MidCap Financial: A Well-Covered 9.4% Yield, But Don't Chase It

Portfolio Review, Non-Accruals, NII Performance MidCap Financial Investment is a diversified business development company with a large focus on Senior Secured loans. The BDC owned a $2.35 billion portfolio, as of March 2024, with First Liens accounting for a whopping 97% of investments in the corporate lending portfolio. MidCap Financial Investment is also, as I alluded to in my last review of the business development company in December 2023, heavily geared towards floating-rate loans (100% of the corporat ...