Ted McNulty
About Ted McNulty
Ted McNulty, 50, serves as President and Chief Investment Officer of MidCap Financial Investment Corporation (MFIC); he was appointed President in August 2022 and is a Managing Director in Apollo’s Credit business. He holds an MBA from Kellogg and a BA in Government from Harvard, with prior roles in leveraged finance at JPMorgan and leadership of mezzanine/merchant banking at a Mitsubishi UFJ subsidiary; he also serves as President of MidCap Apollo Institutional Private Lending (MAIPL) since 2024 . Recent MFIC performance markers during his tenure include net investment income per share of $0.38 in Q3 2025 (vs. $0.39 in Q2 2025) and NAV per share of $14.66 in Q3 2025 (vs. $14.75 in Q2 2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mitsubishi UFJ subsidiary | Ran mezzanine and later merchant banking business | Not disclosed | Led mezzanine and merchant banking operations, building credit origination and execution capabilities |
| Haland | Director | Not disclosed | Governance and oversight; industry experience applied to portfolio and origination |
| JPMorgan and predecessor institutions | Various roles in leveraged finance | Not disclosed | Leveraged finance execution; sponsor and issuer coverage experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apollo Global Management (Credit) | Managing Director | Not disclosed | Senior leadership in direct origination and credit investing aligned with MFIC’s middle-market focus |
| MidCap Apollo Institutional Private Lending (MAIPL) | President | 2024–present | Product leadership and governance for affiliated institutional private lending platform |
Fixed Compensation
- MFIC does not directly compensate its executive officers; compensation for principals and investment professionals (including McNulty) is paid by the external Investment Adviser (AIM). MFIC does not engage compensation consultants for executives; CFO and CCO compensation is set by the Administrator and reimbursed by MFIC .
- MFIC discloses no profit sharing or retirement plan; Directors and Executive Officers do not receive pension or retirement benefits from MFIC .
Performance Compensation
- MFIC does not grant stock options and has no policy on grant timing; given MFIC does not directly compensate executive officers, there is no disclosed executive incentive plan, weighting, targets, payouts, or vesting terms at MFIC for McNulty .
Equity Ownership & Alignment
| Metric | Q1 2024 (Record Date) | Q1 2025 (Record Date) |
|---|---|---|
| Shares Beneficially Owned (#) | 109,732 | 77,355 |
| Percent of Class | <1% (“*”) | <1% (“*”) based on 93,303,622 shares |
| Unvested RSUs (#) | 59,793 (included in total) | — (not disclosed in 2025 proxy) |
| Vested Shares (#) | 49,939 (computed from disclosed totals) | — |
- As of the 2025 record date, MFIC reports Directors and Executive Officers as a group own less than 1% of shares; McNulty’s individual holdings were 77,355 shares .
- Section 16(a) compliance note: McNulty had a late Form 4 filing that disclosed four late transactions, attributed to administrative oversight .
- Insider trading and alignment controls: MFIC and AIM enforce pre-clearance, quarter-end blackouts (from 15 days before quarter-end until 24 hours after earnings release), and prohibit short sales and speculative transactions in derivatives (e.g., puts); trading via approved Rule 10b5-1 plans is permitted. Derivative securities include RSUs; receiving grants under an approved plan is not prohibited .
- Pledging: MFIC filings do not disclose pledging of personal MFIC shares by executive officers; no pledge notation appears in the security ownership tables .
Employment Terms
- Appointment: McNulty was appointed President in August 2022; he currently serves as President and Chief Investment Officer .
- External management structure: MFIC is externally managed by AIM; MFIC does not disclose employment agreements, severance, or change‑of‑control terms for executive officers, and notes that executive compensation is paid by AIM rather than MFIC .
- Code of Ethics and Insider Trading Policy: MFIC adopts a Rule 17j‑1 Code of Ethics and an insider trading policy governing trustees, officers, and employees; exhibits are filed with the 10‑K .
Selected Performance Reference Points
| Metric | Q2 2025 | Q3 2025 |
|---|---|---|
| Net Investment Income per Share ($) | 0.39 | 0.38 |
| Net Asset Value per Share ($) | 14.75 | 14.66 |
Investment Implications
- Pay-for-performance visibility is limited: As an externally managed BDC, MFIC does not disclose McNulty’s salary, bonus, incentive metrics, or vesting schedules, constraining direct assessment of compensation alignment; however, strong governance around insider trading (pre-clearance, blackouts, derivative restrictions) mitigates trading-related misalignment risk .
- Ownership alignment is modest: McNulty’s reported shareholdings are <1% of outstanding shares with a decline from 109,732 (including 59,793 unvested RSUs) to 77,355 year over year, suggesting limited “skin-in-the-game” at the MFIC entity level, although Apollo platform incentives may drive broader alignment not disclosed in MFIC filings .
- Execution track record context: MFIC’s recent metrics show steady NII per share and slight NAV pressure; management commentary cites de-risking (Merx repayment) and redeployment into first-lien middle-market loans, consistent with McNulty’s credit background and Apollo’s direct origination strengths—supportive for forward earnings power but with continued issuer-specific risk embedded in NAV movements .
- Trading signals: A late Form 4 (four transactions) is a minor compliance flag but was attributed to administrative oversight; combined with strict policies and blackout windows, sustained abnormal insider activity pressure appears limited absent additional Form 4 patterns .