AINV - Earnings call transcript Q2 2022 | MidCap Financial Investment Corporation

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Operator

Good afternoon and welcome to Apollo Investment Corporation's Earnings Conference Call for period ended September 30, 2021. At this time, all participants have been placed in a listen-only mode. The call will be open for question-and-answer session following the speakers' prepared remarks. [Operator Instructions] I will now turn the call over to Elizabeth Besen, Investor Relations Manager for Apollo Investment Corporation.

Elizabeth Besen

Thank you, operator and thank you for everyone for joining us today.

are Chief Chief Hunt, Investment Officer. call Powell, Officer; Chief today's and President Officer; on Howard Executive Widra, Tanner Financial Speaking and Greg like and today's I'd everyone being are recorded. call advise to webcast that that that unauthorized prohibited. and note Investment is any any they of broadcast property Please Apollo the Corporation form in strictly are the about press this of release. available is Information call replay audio earnings in our call Harbor regarding like to your disclosure forward-looking our also the Safe attention I'd customary release in press information. to webcast forward-looking statements. and may call conference Today's include

as You apply and filings forward-looking website information Executive our our a SEC posted website, financial risks adversely visit to like To should statements do most the Officer, www.apolloic.com. the with like forward-looking to projections At also please to recent filings, any about Howard that the our We or refer to portfolio, company's law. to which obtain our at remind unless not call copies SEC on Chief turn for update we by undertake statements everyone well affect over that of that this we time, information the our make. contains financial business I'd to package Widra. our may performance. supplemental I'd required as

Howard Widra

quarter. followed and portfolio, morning by by I'll begin a providing for of thank today's Good Elizabeth. repositioning joining review Thanks, results call ongoing our an everybody you us the by progress today. update our on

greater discuss the review quality. and then Tanner detail. environment, Greg will quarter credit in provide activity financial my Following on the results our our update remarks, market review investment an for will

questions. the We call open for will then

portfolio strategy with presentation, our increasing on website. our leverage, repositioning, attachment to our of is our of evidenced credit lien believe and call, continue loans, our corporate execute be high capital higher we diversified as today's first exposure exposure will including During on and and interest update posted we quality what some by our rate to referring successfully to to to lower positions. which an lower a floating points, We've we portfolio of loans coverage. constructed the well senior junior on reducing improving corporate non-core slides investor be metrics, Beginning

Merx portfolio challenging this leasing company, aircraft navigated we believe our has successfully Regarding period.

AINV AINV result, lien Merx quarter. to in end the recent quarter a quarter earned two a one more December As the investments. of quarter to sold down September Post will second from of Repayments the during the income the result quarters. exit small in and which compared vessel, shipping included investments our MC, during pay

today. above quarter our to results quarterly income We for Moving $X.XX. of quarter market after investment for distribution our share, $X.XX of per $X.XX the closed September based reported the net

conference mentioned As on call. last our

We as by quarter to $XX.XX, of the stock value total ended our well resumed per corporate lending reflects insanity. a driven continues return or as incentive quarter. during feature we accretive our strong investment buybacks. the $X.XX Net share and lending perform which the the fees in with portfolio, up asset portfolio, well X.X%, fee impact full Given corporate performance of structure net of for our the income paying the quarter

loans. investment lien Regarding floating and XXX activity, billion the senior new X.X commitments platform, Apollo active very totaling which AINVs closing quarter. all first investment includes million, AINV direct was the new during were origination rates commitments corporate strong

target We leveraged focused solid our net X.XX this range. activity, to ratio grew of September, increasing AINV's our the right portfolio increased end at the our and earnings investment remain in middle of leverage Given on level power. times of

in our our Let portfolio. me and discuss the how upside we think earnings baseline about embedded

September interest continue Merx, income the capital quarter, $X.X recap to the we more structure receive the X.X of during First, the million as of last expect during quarter. and result we stability to recorder, million from see from than Merx a

Second, times, quarter. although for was good Average the for leverage projecting at baseline end the X.XX leverage quarter was net a X.XX the earnings of times going forward.

