Apollo Investment Corporation - Investor
Apollo Investment Corporation
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Introduction

MidCap Financial Investment Corporation

MidCap Financial Investment Corporation (NASDAQ: MFIC) is an externally managed, publicly traded, Business Development Company, focused on providing senior debt solutions to middle market companies We derive significant benefits from our affiliation with Apollo, a global high-growth alternative asset manager, and its unique partnership with MidCap Financial, a leading middle market lender Through MFIC, shareholders can access institutional quality private credit at an industry-leading fee structure

MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2022 Earnings Press release Earnings Supplemental Information Form 10Q

  • At fair value as of September 30, 2022
    • Based on corporate lending portfolio

MidCap Financial Investment Corporation Schedules Earnings Release and Conference Call for Quarter and Fiscal Year Ended December 31, 2022 MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2022, and Increases Quarterly Base Dividend to $0 37 Per Share

description

MidCap Financial Investment Corporation (“MFIC”) (NASDAQ: MFIC) is a specialty finance company focused on providing senior debt solutions to middle market companies Our investment objective is to generate current income and, to a lesser extent, capital appreciation MFIC has elected to be treated as a Business Development Company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”) Our common stock is publicly traded on The Nasdaq Global Select Market under the symbol “MFIC ” For tax purposes we have elected to be treated as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended (the “Code”)

We are externally managed by an affiliate of Apollo Global Management, Inc (“Apollo”), (NYSE: APO) a global, high-growth alternative asset manager We primarily invest in senior secured first lien loans originated by MidCap Financial, one of the world’s leading middle market direct lenders with a long and successful track record, which is discretionally managed by Apollo We derive significant benefits from our affiliation with Apollo and its unique partnership with MidCap Financial Our ability to co-invest with other Apollo managed capital, and MidCap Financial, makes us part of the one of the largest direct lenders uniquely positioned to provide large commitments

Apollo Investment Management, L P , an affiliate of Apollo Global Management, Inc (“Apollo Global”) serves as our investment adviser

Since its founding in 1990, Apollo Global has grown to become one of the world's largest alternative investment managers As of September 30, 2022, Apollo Global had total assets under management of approximately $523 billion, with a team of 2,336 employees, including 650+ investment professionals, located in over seventeen offices around the world

MidCap Financial Investment Corporation operates as part of Apollo’s Direct Origination Platform which provides full service debt solutions to U S middle market companies As of June 30, 2022, the Direct Origination Platform had approximately $32 billion of assets The Apollo direct origination team consists of 200+ professionals which is bolstered by the Apollo Global Management, Inc integrated platform Direct origination encompasses an array of origination verticals including financial sponsors and select niche markets with high barriers to entry In addition to sourcing direct originations, we also identify investment opportunities from Apollo’s deep relationships with Wall Street intermediaries

Our Investment strategy primarily focuses on investing in senior secured middle market loans sourced by MidCap Financial, a leading middle market lender with a long and successful track record

Mr Widra has been with Apollo and/or its affiliates since 2013 and serves as Apollo’s Head of Direct Origination He was appointed Executive Chairman in August 2022 He served as the Company’s Chief Executive Officer from May 2018 to August 2022 and as President from June 2016 to May 2018 He has also been a Director since May 2018 Mr Widra was a co-founder of MidCap Financial, a middle-market specialty finance firm with $21 3 billion of annual originations1 and was formerly its Chief Executive Officer Prior to MidCap Financial, Mr Widra was the founder and President of Merrill Lynch Capital Healthcare Finance Prior to Merrill Lynch, Mr Widra was President of GE Capital Healthcare Commercial Finance and held senior roles in its predecessor entities including President of Heller Healthcare Finance, and COO of Healthcare Financial Partners Mr Widra holds a J D , Cum Laude, from the Harvard Law School and a BA from the University of Michigan

