Earnings call transcript Q2 2023

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Operator

Good afternoon, and welcome to the earnings conference call for the period ended June 30, 2023 for MidCap Financial Investment Corporation. At this time, all participants have been placed in a listen-only mode. The call will be open for a 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 MidCap Financial Investment Corporation. ma'am. ahead, go Please

Elizabeth Besen

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

Howard as on Powell, the available Greg the President; Officer. Tanner call management Hunt, call. Q&A Executive Executive Financial Speaking the are for McNulty, team Chief are today's call members as well additional Officer; on Ted Chief portion Widra, of today's Chairman, and and of

MidCap being Financial that prohibited. recorded. advise replay Corporation, form like everyone today's the available call is property webcast any are to our this of any of note Please Information that press are Investment that and audio in unauthorized release. they I'd and call in about broadcast the strictly is

our press regarding Today's to webcast include call information. also may release and your conference like statements. the call in customary forward-looking to forward-looking I'd disclosure attention safe harbor

You SEC to projections to and forward-looking by the To not We copies recent for our obtain site unless law. filings may do filings, risks statements adversely should with business our SEC at statements or to our any our forward-looking Web our visit affect make. www.midcapfinancialic.com. that apply refer please required most we update of that undertake

information the in site, MFIC to portfolio we remind refer either MidCap Financial MidCap on to we also today's we refer the Throughout supplemental call, as well I'd which to Financial and the Corporation lender or Web will company's Bethesda, to like posted as will a our contains financial headquartered as information everyone Investment the that package BDC, about use financial Maryland. performance.

Chief Executive turn the to over Officer, I'd our time, to this like At Tanner Powell. call

Tanner Powell

you begin and by current environment. Good results the highlighting call I us quarter, our Elizabeth. today. joining afternoon, the for Thank June on everyone, provide our for and then thoughts will thank you, will

Ted an investment on and my provide Following will also update activity quality. cover our portfolio, we'll and credit remarks,

financial Greg in Lastly, will detail. results review our

questions. call We open to the will then

income performance and per pleased increase given strong for dividend, the on investment to value results, as quality. quarter June our a floating the of rates base with credit rate June $X.XX, current are our continue our $X.XX the see net share, we assets. Net for well the investment higher stable per with Beginning our asset very above benefit share slight we net income, quarter was in

when in are these dividend, We At accretion prepayment particularly from stable income. includes March, in NAV relatively an a transaction credit $X.XX of buybacks. end per of June, pleased $XX.XX, resulted excess of with environment stock of the $X.XX results from which the muted considering share end reflects quality, earnings the and was increase which share per below-normal approximately

we portfolio. report stable We are credit continue to pleased quality observe that relatively in to our

most (ph) to that higher challenging able portfolio of portfolio to periods. our costs, their seeing are handle companies We [reconstruct] interest are withstand

lending our on largely primarily of end a At reminder, robust or had portfolio, basis XX% value well other lien basis of top-of-the-capital-structure covenants. lending portfolio cost is June, XX% corporate and makes be to and first consider we our fair of industry, and diversified covenants. the financial a or up consists debt a is borrower documentation on financial As and which XX% more by what corporate our has sponsor-backed, portfolio, loans of one

update brief a give me let Next, on Merx.

previously, reducing discussed Merx. on As are we in investment our focused

pay-down and to expect trade don't in servicing debit for should pay-downs Merx. third-party equity and While level debt we sales occur of evenly, investment and the we allow believe MFIC's income aircraft

in June, million, portfolio quarter, during portfolio totaled revolver. any value. the Merx $X.X did At Merx to which Although its aircraft of approximately of our fair total the our in June MFIC, repaid million X% the $XXX sell was applied Merx representing not investment to end

the from bolt-on we were recession. sponsors, activity Against the financing saw the progressed about interest those middle new still quarter environment, regional banking fears slow pursued the despite add-on and market ongoing volumes this as see to in that We higher about volatility heightened concerns rates, the partially solutions subsided market. by inflation, now crisis driven backdrop, issue the Turning acquisitions. stemming in particularly private primarily quarter offset focused slower on M&A financial credit market, sponsors as activity seeking the first by

lender-friendly seeing compared commitments on We although the continue plateau. are pace pricing new to observe of we prior vintages, more terms to increases and

we an of of represents of A per of XX% will XXXX. Board on dividend as We portfolio to dividend share dividend dividend $X.XX to of continue XX, September Directors declared current base of Moving net normalized the rate September XXXX, above to environment. of yield the record this a excess XX, income At shareholders investment in current level. generate $X.XX our our earn annualized believe rates, on dividend, a NAV. are to well-positioned payable dividend