Third, million prepayment fee for income dollars and the quarter. totaled $X.X

fluctuate approximately prepayment income income sources $X.X we quarter-to-quarter, can fee these on to and of generate from million expect per average. of Although quarter

As in the quarters, $X MC dividend totaled million and June a quarter, a earn income approximately expect although fee September million X.X and an prepayment illustration, and $X million March million XXXX X.X earned Conversely, respectively. to we from XXXX would of Taking these on that forward, items we From going a per with near-term. consistent grow are approximately a on level baseline, focusing earnings are average aggregate number the we produce of in to baseline items a periods. share. $X.XX prior in $X.XX there during

First, non-generating income. to non-core are cash incremental that proceeds generate we the our from assets of continue portion

on For in the million in producing per significant we executing quarters. generate investment from generated regard, very coming cash annual income, $XXX,XXX can $X.X are focused assets, we these approximately process generate every more $XX quarter each approximately we share. cash coming and this have -- some of the of net non-income progress In incremental or

make payment Second, a recently Merx on generated to quarter is this adjusted number level XX% over X%. we as continue return a years. COVID, of approximately Merx. Prior to progress average with The current

return improving or Although completely, and by Merx gross cash believe same structure. increasing improve capital the close expect the return gap the by dollar return do to either we reducing that don't we with we this the can capital

on Chiron. monetizing continue and we underlying focus assets, to specifically Spotted Hawk, MC Third, dynamic,

the an when annual million and to hope moderately approximately together above And investment earnings provide Taken only a they We generating believe account net to to continue of earnings, opportunities for euro million become baseline. obviously We income. assets assets baseline stock buybacks both but and occur, our value on EPS. million price provide when annual infrequent, more-and-more these others support to accretive the of to these to $X value, and that dictates. we additional generate and accretive $XX items the last to are our path buyback are fair the approximate redeploying book of also these those $XXX $X few income, a generate incremental yield

a intend Turning the distribution XXXX, supplemental on to record has a shareholders board the share, our XXXX. $X.X distributions share, to X as for per we December remind distribution a to payable everyone to activity. that Tanner, and per of I'd discuss a January as distribution previously, base per are quarter. market XX and of quarter, on that, declared turn distribution like our at both of indicated $X.XX quarterly over will $X.X for the call least share I based quarterly we've to distribution to the environment declare a With supplemental of and one investment more $X.XX per share,

Tanner Powell

broader positive the mostly of economy. rollout beginning the the with Thanks, remains Howard, and market environment, vaccine with the continued of the the reopening sentiment market

While periods higher and the due our to post-pandemic larger volatility. labor supply providers and credit loan could for opportunities, recovery make the create buy chain as continues, competition business, syndicated particularly, problems, private attractive prices to as market market Specific commitments. for shortages of new middle loans increasingly private concerns intense, about inflation providers remains energy credit

a As increasingly through borrower see That continue covenants terms private credit. becoming to we friendly. said, more and are result, companies financed

points, the and commitments us X% an revolvers. XX lender $XXX exposure quarter of million, Consistent X% activity, four XXX $XX.X market the leverage including were XX% and Sales across weighted for to a of Moving $XXX quarter aggregate life our to for totaled million enabled to investment $XXX revolvers average based new of a with fundings reduce X% basis lending totaled to the $XX weighted repayments totaled the $XX new repayments commitments finance, The our revolvers. new continue the million, in sciences. were net all second exit fundings positions. average asset Net excluding two loans to first the and commitment new liens, for co-investment liens, made of corporate companies were million, quarter our total for spread lending, leveraged quarter, strength commitments average included X.X XX% strategy, lien pursuant million second during of rate the net with of and times excluding order. $XXX floating were million, fundings billion. full Gross AINV’s in

grow sheets of the traffic level percentage growing lifting finance their investment, restrictions. air improving, optimistic Merx has increasingly continue aircraft balance demand important revenue to market has assets. the significant to the look environment lease an will our vaccine of be fleet to fleet, US. in the pandemic. travel operating as Specific The world appears to our of third-party to successfully and Moving be the Furthermore, air the at rollout and The the for generated disruption as we to COVID-XX continue airlines will leasing with particularly the believe Merx. that stabilized. caused by from navigated mentioned, Howard will of traffic overall We're ongoing

airlines have through have to exposure We that restructurings. worked undergone our

the time. during growing long aircraft has or benefit a And business servicing continues Merx been We leases to remarket have able to in increased with term which over value period from sales.

