CreditDetail · Commentary
What management says in its filings, Q1 2024 through Q1 2026: MD&A from every 10-Q and 10-K, plus the 10-K Business description and Risk Factors. The section texts, subsection inventory, change metrics, and the prose-vs-certified check are deterministic extraction from the filed documents. The summaries and topic notes are authored — but every quote they cite is verified verbatim against the filed text by gate CMT-003, so nothing quotable here can differ from the filing. Similarity is a word-level ratio: 1.00 means identical wording.
We invest primarily in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which we generally define as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items.FY 2024 Business
The 10-K definition of the target borrower.
We invest primarily in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which we generally define as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items.FY 2025 Business
Carried into the next annual report — compare the wording for drift.
Furthermore, promptly following the closing of the AIF Merger, the Adviser or its affiliates will pay to holders of shares of AIF Common Stock that are issued and outstanding immediately prior to the AIF Effective Time a special payment equal to $0.25 per share of AIF Common Stock, subject to deduction for any applicable withholding taxQ1 2024 MD&A
Pending at quarter-end, with the sweetener paid by the Adviser rather than by the fund.
Recent Developments AFT Mergers On July 22, 2024, we completed our previously announced acquisition of AFT. Pursuant to the AFT Merger Agreement, AFT Merger Sub was first merged with and into AFT, with AFT continuing as the surviving company, and, following the effectiveness of the AFT First Merger, AFT was then merged with and into us, with us continuing as the surviving company. In accordance with the terms of the AFT Merger Agreement, at the effective time of the AFT First Merger, each outstanding share of common stock, par value $0.001 per share, of AFT was converted into the right to receive 0.9547 shares of our common stock, par value $0.001 per shareQ2 2024 MD&A
Closed three weeks after quarter-end; AIF followed on the same structure.
The increase in total interest income was due to a higher income-bearing investment portfolio, primarily related to the assets acquired in the Mergers.Q1 2025 MD&A
A year on, the merger assets are the stated driver of earnings growth.
On October 17, 2024, the Company amended and extended its senior secured, multi-currency, revolving credit facility (the "Amended Senior Secured Facility"). Lender commitments under the Amended Senior Secured Facility will increase from $1.705 billion to $1.815 billion until December 22, 2024 and will decrease to $1.660 billion thereafter. The Amended Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Facility to $2.723 billion. The final maturity date under the Amended Senior Secured Facility for extending lenders was extended by over a year from April 19, 2028 to October 17, 2029Q3 2024 MD&A
On October 17, 2024, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of April 19, 2023, December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through October 17, 2029FY 2024 MD&A
The later Third A&R that superseded this agreement is covered on the Covenants page; the newest MD&A does not narrate it.
Distributions Distributions paid to stockholders during the three months ended March 31, 2024 and 2023 totaled $24.8 million ($0.38 per share) and $49.1 million ($0.75 per share), respectivelyQ1 2024 MD&A
Distributions Distributions paid to stockholders during the three and nine months ended September 30, 2024 totaled $54.4 million ($0.58 per share) and $104.0 million ($1.34 per share) which includes $18.8 million special distribution ($0.20 per share), respectivelyQ3 2024 MD&A
The special distribution accompanied the merger closings.
Distributions paid to stockholders during the three and six months ended June 30, 2025 totaled $35.5 million ($0.38 per share) and $71.1 million ($0.76 per share), respectively.Q2 2025 MD&A
Distributions Distributions paid to stockholders during the three months ended March 31, 2026 totaled $28.1 million ($0.31 per share)Q1 2026 MD&A
The first cut in the corpus window.
Since then, and through March 31, 2026, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $343.1 millionQ1 2026 MD&A
Capital return increasingly runs through the buyback alongside the flat distribution.
Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditionsQ1 2024 MD&A
The facility-side constraint, stated from the start of the corpus.
In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditionsFY 2025 MD&A
The statutory asset-coverage test joins the facility covenant as the stated limits on distributions.
At the point the Company believes PIK is not expected to be realized, the PIK investment will be placed on non-accrual status.FY 2024 MD&A
The stated policy; the quarterly non-accrual roster itself is on the Portfolio page.
Net change in unrealized gains (losses) for the year ended December 31, 2024 was primarily driven by Spotted Hawk, MSEA Tankers LLC, Pelican were exited and ViewRay was written off during the period as no proceeds were expected to be realizedFY 2024 MD&A
Net realized losses for the three months ended June 30, 2025 were primarily due to the restructure of Renovo and Mitel Network and partial write off of Ambrosia Buyer Corp.Q2 2025 MD&A
Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer.FY 2024 MD&A
The mechanics: PIK compounds into cost rather than paying cash.
