MidCap Financial Investment (MFIC)
Market Price (9/21/2026): $9.03 | Market Cap: $745.4 MilSector: Financials | Industry: Asset Management & Custody Banks
MidCap Financial Investment (MFIC)
Market Price (9/21/2026): $9.03Market Cap: $745.4 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6%, FCF Yield is 71% Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -73% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -12 Mil Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 228% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -111%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -28%, Rev Chg QQuarterly Revenue Change % is -170% Key risksMFIC key risks include [1] deteriorating credit quality within its portfolio, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 17%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.6%, FCF Yield is 71% |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -73% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is -12 Mil |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 228% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -111%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -28%, Rev Chg QQuarterly Revenue Change % is -170% |
| Key risksMFIC key risks include [1] deteriorating credit quality within its portfolio, Show more. |
Qualitative Assessment
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MidCap Financial Investment (MFIC) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Net Asset Value (NAV) per share declined significantly in fiscal Q2 2026 (ended June 30, 2026). MidCap Financial Investment's NAV per share decreased by 3.2% to $13.37 as of June 30, 2026, compared to $13.82 as of March 31, 2026. This decline indicates an erosion of the company's underlying asset value.
2. The decline in NAV was primarily driven by substantial credit-related portfolio losses. During fiscal Q2 2026, the company reported $50.3 million in net realized and unrealized losses on its investment portfolio, equivalent to $0.61 per share. These losses were concentrated in a limited number of investments, with five companies contributing approximately 80% of the total, experiencing issues such as EBITDA pressure and rising leverage.
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MidCap Financial Investment (MFIC) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Net Asset Value (NAV) per share declined significantly in fiscal Q2 2026 (ended June 30, 2026). MidCap Financial Investment's NAV per share decreased by 3.2% to $13.37 as of June 30, 2026, compared to $13.82 as of March 31, 2026. This decline indicates an erosion of the company's underlying asset value.
2. The decline in NAV was primarily driven by substantial credit-related portfolio losses. During fiscal Q2 2026, the company reported $50.3 million in net realized and unrealized losses on its investment portfolio, equivalent to $0.61 per share. These losses were concentrated in a limited number of investments, with five companies contributing approximately 80% of the total, experiencing issues such as EBITDA pressure and rising leverage.
3. MFIC experienced portfolio contraction and limited new investment activity. In fiscal Q2 2026, net investment activity was negative $160.2 million, as significant repayments and sales outpaced new investment commitments. New commitments totaled only $5.8 million, directed towards existing borrowers, leading to a reduction in the overall portfolio size and a decrease in total investment income to $68.2 million from $81.2 million a year prior.
4. Analyst price targets were lowered following the fiscal Q2 2026 earnings report, reflecting concerns over credit quality. Several analysts reduced their price objectives for MFIC, with Wells Fargo & Company cutting its target to $9.00 from $10.50, JPMorgan Chase & Co. lowering its target to $9.50 from $10.00, and Royal Bank of Canada reducing its target to $10.00 from $11.00. These revisions highlight analyst caution regarding the company's net asset value trends and credit quality within the broader private credit sector.
