Kristin Hester
About Kristin Hester
Kristin Hester (age 44) serves as Chief Legal Officer, Vice President, and Corporate Secretary of MidCap Financial Investment Corporation (MFIC); she joined Apollo in 2015 and has been MFIC’s CLO since 2022 . She previously practiced at Clifford Chance US LLP (2006–2009) and Dechert LLP (2009–2015), focused on 1940 Act matters; she holds a JD from Duke University School of Law and a BS in Business Administration (cum laude) from Bucknell University . MFIC filings indicate executive officers do not receive direct compensation from the company and MFIC does not grant options, so company-level pay-for-performance constructs and equity awards are not applicable to Ms. Hester’s MFIC role .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Clifford Chance US LLP | Associate (Investment Company Act matters) | 2006–2009 | Counsel to registered funds, advisers, boards on 1940 Act matters |
| Dechert LLP | Associate (Investment Company Act matters) | 2009–2015 | Counsel to registered funds, advisers, boards on 1940 Act matters |
External Roles
| Organization | Role | Years |
|---|---|---|
| Apollo Global Management, Inc. | General Counsel, Global Wealth | Joined firm 2015; current role noted as of 2025 |
| Apollo Debt Solutions BDC | Chief Legal Officer | 2022–present |
| MidCap Financial Investment Corporation | Chief Legal Officer, Vice President, Secretary | 2022–present |
| Apollo Senior Floating Rate Fund, Inc. | Chief Legal Officer | 2022–2024 |
| Apollo Tactical Income Fund, Inc. | Chief Legal Officer | 2022–2024 |
| Apollo Diversified Credit Fund | Chief Legal Officer | 2022–present |
| Apollo Diversified Real Estate Fund | Chief Legal Officer | 2024–present |
| Redding Ridge Asset Management LLC | Chief Legal Officer | 2022–present |
| Apollo S3 Private Markets Fund | Chief Legal Officer | 2023–present |
| MidCap Apollo Institutional Private Lending | Chief Legal Officer | 2024–present |
| Apollo Origination II (Levered) Capital Trust | Chief Legal Officer | 2025–present |
| Apollo Origination II (UL) Capital Trust | Chief Legal Officer | 2025–present |
Fixed Compensation
MFIC does not directly compensate its executive officers (including Ms. Hester). Compensation, if any, is paid by the Investment Adviser; MFIC does not grant options .
| Fiscal Year | Aggregate Compensation from MFIC | Notes |
|---|---|---|
| 2023 | None | Executive officers receive no direct compensation from MFIC |
| 2024 | None | Executive officers receive no direct compensation from MFIC |
Performance Compensation
MFIC disclosures indicate there are no MFIC-paid variable or equity incentives for executive officers; the company does not grant options, and there are no MFIC RSU/PSU awards or MFIC-set performance metrics for executives.
| Incentive Type | Structure at MFIC for Executive Officers | Vesting/Performance Metrics |
|---|---|---|
| Annual cash bonus | Not paid by MFIC; compensation paid by Investment Adviser | Not applicable at company level |
| Long-term cash plan | Not paid by MFIC | Not applicable at company level |
| Stock options | MFIC does not grant options | Not applicable |
| RSUs/PSUs | No MFIC equity awards to executive officers disclosed | Not applicable |
MFIC also states it has no policy on timing of stock option grants because it does not grant options, and given it does not directly compensate executive officers, it does not time releases of MNPI for compensation purposes .
Equity Ownership & Alignment
| Metric | As of 2024 Record Date | As of 2025 Record Date |
|---|---|---|
| Beneficial ownership (shares) | “-” (no shares reported for Hester) | “-” (no shares reported for Hester) |
| Percent of class | <1% (each executive officer listed individually at <1%) | <1% (each executive officer listed individually at <1%) |
| Shares outstanding (context) | Not specified in table excerpt | 93,303,622 Shares outstanding as of the Record Date (context for % calc) |
- Directors and executive officers as a group owned less than 1% as of the 2025 Record Date (context) .
- Insider trading policy and a 17j-1 Code of Ethics are adopted; copies are filed with the 10-K, but no specific pledging disclosures for Ms. Hester are provided in the proxy excerpts .
Employment Terms
- Executive officers are not directly compensated by MFIC; compensation for the CFO and CCO is set by the Administrator and reimbursed by MFIC (CCO compensation also approved by the Board as required) .
- No MFIC employment agreement, severance multiple, or change-in-control provisions for Ms. Hester are disclosed in MFIC filings; MFIC does not engage compensation consultants for executive pay .
- MFIC has an insider trading policy and a 17j-1 Code of Ethics; both are filed as 10-K exhibits .
- 2025 proxy ballot did not include say‑on‑pay; proposals were director elections and auditor ratification .
Performance & Track Record (role-related impact)
- As CLO/Secretary, Ms. Hester is an authorized signatory on MFIC’s material financing agreements and capital markets actions, including the October 2025 third amended and restated senior secured revolving credit agreement (as CLO/Secretary) and November 2025 earnings 8‑K .
- She signed for MFIC as designated manager and collateral manager in the October 2025 CLO refinancing/placement arrangements for MFIC Bethesda CLO 1 LLC, including a $348 million Class A‑1‑R tranche and other refinanced notes, illustrating direct involvement in capital structure execution .
Governance/Administrative Role Highlights
- Corporate Secretary responsibilities include signing the annual meeting notice and serving as point of contact for stockholder communications and director nominations per the proxy .
Investment Implications
- Pay-for-performance alignment at the company level is limited for executive officers: MFIC pays no direct executive compensation and makes no equity awards, reducing direct MFIC equity linkage for Ms. Hester (and eliminating MFIC-driven vesting/selling pressure) .
- Ownership alignment appears modest: Ms. Hester reported no MFIC share ownership as of recent record dates, and the executive group collectively holds <1%—reducing skin-in-the-game but also lowering insider selling risk .
- Retention risk is tied primarily to Apollo (the Investment Adviser/Administrator) rather than MFIC, since compensation and employment are with the adviser; changes at Apollo could influence executive continuity at MFIC .
- Execution competency signal: frequent signatory on large credit facilities and CLO refinancings underscores legal leadership in funding/liquidity transactions—a positive for cost of capital resilience and operational execution, though not directly tied to MFIC equity compensation metrics .