long Merx, we quarter, stabilization Merx due extensions, to Merx equity of Given term during income releasing quarter sales. lease more on or Merx the remarketing received are $X.X million million of from via into September and during to $X.X quarter. come AINV than leases Howard as airlines last that $X.X on the focused million remains mentioned, off other with aircraft debt, lessees of existing recast the interest at

September signed sold aircraft. lease quarter, and the Merx for six aircraft extensions two During

The seeking platform on maturity To grow will Merx body major which favorably lessors primarily believe diversification. has lessee not markets. aircraft, seek of for in Our Merx’s fleet widely well clear, of is towards existing and to and aircraft staggered. to portfolio, its is fleet geography, deploy and US Merx's Merx’s with narrow opportunistically aviation demand lease anticipated consists terms focused continue Apollo skewed materially We maturity the means be balance asset, is portfolio. of its schedule types serving age, resilient. used foreign to is most both Merx’s compares be sheet other capital. portfolio to portfolio

by in of as platform will exclusive nurture growth aircraft the for Apollo However, Merx owned servicer aviation funds. benefit other Apollo the the overall

$X.XX of of Turning X%. the September with across the core XXX ended our quarter to value representing industries. portfolio assets billion and non-core portfolio, in portfolio end the fair investment representing a at of We the different had XX XX% assets companies AINV overall

basis represented portfolio weighted average end net spread XX% the the lending XXX quarter. the of was portfolio of XX% lending assets Firstly, September, the At up last corporate corporate points. on from

floating our above average well the rate on current floor investment a As weighted X%, today's reminder, approximately LIBOR. is LIBOR

reposition last portfolio. weighted ongoing As Howard of X.X the The times times The credit attachment net average point X.XX mentioned, as in portfolio to declined average from lending our leverage X.X times see corporate down times weighted quarter. to metrics, from X.X continue quarter. improvement declined we last we the down

average clear are The last have the these improvement three just end Investments portfolio. interest represents investment improved coverage of compared to senior, portfolio not quality quarter. the a lending our is point which our in times the much of attachment quarter. XX% weighted at of portfolio low but order points. indication to deeper X.X several lending loans, metrics, attachment last quarters from our made the corporate as demonstrate seniority co-investment pursuant to of up improved Our quarter, The over times, the but corporate this the of classified clearly

Although, over remains our of strong. portfolio quality all

non-accrual position and Chapter second an Our brands The Brands filed of in licenses, and Brands liquidation orderly August owns in portfolio XX active seeking brands lifestyle this is on the the in portfolio. status during quarter. a for lien Sequential and the managers of in bankruptcy consumer Sequential categories. was company placed

XX the XX to end resolution Our process the The the was end the of end at September September liquidation of totaled reflects second end lien at value. of million, X.X% of September compared position the and of the the at June. at At December mark our $XX is occur on current the at total or to portfolio status fair position, of non-accrual investments expected in quarter. which marked

converted were quarter tranche completed During B lien second its Hawk the the third our by not Both non-accrual these Greg now quarter. financial of I our restructuring. status. discuss positions performance With who of The to valuation was position was balance to will call previously impacted that, equity lien on Hawk the cancelled. over sheet position in was tranche Spotted restructuring the for turn Spotted investment this in of our A will

Greg Hunt

to $X our below larger $XX.X offset and Thank reflecting one well Prepayment afternoon down investment and and income a from million increase million Merx, interest million quarter, higher of an income the million by was income X.X% average up as you, attributable dividend prepayment compared everyone. quarter-over-quarter, from fee $X.X shipping quarter, last increase income of income statement million last good interest MC normal quarter-over-quarter from was Dividend with for partially Beginning income in earnings AINV levels. $X.X portfolio. a $X.X which of operations. by decline The a higher to the is dividend Tanner, as in million income. quarter. Total The quarter, was was was investment investments. driven income $XXX,XXX, for $X.X higher

expense. corporate fee As of quarter. quarter $X.X lien prepayment Expenses quarter-over-quarter, on Howard weighted portfolio average points. September, spread our spread $X.X the last of and yield expect fluctuate average as AINV ended and December we for of fee Decline shift since XXX the our income to and million second The quarter end XXXX. portfolio X.X% incentive at million, million increase yield portfolio of any approximately X.X% from Prior interest income not quarter-over-quarter, but $XX.X lending quarter of into and away driven over the had weighted mentioned, first to lending incentive the paid XXX per reflects higher well fee were in was as continued basis cost quarter, points to investments. lien slightly average. basis the can corporate investments September from The generate an declined the from buyer fee down prepayment

