MidCap Financial (NASDAQ: MFIC) reports Q2 2026 loss and stock buybacks
Rhea-AI Filing Summary
MidCap Financial Investment Corporation reported results for the quarter ended June 30, 2026. Net investment income was $32.8 million, or $0.40 per share, compared with $0.39 per share in the prior-year quarter and $0.38 per share in the prior quarter. Net realized and unrealized losses of $50.3 million led to a net decrease in net assets from operations of $17.5 million, or $(0.21) per share.
Net asset value was $13.37 per share as of June 30, 2026, down from $13.82 as of March 31, 2026. During the quarter, the company repurchased 2,755,221 shares for $31.9 million at an average price of $11.58, about a 15% discount to average NAV, generating roughly $0.07 per share of NAV accretion. The board declared a $0.31 per share quarterly dividend, payable September 24, 2026, to stockholders of record on September 8, 2026.
Positive
- None.
Negative
- None.
Filing Explained
A $125 million note has been fully repaid; $925 million of facility capacity remains, subject to borrowing-base and leverage restrictions.
A Form 8-K reports specified material events, and this filing furnishes the company’s quarterly results and related financing disclosure. The $125 million senior unsecured note that matured on
As of
The second-quarter repurchase program used all existing capacity after the company bought back 2,755,221 shares for
The specific line items to monitor are future borrowing-base availability, compliance with leverage restrictions, and any new disclosure about the revolving facility or a replacement for the repaid note.
8-K Event Classification
Key Figures
Key Terms
net investment income financial
debt-to-equity ratio financial
Payment-in-kind (“PIK”) interest income financial
first lien secured debt financial
business development company regulatory
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did MidCap Financial Investment Corporation (MFIC) perform in Q2 2026?
What dividend did MFIC (MFIC) declare for stockholders in Q2 2026?
How much stock did MFIC (MFIC) repurchase in Q2 2026 and at what discount?
What were MFIC’s total assets, net assets, and leverage at June 30, 2026?
What is the composition and yield of MFIC’s investment portfolio?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code):
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
On August 6, 2026, MidCap Financial Investment Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” and is not deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor is it deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Exhibit | |
| 99.1 | Press Release of MidCap Financial Investment Corporation, dated August 6, 2026. | |
| 104 | Cover page interactive Data File (embedded within inline XBRL Document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MIDCAP FINANCIAL INVESTMENT CORPORATION | ||
| By: | /s/ Kristin M. Hester | |
| Name: | Kristin M. Hester | |
| Title: | Chief Legal Officer and Secretary | |
Date: August 6, 2026
Exhibit 99.1
MidCap Financial Investment Corporation
Reports Financial Results for the Quarter Ended June 30, 2026
Results for the Quarter Ended June 30, 2026, and Other Recent Highlights:
| • | Net investment income per share for the quarter was $0.40, compared to $0.38 for the quarter ended March 31, 2026 |
| • | Net asset value (“NAV”) per share as of the end of the quarter was $13.37, compared to $13.82 as of March 31, 2026, representing a 3.2% decrease. The decline was driven by a net loss on the portfolio, driven by credit-related weakness concentrated in a limited number of positions partially offset by the accretive impact of stock buybacks below NAV and net investment income in excess of the dividend |
| • | New investment commitments made during the quarter totaled $6 million to existing borrowers(1) |
| • | Gross fundings, excluding revolver fundings,(2) totaled $21 million for the quarter |
| • | Net repayments, including revolvers(2) totaled $160 million for the quarter, including a $12.5 million repayment from Merx reducing the position to 2.5% of the total portfolio, as of quarter-end |
| • | Net leverage(3) was 1.54x as of June 30, 2026 |
| • | Repurchased 2,755,221 shares of common stock at a weighted average price per share of $11.58, inclusive of commissions, for an aggregate cost of $31.9 million during the quarter, which fully utilized the existing capacity under the share repurchase program and generated $0.07 per share of NAV accretion |
| • | On August 5, 2026, the Company’s Board of Directors (the “Board”) declared a dividend of $0.31 per share payable on September 24, 2026, to stockholders of record as of September 8, 2026(4) |
1
New York, NY — August 6, 2026 — MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended June 30, 2026. The Company’s net investment income was $0.40 per share for the quarter ended June 30, 2026, compared to $0.38 per share for the quarter ended March 31, 2026. The Company’s NAV was $13.37 per share as of June 30, 2026, compared to $13.82 as of March 31, 2026.
