MidCap Financial Investment Corporation filed its Form 10-Q for the quarterly period ended September 30, 2026, disclosing a net decrease in net assets from operations of $16.4 million for the third quarter and a net asset value per share of $12.86.

Key Highlights

  • Net loss from operations: The company reported a net decrease in net assets resulting from operations of $16,435 thousand for the three months ended September 30, 2026, compared to a net increase of $27,454 thousand in the same period of 2025.
  • Net investment income: Net investment income was $27,596 thousand for Q3 2026, down from $35,307 thousand in Q3 2025.
  • Total investment income: Total investment income for the nine months ended September 30, 2026 was $202,035 thousand, compared to $242,520 thousand for the nine months ended September 30, 2025.
  • Net asset value per share: NAV per share was $12.86 as of September 30, 2026, down from $14.18 as of December 31, 2025.
  • Share repurchases: The company repurchased $107,925 thousand of common stock during the nine months ended September 30, 2026, leaving 82,372,628 shares outstanding as of November 4, 2026.
  • Total assets declined: Total assets were $2,654,721 thousand as of September 30, 2026, compared to $3,323,644 thousand as of December 31, 2025.
  • Unrealized losses: Net change in unrealized gains (losses) for the nine months ended September 30, 2026 was negative $113,440 thousand, compared to positive $3,231 thousand in the prior-year period.

MidCap Financial Investment Corporation: Q3 2026 Financial Results and Portfolio Trends

According to the filing, MidCap Financial Investment Corporation (NASDAQ:MFIC) reported a net decrease in net assets resulting from operations of $16,435 thousand for the three months ended September 30, 2026, driven by net realized losses of $29,092 thousand and a net change in unrealized losses of $14,939 thousand, which more than offset net investment income of $27,596 thousand. The basic loss per share for Q3 2026 was $(0.20), compared to earnings of $0.29 per share in Q3 2025.

For the nine-month period, the company disclosed total investment income of $202,035 thousand, a decline from $242,520 thousand in the comparable 2025 period. Net expenses for the nine months were $107,401 thousand, versus $136,534 thousand a year earlier. The largest expense line was interest and other debt expenses, reported at $81,598 thousand for the nine months ended September 30, 2026, down from $96,083 thousand in the prior-year period. Performance-based incentive fees were $0 for both the three and nine months ended September 30, 2026, compared to $5,818 thousand and $16,100 thousand, respectively, in the same 2025 periods.

The company's balance sheet reflected a reduction in total investments at fair value. Non-controlled/non-affiliated investments were carried at $2,271,232 thousand against a cost of $2,457,040 thousand as of September 30, 2026. Net assets stood at $1,059,349 thousand, down from $1,307,261 thousand at December 31, 2025. The company reported distributions of net investment income totaling $79,176 thousand for the nine months ended September 30, 2026, and stock repurchases of $107,925 thousand over the same period reduced the share count from 92,211,869 at December 31, 2025 to 82,372,628 as of November 4, 2026, according to the filing.

What Was Disclosed

MidCap Financial Investment Corporation filed a 10-Q for the quarter ended September 30, 2026, reporting a net operating loss of $16,435 thousand for the period, a decline in NAV per share to $12.86, and $107,925 thousand in common stock repurchases year-to-date.