MidCap Financial Investment (MFIC) Q3 2026 earnings summary

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.