On August 5, 2026, the Board declared a quarterly dividend of $0.31 per share payable on September 24, 2026, to stockholders of record as of September 8, 2026.
Commenting on the Company’s results for the second quarter of 2026, Mr. Tanner Powell, Chief Executive Officer and Executive Chairman, stated, “As previously disclosed, during the second quarter, we repurchased approximately $31.9 million of stock below NAV, generating approximately $0.07 per share of NAV accretion for stockholders. Although we had meaningful net repayments during the quarter, portfolio losses and stock buybacks offset their de-leveraging impact. Our net loss for the quarter reflected credit weakness in a limited number of positions. We believe that MFIC’s fee structure is one of the most attractive among listed BDCs which helps mitigate the impact of losses.” Mr. Powell continued, “Looking ahead, we will make capital allocation decisions based on leverage and market conditions.”
| (1) | Commitments made for the direct origination portfolio. |
| (2) | During the quarter ended June 30, 2026, direct origination revolver fundings totaled $26 million, direct origination revolver repayments totaled $20 million and Merx Aviation Finance, LLC repaid $12.5 million. |
| (3) | The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. |
| (4) | There can be no assurances that the Board will continue to declare a base dividend of $0.31 per share. |
2
FINANCIAL HIGHLIGHTS
| ($ in billions, except per share data) | June 30, 2026 |
March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
June 30, 2025 |
|||||||||||||||
| Total assets |
$ | 2.86 | $ | 3.07 | $ | 3.32 | $ | 3.31 | $ | 3.46 | ||||||||||
| Investment portfolio (fair value) |
$ | 2.77 | $ | 2.97 | $ | 3.17 | $ | 3.18 | $ | 3.33 | ||||||||||
| Debt outstanding |
$ | 1.74 | $ | 1.87 | $ | 2.00 | $ | 1.92 | $ | 2.05 | ||||||||||
| Net assets |
$ | 1.10 | $ | 1.18 | $ | 1.31 | $ | 1.37 | $ | 1.38 | ||||||||||
| Net asset value per share |
$ | 13.37 | $ | 13.82 | $ | 14.18 | $ | 14.66 | $ | 14.75 | ||||||||||
| Debt-to-equity ratio |
1.58 | x | 1.59 | x | 1.53 | x | 1.40 | x | 1.49 | x | ||||||||||
| Net leverage ratio (1) |
1.54 | x | 1.55 | x | 1.45 | x | 1.35 | x | 1.44 | x | ||||||||||
| (1) | The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. |
PORTFOLIO AND INVESTMENT ACTIVITY
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| (in millions)* | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Investments made in portfolio companies |
$ | 47.2 | $ | 288.7 | $ | 149.6 | $ | 680.6 | ||||||||
| Investments sold |
(79.1 | ) | (14.9 | ) | (103.1 | ) | (58.9 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net activity before repaid investments |
(32.0 | ) | 273.8 | 46.5 | 621.8 | |||||||||||
| Investments repaid |
(128.3 | ) | (129.9 | ) | (348.4 | ) | (307.4 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net investment activity |
$ | (160.2 | ) | $ | 144.0 | $ | (301.9 | ) | $ | 314.4 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Portfolio companies, at beginning of period |
236 | 240 | 247 | 233 | ||||||||||||
| Number of investments in new portfolio companies |
0 | 14 | 2 | 34 | ||||||||||||
| Number of exited companies |
(7 | ) | (5 | ) | (20 | ) | (18 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Portfolio companies at end of period |
229 | 249 | 229 | 249 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Number of investments in existing portfolio companies |
75 | 80 | 116 | 158 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Totals may not foot due to rounding. |
3
OPERATING RESULTS
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| (in millions)* | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net investment income |
$ | 32.8 | $ | 36.4 | $ | 67.0 | $ | 70.7 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized and change in unrealized gains (losses) |
(50.3 | ) | (18.3 | ) | (111.4 | ) | (22.2 | ) | ||||||||
