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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MidCap Financial Investment
MidCap Financial Investment (MFIC) investor relations material
MidCap Financial Investment Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 net investment income was $27.6 million, or $0.34 per share; NAV fell 3.8% QoQ to $12.86, reflecting credit-related losses concentrated in a limited number of positions.
Fair value of investments was $2.545 billion across 221 portfolio companies and 45 industries; non-accruals were 5.7% of portfolio fair value.
Net repayments, including revolvers and Merx, were $189 million; quarter-end net leverage was 1.43x.
Financial highlights
Q3 investment income was $62.0 million and net expenses were $34.4 million, producing NII of $27.6 million, down from $32.8 million in Q2 and $35.3 million in Q3 2025.
Q3 net realized and unrealized losses were $44.0 million; basic EPS was a loss of $0.20, versus earnings of $0.29 in Q3 2025.
Nine-month NII was $94.6 million versus $106.0 million; net realized and unrealized losses were $155.4 million.
NAV per share was $12.86, down from $13.37 at June 30, 2026 and $14.66 at September 30, 2025.
Q3 net assets decreased $16.4 million from operations; nine-month net assets from operations decreased $60.8 million.
Outlook and guidance
A $0.31-per-share base distribution was declared for payment December 22, 2026; continuation at that level is not assured.
One or more pre-closing distributions are planned for undistributed taxable income, any prior-year shortfall and net capital gains, including to preserve regulated investment company status.
Available cash, short-term investments, borrowing capacity, CLO proceeds and operating cash flows are expected to cover daily needs for at least the next 12 months.
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Latest events from MidCap Financial Investment
- NAV per share fell 3.2% to $13.37 on credit losses; liquidity and dividend remain strong.MFIC
Q2 2026 - Directors and auditor were confirmed, with mark-to-market valuation practices explained.MFICAGM 2026
- NAV per share fell 2.5% to $13.82 as portfolio losses and credit spread widening drove higher non-accruals.MFICQ1 2026
- 2026 meeting to elect directors and ratify Deloitte as auditor, with strong governance and oversight.MFICProxy filing
- Vote on director elections and auditor ratification at the June 18, 2026, virtual meeting.MFICProxy filing
- Senior-focused, high-yield middle market lender with strong Apollo partnership and low fees.MFICInvestor presentation
- Q3 net investment income was $35.3M, NAV $14.66, assets expanded, and dividend held at $0.38.MFICQ3 2025
- Q3 2024 saw $38.1M income, merger-driven growth, and a $0.38 dividend declared.MFICQ3 2024
- Net investment income rose and mergers expanded net assets by 44% to $1.45 billion.MFICQ2 2024
Next MidCap Financial Investment earnings date
Q4 202625 Feb, 2027
MidCap Financial Investment
Next MidCap Financial Investment earnings date
Q4 202625 Feb, 2027
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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.