MidCap Financial Investment Corp
midcapfinancialic.comMidCap Financial Investment Corporation (NASDAQ: MFIC) is a business development company (BDC) that provides debt financing primarily to middle-market companies across a broad range of industries. It makes money by earning interest income on its debt investments, with weighted average yields on its total portfolio of 8.6% as of December 31, 2025, down from 9.5% as of December 31, 2024. MFIC is externally managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, and is organized as a closed-end, diversified management investment company under the Investment Company Act of 1940. As of December 31, 2025, the portfolio consisted of 247 portfolio companies, funded through $1.3 billion in new and existing investments during fiscal year 2025. The company is incorporated in Maryland and was organized on February 2, 2004. MFIC completed mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. in 2024, absorbing both into the surviving company.
Products & Services
Primary and secondary debt investments, including secured and unsecured loans, to middle-market companies. The company may also invest in equity securities, CLOs, and securities of other investment companies to the extent permitted by law.
Revenue Model
Interest income on secured and unsecured debt investments made to middle-market portfolio companies. As of December 31, 2025, the weighted average yield on the secured debt portfolio was 9.7% and on the unsecured debt portfolio was 11.1%, both at cost basis. Additional income may be generated through fees and equity-related instruments co-invested alongside debt.
Customers & Markets
Middle-market companies across diversified industries including health care providers and services, commercial services and supplies, pharmaceuticals, IT services, financial services, hotels and leisure, food products, insurance, chemicals, biotechnology, and others as of December 31, 2025.
Geographic Exposure
The filing references exposure to U.S. and EU financial conditions as material risk factors, but does not specify a country-level revenue or portfolio breakdown.
Financial Snapshot
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