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Stock Movement Drivers
Fundamental Drivers
The -11.7% change in MFIC stock from 5/31/2026 to 9/20/2026 was primarily driven by a -253.5% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.22 | 9.02 | -11.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23 | -12 | -152.1% |
| P/S Multiple | 40.8 | -62.6 | -253.5% |
| Shares Outstanding (Mil) | 91 | 83 | 10.3% |
| Cumulative Contribution | -11.7% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MFIC | -11.7% | |
| Market (SPY) | 0.9% | 32.3% |
| Sector (XLF) | 8.3% | 30.0% |
Fundamental Drivers
The 2.3% change in MFIC stock from 2/28/2026 to 9/20/2026 was primarily driven by a 12.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.82 | 9.02 | 2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 78 | -12 | -115.2% |
| P/S Multiple | 10.5 | -62.6 | -697.2% |
| Shares Outstanding (Mil) | 93 | 83 | 12.4% |
| Cumulative Contribution | 2.3% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MFIC | 2.3% | |
| Market (SPY) | 11.6% | 32.5% |
| Sector (XLF) | 9.2% | 31.6% |
Fundamental Drivers
The -20.4% change in MFIC stock from 8/31/2025 to 9/20/2026 was primarily driven by a -743.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.33 | 9.02 | -20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 109 | -12 | -110.9% |
| P/S Multiple | 9.7 | -62.6 | -743.9% |
| Shares Outstanding (Mil) | 93 | 83 | 13.0% |
| Cumulative Contribution | -20.4% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MFIC | -20.4% | |
| Market (SPY) | 19.4% | 31.6% |
| Sector (XLF) | 4.7% | 39.1% |
Fundamental Drivers
The -1.6% change in MFIC stock from 8/31/2023 to 9/20/2026 was primarily driven by a -1038.6% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.17 | 9.02 | -1.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | -12 | -113.2% |
| P/S Multiple | 6.7 | -62.6 | -1038.6% |
| Shares Outstanding (Mil) | 65 | 83 | -20.8% |
| Cumulative Contribution | -1.6% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| MFIC | -1.6% | |
| Market (SPY) | 75.6% | 52.1% |
| Sector (XLF) | 69.8% | 53.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MFIC Return | 34% | 0% | 35% | 11% | -4% | -11% | 71% |
| Peers Return | 34% | -11% | 29% | 27% | -4% | -0% | 89% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| MFIC Win Rate | 58% | 58% | 67% | 50% | 42% | 33% | |
| Peers Win Rate | 80% | 40% | 70% | 73% | 50% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| MFIC Max Drawdown | -14% | -23% | -14% | -17% | -27% | -21% | |
| Peers Max Drawdown | -9% | -24% | -10% | -11% | -22% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, BXSL, FSK, MAIN, GBDC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | MFIC | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.1% | -7.8% |
| % Gain to Breakeven | 17.7% | 8.5% |
| Time to Breakeven | 195 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.1% | -6.7% |
| % Gain to Breakeven | 12.5% | 7.1% |
| Time to Breakeven | 74 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.1% | -24.5% |
| % Gain to Breakeven | 22.1% | 32.4% |
| Time to Breakeven | 47 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -66.3% | -33.7% |
| % Gain to Breakeven | 196.7% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.1% | -19.2% |
| % Gain to Breakeven | 28.4% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.5% | -12.2% |
| % Gain to Breakeven | 44.0% | 13.9% |
| Time to Breakeven | 167 days | 62 days |
In The Past
MidCap Financial Investment's stock fell -15.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 17.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | MFIC | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -66.3% | -33.7% |
| % Gain to Breakeven | 196.7% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.1% | -19.2% |
| % Gain to Breakeven | 28.4% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.5% | -12.2% |
| % Gain to Breakeven | 44.0% | 13.9% |
| Time to Breakeven | 167 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -42.0% | -6.8% |
| % Gain to Breakeven | 72.5% | 7.3% |
| Time to Breakeven | 413 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.8% | -17.9% |
| % Gain to Breakeven | 36.6% | 21.8% |
| Time to Breakeven | 443 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.1% | -15.4% |
| % Gain to Breakeven | 43.0% | 18.2% |
| Time to Breakeven | 1329 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.0% | -53.4% |
| % Gain to Breakeven | 150.1% | 114.4% |
| Time to Breakeven | 27 days | 1085 days |
In The Past
MidCap Financial Investment's stock fell -15.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 17.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MidCap Financial Investment (MFIC)
MidCap Financial Investment (MFIC) operates as a Business Development Company (BDC), which is a type of closed-end investment fund. Its primary function is to provide capital to private, middle-market companies. The company specializes in private equity investments, supporting a range of corporate activities such as leveraged buyouts, acquisitions, recapitalizations, growth initiatives, and refinancing efforts for its portfolio companies.
