MidCap Financial Q3 net investment income falls
MFIC•MidCap Financial reported Q3 net investment income of $0.34 per share, while NAV per share fell 3.8% due to credit-related weakness. The company suspended its share repurchase program and plans to suspend its dividend reinvestment plan soon.
1. Q3 results and outlook
MidCap Financial reported Q3 net investment income of $0.34 per share and said NAV per share fell 3.8% due to portfolio losses from credit-related weakness in a limited number of positions. The company also reported significant net repayments, including a large repayment from Merx, and has suspended its share repurchase program; it plans to suspend its dividend reinvestment plan soon. Ares Capital said in October it would acquire MidCap Financial in a stock-and-cash deal valued at $10.88 per share, and MidCap Financial expects to repay and terminate its credit facility upon closing.
