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MidCap Financial Investment (MFIC) investor relations material
MidCap Financial Investment Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Net investment income per share rose to $0.39 for Q2 2025, up from $0.37 in Q1, with annualized ROE of 10.5%.
Net asset value per share declined 1.2% to $14.75, mainly due to realized and unrealized losses on select investments.
Completed mergers with AFT and AIF, issuing 28.5M shares and acquiring $622M in net assets, boosting portfolio size and diversification.
New investment commitments totaled $262M across 29–31 companies, with net fundings of $144M for the quarter.
Kenneth Seifert appointed CFO and Treasurer effective June 30, 2025.
Financial highlights
Total investment income for Q2 2025 was $81.2M, up from $69.2M year-over-year, driven by higher interest and prepayment income.
Net investment income for Q2 2025 was $36.4M, up from $29.5M year-over-year.
Net realized and unrealized losses for the quarter were $18.3M, or $0.20 per share.
Net leverage ratio increased to 1.44x as of June 30, 2025, up from 1.31x in Q1.
Dividend of $0.38 per share declared for Q2 2025.
Outlook and guidance
Management expects continued strong origination activity and portfolio growth following the AFT and AIF mergers.
Net repayment of ~$90M from Merx Aviation expected in Q3 2025, reducing exposure to 2.8% of portfolio and supporting dividend coverage.
Redeployment of Merx proceeds projected to generate $0.06 per share in additional annual NII.
Leverage expected to trend toward the lower end of the target range as capital is redeployed.
Floating rate portfolio positions the company to benefit from higher interest rates, but yield compression is anticipated.
What's the expected growth of the servicing business?
What's the impact of tariff uncertainty?
What's driving the new nonaccruals?
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Next MidCap Financial Investment earnings date
Q3 20257 Nov, 2025
Next MidCap Financial Investment earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
MidCap Financial Investment Corporation is a business development company that provides capital to middle-market companies. Its investment portfolio includes secured loans, equity investments, and other debt instruments, targeting sectors such as healthcare, manufacturing, and technology. The company is headquartered in Bethesda, Maryland, and its shares are listed on the NASDAQ.
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