MFICL

MidCap Financial Investment Corporation trades at a 37% discount to NAV, its lowest in five years, with a structurally protected, 97% first-lien secured, floating-rate portfolio. MFICL, the company's baby bond, yields 8.38% to worst, ranks higher in the capital structure, and offers a superior risk-adjusted return versus MFIC common stock. MFICL's expected ROE is 11.76%, outpacing the discount-adjusted ROE of MFIC stock by 1.65 percentage points, making it attractive among BDC baby bonds.