Board Authorized New $100 Million Stock Repurchase Plan
Results for the Quarter and Fiscal Year Ended December 31, 2025, and Other Recent Highlights:
-- Net investment income per share for the quarter was $0.39, compared to
$0.38 for the quarter ended September 30, 2025
-- Net asset value ("NAV") per share as of the end of the quarter was
$14.18, compared to $14.66 as of September 30, 2025, representing a 3.3%
decline primarily driven by a handful of investments predominantly from
2022 and earlier vintages
-- New investment commitments made during the quarter totaled $141
million(1)
-- Gross fundings, excluding revolver fundings,(2) totaled $156 million for
the quarter
-- Net fundings, including revolvers(2) and Merx, totaled $25 million for
the quarter
-- Merx repaid $7.5 million to the Company (as defined below) in the
December quarter and an additional $22 million in February 2026 for a
total amount of $29.5 million
-- Net leverage(3) was 1.45x as of December 31, 2025
-- Repurchased 1,091,753 shares of common stock at a weighted average price
per share of $11.81, inclusive of commissions, for an aggregate cost of
$12.9 million during the quarter, generating $0.03 per share of NAV
accretion
-- On February 25, 2026, the Company's Board of Directors (the "Board")
declared a dividend of $0.31 per share payable on March 26, 2026, to
stockholders of record as of March 10, 2026(4)
-- The Board authorized a new $100 million stock repurchase plan (the
"Repurchase Plan")
NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation $(MFIC)$ or the "Company," today announced financial results for the quarter and fiscal year ended December 31, 2025. The Company's net investment income was $0.39 per share for the quarter and fiscal year ended December 31, 2025, compared to $0.38 per share for the quarter ended September 30, 2025. The Company's NAV was $14.18 per share as of December 31, 2025, compared to $14.66 as of September 30, 2025.
On February 25, 2026, the Board declared a quarterly dividend of $0.31 per share payable on March 26, 2026, to stockholders of record as of March 10, 2026.
Commenting on the Company's results for the fourth quarter of 2025, Mr. Tanner Powell, Chief Executive Officer, stated, "We delivered solid net investment income in the fourth quarter. The overall portfolio continues to show resilience as evidenced by our relatively steady credit metrics. In light of changes in base rates and other factors, we have re-assessed the long-term earnings power of the Company, and the Board has concluded that it was prudent to adjust the dividend at this time. Accordingly, the Board has declared a quarterly dividend of $0.31 per share."
Mr. Powell continued, "Apollo's longstanding commitment has been to deliver positive outcomes in all instances where we manage investor capital. With respect to the public vehicles we manage across different asset classes, we have been active in evaluating potential strategies and options with the objective of maximizing realizable value for stockholders. During the fourth quarter, the market presented us with what we viewed as an attractive opportunity to repurchase MFIC stock at a significant discount to NAV, generating approximately three cents per share of NAV accretion for stockholders. At these trading levels, we continue to believe allocating capital toward stock repurchases is more accretive than deploying capital into new investments. Accordingly, the Board has authorized a new $100 million stock repurchase plan, which we expect to utilize aggressively in combination with a Rule 10b5-1 trading plan to capitalize on what we believe is a compelling opportunity for our stockholders. If the current discount continues, and trading volumes remain in their current range, we anticipate fully utilizing our current authorization by late May."
Mr. Ted McNulty, the Company's President and Chief Investment Officer, commented, "With respect to software, our exposure is meaningfully lower than the broader BDC industry. As of December 31, 2025, software represented only 11.4% of MFIC's portfolio at fair value. We have constructed a portfolio that we believe is relatively resilient to AI-related risks, with an emphasis on businesses that have long-standing, entrenched customer relationships."
___________________
(1) Commitments made for the direct origination portfolio.
(2) During the quarter ended December 31, 2025, direct origination revolver fundings totaled $37 million, direct origination revolver repayments totaled $26 million and Merx Aviation Finance, LLC repaid $7.5 million.
(3) The Company's net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.
(4) There can be no assurances that the Board will continue to declare a base dividend of $0.31 per share.
FINANCIAL HIGHLIGHTS
($ in billions, June March
except per share December September 30, 31, December
data) 31, 2025 30, 2025 2025 2025 31, 2024
--------- ---------- ------ ------ ---------
Total assets $ 3.32 $ 3.31 $ 3.46 $ 3.36 $ 3.19
Investment
portfolio (fair
value) $ 3.17 $ 3.18 $ 3.33 $ 3.19 $ 3.01
Debt outstanding $ 2.00 $ 1.92 $ 2.05 $ 1.94 $ 1.75
Net assets $ 1.31 $ 1.37 $ 1.38 $ 1.39 $ 1.40
Net asset value
per share $ 14.18 $ 14.66 $14.75 $14.93 $ 14.98
Debt-to-equity 1.53 x 1.40 x 1.49 1.39 1.25 x
ratio x x
Net leverage 1.45 x 1.35 x 1.44 1.31 1.16 x
ratio (1) x x
___________________
(1) The Company's net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.
PORTFOLIO AND INVESTMENT ACTIVITY
Three Months Ended Year Ended
December 31, December 31,
------------------ -------------------
(in millions)* 2025 2024 2025 2024
------- -------- -------- --------
Investments made
in portfolio
companies $ 193.6 $ 303.5 $1,274.6 $1,613.6
Investments sold (14.7) (82.9) (111.1) (271.5)
------ ------- ------- -------
Net activity
before repaid
investments 178.9 220.6 1,163.6 1,342.1
Investments
repaid (154.3) (226.9) (972.6) (657.5)
------ ------- ------- -------
Net investment
activity $ 24.6 $ (6.4) $ 191.0 $ 684.6
------ ------- ------- -------
Portfolio
companies, at
beginning of
period 246 250 233 152
Number of
investments in
new portfolio
companies 11 11 54 167
Number of exited
companies (10) (28) (40) (86)
------ ------- ------- -------
Portfolio
companies at end
of period 247 233 247 233
------ ------- ------- -------
Number of
investments in
existing
portfolio
companies 92 83 156 130
------ ------- ------- -------
___________________
(*) Totals may not foot due to rounding.
OPERATING RESULTS
Three Months Twelve Months
Ended December Ended December
31, 31,
---------------- -----------------
(in millions)* 2025 2024 2025 2024
------ ------- ------ --------
Net investment
income $ 36.0 $ 37.1 $142.0 $ 133.3
----- ------ ----- -------
Net realized and
change in
unrealized
gains (losses) (48.7) (13.0) (78.8) (34.5)
----- ------ ----- -------
Net increase in
net assets
resulting from
operations $(12.7) $ 24.1 $ 63.2 $ 98.8
----- ------ ----- -------
(per share)*
(1)
----- ------ ----- -------
Net investment
income on per
average share
basis $ 0.39 $ 0.40 $ 1.52 $ 1.71
----- ------ ----- -------
Net realized and
change in
unrealized gain
(loss) per
share (0.53) (0.14) (0.84) (0.44)
----- ------ ----- -------
Earnings per
share -- basic $(0.14) $ 0.26 $ 0.68 $ 1.27
----- ------ ----- -------
___________________
* Totals may not foot due to rounding.
(1) Based on the weighted average number of shares outstanding for the period presented.
SHARE REPURCHASE PROGRAM*
During the three months ended December 31, 2025, the Company repurchased 1,091,753 shares at a weighted average price per share of $11.81, inclusive of commissions, for a total cost of $12.9 million. This represents a discount of approximately 18% of the average net asset value per share for the three months ended December 31, 2025.
The Company has not repurchased any shares from January 1, 2026, through February 25, 2026.
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