MidCap Financial Stock Price, News & Analysis

MidCap Financial Investment (NASDAQ: MFIC) reported financial results for Q2 2024. Key highlights include:

• Net investment income of $0.45 per share, up from $0.44 in Q1 2024
• Net asset value of $15.38 per share, down slightly from $15.42 in Q1
• New investment commitments of $285 million
• Net fundings of $90 million
• Net leverage ratio of 1.45x
• Declared dividend of $0.38 per share

The company also completed mergers with Apollo Senior Floating Rate Fund and Apollo Tactical Income Fund, increasing net assets by 43.7% to $1.45 billion and portfolio size to $3.07 billion. This reduced the net leverage ratio to 1.13x and created more investment capacity.

MidCap Financial Investment (NASDAQ: MFIC) has completed its mergers with Apollo Senior Floating Rate Fund Inc. (NYSE: AFT) and Apollo Tactical Income Fund Inc. (NYSE: AIF). The combined company will operate as MFIC and continue trading on Nasdaq. Former AFT stockholders will receive 0.9547 MFIC shares per AFT share, while former AIF stockholders will receive 0.9441 MFIC shares per AIF share.

Post-merger, legacy MFIC stockholders own 69.6%, former AFT 15.8%, and former AIF 14.6% of the combined company. Key financial highlights include $3.07 billion in investments at fair value, $1.45 billion in net assets, and a 1.13x net leverage ratio. MFIC's Board declared a special distribution of $0.20 per share, payable on August 15, 2024, to stockholders of record as of August 5, 2024.

MidCap Financial Investment (NASDAQ: MFIC) has announced its schedule for reporting Q2 2024 earnings. The company will release its results for the quarter ended June 30, 2024, after the Nasdaq Global Select Market closes on Wednesday, August 7, 2024. A conference call is scheduled for Thursday, August 8, 2024, at 8:30 a.m. Eastern Time.

Interested parties can join the call by dialing (800) 343-5172 (US) or (203) 518-9856 (international). The call's reference is MidCap Financial Investment Earnings or Conference ID: MFIC0808. A simultaneous webcast will be available on the company's website. A replay of the call will be accessible via phone until August 29, 2024, and via audio webcast on the company's website.

Apollo Senior Floating Rate Fund and Apollo Tactical Income Fund have announced stockholder approval for their mergers with MidCap Financial Investment

At the special meetings on June 21, 2024, approximately 88% of AFT and 87% of AIF shares represented voted in favor, which is about 53% of each fund's outstanding shares.

MidCap Financial Investment 's stockholders had already approved the merger on May 28, 2024.

The mergers are set to close in late July 2024, pending customary conditions. Post-merger, the surviving entity will trade on the Nasdaq under the ticker 'MFIC'.

Stockholders of AFT and AIF will receive MFIC shares equal to their current NAV, adjusted for any undistributed income and gains.

MidCap Financial Investment (NASDAQ: MFIC) announced stockholder approval for proposed mergers with Apollo Senior Floating Rate Fund (NYSE: AFT) and Apollo Tactical Income Fund (NYSE: AIF). These mergers were previously announced, and further approval is needed. Both AFT and AIF have adjourned their Special Meetings to June 21, 2024, to allow more time for stockholder voting. Currently, 47.08% of AFT and 46.02% of AIF stockholders have voted in favor. Institutional Shareholder Services (ISS) and Glass Lewis recommend voting 'FOR' the proposals. Broadridge Financial Solutions is assisting in vote solicitation.

MidCap Financial Investment (MFIC) reported financial results for the quarter ended March 31, 2024. Net investment income per share was $0.44, compared to $0.46 in the previous quarter. Net asset value per share was $15.42 at the end of the quarter. New investment commitments totaled $149 million. The company declared a dividend of $0.38 per share. Filed a joint proxy statement for proposed mergers with Apollo funds. CEO highlighted stable credit performance and de-risking. Conference call scheduled for May 8, 2024.