MidCap Financial Investment (US:MFIC)2023-02-21 21:47Financial Performance (Q4 2022) - Net asset value per share decreased by 2.3% from $15.45 on September 30, 2022 to $15.10 on December 31, 2022[7] - Net investment income was $28 million, or $0.43 per share, compared to $22.6 million, or $0.35 per share in the previous quarter[91] - Net realized and change in unrealized losses on investments were ($26.7) million, or ($0.41) per share, primarily due to losses outside of first lien corporate lending[23] - The company declared a dividend of $0.38 per share[94] Portfolio Composition and Activity - Total portfolio size is $2.40 billion[27] - Corporate lending and other assets constitute 89.1% of the portfolio, amounting to $2.1 billion[54] - Merx Aviation represents 10.9% of the portfolio with a value of $261 million as of December 31, 2022, which subsequently reduced to $199 million or 8.3% of the total portfolio in January 2023 after a $62 million repayment[9, 12] - Gross fundings for the quarter totaled $159 million, while gross exits totaled $207 million, resulting in net repayments of $48 million[24] - New investment commitments made during the quarter totaled $73 million across 9 companies[89] Debt and Leverage - Net leverage was 1.41x as of December 31, 2022[25] - Total debt obligations, net of deferred financing cost and debt discount, were $1,483,394[42] Non-Accrual Status - As of December 31, 2022, 1.9% of total investments at amortized cost, or 0.4% of total investments at fair value, were on non-accrual status[34] Fee Structure - A new fee structure became effective on January 1, 2023, reducing the base management fee to 1.75% on net assets and the incentive fee on income from 20% to 17.5%[26, 10]