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Jun 30, 2025
MidCap Financial Q1 2026 Earnings Report
Reported Q1 2026 net investment income of $36.4M and EPS of $0.19, with net asset value per share at $14.75.
Key Takeaways
MidCap Financial Investment Corporation posted Q1 2026 results with $36.4M in net investment income and $0.19 EPS. Net asset value per share stood at $14.75, and total assets reached $3.46B. Net leverage was 1.44x, with no shares repurchased during the quarter.
Net investment income was $36.4M, or $0.39 per share.
Net asset value per share was $14.75, down from $14.93 in the prior quarter.
Net leverage ratio was 1.44x as of June 30, 2025.
No shares were repurchased during the quarter; total program-to-date repurchases remain at ~16.07M shares.
Forward Guidance
Company expects $90M repayment from Merx in Q3 2025, reducing exposure to 2.8% of total portfolio and aiming to redeploy capital into core assets.
Positive Outlook
- Expected $90M repayment from Merx in Q3 2025.
- Reduction in Merx exposure to 2.8% of total portfolio at fair value.
- Potential additional Merx paydown by late 2025 or early 2026.
- Redeployment of repaid capital expected to be accretive to earnings.
- KBRA affirmed BBB- rating with Positive Outlook.
Challenges Ahead
- NAV per share declined 1.2% from prior quarter.
- Competitive environment may pressure underwriting discipline.
- Some portfolio companies faced operational challenges impacting NAV.
- High leverage ratio at 1.44x leaves less flexibility for downturns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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