MidCap Financial Investment Corporation (MFIC) Balance Sheet
MFIC balance sheet, 2025
December 31, 2025 · U.S. dollars$3.32B assets = $2.02B liabilities + $1.31B equity
Both columns are drawn to the same scale: what MFIC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MFIC financial health
Descriptive bands, not a rating. Fiscal 2025.
MFIC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.41B2016 | $3.32B2025 | +3.6%/yr | |
| Total liabilities | $928.3M2016 | $2.02B2025 | +9.0%/yr | |
| Shareholders’ equity | $1.48B2016 | $1.31B2025 | −1.4%/yr | |
| Cash & short-term investments | $11.3M2016 | $99.4M2025 | +27.4%/yr | |
| Total debt | $848.4M2016 | $2.00B2025 | +10.0%/yr | |
| Net cash (debt) | −$837.2M2016 | −$1.90B2025 | −$1.1B | |
| Working capital | $20.8M2016 | $5.0M2025 | −$15.8M | |
| Book value per share | $19.992016 | $14.022025 | −3.9%/yr | |
| Current ratio | 1.382016 | 1.042025 | −0.34 | |
| Debt / equity | 0.572016 | 1.532025 | +0.95 | |
| Shares outstanding | 74.1M2016 | 93.3M2025 | +2.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MFIC assets
MFIC liabilities and equity
MFIC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MFIC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $99.4M | $75.8M | $122.1M | $87.1M | $30.6M | $54.6M | $43.7M | $41.2M | $15.3M | $11.3M |
| Cash & equivalents | $99.4M | $75.8M | $122.1M | $87.1M | $30.6M | $54.6M | $43.7M | $41.2M | $15.3M | $11.3M |
| Short-term investments | — | — | — | — | $1.98B | — | — | — | — | — |
| Receivables | $30.6M | $77.2M | $25.6M | $25.1M | $28.6M | $18.3M | $25.2M | $28.4M | $28.9M | $63.8M |
| Inventory | $0 | $0 | −$147.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $147.7M | $1.8M | $719,000 | $907,000 | $732,000 | $0 | $0 | $0 |
| Total current assets | $130.0M | $153.0M | $147.7M | $114.0M | $59.9M | $73.8M | $69.6M | $69.6M | $44.2M | $75.1M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $3.17B | $3.01B | $2.33B | $0 | $2.52B | $2.45B | $2.79B | $2.41B | $0 | $0 |
| Other non-current assets | $25.8M | $23.6M | $19.4M | $2.41B | $17.0M | $21.5M | $16.1M | $20.1M | $2.27B | $2.34B |
| Total assets | $3.32B | $3.19B | $2.50B | $2.53B | $2.60B | $2.54B | $2.87B | $2.50B | $2.31B | $2.41B |
| Liabilities | ||||||||||
| Accounts payable | $13.4M | $17.0M | $14.5M | — | $26.2M | $25.6M | $32.3M | $37.5M | $79.6M | $54.2M |
| Short-term debt | $125.0M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $125.0M | $17.0M | $14.5M | $47.6M | $26.2M | $25.6M | $32.3M | $37.5M | $79.6M | $54.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.89B | $1.77B | $1.48B | $1.49B | $1.57B | $1.48B | $1.81B | $1.13B | $789.8M | $848.4M |
| Total liabilities | $2.02B | $1.79B | $1.50B | $1.54B | $1.60B | $1.51B | $1.85B | $1.19B | $893.7M | $928.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $92,000 | $94,000 | $65,000 | $65,000 | $62,000 | $65,000 | $65,000 | $69,000 | $216,000 | $220,000 |
| Retained earnings (deficit) | −$1.35B | −$1.25B | −$1.10B | −$1.12B | −$1.07B | −$1.06B | −$1.08B | −$843.3M | −$10.2M | $88.1M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | −$41.9M | −$253.7M | −$164.7M |
