Profile
Sector:
Financial ServicesIndustry:
Asset ManagementCountry:
United StatesIPO:
06 April 2004Website:
http://www.midcapfinancialic.comNext earnings report:
07 November 2024Last dividends:
10 September 2024Next dividends:
N/APrice
after hours | Fri, 01 Nov 2024 23:52:42 GMTAnalysts recommendations
Institutional Ownership
MFIC Latest News
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 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 (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.
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 (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.
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
NEW YORK, July 16, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it will report results for the quarter ended June 30, 2024, after the closing of the Nasdaq Global Select Market on Wednesday, August 7, 2024.
MidCap Financial Investment Corporation's stock classification was modified due to anticipated decline in short-term interest rates. The BDC's 100% floating-rate exposure has not yet resulted in softening net investment income prospects. The stock has seen a 20% rise in the first few months of 2024 due to the reluctant central bank.
MidCap Financial Investment Corporation is a business development company that specializes in investing in senior secured debt loans for middle market companies. MFIC is currently in talks to merge with Apollo Senior Floating Rate Fund and Apollo Tactical Income Fund, both managed by affiliates of Apollo Global Management. The merger aims to create a larger company that will maintain MFIC's investment strategy while enhancing its ability to access capital.
MidCap Financial Investment Corporation is likely to benefit from improving deal activity and investor confidence in the credit market. The company's strategy of diversifying its investment portfolio and focusing on first-lien loans lowers the risk factor. MidCap Financial has a strong liquidity position and has been actively capitalizing on attractive opportunities in the middle market.
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What type of business is MidCap Financial Investment?
MidCap Financial Investment Corporation (Former name Apollo Investment Corporation) is business development company and a closed-end, externally managed, non-diversified management investment company. It is elected to be treated as a business development company (BDC) under the Investment Company Act of 1940 (the 1940 Act) specializing in private equity investments in leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing and private middle market companies. It provides direct equity capital, mezzanine, first lien secured loans, stretch senior loans, unitranche loans, second lien secured loans and senior secured loans, unsecured debt, and subordinated debt and loans. It also seeks to invest in PIPES transactions. The fund may also invest in securities of public companies that are thinly traded and may acquire investments in the secondary market and structured products. It prefers to invest in preferred equity, common equity / interests and warrants and makes equity co-investments. It may invest in cash equivalents, U.S. government securities, high-quality debt investments that mature in one year or less, high-yield bonds, distressed debt, non-U.S. investments, or securities of public companies that are not thinly traded. It also focuses on other investments such as collateralized loan obligations (CLOs) and credit-linked notes (CLNs). The fund typically invests in construction and building materials, business services, plastics & rubber, advertising, capital equipment, education, cable television, chemicals, consumer products/goods durable and non-durable and customer services, direct marketing, energy oil & gas, electricity and utilities. The fund also invest in aerospace & defense, wholesale, telecommunications, financial services, hotel, gaming, leisure, restaurants; environmental industries, healthcare and pharmaceuticals, high tech industries, beverages, food and tobacco, manufacturing, media diversified & production, printing and publishing, retail, automation, aviation and consumer transport, transportation, cargo and distribution. It primarily invests in United States. It primarily invests between $20 million and $250 million in its portfolio companies and EBITDA with less than $75 million. The fund seeks to make investments with stated maturities of five to 10 years.
What sector is MidCap Financial Investment in?
MidCap Financial Investment is in the Financial Services sector
What industry is MidCap Financial Investment in?
MidCap Financial Investment is in the Asset Management industry
What country is MidCap Financial Investment from?
MidCap Financial Investment is headquartered in United States
When did MidCap Financial Investment go public?
MidCap Financial Investment initial public offering (IPO) was on 06 April 2004
What is MidCap Financial Investment website?
https://www.midcapfinancialic.com
Is MidCap Financial Investment in the S&P 500?
No, MidCap Financial Investment is not included in the S&P 500 index
Is MidCap Financial Investment in the NASDAQ 100?
No, MidCap Financial Investment is not included in the NASDAQ 100 index
Is MidCap Financial Investment in the Dow Jones?
No, MidCap Financial Investment is not included in the Dow Jones index
When was MidCap Financial Investment the previous earnings report?
No data
When does MidCap Financial Investment earnings report?
The next expected earnings date for MidCap Financial Investment is 07 November 2024