| Net increase (decrease) in net assets resulting from operations |
$ | (17.5 | ) | $ | 18.1 | $ | (44.4 | ) | $ | 48.4 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (per share)* (1) |
||||||||||||||||
| Net investment income on per average share basis |
$ | 0.40 | $ | 0.39 | $ | 0.77 | $ | 0.76 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized and change in unrealized gain (loss) per share |
(0.61 | ) | (0.20 | ) | (1.28 | ) | (0.24 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings per share — basic |
$ | (0.21 | ) | $ | 0.19 | $ | (0.51 | ) | $ | 0.52 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Totals may not foot due to rounding. |
| (1) | Based on the weighted average number of shares outstanding for the period presented. |
SHARE REPURCHASE PROGRAM*
During the three months ended June 30, 2026, the Company repurchased 2,755,221 shares at a weighted average price per share of $11.58, inclusive of commissions, for a total cost of $31.9 million, which fully utilized the existing capacity under the share repurchase program. This represents a discount of approximately 15% of the average net asset value per share for the three months ended June 30, 2026.
Since the inception of the share repurchase program in August 2015 and through August 5, 2026, the Company has approved seven stock repurchase plans, and repurchased 27.0 million shares of common stock for a total cost of $375.0 million, inclusive of commissions.
| * | Share figures have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018. |
4
LIQUIDITY
As of June 30, 2026, the Company’s outstanding debt obligations, excluding deferred financing cost and debt discount of $5.4 million, totaled $1.7 billion, which was comprised of $125 million of Senior Unsecured Notes, which matured on July 16, 2026, and were fully repaid, $80 million of Senior Unsecured Notes, which will mature on December 15, 2028, $456 million outstanding secured debt in MFIC Bethesda CLO 1 LLC, $399 million outstanding secured debt in MFIC Bethesda CLO 2 LLC, and $685 million outstanding under the Company’s senior secured, multi-currency, revolving credit facility (the “Facility” and as amended, the “Amended Senior Secured Facility”). As of June 30, 2026, no standby letters of credit were issued through the Facility. The available remaining capacity under the Facility was $925 million as of June 30, 2026, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio.
Borrowings under the Amended Senior Secured Facility (and the incurrence of certain other permitted debt) continue to be subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio depends on the relevant asset coverage ratio as of the date of determination. Borrowings under the Amended Senior Secured Facility continue to be subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended (the “1940 Act”). Terms used in this disclosure have the meanings set forth in the Amended Senior Secured Facility.
5
CONFERENCE CALL / WEBCAST AT 8:30 AM EDT ON AUGUST 6, 2026
The Company will host a conference call on Thursday, August 6, 2026, at 8:30 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (800) 343-4849 approximately 5-10 minutes prior to the call; international callers should dial (203) 518-9848. Participants should reference either MidCap Financial Investment Corporation Earnings or Conference ID: MFIC0806 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events Calendar in the Shareholders section of our website at www.midcapfinancialic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through August 20, 2026, by dialing (800) 839-4014; international callers should dial (402) 220-2983. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholders section of our website at www.midcapfinancialic.com.
SUPPLEMENTAL INFORMATION
The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the Shareholders section of the Company’s website under Presentations at www.midcapfinancialic.com.
