MidCap Financial Investment Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
MFIC$10.36+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | ||||||
| Operating Activities | ||||||
| Net increase (decrease) in net assets resulting from operations | $ | 63,169 | $ | 98,819 | $ | 118,760 |
| Net realized (gains) losses on investments | 45,877 | 76,428 | (131) | |||
| Net change in unrealized (gains) losses | 28,700 | (42,543) | (2,561) | |||
| Net amortization of premiums and accretion of discounts on investments | (6,817) | (8,889) | (7,751) | |||
| Accretion of discount on notes | 1,781 | 1,789 | 604 | |||
| Amortization of deferred financing costs | 5,120 | 5,158 | 5,258 | |||
| PIK interest and dividends capitalized | (20,104) | (14,842) | (2,970) | |||
| Purchases of investments | (1,278,330) | (1,013,393) | (417,124) | |||
| Proceeds from sales and repayments of investments | 1,127,217 | 867,173 | 497,313 | |||
| Cash acquired in AFT and AIF Mergers | — | 9,931 | — | |||
| Changes in operating assets and liabilities: | ||||||
| Decrease (increase) in interest receivable | (4,389) | 2,153 | (4,273) | |||
| Decrease (increase) in dividends receivable | 79 | 618 | 3,509 | |||
| Decrease (increase) in prepaid expenses and other assets | (2,171) | 16,103 | 1,792 | |||
| Increase (decrease) in management and performance-based incentive fees payable | (5,549) | 854 | 1,669 | |||
| Increase (decrease) in interest payable | 54 | (1,681) | 948 | |||
| Increase (decrease) in accrued administrative services expense | 168 | (1,597) | 909 | |||
| Increase (decrease) in other liabilities and accrued expenses | (4,551) | (5,613) | 429 | |||
| Net Cash (Used in)/Provided by Operating Activities | $ | (49,746) | $ | (9,532) | $ | 196,381 |
| Financing Activities | ||||||
| Issuances of debt | $ | 2,119,681 | $ | 446,115 | $ | 630,595 |
| Payments of debt | (1,880,650) | (334,371) | (655,285) | |||
| Financing costs paid and deferred | (5,105) | (8,883) | (10,896) | |||
| Repurchase of common stock | (18,969) | — | (2,297) | |||
| Distributions paid | (141,585) | (139,623) | (123,477) | |||
| Net Cash (Used in)/Provided by Financing Activities | $ | 73,372 | $ | (36,762) | $ | (161,360) |
| Cash, Cash Equivalents and Foreign Currencies | ||||||
| Net increase (decrease) in cash, cash equivalents and foreign currencies during the period | $ | 23,626 | $ | (46,294) | $ | 35,021 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 36 | (48) | 16 | |||
| Cash, cash equivalents and foreign currencies at beginning of period | 75,786 | 122,128 | 87,091 | |||
| Cash, Cash Equivalents and Foreign Currencies at the End of Period | $ | 99,448 | $ | 75,786 | $ | 122,128 |
| Supplemental Disclosure of Cash Flow Information | ||||||
| Cash interest paid | $ | 120,240 | $ | 110,719 | $ | 97,472 |
| Supplemental Disclosure of Non-Cash Activity | ||||||
| PIK income | $ | 17,898 | $ | 12,151 | $ | 3,006 |
| Purchases of investments(1) | — | 595,887 | — | |||
| Debt assumed(1) | — | (177,000) | — | |||
| Issuance of common stock(1) | — | 440,140 | — | |||
(1)Refer to Note 12 for more information related to the Company's acquisitions of AFT and AIF.
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