| Total shareholders' equity | $1.31B | $1.40B | $1.01B | $988.1M | $1.00B | $1.04B | $1.02B | $1.31B | $1.42B | $1.48B |
| Key figures | ||||||||||
| Total debt | $2.00B | $1.75B | $1.46B | $1.48B | $1.55B | $1.47B | $1.79B | $1.13B | $789.8M | $848.4M |
| Net cash (debt) | −$1.90B | −$1.68B | −$1.34B | −$1.40B | −$1.52B | −$1.41B | −$1.75B | −$1.09B | −$774.5M | −$837.2M |
| Working capital | $5.0M | $136.0M | $133.2M | $66.4M | $33.7M | $48.2M | $37.3M | $32.0M | −$35.4M | $20.8M |
| Tangible book value | $1.31B | $1.40B | $1.01B | $988.1M | $1.00B | $1.04B | $1.02B | $1.31B | $1.42B | $1.48B |
| Book value per share | $14.02 | $18.02 | $15.39 | $15.30 | $15.57 | $15.88 | $15.24 | $18.58 | $19.46 | $19.99 |
| Shares outstanding | 93.3M | 78.0M | 65.3M | 64.6M | 64.5M | 65.3M | 67.2M | 70.6M | 72.9M | 74.1M |
| Current ratio | 1.04 | 9.00 | 10.19 | 2.40 | 2.28 | 2.88 | 2.16 | 1.85 | 0.56 | 1.38 |
| Quick ratio | 1.04 | 9.00 | 10.19 | 2.36 | 2.26 | 2.85 | 2.13 | 1.85 | 0.56 | 1.38 |
| Debt / equity | 1.53 | 1.25 | 1.45 | 1.50 | 1.54 | 1.41 | 1.75 | 0.86 | 0.56 | 0.57 |
| Equity / assets | 39.3% | 44.0% | 40.2% | 39.1% | 38.6% | 40.7% | 35.7% | 52.6% | 61.3% | 61.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $43.3M | $42.6M | $99.4M | $62.5M | $71.9M | $85.0M | $75.8M | $84.8M | $67.0M | $49.6M | $122.1M | $43.1M |
| Cash & equivalents | $43.3M | $42.6M | $99.4M | $62.5M | $71.9M | $85.0M | $75.8M | $84.8M | $67.0M | $49.6M | $122.1M | $43.1M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | −$199,000 |
| Receivables | $23.7M | $23.4M | $30.6M | $26.2M | $38.0M | $58.0M | $77.2M | $82.0M | $21.4M | $22.8M | $25.6M | $22.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $63.6M |
| Other current assets | $0 | $7.4M | $0 | $16.6M | $0 | $0 | $0 | $0 | $0 | $1.6M | $5,000 | $0 |
| Total current assets | $64.6M | $73.4M | $130.0M | $105.3M | $109.9M | $143.0M | $153.0M | $166.8M | $88.5M | $74.0M | $147.7M | $65.3M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.77B | $2.97B | $3.17B | $3.18B | $3.33B | $3.19B | $3.01B | $3.03B | $2.44B | $2.35B | $2.33B | $2.37B |
| Other non-current assets | $24.9M | $24.2M | $25.8M | $23.2M | $24.5M | $24.1M | $23.6M | $22.2M | $18.3M | $18.2M | $19.4M | $20.6M |
| Total assets | $2.86B | $3.07B | $3.32B | $3.31B | $3.46B | $3.36B | $3.19B | $3.22B | $2.55B | $2.45B | $2.50B | $2.46B |
| Liabilities | ||||||||||||
| Accounts payable | $12.3M | $10.9M | $13.4M | $12.3M | $21.3M | $11.5M | $17.0M | $9.4M | $17.5M | $14.7M | $14.5M | $4.9M |
| Short-term debt | $125.0M | $125.0M | $125.0M | $125.0M | — | — | — | — | — | — | — | — |
| Total current liabilities | $125.0M | $125.0M | $125.0M | $125.0M | $21.3M | $11.5M | $17.0M | $9.4M | $17.5M | $14.7M | $14.5M | $4.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.63B | $1.77B | $1.89B | $1.82B | $2.06B | $1.95B | $1.77B | $1.79B | $1.53B | $1.42B | $1.48B | $1.45B |
| Total liabilities | $1.76B | $1.89B | $2.02B | $1.94B | $2.09B | $1.96B | $1.79B | $1.80B | $1.55B | $1.44B | $1.50B | $1.46B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $82,000 | $85,000 | $92,000 | $93,000 | $93,000 | $94,000 | $94,000 | $94,000 | $65,000 | $65,000 | $65,000 | $65,000 |