Our Board potential and management increases team to earnings. versus continue dividend retaining evaluate

over Ted. call to I that, turn With the will

Ted McNulty

activity, and MFIC opportunities. Beginning a reminder, a with on investment Financial, investing by largest teams in lending the leading close Thank loans Apollo Financial with professionals. XXX direct investment of U.S., everyone. focused which as afternoon, to the Global, investment a of of is MidCap you, provides good is one pipeline large with with lender affiliate in MidCap Tanner, sourced MFIC an middle market

existing the made we for first approximately active new $X.X borrowers lending commitments. $X.X Specific to new billion of was of corporate different as million borrower. $XX June across totaled to companies. MFIC, an diversification emphasize lien, the during commitments average investment closing million, commitment XX financial in quarter commitments continue XX% during portfolio MidCap by quarter, to new were all new

levels on approximately We spread points, average an leverage was commitments newly with continue average new weighted XXX at OID The XXX lower originated to points. of basis loans. favorable for basis observe pricing

weighted approximately rates. The times. This translates leverage average commitments new attractive weighted based was of a into very current on base average XX.X% of net yield X.X

in activity rates activity. net million. of million. and a totaled terms totaled interest totaled revolvers Merx lack million for Higher $XX gross totaled fundings $X.X portfolio slowdown $XX the lending the million. quarter repayments investment deal funded aggregate, In of activity, excluding In Tanner a to fundings for for new and repayment we revolver funding Net million. corporate $XX received And mentioned. also a Sales as $XX led pay-down

our had fair investment the for a portfolio our lending Corporate of other accounted XX% at to invested portfolio value the $X.XX total represented XX% value basis. fair of companies of first the portfolio, investment corporate a and different and total billion, was on portfolio, of XX industries. Turning our end June, portfolio lien. was X% XXX Merx across in and lending of

of and X.XX weighted these stable net times were times quality. and conservative we prior have attachment corporate Both flat of be of leverage portfolio's credit which respectively. to continue to We average another loans our to metrics indication consider the on compared our X.X quarter,

lending At and MFIC other market funded corporate on the with is lending focused the a strong, lending $XX.X was where the Financial position X.X% relationships average core of June, across and corporate million, proven middle record track portfolio. or sponsors MidCap end and the total borrowers, of to approximately cycles. long-standing has

or with attractive portfolio As market. of million. of either high-yield the the believe EBITDA and market does compete syndicated end directly was market lending of not middle cycles, the core We June, opportunities the the broadly companies across loan investment offers the MFIC's $XX approximately median corporate

the XXX average quarter. by base yield last compared an end an quarter, average end of beginning March. portfolio June These yield At to to the up quarter, average the at figures rates. driven end quarter. points, cost of weighted our basis basis of of lending increase in corporate of from lending at and was corporate XX.X% the The was June, last compared the XX.X% cost for the The are XX.X% on was corporate the spread of the average XX.X%, yield the across one portfolio points portfolio up at lending weighted

and credit quality, observed breaches of or pickup performance companies in line deceleration weakness, We're not meaningful any revenue in solid have signs and our net capabilities. our and quality loss MidCap low MidCap on basis seen covenant at is a We've activity. seeing upon order. margin sourced extremely one and approximate credit We of approximately since began annualized to benefited EBITDA portfolio strong rate although the Turning have we co-investment increase some in top which pressure. to not a from continue Based a realized positive growth by data growth. point. mid-XXXX, sourcing with date unrealized amendment which Financial we underwriting loans has our on utilizing fundamental is MFIC's believe Financial's overall credit

leverage the The times, prior companies weighted of was in average unchanged portfolio quarter. net to corporate compared X.XX lending the our

leverage net new X.X well portfolio average. the on times, As below was commitments mentioned, the

these to X.X we liquidity have increased current are as Moving performing situations the which the stress-test June would we that from X.X, monitoring was the last strong or businesses PIK underscore to four ratio underlying one in In XX coverage quarter are have times. last times coverage, interest interest We are scenario. want below rates, to weighted the times we income quarters, coming companies coverage quarter, to coverage. be X.X not X.X believe create compared interest manageable interest with If we well. utilize average companies base either that closely times these down

nearly benefits investment identify dedicated professionals, MidCap management issues MFIC team helps of which from and portfolio XX Financial's address Importantly, large, early.