PIK interest income 12.2 3.0FY 2024 MD&A
PIK income stepped up with the mergers, $3.0 million to $12.2 million year over year.
PIK interest income 17.9 12.2FY 2025 MD&A
And again, to $17.9 million in the latest year.
Our portfolio and investment activity during the three months ended March 31, 2026 and 2025, was as follows: Three Months Ended March 31, (in millions)* 2026 2025 Investments made in portfolio companies $ 102.5 $ 391.9 Investments sold (24.0 ) — Net activity before repaid investments 78.5 391.9 Investments repaid (220.1 ) (221.5 ) Net investment activity $ (141.7 ) $ 170.4Q1 2026 MD&A
Investment Income Interest income $ 67.6 $ 74.6Q1 2026 MD&A
First lien secured debt (2) 9.5 % 9.7 %Q1 2026 MD&A
Distributions Distributions paid to stockholders during the three months ended March 31, 2026 totaled $28.1 million ($0.31 per share)Q1 2026 MD&A
Distributions paid to stockholders during the three and six months ended June 30, 2025 totaled $35.5 million ($0.38 per share) and $71.1 million ($0.76 per share), respectively.Q2 2025 MD&A
Distributions Distributions paid to stockholders during the three and nine months ended September 30, 2024 totaled $54.4 million ($0.58 per share) and $104.0 million ($1.34 per share) which includes $18.8 million special distribution ($0.20 per share), respectivelyQ3 2024 MD&A
Since then, and through March 31, 2026, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $343.1 millionQ1 2026 MD&A
MD&A states interest income of $67.6m; the certified statements sum to $67,570k — agreement within rounding (CMT-004 pass).
Our portfolio and investment activity during the years ended December 31, 2025 and 2024 were as follows: Year Ended December 31, (in millions)* 2025 2024 (1) Investments made in portfolio companies $ 1,274.6 $ 1,613.6 Investments sold (111.1 ) (271.5 ) Net activity before repaid investments 1,163.6 1,342.1 Investments repaid (972.6 ) (657.5 ) Net investment activity $ 191.0 $ 684.6FY 2025 MD&A
Investment Income Interest income $ 300.1 $ 284.6 Dividend income 0.9 0.8 PIK interest income 17.9 12.2 Other income 2.0 4.2 Total investment income $ 320.9 $ 301.8FY 2025 MD&A
First lien secured debt (2) 9.7 % 10.8 %FY 2025 MD&A
On February 25, 2026, the Company’s Board approved a new stock repurchase plan (the “Repurchase Plan”) to acquire up to $100 million of the Company’s common stock. The new Repurchase Plan is in addition to the Company's existing share repurchase authorization, of which approximately $7.9 million of repurchase capacity remains. Accordingly, the Company now has approximately $107.9 million available for stock repurchases under its repurchase program.FY 2025 MD&A
During the year ended December 31, 2025, we recognized gross realized gains of $7.8 million and gross realized losses of $54.6 million from investments, resulting in net realized losses of $46.7 million from investmentsFY 2025 MD&A
MD&A states interest income of $300.1m; the certified statements sum to $300,071k — agreement within rounding (CMT-004 pass).
Our portfolio and investment activity during the three and nine months ended September 30, 2025 and 2024, was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions)* 2025 2024 2025 2024 Investments made in portfolio companies (1) $ 400.4 $ 911.9 $ 1,081.0 $ 1,310.1 Investments sold (1) (37.5 ) (188.5 ) (96.4 ) (188.5 ) Net activity before repaid investments (1) 362.8 723.4 984.6 1,121.6 Investments repaid (1) (510.9 ) (138.8 ) (818.3 ) (430.6 )Q3 2025 MD&A
Investment Income Interest income $ 77.7 $ 77.4 $ 228.0 $ 207.5Q3 2025 MD&A
Recent Developments Chief Accounting Officer Appointment On September 4, 2025, the Board appointed Joseph Durkin as Chief Accounting Officer of the Company, effective as of the close of business on September 4, 2025.Q3 2025 MD&A
The average debt yielding portfolio increased from 2.76 billion to 2.94 billion and was partially offset by a decrease in the average yield for the total debt portfolio, from 11.5% for the three months ended September 30, 2024 to 10.3% for the three months ended September 30, 2025Q3 2025 MD&A
MD&A states interest income of $77.7m; the certified statements sum to $77,726k — agreement within rounding (CMT-004 pass).