6
Our portfolio composition and weighted average yields as of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025 were as follows:
| June 30, 2026 |
March 31, 2026 |
December 31, 2025 |
September 30, 2025 |
June 30, 2025 |
||||||||||||||||
| Portfolio composition, at fair value: |
||||||||||||||||||||
| First lien secured debt |
94 | % | 95 | % | 95 | % | 95 | % | 93 | % | ||||||||||
| Second lien secured debt |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total secured debt |
94 | % | 95 | % | 95 | % | 95 | % | 93 | % | ||||||||||
| Unsecured debt |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||
| Structured products and other |
1 | % | 0 | % | 0 | % | 1 | % | 1 | % | ||||||||||
| Preferred equity |
2 | % | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||
| Common equity/interests and warrants |
3 | % | 4 | % | 4 | % | 3 | % | 5 | % | ||||||||||
| Weighted average yields, at amortized cost (1): |
||||||||||||||||||||
| First lien secured debt (2) |
9.5 | % | 9.5 | % | 9.7 | % | 10.2 | % | 10.4 | % | ||||||||||
| Second lien secured debt (2) |
0.0 | % | 0.0 | % | 13.0 | % | 13.5 | % | 13.7 | % | ||||||||||
| Total secured debt (2) |
9.5 | % | 9.5 | % | 9.7 | % | 10.2 | % | 10.4 | % | ||||||||||
| Unsecured debt portfolio (2) |
11.1 | % | 11.1 | % | 11.1 | % | 11.1 | % | 9.5 | % | ||||||||||
| Total debt portfolio (2) |
9.5 | % | 9.5 | % | 9.7 | % | 10.2 | % | 10.4 | % | ||||||||||
| Total portfolio (3) |
8.1 | % | 8.3 | % | 8.6 | % | 9.0 | % | 9.2 | % | ||||||||||
| Interest rate type, at fair value (4): |
||||||||||||||||||||
| Fixed rate amount |
$ | 0.0 billion | $ | 0.0 billion | $ | 0.0 billion | $ | 0.0 billion | $ | 0.0 billion | ||||||||||
| Floating rate amount |
$ | 2.5 billion | $ | 2.7 billion | $ | 2.9 billion | $ | 2.9 billion | $ | 3.0 billion | ||||||||||
| Fixed rate, as percentage of total |
0 | % | 0 | % | 0 | % | 0 | % | 1 | % | ||||||||||
| Floating rate, as percentage of total |
100 | % | 100 | % | 100 | % | 100 | % | 99 | % | ||||||||||
| Interest rate type, at amortized cost (4): |
||||||||||||||||||||
| Fixed rate amount |
$ | 0.0 billion | $ | 0.0 billion | $ | 0.0 billion | $ | 0.0 billion | $ | 0.0 billion | ||||||||||
| Floating rate amount |
$ | 2.6 billion | $ | 2.8 billion | $ | 2.9 billion | $ | 2.9 billion | $ | 3.0 billion | ||||||||||
| Fixed rate, as percentage of total |
0 | % | 0 | % | 0 | % | 0 | % | 1 | % | ||||||||||
| Floating rate, as percentage of total |
100 | % | 100 | % | 100 | % | 100 | % | 99 | % | ||||||||||
| (1) | An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses. |
| (2) | Exclusive of investments on non-accrual status. |
| (3) | Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status. |
| (4) | The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation and investments on non-accrual status. |
7
MIDCAP FINANCIAL INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share and per share data)
| June 30, 2026 | December 31, 2025 |
|||||||
| (Unaudited) | ||||||||
| Assets |
||||||||
| Investments at fair value: |
||||||||
|
Non-controlled/non-affiliated investments (cost — $2,658,642 and $2,955,173, respectively) |
$ | 2,466,332 | $ | 2,819,511 | ||||
| Non-controlled/affiliated investments (cost — $212,542 and $176,978, respectively) |
124,185 | 107,111 | ||||||
| Controlled investments (cost — $190,625 and $224,619, respectively) |
179,825 | 241,216 | ||||||
| Cash and cash equivalents |
43,284 | 98,184 | ||||||
| Foreign currencies (cost — $108 and $1,286, respectively) |
70 | 1,264 | ||||||
| Receivable for investments sold |
2,195 | 6,253 | ||||||
| Interest receivable |
21,268 | 23,678 | ||||||
| Dividends receivable |
201 | 630 | ||||||
| Deferred financing costs |
21,216 | 23,626 | ||||||
| Unrealized appreciation on foreign currency forward contracts |
772 | — | ||||||
| Prepaid expenses and other assets |