As includes a with on a hurdle a return fee rolling XX back. look AINV’s total incentive quarter income reminder,

the Given of requirement the total incentives the losses our look during incentive period, shareholders. return reversal closely with interest of the full during manager of XX% aligns manager quarter. the the earned The our a unrealized back

increase aircraft this the leasing fund is to in slight Apollo only a equal Apollo's a growth benefits addition, does by from in is during portfolio, interest the aircraft offset for sea an Apollo well connection commercial as earned income including The glow, increase AINV direct costs. funding XX% servicing from from our reflects fees assets of quarter, Not our which both flagship Global fund, In which receive in as received fund. fee navigator offset one managing merch Apollo's with navigator. in expense aviation in AINV the

July, five funding weighted in from of we our drove a to unsecured As quarter quarter. X.X% million which notes, reminder, over year cost in of issued the increase X.XX% $XXX average X.X%

XX increase Importantly, debt was quarter. times, XX% September, from our quarter average the earnings times. share was outstanding X.XX at times Net the net unsecured of net gains the at the for end losses at per investment quarter in end And past September to the over Net the up disclose debt of end $X.XX. last by income up supplement, or June. XX% the from X.X leverage our was X.XX On the for we of of page September strategy leverage quarters. five X.XX September --

As Howard lending perform well. corporate to portfolio mentioned, continues our

a per offset The September by partially and legacy on investments, the or assets. a $X.X on gas and losses and core net or gain had million in by million non renewables legacy core corporate of or lending, oil on gain quarter partially per legacy on $X.XX We’re $X.XX share investments. shipping net portfolio reflects and non loss assets $X carbon-free share offset

in an chemical in in carbon-free, the at distribution our investment benefiting storage cents $XX.XX, increase by for per company's per $X.XX is strong the $X.XX and broader of during to acceptance a income. as reminder, by investment We $X.XX buybacks ESG demonstrate attributable which interest partnerships quarter-over-quarter. investment share plant. of The this and evidenced end portfolio, share technology. from the offset NAV of from excess the its $X.XX a gain was consists capture September proprietary in net the as the a market leader announced an trends. partially three on capture, quarter, part of company's is carbon technologies a believe as Carbon-free is investment carbon-free carbon carbon-free in space, utilization Regarding from

our the position given to and portfolio liquidity continued improvement strengthen. our continues unsecured issuance, recent of liquidity, the Regarding in quality debt investment our

an XXX,XXX Moving total and authorized at has quarter, remarks open price million shares to our -- for million, shares at additional million. authorization. the purchased of questions. price of stock for of a please total current future concludes an operator, of buybacks, during AINV the the cost purchased cost Board's leaving for call a $XX.X to XXX,XXX purchases the quarter $X.X the AINV average of This $XX.XX average $X.X under Since at $XX.XX an end authorization

Operator

Instructions] first [Operator Kyle today take Joseph Jefferies. we'll And our with from question

Your line open. is

Kyle Joseph

question. taking afternoon. good Hey, Thanks for my

non-accrual, want Just Hawk the moving sure on Spotted off in was make the non-accruals? to parts sequential and was of that so I got came only movement added, terms

Howard Widra

Yes, yes.

Kyle Joseph

through as you're at then what's the -- are point, at this and not we're about guys point, biggest this thinking wage kind And thinking as capital? pandemic you but inflationary you're about there's of credit risk obviously, pressures, economically how some the pressures deploying obviously,

Howard Widra

mean, performance but so through go, you, nowhere of sort shows if And right? pressure, great, of you part to been of you chains terrific, right, like I things there, from mentioned, so there's right? means, constraints. sort has down of in wage Well, And think that's corporate portfolio, debt also cycles, the now, but right and a inflation, the supply -- that, few it that like

so, And the is an granularity over of obviously, talked as defense time, about to extended that like, period best sort and we've diversity. of

is like the itself risk is and capital feel and sort of market a always of with structure means like the the that to supply them be don't it's not risks Again, so So, is and wide aggressive humility. individual a we've able key of combination we chain retain and expose might why of you relatively borrowers But like as across in comfortable selective said our portfolio. your where market, the of have products, -- -- tremendous diversity in and like as these affect you can and a be how to not aspects looking it's market of that have a funnel, constraints that portfolio, which to combined pressures all for concern. in to have one any everyone debt in these a And be they we're, very the are a of, this. that's course, example, very at of impact you of that's sort

