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

Earnings data Q1 2024

Earnings data Q2 2024

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Earnings data Q1 2025

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Dividend investing is a very common strategy for long-term investing. It is a great source of passive income for investors looking to set aside capital and allow it to grow, compound and be reinvested.

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We take a look at the action in business development companies through the second week of November and highlight some of the key themes we are watching. BDCs were flat on the week as markets consolidated after a recent run-up. All BDCs in coverage are in green for the month. Mid-Cap Financial Investment Corp. announced a merger agreement with two Apollo loan CEFs - not something we see every day.

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The headline numbers for MidCap Financial (MFIC) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

MidCap Financial (MFIC) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Results for the Quarter Ended September 30, 2023 and Other Recent Highlights: Net investment income per share for the quarter was $0.43, compared to $0.44 for the quarter ended June 30, 2023 Net asset value per share as of the end of the quarter was $15.28, compared to $15.20 as of June 30, 2023, an increase of $0.08 per share primarily due to net investment income in excess of the dividend New investment commitments made during the quarter totaled $20 million (1) Gross fundings excluding revolver fundings, totaled $16 million and net repayments including revolvers, totaled $43 million for the quarter Net leverage (2) was 1.40x as of September 30, 2023 Declared a dividend of $0.38 per share for the quarter ending September 30, 2023 (3) On November 2, 2023, the Company completed its inaugural Collateralized Loan Obligation (“CLO”) transaction, MFIC Bethesda CLO 1 LLC, a $402 million CLO which is secured by middle market loans On November 7, 2023, the Company announced that it has entered into two separate merger agreements with Apollo Senior Floating Ratio Fund Inc. (NYSE: AFT) and Apollo Tactical Fund Inc. (NYSE: AIF) (the “Mergers”) (4) NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended September 30, 2023. The Company's net investment income was $0.43 per share for the quarter ended September 30, 2023, compared to $0.44 per share for the quarter ended June 30, 2023.

MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2023 and Announces Merger Agreements with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.

Transaction Provides Financial and Strategic Benefits to All Shareholders Creates a Larger, More Scaled BDC Focused on Middle Market Direct Lending Combined Company Will Have Approximately $3.4 Billion of Total Investments  and $1.4 Billion of Net Assets i NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC), Apollo Senior Floating Rate Fund Inc. (NYSE: AFT) and Apollo Tactical Income Fund Inc. (NYSE: AIF) (AFT and AIF, together, the “CEFs”) today announced that they have entered into separate definitive agreements pursuant to which AFT and AIF will merge with and into MFIC (the “Mergers” or the “Transactions”), subject to certain shareholder approvals and customary closing conditions. MFIC is a publicly traded business development company (“BDC”) managed by an affiliate of Apollo Global Management, Inc. (“Apollo”, NYSE: APO), and the CEFs are publicly traded closed-end management investment companies also managed by an affiliate of Apollo.ii Under the terms of the merger agreements, MFIC will be the surviving entity and will continue to operate as a BDC and trade on the NASDAQ Global Select Exchange under the ticker symbol “MFIC.

MidCap Financial Investment Corporation Announces Merger Agreements with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.

NEW YORK, Oct. 17, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it will report results for the quarter ended September 30, 2023, after market close on Tuesday, November 7, 2023. The Company will host a conference call on Wednesday, November 8, 2023, at 8:30 a.m.

MidCap Financial Investment Corporation Schedules Earnings Release and Conference Call for Quarter Ended September 30, 2023

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MidCap Financial Investment Corporation is a small business development company with a market cap of $880 million. MFIC focuses on investing in senior secured middle market loans, with a heavy skew towards leveraged finance loans. The portfolio is based on floating loans, which neutralizes interest rate risk. The company's investment strategy has paid off in well-performing markets, but there are concerns about the deteriorating credit profile of its portfolio companies.

MidCap Financial Investment: In The Right Place But With Too High Risk

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We take a look at the action in business development companies through the fourth week of August and highlight some of the key themes we are watching. BDCs were down slightly on the week as valuations came off the historic average level. We take a look at good and bad reasons for upgrading BDC ratings.

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MidCap Financial, formerly known as Apollo, has achieved a level of stability after a long period of volatility. MFIC reported solid results for the June quarter, with a minor increase in NAV per share from a well-diversified portfolio. Management is focused on increasing dividends and may consider an increase at the end of the year.

With MidCap Financial, It's Steady As She Goes, Finally

MidCap Financial Investment Corporation is a well-managed debt-focused business development company with solid dividend coverage. The company primarily invests in senior secured loans and has potential upside in a rising-rate environment. Passive income investors can secure an 11% yield with MidCap Financial Investment and profit from net investment income in a rising-rate market.

MidCap Financial Investment: 11% Yield, Well-Performing Portfolio, 9% NAV Discount

Although the revenue and EPS for MidCap Financial (MFIC) give a sense of how its business performed in the quarter ended June 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

MidCap Financial (MFIC) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

MidCap Financial Investment Corporation (NASDAQ:MFIC ) Q2 2023 Earnings Conference Call August 2, 2023 5:00 PM 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 Arren Cyganovich - Citi Kyle Joseph - Jefferies Sean-Paul Adams - Raymond James Melissa Wedel - J.P. Morgan Paul Johnson - KBW Kenneth Lee - RBC Capital Markets Operator Good afternoon, and welcome to the earnings conference call for the period ended June 30, 2023 for MidCap Financial Investment Corporation.

MidCap Financial Investment Corporation (MFIC) Q2 2023 Earnings Call Transcript

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 $0.37 per share a year ago.