To achieve its investment objectives, MFIC offers a diverse array of financial solutions. These include direct equity capital, various forms of secured debt like first lien, second lien, stretch senior, and unitranche loans, as well as unsecured debt, mezzanine financing, and subordinated loans. Additionally, the fund invests in preferred and common equity, warrants, and may participate in public equity through PIPES transactions or thinly traded securities. It also considers investments in structured products, including collateralized loan obligations (CLOs) and credit-linked notes (CLNs).
MFIC primarily targets private middle-market companies across a broad spectrum of industries, predominantly within the United States. Its portfolio spans sectors such as construction, business services, healthcare, technology, manufacturing, consumer goods, energy, and financial services, among many others. The fund typically invests between $20 million and $250 million in its portfolio companies, generally seeking investments with maturities ranging from five to ten years.
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Here are 1-2 brief analogies for MidCap Financial Investment (MFIC):
-
A mini-Blackstone focused on lending to and investing in mid-sized private companies.
-
Think of it as a hybrid between a bank and a private equity firm, exclusively for middle-market businesses.
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- Senior Secured Debt: Provides various forms of senior debt, including first lien, stretch senior, unitranche, and general senior secured loans, offering priority claim on a borrower's assets.
- Junior and Subordinated Debt: Offers mezzanine, second lien, unsecured, and subordinated loans, which carry a lower priority claim than senior debt.
- Equity and Equity-Related Investments: Provides direct equity capital, preferred equity, common equity interests, warrants, and equity co-investments to acquire ownership stakes in portfolio companies.
- PIPES Transactions: Facilitates private investments in the equity of publicly traded companies.
- Structured Products: Invests in complex financial instruments such as Collateralized Loan Obligations (CLOs) and Credit-Linked Notes (CLNs).
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MidCap Financial Investment (MFIC) operates as a Business Development Company (BDC) that specializes in providing financing and capital to other companies. Therefore, it does not have "major customers" in the traditional sense of a company selling goods or services. Instead, MFIC's business involves investing in and lending to a diverse portfolio of companies.
Based on the provided description, MFIC primarily provides direct equity capital, various types of secured and unsecured loans (such as first lien, second lien, unitranche, mezzanine, and subordinated debt), and other debt and equity instruments to:
- Private Middle Market Companies: These are companies involved in leveraged buyouts, acquisitions, recapitalizations, growth capital, and refinancing across a wide range of industries. MFIC typically invests between $20 million and $250 million in these portfolio companies.
Given that MFIC's "customers" are its portfolio companies, and these are predominantly private entities as described, it is not possible to list specific names of customer companies and their public symbols. MFIC's business model is focused on being a capital provider rather than selling products or services to a concentrated group of named customers.
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Tanner Powell, Chief Executive Officer
Tanner Powell was appointed Chief Executive Officer of MidCap Financial Investment Corporation in August 2022. He joined Apollo in 2006 and previously served as President of the Company from May 2018 to August 2022, and as Chief Investment Officer for the Company's investment adviser from June 2016 to August 2022. Mr. Powell is a Managing Director and Portfolio Manager in Apollo's Direct Origination business and holds leadership roles in Apollo's Credit Business, including its aircraft leasing and lending businesses. Before joining Apollo, he was an analyst in Goldman Sachs' Principal Investment Area (PIA) from 2004 to 2006, and an analyst in the Industrials group at Deutsche Bank from 2002 to 2004. He holds a BA in political economy from Princeton University.
Kenneth Seifert, Chief Financial Officer and Treasurer
Kenneth Seifert was appointed Chief Financial Officer and Treasurer of MidCap Financial Investment Corporation in June 2025. He joined Apollo in 2015 and has been a key member of Apollo's Controllers group throughout his tenure. Mr. Seifert also serves as the Chief Financial Officer and Treasurer of both Apollo Diversified Credit Fund and Apollo Diversified Real Estate Fund, positions he has held since 2022. Previously, he served as CFO and Treasurer for several other Apollo funds. Prior to Apollo, Mr. Seifert was a Senior Manager at KPMG and Rothstein Kass, where he specialized as an auditor in alternative investments, including Hedge, Private Equity, Fund of Funds, and Regulated Investment Companies. He graduated from the Pennsylvania State University with a BS in Accounting and a minor in Business Law.
