# MidCap Financial Investment Corporation (MFIC)

> Source: Nexqual · https://nexqual.com/MFIC · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, MidCap Financial Investment Corporation (MFIC), nexqual.com/MFIC" · informational, not investment advice.

**Price:** USD 10.4 (+1.56% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 10.24 · day 10.23–10.42 · 52w 8.11–12.34 · market cap $857M · NMS

## Key facts
- Analysts: Hold (mean 2.71 on a 1–5 scale) (7 analysts), mean target USD 10.46 (range 9–12).
- Total return with dividends: 1Y -4.0% vs S&P 500 +14.8%; 5Y +41.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.36, revenue estimate $64.3M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: USD 1.24 a year (yield 12.11%), paid quarterly; latest ex-dividend date 2026-09-08; annual dividends grew 2.5% a year 2022–2025.
- Short interest: 3.46% of float (as of 2026-10-15), 4.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $112M | $82.4M | $119M | $98.8M | $63.2M | -$29.7M |
| Cash + short-term investments | $54.6M | $30.0M | $93.6M | $74.4M | $98.2M | — |
| Total debt | — | $1.55B | $1.75B | $1.75B | $2.00B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 0.8x · Earnings yield -3.46% · Dividend yield (paid, TTM) 14.49% · Buyback yield (TTM) 14.10% · Net debt $1.70B · EV $2.55B

## Analysts
Consensus Hold (mean 2.71 on a 1–5 scale), 7 analysts; mean target USD 10.46 (low 9, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-28 | Raymond James | Downgrade | Outperform → Market Perform |  |
| 2026-08-12 | RBC Capital | Target lowered | Sector Perform | $11 → $10 |
| 2026-08-10 | Wells Fargo | Target lowered | Equal-Weight | $10.5 → $9 |
| 2026-08-07 | Truist Securities | Target lowered | Buy | $13 → $12 |
| 2026-07-02 | JP Morgan | Target lowered | Neutral | $10 → $9.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -4.0% | +41.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -4.1% | +7.1% |
| Volatility (annualized) | 32.2% | 24.3% |
| Max drawdown | -28.8% (May 2026→Oct 2026) | -30.1% (Jun 2024→Oct 2026) |

## Dividends
Annual dividend rate USD 1.24 per share, yield 12.11% at the current price. Paid over the last 12 months: USD 1.31 in 4 payments (quarterly).
Most recent ex-dividend date: Sep 8, 2026; payment date: Sep 24, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: cut 18.4% to USD 0.31 per payment from USD 0.38, starting with the Mar 10, 2026 ex-dividend date.
Payout ratio 3143% of earnings (above 100%: dividends exceeded net income; for REITs and partnerships, cash-flow measures are more relevant) · 5-year average yield 11.29% · annual dividends grew 2.5% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-09-08 | USD 0.31 |
| 2026-06-09 | USD 0.31 |
| 2026-03-10 | USD 0.31 |
| 2025-12-09 | USD 0.38 |
| 2025-09-09 | USD 0.38 |
| 2025-06-10 | USD 0.38 |
| 2025-03-11 | USD 0.38 |
| 2024-12-10 | USD 0.38 |
Total by calendar year: 2022 USD 1.41 · 2023 USD 1.52 · 2024 USD 1.72 · 2025 USD 1.52.

## Short interest
2,826,209 shares sold short, 3.46% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,723,902 shares (+3.8%). Days to cover: 4.7 (short shares ÷ average daily volume).

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.52 +1.38% · PDI (PIMCO Dynamic Income Fund) USD 14.33 +1.63% · VCTR (Victory Capital Holdings, Inc. ) USD 113.81 +1.73% · AMG (Affiliated Managers Group, Inc.) USD 399.02 +1.47% · SEIC (SEI Investments Company) USD 104.73 +1.48% · IVZ (Invesco Ltd) USD 29.02 +1.19%

## More
Full page: https://nexqual.com/MFIC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MFIC's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1278752/000119312526076499/mfic-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Apollo Investment Management | "We are dependent upon Apollo Investment Management, L.P.'s key personnel for our future success and upon their access to Apollo Global Management, Inc's investment professionals and partners." |
| Partner | Apollo Global Management, Inc. (APO) | "We are dependent upon Apollo Investment Management, L.P.'s key personnel for our future success and upon their access to Apollo Global Management, Inc's investment professionals and partners." |

## Company outlook (8-K filed 2026-10-27)

- "Under the terms of the Transaction, MFIC stockholders are expected to receive total consideration of $10.88 per fully diluted share of MFIC common stock, consisting of approximately $1.21 per share in cash, provided by a subsidiary of Ares Management, and approximately $9.67 per share in Ares Capital common stock, as adjusted for the cash received from MFIC's special dividend described below."
- "MFIC's preliminary estimate of net asset value per share as of September 30, 2026, is approximately $12.86. 1 1 MFIC's final net asset value per share as of September 30, 2026, will be reported in MFIC's third quarter 2026 results, which MFIC expects to release on Thursday, November 5, 2026, and may differ from this preliminary estimate."
- "At closing, the Transaction is expected to increase Ares Capital's pro forma portfolio to more than 800 portfolio companies and over $31 billion of investments at fair value as of September 30, 2026. • Broader sponsor and market connectivity."
- "MFIC's portfolio is expected to add more than 200 incumbent positions and further expand the number of sponsors Ares Capital has transacted with to more than 600."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.36 | $0.33 | +8.9% | $64.3M | 8 |
| Next quarter (ends 2026-12-31) | $0.36 | $0.32 | +11.8% | $62.6M | 8 |
| Current fiscal year (ends 2026-12-31) | $1.49 | $1.39 | +7.1% | $266.9M | 8 |
| Next fiscal year (ends 2027-12-31) | $1.25 | $1.24 | +1.4% | $239.7M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±5.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 30.4% | ±5.5% |
| 2026-12-18 | 50 | 17.4% | ±7.0% |
| 2027-03-19 | 141 | 32.1% | ±18.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.40 | $0.36 | Beat +11.1% | — |
| — | Quarter ended Mar 31, 2026 | $0.38 | $0.35 | Beat +8.6% | — |
| — | Quarter ended Dec 31, 2025 | $0.39 | $0.37 | Beat +5.4% | — |
| — | Quarter ended Sep 30, 2025 | $0.38 | $0.38 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).