MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2025

Core Insights - MidCap Financial Investment Corporation reported a net investment income of $0.38 per share for Q3 2025, a slight decrease from $0.39 per share in Q2 2025 [1][4] - The net asset value (NAV) per share decreased to $14.66 as of September 30, 2025, down from $14.75 at the end of June 2025, reflecting a 0.6% decline [1][4] - The company declared a dividend of $0.38 per share, payable on December 23, 2025, to stockholders of record as of December 9, 2025 [2][4] Financial Performance - Total assets as of September 30, 2025, were $3.31 billion, down from $3.46 billion in June 2025 [8] - The investment portfolio at fair value decreased to $3.18 billion from $3.33 billion in the previous quarter [8] - The company's net leverage ratio was 1.35x as of September 30, 2025, compared to 1.44x in June 2025 [8] Investment Activity - New investment commitments during the quarter totaled $138 million, while gross fundings, excluding revolver fundings, amounted to $142 million [4][10] - The company received net repayments of approximately $97 million from Merx Aviation Finance, reducing its exposure to 3.3% of the total portfolio [3][4] - Direct origination revolver fundings totaled $33 million, with repayments of $30 million during the quarter [4] Capital Structure Enhancements - The company extended its senior secured revolving credit facility, reducing the applicable margin by 10 basis points and extending the final maturity date to October 1, 2030 [6][17] - The company upsized its Bethesda CLO 1, increasing its size from $402.4 million to $646.4 million, with a new senior AAA coupon of S+149 basis points [20][17] Portfolio Composition - As of September 30, 2025, 95% of the portfolio consisted of first lien secured debt, with a weighted average yield of 10.2% [23][24] - The portfolio included no unsecured debt and maintained a floating rate amount of $2.9 billion, representing 100% of the total [23][24] Operational Results - Net investment income for the quarter was $35.3 million, compared to $38.1 million in Q3 2024 [11] - The net increase in net assets resulting from operations was $27.5 million for the quarter [11] - The company did not repurchase any shares during the quarter, with a total of 16,069,776 shares repurchased since the program's inception [13]