Joseph Durkin
About Joseph Durkin
Joseph Durkin, 36, is Chief Accounting Officer (CAO) of MidCap Financial Investment Corporation (MFIC) and MidCap Apollo Institutional Private Lending, appointed effective September 4, 2025 . He joined Apollo in September 2025 after serving as a Principal at Churchill Asset Management (registered fund platform) and previously as a Manager at Ernst & Young LLP auditing wealth and asset management clients; he holds B.S. and M.S. degrees in Accounting from Fordham University and is a New York-licensed CPA . During his initial quarter in role, MFIC reported net investment income per share of $0.38 (vs. $0.39 in Q2 2025) and NAV per share of $14.66 (vs. $14.75 in Q2 2025); net leverage was 1.35x, providing context on the operating backdrop at the start of his tenure .
MFIC recent quarterly performance (context)
| Metric | Q2 2025 | Q3 2025 |
|---|---|---|
| Net investment income per share ($) | $0.39 | $0.38 |
| NAV per share ($) | $14.75 | $14.66 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Churchill Asset Management | Principal | 2019–2025 | Focused on registered fund platform (fund accounting/reporting expertise) |
| Ernst & Young LLP | Manager (Wealth & Asset Management audit) | Prior to 2019 (not disclosed) | Audit discipline in asset/wealth management, controls and reporting |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| MidCap Apollo Institutional Private Lending | Chief Accounting Officer | Since Sept 4, 2025 | Concurrent CAO role alongside MFIC |
| Apollo Global Management, Inc. | Employee (joined Apollo) | Since Sept 2025 | Employer of MFIC’s externally managed team |
Fixed Compensation
MFIC discloses that none of its executive officers are directly compensated by MFIC; compensation for principals and investment professionals is paid by the external investment adviser (Apollo Investment Management, L.P.), and certain administrative roles’ allocable costs may be reimbursed by the Company (e.g., CFO/CCO). No salary, bonus targets, or cash compensation details are disclosed for the CAO role .
| Component | FY 2024/2025 Disclosure |
|---|---|
| Base salary | Not disclosed; MFIC does not directly compensate executive officers |
| Target bonus % | Not disclosed |
| Actual bonus paid | Not disclosed |
| Cash compensation mix | Not disclosed; paid by Investment Adviser/Administrator, not MFIC |
Performance Compensation
MFIC states the Board did not produce executive compensation analysis because executive officers are not directly compensated by MFIC; Durkin’s 8‑K appointment explicitly notes no material plan, contract, arrangement, grant or award in connection with his appointment .
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs/PSUs | None disclosed | — | — | — | — | — |
| Options | None disclosed | — | — | — | — | — |
| Cash STI/LTI | None disclosed | — | — | — | — | — |
Equity Ownership & Alignment
Form 3 filed September 17, 2025 indicates “No securities are beneficially owned,” i.e., zero shares and no derivative holdings at appointment . MFIC’s trading policy requires pre‑clearance, imposes blackout periods, and prohibits short sales and transactions in MFIC-based derivatives; 10b5‑1 plans may be permitted with written approval, which mitigates hedging/speculative trading risks .
| Item | Status |
|---|---|
| Total beneficial ownership (shares) | 0 |
| Ownership % of shares outstanding | 0% (derived from 0 shares) |
| Vested shares | 0 |
| Unvested RSUs/PSUs | 0; no awards disclosed |
| Options (exercisable/unexercisable) | 0; no awards disclosed |
| Shares pledged | None disclosed; no holdings |
| Hedging/derivative use | Prohibited for Employees (no short sales or MFIC-based derivatives) |
| Pre‑clearance/blackouts | Required; blackout around quarter-end/earnings releases |
Employment Terms
The Item 5.02 8‑K discloses Durkin was not appointed pursuant to any arrangement/understanding, has no family relationships with directors/executives, has no related-party transactions, and “has not entered into, nor expects to enter into, any material plan, contract, arrangement, grant or award in connection with his appointment.” No severance or change‑of‑control provisions are disclosed .
| Term | Disclosure |
|---|---|
| Start date | Sept 4, 2025 |
| Contract term/expiration | Not disclosed; no material agreement associated with appointment |
| Severance provisions | Not disclosed |
| Change‑of‑control economics | Not disclosed |
| Non‑compete / non‑solicit | Not disclosed |
| Clawback provisions | Not disclosed for executives (MFIC Code of Ethics/insider trading policies apply) |
Performance & Track Record (Company context during tenure)
| Metric ($USD) | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Net Income - (IS) | $24.058M | $30.330M | $18.115M | $27.454M |
MFIC’s Q3 2025 press release noted a $97M repayment from Merx Aviation, reducing exposure to ~3.3% of portfolio, and net leverage of 1.35x; a $0.38 dividend was declared for December 23, 2025—context for the operating environment concurrent with Durkin’s appointment .
Related Party Transactions / Governance Notes
- Executive officers are affiliated with Apollo entities; MFIC operates as an externally managed BDC under AIM with shared services and reimbursed administrative costs, monitored by the Board for conflicts .
- Compensation Committee: comprised of Independent Directors; MFIC discloses executives are not directly compensated, so the committee does not produce/report on executive compensation practices .
Risk Indicators & Red Flags
- Insider ownership: zero at appointment (reduces alignment but also eliminates pledging/forced selling risk) .
- No compensatory grants or employment agreements disclosed (reduces golden parachute/severance risk but may increase retention risk if incentives reside solely at Apollo) .
- Trading controls: strict pre‑clearance/blackouts and prohibition on derivatives/short sales mitigate hedging/speculative behavior .
- Section 16 compliance: Form 3 filed; no Form 4 transactions disclosed for Durkin to date in filings reviewed .
Compensation Peer Group / Say‑on‑Pay
Not applicable—MFIC does not directly compensate executive officers, and proxy materials do not present an executive pay program or peer group benchmarking for executives .
Investment Implications
- Alignment: With zero MFIC share ownership and no disclosed equity awards, Durkin’s equity alignment at the issuer is limited; governance mitigants include MFIC’s trading controls and the Board’s oversight of adviser/administrator relationships .
- Selling pressure: No holdings or awards imply minimal near‑term insider selling risk; future activity would be governed by pre‑clearance/blackout policies .
- Retention: Absence of a disclosed employment/severance or change‑of‑control agreement at MFIC suggests retention levers sit primarily within Apollo’s internal compensation framework, not MFIC’s proxy-disclosed mechanisms .
- Execution backdrop: Company fundamentals around his start show stable NII/share and NAV with deleveraging/redeployment away from Merx, supportive to finance function execution and reporting discipline under the new CAO .