MidCap Financial Investment Corp
Inside MidCap Financial Investment Corp’s $2.8B private-credit portfolio — 586 holdings disclosed in SEC filings. The portfolio is 94% first-lien by fair value, concentrated in Software (12%).
Aug 6 · SEC EDGAR
Credit Snapshot
How MFIC’s own Schedule of Investments reads as a credit. Fair values are the manager’s own estimates; balance-sheet metrics (NAV, leverage) appear once annual financials are on file.
| Metric | Value | What healthy looks like |
|---|---|---|
| Top-5 Borrower Concentration | 9% of portfolio FV largest: - Membership Interests (2.5% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 9.7% (4.2% below 80) of marked debt FV (98% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 6.2% of debt FV carries a PIK component 9th pct of 23 upper-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 90% floating, mostly SOFR of rate-classified debt (98% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-06 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (100% of debt FV carries a parsed maturity). The refinancing question: 22% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-06 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $89M | 3.4% |
| 2027 | $473M | 18.2% |
| 2028 | $344M | 13.2% |
| 2029 | $649M | 25.0% |
| 2030 | $483M | 18.6% |
| 2031+ | $562M | 21.6% |
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-08-06 filing.
| Avg debt mark vs 4q ago | 92.9 vs 95.6 (-2.7 pts) |
Where this book is marked differently
1 of this BDC’s borrowers is marked 10+ points away from another BDC’s mark on the same borrower and seniority, as of the same quarter. Level-3 fair values are model-based — each manager marks to its own model, so dispersion is information about assumptions, not proof either mark is wrong.
- Premier Imaging, LLC Health Care Equipment & Supplies — marked 74.0 here (filed 2026-08-06) vs 88.7 at BCIC (filed 2026-08-06) — a 14.7pt gap, same seniority, period 2026-06-30.
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.
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-06 and 2026-08-06 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 5
- Chyronhego Corporation Chyronhego Parent Corporation$45M
- Amplity Amplity Topco, Llc$11M
- Mcclatchy Media Company, Llc (Fka Accelerate360 Holdings, Llc)$4M
- Mersino, Inc. (Fka Ironhorse Purchaser, Llc)$3M
- Diversified Telecommunication Services$1M
Exited 12
- Iota Holdings 3$23M
- Rigel Pharmaceuticals, Inc.$14M
- Celerion Buyer, Inc.$11M
- Cshc Buyerco, Llc$10M
- Alcami Corporation$9M
- Chyronhego Corporation Chyronhego Corporation$7M
Biggest mark moves
- Amplity Parent, Inc.↑ 61→99
- Ingenovis Health, Inc. (Ccrr Parent Inc)↑ 36→72
- American Restoration Holdings, Llc↓ 98→76
- Midwest Vision Partners Management, Llc↑ 77→93
- Banner Buyer, Llc↓ 58→43
- Thomas Scientific, Llc↓ 96→88
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV |
|---|---|---|---|---|---|---|---|
| 1 | - Membership Interests | Equity | — | — | $69M | 2.5% | |
| 2 | ChyronHego Corporation ChyronHego US Holding Corporation | 1L Sr Secured | Media | SOFR + 3.50% | Jun 2029 | $61M | 2.2% |
| 3 | ChyronHego Corporation ChyronHego Parent Corporation | Equity | Media | — | — | $45M | 1.6% |
| 4 | Lash OpCo, LLC | 1L Sr Secured | Personal Care Products | SOFR + 5.10% | Sep 2027 | $44M | 1.6% |
| 5 | Berner Foods Berner Food & Beverage, LLC | 1L Sr Secured | Food Products | SOFR + 6.15% | Jul 2027 | $33M | 1.2% |
| 6 | Gabriel Partners, LLC | 1L Sr Secured | Financial Services | SOFR + 6.35% | May 2027 | $32M | 1.2% |
| 7 | Medical Guardian, LLC | 1L Sr Secured | Health Care Equipment & Supplies | SOFR + 5.00% | Apr 2028 | $31M | 1.1% |
| 8 | Zephyr Buyer, L.P. | 1L Sr Secured | Software | SOFR + 4.75% | Jan 2031 | $30M | 1.1% |
| 9 | Thomas Scientific, LLC | 1L Sr Secured | Health Care Providers & Services | SOFR + 6.40% | Dec 2027 | $29M | 1.1% |
| 10 | Bullcave Limited | 1L Sr Secured | IT Services | SOFR + 5.00% | Aug 2030 | $29M | 1.0% |
| Full schedule — all 586 holdings, sortable and screenable → | |||||||
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — MidCap Financial Investment Corp shares 66 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 645 to 532 bps over 14 quarters while marks held near 92.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 214 | 507 | 546 | 95.0 | $3.0B |
| Q2 2025 | 222 | 517 | 521 | 95.6 | $3.1B |
| Q3 2025 | 217 | 511 | 516 | 95.2 | $3.0B |
| Q4 2025 | 219 | 513 | 519 | 94.9 | $3.0B |
| Q1 2026 | 208 | 489 | 531 | 92.9 | $2.8B |
| Q2 2026 | 198 | 466 | 532 | 92.9 | $2.6B |
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.
Questions this page answers
What does MidCap Financial Investment Corp invest in?
MidCap Financial Investment Corp's portfolio breaks down by total portfolio fair value into approximately 94% first-lien senior secured, 0% second-lien or mezzanine, 0% other or unclassified debt, and 6% equity or other, with its largest sector exposure in Software (~12% of the holdings that disclose a sector) as of its 2026-08-06 SEC filing.
How large is MidCap Financial Investment Corp's portfolio?
MidCap Financial Investment Corp reported $2.8B in portfolio fair value across 586 holdings and 262 unique borrowers as of its 2026-08-06 SEC filing.
What do MidCap Financial Investment Corp's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across MidCap Financial Investment Corp's fixed-rate income-producing holdings is approximately 5.6%, measured over the fixed-rate holdings representing 3% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-06 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from MidCap Financial Investment Corp's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-06 filing date.
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. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. MidCap Financial Investment Corp discloses its full loan portfolio through SEC filings.