that deals, agent also administrative meaningful Financial downside leads which the our MidCap is note majority provides and important as of It to on serves protection.

resolving flow, which with dialogue as credits to allows are issues problem enhanced As proactive the agent, us have in be active in we and information arise. borrowers

monitoring are any We needs. so of help we and identify any risk their borrowers can them work that to to meet issues address maturities liquidity early, near-term also with potential repayment proactively

the As are funds believe part we to an of acquisition more mindful likely of greater making investment and we businesses support duration. remaining specifics our on with process, are as sponsors

status totaled value. to levels were portfolio of at non-accrual of on million June, the continue non-accruals. No At the $X.X placed non-accrual have investments total end fair investments on status of the very quarter. or We low X.X% during

With turn Greg financial results that, in to over I our will detail. to discuss the call now

Greg Hunt

to our benefit interest income assets approximately improved compared Prepayment Thank floating as quarter. was approximately $XXX,XXX, quarter. approximately income Prepayment income due million good from PIK to higher Beginning the investment compared and remained income million net prior quarter. to result, everyone. with activity. Ted, quarter, to $X.XX, total we June last was our net low, the to base income was continue prepayment quarter. Fee quarter-over-quarter share declined quarter X.X% compared the investment million for rates last margin. declined you, income per for financial June income the representing Fee very of afternoon, rate and lower $X.X for $X.X $X on also

share $X.XX. net for above investment net net loss reflects per income end per at per $XX.XX, GAAP end approximately from quarter of $X.XX is $X.XX of since stock the portfolio, $X.XX $X.XX, $X.XX an the increase buybacks. of June share increase $X.XX accretion income was and on the NAV of was The share the dividend, June. the $X.XX which

on Additional on details earnings are unrealized on net page losses XX and shown gains supplement. the

for up totaled the primarily higher Gross quarter, flat million, quarter to management compared million, essentially Total last $X.X million the interest expenses $XX.X fees due expense. quarter-over-quarter. were to $X.X

on million MFIC's value. X.XX on BDC equity, Among fees fee for only of to lowest, BDCs, As charge on to fee management we which Gross are and focus the we equity, reduced base believe alignment greater beginning net quarter. is a provides fees the January management reminder, the asset was $X.X MFIC's XXXX. totaled and incentive a listed management

is fee our on listed structure with shareholders. best rolling provides strong a amongst the a return with alignment interest XX-quarter and our XX.X%, and look-back. hurdle reminder, of is total incentive BDCs, includes class in We our a believe As fee income

the income an net on investment net on generated of an XX.X%. XX.X%, income For based ROE annualized we ROE and annual based quarter, of

net stood Moving on, from balance at the June. our times end X.X perspective, leverage at of a sheet

maturity April, revolving XXXX. highlighted quarter, secured we April, over last the facility senior extend by years, pleased As two credit of to to our in were

affirmed our June. We investment-grade Kroll in also are rating pleased that

the approximately share. we stock, NAV which had $X.X on million accretive repurchased quarter, During a per impact $X.XX of

This prepared up concludes the remarks, our questions. operator. call for open And please

Operator

Cyganovich Our with Citi. comes Arren [Operator first question Instructions] from sir. Yes,

Arren Cyganovich

just any right bit so now, of conversations relative, just Thanks. are increasing in you know you equity we seeing general, today? I your talk but August terms kind activity? a in are of of better how terms since with type loosening lender-friendly seasonal slowdown up have little it's imagine Maybe about a some I sponsors happening, now,

Tanner Powell

Arren. question, the for Thanks Sure.

in I'll So, two try handle in aspects. of to it -- terms

low activity, to, notwithstanding relates is what in doldrums base. seeing primarily As which in it relatively from August; tick overall terms at, off your question we a getting is summer are think modest encounter inevitably earlier of I in which year of the the up we

came greater that LBO out Bain I from think said is Capital quarter. that We're a that a LBO the uptick down sponsors. seeing and willingness to a was in modest there XX% engage Report volume second

sponsors trying moving of healthy our we and/or The to strategic things in support ways terms add-on underlying second has the relates that to aspect very if the of this do by expectations conversation is very are are acquisitions. a the they're And environment, in where either been particular, very, [indiscernible] something multiples will, to to in And of see from level And that you of and of for companies continue continued and sideways. shows one completing counter type electing support of dialogue try sponsors spread, healthy, the equity borrowers. of sponsors.

