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Robert Dodd

Research Analyst at Raymond James Financial, Inc.

Robert Dodd is a Director, Specialty Finance at Raymond James Financial, Inc., specializing in specialty finance companies within the financial sector. He covers specific companies including Sixth Street Specialty Lending (TSLX), Crescent Capital BDC (CCAP), Carlyle Secured Lending (CGBD), Blackstone Secured Lending (BXSL), FS KKR Capital (FSK), and Monroe Capital (MRCC), with a strong performance track record featuring a 71% success rate and average return of 12.5% per rating according to TipRanks, where he ranks in the top 3% of Wall Street analysts, and a 52.94% success rate with 7.25% average return per StockAnalysis. Dodd joined Raymond James in 2012 via the Morgan Keegan acquisition, after starting at Morgan Keegan in 2001 as an associate analyst covering transaction processing and telecom, and prior experience as a research analyst at Schroder Salomon Smith Barney in London. He holds a doctorate in chemical physics from the University of Maryland and a Bachelor of Science with honors in mathematics from Royal Holloway College, University of London.

Robert Dodd's questions to MidCap Financial Investment (MFIC) leadership

Question · Q4 2025

Robert Dodd praised MFIC's expanded share buyback plan and then questioned the company's software exposure, which stands at 11.4% of the portfolio with a net leverage of 4.6x, significantly below market expectations. He sought clarification on the types of software businesses that allow MFIC to achieve these metrics while maintaining portfolio-average spreads.

Answer

Executive Chairman Howard Widra explained that MidCap's historical financing constraints (bank lines, CLOs) limited credit to effectively 6x EBITDA, preventing focus on higher-leverage or ARR-only deals. This led them to originate loans to cash-long software companies with inherent performance consistency, rather than those requiring substantial growth spending. CEO Tanner Powell added that MFIC's middle-market focus, with an average core software company EBITDA of $52 million and 90% having financial covenants, further contributes to these conservative metrics.

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