Workflow
MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2024
MFICMidCap Financial Investment (MFIC) GlobeNewswire News Room·2024-11-07 11:30

Core Insights - The company reported a net investment income of 0.44pershareforthequarterendedSeptember30,2024,aslightdecreasefrom0.44 per share for the quarter ended September 30, 2024, a slight decrease from 0.45 per share for the previous quarter [1] - The net asset value (NAV) per share as of September 30, 2024, was 15.10,reflectinga0.515.10, reflecting a 0.5% decline compared to June 30, 2024, after accounting for a special distribution of 0.20 per share related to recent mergers [1][3] - The company successfully closed mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc., acquiring investments totaling 596million[1][3]FinancialPerformance−Newinvestmentcommitmentsduringthequarteramountedto596 million [1][3] Financial Performance - New investment commitments during the quarter amounted to 371 million, while gross fundings totaled 288million[1]−Thecompanyachievednetfundingsof288 million [1] - The company achieved net fundings of 222 million for the quarter, including revolver fundings [1] - The net leverage ratio was reported at 1.16x as of September 30, 2024, down from 1.45x in the previous quarter [1][5] Dividend Declaration - On November 6, 2024, the Board declared a dividend of 0.38pershare,payableonDecember26,2024,tostockholdersofrecordasofDecember10,2024[2]MergersandAcquisitions−ThemergerswithAFTandAIFwerecompletedonJuly22,2024,withthecompanybeingtheaccountingsurvivor[3][18]−Themergerswereaccountedforundertheassetacquisitionmethod,resultingintheissuanceof28,527,003sharesofcommonstocktoformerAFTandAIFstockholders[19][20]PortfolioandInvestmentActivity−ThetotalassetsofthecompanyasofSeptember30,2024,were0.38 per share, payable on December 26, 2024, to stockholders of record as of December 10, 2024 [2] Mergers and Acquisitions - The mergers with AFT and AIF were completed on July 22, 2024, with the company being the accounting survivor [3][18] - The mergers were accounted for under the asset acquisition method, resulting in the issuance of 28,527,003 shares of common stock to former AFT and AIF stockholders [19][20] Portfolio and Investment Activity - The total assets of the company as of September 30, 2024, were 3.22 billion, an increase from 2.55billionasofJune30,2024[5][24]−Theinvestmentportfolioatfairvaluewasreportedat2.55 billion as of June 30, 2024 [5][24] - The investment portfolio at fair value was reported at 3.03 billion, up from 2.44billioninthepreviousquarter[5]−Thecompanymadesignificantinvestmentsinportfoliocompanies,totaling2.44 billion in the previous quarter [5] - The company made significant investments in portfolio companies, totaling 911.9 million for the three months ended September 30, 2024 [7][25] Debt and Liquidity - As of September 30, 2024, the company's outstanding debt obligations totaled 1.779billion,withasignificantportionundertheAmendedSeniorSecuredFacility[13][14]−TheavailableremainingcapacityundertheFacilitywas1.779 billion, with a significant portion under the Amended Senior Secured Facility [13][14] - The available remaining capacity under the Facility was 697.3 million, subject to compliance with a borrowing base [13] Share Repurchase Program - The company did not repurchase any shares during the three months ended September 30, 2024, but has repurchased a total of 15,593,120 shares since the inception of the program [11]