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MFIC on Nasdaq

MidCap Financial Investment Corp

MidCap Financial Investment Corp is a corporation registered in the United States, active since 2004.2 It is headquartered in Baltimore, United States.2 Its shares trade on Nasdaq under the symbol MFIC.2

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Last updated Oct 21, 2026.

Overview

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  • TickerMFIC on Nasdaq2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD3
  • Business address9 W. 57Th Street, New York, Ny 100193
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • LEI5493005P14I7WFB3FW472
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D077743002

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income45$63.2M in 2025−23% since 2022
0$50.0M$100.0M$150.0M2022: $82.4M$82.4M20222023: $118.8M$118.8M2023+44%2024: $98.8M$98.8M2024−17%2025: $63.2M$63.2M2025−36%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
PIK interest income$17.9M$12.2M$3.0M
Total Investment Income$320.9M$301.8M$276.5M
Management fees$24.2M$19.4M$17.4M
Performance-based incentive fees$16.1M$21.5M$24.6M
Interest and other debt expenses$127.1M$116.0M$104.2M
Administrative services expense$6.7M$4.1M$5.8M
Other general and administrative expenses$6.3M$8.2M$10.1M
Total expenses$180.4M$169.3M$162.1M
Performance-based incentive fee offset-$274.0K
Expense reimbursements-$1.5M-$769.0K-$1.3M
Net Expenses$178.9M$168.5M$160.5M
Net Investment Income$142.0M$133.3M$116.0M
Net realized gains (losses)-$45.9M-$76.4M$131.0K
Foreign currency forward contracts-$610.0K
Foreign currency transactions-$233.0K-$592.0K$69.0K
Extinguishment of debt-$3.4M
Net realized gains (losses)-$50.1M-$77.0M$200.0K
Foreign currency forward contracts-$9.0K
Foreign currency translations-$2.7M$1.5M-$2.5M
Net change in unrealized gains (losses)-$28.7M$42.5M$2.6M
Net Realized and Change in Unrealized Gains (Losses)-$78.8M-$34.5M$2.8M
Net Increase (Decrease) in Net Assets Resulting from Operations$63.2M$98.8M$118.8M
Earnings (Loss) Per Share - Basic$0.68$1.27$1.82

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Corporate structure

MidCap Financial Investment Corp sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MidCap Financial Investment Corp

  • MidCap Financial Investment Corp Baltimore, Maryland, United States
    • MERX AVIATION FINANCE, LLC Subsidiary · New York, New York, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MidCap Financial Investment Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$98.2M5 Dec 31, 2025$74.4M5 Dec 31, 2024+32.0%

Properties, in its own words

As of December 31, 2025, we did not own any real estate or other physical properties materially important to our operations. Our administrative and principal executive offices are located at 3 Bryant Park, New York, NY 10036 and 9 West 57th Street, New York, NY 10019, respectively. We believe that our office facilities are suitable and adequate for our business as it is currently conducted.

Item 2 of the 10-K filed Feb 26, 2026.9

Leadership

Who has led MidCap Financial Investment Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James C. Zelter2009–2016
  2. Howard Widra2019–2022
  3. Tanner Powell2023–now

President

  1. James C. Zelter2006–2008
  2. Patrick J. Dalton2009–2010
  3. Edward J. Goldthorpe2012–2015
  4. Howard Widra2016–2018
  5. Tanner Powell2018–2020
  6. Ted Aymond McNulty Jr.2022–now

Chief financial officer

  1. Richard Peteka2009–2011
  2. Gene Donnelly2012

Chief operating officer

  1. James C. Zelter2006–2008
  2. Patrick J. Dalton2009–2010
2010201520202025
Board members and other officers (29)

Former names

  • APOLLO INVESTMENT CORPMar 12, 2004 to Aug 10, 20223
  • APOLLO CAPITAL CORPFeb 6, 2004 to Feb 6, 20043

