MidCap Financial Investment Corporation (MFIC) operates as an externally managed, non-diversified, closed-end investment fund, registered as a business development company (BDC) under ...
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$1.38 per share
$1.38 per share
Est. EPS $0.36 · Revenue $64.33M · 5 analysts
Est. EPS $0.35 · Revenue $62.45M · 5 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $274.4M | +21.2% | +7.5% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $63.2M | -36.1% | +34.9% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +83.4% | +71.0% | +2.1% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +71.6% | +64.1% | +303.2% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +23.0% | -47.3% | +39.4% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $101.4M | +1163.4% | +11.8% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +36.9% | +977.1% | +4.0% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 152.6% | +22.4% | -0.7% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.04x | -88.4% | -12.1% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $3.3B | +4.2% | -6.8% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 0.68 vs 1.50 | -54.7% | -0.21 vs 0.36 | -157.9% |
| Revenue Surprise | $274.4M vs $321.6M | -14.7% | $68.1M vs $64.3M | +5.9% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Feb 10, 2026 | McNulty Ted Aymond Jr. | officer: President & CIO | Common Stock | D | 6,663 | $11.14 |
| Sep 4, 2025 | Durkin Joseph Vincent | — | — | — | 0 | — |
| Jun 30, 2025 | Seifert Kenneth Lee Jr. | — | — | — | 0 | — |
| Mar 11, 2025 | PEARLMAN EMANUEL R | director | Common Stock | A | 800 | $12.52 |
| Mar 11, 2025 | Widra Howard | director | Common Stock | A | 50,000 | $12.40 |
Operator: Good morning, and welcome to the earnings conference call for the period ending June 30, 2026, for MidCap Financial Investment Corporation. [Operator Instructions] I will now turn the call over to Elizabeth Besen, Investor Relations Manager for MidCap Financial Investment Corporation. Elizabeth Besen: Thank you, operator, and thank you, everyone, for joining us today. We appreciate your interest in MidCap Financial Investment Corporation. Speaking on today's call are Tanner Powell, Chief Executive Officer; Ted McNulty, President; and Kenny Seifert, Chief Financial Officer. I'd like to advise everyone that today's call and webcast are being recorded. Please note that they are the property of MidCap Financial Investment Corporation and that any unauthorized broadcast in any form is strictly prohibited. Information about the audio replay of this call is available in our press release. I'd also like to call your attention to the customary safe harbor disclosure in our press release regarding forward-looking information. Today's conference call and webcast may include forward-looking statements. You should refer to our most recent filings with the SEC for risks that apply to our business and that may adversely affect any forward-looking statements we make. We do not undertake to update our forward-looking statements or projections unless required by law. To obtain copies of our SEC filings, please visit either the SEC's website at www.sec.gov or our website at www.midcapfinancialic.com. I'd also like to remind everyone that we posted a supplemental financial information package on our website, which contains information about the portfolio as well as the company's financial performance. Throughout today's call, we will refer to MidCap Financial Investment Corporation as either MFIC or the BDC and we will use MidCap Financial to refer to the lender headquartered in Bethesda. At this time, I'd like to turn the call over to Tanner Powell, MFIC's Chief Executive Officer. Tanner Powell: Thank you, Elizabeth. Good morning, everyone, and thank you for joining for MidCap Financial Investment Corporation's quarterly earnings conference call. Earlier this morning, we issued our press release and filed our Form 10-Q for the period ended June 30, 2026. I'll begin today's call with an overview of MFIC's second quarter results and investment activity. Following that, I'll hand the call over to Ted, who will walk through our investment activity in detail and provide a portfolio update. Kenny will then review our financial results in detail. Beginning with an overview of our results, net investment income or NII per share for the quarter was $0.40, while GAAP net loss per share was $0.21. Net asset value per share at the end of June was $13.37 representing a 3.2% decline from the prior quarter. The $0.45 decrease in NAV was driven by a net loss of $0.61 on the portfolio, which was partially offset by net investment income exceeding the dividend by $0.09 …
| Name | Title | Gender | Year Born | Status |
|---|---|---|---|---|
Tanner Powell | CEO & Executive Chairman | Male | 1980 | Active |
Elizabeth Besen | Investor Relations Manager | Female | — | Active |
Stacy Lee | Executive Officer and Analyst | Female | — | Active |
Kenneth Seifert | Chief Financial Officer & Treasurer | Male | 1978 | Active |
Daniel Vogel | Managing Director | Male | — | Active |
Justin Sendak | Managing Director | Male | 1969 | Active |
Patrick Ryan | Chief Credit Officer of AIM | Male | — | Active |
Ryan Louis Michael Del Giudice | Vice President & Chief Compliance Officer | Male | 1990 | Active |
Ted McNulty | President & Chief Investment Officer for Apollo Investment Management | Male | 1975 | Active |
Kristin Hester | Chief Legal Officer, Secretary & Vice President | Female | 1980 | Active |
Joseph Durkin | Chief Accounting Officer | Male | 1990 | Active |
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At the 24% federal bracket, a $500,000 portfolio built around mortgage REITs, BDCs, and net-lease REITs throws off enough ordinary-income distributions to hand the IRS roughly $13,000 every year in a taxable account.
Chasing a higher dividend yield feels like a shortcut to financial freedom, but the math hiding inside that trade-off can quietly dismantle an entire retirement plan before you notice anything went wrong.
Every dollar of interest a BDC or mortgage REIT pushes through your taxable brokerage account gets taxed at your ordinary income rate.
MidCap Financial Investment (MFIC) maintains a sell rating as portfolio contraction and NAV decline persist, despite stable dividend coverage. MFIC's net investment income per share is sustained through expense reductions, not portfolio growth, with total assets falling from $3.46B to $2.86B year-over-year. MFIC trades at a 27.8% discount to NAV, reflecting market skepticism on its ability to source new investments and reverse NAV erosion.
