MidCap Financial Investment Corp MFIC
MidCap Financial Investment Corporation, a Maryland corporation organized on February 2, 2004, is a closed-end, externally managed, diversified management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for tax purposes we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through December 31, 2025, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $267.1 million.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total operating expenses | $180.4M | $169.3M | $162.1M | — | $117.8M | $107.1M | — | — | — | — |
| Interest expense | — | — | $104.2M | — | $55.0M | $55.4M | — | — | — | — |
| Pre-tax income | $63.2M | $98.8M | $118.8M | — | — | — | — | — | — | — |
| Income tax | $0 | $0 | $0 | — | — | — | — | — | — | — |
| Net income | $63.2M | $98.8M | $118.8M | — | $82.4M | $111.9M | — | — | — | — |
| EPS, basic | 0.68 | 1.27 | 1.82 | — | 1.28 | 1.71 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $93.3M | $78.0M | $65.3M | — | $64.5M | $65.3M | $67.2M | $70.6M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $98.2M | $74.4M | $122.1M | $87.1M | $30.6M | $54.6M | $43.7M | — | — | — |
| Total assets | $3.32B | $3.19B | $2.50B | $2.53B | $2.60B | — | — | — | — | — |
| Long-term debt | $2.00B | $1.75B | $1.46B | $1.48B | $1.55B | — | — | — | — | — |
| Total liabilities | $2.02B | $1.79B | $1.50B | $1.54B | $1.60B | — | — | — | — | — |
| Retained earnings | -$1.35B | -$1.25B | -$1.10B | -$1.12B | -$1.07B | — | — | — | — | — |
| Total equity | $1.31B | $1.40B | — | — | — | — | — | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2016 | FY2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$49.7M | -$9.5M | $196.4M | — | -$2.7M | $470.7M | — | — | — | — |
| Financing cash flow | $73.4M | -$36.8M | -$161.4M | — | -$21.3M | -$459.7M | — | — | — | — |
| Dividends paid | $141.6M | $139.6M | $123.5M | — | $93.3M | $105.7M | — | — | — | — |
| Buybacks | $19.0M | — | $2.3M | — | $17.1M | — | — | $50.0M | $50.0M | $50.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-076499.