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MidCap Financial Investment (MFIC) investor relations material
MidCap Financial Investment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Net investment income per share was $0.38 for Q3 2025, totaling $35.3 million, down from $0.39 in Q2 2025.
GAAP net income per share was $0.29, with annualized ROE of 8%.
Net asset value per share decreased 0.6% to $14.66, mainly due to increased non-accruals.
Significant $97 million repayment from Merx Aviation Finance, reducing exposure to 3.3% of the portfolio and resulting in a $16.6 million gain.
Board declared a $0.38 per share quarterly dividend, payable December 23, 2025.
Financial highlights
Total investment income for Q3 was $82.6 million, with net realized and unrealized losses of $7.9 million.
Net expenses increased to $47.3 million, mainly due to higher incentive fees.
Portfolio fair value at quarter-end was $3.18 billion across 246 companies.
Net leverage ratio stood at 1.35x at quarter end.
Dividend of $0.38 per share declared, payable December 23, 2025.
Outlook and guidance
Asset-sensitive balance sheet means declining base rates will pressure net investment income; a 100-basis-point rate drop would reduce annual NII by ~$9.4 million or $0.10 per share.
Initiatives underway to offset lower base rates include further Merx paydowns and resolving non-accrual assets.
Target leverage remains at 1.4x, with a measured approach to redeployment of Merx proceeds.
Management expects redeployment into middle market loans to improve earnings power.
Dividend expected to be maintained as management evaluates rate trajectory and mitigation levers.
Merx redeployment's NII impact on future earnings
Detail NAV decline's company-specific issues
Impact of lower yields vs. financing cost savings?
Outlook for Merx servicing platform value
Impact of recent non-accrual restructurings
Timeline for dividend mitigation strategy impact
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Next MidCap Financial Investment earnings date
Q4 202527 Feb, 2026
Next MidCap Financial Investment earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
MidCap Financial Investment Corporation is a business development company that provides capital to middle-market companies. Its investment portfolio includes secured loans, equity investments, and other debt instruments, targeting sectors such as healthcare, manufacturing, and technology. The company is headquartered in Bethesda, Maryland, and its shares are listed on the NASDAQ.
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