MidCap Financial Investment (MFIC) - 2025 Q1 - Quarterly Results

Financial Performance - Net investment income per share for the quarter ended June 30, 2024, was $0.45, an increase from$0.44 for the quarter ended March 31, 2024[1]. - Total Investment Income for the three months ended June 30, 2024, was $69,156,000, a slight increase from$68,616,000 for the same period in 2023, representing a growth of 0.8%[19]. - Net Investment Income for the six months ended June 30, 2024, was $58,084,000, compared to$58,333,000 for the same period in 2023, showing a decrease of 0.4%[19]. - Earnings per share (basic) for the three months ended June 30, 2024, was $0.35, down from$0.39 in the same period last year, a decrease of 10.3%[19]. - The company reported a net increase in net assets resulting from operations of $22,555,000 for the three months ended June 30, 2024, compared to$25,405,000 for the same period in 2023, a decrease of 7.3%[19]. Assets and Liabilities - Net asset value per share as of June 30, 2024, was $15.38, down from$15.42 as of March 31, 2024[1]. - Total assets as of June 30, 2024, were $2.55 billion, compared to$2.45 billion as of March 31, 2024[5]. - As of June 30, 2024, total assets amounted to $2,551,126,000, an increase from$2,501,331,000 on December 31, 2023[17]. - Total liabilities increased to $1,547,367,000 as of June 30, 2024, compared to$1,496,021,000 at the end of 2023[17]. Investments - New investment commitments during the quarter totaled $285 million, with gross fundings of$214 million and net fundings of $90 million[1]. - The company made investments totaling$245.4 million in the three months ended June 30, 2024, compared to $101.6 million in the same period of 2023[6]. - The number of investments in new portfolio companies increased to 18 in the three months ended June 30, 2024, from 12 in the same period of 2023[6]. - The company primarily invests in first lien senior secured loans to privately held U.S. middle-market companies, defined as those with less than$75 million in EBITDA[23]. Debt and Leverage - The company's net leverage ratio was 1.45x as of June 30, 2024, reduced to 1.13x following the mergers completed on July 22, 2024[1]. - Floating rate debt amounted to $2.1 billion, representing 100$0.20 per share was declared on July 21, 2024, payable on August 15, 2024[1]. - The company has repurchased 15,593,120 shares at a weighted average price of $15.91, totaling$248.1 million, with $26.9 million remaining for future purchases[9]. - A special distribution of$0.20 per share of common stock was declared, payable on August 15, 2024[14]. Expenses - Total expenses for the three months ended June 30, 2024, were $39,882,000, slightly lower than$40,117,000 for the same period in 2023, a decrease of 0.6%[19]. - Management fees for the three months ended June 30, 2024, were $4,389,000, compared to$4,334,000 for the same period in 2023, an increase of 1.3%[19]. - Interest and other debt expenses for the three months ended June 30, 2024, were $26,992,000, up from$26,002,000 in the prior year, an increase of 3.8%[19]. - Management and performance-based incentive fees payable were reported at $9,962,000, down from$10,729,000 in the previous period[17]. Yield and Interest Income - The weighted average yield for first lien secured debt was 11.9% as of June 30, 2024, compared to 12.0% in the previous quarter[15]. - Interest income (excluding PIK interest income) from non-controlled/non-affiliated investments was $60,146,000 for the three months ended June 30, 2024, down from$61,826,000 in the prior year, a decline of 2.7%[19]. Realized Gains and Losses - Net realized gains (losses) for the three months ended June 30, 2024, were $(15,638,000), compared to$(165,000) for the same period in 2023, indicating a significant increase in losses[19].