Companies /Financial Services

MidCap Financial Investment Corporation

NASDAQ: MFIC Asset Management
$9.68
â–² $0.04 (+0.37%) today
Markets open · 2:42pm ET

Q4 2025 Earnings

Reported Feb 26, 2026, 4:30pm ET · SEC source
$0.39
Beat +5.86%
EPS · est. $0.37
$78.4M
Miss −0.65%
Revenue · est. $78.9M
+21.3%
Beating market
MFIC vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−9%−6%−3%0Feb 26Feb 27report 4:30pm ETearnings−0.7%−8.3%
−9%−6%−3%0Feb 26Feb 27earnings−0.7%−8.3%
MFIC −8.3%S&P 500 −0.7%
−9%−6%−3%0Feb 26Feb 27report 4:30pm ETearnings−0.6%−8.3%
−9%−6%−3%0Feb 26Feb 27earnings−0.6%−8.3%
MFIC −8.3%NASDAQ −0.6%
−8%−4%0+4%Feb 25Mar 6report 4:30pm ETearnings−2.2%−1.9%
−8%−4%0+4%Feb 25Mar 6earnings−2.2%−1.9%
MFIC −1.9%S&P 500 −2.2%
−8%−4%0+4%Feb 25Mar 6report 4:30pm ETearnings−1.3%−1.9%
−8%−4%0+4%Feb 25Mar 6earnings−1.3%−1.9%
MFIC −1.9%NASDAQ −1.3%
−8.07%
Day of report
+4.65%
Next session
+7.44%
One week
+16.12%
30 days

S&P 500 over the same 30 days: −5.20%.

Did MFIC Beat Earnings? Q4 2025 Results

MidCap Financial Investment Corporation delivered a mixed Q4 2025 report, posting earnings per share of $0.39 against a consensus estimate of $0.37 for a 5.75% beat, while revenue of $78.36 million fell well short of the $142.68 million analysts had expected, a 45.08% miss despite growing 36.1% year over year. The central tension in the quarter was a $48.70 million swing in net realized and unrealized losses, concentrated in older 2022 and earlier vintage investments, which dragged NAV per share down 3.3% sequentially to $14.18 and produced a net loss from operations of $0.14 per share even as net investment income held firm. Against that backdrop, the Board authorized a new $100 million stock repurchase program, with CEO Tanner Powell signaling the company could exhaust the full authorization by late May if shares continue trading at their roughly 18% discount to NAV. The Board also trimmed the quarterly dividend to $0.31 per share, a move analysts have scrutinized given broader credit headwinds and downward price target revisions from multiple Wall Street firms.

Key Takeaways
  • Net investment income per share of $0.39 in Q4, up from $0.38 in Q3 2025
  • Portfolio weighted toward first lien secured debt at 95% of fair value
  • 100% floating rate portfolio exposure
  • Weighted average yield on total debt portfolio at amortized cost of 9.7%
  • Low software exposure at 11.4% of portfolio fair value versus broader BDC industry

“We delivered solid net investment income in the fourth quarter. The overall portfolio continues to show resilience as evidenced by our relatively steady credit metrics. In light of changes in base rates and other factors, we have re-assessed the long-term earnings power of the Company, and the Board has concluded that it was prudent to adjust the dividend at this time. Accordingly, the Board has declared a quarterly dividend of $0.31 per share.”

MidCap Financial Investment CEO, on the earnings call

Forward Guidance & Outlook

Management reassessed the long-term earnings power of the company in light of changes in base rates and other factors, leading to a dividend reduction to $0.31 per share. The company plans to aggressively utilize its new $100 million stock repurchase authorization, potentially fully deploying it by late May 2026 if current trading discounts and volumes persist. Management believes allocating capital toward stock repurchases at current price levels is more accretive than deploying into new investments.

MFIC YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$30.0M$60.0M$57.6M$78.4MRevenue$24.1M$36.0MOperating Income
$0$30.0M$60.0MRevenueOperating Income

Figures from SEC filings and company reports. Not investment advice.