $142,183 $253,641 Net fundings, including Merx Aviation, revolvers 2 (151,128) (134,041) 41,151 (110,063) 177,836 Net fundings, including Merx Aviation, revolvers, and acquired AFT / AIF 3 ($160,227) ($141,654) $24,604 ($148,023) $143,952
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7 1. Direct Origination includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation and select other assets. 2. Non-direct origination assets include high yield bonds, broadly syndicated loans, and structured credit positions, acquired through the Mergers. 3. Based on average beginning of period and end of period portfolio yield. On a cost basis. Exclusive of investments on non-accrual status. 4. During the quarter ended March 31, 2026, the Merx Aviation debt position was repaid in full. Yield shown above reflects the return earned through the repayment date. Portfolio Highlights ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Portfolio by Strategy, at fair value ($) Leveraged lending $2,370,545 $2,524,077 $2,661,034 $2,619,557 $2,634,878 Life sciences 127,650 158,118 189,259 219,840 224,827 Asset based, franchise finance and lender finance 135,790 138,573 139,867 154,254 174,224 Other 35,493 37,312 40,115 41,376 42,902 Direct origination1 and other portfolio $2,669,478 $2,858,079 $3,030,275 $3,035,026 $3,076,832 Acquired Non-direct origination assets 2 32,248 32,707 34,766 41,166 65,829 Merx Aviation 68,616 80,701 102,797 104,772 184,821 Total investment portfolio $2,770,342 $2,971,487 $3,167,838 $3,180,965 $3,327,482 Portfolio by Strategy, at fair value (%) Leveraged lending 86% 85% 84% 82% 79% Life sciences 5% 5% 6% 7% 7% Asset based, franchise finance and lender finance 5% 5% 5% 5% 5% Other 1% 1% 1% 1% 1% Direct origination1 and other portfolio 97% 96% 96% 95% 92% Acquired Non-direct origination assets 2 1% 1% 1% 2% 2% Merx Aviation 2% 3% 3% 3% 6% Total investment portfolio 100% 100% 100% 100% 100% Weighted Average Yield on Debt Investments, average 3 Direct origination portfolio 1 9.5% 9.6% 10.0% 10.3% 10.5% Merx Aviation 4 — 10.0% 10.0% 10.0% 10.0% Core portfolio 9.5% 9.6% 10.0% 10.3% 10.5% Number of portfolio companies, at period end 229 236 247 246 249
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8 1. Direct Origination includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation and select other assets. 2. Source: Company data. 3. Through MFIC position. 4. Excludes select investments where metric is not relevant or appropriate or data is not available. 5. Weighted average by cost. Current metric. 6. The weighted average net leverage, weighted average interest coverage, and median EBITDA metrics are based on the most recently available financial data for the underlying borrowers, which is typically as of the preceding quarter. Direct Origination Portfolio Detail1 ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Portfolio by Asset Class, measured at fair value ($) First Lien $2,557,743 $2,789,124 $2,948,345 $2,945,693 $2,994,520 Second lien $51 $51 $62 $72 $75 Other $76,191 $31,592 $41,753 $47,885 $39,334 Total direct origination portfolio $2,633,985 $2,820,768 $2,990,160 $2,993,651 $3,033,929 Portfolio by Asset Class, measured at fair value (%) First Lien 97% 99% 99% 98% 99% Second lien 0% 0% 0% 0% 0% Other 3% 1% 1% 2% 1% Total direct origination portfolio 100% 100% 100% 100% 100% Weighted Average Spread of Floating Rate Assets (in bps) First Lien 539 538 546 559 567 Second lien — — 850 850 899 Weighted average spread 539 538 546 559 568 Weighted Average Net Leverage 2, 3, 4, 5 First Lien 5.36 x 5.29 x 5.29 x 5.29 x 5.32 x Second lien 0.00 x 0.00 x 9.68 x 8.79 x 7.37 x Weighted average net leverage 5.36 x 5.29 x 5.29 x 5.29 x 5.32 x Interest Rate Type, measured at fair value Fixed rate % 0% 0% 0% 0% 0% Floating rate % 100% 100% 100% 100% 100% Sponsored / Non-sponsored, measured at fair value Sponsored % 95% 94% 92% 91% 90% Non-sponsored % 5% 6% 8% 9% 10% Other Metrics Pursuant to co-investment order % 93% 92% 92% 93% 93% Average borrower exposure $12,138 $12,593 $12,778 $12,904 $13,134 Interest coverage 2, 4, 5, 6 2.3 x 2.3 x 2.3 x 2.2 x 2.1 x Attachment point 2, 4, 5 0.0 x 0.0 x 0.0 x 0.0 x 0.0 x
