MidCap Financial Investment Corp

Apollo Investment Corp. is a closed-end, externally managed, non-diversified management investment company, which engages in the provision of financial solutions. Its portfolio includes investments in debt, including secured and unsecured debt of private middle-market companies. The company was founded on February 2, 2004 and is headquartered in New York, NY.

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

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Earnings data Q2 2024

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Earnings data Q4 2024

Earnings data Q1 2025

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Preferred shares rallied, as predicted. Finding value is getting much harder. There are some common shares trading at discounts. Some big, some tiny. I would be interested in a few of the agency mortgage REITs, but the ones I would prefer remain unavailable. The valuation between those good ones and some of the weaker ones (as measured by things like destruction of shareholder wealth and me not liking them) is still small sometimes.

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MidCap Financial Investment is a well-managed BDC with stable dividends, currently selling at a 7% discount to net asset value, offering a margin of safety. The company paid a $0.38 base dividend and a $0.20 special dividend, maintaining an 85% dividend payout ratio, indicating potential for future special dividends. Improved core non-accrual ratio and strategic portfolio investments in First and Second Liens strengthen confidence in MidCap Financial Investment's dividend sustainability.

MidCap Financial: 11% Yield, 86% Payout Ratio, NAV Discount (Upgrade)

MidCap Financial Investment Corporation offers an attractive near 11% dividend yield, with shares underperforming post-merger. Third quarter results show increased investment income and net investment income, though net assets and NAV per share have declined. The company's portfolio is diversified and first lien-heavy portfolio.

MidCap Financial Investment Corporation: Trading At Discount With 10.8% Yield

Start Time: 08:30 January 1, 0000 9:10 AM ET MidCap Financial Investment Corporation (NASDAQ:MFIC ) Q3 2024 Earnings Call November 07, 2024, 08:30 AM ET Company Participants Howard Widra - Executive Chairman Tanner Powell - CEO Ted McNulty - President Greg Hunt - CFO Elizabeth Besen - IR Manager Conference Call Participants Kenneth Lee - RBC Capital Partners Markets Mark Hughes - Truist Matthew Hewitt - Jefferies Paul Johnson - KBW Operator Good morning and welcome to the Earnings Conference Call for the period ending September 30, 2024 for MidCap Financial Investment Corporation. At this time, all participants have been placed in a listen-only mode and the call will be open for your questions and answers session following the speakers' prepared remarks.

MidCap Financial Investment Corporation (MFIC) Q3 2024 Earnings Call Transcript

While the top- and bottom-line numbers for MidCap Financial (MFIC) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Compared to Estimates, MidCap Financial (MFIC) Q3 Earnings: A Look at Key Metrics

MidCap Financial Investment (MFIC) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.43 per share a year ago.

MidCap Financial Investment (MFIC) Beats Q3 Earnings Estimates

Results for the Quarter Ended September 30, 2024 and Other Recent Highlights: Net investment income per share for the quarter was $0.44, compared to $0.45 for the quarter ended June 30, 2024 Net asset value per share as of the end of the quarter was $15.10, a decrease of 0.5% compared to June 30, 2024, excluding the impact of the $0.20 per share special distribution paid to stockholders in connection with the Mergers (1) New investment commitments made during the quarter totaled $371 million (1)(2)(3) Gross fundings for the quarter, excluding revolver fundings (3)(4) , totaled $288 million Net fundings, including revolvers (3)(4) , totaled $222 million for the quarter Closed the Mergers with Apollo Senior Floating Rate Fund Inc. (“AFT”) and Apollo Tactical Income Fund Inc. (“AIF”) (1) , acquiring investments totaling $596 million, of which $234 million were sold or repaid during the quarter Net leverage (5) was 1.16x as of September 30, 2024 On November 6, 2024, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on December 26, 2024 to stockholders of record as of December 10, 2024 Amended and extended the senior secured, multi-currency, revolving credit facility (the “Facility”) in October 2024 (6) (the “Amended Senior Secured Facility”) NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for the quarter ended September 30, 2024. The Company's net investment income was $0.44 per share for the quarter ended September 30, 2024, compared to $0.45 per share for the quarter ended June 30, 2024.

MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2024

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MidCap Financial (MFIC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

MidCap Financial Investment (MFIC) Reports Next Week: What Awaits?

NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it has amended and extended its senior secured, multi-currency, revolving credit facility (the “Facility”). Lender commitments under the Facility total $1.660 billion, excluding non-extending lender commitments, an increase of $110 million. Lender commitments under the Facility total $1.815 billion, including $155 million of commitments from non-extending lenders which are set to terminate on December 22, 2024. The final maturity date under the Facility for extending lenders was extended from April 19, 2028, to October 17, 2029. The remaining material business terms of the Facility will remain substantially the same.

