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Unless otherwise noted, information as of March 31, 2025. 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 investmentsshown in this document. Financial Results for the Quarter Ended March 31, 2025 MidCap Financial Investment Corporation May 12, 2025
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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 March 31, 2025, Direct Origination revolver fundings totaled $33 million, Direct Origination revolver repayments totaled $30 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 $0.38 per share. Summary of Quarterly Results Results for the Quarter Ended March 31, 2025, and Other Recent Highlights: Net investment income for the quarter ended March 31, 2025, was $34.3 million, or $0.37 per share. Net realized and change in unrealized gains (losses) on investments for the quarter ended March 31, 2025, were $(4.0) million , or $(0.05) per share. Net asset value per share as of the end of the quarter was $14.93, a decrease of 0.3% compared to December 31, 2024. New investment commitments made during the quarter totaled $376 million1 across 36 companies for an average new commitment of $10.4 million. Gross fundings for the quarter, excluding revolver fundings2, totaled $357 million for the quarter. Net fundings, including revolvers2, totaled $170 million for the quarter. Net leverage3 was 1.31x as of March 31, 2025. Repurchased 476,656 shares of common stock at a weighted average price per share of $12.75, inclusive of commissions, for an agg regate cost of $6.1 million during the quarter. Completed Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 2 LLC, a $529.6 million CLO secured by middle market loans in February 2025 On May 7, 2025, the Company’s Board of Directors (the “Board”) declared a dividend of $0.38 per share 4, payable on June 26, 2025, to stockholders of record as of June 10, 2025.
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4 Note: As of March 31, 2025. 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 March 31, 2025. 2. Direct Origination includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation and other select investments. 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 January 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 and December 29, 2021, as amended. 5. On a cost basis. 6. Source: Company data. 7. Through MFIC position based on Direct Origination portfolio. 8. Excludes select investments where metric is not relevant or appropriate or data is not available. 9. Weighted average by cost. Current metric. 10. The weighted average interest coverage ratio of the Direct Origination portfolio was 2.1x based on TTM EBITDA through December 2024 and estimated annualized interest expense assuming March 31, 2025 base rates. 11. As of March 31, 2025, other consists of 31 other industries that each represent less than 2% of fair market value. MFIC Senior Secured Diversified Investment Portfolio Portfolio Snapshot Portfolio $3.19 bn # of Portfolio Companies 240 # of Industries 1 49 Direct Origination and Other 2 % Total Portfolio 92% Non-Accrual % Total Portfolio 0.9% Direct Origination Portfolio Statistics Weighted Average Yield 3 10.7% Weighted Average Spread over SOFR 569 bps First Lien 99% Floating Rate 100% Sponsored 92% Pursuant to co-investment order 4 92% Average exposure $13.2 mn % with financial covenants 5 97.4% Median EBITDA 6 $46.3 mn Weighted Avg Net Leverage 6, 7, 8, 9 5.25x Weighted Avg Attachment Point 6, 7, 8, 9 0.0x Weighted Avg Interest Coverage 6, 7, 9, 10 2.1x Portfolio by Strategy Portfolio by Industry 14.6% 9.1% 5.8% 5.8% 5.7% 4.2% 3.7%3.7%3.6%3.5% 3.2% 2.9% 2.5% 2.3% 2.3% 2.2% 2.1% 2.1% 20.8% Software Health Care Providers & Services Passenger Airlines Financial Services Diversified Consumer Services Construction & Engineering Commercial Services & Supplies Health Care Equipment & Supplies Ground Transportation Professional Services Hotels, Restaurants & Leisure IT Services Food Products Pharmaceuticals Trading Companies & Distributors Leisure Products Insurance Chemicals Other11 92% 6% 2% 0%0% Direct Origination & Other Aviation Broadly Syndicated Loans CLO HY Bond
