MidCap Financial Investment (MFIC) - 2024 Q4 - Annual Results

Financial Performance - Net investment income per share for the quarter was $0.44, a decrease of 4.35% from $0.46 for the quarter ended December 31, 2023[3] - Net investment income for the three months ended March 31, 2024, was $28,544 thousand, compared to $29,483 thousand for the same period in 2023, reflecting a decrease of approximately 3.2%[22] - Total investment income increased to $68,331 thousand for the three months ended March 31, 2024, up from $67,778 thousand in the prior year, marking a growth of about 0.81%[22] - Earnings per share decreased to $0.39 for the three months ended March 31, 2024, down from $0.46 in the prior year, a decline of approximately 15.22%[22] Asset and Liability Management - Total assets decreased to $2.45 billion as of March 31, 2024, from $2.50 billion as of December 31, 2023[6] - Total assets decreased to $2,445,062 thousand as of March 31, 2024, from $2,501,331 thousand as of December 31, 2023, representing a decline of approximately 2.25%[20] - Total liabilities decreased to $1,439,061 thousand as of March 31, 2024, from $1,496,021 thousand as of December 31, 2023, a reduction of about 3.83%[20] - Cash and cash equivalents decreased to $49,611 thousand as of March 31, 2024, from $93,575 thousand as of December 31, 2023, a significant drop of about 46.96%[20] Investment Activity - New investment commitments during the quarter totaled $149 million, with gross fundings of $129 million[3] - The investment portfolio (fair value) increased to $2.35 billion as of March 31, 2024, from $2.33 billion as of December 31, 2023[6] - The number of portfolio companies increased to 154 at the end of the period, up from 141 at the end of the previous quarter[7] Dividends and Share Repurchase - The Company declared a dividend of $0.38 per share, payable on June 27, 2024[3] - The Company did not repurchase any shares during the quarter, with a total of 15,593,120 shares repurchased since the program's inception[12] Management and Governance - The company is externally managed by Apollo Investment Management, L.P., focusing on generating current income and long-term capital appreciation through investments in middle-market companies[27] - The Company filed a definitive joint proxy statement for proposed mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.[3] - MFIC, AFT, and AIF filed a joint proxy statement and registration statement with the SEC regarding proposed mergers[34] - Stockholders are encouraged to read the joint proxy statement and registration statement for important information about the proposals[34] - Information about the directors and executive officers of MFIC, AFT, and AIF is available in their respective proxy statements[35] - The proxy statement for MFIC's 2024 Annual Meeting was filed on April 29, 2024, while AFT and AIF's proxy statement will be filed on May 8, 2024[35] Leverage and Financial Ratios - Net leverage ratio was 1.35x as of March 31, 2024, compared to 1.34x as of December 31, 2023[6] - Management fees increased to $4,386 thousand for the three months ended March 31, 2024, from $4,264 thousand in the same period of 2023, an increase of approximately 2.87%[22] Gains and Losses - Net realized and change in unrealized gains (losses) resulted in a loss of $3,055 thousand for the three months ended March 31, 2024, compared to a gain of $649 thousand in the same period of 2023[22] - The net asset value per share increased slightly to $15.42 as of March 31, 2024, compared to $15.41 as of December 31, 2023[20]