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MFIC

MidCap Financial Investment Corporation

MFIC

MidCap Financial Investment Corporation • NASDAQ
$12.20 ▲ 0.74% (+0.09)
Market Cap $1.14 B
52w High $14.74
52w Low $10.18
Dividend Yield 1.52%
P/E 11.62
Volume 157.45K
Outstanding Shares 93.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $82.6K ▼ $1.6K ▼ $0 ▼ 0% ▼ $0.29 ▲ $0 ▼
Q2-2025 $53.037M ▼ $2.341M ▲ $18.115M ▼ 34.155% ▼ $0.19 ▼ $18.115M ▼
Q1-2025 $62.252M ▲ $1.458M ▼ $30.33M ▲ 48.721% ▲ $0.32 ▲ $30.33M ▲
Q4-2024 $57.557M ▼ $2.562M ▼ $24.058M ▼ 41.799% ▼ $0.28 ▼ $24.058M ▼
Q3-2024 $61.69M $3.12M $26.716M 43.307% $0.41 $26.716M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $62.502M ▼ $3.309B ▼ $1.942B ▼ $1.368B ▼
Q2-2025 $71.896M ▼ $3.462B ▲ $2.086B ▲ $1.376B ▼
Q1-2025 $85.033M ▲ $3.356B ▲ $1.962B ▲ $1.393B ▼
Q4-2024 $75.786M ▼ $3.191B ▼ $1.786B ▼ $1.405B ▼
Q3-2024 $84.806M $3.216B $1.8B $1.416B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-19.167M ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▲ $0 ▲
Q2-2025 $-16.179M ▼ $-91.04M ▲ $-267.327M ▼ $77.857M ▼ $-13.137M ▼ $-91.04M ▲
Q1-2025 $30.33M ▲ $-131.308M ▼ $0 $140.534M ▲ $9.247M ▲ $-131.308M ▼
Q4-2024 $24.058M ▼ $54.773M ▲ $0 $-63.765M ▼ $-9.02M ▼ $54.773M ▲
Q3-2024 $26.717M $-10.133M $0 $27.897M $17.769M $-10.133M

Five-Year Company Overview

Income Statement

Income Statement Earnings have generally been solid, with a noticeable dip a couple of years ago followed by a clear recovery. Revenue has grown meaningfully in the most recent year, and profitability has bounced back from the prior soft patch. The one standout issue is that one year shows almost no operating profit, which likely reflects merger, repositioning, or accounting effects rather than a permanent change in the business. Overall, the trend points to a company that has restored its earnings power after a temporary wobble, though results can still be a bit uneven from year to year.

Balance Sheet

Balance Sheet The balance sheet looks typical for a business development company: sizeable investment assets funded by a mix of debt and equity. Debt levels are meaningful but not unusual for this type of lender, and equity has grown in the most recent year, which strengthens the capital base. Cash on hand is relatively modest, suggesting the company prefers to keep most capital deployed into loans, again consistent with its role. The key watchpoint is that this is a leveraged balance sheet, so asset quality and credit discipline are crucial to maintaining stability.

Cash Flow

Cash Flow Cash flow has been choppy, which is common for a lender whose inflows and outflows depend on when loans are made, repaid, or refinanced. Most years show healthy positive cash generation, but the latest period shows a small net cash outflow from operations, likely reflecting active new lending or portfolio repositioning rather than a structural problem. With virtually no spending on physical assets, free cash flow closely tracks operating cash flow. The main takeaway is that cash dynamics can swing noticeably from year to year, so they need to be viewed over a multi‑year span, not in isolation.

Competitive Edge

Competitive Edge MFIC’s core edge comes from its tight connection to Apollo and MidCap Financial rather than from standalone brand strength. This affiliation gives it access to a large, steady pipeline of lending opportunities, deep credit expertise, and a broad team to underwrite and monitor loans. Its focus on senior, secured, mostly floating‑rate loans positions it toward the safer end of the middle‑market lending spectrum, with better protection in case borrowers run into trouble and some benefit when rates rise. The mergers that increased its scale should help its cost of capital and deal access, but also add integration and portfolio‑alignment work. Overall, its competitive position is stronger than that of a typical independent BDC, but still exposed to credit cycles and competition in middle‑market lending.

Innovation and R&D

Innovation and R&D As a financial firm, MFIC’s “innovation” is about process and data, not traditional R&D. The company leans on Apollo’s underwriting models, large historical loan database, and risk systems to assess borrowers more precisely and manage credit risk. It appears to be disciplined in how it structures loans and diversifies across industries, and it emphasizes cybersecurity and data protection, which are increasingly important in financial services. Looking ahead, most of the innovation is likely to come from how well MFIC uses the broader Apollo platform to refine its portfolio mix, expand into attractive niches, and adapt its loan structures to changing interest‑rate and credit conditions.

Summary

MFIC looks like a mature middle‑market lender that went through a period of earnings noise but has since re‑established solid profitability. Its balance sheet is leveraged but in line with its business model, with an equity base that has been building back up and assets that continue to grow. Cash flows can swing, and the most recent small outflow should be read in the context of generally strong multi‑year generation rather than as a standalone red flag. The real distinguishing feature is the tie‑in with Apollo and MidCap Financial, which provides strong deal flow, scale, and credit expertise and supports MFIC’s focus on senior secured loans. Key strengths include a conservative lending posture, a broad and diversified portfolio, and an advantaged position within a larger credit platform. Key risks center on credit quality in downturns, the inherent leverage of the model, competition for good loans, and the execution required to keep rotating the portfolio into higher‑quality, directly originated assets after recent mergers.

NEWS

November 6, 2025 · 4:01 PM UTC

MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2025

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October 6, 2025 · 4:01 PM UTC

MidCap Financial Investment Corporation Schedules Earnings Release and Conference Call for Quarter Ended September 30, 2025

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October 2, 2025 · 4:01 PM UTC

MidCap Financial Investment Corporation Amends and Extends Its Senior Secured Revolving Credit Facility

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