Howard T. Widra, Executive Chairman
Howard T. Widra was appointed Executive Chairman of MidCap Financial Investment Corporation in August 2022. He has been with Apollo and/or its affiliates since 2013 and serves as Apollo's Head of Direct Origination. Mr. Widra previously served as the Company's Chief Executive Officer from May 2018 to August 2022 and as President from June 2016 to May 2018. He was a co-founder of MidCap Financial, a middle-market specialty finance firm, and formerly its Chief Executive Officer. Prior to co-founding MidCap Financial, he was the founder and President of Merrill Lynch Capital Healthcare Finance. Before Merrill Lynch, Mr. Widra was President of GE Capital Healthcare Commercial Finance and held senior roles in its predecessor entities, including President of Heller Healthcare Finance and COO of Healthcare Financial Partners. He holds a J.D., Cum Laude, from Harvard Law School and a BA from the University of Michigan. Mr. Widra plans to retire from Apollo Global Management and resign as Director and Executive Chairman of MidCap Financial's Board on December 31, 2026.
Ted McNulty, President and Chief Investment Officer
Ted McNulty was appointed President of MidCap Financial Investment Corporation and Chief Investment Officer for the Company's investment adviser in August 2022. He joined Apollo in 2014 and is a Managing Director in Apollo's Credit business. Prior to joining Apollo, Mr. McNulty ran the mezzanine and merchant banking business for a subsidiary of Mitsubishi UFJ, and was previously a director at Haland. He also held various roles at JPMorgan and its predecessor institutions, primarily in leveraged finance. Mr. McNulty received an MBA from the Kellogg School of Management and a BA in Government from Harvard University.
Kristin Hester, Secretary and Chief Legal Officer
Kristin Hester serves as the Secretary and Chief Legal Officer of MidCap Financial Investment Corporation. She was promoted to Chief Legal Officer in August 2022.
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Key Risks to MidCap Financial Investment (MFIC)
- Credit Risk and Portfolio Company Performance: MidCap Financial Investment's business model involves providing various forms of debt and equity capital to private, middle-market companies, often associated with leveraged buyouts, acquisitions, and recapitalizations. These investments inherently carry significant credit risk, as the financial health and operational performance of these portfolio companies directly impact MFIC’s ability to generate income and realize gains. A deterioration in the credit quality or performance of these underlying businesses, leading to defaults, restructurings, or lower valuations, would materially and adversely affect MFIC's financial results and investment returns.
- Interest Rate Risk: As a business development company, MFIC's profitability is significantly influenced by changes in interest rates. While many of its loan investments may be floating-rate, its own funding costs are also subject to market interest rate fluctuations. A significant increase in benchmark interest rates could raise MFIC's cost of borrowing faster than the interest income generated from its portfolio, potentially compressing its net investment income. Conversely, higher interest rates could also strain the financial capacity of its borrowers, increasing the likelihood of defaults or underperformance, especially for highly leveraged companies.
- Economic Downturn or Recession: A general economic slowdown, recession, or adverse market conditions, particularly in the United States where MFIC primarily invests, poses a substantial risk. Such conditions typically lead to reduced business activity, lower corporate earnings, increased unemployment, and tighter credit markets. For MFIC, an economic downturn could result in a higher incidence of defaults and non-performing loans within its portfolio, depressed valuations of its equity investments, and a reduced appetite for new investment opportunities, all of which would negatively impact its financial performance and asset values.
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MidCap Financial Investment (MFIC) operates within the U.S. private credit market, primarily providing direct lending and various debt and equity solutions to middle-market companies.