So, I you you of very come a that your like minute. can potentially benign could way. I know all answer, see really environment didn't that's but things specific this sorts But give a it's

at So, look very we the see portfolio we how construction credits, they try risks absorb. take see And -- we can then take out specific on a individual very seriously. coming to to

Kyle Joseph

about One very for for don't a Repayments your give are active me. what of I was for in-- a of remainder not helpful. just you it. You markets lower how have -- trending the guys, Appreciate term, it say, follow-up you feared over Repayments been, how it's been better what the I for Got, predict have to know just --what's see but -- your know, but talked debt lack the I thoughts? hard are year? than sense

Howard Widra

Yeah, of were Right. I first quarter high. the mean, in repayments year really the

-- And just hanging medium it this the that so new quarter. seemed high you saw low sort and you that saw had fee you our -- of of was so sort issuance all fruit everywhere, and we as like that mentioned, saw repayments and income on dissipated of to of yet, we sort

was sense major There a behaviors September change repayments. normalized the that it to was was in in going think return was -- tax would some I of, in to the December I levels know, it thinking you back think some sales. year coming to a you'll that real drive return sort of but see of people the levels a maybe the beginning so that drive quarter there not of

business So drive and payoffs. new

and the changes changed drives that's by of year focus the activity. sort people's always end obviously of a bunch think of I some still some

repayment on side So the in side. new that's deal the both

pick will, I So think back normalized up will the it in to levels think fourth quarter. it I

Greg Hunt

of because some it comments, bit despite there solution, debt hazard maybe I can for record our would of graduating, that takeaways are of the result, on players and incumbency, that you specifically less active as private a the the volume do companies. that still is heavy companies see drum -- and and M&A autocorrelation same. private within are and want institution, less credit type Yeah, companies and space, add you guess If a the our seemed the the I of more And pipelines this to others little I why M&A of within would delay of type a draws Kyle goes to overall own maybe kind Howard's need in our those know across which power we to companies their the same? beat one

less longer the names the we're maybe margin, a assets. see really, the the duration and hot. leave What as happening, that past, really market syndicated our leave market And Howard You in well. on what less go? syndicated but have markets saying -- seeing and would perhaps on would that overall, on -- the little that's would our go what it you and to was graduate of margin, might And seen maybe a those bit as

Kyle Joseph

for color. answering questions. the Appreciate Thanks my

Operator

And we next with will Melissa move JPMorgan. Wedel to

Your line is open.

Melissa Wedel

curious how you amongst the about Appreciate dividends. taking my conversation in management question. context of I'm you. or the fee team and not any board really, the covering there's NII waivers been any whether Thank

Howard Widra

been hopefully, a on like or very a is earnings I focused establishing like with long-term with thing of sort board power. same we've certainty the focused effectively of, tight these is on we've calls mean, the band what

and the major is go basically take think, up. to up, deliver the account set that know, And return that's we all obviously, know, that So BDCs manager, what I has we And expense sort then and the investors how tried have. to for through of, on set the fees. you once that that into you

what right the our now, deliver can know sometimes and appropriate foreground is in the -- we what think what's how can on, it's answer and So assess given it's we we where deliver, but you there is, then let's there in let's, yield the portfolio sometimes always the background, is.

Melissa Wedel

sort we assets point, baseline power the and earning that a can boost of you've areas where rotate talked One of portfolio. of you follow-up sort believe on about the Okay. some few

rotation things assessing control. be they portfolio the how the that you Can through that the can within Thanks much. it's not of always for that recognize of the you're timeline managers' and is uncertain entirely timing us rotation? One talk

Howard Widra

Yeah. it Right aggressively. very We're approaching now.