Timeline

  1. Aug 6, 20268-K Results of operations48
  2. Jun 23, 20268-K Shareholder vote49
  3. May 6, 20268-K Results of operations50
  4. Apr 20, 20268-K Executive or director change51
  5. Feb 26, 20268-K Results of operations52
  6. Nov 6, 20258-K Results of operations53
  7. Oct 28, 20258-K Entered a material agreement; New debt or obligation54
  8. Oct 2, 20258-K Entered a material agreement; New debt or obligation55
  9. Sep 8, 20258-K Executive or director change56
  10. Aug 11, 20258-K Results of operations57
  11. Jun 20, 20258-K Shareholder vote58
  12. Jun 13, 20258-K Executive or director change59
  13. Mar 14, 2023New chief executive Tanner Powell becomes CEO10
  14. Nov 12, 2019New chief executive Howard Widra becomes CEO11
  15. Feb 20, 2009New chief executive James C. Zelter becomes CEO12
  16. Feb 2, 2004Founded MidCap Financial Investment Corp is founded2

Calendar

Coming up

  1. Nov 5, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.38 a share, on Nov 6, 2025.60

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results48
  2. May 6, 2026Reported quarterly or annual results50
  3. Feb 26, 2026Reported quarterly or annual results52
  4. Nov 6, 2025Reported quarterly or annual results53
  5. Aug 11, 2025Reported quarterly or annual results57
  6. May 12, 2025Reported quarterly or annual results61
  7. Feb 25, 2025Reported quarterly or annual results62
  8. Nov 7, 2024Reported quarterly or annual results63

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

156 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 24 insider forms, 1 large holders, 62 other. The latest 20:

  1. Aug 6, 20268-K EDGAR
  2. Aug 6, 202610-Q EDGAR
  3. Jun 23, 20268-K EDGAR
  4. May 6, 20268-K EDGAR
  5. May 6, 202610-Q EDGAR
  6. Apr 30, 2026ARS EDGAR
  7. Apr 30, 2026DEFA14A EDGAR
  8. Apr 30, 2026DEF 14A EDGAR
  9. Apr 20, 20268-K EDGAR
  10. Apr 10, 202640-17G EDGAR
  11. Feb 26, 20268-K EDGAR
  12. Feb 26, 202610-K EDGAR
  13. Feb 12, 20264 EDGAR
  14. Jan 9, 20264/A EDGAR
  15. Nov 6, 20258-K EDGAR
  16. Nov 6, 202510-Q EDGAR
  17. Oct 28, 20258-K EDGAR
  18. Oct 2, 20258-K EDGAR
  19. Sep 17, 20253 EDGAR
  20. Sep 8, 20258-K EDGAR

The 156 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

9 open-market trades by officers, directors and large owners since October 2021: 7 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 11, 2025PEARLMAN EMANUEL RDirectorBuy800$12.52$10.0KForm 4
Mar 11, 2025Widra HowardDirectorBuy50,000$12.40$620.0KForm 4
Mar 10, 2025PEARLMAN EMANUEL RDirectorBuy1,000$13.09$13.1KForm 4
Aug 12, 2024PEARLMAN EMANUEL RDirectorBuy1,000$12.98$13.0KForm 4
Mar 10, 2023Powell TannerChief Executive OfficerSale8,277$12.09$100.1KForm 4
Mar 10, 2023McNulty Ted Aymond Jr.President & CIOSale1,498$12.09$18.1KForm 4
Aug 3, 2022Widra HowardDirectorBuy20,000$13.01$260.2KForm 4
Aug 3, 2022Widra HowardDirectorBuy20,000$13.01$260.2KForm 4
Nov 15, 2021HANNAN JOHN JDirectorBuy50,000$13.03$651.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Thornburg Investment Management Inc3,237,783$32.6M0.3%No change
Apollo Management Holdings, L.P.2,348,753$23.7M0.4%+6
Van Eck Associates Corp2,104,647$21.2M0.0%+293,478
Soros Fund Management LLC1,944,500$19.6M0.3%No change
UBS Group AG1,929,691$19.5M0.0%+111,406
Next Capital Management LLC1,899,667$19.1M5.2%+28,015
Morgan Stanley1,530,893$15.4M0.0%−83,726
Russell Investments Group, Ltd.1,141,719$11.5M0.0%+358,526
Wellington Management Group Llp1,078,291$10.9M0.0%New
Invesco Ltd.1,052,384$10.6M0.0%−242,201
Legal & General Group Plc789,579$8.0M0.0%+64,166
Muzinich & Co., Inc.744,421$7.5M2.6%+27,923
Sumitomo Mitsui Trust Group, Inc.549,575$5.5M0.0%No change
Raymond James Financial Inc527,873$5.3M0.0%−79,613
Cura Wealth Advisors, LLC512,823$5.2M2.2%−101,095
Franklin Resources Inc441,518$4.5M0.0%+12,876
Beach Point Capital Management LP440,361$4.4M1.7%New
Condor Capital Management431,882$4.4M0.3%−2,346
Castlekeep Investment Advisors LLC414,657$4.2M2.1%+18,484
Ethos Financial Group, LLC391,814$3.9M0.3%−1,784
Foundations Investment Advisors, LLC387,610$3.9M0.0%−45,931
BlackRock, Inc.383,938$3.9M0.0%−19,930
D.a. Davidson & Co.374,284$3.8M0.0%+13,477
Wells Fargo & Company/mn302,773$3.1M0.0%+4,485
United Advisor Group, LLC264,846$2.7M0.3%−5,206