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5 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. Excluding activity related to Apollo Senior Floating Rate Fund, Inc. ("AFT") and Apollo Tactical Income Fund, Inc. ("AIF"). 3. The Company sold and or was repaid $59 million of assets acquired through the mergers with AFT and AIF (the “Mergers”) during the quarter ended March 31, 2025. ($ in thousands, except per share data) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Financial Highlights Net investment income per share $0.37 $0.40 $0.44 $0.45 $0.44 Net realized and unrealized gains (losses) from investments 2 ($0.05) ($0.14) ($0.10) ($0.11) ($0.05) Net realized and unrealized gains (losses) from investments, acquired AFT / AIF — — ($0.03) — — Earnings (loss) per share $0.32 $0.26 $0.31 $0.35 $0.39 Net asset value per share $14.93 $14.98 $15.10 $15.38 $15.42 Special distribution recorded per share — — $0.20 — — Distribution recorded per common share $0.38 $0.38 $0.38 $0.38 $0.38 Net leverage ratio 1 1.31 x 1.16 x 1.16 x 1.45 x 1.35 x Investment Activity Commitments 2 Gross commitments made $376,146 $254,828 $370,734 $285,316 $149,270 Exits of commitments (307,329) (307,662) (51,673) (174,211) (154,927) Net investment commitments made 68,816 ($52,834) $319,062 $111,104 ($5,657) Funded Investment Activity Gross fundings, excluding Merx Aviation, revolvers 2 $357,335 $248,332 $287,963 $214,029 $128,925 Net fundings, including Merx Aviation, revolvers 2 229,519 89,648 221,915 90,484 15,923 Net fundings, including Merx Aviation, revolvers, and acquired AFT / AIF 3 170,418 ($6,391) $584,594 $90,484 $15,923
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61. 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. 3. Based on average of beginning of period and end of period portfolio yield. On a cost basis. Exclusive of investments on non-accrual status. 4. Based on yield on $60 million debt investment out of a total investment of $183 million on a fair value basis. Portfolio Highlights ($ in thousands) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Portfolio by Strategy, at fair value ($) Leveraged lending $2,529,824 $2,312,147 $2,253,723 $1,898,044 $1,819,089 Leveraged lending, acquired AFT / AIF 149,910 167,797 168,502 — — Total leveraged lending $2,529,824 $2,312,147 $2,253,723 $1,898,044 $1,819,089 Life sciences 186,549 186,923 182,261 149,601 155,128 Asset based, franchise finance and lender finance 171,508 168,616 169,562 163,895 143,175 Other 43,054 46,939 47,587 45,830 45,696 Direct origination1 and other portfolio $2,930,934 $2,714,625 $2,653,133 $2,257,370 $2,163,088 Acquired Non-direct origination assets 2 72,529 116,418 191,112 — — Merx Aviation 185,158 183,390 182,848 186,982 189,747 Total investment portfolio $3,188,621 $3,014,433 $3,027,094 $2,444,352 $2,352,836 Portfolio by Strategy, at fair value (%) Leveraged lending 80% 76% 74% 78% 77% Life sciences 6% 6% 6% 6% 7% Asset based, franchise finance and lender finance 5% 6% 6% 6% 6% Other 1% 2% 2% 2% 2% Direct origination1 and other portfolio 92% 90% 88% 92% 92% Acquired Non-direct origination assets 2 2% 4% 6% 0% 0% Merx Aviation 6% 6% 6% 8% 8% Total investment portfolio 100% 100% 100% 100% 100% Weighted Average Yield on Debt Investments, average 3 Direct origination portfolio 1 10.7% 11.0% 11.6% 12.0% 12.1% Merx Aviation 4 10.0% 10.0% 10.0% 10.0% 10.0% Core portfolio 10.7% 11.0% 11.5% 12.0% 12.1% Number of portfolio companies, at period end 240 233 250 165 154
