MidCap Financial Investment (US:MFIC)2020-05-21 14:04Financial Performance - Net investment income for the quarter ended March 31, 2020, was $38.8 million, or $0.59 per share, compared to $36.2 million, or $0.54 per share for the quarter ended December 31, 2019[5] - Net realized and change in unrealized losses on investments for the quarter ended March 31, 2020, were ($186.0) million, or ($2.81) per share[5] - Net asset value per share as of March 31, 2020, was $15.70 compared to $18.27 as of December 31, 2019, a decrease of -14.1%[5] - The company repurchased 1,286,565 shares of common stock at a weighted average price per share of $11.62, for an aggregate cost of $15.0 million during the quarter[5] Portfolio Composition - As of March 31, 2020, the total investment portfolio was $2.79 billion with a weighted average yield of 8.9%[7] - Corporate lending constituted $2.185 billion or 78.4% of the portfolio, with a weighted average yield of 8.5%[7] - Merx Aviation represented $334 million or 12.0% of the portfolio, with a weighted average yield of 12.0%[6] - Non-core and legacy assets totaled $267 million or 9.6% of the portfolio, with a weighted average yield of 7.7%[6] Investment Activity - New investment commitments made during the quarter totaled $153 million across 14 companies, averaging $11.0 million per commitment[5] - Gross fundings during the quarter totaled $210 million, excluding revolver activity and Merx Aviation[5] - Investments sold and repaid during the quarter totaled $123 million and $127 million respectively, excluding revolver activity and Merx Aviation[5] Credit Quality - As of March 31, 2020, 5.1% of total investments at amortized cost, or 1.7% of total investments at fair value, were on non-accrual status[14]