MidCap 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Direct lender and debt investor to middle-market borrowers, operating as an externally managed BDC. Apollo Investment Administration, LLC handles administrative, bookkeeping, and recordkeeping services. Co-investment with other Apollo-managed funds is conducted under an SEC exemptive order granted May 14, 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.

Source: SEC 10-K, filed 2026-02-26

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