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7 1. Direct Origination includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation and select other assets. 2. Source: Company data. 3. Through MFIC position. 4. Excludes select investments where metric is not relevant or appropriate or data is not available. 5. Weighted average by cost. Current metric. 6. The weighted average interest coverage ratio of the Direct Origination portfolio was 2.1x based on TTM EBITDA through March 2025 and estimated annualized interest expense assuming March 31, 2025, base rates. Direct Origination Portfolio Detail1 ($ in thousands) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Portfolio by Asset Class, measured at fair value ($) First Lien $2,845,207 $2,621,427 $2,550,292 $2,144,973 $2,051,724 Second lien 4,187 $4,851 $13,692 $13,401 $13,459 Other 38,487 $41,408 $41,563 $53,166 $52,210 Total direct origination portfolio $2,887,881 $2,667,686 $2,605,547 $2,211,540 $2,117,392 Portfolio by Asset Class, measured at fair value (%) First Lien 99% 98% 98% 97% 97% Second lien 0% 0% 1% 1% 1% Other 1% 2% 2% 2% 2% Total direct origination portfolio 100% 100% 100% 100% 100% Weighted Average Spread over SOFR of Floating Rate Assets (in bps) First Lien 568 577 574 599 619 Second lien 919 792 771 851 850 Weighted average spread 569 578 577 601 621 Weighted Average Net Leverage 2, 3, 4, 5 First Lien 5.25 x 5.50 x 5.43 x 5.38 x 5.35 x Second lien 5.75 x 7.32 x 5.54 x 5.39 x 5.52 x Weighted average net leverage 5.25 x 5.50 x 5.43 x 5.38 x 5.36 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 % 91% 91% 91% 88% 88% Non-sponsored % 9% 9% 9% 12% 12% Other Metrics Pursuant to co-investment order % 92% 91% 89% 88% 87% Average borrower exposure $13,067 $13,141 $13,028 $14,086 $14,603 Interest coverage 2, 4, 5 2.1 x 2.1 x 1.9 x 1.9 x 1.9 x Attachment point 2, 4, 5 0.0 x 0.0 x 0.0 x 0.0 x 0.0 x 6
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8 1. Direct Origination includes leveraged lending, life sciences, franchise finance, asset based and lender finance. Excludes Merx Aviation, select other investments and acquired AFT/AIF assets. 2. Source:Company data. through MFIC position. Excludes select investments where debt-to-EBITDA is not a relevant or appropriate metric, or data is not available. Weighted average by cost. Current metric. Direct Origination Commitments1 ($ in thousands) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Gross Commitments Made by Asset Class First lien $374,734 $254,511 $370,025 $285,238 $149,153 Second lien and other 1,412 317 710 77 118 Gross commitments made $376,146 $254,828 $370,734 $285,316 $149,270 Gross Commitments Made Information Number of portfolio companies 33 27 27 28 16 Average commitment size $11,398 $9,438 $13,731 $10,190 $9,329 Floating Rate % 100% 100% 100% 100% 100% Pursuant to co-investment order % 95% 99% 99% 100% 93% Weighted Average Spread over LIBOR of New Floating Rate Commitments (in bps) First lien 513 546 533 559 624 Second lien N/A N/A N/A N/A N/A Weighted average spread 513 546 533 559 624 Weighted Average Net Leverage of New Commitments 2 First lien 4.2 x 4.3 x 4.7 x 3.3 x 3.9 x Second lien N/A N/A N/A N/A N/A Weighted average net leverage 4.2 x 4.3 x 4.7 x 3.3 x 3.9 x Exits of Commitments by Asset Class First lien ($295,431) ($298,880) ($51,567) ($174,211) ($116,641) Second lien and other (11,898) (8,782) (106) – (38,286) Exits of commitments ($307,329) ($307,662) ($51,673) ($174,211) ($154,927)
