MidCap Financial Investment (MFIC) - 2025 Q2 - Quarterly Results

Financial Performance - Net investment income per share for the quarter was $0.44, a decrease of 2.2$0.45 for the previous quarter[1]. - Total investment income for the three months ended September 30, 2023, was $82,138,000, an increase of 20.5$68,175,000 in the same period last year[25]. - Net investment income for the three months ended September 30, 2023, was $38,135,000, compared to$27,897,000 for the same period last year, representing a 36.7% increase[25]. - Earnings per share for the three months ended September 30, 2023, were $0.31, down from$0.46 in the same period last year[25]. - Interest income (excluding PIK interest income) from non-controlled/non-affiliated investments was $72,640,000 for the three months ended September 30, 2023, compared to$61,939,000 in the same period last year, a 17.5% increase[25]. - Total expenses for the three months ended September 30, 2023, were $44,165,000, up from$40,681,000, indicating an increase of 12.2% year-over-year[25]. - Net realized gains for the three months ended September 30, 2023, were $487,000, compared to a loss of$200,000 in the same period last year[25]. - The net change in unrealized losses for the three months ended September 30, 2023, was $(11,906,000), compared to a gain of$2,266,000 in the same period last year[25]. Asset and Liability Overview - Net asset value per share as of September 30, 2024, was $15.10, a decrease of 0.5$0.20 special distribution[1]. - Total assets as of September 30, 2024, were $3.22 billion, up from$2.55 billion as of June 30, 2024[6]. - Total assets increased to $3,216,032,000 as of September 30, 2024, compared to$2,501,331,000 as of December 31, 2023[24]. - Total liabilities rose to $1,799,809,000 as of September 30, 2024, up from$1,496,021,000 at the end of 2023[24]. - The net asset value per share decreased to $15.10 as of September 30, 2024, from$15.41 at the end of 2023[24]. Investment Activities - New investment commitments during the quarter totaled $371 million[1]. - Gross fundings for the quarter, excluding revolver fundings, totaled$288 million[1]. - Closed mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc., acquiring investments totaling $596 million[1]. - The Company recognized a purchase discount in the AFT and AIF mergers, as the fair value of net assets acquired exceeded the merger consideration paid[19]. - As of September 30, 2024, the portfolio composition included 91$2.7 billion in floating rate debt as of September 30, 2024, representing 99% of total debt[22]. Cash and Equivalents - Cash and cash equivalents were reported at $84,480,000 as of September 30, 2024, down from$93,575,000 at the end of 2023[24]. - Interest receivable increased to $26,773,000 as of September 30, 2024, compared to$21,441,000 at the end of 2023[24]. Corporate Actions - The Board declared a dividend of $0.38 per share payable on December 26, 2024[2]. - The Company repurchased 15,593,120 shares at a weighted average price of$15.91, totaling $248.1 million[10]. - The Amended Senior Secured Facility lender commitments increased to$1.815 billion, with a final maturity date extended to October 17, 2029[13]. Management and Strategy - 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[29]. - The company is externally managed by an affiliate of Apollo Global Management, Inc., focusing on generating current income and long-term capital appreciation[29]. Upcoming Events - The Company will host a conference call on November 7, 2024, at 8:30 AM EST to discuss earnings[20].