MidCap Financial Investment

What MidCap Financial Investment does

MidCap Financial Investment Corporation (NASDAQ: MFIC) is an externally managed, publicly traded Business Development Company (BDC) established in February 2004 and headquartered at 9 West 57th Street, New York. The company provides senior debt solutions — primarily first lien secured loans, with additional exposure to second lien secured loans, unsecured loans, and revolving credit facilities — to U.S. middle-market companies typically generating $50 million to $500 million in revenue. Use cases span leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing, and restructurings, with niche verticals including aircraft leasing, asset-based lending, life sciences and technology lending, lender finance, and franchise finance.

The company is externally managed by Apollo Investment Management L.P., an affiliate of Apollo Global Management (NYSE: APO), which had approximately $1.026 trillion in assets under management as of March 31, 2026. MFIC primarily invests in loans originated by MidCap Financial, a privately held middle-market direct lender founded in 2008 and managed by a subsidiary of Apollo. This dual-affiliation gives MFIC access to Apollo's Direct Origination Platform, co-investment capacity with other Apollo-managed capital, and sourcing relationships across financial sponsors and Wall Street intermediaries. The company is regulated under the Investment Company Act of 1940 and has elected regulated investment company (RIC) tax treatment.

MFIC generates revenue primarily through interest income on its senior secured loan portfolio, supplemented by capital appreciation from equity and warrant investments, plus transaction-related fee income such as amendment and prepayment fees. The company distributes income to public shareholders via quarterly dividends (currently $0.31 per share, reduced from $0.38 effective Q1 2026) and operates a dividend reinvestment plan administered by American Stock Transfer and Trust Company. Common shares trade on the NASDAQ Global Select Market under ticker MFIC, with the stock trading approximately 26% below NAV. As of early 2026, Apollo is reportedly exploring a sale of MFIC, valued at approximately $3 billion inclusive of portfolio assets.

Name

MidCap Financial Investment

Legal name

Apollo Global Management, Inc.

Website

https://midcapfinancialic.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

MidCap Financial Investment Corporation (NASDAQ: MFIC) is an externally managed Business Development Company that provides senior secured first lien loans and other debt financing to U.S. middle-market companies, operating within Apollo Global Management's Direct Origination Platform and sourcing primarily through MidCap Financial.

Ownership category

akta.pro rank

Product category

Middle-Market Senior Debt Lending (Business Development Company)

NAICS

Other Financial Vehicles (52599)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro industry

PRIMARYFSANADAA

Senior Secured Direct Lending

Financial & Insurance/Private Equity & Venture Capital/Private Credit / Direct Lending Funds

SECONDARYFSANADAI

Middle-Market Lending

Financial & Insurance/Private Equity & Venture Capital/Private Credit / Direct Lending Funds

Keywords

• Middle market lending
• Senior secured loans
• Business development company
• Private credit investing
• Leveraged finance

Headquarters

HQ city

Linden

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Others

Revenue model

1. Interest Income from Senior Secured Loans: Primary revenue stream generated from interest payments on senior secured first lien loans, second lien secured loans, unsecured loans, and other debt securities extended to middle-market companies.
2. Capital Appreciation: Secondary revenue stream from capital appreciation through equity investments and warrants in portfolio companies, generating realized and unrealized gains.
3. Fee Income: Amendment fees, prepayment fees, and other transaction-related income from portfolio company financing activities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

MidCap Financial Investment Corporation is an externally managed Business Development Company (BDC) that provides senior debt solutions — primarily senior secured first lien loans, second lien loans, unsecured loans, and revolving credit facilities — to U.S. middle-market companies for leveraged buyouts, acquisitions, recapitalizations, growth capital, and refinancing. Investments are sourced primarily through MidCap Financial's origination network within Apollo's Direct Origination Platform, with revenue generated from interest income and capital appreciation.

Product overview

MidCap Financial Investment Corporation (MFIC) is a single, unified externally-managed Business Development Company (BDC) focused on providing senior debt solutions to middle-market U.S. companies. The company offers a portfolio of debt investment products including Revolvers, First Lien Secured Loans, Second Lien Secured Loans, and Unsecured Loans. These products are delivered through Apollo's Direct Origination Platform, which also encompasses specialized lending verticals such as Aircraft Leasing, Asset Based Lending, Corporate Lending, Restructurings, Life Sciences & Technology Lending, Lender Finance, and Franchise Finance. The company is managed by Apollo Investment Management L.P. and leverages its affiliation with MidCap Financial, a leading middle-market direct lender managed by Apollo, to source and service investments. Additionally, the company offers a Dividend Reinvestment Plan for shareholder participation.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Debt Solutions

Quantifiable outcome

• Dividend payout of $0.31 per share quarterly (reduced from $0.38 following Q4 2025)
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• MidCap FinancialcoreStrategic or Co-development PartnerMidCap Financial is a leading middle market direct lender founded in 2008, discretionally managed by Apollo. MFIC primarily invests in senior secured loans originated by MidCap Financial, benefiting from their extensive origination network and long track record in middle market lending.
• Equiniti Trust Company (EQ)minorOthersTransfer agent and registrar for MidCap Financial Investment Corporation, providing stock transfer services and dividend reinvestment plan administration. Located at 55 Challenger Road, Ridgefield Park, NJ 07660.

Scale indicators18 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ares Capital Corporation: Largest publicly traded BDC (NASDAQ: ARCC), externally managed by Ares Management. Direct competitor providing senior debt to middle-market companies with a similar externally-managed, large-scale origination model.
• Owl Rock Core Income Corp (Blue Owl Capital Corp): Public BDC (NYSE: OBDC) managed by Blue Owl Capital. Direct peer focused on direct lending to upper-middle-market companies with similar first lien senior secured lending strategy.
• Golub Capital BDC: Public BDC (NASDAQ: GBDC) externally managed by Golub Capital. Direct peer focused on senior secured one-stop loans to middle-market sponsor-backed companies with similar investment philosophy.
• Sixth Street Specialty Lending: Public BDC (NYSE: TSLX) managed by Sixth Street. Direct peer providing first lien senior secured loans to middle-market companies, similar in scale and target borrower profile to MFIC.
• BlackRock TCP Capital Corp: Public BDC (NASDAQ: TCPC) externally managed by BlackRock. Direct peer providing senior secured loans to middle-market companies with similar investment approach and externally-managed structure.
• New Mountain Finance Corporation: Public BDC (NASDAQ: NMFC) managed by New Mountain Finance Group. Direct peer providing senior secured loans to middle-market companies, including defensive growth sectors similar to MFIC's life sciences and technology verticals.
• Oaktree Specialty Lending: Public BDC (NASDAQ: OCSL) managed by Oaktree Capital. Direct peer focused on senior secured loans to middle-market companies with similar sponsor-backed origination model.
• PennantPark Floating Rate Capital: Public BDC (NYSE: PFLT) managed by PennantPark. Direct peer focused on senior secured floating rate loans to middle-market companies with similar investment grade risk profile target.
• Apollo Debt Solutions BDC: Sister Apollo-managed BDC providing senior secured loans to middle-market companies. Same parent manager (Apollo) but with a non-traded interval fund structure rather than publicly traded common stock.
• Goldman Sachs BDC: Public BDC (NYSE: GSBD) externally managed by Goldman Sachs Asset Management. Direct peer providing senior secured loans to middle-market companies with similar externally-managed structure and large-sponsor backing.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/apollo-investment-co

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MidCap Financial Investment