文章核心观点 - 文章通过回顾2010年代页岩油气行业的杠杆融资热潮及其随后的危机，与当前软件公司大量利用私募信贷的现象进行类比，旨在说明高收益投资领域的历史模式会重演，投资者可能面临类似的“不适”周期和低于预期的回报 [1][2][9] - 文章以阿波罗全球管理公司旗下的商业发展公司MFIC（前身为AINV）在页岩危机期间的表现为具体案例，展示了行业冲击如何传导至投资工具，并最终导致投资者经历资本损失和低回报 [4][5][7] - 文章指出，尽管投资会经历困境和波动，但资本通常不会完全损失，然而向投资者解释高股息收益率背后的潜在风险和短期不适感是困难的，投资者可能从历史中吸取错误的教训 [9][10][14] 行业历史类比：能源与软件 - 在2020年代软件公司大量使用杠杆融资（高收益债、杠杆贷款、私募信贷）之前，2010年代的能源公司曾是此类融资的活跃使用者 [1] - 根据摩根大通数据，在页岩繁荣期间，2008年至2014年美国能源公司的高收益债发行总额约为2900亿美元，该行业在高收益指数中的权重从10%攀升至近15% [2] - 规模较小的页岩生产商借贷更为激进，当油价从每桶98美元暴跌至48美元时，其利润率受到严重打击，导致向它们提供贷款的机构陷入困境 [3] 案例公司：MFIC（前身为AINV） - 阿波罗全球管理公司旗下的商业发展公司Apollo Investment Corporation（AINV，股票代码AINV）在当时风险暴露较高，该公司已于2022年更名为MidCap Financial Investment Corporation（MFIC，股票代码MFIC） [4][5] - 在危机高峰期，MFIC投资组合中有17%的贷款投向油气行业，其股价在2014年至2016年间下跌了48% [5][6][7] - 该公司在危机期间经历了典型的信用恶化过程：利息支付首先转为实物支付（PIK），随后贷款进入非计息状态，最终确认损失 [8] 投资者回报分析 - 尽管MFIC/AINV自2004年4月以来的总回报约为200%，年化回报约为5%，与全球综合债券回报相似，但这是包含了股息再投资的长期结果 [6] - 假设一名投资者在2013年被9%的股息收益率吸引，投入1万美元，尽管股息支付后来有所波动，但考虑到资本价值损失，其12年间的年化回报率仅为2%，远低于最初预期 [11][12] - 案例表明，投资高收益私募信贷基金可能面临回报大幅低于预期的风险，部分投资者可能获得年化14%的回报，而另一些可能仅获得2% [15] 投资行为与心理洞察 - 投资过程中总会存在某种“不适”，例如市场对“中国不可投资”、“香港已变”或“电子商务冲击REITs”等问题的担忧会周期性出现 [14] - 投资者容易得出结论“我犯了一个错误”或“这次不一样”，并且可能从历史中吸取错误的教训 [10] - 管理层处理危机的方式可能相似，投资者可以判断对趋势，但难以精准把握其影响的幅度和时机 [14]

Exhibit 99.1 MidCap Financial Investment Corporation Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2025 Board Authorized New $100 Million Stock Repurchase Plan Results for the Quarter and Fiscal Year Ended December 31, 2025, and Other Recent Highlights: New York, NY — February 26, 2026 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the "Company," today announced financial results for the quarter and fiscal year ended December 31, 2025. The Company's net investment ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-00646 MIDCAP FINANCIAL INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) | Maryland | 52-2439556 | | --- | --- | | (State or other ...

核心观点 - 阿波罗全球管理公司投资长认为，尽管美国11月通胀数据温和，但滞胀是美联储明年面临的最大风险之一，这可能威胁到推动股市上涨的关键动能——进一步降息的可能性 [1] 宏观经济风险 - 停滞性通胀仍被视为风险，因一些逆风正在形成，尤其是在人工智能无法交出成绩单的情况下 [1] - 新的一年经济增长面临下行风险，而消费者物价则面临上行风险 [1]

Exhibit 99.1 MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2025 Results for the Quarter Ended September 30, 2025 and Other Recent Highlights: 1 • Net investment income per share for the quarter was $0.38, compared to $0.39 for the quarter ended June 30, 2025 • Net asset value per share as of the end of the quarter was $14.66, compared to $14.75 as of June 30, 2025, a decrease of 0.6% • New investment commitments made during the quarter totaled $138 mil ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-00646 MIDCAP FINANCIAL INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) Maryland 52-2439556 (State or other jurisdiction ...

Exhibit 99.1 MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended June 30, 2025 Results for the Quarter Ended June 30, 2025 and Other Recent Highlights: New York, NY — August 11, 2025 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the "Company," today announced financial results for the quarter ended June 30, 2025. The Company's net investment income was $0.39 per share for the quarter ended June 30, 2025, compared to $0.37 per share for the quarter ended Marc ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-00646 MIDCAP FINANCIAL INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) Maryland 52-2439556 (State or other jurisdiction of in ...

• Net investment income per share for the quarter was $0.37 • Net asset value per share as of the end of the quarter was $14.93, compared to $14.98 as of December 31, 2024, a decrease of 0.3% • New investment commitments made during the quarter totaled $376 million(1) • Gross fundings, excluding revolver fundings (2), totaled $357 million for the quarter • Net fundings, including revolvers (2), totaled $170 million for the quarter • Net leverage (3) was 1.31x as of March 31, 2025 • Repurchased 476,656 share ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-00646 MIDCAP FINANCIAL INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) Maryland 52-2439556 (State or other jurisdiction of i ...