MidCap Financial Investment Corporation Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2024

Financial Results - The Company reported net investment income of $0.40 per share for the quarter ended December 31, 2024, down from $0.44 per share for the quarter ended September 30, 2024 [1] - The net asset value (NAV) per share decreased to $14.98 as of December 31, 2024, from $15.10 as of September 30, 2024, representing a decline of 0.8% [1][5] - New investment commitments during the quarter totaled $255 million, with gross fundings (excluding revolver fundings) amounting to $248 million [5] 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] Portfolio and Investment Activity - The Company made investments totaling $303.5 million in portfolio companies during the quarter, compared to $134.1 million in the same quarter of the previous year [7] - The number of portfolio companies increased to 233 by the end of the period, up from 152 at the beginning [7] - The Company observed a modest increase in spreads on new commitments compared to the previous quarter, indicating attractive leverage entry points [3] Debt and Leverage - As of December 31, 2024, the Company's net leverage ratio was 1.16x, with total debt outstanding of $1.75 billion [5][13] - The Company closed its second on-balance sheet Collateralized Loan Obligation (CLO) transaction, adding $399 million of secured debt capital [5][14] Operating Results - For the year ended December 31, 2024, the Company reported net investment income of $133.3 million, an increase from $116.0 million in the previous year [8][24] - The net increase in net assets resulting from operations for the year was $98.8 million, compared to $118.8 million in the previous year [8][24] Asset Composition - As of December 31, 2024, the Company's total assets were $3.19 billion, with an investment portfolio valued at $3.01 billion [6][19] - The portfolio composition included 93% secured debt, with 92% being first lien secured debt [17] Future Outlook - The Company plans to gradually increase leverage over the coming quarters, positioning itself to benefit from re-leveraging back to target levels [3]