Earnings release
Page 1
Exhibit 99.1 MIDCAP FINANCIAL INVESTMENT CORPORATION 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
Page 2
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 $0.31 per share. 2
Page 3
FINANCIAL HIGHLIGHTS ($ 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 EndedJune 30, Six Months EndedJune 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 Portfolio companies, at beginning of period 236 240 247 233 Number of investments in new portfolio companies 0 14 2 34 Number of exited companies (7) (5) (20) (18) Portfolio companies at end of period 229 249 229 249 Number of investments in existing portfolio companies 75 80 116 158 * Totals may not foot due to rounding. 3
Page 4
OPERATING RESULTS Three MonthsEnded June 30, Six Months EndedJune 30, (in millions)* 2026 2025 2026 2025 Net investment income $32.8 $36.4 $ 67.0 $70.7 Net realized and change in unrealized gains (losses) (50.3) (18.3) (111.4) (22.2) Net increase (decrease) in net assets resulting from operations $(17.5) $18.1 $ (44.4) $48.4 (per share)* (1) Net investment income on per average share basis $0.40 $0.39 $ 0.77 $0.76 Net realized and change in unrealized gain (loss) per share (0.61) (0.20) (1.28) (0.24) Earnings per share — basic $(0.21) $0.19 $ (0.51) $0.52 * Totals may not foot due to rounding. (1) Based on the weighted average number of shares outstanding for the period presented. SHARE REPURCHASE PROGRAM* During the three months ended June 30, 2026, the Company repurchased 2,755,221 shares 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. This represents a discount of approximately 15% of the average net asset value per share for the three months ended June 30, 2026. Since the inception of the share repurchase program in August 2015 and through August 5, 2026, the Company has approved seven stock repurchase plans, and repurchased 27.0 million shares of common stock for a total cost of $375.0 million, inclusive of commissions. * Share figures have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018. 4
Page 5
LIQUIDITY As of June 30, 2026, the Company’s outstanding debt obligations, excluding deferred financing cost and debt discount of $5.4 million, totaled $1.7 billion, which was comprised of $125 million of Senior Unsecured Notes, which matured on July 16, 2026, and were fully repaid, $80 million of Senior Unsecured Notes, which will mature on December 15, 2028, $456 million outstanding secured debt in MFIC Bethesda CLO 1 LLC, $399 million outstanding secured debt in MFIC Bethesda CLO 2 LLC, and $685 million outstanding under the Company’s senior secured, multi-currency, revolving credit facility (the “Facility” and as amended, the “Amended Senior Secured Facility”). As of June 30, 2026, no standby letters of credit were issued through the Facility. The available remaining capacity under the Facility was $925 million as of June 30, 2026, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. Borrowings under the Amended Senior Secured Facility (and the incurrence of certain other permitted debt) continue to be subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio depends on the relevant asset coverage ratio as of the date of determination. Borrowings under the Amended Senior Secured Facility continue to be subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended (the “1940 Act”). Terms used in this disclosure have the meanings set forth in the Amended Senior Secured Facility. 5
Page 6
CONFERENCE CALL / WEBCAST AT 8:30 AM EDT ON AUGUST 6, 2026 The Company will host a conference call on Thursday, August 6, 2026, at 8:30 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (800) 343-4849 approximately 5-10 minutes prior to the call; international callers should dial (203) 518-9848. Participants should reference either MidCap Financial Investment Corporation Earnings or Conference ID: MFIC0806 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events Calendar in the Shareholders section of our website at www.midcapfinancialic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through August 20, 2026, by dialing (800) 839-4014; international callers should dial (402) 220-2983. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholders section of our website at www.midcapfinancialic.com. SUPPLEMENTAL INFORMATION The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the Shareholders section of the Company’s website under Presentations at www.midcapfinancialic.com. 6
Page 7
Our portfolio composition and weighted average yields as of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025 were as follows: June 30,2026 March 31,2026 December 31,2025 September 30,2025 June 30,2025 Portfolio composition, at fair value: First lien secured debt 94% 95% 95% 95% 93% Second lien secured debt 0% 0% 0% 0% 0% Total secured debt 94% 95% 95% 95% 93% Unsecured debt 0% 0% 0% 0% 0% Structured products and other 1% 0% 0% 1% 1% Preferred equity 2% 1% 1% 1% 1% Common equity/interests and warrants 3% 4% 4% 3% 5% Weighted average yields, at amortized cost (1): First lien secured debt (2) 9.5% 9.5% 9.7% 10.2% 10.4% Second lien secured debt (2) 0.0% 0.0% 13.0% 13.5% 13.7% Total secured debt (2) 9.5% 9.5% 9.7% 10.2% 10.4% Unsecured debt portfolio (2) 11.1% 11.1% 11.1% 11.1% 9.5% Total debt portfolio (2) 9.5% 9.5% 9.7% 10.2% 10.4% Total portfolio (3) 8.1% 8.3% 8.6% 9.0% 9.2% Interest rate type, at fair value (4): Fixed rate amount $0.0 billion $0.0 billion $0.0 billion $0.0 billion $0.0 billion Floating rate amount $2.5 billion $2.7 billion $2.9 billion $2.9 billion $3.0 billion Fixed rate, as percentage of total 0% 0% 0% 0% 1% Floating rate, as percentage of total 100% 100% 100% 100% 99% Interest rate type, at amortized cost (4): Fixed rate amount $0.0 billion $0.0 billion $0.0 billion $0.0 billion $0.0 billion Floating rate amount $2.6 billion $2.8 billion $2.9 billion $2.9 billion $3.0 billion Fixed rate, as percentage of total 0% 0% 0% 0% 1% Floating rate, as percentage of total 100% 100% 100% 100% 99% (1) An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses. (2) Exclusive of investments on non-accrual status. (3) Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status. (4) The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation and investments on non-accrual status. 7
