MidCap Financial Investment reports Q4 EPS 46c, consensus 42c

Reports New investment commitments made during the quarter totaled $175M…Tanner Powell, the Company’s Chief Executive Officer, commented, “We are pleased to report strong results for the quarter to cap off a successful year, highlighted by strong net investment income, an increase in net asset value, and continued stable credit quality. With the successful repositioning of the portfolio into mostly first lien floating rate loans, along with our prudent dividend policy, MFIC‘s NAV per share increased each quarter in 2023 and was up 2.1% for the year. We believe our results demonstrate the merits of our investment strategy and fee structure which aligns the incentives of our manager with the interests of our shareholders.” Mr. Powell continued, “We look forward to realizing the potential benefits of our previously announced proposed merger with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. which will create a larger, more scaled BDC focused on middle market direct lending.” Mr. Gregory W. Hunt, the Company’s Chief Financial Officer, said, “During the quarter, we executed two transactions to enhance and further diversify our capital structure with long-term financing. In November, MFIC closed its first CLO transaction issuing $232 million of notes, and in December, MFIC raised $80 million of 5-year unsecured debt. We believe it was prudent to diversify and extend the maturity of our funding sources. We intend to continue to evaluate and monitor other capital raising transactions going forward.”