The addressable market for MidCap Financial Investment's main products and services is the U.S. private credit market, which is a significant and growing segment of the financial industry. As of early 2026, the U.S. private credit market is estimated to be approximately $1.3 trillion and is expected to expand further. Other reports indicate the U.S. private credit market was projected to reach $1.34 trillion in 2025 or by Q2 2024. Direct lending, which is a core offering of MFIC, is the dominant strategy within this market. Furthermore, the total value of private corporate loans in the U.S. reached $1.7 trillion as of November 2025. Business Development Companies (BDCs), like MidCap Financial Investment, account for roughly $500 billion of the private credit market.
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Here are 3-5 expected drivers of future revenue growth for MidCap Financial Investment (MFIC) over the next 2-3 years:
- Consistent Origination of Senior Secured Loans: MidCap Financial Investment's core strategy involves primarily investing in loans originated by MidCap Financial, an affiliated middle-market lender. This ongoing access to deal flow is expected to continue driving revenue as the company makes new commitments, evidenced by $141 million in new commitments across 26 transactions during the December quarter of 2025. The company's strong focus on first lien positions, comprising 99% of its direct origination portfolio, generally contributes to more stable interest income.
- Strategic Portfolio Optimization and Capital Redeployment: The company has been actively reducing its exposure to certain assets, such as Merx, and redeploying that capital into middle-market loans. This strategic shift is aimed at de-risking the investment portfolio and enhancing MFIC's earnings power. This reallocation of capital into higher-quality, income-generating assets is anticipated to contribute to future revenue growth.
- Improved Credit Performance and Reduction in Non-Accrual Investments: MidCap Financial Investment has seen a decline in investments on non-accrual status, which decreased to 2.6% of the portfolio at fair value from 3.1% in the prior quarter. Management has also highlighted the opportunity to work through these non-accrual positions. Successfully returning these non-income-generating assets to performing status would directly increase interest income and thus revenue.
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Share Repurchases
- In February 2026, the Board of Directors authorized a new $100 million stock repurchase plan, adding to an existing authorization with approximately $7.9 million remaining capacity, bringing the total available for repurchases to $107.9 million.
- During the fourth quarter of 2025 (ended December 31, 2025), the company repurchased 1.1 million shares for an aggregate cost of $12.9 million at an average 18% discount to net asset value.
- Through May 7, 2024, MidCap Financial Investment had repurchased 15,593,120 shares since the inception of its share repurchase program for a total cost of $248.1 million, with $26.9 million remaining under a $275 million authorization.
Share Issuance
- In July 2024, MidCap Financial Investment issued approximately 28.5 million shares of common stock in connection with its mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc., which increased the company's total outstanding common shares to 93.8 million.
- In August 2024, the company initiated an "at-the-market" equity program, allowing for the sale of up to $200 million of common stock from time to time.
- In August 2022, MidCap Financial, an affiliate of Apollo, made a $30 million primary equity investment in MFIC (then Apollo Investment Corporation) at net asset value, resulting in the issuance of approximately 1.93 million new shares.
Inbound Investments
- In August 2022, MidCap Financial, an affiliate of Apollo, made a $30 million primary equity investment in MidCap Financial Investment (then Apollo Investment Corporation) at net asset value, acquiring approximately 1.93 million shares.
Outbound Investments
- As of December 31, 2025, MidCap Financial Investment's portfolio had a fair value of $3.17 billion, comprising investments in 247 companies across 46 industries, with 99% of the portfolio in first-lien debt.
- During the fourth quarter of 2025, the company made new investment commitments totaling $141 million across 26 transactions, with net funded activity of $25 million for the quarter.
- New investment commitments totaled $371 million in Q3 2024 and $255 million in Q4 2024.
