J Studios/DigitalVision via Getty ImagesOverview I've covered a ton of business development companies ('BDC') in the last month, and there aren't many opportunities for attractive price entries in the sector. This is due to the mass price run of many quality BDCs, as they've all thrived in a higher interest rate environment. However, I believe that we have an attractive opportunity with MidCap Financial Investment Corp (NASDAQ:MFIC) as they are currently in the process of completing a merger. MFIC opera ...

MidCap Financial Investment Corporation (NASDAQ:MFIC) Q1 2024 Earnings Conference Call May 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 Mark Hughes - Truist Kyle Joseph - Jefferies Robert Dodd - Raymond James Operator Good morning, and welcome to the Earnings Conference Call for the period ended March 31st, ...

Financial Results for the Quarter Ended March 31, 2024 MidCap Financial Investment Corporation May 7, 2024 Unless ot ...

For the quarter ended March 2024, MidCap Financial Investment (MFIC) reported revenue of $68.33 million, up 0.8% over the same period last year. EPS came in at $0.44, compared to $0.45 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $69.48 million, representing a surprise of -1.66%. The company delivered an EPS surprise of +2.33%, with the consensus EPS estimate being $0.43.While investors closely watch year-over-year changes in headline numbers -- revenue and earnin ...

Exhibit 99.1 MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended March 31, 2024 Results for the Quarter Ended March 31, 2024 and Other Recent Highlights: • Net investment income per share for the quarter was $0.44, compared to $0.46 for the quarter ended December 31, 2023 • Net asset value per share as of the end of the quarter was $15.42, compared to $15.41 as of December 31, 2023 • New investment commitments made during the quarter totaled $149 million(1) • Gross fundin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-00646 MIDCAP FINANCIAL INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) Maryland 52-2439556 (State or other jurisdiction of incorporation or or ...

财务数据和关键指标变化 - 公司在2023年12月季度实现了强劲的业绩,净投资收益率达到11.9%,GAAP收益率达到13.3% [9][10] - 公司净资产值(NAV)每股增加0.13美元,达到15.41美元,增幅为0.9% [14] - 公司的浮动利率投资组合带来了较高的经常性利息收入,同时还获得了较高的提前还款收益 [9][45] 各条业务线数据和关键指标变化 - 公司在2023年12月季度新增了175百万美元的一级贷款承诺,平均每笔8.8百万美元,45%投向现有投资组合公司 [27][29] - 新增贷款的加权平均利差为625个基点,平均OID为234个基点,平均净杠杆率为3.6倍,收益率超过12% [28][29] - 公司在2023年3月季度已完成约100百万美元的新增贷款承诺 [29] 各个市场数据和关键指标变化 - 公司观察到信贷市场在2023年12月季度出现反弹,导致新增贷款利差出现压缩 [15][28] - 公司预计2024年交易活动将有所增加,因为经济环境更加稳定,利率前景更加明朗,私募股权干枯资金需要部署,以及赞助商需要退出资产以向投资者分配资本 [16][17] 公司战略和发展方向及行业竞争 - 公司专注于中型市场,拥有14年的中型市场贷款经验,在该领域具有竞争优势 [18] - 公司正在减少对飞机租赁业务Merx的投资敞口,以降低风险 [41][42] - 公司正在寻求通过兼并AFT和AIF两家上市封闭式基金来扩大规模和提升竞争力 [22][23] 管理层对经营环境和未来前景的评论 - 管理层认为公司的信贷质量保持良好,主要信用指标保持稳定或有所改善,尚未发现明显的信用风险 [13] - 管理层表示将密切关注利率环境的潜在影响,并将继续评估股息政策 [21] - 管理层对2024年的交易活动前景持乐观态度,预计将有所增加 [16][17] 问答环节重要的提问和回答 问题1 **Mark Hughes 提问** 询问公司未来能否持续支付现有股息水平 [57] **Gregory Hunt 回答** 公司有信心在未来4-8个季度内能够覆盖现有0.38美元的股息 [58] 问题2 **Casey Alexander 提问** 询问Merx剩余飞机的处置安排 [68] **Tanner Powell 回答** 约22架飞机在两个证券化项目中,其余8架在合资企业中,出售收益将用于偿还相关债务 [69][70] 问题3 **Kenneth Lee 提问** 询问近期投资的定价和文件条款情况 [78] **Tanner Powell 回答** 公司观察到利差有所压缩,但中型市场的贷款文件仍保持较为借款人友好的条款,如98%的贷款有财务维护性条款 [79][83]