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9 1. Direct Origination includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation, select other investments and acquired AFT/AIF assets. 2. Source:Company data. through MFIC position. Excludes select investments where debt-to-EBITDA is not a relevant or appropriate metric, or data is not available. Weighted average by cost. Current metric. Direct Origination Commitments1 ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Gross Commitments Made by Asset Class First lien $3,437 $41,785 $137,622 $136,233 $262,460 Second lien and other 2,333 8,343 3,758 1,560 — Gross commitments made $5,770 $50,129 $141,380 $137,792 $262,460 Gross Commitments Made Information Number of portfolio companies 3 8 26 21 29 Average commitment size $1,923 $6,266 $5,438 $6,562 $9,050 Floating Rate % 100% 100% 100% 100% 100% Pursuant to co-investment order % 100% 100% 99% 99% 99% Weighted Average Spread of New Floating Rate Commitments (in bps) First lien 994 469 497 521 538 Second lien N/A N/A N/A N/A N/A Weighted average spread 994 469 497 521 538 Weighted Average Net Leverage of New Commitments 2 First lien 4.9 x 3.6 x 4.0 x 3.8 x 4.0 x Second lien N/A N/A N/A N/A N/A Weighted average net leverage 4.9 x 3.6 x 4.0 x 3.8 x 4.0 x Exits of Commitments by Asset Class First lien ($186,213) ($222,628) ($139,701) ($209,531) ($95,227) Second lien and other — (1,426) — (12,405) (507) Exits of commitments ($186,213) ($224,054) ($139,701) ($221,935) ($95,734)
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10 Funded Investment Activity ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Fundings, excluding Merx Aviation, Revolvers, and AFT / AIF Gross fundings1 $20,952 $67,650 $155,918 $142,183 $253,641 Total sales and repayments1 (165,340) (180,827) (119,306) (158,660) (74,183) Net repayments, excluding Merx Aviation, revolvers, and AFT / AIF1 ($144,388) ($113,177) $36,613 ($16,476) $178,088 Merx Aviation Gross fundings $- $- $- $- $- Repayments (12,500) (22,000) (7,500) (96,610) (8,500) Net repayments, Merx Aviation ($12,500) ($22,000) ($7,500) ($96,610) ($8,500) Revolvers, excluding Merx Aviation Gross fundings $26,233 $34,807 $37,689 $33,208 $35,090 Repayments (20,473) (33,671) (25,651) (30,184) (28,211) Net fundings, revolvers $5,760 $1,136 $12,038 $2,994 $6,582 Total Funded Investment Activity, excluding AFT / AIF Gross fundings1 $47,185 $102,457 $193,608 $175,391 $288,731 Sales, syndications, and repayments1 (198,313) (236,498) (152,457) (285,454) (110,895) Net fundings, including Merx Aviation and revolvers1 ($151,128) ($134,041) $41,151 ($110,063) $177,836 Acquired AFT / AIF Investment Activity Gross fundings $- $- $- $- $- Sales, syndications, and repayments (9,099) (7,613) (16,547) (37,960) (33,885) Net repayments, acquired AFT / AIF ($9,099) ($7,613) ($16,547) ($37,960) ($33,885) Total Funded Investment Activity, including AFT / AIF Gross fundings1 $47,185 $102,457 $193,608 $175,391 $288,731 Sales, syndications, and repayments1 (207,412) (244,111) (169,003) (323,414) (144,779) Net fundings, including Merx Aviation, revolvers, and acquired AFT / AIF1 ($160,227) ($141,654) $24,604 ($148,023) $143,952 1. Includes reorganizations and restructurings of investments.
