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MidCap Financial Investment Corporation Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2024
MidCap Financial Investment MidCap Financial Investment (US:MFIC) Newsfilter·2025-02-25 21:01

Financial Results - The company's net investment income for the quarter ended December 31, 2024, was $0.40 per share, a decrease from $0.44 per share for the quarter ended September 30, 2024 [1] - The net asset value (NAV) per share as of December 31, 2024, was $14.98, down from $15.10 as of September 30, 2024, reflecting a decrease of 0.8% [1][6] - Total assets as of December 31, 2024, were $3.19 billion, compared to $3.22 billion as of September 30, 2024 [7] Dividend Declaration - On February 21, 2025, the Board declared a dividend of $0.38 per share, payable on March 27, 2025, to stockholders of record as of March 11, 2025 [2][6] Investment Activity - New investment commitments made during the quarter totaled $255 million, while gross fundings, excluding revolver fundings, were $248 million [6][8] - Direct origination revolver fundings totaled $55 million, and repayments totaled $56 million during the quarter [4] Portfolio Composition - As of December 31, 2024, the investment portfolio's fair value was $3.01 billion, with 93% in secured debt [7][19] - The weighted average yield on first lien secured debt was 10.8% as of December 31, 2024 [19] Debt and Leverage - The company's net leverage ratio was 1.16x as of December 31, 2024 [6][7] - Outstanding debt obligations totaled $1.757 billion, with a significant portion under a multi-currency revolving credit facility [15] CLO Transaction - On February 24, 2025, the company completed a $529.6 million CLO transaction, which added $399.0 million of secured debt capital [6][16] - The CLO transaction is backed by a diversified portfolio of middle-market commercial loans [16][17] Management Commentary - The CEO noted that the company generated solid net investment income despite lower base rates and observed stability in certain credit metrics [3] - The CFO highlighted the benefits from the expertise in CLO management and structuring provided by MidCap Financial and Apollo Global [3]