MidCap Financial Investment Corporation Amends and Extends Its Senior Secured Revolving Credit Facility

NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it will report results for the quarter ended September 30, 2024, prior to the opening of the Nasdaq Global Select Market on Thursday, November 7, 2024.

MidCap Financial Investment Corporation Schedules Earnings Release and Conference Call for Quarter Ended September 30, 2024

MidCap Financial Investment offers a high dividend yield of 11.3%, appealing to income-oriented investors despite recent underperformance due to merger uncertainty and rising non-accrual rates. The merger with Apollo funds boosts MFIC's net assets by 44%, enhancing liquidity and positioning it for future growth despite potential short-term earnings impacts from interest rate cuts. MFIC's diverse portfolio, with 97% senior secured first lien investments, mitigates risk and supports a strong dividend coverage rate of 118.4%, ensuring distribution stability.

MidCap Financial Investment: Uniquely Positioned To Capitalize On Interest Rate Cuts

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MidCap Financial Investment Corporation (NASDAQ:MFIC ) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET Company Participants Elizabeth Besen - Investor Relations Manager Tanner Powell - Chief Executive Officer Ted McNulty - President Greg Hunt - Chief Financial Officer Howard Widra - Executive Chairman Conference Call Participants Kenneth Lee - RBC Capital Markets Melissa Wedel - JPMorgan Finian O'Shea - Wells Fargo Securities Mark Hughes - Truist Operator Good morning, and welcome to the Earnings Conference Call for the period ended June 30, 2024 for MidCap Financial Investment Corporation. At this time, all participants have been placed in listen-only mode.

MidCap Financial Investment Corporation (MFIC) Q2 2024 Earnings Call Transcript

While the top- and bottom-line numbers for MidCap Financial (MFIC) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

MidCap Financial (MFIC) Reports Q2 Earnings: What Key Metrics Have to Say

MidCap Financial Investment (MFIC) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.44 per share a year ago.

MidCap Financial Investment (MFIC) Q2 Earnings and Revenues Top Estimates

Results for the Quarter Ended June 30, 2024 and Other Recent Highlights: Net investment income per share for the quarter was $0.45, compared to $0.44 for the quarter ended March 31, 2024 Net asset value per share as of the end of the quarter was $15.38, compared to $15.42 as of March 31, 2024 New investment commitments made during the quarter totaled $285 million(1) Gross fundings, excluding revolver fundings(2), totaled $214 million for the quarter Net fundings, including revolvers(2), totaled $90 million for the quarter Net leverage(3) was 1.45x as of June 30, 2024 On August 6, 2024, the Board of Directors (the “Board”) declared a dividend of $0.38 per share payable on September 26, 2024 to stockholders of record as of September 10, 2024 In June, KBRA affirmed MFIC's BBB- rating and revised the rating Outlook to Positive from Stable Closing of Previously Announced Mergers: On July 22, 2024 (the “Closing Date”), the Company closed its previously announced mergers (the “Mergers”) with Apollo Senior Floating Rate Fund Inc. (“AFT”) and Apollo Tactical Income Fund Inc. (“AIF”) which increased the Company's net assets by 43.7% to $1.45 billion and increased the size of the portfolio to $3.07 billion  The Mergers resulted in a reduction in the Company's net leverage ratio to 1.13x as of the Closing Date, creating more investment capacity In connection with the Mergers, the Company issued 28,527,003 common shares increasing the Company's outstanding common shares to 93,780,278 As previously announced, in connection with the closing of the Mergers, on July 21, 2024, the Board declared a special distribution of $0.20 per share payable on August 15, 2024 to stockholders of record as of August 5, 2024 NEW YORK, Aug. 07, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended June 30, 2024. The Company's net investment income was $0.45 per share for the quarter ended June 30, 2024, compared to $0.44 per share for the quarter ended March 31, 2024.

MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended June 30, 2024

MidCap Financial (MFIC) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.

Why MidCap Financial (MFIC) is Poised to Beat Earnings Estimates Again

MidCap Financial (MFIC) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

MidCap Financial (MFIC) Upgraded to Buy: Here's Why

MidCap Financial (MFIC) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

MidCap Financial Investment (MFIC) Expected to Beat Earnings Estimates: What to Know Ahead of Q2 Release

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Last year, I assigned a neutral view to MidCap Financial Investment Corporation due to potential interest rate cuts and rising corporate default rates. Despite these concerns, MFIC slightly outperformed the broader BDC market, driven by a "risk on" mode in the sector. After dissecting the fundamentals of MFIC, including the potential benefits of the merger, I still do not gain sufficient level of comfort to go long here.

MidCap Financial Investment: Too Much Uncertainty To Go Long

MFIC Declares Special Distribution of $0.20 Per Share in Connection with Mergers MFIC Declares Special Distribution of $0.20 Per Share in Connection with Mergers

MidCap Financial Investment Corporation Completes Mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.

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News for MidCap Financial Investment Corp ETF (MFIC)