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11 Funded Investment Activity (Cont.) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Number of Portfolio Companies Number of portfolio companies, at beginning of period 236 247 246 249 240 Number of new portfolio companies, (ex AFT / AIF) — 2 11 9 14 Number of new portfolio companies, AFT / AIF — — — — — Number of exited portfolio companies, (ex AFT / AIF) (5) (10) (8) (6) (2) Number of exited portfolio companies, AFT / AIF (2) (3) (2) (6) (3) Number of portfolio companies, at period end 229 236 247 246 249
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12 Note: Numbers may not sum due to rounding. 1. Excluding investments acquired from AFT & AIF. 2. Previously held as non-yielding equity exchanged for debt following the restructure during quarter ending December 31, 2025. Credit Quality As of June 30, 2026, 4.6% of total investments at amortized cost, or 2.8% of total investments at fair value, were on non-accrual status. ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Investments on Non-Accrual Status, at amortized cost Non-accrual investments 1 $141,159 $167,115 $128,082 $140,941 $96,576 Non-accrual investments, acquired AFT / AIF 175 3,427 3,424 5,737 2,304 Non-accrual investments total $141,334 $170,542 $131,505 $146,678 $98,880 Non-accrual investments/total portfolio1 4.6% 5.2% 3.8% 4.2% 2.8% Non-accrual investments/total portfolio, acquired AFT / AIF 0.0% 0.1% 0.1% 0.2% 0.1% Non-accrual investments/total portfolio 4.6% 5.3% 3.9% 4.4% 2.8% Investments on Non-Accrual Status, at fair value Non-accrual investments 1 $77,337 $102,383 $79,937 $96,700 $65,157 Non-accrual investments, acquired AFT / AIF 289 1,653 1,355 1,662 594 Non-accrual investments total $77,627 $104,036 $81,292 $98,362 $65,751 Non-accrual investments/total portfolio 1 2.8% 3.4% 2.5% 3.0% 2.0% Non-accrual investments/total portfolio, acquired AFT / AIF 0.0% 0.1% 0.0% 0.1% 0.0% Non-accrual investments/total portfolio 2.8% 3.5% 2.6% 3.1% 2.0% Investments on Non-Accrual Status as of June 30, 2026 Industry Cost Fair Value Investments, excluding investments acquired from AFT / AIF Mergers Bird Rides Ground Transportation $32,843 $25,779 Midwest Vision Health Care Providers & Services $23,331 $11,892 Banner Solutions Trading Companies & Distributors $15,366 $6,130 Kauffman Electrical Equipment $18,154 $7,045 Tasty Chick’N Hotels, Restaurants & Leisure $12,013 $7,409 Naviga Software $12,768 $7,084 Munson Hotels, Restaurants & Leisure $8,706 $5,968 Simeio Software $8,991 $6,218 Sorenson Holdings, Llc Communications Equipment $304 $319 Gohealth Insurance $997 ($506) Securus Technologies Holdings, Inc. Interactive Media & Services $7,687 $0 Subtotal $141,159 $77,337 Investments Acquired from AFT / AIF Mergers Heubach1 Chemicals $83 $239 Inovalon1,2 Health Care Technology $92 $51 Subtotal $175 $289 Total Investments on Non-Accrual Status including acquired AFT / AIF $141,334 $77,627
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13 Note: Numbers may not sum due to rounding. Net Asset Value Rollforward Net Asset Value Per Share ($ in thousands, except per share data) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Per Share NAV, beginning of period $13.82 $14.18 $14.66 $14.75 $14.93 Net investment income 0.40 0.38 0.39 0.38 0.39 Net realized and unrealized gains (losses) from investments (0.61) (0.67) (0.49) (0.08) (0.20) Net realized loss from extinguishment of debt — — (0.04) — — Net increase (decrease) in net assets