1,201 | 2,171 | ||||||
|
|
|
|
|
|||||
| Total Assets |
$ | 2,860,549 | $ | 3,323,644 | ||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Debt (net of deferred financing costs and unamortized original discount of $5,396 and $5,838, respectively) |
$ | 1,739,604 | $ | 1,995,210 | ||||
| Payable for investments purchased |
— | 558 | ||||||
| Management fees payable |
5,132 | 6,034 | ||||||
| Interest payable |
12,336 | 12,867 | ||||||
| Accrued administrative services expense |
581 | 228 | ||||||
| Other liabilities and accrued expenses |
1,576 | 1,486 | ||||||
|
|
|
|
|
|||||
| Total Liabilities |
$ | 1,759,229 | $ | 2,016,383 | ||||
|
|
|
|
|
|||||
| Commitments and contingencies (Note 8) |
||||||||
|
|
|
|
|
|||||
| Net Assets |
$ | 1,101,320 | $ | 1,307,261 | ||||
|
|
|
|
|
|||||
| Net Assets |
||||||||
| Common stock, $0.001 par value (130,000,000 shares authorized; 82,372,628 and 92,211,869 shares issued and outstanding, respectively) |
$ | 82 | $ | 92 | ||||
| Capital in excess of par value |
2,545,065 | 2,652,891 | ||||||
| Accumulated under-distributed (over-distributed) earnings |
(1,443,827 | ) | (1,345,722 | ) | ||||
| Net Assets |
$ | 1,101,320 | $ | 1,307,261 | ||||
|
|
|
|
|
|||||
| Net Asset Value Per Share |
$ | 13.37 | $ | 14.18 | ||||
|
|
|
|
|
|||||
8
MIDCAP FINANCIAL INVESTMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Investment Income |
||||||||||||||||
|
Non-controlled/non-affiliated investments: |
||||||||||||||||
| Interest income (excluding Payment-in-kind (“PIK”) interest income) |
$ | 59,765 | $ | 70,230 | $ | 123,377 | $ | 138,301 | ||||||||
| Dividend income |
30 | — | 88 | — | ||||||||||||
| PIK interest income |
4,077 | 4,770 | 7,901 | 9,171 | ||||||||||||
| Other income |
582 | 220 | 1,156 | 544 | ||||||||||||
| Non-controlled/affiliated investments: |
||||||||||||||||
| Interest income (excluding PIK interest income) |
1,028 | 1,517 | 1,939 | 2,745 | ||||||||||||
| Dividend income |
201 | 200 | 454 | 440 | ||||||||||||
| PIK interest income |
170 | 403 | 170 | 755 | ||||||||||||
| Controlled investments: |
||||||||||||||||
| Interest income (excluding PIK interest income) |
2,373 | 3,907 | 4,968 | 7,979 | ||||||||||||
| Other income |
— | — | — | 10 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investment Income |
$ | 68,226 | $ | 81,247 | $ | 140,053 | $ | 159,945 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Management fees |
$ | 5,132 | $ | 6,079 | $ | 10,773 | $ | 12,140 | ||||||||
| Performance-based incentive fees |
— | 3,849 | — | 10,282 | ||||||||||||
| Interest and other debt expenses |
27,074 | 32,581 | 55,552 | 63,044 | ||||||||||||
| Administrative services expense |
1,193 | 1,010 | 2,635 | 2,026 | ||||||||||||
| Other general and administrative expenses |
2,120 | 1,611 | 4,179 | 2,859 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total expenses |
35,519 | 45,130 | 73,139 | 90,351 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expense reimbursements |
(62 | ) | (280 | ) | (124 | ) | (1,086 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Expenses |
$ | 35,457 | $ | 44,850 | $ | 73,015 | $ | 89,265 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Investment Income |
$ | 32,769 | $ | 36,397 | $ | 67,038 | $ | 70,680 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Realized and Change in Unrealized Gains (Losses) |
||||||||||||||||
| Net realized gains (losses): |
||||||||||||||||
|
Non-controlled/non-affiliated investments |
$ | (393 | ) | $ | (16,788 | ) | $ | (9,692 | ) | $ | (13,200 | ) | ||||
| Non-controlled/affiliated investments |
(64 | ) | (117 | ) | (131 | ) | (305 | ) | ||||||||
| Controlled investments |
(2 | ) | — | (2 | ) | — | ||||||||||
| Foreign currency forward contracts |
334 | (610 | ) | 1,238 | (610 | ) | ||||||||||
| Foreign currency transactions |