Our portfolio and investment activity during the three and six months ended June 30, 2025 and 2024, was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions)* 2025 2024 2025 2024 Investments made in portfolio companies (1) $ 288.7 $ 245.4 $ 680.6 $ 398.2 Investments sold (1) (14.9 ) — (58.9 ) — Net activity before repaid investments (1) 273.8 245.4 621.8 398.2 Investments repaid (1) (129.9 ) (154.9 ) (307.4 ) (291.7 ) Net investment activity (1) $ 144.0Q2 2025 MD&A
Chief Financial Officer and Treasurer Resignation and Appointment On June 11, 2025, Gregory Hunt, Chief Financial Officer and Treasurer of the Company notified the Company of his intention to step down, effective as of the close of business on June 30, 2025. Mr. Hunt has been retained by the Company as a consultant to assist with his responsibilities through the close of business on December 31, 2025. Mr. Hunt’s decision to step down is not the result of any disagreement with the Company, the Investment Adviser or their affiliates regarding their operations, policies, practices or otherwise. On June 11, 2025, the Board appointed Kenneth Seifert as Chief Financial OfficerQ2 2025 MD&A
Net realized losses for the three months ended June 30, 2025 were primarily due to the restructure of Renovo and Mitel Network and partial write off of Ambrosia Buyer Corp.Q2 2025 MD&A
Distributions paid to stockholders during the three and six months ended June 30, 2025 totaled $35.5 million ($0.38 per share) and $71.1 million ($0.76 per share), respectively.Q2 2025 MD&A
MD&A states interest income of $75.7m; the certified statements sum to $75,654k — agreement within rounding (CMT-004 pass).
Our portfolio and investment activity during the three months ended March 31, 2025 and 2024, was as follows: Three Months Ended March 31, (in millions)* 2025 2024 Investments made in portfolio companies (1) $ 391.9 $ 152.8 Investments sold (1) — — Net activity before repaid investments (1) 391.9 152.8 Investments repaid (1) (221.5 ) (136.9 ) Net investment activity (1) $ 170.4 $ 15.9Q1 2025 MD&A
The increase in total interest income was due to a higher income-bearing investment portfolio, primarily related to the assets acquired in the Mergers.Q1 2025 MD&A
Distributions paid to stockholders during the three months ended March 31, 2025 totaled $35.6 million ($0.38 per share).Q1 2025 MD&A
Net realized gains for the three months ended March 31, 2025 were primarily due to the exit of Orgain, Inc.Q1 2025 MD&A
Recent Developments None.Q1 2025 MD&A
MD&A states interest income of $74.6m; the certified statements sum to $74,603k — agreement within rounding (CMT-004 pass).
Our portfolio and investment activity during the years ended December 31, 2024 and 2023 were as follows: Year Ended December 31, (in millions)* 2024 2023 Investments made in portfolio companies $ 1,613.6 $ 417.1 Investments sold (271.5 ) — Net activity before repaid investments 1,342.1 417.1 Investments repaid (657.5 ) (504.3 ) Net investment activity $ 684.6 $ (87.2 )FY 2024 MD&A
Investment Income Interest income $ 284.6 $ 268.1 Dividend income 0.8 1.4 PIK interest income 12.2 3.0 Other income 4.2 4.0 Total investment income $ 301.8 $ 276.5FY 2024 MD&A
Net change in unrealized gains (losses) for the year ended December 31, 2024 was primarily driven by Spotted Hawk, MSEA Tankers LLC, Pelican were exited and ViewRay was written off during the period as no proceeds were expected to be realizedFY 2024 MD&A
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.FY 2024 Business
We invest primarily in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which we generally define as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items.FY 2024 Business
On October 17, 2024, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of April 19, 2023, December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through October 17, 2029FY 2024 MD&A
Prose check not evaluated — no certified series for 2024-q4 (CMT-004).
