MidCap Financial Investment

MFIC · NASDAQ

$8.26+$0.04 (+0.49%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $8.22

MFIC analyst rating

HoldConsensus of 7 analysts over the last 12 months. 14% rate it a buy.

Strong buy0
Buy1
Hold6
Underperform0
Sell0

12-month price target · 10 analysts

Average $10.75 (+30.1% upside)

Low: $9.09
Now: $8.26
High: $12.60

Upgrades and downgrades

The latest rating actions, newest first

MFIC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Aug 12, 2026	Maintains	Sector Perform	$11.00 → $10.00	29%
Wells Fargo	Aug 10, 2026	Maintains	Equal-Weight	$10.50 → $9.00	50%
Truist Securities	Aug 7, 2026	Maintains	Buy	$13.00 → $12.00	68%
JP Morgan	Jul 2, 2026	Maintains	Neutral	$10.00 → $9.50	56%
JP Morgan	Mar 13, 2026	Maintains	Neutral	$11.50 → $10.00	56%
Keefe, Bruyette & Woods	Mar 10, 2026	Maintains	Market Perform	$13.00 → $11.50	36%
RBC Capital	Mar 5, 2026	Maintains	Sector Perform	$13.00 → $11.00	29%
Truist Securities	Mar 4, 2026	Maintains	Buy	$15.00 → $13.00	68%
Wells Fargo	Mar 2, 2026	Maintains	Equal-Weight	$11.00 → $9.50	50%
Wells Fargo	Jan 7, 2026	Downgrade	Overweight → Equal-Weight	$13.00 → $11.00	50%

The case for and against

Updated Feb 9, 2026

Bull case

MidCap Financial Investment Corp has demonstrated an increase in average spreads on new investments, rising to 538 basis points in the latest quarter, compared to 513 basis points in the previous quarter, indicating improved yield opportunities. Additionally, the company's net debt-to-equity ratio has slightly increased to 1.44x from 1.31x in the prior quarter, while gross leverage remained stable at 1.49x, which aligns with the prior estimates. Management anticipates slight positive net asset value (NAV) accretion due to mark-to-market adjustments in the third quarter, projecting approximately 6 cents per share in annual improvement, further supporting the optimistic outlook for the stock.

Bear case

MidCap Financial Investment Corp reported a net asset value (NAV) per share of $14.75, which represents a decrease from both the previous quarter and the company's own estimate of $14.93 per share. The company faces potential challenges, including an expected 1.2x debt/equity leverage ratio, incremental credit losses of 3% in its portfolio, and a projected 50 basis points decrease in average asset yield. Additionally, the NAV faced a drag of $0.20 per share due to realized and unrealized losses, primarily driven by a $0.27 per share decline in the direct origination portfolio.

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