MidCap Financial Investment Repurchases $108M of Shares, NAV Falls 2.5%, Declares $0.31 Dividend
MidCap Financial Investment’s net investment income was $0.38 per share in Q1 2026 versus $0.39 in Q4, and NAV per share declined 2.5% to $13.82 on credit spread widening. The company repurchased over 9.8 million shares for $107.9 million, boosting NAV by $0.24 per share, and declared a $0.31 dividend.
1. Q1 Financial Results
The company reported net investment income of $0.38 per share for Q1 2026, down from $0.39 in Q4 2025. NAV per share decreased 2.5% quarter-over-quarter to $13.82, primarily due to a net portfolio loss driven by credit spread widening and credit weakness in select positions.
2. Share Repurchase Program
During the quarter, the firm repurchased 7,084,020 common shares at an average price of $10.73 for $76.0 million, then bought an additional 2,755,221 shares at $11.58 for $31.9 million between April 1–13. These buybacks below NAV added $0.24 per share of NAV accretion.
3. Dividend Declaration
On May 5, the board declared a $0.31 per share quarterly dividend, payable June 25 to shareholders of record as of June 9, 2026, underscoring the company’s focus on returning capital to investors.