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9 Funded Investment Activity ($ in thousands) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Fundings, excluding Merx Aviation, Revolvers, and AFT / AIF Gross fundings $357,335 $248,332 $287,963 $214,029 $128,925 Sales and syndications — — (1,567) — — Repayments (132,654) (158,204) (70,103) (130,682) (95,398) Total sales and repayments (132,654) (158,204) (71,670) (130,682) (95,398) Net fundings, excluding Merx Aviation, revolvers, and AFT / AIF $222,751 $77,965 $216,293 $83,348 $33,527 Merx Aviation Gross fundings $- $- $- $- $- Repayments — — (7,500) (3,000) (4,000) Net fundings, Merx Aviation — — ($7,500) ($3,000) ($4,000) Revolvers, excluding Merx Aviation Gross fundings $34,574 $55,158 $27,733 $31,333 $23,866 Repayments (29,735) (55,638) (14,611) (21,197) (37,470) Net fundings, revolvers 3,312 ($480) $13,122 $10,136 ($13,604) Total Funded Investment Activity, excluding AFT / AIF Gross fundings $391,908 $303,490 $315,697 $245,362 $152,791 Sales, syndications, and repayments (162,389) (213,842) (93,782) (154,878) (136,868) Net fundings, including Merx Aviation and revolvers $229,519 $89,648 $221,915 $90,484 $15,923 Acquired AFT / AIF Investment Activity Gross fundings — — $596,244 — — Sales, syndications, and repayments (59,102) (96,039) (233,565) — — Net fundings, acquired AFT / AIF ($59,102) ($96,039) $362,679 — — Total Funded Investment Activity, including AFT / AIF Gross fundings $391,908 $303,490 $911,941 $245,362 $152,791 Sales, syndications, and repayments (221,491) (309,881) (327,347) (154,878) (136,868) Net fundings, including Merx Aviation, revolvers, and acquired AFT / AIF 170,418 ($6,391) $584,594 $90,484 $15,923
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10 Funded Investment Activity (Cont.) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Number of Portfolio Companies Number of portfolio companies, at beginning of period 233 250 165 154 152 Number of new portfolio companies, (ex AFT / AIF) 20 11 27 18 7 Number of new portfolio companies, AFT / AIF — — 104 — — Number of exited portfolio companies, (ex AFT / AIF) (5) (8) (3) (7) (5) Number of exited portfolio companies, AFT / AIF (8) (20) (43) — — Number of portfolio companies, at period end 240 233 250 165 154
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11 Note: Numbers may not sum due to rounding. 1. Excluding investments acquired from AFT & AIF. Credit Quality As of March 31, 2025, 1.7% of total investments at amortized cost, or 0.9% of total investments at fair value, were on non-accrual status ($ in thousands) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Investments on Non-Accrual Status, at amortized cost Non-accrual investments 1 $48,540 $57,795 $54,832 $54,555 $23,506 Non-accrual investments, acquired AFT / AIF 9,563 10,381 19,856 — — Non-accrual investments total $58,103 $68,175 $74,688 $54,555 $23,506 Non-accrual investments/total portfolio1 1.4% 1.8% 1.7% 2.1% 0.9% Non-accrual investments/total portfolio, acquired AFT / AIF 0.3% 0.3% 0.6% — — Non-accrual investments/total portfolio 1.7% 2.1% 2.3% 2.1% 0.9% Investments on Non-Accrual Status, at fair value Non-accrual investments 1 $23,690 $32,145 $35,575 $37,567 $14,448 Non-accrual investments, acquired AFT / AIF 5,948 8,177 18,140 — — Non-accrual investments total $29,638 $40,322 $53,715 $37,567 $14,448 Non-accrual investments/total portfolio 1 0.7% 1.1% 1.2% 1.5% 0.6% Non-accrual investments/total portfolio, acquired AFT / AIF 0.2% 0.3% 0.6% — — Non-accrual investments/total portfolio 0.9% 1.3% 1.8% 1.5% 0.6% Investments on Non-Accrual Status as of March 31, 2025 Industry Cost Fair Value Investments, excluding investments acquired from AFT / AIF Mergers Ambrosia Buyer Corp. Commercial Services & Supplies $2,672 $88 Naviga Software 13,585 10,083 Renovo Construction & Engineering 17,349 7,552 Securus Technologies Holdings, Inc. Interactive Media & Services 7,703 4,053 Solarplicity Group Limited (f/k/a AMP Solar UK) Independent Power & Renewable Electricity Producers 7,231 1,914 Subtotal $48,540 $23,690 Investments Acquired from AFT / AIF Mergers Global Eagle Wireless Telecommunication Services $6,064 $5,634 Heubach Chemicals 83 239 Mitel Networks Communications Equipment 3,421 80 Riverbed Technology, Inc. Software (5) (6) Subtotal $9,563 $5,948 Total Investments on Non-Accrual Status including acquired AFT / AIF $58,103 $29,638
