<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-06-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001099941</issuerCik>
        <issuerName>MVC CAPITAL, INC.</issuerName>
        <issuerTradingSymbol>MVC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001222911</rptOwnerCik>
            <rptOwnerName>HELLERMAN GERALD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O MVC CAPITAL, INC</rptOwnerStreet1>
            <rptOwnerStreet2>287 BOWMAN AVENUE, 2ND FLOOR</rptOwnerStreet2>
            <rptOwnerCity>PURCHASE, NY</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode>10577</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $.01 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2007-06-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.49</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>29252</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Includes approximately 17 shares of common stock, $.01 par value (&quot;Shares&quot;), acquired on January 31, 2006, 16 Shares acquired
 on April 28, 2006, 16 Shares acquired on July 1, 2006, 15 Shares acquired on October 31, 2006, 22 Shares acquired on January
 5, 2007 and 13 Shares acquired on April 30, 2007 pursuant to the MVC Capital, Inc. (&quot;MVC&quot;) dividend reinvestment plan, and
 165 Shares acquired on January 31, 2006, 196 Shares acquired on April 28, 2006, 200 Shares acquired on July 31, 2006, 203
 Shares acquired on October 31, 2006, 304 Shares acquired on January 5, 2007 and 150 Shares acquired on April 30, 2007 in
 connection with the reinvestment of cash proceeds received pursuant to the issuance of dividends by MVC.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Gerald Hellerman</signatureName>
        <signatureDate>2007-06-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