(373 | ) | 277 | (4,325 | ) | (36 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized gains (losses) |
(498 | ) | (17,238 | ) | (12,912 | ) | (14,151 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized gains (losses): |
||||||||||||||||
|
Non-controlled/non-affiliated investments |
(16,777 | ) | (2,524 | ) | (56,649 | ) | (8,611 | ) | ||||||||
| Non-controlled/affiliated investments |
(11,892 | ) | (883 | ) | (18,491 | ) | (2,393 | ) | ||||||||
| Controlled investments |
(21,079 | ) | 4,946 | (27,398 | ) | 6,295 | ||||||||||
| Foreign currency forward contracts |
(28 | ) | (33 | ) | 772 | (9 | ) | |||||||||
| Foreign currency translations |
— | (2,550 | ) | 3,265 | (3,364 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized gains (losses) |
(49,776 | ) | (1,044 | ) | (98,501 | ) | (8,082 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Realized and Change in Unrealized Gains (Losses) |
$ | (50,274 | ) | $ | (18,282 | ) | $ | (111,413 | ) | $ | (22,233 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (17,505 | ) | $ | 18,115 | $ | (44,375 | ) | $ | 48,447 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings (Loss) Per Share — Basic |
$ | (0.21 | ) | $ | 0.19 | $ | (0.51 | ) | $ | 0.52 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
9
Important Information
Investors are advised to carefully consider the investment objective, risks, charges and expenses of the Company before investing. The Company’s filings with the Securities and Exchange Commission (“SEC”), including annual reports on Form 10-K and quarterly reports on Form 10-Q, contain this and other information about the Company and should be read carefully before investing. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
The information in this announcement is not complete and may be changed. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of dates noted herein. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.
About MidCap Financial Investment Corporation
MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company under the 1940 Act. For tax purposes, the Company has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Company is externally managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries, a high-growth global alternative asset manager. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in earnings before interest, taxes, depreciation and amortization, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, the Company may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. For more information, please visit www.midcapfinancialic.com
10
Forward-Looking Statements
Some of the statements in this press release constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of MFIC and distribution projections; business prospects of MFIC, and the prospects of its portfolio companies, if applicable; and the impact of the investments that MFIC expects to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with: future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); changes in general economic conditions, including the impact of supply chain disruptions, tariffs and trade disputes with other countries, or changes in financial markets, and the risk of recession; changes in the interest rate environment and levels of general interest rates and the impact of inflation; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with changes in business conditions and the general economy. MFIC has based the forward-looking statements included in this press release on information available to it on the date hereof, and assumes no obligation to update any such forward-looking statements. Although MFIC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that MFIC in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
11
Contact
Elizabeth Besen
Investor Relations Manager
MidCap Financial Investment Corporation
212.822.0625
ebesen@apollo.com
12