Q4 2025 MidCap Financial Investment Corp Earnings Call Transcript

Feb 27, 2026 / 01:30PM GMT

Release Date Price: $9.69 (-7.98%)

Transcript 8-K10-K

Key Points

Positve

MidCap Financial Investment Corp (MFIC) made $141 million of new commitments across 26 transactions during the December quarter.
The company has a strong focus on first lien positions, with 99% of its direct origination portfolio being first lien.
MFIC's investment portfolio is well-diversified, consisting of 247 companies across 46 different industries.
The board authorized a new $100 million stock repurchase plan, indicating confidence in the company's valuation.
Investments on non-accrual status declined to 2.6% of the portfolio at fair value, down from 3.1% in the prior quarter.

Negative

Net investment income per share for the quarter was $0.39, while GAAP net loss per share was $0.14.
NAV per share decreased by 3.3% compared to the prior quarter, primarily due to a handful of investments from earlier vintages.
Total investment income for the December quarter declined by 5.1% from the prior quarter.
The weighted average yield at cost of the direct origination portfolio decreased to 10% from 10.3% in the previous quarter.
Three investments were placed on non-accrual status during the quarter, contributing to a significant portion of the total net loss.

Operator

Good morning everyone. Welcome to the earnings conference call for the period ended December 30, 2025, for MidCap Financial Investment Corporation. (Operator Instructions). I will now turn the call over to Ms. Elizabeth Besen, Investor Relations manager for MidCap Financial Investment Corporation. Please go ahead, ma'am.

Elizabeth Besen MidCap Financial Investment Corp;Investor Relations Manager

Thank you, operator, and thank you everyone for joining us today. We appreciate your interest in MidCap Financial Investment Corporation. Speaking on today's call are Tanner Powell, Chief Executive Officer, Ted McNulty, President, and Kenneth Seifert, Chief Financial Officer. Howard Widra, Executive Chairman, and Greg Hunt, our former CFO who currently serves as a Senior Advisor, are on the call and available for the Q&A portion of today's call.

I'd like to advise everyone that today's call and webcast are being recorded. Please note that they are the property of MidCap Financial Investment Corporation and that any unauthorized broadcast in any form

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