Apollo-managed MidCap Financial Investment Corp. (MFIC) reported a $26.9 million net loss for the first quarter of 2026. Net realized and unrealized losses of $61.1 million drove the quarterly deficit.
The business development company (BDC) saw its net asset value per share fall 2.5% during the period. The net asset value ended the quarter at $13.82 per share.
MFIC cut its dividend by 18% in late February following poor performance in software company loans.
The results coincide with broader liquidity pressures across the private credit sector. Apollo and other managers recently limited investor withdrawals from non-traded funds due to rising redemption requests.