Private Credit Portfolio Analysis | MidCap Financial Investment Corp Reports Q1 2025 Results
- Editor
- May 12
- 2 min read
Whats New:
MidCap Financial Investment Corp reported its Q1 2025 financial results, showing growth in assets and long-term debt compared to the previous quarter. The fund's total assets increased to $3.36 billion as of March 31, 2025, up from $3.19 billion at the end of 2024. Long-term debt rose to $1.94 billion from $1.75 billion in the same period.
Portfolio Dynamics:
Total assets grew to $3.36 billion as of March 31, 2025, compared to $3.19 billion at the end of 2024.
Investments owned at fair value increased to $3.19 billion, up from $3.01 billion at the end of 2024.
Cash and cash equivalents rose to $83.70 million from $74.36 million at the end of 2024.
Investment Activity:
Receivable from investment sales decreased to $32.15 million from $57.20 million at the end of 2024.
Interest receivable increased to $25.35 million from $19.29 million at the end of 2024.
The fund reported $33,000 in derivative assets, up from zero at the end of 2024.
Capital Structure:
Long-term debt increased to $1.94 billion from $1.75 billion at the end of 2024.
Total liabilities grew to $1.96 billion from $1.79 billion at the end of 2024.
Net assets decreased slightly to $1.39 billion from $1.40 billion at the end of 2024.
Performance Profile:
Net asset value per share decreased to $14.93 as of March 31, 2025, compared to $14.98 at the end of 2024.
Retained earnings deficit increased to $1.26 billion from $1.25 billion at the end of 2024.
Additional paid-in capital decreased to $2.65 billion from $2.66 billion at the end of 2024.
Risk & Quality:
Performance-based incentive fees payable increased to $6.43 million from $5.34 million at the end of 2024.
Management fee payable decreased to $6.06 million from $6.25 million at the end of 2024.
Interest payable decreased to $9.40 million from $12.81 million at the end of 2024.
The Wrap:
MidCap Financial Investment Corp's Q1 2025 results show mixed performance with growth in total assets and investments at fair value, but a slight decrease in net assets and NAV per share. The fund increased its long-term debt, potentially to fund new investments. While the fund's asset base expanded, the increase in performance-based incentive fees payable and the growth in retained earnings deficit suggest challenges in generating consistent profits.
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