Pulling SEC filings + quote and writing the call…

MidCap Financial Investment Corp
Next earnings Aug 10, 2026 · consensus $0.38 EPS, $69.7M rev
Last earnings -1.3% on 2026-05-06
BDC trading near book with a ~9% yield, but NII deterioration and rising leverage cap the upside — own for income, don't chase.
Sources: SEC EDGAR (CIK 0001278752, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/25/2026, 2:59:22 PM.
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MFIC is an externally-managed Apollo BDC (Apollo Investment Management is the adviser, with the AGM affiliation disclosed throughout the 10-K) that lives or dies by the spread between portfolio yield and its cost of debt. The FY2025 numbers tell a clear story of margin compression: net income fell to $63.2M from $98.8M (-36.1% YoY) while long-term debt grew +13.9% to $2.00B and total liabilities expanded +12.9% — the balance sheet is being levered up faster than earnings, pushing liabilities/equity to 1.54x and ROE down to a sub-par 4.8%. Equity itself shrank -6.9% as the company paid $142M in dividends against only $63.2M of net income, a payout pattern typical for RICs (the MD&A confirms RIC election under Subchapter M, which forces distribution of substantially all taxable income) but one that is mathematically eroding NAV when earnings undershoot the distribution.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | $82.4M | $119M | $98.8M | $63.2M |
| Diluted EPS | — | — | — | — |
| Net margin | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Annual meeting vote results disclosed; routine director/auditor ratifications
Q1 2026 10-Q filed; ongoing portfolio activity, leverage near 1.5x debt/equity
Q1 2026 10-Q filed; ongoing portfolio activity, leverage near 1.5x debt/equity
Annual proxy: director slate, auditor ratification, advisory votes
Officer/director change announced under Item 5.02
FY2025 10-K: NII -36%, equity -6.9%, leverage rose, OCF turned negative
FY2025 10-K: NII -36%, equity -6.9%, leverage rose, OCF turned negative
Q3 2025 10-Q filed; routine BDC portfolio and NAV disclosure
Q3 2025 10-Q filed; routine BDC portfolio and NAV disclosure
1047 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
| 2026-02-10 | McNulty Ted Aymond Jr. President & CIO | Disposed (J) | 6.66K @ $11.14 | $74.2K |
| 2025-03-11 | PEARLMAN EMANUEL R Director | Buy | 800.00 @ $12.52 | $10.0K |
| 2025-03-11 | Widra Howard Director | Buy | 50.0K @ $12.40 | $620K |
| 2025-03-10 | PEARLMAN EMANUEL R Director | Buy | 1.00K @ $13.09 | $13.1K |
| 2024-08-12 | PEARLMAN EMANUEL R Director | Buy | 1.00K @ $12.98 | $13.0K |
| 2024-07-22 | McNulty Ted Aymond Jr. President | Award | 7.64K | |
| 2024-07-22 | McNulty Ted Aymond Jr. President | Award | 7.55K | |
| 2024-07-22 | Powell Tanner Chief Executive Officer | Award | 7.35K | |
| 2024-07-22 | STEIN ELLIOT JR Director | Award | 668.00 | |
| 2024-07-22 | STEIN ELLIOT JR Director | Award | 566.00 | |
| 2024-02-10 | McNulty Ted Aymond Jr. President | Disposed (J) | 8.44K @ $13.95 | $118K |
| 2024-02-09 | Powell Tanner Chief Executive Officer | Disposed (J) | 9.01K @ $13.95 | $126K |
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.