1 Based on the last twelve months as of March 31, 2022

Mr Powell joined Apollo in 2006 Mr Powell was appointed Chief Executive Officer of the Company in August 2022 He served as President of the Company from May 2018 to August 2022 and served as Chief Investment Officer for the Company’s investment adviser from June 2016 to August 2022 Mr Powell is a Managing Director and Portfolio Manager in Apollo’s Direct Origination business He holds leadership roles in Apollo’s Credit Business, including its aircraft leasing and lending businesses From 2004 to 2006, he served as an analyst in Goldman Sachs’ Principal Investment Area (PIA) From 2002 to 2004, Mr Powell was an Analyst in the Industrials group at Deutsche Bank He graduated from Princeton University with a BA in political economy

Mr McNulty joined Apollo in 2014 He is a is Managing Director in Apollo’s Credit business He was appointed President of the Company and Chief Investment Officer for the Company’s investment adviser in August 2022 Prior to joining Apollo, Mr McNulty ran the mezzanine and later merchant banking business for a subsidiary of Mitsubishi UFJ, and was a director at Haland before that Previously, he held various roles at JPMorgan and its predecessor institutions, primarily in leveraged finance Mr McNulty received an MBA from the Kellogg School of Management and a BA in Government from Harvard University

Mr Hunt began his term as Chief Financial Officer and Treasurer of the Company in May 2012 Previously, Mr Hunt was Executive Vice President and Chief Financial Officer for Yankee Candle which he joined in April 2010 Prior to joining Yankee Candle, Mr Hunt served as the Executive Vice President of Strategic and Commercial Development for Norwegian Cruise Lines from 2007 to 2009 Prior to joining Norwegian Cruise Lines, Mr Hunt served as Chief Financial Officer and Chief Restructuring Officer of Tweeter Home Entertainment Group, Inc from 2006 to 2007 and Chief Financial Officer and Co-Chief Executive of Syratech Corporation from 2001 to 2006 Prior to Syratech, Mr Hunt held several senior financial leadership positions including Chief Financial Officer of NRT Inc , Culligan Water Technologies, Inc and Samsonite Corporation Mr Hunt also serves as a member of the Board of Advisors for the University of Vermont School of Business Mr Hunt has also been a Director of Danimer Scientific, a leading developer and manufacturer of biodegradable plastic products, since June 2019 Mr Hunt earned a bachelor’s degree in accounting and finance from the University of Vermont and is a Certified Public Accountant

Ms Hester joined Apollo in 2015 and currently serves as Senior Counsel for Apollo She was promoted to Chief Legal Officer for the Company in August 2022 and served as General Counsel for the Company from May 2020 to August 2022 Ms Hester also serves as General Counsel for Apollo Debt Solutions BDC, Apollo Senior Floating Rate Fund Inc , and Apollo Tactical Income Fund Inc Prior to joining Apollo, Ms Hester was associated with the law firms of Dechert LLP from 2009-2015 and Clifford Chance US LLP from 2006-2009 In each case she primarily advised U S registered investment companies, their investment advisers, and boards of directors on various matters under the Investment Company Act of 1940 Ms Hester received her JD from Duke University School of Law and graduated cum laude from Bucknell University with a BS in Business Administration

Ms Gold joined Apollo Global Management Inc , an affiliate of Apollo Investment Corporation's investment adviser, in 2016 as the Senior Compliance Officer for the Credit platform She became the Chief Compliance Officer of Apollo Investment Corporation in January 2020 Prior to joining Apollo, Ms Gold was counsel in the Litigation Group at Akin Gump Strauss Hauer & Feld LLP, where she represented investment management firms and individuals in relation to civil litigation, regulatory investigations and enforcement proceedings Ms Gold graduated from Cornell University with a BA in English and received her JD from the University of Michigan Law School

Mr Joshi joined Apollo’s Finance team in 2013 and is currently the Chief Accounting Officer, Controller, Assistant Treasurer and Vice President of the Company Mr Joshi also serves as the Chief Financial Officer of Apollo Debt Solutions BDC, Inc , a non-traded BDC managed by Apollo Mr Joshi previously worked as a Senior Audit Manager in the Alternative Investments Group at Ernst & Young (“EY”) from January 2008 to September 2013 Prior to that time, Mr Joshi worked at various international offices in roles with increasing responsibility from 2003 to 2008 He is a member of the AICPA and CFA Institute and is a CPA, CFA and CA Mr Joshi graduated first-class honors from University of Calcutta with a B Com degree in Accounting and Finance

