BDC Quick Recap: MidCap Financial Investment Corp. (MFIC)
BDC Quick Recap: MidCap Financial Investment Corp. (MFIC) as of March 31st, 2023
MidCap Financial Investment Corp. (MFIC) filed its earnings yesterday and data was available in SOLVE’s BDC workstation within minutes. Here is a quick recap of the credit stats for MidCap Financial Investment Corp. (MFIC) for the three-month period ended March 31st, 2023.
Portfolio Stats
| FMV | $2.45M |
| # of Investments | 309 |
| Total unused commitments to extend financing | $363.8M |
| Portfolio Companies | 167 |
Portfolio Composition
| First Lien | 80.00% |
| Second Lien | 3.10% |
| Equity and Other | 16.90% |
Source: SOLVE Fixed Income, MidCap Financial Investment Corp. (MFIC)
Portfolio Credit Quality
| Non-Accruals Cost | $25.8M |
| # of Non-Accruals | 5 |
| # of Portfolio at Cost | 0.90% |
| New Non-Accruals | N/A |
Source: SOLVE Fixed Income, MidCap Financial Investment Corp. (MFIC)
Select New Originations
| Company | Investment Type | Industry | Cost | Maturity | Coupon |
|---|---|---|---|---|---|
| Litify LLC | First Lien Secured Debt | High Tech Industries | $11.3M | 2/3/2029 | S+725 |
| Pavement Partners Interco LLC | First Lien Secured Debt | Construction & Building | $9.8M | 2/7/2028 | S+675 |
| Cave Enterprises Operations LLC | First Lien Secured Debt | Hotel, Gaming, Leisure, Restaurants | $8.5M | 8/9/2028 | S+650 |
Source: SOLVE Fixed Income, MidCap Financial Investment Corp. (MFIC)
Exits & Sales
| Company | Investment Type | Industry | Net Proceeds | Maturity | Coupon |
|---|---|---|---|---|---|
| Erickson Inc | First Lien Secured Debt-Revolver | Aerospace & Defense | $13.7M | 5/20/2024 | S+800 |
| Liqui-Box Holdings Inc | First Lien Secured Debt-Revolver | Consumer Goods – Durable | $1.8M | 2/26/2025 | L+450 |
Source: SOLVE Fixed Income, MidCap Financial Investment Corp. (MFIC)
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