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12 Note: Numbers may not sum due to rounding. *Adjusted for the impact of the $0.20 per share special distribution paid to stockholders in connection with the Mergers. Net Asset Value Rollforward Net Asset Value Per Share ($ in thousands, except per share data) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Per Share NAV, beginning of period $14.98 $15.10 $15.38 $15.42 $15.41 Net investment income 0.37 0.40 0.44 0.45 0.44 Net realized and unrealized gains (losses) from investments (ex. AFT / AIF) (0.05) (0.14) (0.10) (0.11) (0.05) Net realized and unrealized gains (losses) from investments, acquired AFT / AIF – – (0.03) – – Net increase (decrease) in net assets resulting from operations 0.32 0.26 0.31 0.35 0.39 Repurchase of common stock 0.01 – – – – Special distribution recorded – – (0.20) – – Distribution recorded (0.38) (0.38) (0.38) (0.38) (0.38) NAV, end of period $14.93 $14.98 $15.10 $15.38 $15.42 Total NAV, beginning of period $1,404,646 $1,416,223 $1,003,759 $1,006,001 $1,005,310 Net investment income 34,282 37,076 38,135 29,541 28,544 Net realized and change in unrealized gains (losses) (3,952) (13,017) (11,419) (6,986) (3,055) Net increase (decrease) in net assets resulting from operations 30,330 24,059 26,714 22,555 25,486 Net proceeds from shares sold, less offering costs – – 440,140 – – Repurchase of common stock (6,079) – – – – Special distributions recorded – – (18,756) – – Distributions recorded (35,637) (35,637) (35,637) (24,796) (24,796) NAV, end of period $1,393,260 $1,404,646 $1,416,223 $1,003,759 $1,006,001 $14.93 $14.98 $15.10 $15.18 $15.38 $15.42 $14 $15 $15 Mar-25Dec-24Sep-24Jun-24 adjusted*Jun-24Mar-24
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13 Note: Numbers may not sum due to rounding. Quarterly Operating Results ($ in thousands, except per share data) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Total investment income Interest income (excluding PIK) $74,603 $76,648 $77,880 $65,513 $65,681 Dividend income 240 237 241 277 12 PIK interest income 3,521 4,674 2,974 2,473 930 Other income 334 598 1,042 894 1,708 Total investment income $78,698 $82,157 $82,138 $69,156 $68,330 Expenses Management fees $6,061 $6,247 $4,428 $4,389 $4,386 Performance-based incentive fees 6,433 5,336 4,601 5,572 6,038 Interest and other debt expenses 30,464 30,937 31,854 26,992 26,178 Administrative services expense 1,016 1,036 1,036 826 1,223 Other general and administrative expenses 1,248 1,698 2,246 2,103 2,129 Total expenses 45,222 45,253 44,163 39,882 39,954 Expense reimbursements (806) (172) (162) (267) (168) Net expenses $44,416 $45,082 $44,001 $39,615 $39,786 Net investment income $34,282 $37,076 $38,135 $29,541 $28,544 Net realized gains (losses) 3,087 ($53,781) $487 ($15,638) ($8,088) Net change in unrealized gains (losses) ($7,039) 40,764 (11,906) 8,652 5,033 Net realized and change in unrealized gains (losses) ($3,952) (13,017) (11,419) (6,986) (3,055) Net increase (decrease) in net assets resulting from operations $30,330 $24,059 $26,714 $22,555 $25,489 Additional Data Net investment income per share $0.37 $0.40 $0.44 $0.45 $0.44 Earnings (loss) per share $0.32 $0.26 $0.31 $0.35 $0.39 Distribution recorded per common share $0.38 $0.38 $0.38 $0.38 $0.38 Special distribution — — $0.20 — — Weighted average shares outstanding 93,677,003 93,780,278 87,268,679 65,253,275 65,253,275 Shares outstanding, end of period 93,303,622 93,780,278 93,780,278 65,253,275 65,253,275