| Retained earnings (deficit) | −$1.44B | −$1.40B | −$1.35B | −$1.28B | −$1.28B | −$1.26B | −$1.25B | −$1.13B | −$1.10B | −$1.10B | −$1.10B | −$1.11B |
| Total shareholders' equity | $1.10B | $1.18B | $1.31B | $1.37B | $1.38B | $1.39B | $1.40B | $1.42B | $1.00B | $1.01B | $1.01B | $996.8M |
| Key figures | ||||||||||||
| Total debt | $1.74B | $1.87B | $2.00B | $1.92B | $2.05B | $1.94B | $1.75B | $1.77B | $1.51B | $1.41B | $1.46B | $1.43B |
| Net cash (debt) | −$1.70B | −$1.83B | −$1.90B | −$1.85B | −$1.98B | −$1.85B | −$1.68B | −$1.69B | −$1.44B | −$1.36B | −$1.34B | −$1.39B |
| Working capital | −$60.4M | −$51.6M | $5.0M | −$19.7M | $88.6M | $131.5M | $136.0M | $157.4M | $71.0M | $59.3M | $133.2M | $60.4M |
| Tangible book value | $1.10B | $1.18B | $1.31B | $1.37B | $1.38B | $1.39B | $1.40B | $1.42B | $1.00B | $1.01B | $1.01B | $996.8M |
| Book value per share | $13.34 | $13.13 | $14.18 | $14.66 | $14.69 | $14.87 | $16.37 | $21.70 | $15.38 | $15.42 | $15.40 | $15.28 |
| Shares outstanding | 82.5M | 89.6M | 92.2M | 93.3M | 93.7M | 93.7M | 85.8M | 65.3M | 65.3M | 65.3M | 65.3M | 65.3M |
| Current ratio | 0.52 | 0.59 | 1.04 | 0.84 | 5.15 | 12.44 | 9.00 | 17.76 | 5.05 | 5.05 | 10.19 | 13.41 |
| Quick ratio | 0.54 | 0.53 | 1.04 | 0.71 | 5.15 | 12.44 | 9.00 | 17.76 | 5.05 | 4.94 | 10.19 | 13.37 |
| Debt / equity | 1.58 | 1.59 | 1.53 | 1.40 | 1.49 | 1.39 | 1.25 | 1.25 | 1.51 | 1.40 | 1.45 | 1.44 |
| Equity / assets | 38.5% | 38.3% | 39.3% | 41.3% | 39.7% | 41.5% | 44.0% | 44.0% | 39.3% | 41.1% | 40.2% | 40.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
MFIC financial position
At the end of fiscal 2025 (December 31, 2025), MidCap Financial Investment had total assets of $3.3 billion (up 4.2% from a year earlier), total liabilities of $2.0 billion and shareholders' equity of $1.3 billion. It held $99.4 million in cash and short-term investments against $2.0 billion of debt, net debt of $1.9 billion. Its current ratio was 1.04. In the latest quarter (ended June 30, 2026) total assets were $2.9 billion and equity $1.1 billion.
Related: MFIC income statement, MFIC cash flow statement, MFIC key metrics. See the MFIC stock overview for the latest quote and news.
MFIC balance sheet FAQ
What are MidCap Financial Investment's total assets?
MidCap Financial Investment reported total assets of $3.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.2 billion a year earlier.
How much debt does MidCap Financial Investment have?
MidCap Financial Investment had $2.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.53.
How much cash does MidCap Financial Investment have?
MidCap Financial Investment held $99.4 million in cash and short-term investments at the end of fiscal 2025; with $2.0 billion of debt that is net debt of $1.9 billion.
What is MidCap Financial Investment's book value?
MidCap Financial Investment's shareholders' equity (book value) was $1.3 billion at the end of fiscal 2025, or $14.02 per share.
What is MidCap Financial Investment's current ratio?
MidCap Financial Investment had current assets of $130.0 million and current liabilities of $125.0 million, a current ratio of 1.04 (it can cover its short-term obligations).