resulting from operations (0.21) (0.30) (0.14) 0.29 0.19 Repurchase of common stock 0.07 0.24 0.03 — — Distribution recorded (0.31) (0.31) (0.38) (0.38) (0.38) NAV, end of period $13.37 $13.82 $14.18 $14.66 $14.75 NAV, beginning of period $1,176,260 $1,307,261 $1,367,920 $1,375,921 $1,393,260 Net investment income 32,769 34,269 36,011 35,307 36,397 Net realized and change in unrealized gains (losses) on Investments (50,274) (61,140) (45,334) (7,853) (18,283) Net realized loss on extinguishment of debt — — (3,406) — — Net increase (decrease) in net assets resulting from operations (17,505) (26,871) (12,729) 27,454 18,116 Repurchase of common stock (31,899) (76,025) (12,890) — — Distributions recorded (25,536) (28,105) (35,041) (35,455) (35,455) NAV, end of period $1,101,320 $1,176,260 $1,307,261 $1,367,920 $1,375,921 $13.37 $13.82 $14.18 $14.66 $14.75 $12 $13 $13 $14 $14 $15 $15 $16 $16 Jun-26Mar-26Dec-25Sep-25Jun-25
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14Note: Numbers may not sum due to rounding. 1. Total PIK income for the three months ended March 31, 2026, includes $0.45 million that was reclassified from cash interest income to PIK income, as a result of amendments executed during the quarter ended June 30, 2026. Quarterly Operating Results ($ in thousands, except per share data) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Total investment income Interest income (excluding PIK) $63,166 $67,119 $73,321 $77,726 $75,654 Dividend income 231 310 231 200 200 PIK interest income 1 4,247 3,824 3,781 4,192 5,173 Other income 582 574 1,024 458 220 Total investment income $68,226 $71,827 $78,357 $82,576 $81,247 Expenses Management fees $5,132 $5,641 $6,034 $6,069 $6,079 Performance-based incentive fees — — — 5,818 3,849 Interest and other debt expenses 27,074 28,478 30,994 33,038 32,581 Administrative services expense 1,193 1,441 3,618 1,029 1,010 Other general and administrative expenses 2,120 2,059 1,806 1,599 1,611 Total expenses 35,519 37,620 42,453 47,554 45,130 Expense reimbursements (62) (62) (107) (284) (280) Net expenses $35,457 $37,558 $42,346 $47,269 $44,851 Net investment income $32,769 $34,269 $36,011 $35,307 $36,397 Net realized gains (losses) ($498) ($12,415) ($13,402) ($19,167) ($17,238) Net change in unrealized gains (losses) ($49,776) ($48,725) ($31,932) $11,314 ($1,044) Net realized and change in unrealized gains (losses) on Investments ($50,274) ($61,140) ($45,334) ($7,853) ($18,283) Net realized loss on extinguishment of debt — — ($3,406) — — Net increase (decrease) in net assets resulting from operations ($17,505) ($26,871) ($12,729) $27,454 $18,115 Additional Data Net investment income per share $0.40 $0.38 $0.39 $0.38 $0.39 Earnings (loss) per share ($0.21) ($0.30) ($0.14) $0.29 $0.19 Distribution recorded per common share $0.31 $0.31 $0.38 $0.38 $0.38 Weighted average shares outstanding 82,545,053 91,053,511 92,755,591 93,303,622 93,303,622 Shares outstanding, end of period 82,372,628 85,127,849 92,211,869 93,303,622 93,303,622
