Tanner Powell
About Tanner Powell
Tanner Powell (age 45) is Chief Executive Officer of MidCap Financial Investment Corporation (MFIC), appointed in August 2022; he joined Apollo Global Management (AGM) in 2006 and graduated from Princeton University . He previously served as MFIC’s President (May 2018–Aug 2022) and Chief Investment Officer of the investment adviser (June 2016–Aug 2022), and is a Partner and Portfolio Manager in Apollo’s Direct Origination business, including leadership roles in aircraft leasing and lending . Under leadership transitions announced in August 2022, the BDC rebranded to MFIC, permanently reduced its advisory fee structure (base fee shifted to 1.75% on net assets; income incentive fee cut to 17.5% effective 1/1/2023), and raised its quarterly base distribution to $0.32 per share to reflect earnings power under the strategy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MidCap Financial Investment Corporation (MFIC) | Chief Executive Officer | Aug 2022–Present | Oversaw rebrand to MFIC, fee structure cut (base fee to 1.75% of net assets; incentive to 17.5%), and increased base distribution to $0.32, aligning economics with senior secured strategy . |
| MFIC (formerly Apollo Investment Corporation) | President | May 2018–Aug 2022 | Led portfolio repositioning towards senior secured orientation in conjunction with Apollo’s Direct Origination platform . |
| Investment Adviser to MFIC (AIM) | Chief Investment Officer | Jun 2016–Aug 2022 | Investment leadership for BDC adviser during shift to MidCap-originated senior secured loans . |
| Apollo Global Management (Direct Origination) | Partner, Portfolio Manager | 2006–Present | Leadership roles across Apollo’s credit businesses including aircraft leasing and lending . |
| Goldman Sachs (Principal Investment Area) | Analyst | 2004–2006 | Principal investing experience prior to Apollo . |
| Deutsche Bank (Investment Banking – Industrials) | Analyst | 2002–2004 | Investment banking foundation . |
External Roles
| Organization | Role | Years |
|---|---|---|
| MidCap Apollo Institutional Private Lending (MAIPL) | Chief Executive Officer | 2024–Present |
| PK AirFinance | Director | Not disclosed (current per proxy) |
| Eliant Inventory Solutions | Director | Not disclosed (current per proxy) |
| Capteris Equipment Finance | Director | Not disclosed (current per proxy) |
| ChyronHego | Director | Not disclosed (current per proxy) |
Fixed Compensation
MFIC’s proxy states the company does not directly compensate its executive officers (including the CEO); compensation for investment professionals is paid by the Investment Adviser (an Apollo affiliate). The company does not grant stock options, and has no equity award timing policies as it does not grant options .
| Component | MFIC-Paid? | Notes |
|---|---|---|
| Base salary | No | “None of the Company’s executive officers receive direct compensation from the Company.” |
| Annual cash bonus | No | Paid, if any, by the Investment Adviser (not disclosed in MFIC filings) |
| Equity awards (options/RSUs/PSUs) | No | MFIC does not grant options; no direct executive equity awards from MFIC disclosed |
| Director/committee fees (context) | N/A to CEO | Director fee schedules apply to Independent Directors; executives receive none from MFIC |
Performance Compensation
Because MFIC does not directly compensate executive officers, there are no MFIC-level performance metrics, targets, or pay outcomes disclosed for Mr. Powell.
| Incentive Type | Granted by MFIC? | Metric/Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Stock options | No | N/A | N/A | N/A | N/A (Company does not grant options) |
| RSUs/PSUs | No | N/A | N/A | N/A | N/A (No direct exec equity awards from MFIC disclosed) |
| Cash incentive | No | N/A | N/A | N/A | N/A (Exec comp is paid by Investment Adviser) |
Notes:
- Compensation Committee exists but does not review executive pay because executives are not paid directly by MFIC .
Equity Ownership & Alignment
| Ownership Metric | FY 2021 | FY 2024 | FY 2025 |
|---|---|---|---|
| Shares beneficially owned | 73,795 | 103,166 | 110,517 |
| Percent of class | <1% (asterisk in proxy) | <1% (asterisk in proxy) | <1% (asterisk in proxy) |
Additional alignment and policy context:
- MFIC adopted a Code of Ethics and Insider Trading Policy; copies are filed as exhibits to the 10-K. The policies govern personal trading by directors, officers, and employees .
- The FY 2025 proxy reports one late Form 4 for Mr. Powell (nine transactions disclosed) due to administrative oversight for FY 2024 Section 16(a) reporting; no other compliance failures noted by the company .
- Sponsor/affiliate alignment: in Aug 2022, MidCap Financial invested $30 million at NAV in the BDC with a minimum two-year hold, and advisory fees were permanently reduced to enhance alignment (base fee 1.75% on net assets; income incentive fee 17.5%) .
Employment Terms
- Appointment: Powell was appointed CEO on August 1, 2022; the 8-K describes his background and the leadership changes but does not disclose an MFIC employment agreement or MFIC-paid compensation terms .
- Severance/Change-in-Control: MFIC filings reviewed do not disclose CEO employment, severance, or change-of-control provisions for Powell; MFIC states executives are compensated by the Investment Adviser, not the company .
Investment Implications
- Pay-for-performance transparency: MFIC does not disclose CEO salary/bonus/equity since executives are paid by the Apollo-affiliated adviser; this limits visibility into individual pay-performance alignment at the public vehicle level, though MFIC’s fee cuts and sponsor NAV investment in 2022 improved shareholder alignment at the BDC level .
- Selling pressure and vesting overhang: MFIC does not grant executive equity awards or options, reducing company-level vesting-related selling pressure; Powell’s beneficial ownership has increased over time (73,795 in 2021 to 110,517 in 2025), but remains under 1% of shares outstanding .
- Governance and compliance: A late Form 4 (nine transactions) in FY 2024 indicates an administrative lapse, but the company states all other Section 16(a) filings were timely; monitor for recurrence as a control risk indicator .
- Retention risk: With compensation set and paid by the Investment Adviser, retention levers (severance, CIC, long-term incentives) exist outside MFIC’s public disclosures; analysts should monitor Apollo disclosures and Form 4 activity for signals on retention and monetization behavior .