Peer Outperformance in Asset Management & Custody Banks
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 24.2% | 70.6% | 133.7% | SPNT 170% · RGA 154% · RNR 140% |
| Investment Banking & Brokerage | 13 | -1.7% | 105.1% | 116.5% | IBKR 527% · SNEX 257% · HOOD 183% |
| Diversified Banks | 12 | 27.5% | 129.8% | 116.3% | CM 161% · JPM 159% · RY 149% |
| Life & Health Insurance | 20 | 8.6% | 57.6% | 105.8% | JXN 534% · UNM 373% · FG 207% |
| Multi-Sector Holdings | 4 | 6.8% | 50.2% | 87.3% | JONE 361% · VOYA 88% · BRK-B 87% |
| Property & Casualty Insurance | 42 | 9.6% | 67.5% | 67.8% | ASIC 2760900% · HRTG 445% · UVE 331% |
| Regional Banks | 265 | 23.9% | 91.7% | 67.1% | ESQ 391% · GCBC 340% · VBNK 335% |
| Multi-line Insurance | 9 | 8.8% | 71.2% | 64.1% | GNW 201% · L 112% · SLF 104% |
| Financial Exchanges & Data | 15 | -0.1% | 17.4% | 32.7% | VIRT 184% · CBOE 135% · CME 83% |
| Diversified Financial Services | 4 | -7.3% | 22.1% | 32.6% | FRHC 168% · EQH 119% · TMS -54% |
| Consumer Finance | 30 | 1.7% | 89.6% | 26.9% | ENVA 447% · EZPW 319% · FCFS 168% |
| Insurance Brokers | 16 | -15.1% | -6.3% | 20.3% | LIFE 200% · ARX 87% · AJG 70% |
| Commercial & Residential Mortgage Finance | 14 | -50.2% | 32.8% | 13.9% | FNMA 454% · FMCC 436% · ACT 204% |
| Asset Management & Custody Banks ← | 84 | -11.7% | 17.6% | 12.0% | WT 348% · SII 279% · VCTR 274% |
| Specialized Finance | 3 | 14.0% | 42.2% | -2.8% | EFC 27% · CACC -3% · HASI -16% |
| Mortgage REITs | 33 | -13.0% | 7.4% | -16.5% | NREF 53% · RITM 42% · DX 34% |
| Transaction & Payment Processing Services | 15 | -1.0% | -5.9% | -42.9% | V 74% · MA 73% · CPAY 58% |
| Diversified Capital Markets | 20 | -36.3% | 20.7% | -48.1% | OPY 196% · LPLA 136% · GOLD 90% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.97 |
| Mkt Cap | 4.3 |
| Rev LTM | 272 |
| Op Inc LTM | - |
| FCF LTM | 340 |
| FCF 3Y Avg | 87 |
| CFO LTM | 340 |
| CFO 3Y Avg | 87 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -48.3% |
| Rev Chg 3Y Avg | 3.4% |
| Rev Chg Q | -39.0% |
| QoQ Delta Rev Chg LTM | -13.4% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 8.3% |
| CFO/Rev 3Y Avg | -37.1% |
| FCF/Rev LTM | 8.3% |
| FCF/Rev 3Y Avg | -37.1% |
Price Behavior
| Market Price | $9.02 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 02/09/2009 | |
| Distance from 52W High | -21.5% | |
| 50 Days | 200 Days | |
| DMA Price | $9.33 | $10.05 |
| DMA Trend | down | down |
| Distance from DMA | -3.4% | -10.2% |
| 3M | 1YR | |
| Volatility | 19.3% | 24.5% |
| Downside Capture | 103.70 | 90.93 |
| Upside Capture | 59.10 | 52.81 |
| Correlation (SPY) | 24.6% | 31.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.43 | 0.44 | 0.52 | 0.55 | 0.60 | 0.77 |
| Up Beta | 0.52 | -0.45 | -0.31 | 0.11 | 0.40 | 0.85 |
| Down Beta | -0.24 | 0.23 | 0.59 | 0.54 | 0.53 | 0.82 |
| Up Capture | 56% | 63% | 57% | 67% | 40% | 30% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 17 | 29 | 60 | 115 | 385 |
| Down Capture | 28% | 112% | 101% | 78% | 93% | 91% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 24 | 33 | 60 | 127 | 337 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MFIC | |
|---|---|---|---|---|
| MFIC | -15.6% | 24.5% | -0.74 | - |
