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MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2026

MFICARCCARES
  • MidCap Financial Investment Corporation reported net investment income of $0.34 per share for the quarter ended September 30, 2026, down from $0.40 per share in the prior quarter.
  • Net asset value (NAV) per share declined 3.8% to $12.86 as of September 30, 2026, from $13.37 on June 30, 2026, due to a net portfolio loss driven by credit-related weaknesses in specific positions.
  • The company made new investment commitments of $0.9 million to existing borrowers 1) during the quarter.
  • Gross fundings totaled $11 million for the quarter, while net repayments reached $189 million, including a $28.0 million repayment from Merx that reduced its position to 1.7% of the portfolio.
  • Net leverage was recorded at 1.43x as of September 30, 2026.
  • On November 4, 2026, the Board declared a quarterly dividend of $0.31 per share payable on December 22, 2026, to stockholders of record on December 8, 2026.
  • Ares Capital Corporation announced an agreement to acquire MFIC in a stock-and-cash transaction valued at $10.88 per MFIC common share, consisting of $9.67 in ARCC stock 1) $1.21 in cash.
  • The share repurchase program was suspended in connection with the Transaction, 1) the dividend reinvestment plan will also be suspended.
  • Outstanding debt totaled $1.6 billion as of September 30, 2026, with $962 million in remaining capacity under the senior secured revolving credit facility.
  • The credit facility is expected to be repaid 1) terminated upon the closing of the Transaction, 1) ARCC may request optional redemption of the Senior Unsecured Notes.
  • The portfolio composition consisted of 95% secured debt 1) 0% unsecured debt as of September 30, 2026, with a weighted average yield of 7.9% on the total portfolio.
  • The company reported a net loss per share of $0.20 for the quarter, driven by net realized 1) unrealized losses of $44.0 million.
  • MFIC will not hold a conference call regarding these results due to the pending Transaction.