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14 Note: Numbers may not sum due to rounding. 1. Other assets include dividends receivable, deferred financing costs, variation margin receivable on options contracts and prepaid expenses and other assets. 2. The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. Quarterly Balance Sheet ($ in thousands, except share and per share data) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Assets Investments at fair value $3,188,621 $3,014,416 $3,027,094 $2,444,352 $2,352,836 Cash and cash equivalents (including foreign currencies) 85,033 75,786 84,806 67,037 49,612 Interest receivable 25,346 19,289 26,773 20,139 20,977 Receivable for investments sold 32,151 57,195 54,720 605 1,347 Other assets 1 24,548 24,264 22,639 18,993 20,291 Total Assets $3,355,699 $3,190,950 $3,216,032 $2,551,125 $2,445,062 Liabilities Debt $1,935,242 $1,751,621 $1,772,834 $1,511,552 $1,405,121 Payables for investments purchased 2,091 4,190 795 2,287 1,343 Management and performance-base incentive fees payable 12,494 11,583 9,029 9,962 10,424 Interest payable 9,403 12,813 8,593 15,238 13,313 Accrued administrative services expense — 60 1,854 1,836 1,734 Other liabilities and accrued expenses 3,209 6,037 6,704 6,492 7,126 Total Liabilities $1,962,439 $1,786,304 $1,799,809 $1,547,367 $1,439,062 Net Assets $1,393,260 $1,404,646 $1,416,223 $1,003,759 $1,006,001 Additional Data Net asset value per share $14.93 $14.98 $15.10 $15.38 $15.42 Debt-to-equity ratio 1.39 x 1.25 x 1.25 x 1.51 x 1.40 x Net leverage ratio 2 1.31 x 1.16 x 1.16 x 1.45 x 1.35 x Shares outstanding, end of period 93,303,622 93,780,278 93,780,278 65,253,275 65,253,275
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15 1. 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 March 31, 2025. Based on average debt obligations outstanding. 2. The notes sold by MFIC Bethesda CLO 2 LLC consist of $304.5 million of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.48%, $21.0 million of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.70%, $31.5 million of AA(sf) Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.85%, $42 million of A(sf) and Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.30%. The Company retained all Class D Notes and all Subordinated Notes. Funding Sources as of March 31, 2025 Debt Facilities ($ in thousands) Secured Facilities: Senior Secured Facility ($1.660 billion) 10/17/2024 10/17/2029 SOFR + 187.5 +10bps 1,105,982$ MFIC Bethesda CLO 1 LLC Class A-1 Notes 11/2/2023 10/23/2035 SOFR + 240bps 232,000 MFIC Bethesda CLO 2 LLC Notes (Class A-1, Class A-2, Class B and Class C)2 2/24/2025 1/23/2037 SOFR + 161bps 399,000 Subtotal 1,736,982 Unsecured Notes: 2026 Notes 7/16/2021 7/16/2026 4.500% 125,000 2028 Notes 12/13/2023 12/15/2028 8.000% 80,000 Subtotal 205,000 Weighted Average Annualized Interest Cost1 & Total Debt Obligations 6.417% 1,941,982 Deferred Financing Cost and Debt Discount (6,740) 1,935,242$ Interest Rate Principal Amount Outstanding Total Debt Obligations, Net of Deferred Financing Cost and Debt Discount Debt Issued/ Amended Final Maturity Date
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16Note: Numbers may not sum due to rounding. 1. Total investment portfolio. On a fair value basis. Interest Rate Exposure as of March 31, 2025 Investment Portfolio by Interest Rate Type Funding Sources by Interest Rate Type Floating Rate Asset Floor Net Investment Income Interest Rate Sensitivity 1 Annual Net Investment Income (in millions) Annual Net Investment Income Per Share Basis Point Change Up 150 basis points $14.0 0.15 Up 100 basis points $9.4 0.10 Up 50 basis points $4.7 0.05 Down 50 basis points ($4.6) (0.05) Down 100 basis points ($9.1) (0.10) Down 150 basis points ($13.6) (0.15) Par or Cost (in millions) % of Floating Rate Portfolio Interest Rate Floors No Floor $63 2% < 1.00% 574 20% 1.00% to 1.24% 1,909 66% 1.25% to 1.49% 0 0% 1.50% to 1.74% 67 2% > = 1.75% 296 10% Fixed rate assets 3% Floating rate assets 90% Non yielding and non-accrual assets 6% Variable rate assets 1% Fixed rate debt 11% Floating rate debt 89% Common equity 0%