Mr Ryan joined Apollo Capital Management, L P in 2015 as Managing Director and Chief Credit Officer Prior to joining Apollo, Mr Ryan was at Citibank since 1996 in various Senior Credit Officer roles across all of Citi’s asset classes and geographies, including most recently serving as Chief Credit Officer for Citi’s $600 billion corporate credit portfolio and Chief Risk Officer overseeing risk governance and risk management for Citibank N A ’s $1 3 trillion balance sheet Mr Ryan co-founded Staten Island ACHIEVE Dollars for Scholars, a charitable foundation providing college scholarships to students on Staten Island Mr Ryan co-founded the Cardinal Scholarships and is a Member of the Wesleyan University Athletic Advisory Council Mr Ryan has a B A in American History from Wesleyan University and a M B A from Columbia Business School

Portfolio Highlights (as of September 30, 2022)

(1) On a fair value basis (2) Based on corporate lending debt portfolio (3) On a cost basis Exclusive of securities on non-accrual status (4) Source: Company data (5) Based on corporate lending portfolio (6) Excludes select investments where debt-to-EBITDA on interest charge is not a relevant or appropriate metric, or data is not available Weighted average by cost

Portfolio Composition (as of September 30, 2022, at fair value)

(1) Based on corporate lending portfolio (2) Other includes Chemicals, Plastics & Rubber; Diversified Investment Vehicles, Banking, Finance, Real Estate; Manufacturing, Capital Equipment; Wholesale; Advertising, Printing & Publishing; Media – Diversified & Production; Education; Energy – Oil & Gas; Construction & Building; Retail; Aerospace & Defense; Consumer Goods – Durable; Hotel, Gaming, Leisure, Restaurants; Environmental Industries; Energy – Electricity; and Telecommunications

(3) The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status

(4) Other includes Transportation – Cargo, Distribution; Wholesale; Manufacturing, Capital Equipment; Advertising, Printing & Publishing; Diversified Investment Vehicles, Banking, Finance, Real Estate; Media – Diversified & Production; Education; Retail; Construction & Building; Consumer Goods – Durable; Energy – Oil & Gas; Aerospace & Defense; Hotel, Gaming, Leisure, Restaurants; Utilities – Electric; Telecommunications; and Energy – Electricity

  • First Lien Secured Debt
  • Second Lien Secured Debt
  • Structured Products and Other
  • Common Equity / Interests & Warrants

Board of Directors and Committee Composition

Mr Hannan became a Director of the Company in March 2004, served as Chairman from August 2006 to August 2022, and has served as Vice Chairman since August 2022 He also served as the Chief Executive Officer from February 2006 to November 2008 Mr Hannan, a partner of Apollo Management, L P , co-founded Apollo Management, L P in 1990 Mr Hannan formerly served on the Board of Directors of EP Energy Corporation, Vail Resorts, Inc and Goodman Global, Inc

Ms Loeb became a Director of the Company in August 2011 Ms Loeb currently serves as a Director and Chief Executive Officer of PetCareRx, Inc , a leading e-commerce pet pharmacy that sells pet medications, supplies and food directly to the consumer Ms Loeb has served as Chief Executive Officer of PetCareRx since 2015 and formerly served as Chairman and Chief Executive Officer of the company from 2001 to 2011 From 1977 until 1994, Ms Loeb was an investment banker at Goldman Sachs & Co , where she served as the head of the Structured Finance Department in the U S Ms Loeb was named the first woman partner of Goldman Sachs & Co in 1986 and served as a partner from 1986 to 1994 Ms Loeb received an MBA from Harvard Business School and graduated Phi Beta Kappa from Wellesley College with a BA in economics She currently serves on the board and the finance committee of New York City Center and has previously been on the board and audit committee of the United Nations Development Corporation, the board for Alliance Bernstein Multi-Manager Alternative Fund, a member of the board of the Collegiate School, the Treasurer and a board member of the Society of Memorial Sloan Kettering, and a founding member of the Wellesley Business Leadership Council

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