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MidCap Financial Investment Corporation reported Q4 and full-year 2025 results and expanded its stock repurchase capacity. Net investment income was $36.0 million, or $0.39 per share, for both the quarter and year, while net losses on investments drove a quarterly loss of $0.14 per share. Net asset value was $14.18 per share as of December 31, 2025, down from $14.66 as of September 30, 2025.
The Board declared a quarterly dividend of $0.31 per share, payable March 26, 2026 to holders of record on March 10, 2026. In Q4 2025 the company repurchased 1,091,753 shares at an average price of $11.81, spending $12.9 million. Since program inception through February 25, 2026, it has bought back 17,161,559 shares for $267.1 million.
The Board authorized a new $100 million stock repurchase plan, lifting total remaining repurchase capacity to approximately $107.9 million. Total assets were $3.32 billion, debt was $2.00 billion, and the net leverage ratio was 1.45x at December 31, 2025. The portfolio remained concentrated in first lien secured, largely floating-rate loans.
MFIC outlines a large, highly diversified investment portfolio focused mainly on first lien secured loans across a wide range of industries. The schedule lists hundreds of term loans, revolvers and delayed draw facilities tied to benchmarks like SOFR, SONIA, EURIBOR and prime, often with stated rate floors.
Borrowers span sectors such as healthcare, technology, consumer products, industrials, transportation, media, chemicals and financial services. Many positions are senior secured debt to private companies, frequently labeled as first lien secured debt with both cash interest and payment-in-kind (PIK) components, and maturities extending into the late 2020s and early 2030s.
The portfolio also includes selected unsecured debt, asset-backed CLO tranches, preferred equity, common equity, membership interests and warrants in issuers including healthcare providers, software firms, specialty finance platforms and consumer brands. Overall, the disclosure emphasizes senior, floating-rate credit exposures complemented by a smaller mix of equity and structured investments.
MidCap Financial Investment Corp’s president and CIO, Ted Aymond McNulty Jr., reported a tax-related share disposition. He had 6,663 shares of common stock withheld at $11.14 per share on February 10, 2026 for tax withholding tied to restricted stock unit vesting. After this, he directly owned 82,321 common shares and indirectly held 15,189 shares through an IRA.