Exhibit 99.1 MidCap Financial Investment Corporation Reports Financial Results for the Quarter and Fiscal Year Ended December 31, 2023 Results for the Quarter and Fiscal Year Ended December 31, 2023 and Other Recent Highlights: • Net investment income per share for the quarter was $0.46, compared to $0.43 for the quarter ended September 30, 2023 • Net asset value per share as of the end of the quarter was $15.41, compared to $15.28 as of September 30, 2023, an increase of 0.9% due to net investment income i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 814-00646 MIDCAP FINANCIAL INVESTMENT CORPORATION (Exact name of Registrant as specified in its charter) Maryland 52-2439556 (State or other jurisdiction of incorporation or organiz ...

财务数据和关键指标变化 - 净投资收益每股为0.43美元,高于当前0.38美元的股息 [35] - 净资产价值每股为15.28美元,较6月30日增加0.08美元 [36] - 公司的PIK收入占总投资收入的比例仍然非常低,低于大多数其他BDC [35] 各条业务线数据和关键指标变化 - 新投资承诺总额为1,980万美元,全部为优先债权,平均新承诺额为220万美元 [43] - 新承诺的加权平均利差为672个基点,平均OID约为218个基点,平均收益率约为12.5% [43] - 公司贷款组合的加权平均收益率为12%,较上季度的11.7%有所上升 [45] - 公司贷款组合的加权平均利差为621个基点,较6月30日上升7个基点 [45] 各个市场数据和关键指标变化 - 新发行的有抵押贷款继续反弹,主要由于再融资和重新定价 [39] - 投资者需求有所增加,二级市场出现持续上涨 [39] - 中型市场的赞助商仍在寻求私人信贷市场的融资解决方案 [39] 公司战略和发展方向及行业竞争 - 公司将继续专注于由MidCap Financial提供的中型市场优先债权贷款 [11][17] - 合并后公司的规模和收益能力将得到提升,净资产将增加约43% [22] - 预计将实现约310万美元的年度成本协同效应 [23] - 更大的市值可能会吸引更多的潜在投资者,提高股票流动性,并增加分析师的报告覆盖 [24] 管理层对经营环境和未来前景的评论 - 公司继续观察到组合公司的基本面表现稳定,收入和EBITDA保持增长 [37] - 尽管利率上升和经济活动放缓,但公司整体信用质量仍然良好 [37][49] - 预计下半年交易活动将有所增加,但仍将相对较为温和 [39][84] - 未来几年内,大量私募股权干枯粉将被部署,为公司带来更多投资机会 [86] 问答环节重要的提问和回答 问题1 **Arren Cyganovich 提问** 对于收购的两个封闭式基金的资产管理,公司有多熟悉?是否由同一个投资团队负责? [90][91][92][93] **Howard Widra 回答** 虽然是由不同的团队负责,但投资流程和方法是相似的,有一定的重叠。公司将密切关注这些资产,并根据信用状况决定是否进行变现。 [91][92][95][96] 问题2 **Robert Dodd 提问** 183百万美元的直接发起贷款是否也会像广泛同步贷款一样进行轮换? [99][100][101] **Howard Widra 回答** 不会,这部分直接发起的贷款将作为公司核心投资组合的一部分保留。由大市场团队负责监控管理。 [100][101] 问题3 **Ryan Lynch 提问** 合并后公司的负债结构会如何调整?是否会增加无担保债务的占比? [105][106][107][108] **Gregory Hunt 回答** 公司将偿还收购基金的现有信贷额度,未来将继续评估无担保债务市场的机会,同时也会利用CLO等有担保融资工具。公司目前没有设定无担保债务占比的具体目标。 [106][107][108]