Our portfolio and investment activity during the three and nine months ended September 30, 2024 and 2023, was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions)* 2024 2023 2024 2023 Investments made in portfolio companies (1) $ 911.9 $ 30.3 $ 1,310.1 $ 283.0 Investments sold (1) (188.5 ) — (188.5 ) — Net activity before repaid investments (1) 723.4 30.3 1,121.6 283.0 Investments repaid (1) (138.8 ) (72.9 ) (430.6 ) (323.7 )Q3 2024 MD&A
On October 17, 2024, the Company amended and extended its senior secured, multi-currency, revolving credit facility (the "Amended Senior Secured Facility"). Lender commitments under the Amended Senior Secured Facility will increase from $1.705 billion to $1.815 billion until December 22, 2024 and will decrease to $1.660 billion thereafter. The Amended Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Facility to $2.723 billion. The final maturity date under the Amended Senior Secured Facility for extending lenders was extended by over a year from April 19, 2028 to October 17, 2029Q3 2024 MD&A
Distributions Distributions paid to stockholders during the three and nine months ended September 30, 2024 totaled $54.4 million ($0.58 per share) and $104.0 million ($1.34 per share) which includes $18.8 million special distribution ($0.20 per share), respectivelyQ3 2024 MD&A
Significant realized gains (losses) for the three months ended September 30, 2024 are summarized below: (in millions) Net Realized Gain (Loss) Soliant* $ 1.3 *Soliant was sold during the quarter and the realized gain was previously recorded as an unrealized gainQ3 2024 MD&A
MD&A states interest income of $77.4m; the certified statements sum to $77,434k — agreement within rounding (CMT-004 pass).
Our portfolio and investment activity during the three and six months ended June 30, 2024 and 2023, was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions)* 2024 2023 2024 2023 Investments made in portfolio companies $ 245.4 $ 101.6 $ 398.2 $ 252.7 Investments sold — — — — Net activity before repaid investments 245.4 101.6 398.2 252.7 Investments repaid (154.9 ) (79.2 ) (291.7 ) (250.8 ) Net investment activity $ 90.5 $ 22.4 $ 106.4 $ 1.9Q2 2024 MD&A
Recent Developments AFT Mergers On July 22, 2024, we completed our previously announced acquisition of AFT. Pursuant to the AFT Merger Agreement, AFT Merger Sub was first merged with and into AFT, with AFT continuing as the surviving company, and, following the effectiveness of the AFT First Merger, AFT was then merged with and into us, with us continuing as the surviving company. In accordance with the terms of the AFT Merger Agreement, at the effective time of the AFT First Merger, each outstanding share of common stock, par value $0.001 per share, of AFT was converted into the right to receive 0.9547 shares of our common stock, par value $0.001 per shareQ2 2024 MD&A
Significant realized gains (losses) for the three months ended June 30, 2024 are summarized below: (in millions) Net Realized Gain (Loss) MSEA Tankers LLC $ (15.7 )Q2 2024 MD&A
MD&A states interest income of $65.5m; the certified statements sum to $65,513k — agreement within rounding (CMT-004 pass).
Our portfolio and investment activity during the three months ended March 31, 2024 and 2023, was as follows: Three Months Ended March 31, (in millions)* 2024 2023 Investments made in portfolio companies $ 152.8 $ 151.1 Investments sold — — Net activity before repaid investments 152.8 151.1 Investments repaid (136.9 ) (171.5 ) Net investment activity $ 15.9 $ (20.5 )Q1 2024 MD&A
Furthermore, promptly following the closing of the AIF Merger, the Adviser or its affiliates will pay to holders of shares of AIF Common Stock that are issued and outstanding immediately prior to the AIF Effective Time a special payment equal to $0.25 per share of AIF Common Stock, subject to deduction for any applicable withholding taxQ1 2024 MD&A
Distributions Distributions paid to stockholders during the three months ended March 31, 2024 and 2023 totaled $24.8 million ($0.38 per share) and $49.1 million ($0.75 per share), respectivelyQ1 2024 MD&A
Significant realized gains (losses) for the three months ended March 31, 2024 are summarized below: (in millions) Net Realized Gain (Loss) ViewRay $ (7.1 )Q1 2024 MD&A
Net Change in Unrealized Gains (Losses) During the three months ended March 31, 2024, we recognized gross unrealized gains of $20.1 million and gross unrealized losses of $15.1 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $5.0 millionQ1 2024 MD&A
MD&A states interest income of $64.6m; the certified statements sum to $64,582k — agreement within rounding (CMT-004 pass).
Gates: CMT-001-section-integrity: 9 pass · CMT-002-roster: 9 pass · CMT-004-prose-reconciliation: 1 not-evaluated, 8 pass · CMT-003-citation: pass (58 authored entries)