NAV Drops 3.2% on Credit Losses; Buyback Exhausted at $31.9M
MFIC is trading near its 52-week low of $9.34 (1.2% above the low).
Summary
MidCap Financial reported Q2 net investment income of $0.40 per share, up from $0.38, but NAV fell 3.2% to $13.37 due to credit-related losses in a few portfolio positions. The company fully exhausted its share repurchase program, buying 2.76 million shares at an average price of $11.58, which added $0.07 per share to NAV. A $0.31 quarterly dividend was declared, consistent with prior payouts. With the buyback exhausted and net leverage at 1.54x, capital allocation decisions now depend on market conditions and leverage levels.
At the time of this announcement, MFIC was trading at $9.45 on NASDAQ in the Finance sector, with a market capitalization of approximately $780.9M. The 52-week trading range was $9.34 to $13.34. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.