MidCap Financial Investment (MFIC) Surpasses Q2 Earnings and Revenue Estimates

Results for the Quarter Ended June 30, 2023 and Other Recent Highlights: Net investment income per share for the quarter was $0.44, compared to $0.45 for the quarter ended March 31, 2023 Net asset value per share as of the end of the quarter was $15.20, compared to $15.18 as of March 31, 2023, an increase of $0.02 per share primarily due to net investment income above the dividend New investment commitments made during the quarter totaled $79 million (1) Gross fundings for corporate lending (2) , excluding revolver fundings, totaled $73 million and net fundings for corporate lending, including revolvers, totaled $29 million for the quarter Net leverage (3) was 1.45x as of June 30, 2023 Repurchased 198,084 shares of common stock at a weighted average price per share of $11.60, inclusive of commissions, for an aggregate cost of $2.3 million during the quarter Amended and extended the Company's senior secured, multi-currency, revolving credit facility (the “Facility”) in April 2023; Maturity date was extended by over two years (4) Kroll Bond Rating Agency (KBRA) affirmed the Company's BBB- issuer and senior unsecured debt ratings in June Declared a dividend of $0.38 per share for the quarter ending June 30, 2023 (5) NEW YORK, Aug. 02, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended June 30, 2023. The Company's net investment income was $0.44 per share for the quarter ended June 30, 2023, compared to $0.45 per share for the quarter ended March 31, 2023.

MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended June 30, 2023

I believe MidCap Financial is poised to generate market beating returns because its 100% floating rate portfolio is well-positioned to capitalize on favorable market dynamics. Despite an increase in quarterly distributions for 2023, there is a good chance for healthy supplemental dividends because earnings are expected to significantly outstrip distributions. Cheap valuations, strong financial growth, and favorable market dynamics should all contribute to its share price appreciation.

MidCap Financial Appears Well Positioned To Offer Solid Returns

NEW YORK, July 10, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it has rescheduled its earnings conference call to Wednesday August 2, 2023, at 5 p.m. Eastern Time. As previously announced, the Company will report results for the quarter ended June 30, 2023, after market close on Wednesday, August 2, 2023.

MidCap Financial Investment Corporation Reschedules Earnings Conference Call for Quarter Ended June 30, 2023

NEW YORK--(BUSINESS WIRE)-- #KBRA--KBRA affirms the BBB- issuer and senior unsecured ratings for MidCap Financial Investment Corporation (NASDAQ: MFIC or “the company”). The ratings Outlook is Stable. Key Credit Considerations The company's ratings reflect MFIC's ties to Apollo Global Management, Inc., (AGM) a global investment firm with $598 billion of assets under management (AUM), including $438 billion in AUM dedicated to fixed income of which $46 billion comprised middle market direct lending AUM.

KBRA Affirms Ratings for MidCap Financial Investment Corporation

NEW YORK, June 27, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it will report results for the quarter ended June 30, 2023, after market close on Wednesday, August 2, 2023.

MidCap Financial Investment Corporation Schedules Earnings Release and Conference Call for Quarter Ended June 30, 2023

MidCap Financial Investment Corporation (NASDAQ:MFIC ) Q1 2023 Earnings Conference Call May 3, 2023 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 Securities Kenneth Lee - RBC Capital Markets Kyle Joseph - Jefferies Sean-Paul Adams - Raymond James Paul Johnson - KBW Melissa Wedel - JPMorgan Jordan Vardon - Wells Fargo Operator Good morning, and welcome to the earnings conference call for the period ended March 31, 2023 for MidCap Financial Investment Corporation. At this time, all participants have been placed on a listen-only mode.

MidCap Financial Investment Corporation (MFIC) Q1 2023 Earnings Call Transcript

MidCap Financial Investment (MFIC) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.42 per share a year ago.

MidCap Financial Investment (MFIC) Q1 Earnings and Revenues Top Estimates

Results for the Quarter Ended March 31, 2023 and Other Recent Highlights: Net investment income per share for the quarter was $0.45 compared to $0.43 for the quarter ended December 31, 2022 Net asset value per share as of the end of the quarter was $15.18 compared to $15.10 as of December 31, 2022, an increase of 0.5% primarily due to net investment income above the dividend New investment commitments made during the quarter totaled $110 million (1) Gross fundings for corporate lending (2) , excluding revolver fundings, totaled $106 million and net fundings for corporate lending, including revolvers, totaled $44 million for quarter Merx repaid $65 million to the Company during the quarter reducing the size of the investment to $197 million or 8.3% of the total portfolio, at fair value as of the end of the quarter Net leverage (3) was 1.41x as of March 31, 2023 Declared a dividend of $0.38 per share for the quarter ending March 31, 2023 (4) Amended and extended the Company's senior secured, multi-currency, revolving credit facility (the “Facility”) in April; Maturity date was extended by over two years (5) NEW YORK, May 02, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) or the “Company,” today announced financial results for its quarter ended March 31, 2023. The Company's net investment income was $0.45 per share for the quarter ended March 31, 2023, compared to $0.43 per share for the quarter ended December 31, 2022.

MidCap Financial Investment Corporation Reports Financial Results for the Quarter Ended March 31, 2023

NEW YORK, April 04, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it will report results for the quarter ended March 31, 2023, after market close on Tuesday, May 2, 2023.

MidCap Financial Investment Corporation Schedules Earnings Release and Conference Call for Quarter Ended March 31, 2023

Expect higher earnings going forward with MidCap Financial Investment Corporation. The higher results will most likely force management toward higher dividends, possibility above $0.40 per quarter.

MidCap Financial Investment: A High-Yield Lower-Risk Investment

News for MidCap Financial Investment Corp ETF (MFIC)