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15 Note: Numbers may not sum due to rounding. 1. Other assets include dividends receivable, deferred financing costs, variation margin receivable on options contracts, net appreciation on open FX forward contracts, and prepaid expenses and other assets. 2. The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. Quarterly Balance Sheet ($ in thousands, except share and per share data) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Assets Investments at fair value $2,770,342 $2,971,487 $3,167,838 $3,180,965 $3,327,482 Cash and cash equivalents (including foreign currencies) 43,354 42,689 99,447 66,459 71,897 Interest receivable 21,268 23,426 23,678 26,222 28,564 Receivable for investments sold 2,195 6,831 6,253 12,219 8,809 Other assets 1 23,390 25,439 26,427 23,629 25,132 Total Assets $2,860,549 $3,069,872 $3,323,645 $3,309,494 $3,461,883 Liabilities Debt $1,739,604 $1,870,388 $1,995,210 $1,915,074 $2,051,654 Payables for investments purchased — 211 558 780 4,773 Shares Repurchase Payable — 4,082 — — — Management and performance-base incentive fees payable 5,132 5,641 6,034 11,892 9,928 Interest payable 12,336 10,729 12,867 11,473 16,561 Accrued administrative services expense 581 409 — — — Other liabilities and accrued expenses 1,576 2,152 1,715 2,355 3,045 Total Liabilities $1,759,229 $1,893,612 $2,016,384 $1,941,574 $2,085,962 Net Assets $1,101,320 $1,176,260 $1,307,261 $1,367,920 $1,375,921 Additional Data Net asset value per share $13.37 $13.82 $14.18 $14.66 $14.75 Debt-to-equity ratio 1.58 x 1.59 x 1.53 x 1.40 x 1.49 x Net leverage ratio 2 1.54 x 1.55 x 1.45 x 1.35 x 1.44 x Shares outstanding, end of period 82,372,628 85,127,849 92,211,869 93,303,622 93,303,622
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16 1. The 2026 Notes matured and were repaid on July 16, 2026. 2. Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Excludes amortized debt issuance costs. For the three months ended June 30, 2026. Based on average debt obligations outstanding. Funding Sources as of June 30, 2026 Debt Facilities ($ in thousands) Secured Facilities: Senior Secured Facility ($1.610 billion) 10/1/2025 10/1/2030 SOFR + 177.5 +10bps 685,000$ MFIC Bethesda CLO 1 LLC Notes (Class A-1, Class A-2, Class B, and Class C) 10/23/2025 10/23/2037 SOFR + 161bps 456,000 MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B, and Class C) 2/24/2025 1/23/2037 SOFR + 161bps 399,000 Subtotal 1,540,000 Unsecured Notes: 2026 Notes 1 7/16/2021 7/16/2026 4.50% 125,000 2028 Notes 12/13/2023 12/15/2028 8.00% 80,000 Subtotal 205,000 Weighted Average Annualized Interest Cost 2 & Total Debt Obligations 5.66% 1,745,000 Deferred Financing Cost and Debt Discount (5,396) 1,739,604$ Total Debt Obligations, Net of Deferred Financing Cost and Debt Discount Interest Rate Principal Amount Outstanding Debt Issued/ Amended Final Maturity Date
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17 Note: Numbers may not sum due to rounding. 1. Total investment portfolio. On a fair value basis. 2. Net investment income presented in the sensitivity table is after applying a 17.5% performance-based incentive fee. Interest Rate Exposure as of June 30, 2026 Investment Portfolio by Interest Rate Type Funding Sources by Interest Rate Type Floating Rate Asset Floor Net Investment Income 2 Interest Rate Sensitivity 1 Annual Net Investment Income (in millions) Annual Net Investment Income Per Share Basis Point Change Up 150 basis points $11.2 0.14 Up 100 basis points $7.4 0.09 Up 50 basis points $3.7 0.04 Down 50 basis points ($3.7) (0.04) Down 100 basis points ($7.3) (0.09) Down 150 basis points ($10.9) (0.13) Par or Cost (in millions) % of Floating Rate Portfolio Interest Rate Floors No Floor $49 2% < 1.00% 684 26% 1.00% to 1.24% 1,635 63% 1.25% to 1.49% 0 0% 1.50% to 1.74% 28 1% > = 1.75% 196 8% Fixed rate assets 1% Floating rate assets 90% Non yielding and non-accrual assets 9% Fixed rate debt 12% Floating rate debt 88%