| Sector ETF (XLF) | 4.5% | 14.6% | 0.08 | 39.2% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 31.9% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | -2.1% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -12.6% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 27.4% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 20.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MFIC | |
|---|---|---|---|---|
| MFIC | 4.3% | 22.9% | 0.14 | - |
| Sector ETF (XLF) | 10.1% | 18.4% | 0.41 | 55.3% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 54.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 5.4% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 13.3% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 46.8% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 25.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MFIC | |
|---|---|---|---|---|
| MFIC | 5.1% | 30.0% | 0.22 | - |
| Sector ETF (XLF) | 12.9% | 22.1% | 0.53 | 58.7% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 54.0% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 3.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 19.3% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 54.3% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 14.5% |
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Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 2.4% | 1.8% | 1.3% |
| 5/6/2026 | -1.9% | -8.8% | -13.2% |
| 2/26/2026 | -8.1% | 0.2% | 5.6% |
| 11/6/2025 | -0.7% | -1.7% | 1.7% |
| 8/11/2025 | 3.5% | 2.9% | 2.0% |
| 5/12/2025 | 1.8% | 2.5% | 3.8% |
| 2/25/2025 | -3.5% | -5.5% | -5.1% |
| 11/7/2024 | 1.3% | 1.9% | 5.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 15 |
| # Negative | 9 | 6 | 8 |
| Median Positive | 2.5% | 2.7% | 5.3% |
| Median Negative | -1.9% | -2.7% | -3.8% |
| Max Positive | 7.2% | 16.7% | 39.1% |
| Max Negative | -8.1% | -8.8% | -13.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 2.4% | 1.8% | 1.3% |
| 5/6/2026 | -1.9% | -8.8% | -13.2% |
| 2/26/2026 | -8.1% | 0.2% | 5.6% |
| 11/6/2025 | -0.7% | -1.7% | 1.7% |
| 8/11/2025 | 3.5% | 2.9% | 2.0% |
| 5/12/2025 | 1.8% | 2.5% | 3.8% |
| 2/25/2025 | -3.5% | -5.5% | -5.1% |
| 11/7/2024 | 1.3% | 1.9% | 5.3% |
| 8/7/2024 | 2.5% | 2.4% | 6.7% |
| 5/7/2024 | -0.5% | 2.7% | 5.3% |
| 2/26/2024 | 4.1% | 4.5% | 8.4% |
| 11/7/2023 | -2.9% | 0.1% | 3.0% |
| 8/2/2023 | 0.3% | 1.7% | -0.5% |
| 5/2/2023 | 1.0% | 0.9% | 6.5% |
| 2/21/2023 | 3.3% | 4.5% | -8.3% |
| 11/3/2022 | 7.2% | 10.9% | 10.3% |
| 5/19/2022 | -0.7% | 3.5% | -9.6% |
| 2/3/2022 | 2.6% | 2.9% | -0.8% |
| 11/4/2021 | 1.3% | -1.2% | -1.1% |
| 8/5/2021 | -0.2% | -0.5% | 0.5% |
| 5/20/2021 | -3.8% | -3.8% | -2.6% |
| 2/4/2021 | 4.2% | 5.2% | 9.6% |
| 11/5/2020 | 4.0% | 16.7% | 39.1% |
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 15 |
| # Negative | 9 | 6 | 8 |
| Median Positive | 2.5% | 2.7% | 5.3% |
| Median Negative | -1.9% | -2.7% | -3.8% |
| Max Positive | 7.2% | 16.7% | 39.1% |
| Max Negative | -8.1% | -8.8% | -13.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-KT |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-KT |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/19/2022 | 10-K |
| 12/31/2021 | 02/03/2022 | 10-Q |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/20/2021 | 10-K |
| 12/31/2020 | 02/04/2021 | 10-Q |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/21/2020 | 10-K |
| 12/31/2019 | 02/04/2020 | 10-Q |
| 09/30/2019 | 11/05/2019 | 10-Q |
Investor Activity (13F)
Updated Sep 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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