MidCap Financial Investment Corp
Inside MidCap Financial Investment Corp’s $3.3B private-credit portfolio — 618 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| - Term Loan SOFR+350, 1.75% Floor | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 3.50% | 2029-06-30 | $105,455,000 | $105,656,000 | |
| - Membership Interests | Common Equity | $71,465,000 | $80,701,000 | |||
| Lash OpCo, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.10% (PIK 2.00%) | 2027-09-17 | $44,989,000 | $41,553,000 | |
| - Term Loan SOFR+615, 1.00% Floor | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.15% | 2027-07-30 | $33,585,000 | $33,268,000 | |
| Thomas Scientific, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.40% | 2027-12-14 | $32,608,000 | $31,625,000 | |
| Medical Guardian, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.00% | 2028-04-26 | $30,489,000 | $30,662,000 | |
| Gabriel Partners, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.35% | 2027-05-17 | $31,050,000 | $30,539,000 | |
| Zephyr Buyer, L.P. | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.75% | 2031-01-31 | $29,823,000 | $29,819,000 | |
| Bullcave Limited | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.00% | 2030-08-06 | $28,683,000 | $28,669,000 | |
| Litify LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.60% | 2029-02-02 | $28,662,000 | $28,146,000 | |
| USLS Acquisition, Inc. | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.65% | 2026-06-01 | $27,974,000 | $27,933,000 | |
| THLP CO., LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.00% | 2028-01-31 | $27,471,000 | $27,277,000 | |
| Heniff Holdco, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.10% | 2026-12-03 | $27,813,000 | $26,183,000 | |
| Pai Middle Tier, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.50% | 2032-02-13 | $25,937,000 | $25,648,000 | |
| Silk Holdings III Corp. | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.50% | 2032-12-03 | $25,153,000 | $25,384,000 | |
| HRO (Hero Digital) Holdings, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.60% | 2028-11-18 | $24,287,000 | $23,713,000 | |
| DRS Holdings III, Inc. | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.25% | 2028-11-01 | $23,028,000 | $22,884,000 | |
| Summer Fridays, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.25% | 2031-05-16 | $22,660,000 | $22,630,000 | |
| Club Car Wash Operating, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.65% | 2027-06-16 | $22,476,000 | $22,582,000 | |
| Pro-Vigil Holding Company, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 8.60% (PIK 12.04%) | 2026-06-30 | $22,589,000 | $22,315,000 | |
| Jacent Strategic Merchandising, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.85% | 2027-01-31 | $22,155,000 | $21,945,000 | |
| Digital.ai Software Holdings, Inc. | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 6.00% | 2028-08-10 | $22,342,000 | $21,847,000 | |
| IOTA HOLDINGS 3 | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 4.75% | 2032-03-31 | $22,190,000 | $21,830,000 | |
| NPPI Buyer, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.00% | 2029-08-20 | $21,491,000 | $21,556,000 | |
| Telesoft Holdings, LLC | Secured Debt Senior Secured | http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember + 5.85% | 2026-12-16 | $21,324,000 | $21,099,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-03-31 | 9 | 637.65 | — | $320K |
| 2022-06-30 | 9 | 678.66 | — | $348K |
| 2022-09-30 | 0 | — | — | — |
| 2023-03-31 | 0 | — | — | — |
| 2023-06-30 | 152 | 6.06 | 66.9 | $10.9B |
| 2023-09-30 | 153 | 6.34 | 62.4 | $12.1B |
| 2023-12-31 | 151 | 6.09 | 67.4 | $12.6B |
| 2024-03-31 | 172 | 6.03 | 67.1 | $12.7B |
| 2024-06-30 | 183 | 5.62 | 96.2 | $10.9B |
| 2024-09-30 | 244 | 5.63 | 95.1 | $16.3B |
| 2024-12-31 | 225 | 5.40 | 95.0 | $10.3B |
| 2025-03-31 | 238 | 5.38 | 93.7 | $16.9B |
| 2025-06-30 | 245 | 4.95 | 93.4 | $1.5B |
| 2025-09-30 | 242 | 5.08 | 94.7 | $1.6B |
| 2025-12-31 | 233 | 5.07 | 95.0 | $1.8B |
| 2026-03-31 | 487 | 5.31 | 93.2 | $2.8B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About MidCap Financial Investment Corp
MidCap Financial Investment Corp (MFIC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. MidCap Financial Investment Corp discloses its full loan portfolio through SEC filings.
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