MidCap Financial Investment Corp. Q1 2024 Update

TL;DR

**MIDCAP FINANCIAL INVESTMENT CORP (MFIC) FILED ITS 10-Q FOR Q1 2024. STOCK AND NOTES LISTED ON NASDAQ.**

AI Summary

MidCap Financial Investment Corp. reported its quarterly results for the period ended March 31, 2024. The company, which is incorporated in Maryland and has its principal executive offices in New York, is registered with the SEC under file number 814-00646. Its common stock trades under the symbol MFIC on the NASDAQ Global Select Market, and its 8.00% Notes due 2028 trade under MFICL.

Why It Matters

This filing provides investors with an update on MidCap Financial Investment Corp.'s financial performance and regulatory status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly report filing that provides routine financial and operational updates.

Key Players & Entities

• MidCap Financial Investment Corporation (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 814-00646 (other) — Commission File Number
• Maryland (location) — State of incorporation
• New York (location) — Address of principal executive offices
• MFIC (stock_symbol) — Common Stock trading symbol
• MFICL (stock_symbol) — 8.00% Notes due 2028 trading symbol
• NASDAQ Global Select Market (exchange) — Exchange where securities are registered

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value 8.00% Notes due 2028 MFIC

Filing Documents

• mfic-20240331.htm (10-Q) — 18308KB
• mfic-ex31_1.htm (EX-31.1) — 13KB
• mfic-ex31_2.htm (EX-31.2) — 13KB
• mfic-ex32_1.htm (EX-32.1) — 8KB
• 0000950170-24-054445.txt ( ) — 77829KB
• mfic-20240331.xsd (EX-101.SCH) — 1583KB
• mfic-20240331_htm.xml (XML) — 16181KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements 1 Consolidated Statements of Assets and Liabilities March 31, 2024 and December 31, 2023 1 Consolidated Statements of Operations Three months ended March 31, 2024 and March 31, 2023 2 Consolidated Statements of Changes in Net Assets Three months ended March 31, 2024 and March 31, 2023 3 Consolidated Statements of Cash Flows Three months ended March 31, 2024 and March 31, 2023 4 Consolidated Schedule of Investments March 31, 2024 5 Consolidated Schedule of Investments December 31, 2023 37

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 67 Report of Independent Registered Public Accounting Firm 97 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 98 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 113 Item 4.

Controls and Procedures

Controls and Procedures 115

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 116 Item 1A.

Risk Factors

Risk Factors 116 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 116 Item 3. Defaults Upon Senior Securities 119 Item 4. Mine Safety Disclosures 119 Item 5. Other Information 119 Item 6. Exhibits 120

Signatures

Signatures 121 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION In this report, the terms the "Company," "MFIC," "we," "us," and "our" refer to MidCap Financial Investment Corporation unless the context specifically states otherwise.

Consolidated Financial Statements

Item 1. Consolidated Financial Statements MIDCAP FINANCIAL INVESTMENT CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share and per share data) March 31, 2024 December 31, 2023 (Unaudited) Assets Investments at fair value: Non-controlled/non-affiliated investments (cost — $ 2,008,281 and $ 2,012,273 , respectively) $ 1,937,316 $ 1,936,327 Non-controlled/affiliated investments (cost — $ 150,771 and $ 130,648 , respectively) 95,309 77,528 Controlled investments (cost — $ 393,475 and $ 395,221 , respectively) 320,210 320,344 Cash and cash equivalents 49,611 93,575 Foreign currencies (cost — $ 30 and $ 28,563 , respectively) 1 28,553 Receivable for investments sold 1,347 2,796 Interest receivable 20,977 21,441 Dividends receivable 459 1,327 Deferred financing costs 18,238 19,435 Prepaid expenses and other assets 1,594 5 Total Assets $ 2,445,062 $ 2,501,331 Liabilities Debt $ 1,405,121 $ 1,462,267 Payable for investments purchased 1,343 — Management and performance-based incentive fees payable 10,424 10,729 Interest payable 13,313 14,494 Accrued administrative services expense 1,734 1,657 Other liabilities and accrued expenses 7,126 6,874 Total Liabilities $ 1,439,061 $ 1,496,021 Commitments and contingencies (Note 8) Net Assets $ 1,006,001 $ 1,005,310 Net Assets Common stock, $ 0.001 par value ( 130,000,000 shares authorized; 65,253,275 and 65,253,275 shares issued and outstanding, respectively) $ 65 $ 65 Capital in excess of par value 2,103,718 2,103,718 Accumulated under-distributed (over-distributed) earnings ( 1,097,782 ) ( 1,098,473 ) Net Assets $ 1,006,001 $ 1,005,310 Net Asset Value Per Share $ 15.42 $ 15.41 See notes to the consolidated financial statements. 1 Table of Contents MIDCAP FINANCIAL INVESTMENT CORPORATION C

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View this 10-Q filing on SEC EDGAR