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18Note: Numbers may not sum due to rounding. Realized and Change in Unrealized Gains (Losses) by Strategy ($ in millions) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Leveraged lending ($46.4) ($45.6) ($29.4) ($14.3) ($18.0) Life sciences $0.7 ($1.5) ($1.0) $0.5 ($0.3) Franchise finance ($0.9) ($1.6) ($1.1) ($2.3) ($2.7) Asset based and lender finance ($1.0) ($7.1) ($16.5) ($9.2) ($1.0) Fx gain (loss) on direct origination ($0.1) $0.9 ($0.1) $0.7 ($2.5) Direct origination portfolio, (ex AFT / AIF) ($47.6) ($54.9) ($48.2) ($24.6) ($24.5) Merx Aviation $0.4 ($0.1) $5.5 $16.6 $8.2 Other ($2.1) ($2.2) ($1.4) ($0.6) ($1.4) Total investment portfolio, (ex AFT / AIF) ($49.3) ($57.2) ($44.0) ($8.7) ($17.8) Total acquired AFT / AIF ($1.0) ($4.0) ($1.3) $0.8 ($0.5) Total investment portfolio (incl AFT / AIF) ($50.3) ($61.1) ($45.3) ($7.9) ($18.3) per share Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Leveraged lending ($0.56) ($0.50) ($0.32) ($0.15) ($0.19) Life sciences $0.01 ($0.02) ($0.01) $0.00 ($0.00) Franchise finance ($0.01) ($0.02) ($0.01) ($0.02) ($0.03) Asset based and lender finance ($0.01) ($0.08) ($0.18) ($0.10) ($0.01) Fx gain (loss) on direct origination ($0.00) $0.01 ($0.00) $0.01 ($0.03) Direct origination portfolio, (ex AFT / AIF) ($0.58) ($0.60) ($0.52) ($0.26) ($0.27) Merx Aviation $0.01 ($0.00) $0.06 $0.18 $0.09 Other ($0.03) ($0.02) ($0.01) ($0.01) ($0.02) Total investment portfolio, (ex AFT / AIF) ($0.60) ($0.63) ($0.47) ($0.09) ($0.20) Total acquired AFT / AIF ($0.01) ($0.04) ($0.01) $0.01 ($0.01) Total investment portfolio (incl AFT / AIF) ($0.61) ($0.67) ($0.49) ($0.08) ($0.20)
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19 See Note 8 (Commitments and Contingencies) in the Company's Form 10-Q for the quarter ended June 30, 2026, for additional information. 1. The funded revolver obligations include standby letters of credit issued and outstanding under the facility. The unfunded revolver obligations include all other standby letters of credit issued and outstanding. 2 . The unfunded revolver obligations relate to loans with various maturity dates. 3 . Revolver availability is determined based on each loan’s respective credit agreement which includes covenants that need to be met prior to funding and / or collateral availability for asset-based revolver obligations. 4. The delayed draw term loans include conditionality for the use of proceeds and are generally only accessible for acquisitions and also require lender approval. In addition, the delayed draw term loans require the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. Outstanding Commitments ($ in thousands) Jun-26 Mar-26 Dec-25 Sep-25 Jun-25 Revolver Obligations and Bridge Loans Funded 1 $109,429 $120,457 $119,531 $106,768 $104,550 Unfunded 1, 2 202,420 197,607 217,936 224,416 278,415 Par $311,849 $318,064 $337,467 $331,184 $382,964 Unfunded Revolver and Bridge Loan Availability 3 Unavailable $8,544 $12,103 $11,558 $12,743 $14,264 Available 193,877 185,504 206,378 211,673 264,150 Total Unfunded $202,420 $197,607 $217,936 $224,416 $278,415 Delayed Draw Term Loans 4 Par $147,203 $177,699 $214,452 $253,506 $250,605 Number of borrowers 74 74 79 83 85
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20 Contact Information Elizabeth Besen Investor Relations Manager Phone: (212) 822-0625 Email: ebesen@apollo.com Kenneth Seifert Chief Financial Officer and Treasurer Phone: (212) 822-0807 Email: kseifert@apollo.com