MidCap Financial Investment MFIC
MidCap Financial Investment reports Q3 2026 results
Item 2.02 Reports results
- Form
- 8-K
- Filed
- Importance
- Major
- Accession
- 0001193125-26-448373
- Net investment income per share was $0.34, down from $0.40
- NAV per share fell 3.8% to $12.86
- New investment commitments totaled $0.9 million
- Ares Capital agreed to acquire MFIC for $10.88 per share
Written from the 8-K on EDGAR. AI can make mistakes. Check the filing.
The reading, claim by claim
- The filing includes a press release with details on net investment income, net asset value, and other financial highlights.
- The press release states that net investment income per share for the quarter was $0.34, down from $0.40 for the quarter ended June 30, 2026.
- This decline was due to a net loss on the portfolio, partially offset by net investment income.
- New investment commitments during the quarter totaled $0.9 million, and gross fundings, excluding revolver fundings, were $11 million.
- Net repayments, including revolvers, totaled $189 million, with a $28.0 million repayment from Merx reducing its position to 1.7% of the total portfolio.
- The Company's net leverage ratio was 1.43x as of September 30, 2026.
- The filing also includes financial highlights showing total assets of $2.65 billion as of September 30, 2026, and net assets of $1.06 billion.
7 of 8 claims matched the filing text.
Not found in the filing text
- In its 10-Q for the quarter ended June 30, 2026, MidCap Financial Investment Corp reported a net income of -$17.5 million.
From the filing
Item 2.02.
Item 2.02.
Results of Operations and Financial Condition.
On November 5, 2026, MidCap Financial Investment Corporation (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.1
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being "furnished" and is not deemed "filed" by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor is it deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Exhibit
99.1
Press Release of MidCap Financial Investment Corporation, dated November 5, 2026.
104
Cover page interactive Data File (embedded within inline XBRL Document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MIDCAP FINANCIAL INVESTMENT CORPORATION
By:
/s/ Kristin M. Hester
Name:
Kristin M. Hester
Title:
Chief Legal Officer and Secretary
Date: November 5, 2026
MidCap Financial Investment Corporation
Reports Financial Results for the Quarter Ended September 30, 2026
Results for the Quarter Ended September 30, 2026, and Other Recent Highlights:
Net investment income per share for the quarter was $0.34, compared to $0.40 for the quarter ended2
Net asset value ("NAV") per share as of the end of the quarter was $12.86, compared to $13.37 as of June 30, 2026, representing a 3.8% decrease. The decline was driven by a net loss on the portfolio; this loss can be attributed to credit-related weakness concentrated in a limited number of positions partially offset by net investment income in excess of the dividend3
New investment commitments made during the quarter totaled $0.9 million to existing borrowers4 (1)
Gross fundings, excluding revolver fundings, (2) totaled $11 million for the quarter4
Net leverage (3) was 1.43x as of September 30, 20266
On November 4, 2026, the Company's Board of Directors (the "Board") declared a dividend of $0.31 per share payable on December 22, 2026, to stockholders of record as of December 8, 2026 (4)
On October 27, 2026, Ares Capital Corporation (NASDAQ: ARCC) announced that it has agreed to acquire MFIC in a stock-and-cash transaction (the "Transaction") valued at $10.88 per MFIC common share, consisting of $9.67 in ARCC stock and $1.21 in cash (5)
1
New York, NY — November 5, 2026 — MidCap Financial Investment Corporation (NASDAQ: MFIC)
("MFIC" or the "Company") today announced financial results for the quarter ended September 30, 2026. The Company's net investment income was $0.34 per share for the quarter ended September 30, 2026, compared to $0.40 per share for the quarter ended June 30, 2026. The Company's NAV was $12.86 per share as of September 30, 2026, compared to $13.37 as of June 30, 2026.
On November 4, 2026, the Board declared a quarterly dividend of $0.31 per share payable on December 22, 2026, to stockholders of record as of December 8, 2026.
(1)
Commitments made for the direct origination portfolio.
(2)
During the quarter ended September 30, 2026, direct origination revolver fundings totaled $26 million, direct origination revolver repayments totaled $25 million and Merx Aviation Finance, LLC repaid $28.0 million.
(3)
The Company's net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.
(4)
There can be no assurances that the Board will continue to declare a base dividend of $0.31 per share. Prior to the closing of the Transaction, the Company will declare one or more distributions in order to distribute all of its previously undistributed investment company taxable income, any prior year shortfall and net capital gain and to maintain its qualification as a "regulated investment company" under the Internal Revenue Code of 1986, as amended (the "Code").
(5)
Additional information is available in MFIC's Current Report on Form
8-K filed with the SEC on October 27, 2026.
2
FINANCIAL HIGHLIGHTS
($ in billions, except per share data)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
$
2.86
$
3.07
$
3.32
$
3.31
Investment portfolio (fair value)
$
2.55
$
2.77
$
2.97
$
3.17
$
3.18
Debt outstanding
$
1.58
$
1.74
$
1.87
$
2.00
$
1.92
$
1.10
$
1.18
$
1.31
$
1.37
Net asset value per share
$
12.86
$
13.37
$
13.82
$
14.18
$
14.66
(1)
The Company's net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.
PORTFOLIO AND INVESTMENT ACTIVITY
Three Months Ended
September 30,
Nine Months Ended
September 30, (in millions)*
2026
2025
2026
2025
Investments made in portfolio companies
$
36.5
$
400.4
$
186.2
$
1,081.0
Investments sold
(5.0
)
(37.5
)
(108.1
)
(96.4
)
Net activity before repaid investments
31.6
362.8
78.1
984.6
Investments repaid
(220.3
)
(510.9
)
(568.7
)
(818.3
)
Net investment activity
$
(188.7
)
$
(148.0
)
$
(490.6
)
$
166.3
Portfolio companies, at beginning of period
229
249
247
233
Number of investments in new portfolio companies
1
9
3
43
Number of exited companies
(9
)
(12
)
(29
)
(30
)
Portfolio companies at end of period
221
246
221
246
Number of investments in existing portfolio companies
69
83
117
241
*
Totals may not foot due to rounding.
3
OPERATING RESULTS
Three Months Ended
September 30,
Nine Months Ended
September 30, (in millions)*
2026
2025
2026
2025
Net investment income
$
27.6
$
35.3
$
94.6
$
106.0
Net realized and change in unrealized gains (losses)
(44.0
)
(7.9
)
(155.4
)
(30.1
)
Net increase (decrease) in net assets resulting from operations
$(16.4)
$27.5
$(60.8)
$75.9 (per share)* (1)
Net investment income on per average share basis
$
0.34
$
0.38
$
1.11
$
1.13
Net realized and change in unrealized gain (loss) per share
(0.54
)
(0.09
)
(1.82
)
(0.32
)
Earni