Page 8
MIDCAP FINANCIAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share and per share data) June 30, 2026 December 31,2025 (Unaudited) Assets Investments at fair value: Non-controlled/non-affiliated investments (cost — $2,658,642 and $2,955,173, respectively) $2,466,332 $2,819,511 Non-controlled/affiliated investments (cost — $212,542 and $176,978, respectively) 124,185 107,111 Controlled investments (cost — $190,625 and $224,619, respectively) 179,825 241,216 Cash and cash equivalents 43,284 98,184 Foreign currencies (cost — $108 and $1,286, respectively) 70 1,264 Receivable for investments sold 2,195 6,253 Interest receivable 21,268 23,678 Dividends receivable 201 630 Deferred financing costs 21,216 23,626 Unrealized appreciation on foreign currency forward contracts 772 — Prepaid expenses and other assets 1,201 2,171 Total Assets $2,860,549 $3,323,644 Liabilities Debt (net of deferred financing costs and unamortized original discount of $5,396 and $5,838, respectively) $1,739,604 $1,995,210 Payable for investments purchased — 558 Management fees payable 5,132 6,034 Interest payable 12,336 12,867 Accrued administrative services expense 581 228 Other liabilities and accrued expenses 1,576 1,486 Total Liabilities $1,759,229 $2,016,383 Commitments and contingencies (Note 8) Net Assets $1,101,320 $1,307,261 Net Assets Common stock, $0.001 par value (130,000,000 shares authorized; 82,372,628 and 92,211,869 shares issued and outstanding, respectively) $ 82 $ 92 Capital in excess of par value 2,545,065 2,652,891 Accumulated under-distributed (over-distributed) earnings (1,443,827) (1,345,722) Net Assets $1,101,320 $1,307,261 Net Asset Value Per Share $ 13.37 $ 14.18 8
Page 9
MIDCAP FINANCIAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Investment Income Non-controlled/non-affiliated investments: Interest income (excluding Payment-in-kind (“PIK”) interest income) $ 59,765 $ 70,230 $ 123,377 $138,301 Dividend income 30 — 88 — PIK interest income 4,077 4,770 7,901 9,171 Other income 582 220 1,156 544 Non-controlled/affiliated investments: Interest income (excluding PIK interest income) 1,028 1,517 1,939 2,745 Dividend income 201 200 454 440 PIK interest income 170 403 170 755 Controlled investments: Interest income (excluding PIK interest income) 2,373 3,907 4,968 7,979 Other income — — — 10 Total Investment Income $ 68,226 $ 81,247 $ 140,053 $159,945 Expenses Management fees $ 5,132 $ 6,079 $ 10,773 $ 12,140 Performance-based incentive fees — 3,849 — 10,282 Interest and other debt expenses 27,074 32,581 55,552 63,044 Administrative services expense 1,193 1,010 2,635 2,026 Other general and administrative expenses 2,120 1,611 4,179 2,859 Total expenses 35,519 45,130 73,139 90,351 Expense reimbursements (62) (280) (124) (1,086) Net Expenses $ 35,457 $ 44,850 $ 73,015 $ 89,265 Net Investment Income $ 32,769 $ 36,397 $ 67,038 $ 70,680 Net Realized and Change in Unrealized Gains (Losses) Net realized gains (losses): Non-controlled/non-affiliated investments $ (393) $ (16,788) $ (9,692) $ (13,200) Non-controlled/affiliated investments (64) (117) (131) (305) Controlled investments (2) — (2) — Foreign currency forward contracts 334 (610) 1,238 (610) Foreign currency transactions (373) 277 (4,325) (36) Net realized gains (losses) (498) (17,238) (12,912) (14,151) Net change in unrealized gains (losses): Non-controlled/non-affiliated investments (16,777) (2,524) (56,649) (8,611) Non-controlled/affiliated investments (11,892) (883) (18,491) (2,393) Controlled investments (21,079) 4,946 (27,398) 6,295 Foreign currency forward contracts (28) (33) 772 (9) Foreign currency translations — (2,550) 3,265 (3,364) Net change in unrealized gains (losses) (49,776) (1,044) (98,501) (8,082) Net Realized and Change in Unrealized Gains (Losses) $ (50,274) $ (18,282) $(111,413) $ (22,233) Net Increase (Decrease) in Net Assets Resulting from Operations $ (17,505) $ 18,115 $ (44,375) $ 48,447 Earnings (Loss) Per Share — Basic $ (0.21) $ 0.19 $ (0.51) $ 0.52 9
Page 10
Important Information Investors are advised to carefully consider the investment objective, risks, charges and expenses of the Company before investing. The Company’s filings with the Securities and Exchange Commission (“SEC”), including annual reports on Form 10-K and quarterly reports on Form 10-Q, contain this and other information about the Company and should be read carefully before investing. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. The information in this announcement is not complete and may be changed. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. 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. About MidCap Financial Investment Corporation MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company under the 1940 Act. For tax purposes, the Company has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Company is externally managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries, a high-growth global alternative asset manager. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in earnings before interest, taxes, depreciation and amortization, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, the Company may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. For more information, please visit www.midcapfinancialic.com 10
Page 11
Forward-Looking Statements Some of the statements in this press release 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 MFIC 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 press release 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 press release 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. 11
Page 12
Contact Elizabeth Besen Investor Relations Manager MidCap Financial Investment Corporation 212.822.0625 ebesen@apollo.com 12