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How MidCap Financial Investment Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMidCap Financial Investment Corp1
  • CIK0001278752
  • Employer ID (EIN)52-24395569
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company9
  • Incorporated inMaryland9
  • Fiscal year endsDecember 311
  • Business address9 W. 57Th Street, New York, NY 100191
  • Phone(212) 822-05091
  • Shares outstanding82,372,628 as of Aug 5, 20267
  • Public float$170.0M as of Jun 30, 20259
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; it also attests to the company’s internal control over financial reporting9
  • On EDGAR sinceFeb 6, 20041
  • Filings857 in all: 8-K (248), 4 (95), 10-Q (67), 3 (40), CORRESP (35), SC 13G/A (30), 497 (27), 497AD (27)1
    All 51 form types

    DEF 14A (26), 40-17G (23), 10-K (21), N-2/A (19), 40-APP/A (18), POS 8C (17), DEFA14A (16), EFFECT (14), 425 (13), 4/A (12), POS EX (12), SC 13G (11), N-2 (10), PRE 14A (9), 40-APP (6), 424B2 (6), APP NTC (5), APP ORDR (5), 10-K/A (4), ARS (4), 8-A12B (3), 8-K/A (3), N-14 8C/A (3), UPLOAD (3), 25-NSE (2), 424B3 (2), D (2), FWP (2), IRANNOTICE (2), N-23C-2 (2), 10-KT (1), 10-Q/A (1), 305B2 (1), 5 (1), 8-A12G (1), 8-A12G/A (1), ABS-15G (1), CERT (1), CERTNYS (1), N-14 8C (1), N-2ASR (1), N-54A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par valueMFICNASDAQ Global Select Market
8.00% Notes due 2028MFICLNASDAQ Global Select Market

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).9

Risk factors and legal proceedings

The risks MidCap Financial Investment Corp names in Item 1A of its 10-K filed Feb 26, 2026: 72 risks under these headings, as written.9

