MidCap Financial Investment (MFIC) - 2026 Q2 - Quarterly Results

Financial Performance - Net investment income per share for the quarter was $0.38, a decrease of 2.6% from $0.39 for the quarter ended June 30, 2025[1]. - Net investment income for the three months ended September 30, 2025, was $35,307,000, compared to $38,135,000 for the same period in 2024, indicating a decrease of 4.8%[28]. - The company reported total investment income of $82,576,000 for the three months ended September 30, 2025, slightly up from $82,138,000 in the prior year[28]. - The net realized and change in unrealized losses for the nine months ended September 30, 2025, amounted to $(30,086,000), compared to $(21,459,000) for the same period in 2024[28]. - Management fees increased to $6,069,000 for the three months ended September 30, 2025, compared to $4,428,000 in the same period of 2024, reflecting a rise of 37.1%[28]. Asset and Investment Overview - Net asset value per share as of September 30, 2025, was $14.66, down 0.6% from $14.75 as of June 30, 2025[1]. - The company's net assets decreased to $1,367,920,000 as of September 30, 2025, from $1,404,646,000 at the end of 2024, a decline of approximately 2.6%[26]. - Total assets as of September 30, 2025, were $3.31 billion, down from $3.46 billion as of June 30, 2025[7]. - Total assets increased to $3,309,494,000 from $3,190,950,000 as of December 31, 2024, reflecting a growth of approximately 3.7%[26]. - The company continues to focus on generating current income through investments in first lien senior secured loans to U.S. middle-market companies[32]. - As of September 30, 2025, the portfolio composition consists of 95% first lien secured debt, with a weighted average yield of 10.2%[23]. - The company has maintained a floating rate debt portfolio, with $2.9 billion in floating rate amounts as of September 30, 2025, representing 100% of the total[23]. Investment Commitments and Repayments - New investment commitments during the quarter totaled $138 million, with gross fundings of $142 million[1]. - The company received a net repayment of approximately $97 million from Merx Aviation Finance, reducing its exposure to 3.3% of the total portfolio[1]. - The company upsized and extended the maturity of Bethesda CLO 1, increasing its size from $402.4 million to $646.4 million[19]. - The available remaining capacity under the Facility was $575 million as of September 30, 2025[14]. - The company did not repurchase any shares during the quarter, with a total of 16,069,776 shares repurchased since the program's inception[12]. Dividends - The Board declared a dividend of $0.38 per share, payable on December 23, 2025[3]. Forward-Looking Statements and Risks - MFIC's forward-looking statements include expectations regarding future operating results and distribution projections[33]. - The company anticipates potential impacts from supply chain disruptions, tariffs, and trade disputes on its business prospects[33]. - MFIC acknowledges risks associated with changes in economic conditions, including inflation and interest rate fluctuations[33]. - The company plans to reposition its investment portfolio and explore new strategic initiatives[33]. - MFIC's forward-looking statements are based on information available as of the date of the release and may not be updated[33].