MidCap Financial Investment Corporation (MFIC) is a Business Development Company (BDC) that invests in U.S. middle-market companies, focusing on directly originated, first lien senior secured floating rate loans to private companies with less than $75M in EBITDA. As of year-end 2025, MFIC's portfolio consisted of 247 companies at a fair value of roughly $3.2B, with 95% in secured debt and nearly all in floating rate instruments. MFIC is externally managed by Apollo Investment Management, an Apollo Global Management affiliate, and sources virtually all of its deal flow through MidCap Financial, a separate Apollo-affiliated lender that originates roughly $5-7B in loans per quarter. MFIC selects a subset of those loans for its own portfolio via an SEC-approved co-investment structure. About 91% of loans are sponsor-backed, with a median borrower EBITDA of roughly $50M and an average funded position of roughly $13M. MFIC earns money primarily through net interest income — the spread between loan yields and its cost of borrowings — and funds itself through a revolving credit facility and CLOs. MFIC targets net leverage of roughly 1.4x debt-to-equity to amplify returns. Near-term priorities include deploying to target leverage following its 2024 mergers with two Apollo-affiliated funds, winding down a legacy aircraft leasing investment in Merx, and optimizing its liability structure by increasing CLO funding to reduce earnings sensitivity to declining base rates.