  • Risks Relating to the Current Environment
  • Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations.
  • Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, a misappropriation of funds, and/or damage to our business relationships, all of which could negatively impact our financial results.
  • We are exposed to risks associated with changes in interest rates.
  • Inflation may adversely affect our business.
  • Economic and trade sanctions could make it more difficult or costly for us to conduct our operations or achieve our business objectives.
  • The ongoing armed conflicts as a result of the Russian invasion of Ukraine and the conflict in the Middle East may have a material adverse impact on us and our portfolio companies.
  • Price declines and illiquidity in the corporate debt markets have adversely affected, and may in the future adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.
  • Trade negotiations and related government actions may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies.
  • The current state of economy and volatility in the global financial markets could have a material adverse effect on our business, financial condition and results of operations.
  • Uncertainty with respect to the financial stability of the United States and several countries in the EU could have a significant adverse effect on our business, financial condition, and results of operations.
  • We may form one or more CLOs, which may subject us to certain structured financing risks.
The other 61 risks
  • Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations.
  • If MFIC can no longer claim exemption from being deemed a “commodity pool operator” pursuant to Commodity Futures Trading Commission (the “CFTC”) rules, MFIC and AIM could be subject to additional regulatory requirements.
  • The continued uncertainty relating to the U.S. and global economy could have a negative impact on our business.
  • We are subject to risks associated with artificial intelligence, including the application of various forms of artificial intelligence such as machine learning technology.
  • Certain of our portfolio companies’ businesses could be adversely affected by the effects of health pandemics or epidemics, which could have a negative impact on our and our portfolio companies’ businesses and operations.
  • We and/or our portfolio companies may be materially and adversely impacted by global climate change.
  • Risks Relating to our Business and Structure
  • We may suffer credit losses.
  • We are dependent upon Apollo Investment Management’s key personnel for our future success and upon their access to AGM’s investment professionals and partners.
  • Our financial condition and results of operations depend on our ability to manage future growth effectively.
  • We operate in a highly competitive market for investment opportunities.
  • Any failure on our part to maintain our status as a BDC would reduce our operating flexibility.
  • We will be subject to corporate-level income tax if we are unable to maintain our status as a RIC.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
  • Regulations governing our operation as a BDC affect our ability to raise, and the way in which we raise, additional capital.
  • We currently use borrowed funds to make investments and are exposed to the typical risks associated with leverage.
  • We fund a portion of our investments with borrowed money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • Effective April 4, 2019, our asset coverage requirement was reduced from 200% to 150%, which may increase the risk of investing with us.
  • We may in the future determine to fund a portion of our investments with preferred stock, which would magnify the potential for gain or loss and the risks of investing in us in the same way as our borrowings.
  • Changes in interest rates may affect our cost of capital and net investment income.
  • Our business requires a substantial amount of capital to grow because we must distribute most of our income.
  • As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • The lack of liquidity in our investments may adversely affect our business.
  • We may experience fluctuations in our periodic results.
  • Our ability to enter into transactions with our affiliates is restricted.
  • There are potential conflicts of interest which could adversely affect our investment returns.
  • Allocation of Personnel
  • Information Barriers
  • Co-Investment Activity and Allocation of Investment Opportunities
  • Fees and Expenses
  • Allocation of Expenses
  • In the past following periods of volatility in the market price of a company’s securities, securities class action litigation has, from time to time, been brought against that company.
  • To the extent OID and PIK interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income.
  • Changes in the laws or regulations governing our business or the businesses of our portfolio companies and any failure by us or our portfolio companies to comply with these laws or regulations, could negatively affect the profitability of our operations or of our portfolio companies.
  • Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
  • We may choose to pay dividends in our own common stock, in which case you may be required to pay federal income taxes in excess of the cash dividends you receive.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.
  • We and our portfolio companies may experience cyber security incidents and are subject to cyber security risks.
  • The failure in cyber security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.
  • We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.
  • The effect of global climate change may impact the operations of our portfolio companies.
  • Our Investment Adviser and Administrator have the right to resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our business, financial condition and results of operations.
  • The Company’s investment adviser sources originated loans from MidCap FinCo LLC (“MidCap FinCo”). MidCap FinCo’s success in originating loans depends to a significant extent on the services provided by its personnel and the personnel of its manager. If MidCap FinCo and its manager are unsuccessful in originating loans, the Company’s ability to reach its investment objectives may be adversely affected.
  • Risks Relating to our Investments
  • Our investments in portfolio companies are risky, and we could lose all or part of our investment.
  • Commodities are subject to many risks that may adversely affect some of our portfolio companies.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Our portfolio companies may be highly leveraged and a covenant breach by our portfolio companies may harm our operating results.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to, among other things, lender liability or fraudulent conveyance claims.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • Our portfolio contains a limited number of portfolio companies, which subjects us to a greater risk of significant loss if any of these companies defaults on its obligations under any of its debt securities.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • When we do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • An investment strategy focused primarily on privately-held companies presents certain challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • Our incentive fee may induce AIM to make certain investments, including speculative investments.
  • Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
  • Hedging transactions may expose us to additional risks.
  • New market structure requirements applicable to derivatives could significantly increase the costs of utilizing over-the-counter (“OTC”) derivatives.
  • Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • The effects of various environmental regulations may negatively affect the aviation industry and some of our portfolio companies.
  • Our investments in the healthcare and pharmaceutical services industry sector are subject to extensive government regulation and certain other risks particular to that industry.
  • Risks Relating to our Debt Instruments
  • Our senior secured credit facility has begun amortizing and any inability to renew, extend or replace the facility could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders.
  • Our unsecured notes mature in 2026 and 2028, and any inability to replace or repay our unsecured notes could adversely impact our liquidity and ability to fund new investments or maintain distributions to our stockholders.
  • The trading market or market value of our debt securities may fluctuate.
  • Terms relating to redemption may materially adversely affect your return on any debt securities that we may issue.
  • Our credit ratings may not reflect all risks of an investment in our debt securities.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

The opening of Item 3, Legal Proceedings.9

Sources

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