MFIC Iron Condor Strategy
MFIC (MidCap Financial Investment Corporation), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
Apollo Investment Corporation is business development company and a closed-end, externally managed, non-diversified management investment company. It is elected to be treated as a business development company (BDC) under the Investment Company Act of 1940 (the 1940 Act) specializing in private equity investments in leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing and private middle market companies. It provides direct equity capital, mezzanine, first lien secured loans, stretch senior loans, unitranche loans, second lien secured loans and senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions. The fund may also invest in securities of public companies that are thinly traded and may acquire investments in the secondary market and structured products. It prefers to invest in preferred equity, common equity / interests and warrants and makes equity co-investments.
MFIC (MidCap Financial Investment Corporation) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $906.9M, a trailing P/E of 165.24, a beta of 0.69 versus the broader market, a 52-week range of 9.48-13.51, average daily share volume of 1.2M, a public-listing history dating back to 2004. These structural characteristics shape how MFIC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.69 indicates MFIC has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 165.24 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. MFIC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on MFIC?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current MFIC snapshot
As of May 15, 2026, spot at $11.03, ATM IV 28.20%, IV rank 4.13%, expected move 8.08%. The iron condor on MFIC below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on MFIC specifically: MFIC IV at 28.20% is on the cheap side of its 1-year range, which means a premium-selling MFIC iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.08% (roughly $0.89 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MFIC expiries trade a higher absolute premium for lower per-day decay. Position sizing on MFIC should anchor to the underlying notional of $11.03 per share and to the trader's directional view on MFIC stock.
MFIC iron condor setup
The MFIC iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MFIC near $11.03, the first option leg uses a $11.58 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MFIC chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 MFIC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.58 | N/A |
| Buy 1 | Call | $12.13 | N/A |
| Sell 1 | Put | $10.48 | N/A |
| Buy 1 | Put | $9.93 | N/A |
MFIC iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
MFIC iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MFIC. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on MFIC
Iron condors on MFIC are a delta-neutral premium-collection structure that profits if MFIC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MFIC thesis for this iron condor
The market-implied 1-standard-deviation range for MFIC extends from approximately $10.14 on the downside to $11.92 on the upside. A MFIC iron condor is a delta-neutral premium-collection structure that pays off when MFIC stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current MFIC IV rank near 4.13% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on MFIC at 28.20%. As a Financial Services name, MFIC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MFIC-specific events.
MFIC iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. MFIC positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MFIC alongside the broader basket even when MFIC-specific fundamentals are unchanged. Short-premium structures like a iron condor on MFIC carry tail risk when realized volatility exceeds the implied move; review historical MFIC earnings reactions and macro stress periods before sizing. Always rebuild the position from current MFIC chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MFIC?
- A iron condor on MFIC is the iron condor strategy applied to MFIC (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With MFIC stock trading near $11.03, the strikes shown on this page are snapped to the nearest listed MFIC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MFIC iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the MFIC iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 28.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MFIC iron condor?
- The breakeven for the MFIC iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current MFIC market-implied 1-standard-deviation expected move is approximately 8.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on MFIC?
- Iron condors on MFIC are a delta-neutral premium-collection structure that profits if MFIC stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MFIC implied volatility affect this iron condor?
- MFIC ATM IV is at 28.20% with IV rank near 4.13%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.