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17Note: Numbers may not sum due to rounding. Realized and Change in Unrealized Gains (Losses) by Strategy ($ in millions) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Leveraged lending ($1.2) ($13.9) ($7.2) ($4.7) ($4.0) Life sciences $0.4 ($0.0) $0.8 $0.1 ($0.5) Franchise finance ($0.4) ($0.3) ($0.0) $0.0 ($0.0) Asset based and lender finance ($1.5) ($1.1) ($4.7) ($2.8) ($1.9) Fx gain (loss) on direct origination ($0.9) $1.9 ($1.2) ($0.0) $0.2 Direct origination portfolio, (ex AFT / AIF) ($3.6) ($13.5) ($12.3) ($7.5) ($6.2) Merx Aviation $1.8 $0.5 $3.4 $0.2 $2.6 Other ($0.3) ($0.2) ($0.2) $0.2 $0.5 Total investment portfolio, (ex AFT / AIF) ($2.2) ($13.1) ($9.1) ($7.0) ($3.1) Total acquired AFT / AIF ($1.7) $0.1 ($2.3) - - Total investment portfolio (incl AFT / AIF) ($4.0) ($13.0) ($11.4) ($7.0) ($3.1) per share Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Leveraged lending ($0.01) ($0.15) ($0.08) ($0.07) ($0.06) Life sciences $0.00 ($0.00) $0.01 $0.00 ($0.01) Franchise finance ($0.00) ($0.00) ($0.00) $0.00 ($0.00) Asset based and lender finance ($0.02) ($0.01) ($0.05) ($0.04) ($0.03) Fx gain (loss) on direct origination ($0.01) $0.02 ($0.01) ($0.00) $0.00 Direct origination portfolio, (ex AFT / AIF) ($0.05) ($0.14) ($0.14) ($0.11) ($0.09) Merx Aviation $0.02 $0.01 $0.04 $0.00 $0.04 Other ($0.00) ($0.00) ($0.00) ($0.15) $0.01 Total investment portfolio, (ex AFT / AIF) ($0.03) ($0.14) ($0.10) ($0.26) ($0.05) Total acquired AFT / AIF ($0.02) $0.0 (0.0) - - Total investment portfolio (incl AFT / AIF) ($0.05) ($0.14) ($0.13) ($0.26) ($0.05)
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18 See Note 8 (Commitments and Contingencies) in the Company's Form 10-Q for the year ended March 31, 2025, for additional information. 1. The funded revolver obligations include standby letters of credit issued and outstanding under the facility. The unfunded revolver obligations include all other standby letters of credit issued and outstanding. 2. The unfunded revolver obligations relate to loans with various maturity dates. 3. Revolver availability is determined based on each loan’s respective credit agreement which includes covenants that need to be met prior to funding and / or collateral availability for asset-based revolver obligations. 4. The delayed draw term loans include conditionality for the use of proceeds and are generally only accessible for acquisitions and also require lender approval. In addition, the delayed draw term loans require the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. Outstanding Commitments ($ in thousands) Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Revolver Obligations and Bridge Loans Funded 1 $101,565 $96,403 $102,156 $86,561 $75,762 Unfunded 1, 2 273,518 244,674 227,492 195,345 182,695 Par $375,082 $341,077 $329,648 $281,906 $258,457 Unfunded Revolver and Bridge Loan Availability 3 Unavailable $14,885 $8,217 $6,286 $7,585 $2,976 Available 258,633 236,457 221,206 187,760 179,719 Total Unfunded $273,518 $244,674 $227,492 $195,345 $182,695 Delayed Draw Term Loans 4 Par $253,741 $240,984 $243,013 $187,476 $170,567 Number of borrowers 81 77 71 52 40
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19 Contact Information Elizabeth Besen Investor Relations Manager Phone: (212) 822-0625 Email: ebesen@apollo.com Gregory W. Hunt Chief Financial Officer and Treasurer Phone: (212) 822-0655 Email: ghunt@apollo.com