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MidCap Financial Investment Corporation

MidCap Financial Investment Corporation is a private debt-focused business development company and a closed-end, externally managed, non-diversified management investment company. It has elected to be treated as a business development company under the Investment Company Act of 1940 and specializes in private equity investments in leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing, and private middle market companies. The fund provides direct equity capital, mezzanine, first lien secured loans, stretch senior loans, unitranche loans, second lien secured loans, senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions and may invest in securities of public companies that are thinly traded, as well as in the secondary market and structured products. The fund prefers to invest in preferred equity, common equity or interests, and warrants, and makes equity co-investments. It may invest in cash equivalents, U.S. government securities, high-quality debt investments maturing in one year or less, high-yield bonds, distressed debt, non-U.S. investments, or securities of public companies that are not thinly traded. It also focuses on other investments such as collateralized loan obligations and credit-linked notes. The fund typically invests in construction and building materials, business services, plastics and rubber, advertising, capital equipment, education, cable television, chemicals, consumer products (durable and non-durable) and customer services, direct marketing, and energy (oil and gas, electricity, and utilities). It also invests in aerospace and defense, wholesale, telecommunications, financial services, hotels, gaming, leisure, restaurants, environmental industries, healthcare and pharmaceuticals, high tech industries, beverages, food and tobacco, manufacturing, media (diversified and production), printing and publishing, retail, automation, aviation, and consumer transport.

Country
Price · split & dividend adjusted
News & notes moving MFIC
United States
Digital Finance & Tokenization▼

Private credit distress rises as non-accruals climb

Non-accrual debt across US-registered business development companies jumped to 1.9% of total debt at cost in Q1 2026, up 52 basis points from the prior quarter, signaling growing borrower distress in private credit. Adjusted non-accrual exposure, counting all debt owed by borrowers with at least one non-accrual tranche, rose to 3.3% of total debt at cost, up 116 basis points from Q4 2025. Among the ten largest publicly traded BDCs, reported non-accrual debt reached 3.95% of total debt at cost in Q2, up 20 basis points, while adjusted exposure rose 54 basis points to 5.95%. The number of borrowers with at least one non-accrual instrument climbed to 356 in Q1 2026, representing 4.69% of all borrowers, up from 4.26% a year earlier. Two borrowers, Medallia and Inovalon, accounted for $4.4 billion of the Q1 2026 non-accrual total.
ARCC ▼FSK ▼GBDC ▼GSBD ▼MAIN ▼MFIC ▼+2
Digital Finance & Tokenization ▼
About megatrends
Digital Finance & Tokenization › Digital Lending & Alt-Credit Platforms ▼credit
Inovalon Holdings · Capital · Negative Inovalon is named as one of two borrowers accounting for $4.4B of non-accruals, indicating financial distress.
Medallia, Inc. · Capital · Negative Medallia is named as one of two borrowers accounting for $4.4B of non-accruals, indicating financial distress.
ARCC · Capital · Negative Ares Capital is a major BDC; rising non-accruals signal credit deterioration affecting its portfolio.
FSK · Capital · Negative FS KKR Capital Corp faces increased non-accruals, indicating borrower distress in its loan book.
GBDC · Capital · Negative Golub Capital BDC's non-accrual rates rise, reflecting credit quality issues.
GSBD · Capital · Negative Goldman Sachs BDC sees higher non-accruals, impacting earnings and asset quality.
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MFIC▲

MidCap Financial Investment declares $0.31 quarterly dividend

MidCap Financial Investment declared a quarterly dividend of $0.31 per share. The dividend is payable on September 24 to shareholders of record as of September 8, with the ex-dividend date also on September 8. The forward yield is 12.77%.
MFIC ▲
MFIC · Capital · Positive Declares $0.31 quarterly dividend with 12.77% forward yield.
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MFIC▼2

MFIC targets leverage in the low 1.4s while prioritizing deleveraging over buybacks

MidCap Financial Investment Corporation is targeting leverage in the low 1.4s and prioritizing deleveraging over additional stock repurchases. Net investment income per share was $0.40 for the quarter ended June 30, 2026, while GAAP net loss per share was $0.21, and net asset value per share fell 3.2% to $13.37. The portfolio recorded a net loss of $50.3 million, or $0.61 per share, concentrated in a limited number of positions, with five names contributing approximately 80% of the loss. The company repurchased $31.9 million of stock during the quarter but now intends to focus capital allocation on reducing leverage from the current 1.54x net leverage. A quarterly dividend of $0.31 per share was declared, payable on September 24, 2026.
MFIC ▼
MFIC · Capital · Negative Net investment income per share was $0.40, but GAAP net loss per share was $0.21, and net asset value per share fell 3.2% to $13.37, with portfolio net loss of $50.3 million.
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