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

Financial Results - The company's net investment income for the quarter ended December 31, 2024, was 0.40pershare,adecreasefrom0.40 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,downfrom14.98, 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 3.19billion,comparedto3.19 billion, compared to 3.22 billion as of September 30, 2024 [7] Dividend Declaration - On February 21, 2025, the Board declared a dividend of 0.38pershare,payableonMarch27,2025,tostockholdersofrecordasofMarch11,2025[2][6]InvestmentActivity−Newinvestmentcommitmentsmadeduringthequartertotaled0.38 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 248million[6][8]−Directoriginationrevolverfundingstotaled248 million [6][8] - Direct origination revolver fundings totaled 55 million, and repayments totaled 56millionduringthequarter[4]PortfolioComposition−AsofDecember31,2024,theinvestmentportfolio′sfairvaluewas56 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 1.757billion,withasignificantportionunderamulti−currencyrevolvingcreditfacility[15]CLOTransaction−OnFebruary24,2025,thecompanycompleteda1.757 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]