MFIC

stressed

MidCap Financial Investment Corp

Valuation

Price$12.62

NAV / Share$14.80

NAV Discount-14.7%

Portfolio FV$10B

Credit Quality

PIK %8.9%

Non-Accrual %2.1%

NII Covers DivYES

Income

Dividend Yield11.4%

SponsorApollo Global Management

Top Sectors

HealthcareSoftwareBusiness Services

Analysis

Formerly Apollo Investment Corp (AINV), rebranded after Apollo merged its BDC platform with MidCap Financial. $10B portfolio — 4th largest BDC. Apollo's massive origination machine feeds the pipeline. PIK at 8.9% concerning. NAV discount at 14.7% despite Apollo brand. Merger complexity: integrating three entities (AINV + MidCap + Apollo Senior Floating Rate). Non-accrual at 2.1% and trending up.

Sponsor

Apollo Global Management$938B AUM