We portfolio the because we a of sort time is welcoming, that And both shine, some like a working but very tailwinds these because very now did number, sort and some we sort will. if down. whatever so have market dribs about long over past year you have portfolio or investments been drabs from XX and steady of And high talked focused the it's months. its is positive on strong corporate the of to there's feel of and that it needs to we're opportunity

answer the any so of not core what with have do our goes strategic all the yield we've fully all say really Malissa done happen done delivering We're some positions. something of year of thought It's looks And what meaning of and is, focused depend monetizes story going Well, them. portfolio next have to like, strategic, positions each noise. actually, be sort happen we we're of we as it's without them this some what think appropriate we is can got what fees fees. tell And to -- of the or the to level that very of within each of partially and that the and the that the pathway is solid clean at illiquid your hopefully the definitively and other something sort next what's sort very think for look but whether you're with on like to there sort you right, that that completed, linearly, what do we fees the But to to So a shareholders. does. to the -- can't question. other always it's illiquid how like, on will well, able I focused will quarter,

And the earn of and these to return. so them make sort NAV right we investments need the of prove

Melissa Wedel

Thank you.

Operator

go Raymond Instructions] to Robert with James. [Operator Dodd We will next

open. Your line is

Robert Dodd

would obviously, that into forward your and equity can. of I reallocated, kind ROIC remaining On more mean, over the of to to rotate debt or Merx, to stay you dividend Merx the might obviously, excess you you the the talked essentially same the could the cash prefer cash would mean, I income reduce do be Merx afternoon. to interest about it should just preference I committed Good and that, expect or the some this Thanks. the income? dividend from convert maybe flow be as debt going that collect total margin, the if would at flow capital move amount And equity income, up you that get or of way, from and could it earnings well. we equity to to

Howard Widra

Yeah. Thanks, complexity there's Robert. And Thanks for some the appreciate question. Thanks. here.

what it a you investment least bit and investment of or our business. makes it on As as a question, I acknowledged, as is And complex the less away in reminder, a at be more margin, predictability, this characterization is little our debt, the takes asked creates as the Robert, preference would investment complex. it to it characterize

debt. would do prefer on to to so as margin, the we And it characterise

extent us we as well, it be You could to we do the obviously only this know, I also it. hopefully, we that would would the confidence that you would and doing that expect would to state support that had

the know, that the that within balanced So counter would or be obviously that process how management decision-making team. you the to we

Robert Dodd

Understood, can. that. appreciate I One if I more

that obviously, Apollo's now Do be presume, pool plan you solutions platform, the AINV, it. obviously, available, but I launch, product the any sizes impact which target co-invest. the the the is, mean, launch to even large a about a of year would I from could product would think bite on behind capital available corporate of that got have BDC? to lending debt On or that's you or where say, that not have product now think do for necessarily the

Howard Widra

I No. things. no, But Good question. two say

of sort of where vehicle proprietary that seen sort $X of billion $X.X do of core market know, large – like of they whatever that origination other origination, portion potentially of which billion, is overlap doing base you and with that smaller of with – our is done, First origination, then you Apollo to and take the, those all, in know, the of of bespoke strategy vehicle portion sort that that, the a to really you've some deals, large origination. what deals, sort we're a do and

a in we expect but will that everybody to amount be they're we aligned so, in co-investing. feel effort. for The expect scale. the like there that deals be unless overall the co know, is know, same our raise to So, don't to strategy token, origination know, Because, we By our with to part and investing, should take our fact us, vehicle particularly, of do not you else huge you helpful will, you their what overall having originating market, is, capital key grow like some

quite have to permanent able need why appetite the need on capital capital, and that because but spectrum, originate, appetite there's we always for strategy with deals race more, arms has of bit vehicle having the deals. deals larger our know, also more are that to bigger end the their those it's – like you has obviously, fits actually is because of you where an it scale, like We that's and like so a we're this a

bite because cut expect full not deals, all to size get and doesn't so, not so AINV’s we these it do its size we affect that's on And would bite it AINV’s – back. gets

so having You more asset. always and It's capital about enough. is the know, there’s it's than it – always always it's –

expect don't it. we So

to start those of to a vehicle, $XX lot my it's Now, you if a that does billion, change answer would billion vehicle a large maybe. became But going of only $XX become a deals anyway. lot it know,

So hopefully question. the that answers

Robert Dodd

appreciate It Howard. that Thank does. you. I

Operator

I'll further to for closing no the And time, any I'm back have remarks. showing questions. that call this we turn management At

Howard Widra

today. for we And with feel everybody to signing you want reach thanks, out any have. questions And again to free for you. listening Thank on thank and Great. you Thanks.

Operator

This for participation. Thank conclude today's does program. you your

disconnect You may at any time.

MidCap Financial Investment (MFIC) 5 Nov 212022 Q2 Earnings call transcript