Arren Cyganovich

Thank you.

Operator

with comes question from next Our Kyle Joseph Jefferies.

Kyle Joseph

Hey, good for taking questions. afternoon. Thanks my

I of how Ted, you you a more there. (ph)? is expanding. yield, expect of obviously it's lender-friendly of within] mentioned portfolio environment kind still much the and is much How know [spread on that rate base it out Just

Tanner Powell

Kyle. Yes, thanks,

is spread, In notwithstanding and In over downdraft be more lenders, you the which a credit the backdrop, it OID to getting there. deployed reflects of credit which share help of environment we we've M&A service is a the just for disproportionate to it spread of that's let's quarters, continues private to terms private M&A, a number And that able attractive talk seen very at quarter, for just X.X done. against what broadly disaggregate of XXX, lender-friendly. points, a in

slight better decisions level are tightening the my screened (ph), of some might say appetite I as and feeling saw year. there improved what the question, mitigated, spread up feeling there banks we we is earlier if make people a picks to base better and/or and to to to we're from has been is deals Arren's risk [stabilization] was terms but that seeing, relatively be prospects To that bit new a speaking M&A year. and/or get to in markets Not the were look of sponsors today, this for much response all as at stress some which being of further relative the a that little of generally has low better are first-half of enabling

Kyle Joseph

thanks. And banking at follow-up for whole? mentioned longer-term a as but see me, but some from longer-term volatility you the flow, of negatively BDC that sector potentially one capital Very banks, requirements stepping then opportunity also perspective MidCap, for helpful, you higher deal a with impacted do the as

Tanner Powell

Yes, should have there. sorry; distinction absolutely. drawn I I'm the

a when we of see of Kyle, think, case And year more which reduced banking to it function happened transact. volatility, it. to just this in stress, that periods or there connected this to or I reticence banks less to more providing which financing wasn't or broadly, a to were be not were but whether related the to greater not, able had saw was, necessarily on do and were provide volumes you banks whether volatility,

from benefit as we continue. As roll secular credit system our we has we taking much very expect banking share huge a and to and we stressed, have in, to believers that are the private that from peers forward, and continue trend

Kyle Joseph

for Got it. Thanks answering very my much questions.

Operator

comes question next Raymond Sean-Paul Our from Adams, James.

Sean-Paul Adams

guys. Hey,

you your light guys I companies numbers thoughts in general on have the interest later that the of coverage some represent, XX shared ratio. guys for portion your outlook -- amount Do on to below total decline said companies some coverage total that exact of had and you continue you might year? interest the maybe about those have share the guys portfolio as the portfolio think

Greg Hunt

continue face our if the well question. thanks I'll Yes, to around and sure, different We've to which tests -- the as borrowers everyone borrowers scenarios with of state those in pressures. increased base is as base increase, obvious, number rates stress your a run look going like could situations. rates for what numbers to different and else's outlook, if start of are types

equity are As existing in times that to and to still putting cases liquidity, have the we're in we those. In are one sufficient dialogue portfolio, active sponsors the that other ones cases, some that. cover below in there's with now,

Sean-Paul Adams

Greg, answer. Thanks, I it. Got appreciate your

Operator

question from Morgan. J.P. Melissa next comes Wedel, Our

Melissa Wedel

today. my taking Good afternoon. for Thanks questions

start special capital some know, to continuing on dividend it. talked today or Board on Based point. you evolved conversation of pay the has over-earning some to about out comments else? quarter, evaluate to retain the last you I something about on versus made I potential to that comments special be, and bit at First, whether the wanted still activities call. potential a the question you made and a the thinking with would form guess about returns the of in Board a the a that is payout

Howard Widra

This is Howard.

it the cornerstone -- on -- of I the have to us everything is think, meaning table, our have goal a NAV. of for effectively, we is stable

the by We helped over-running by dividend. are that

We the well obviously, income, as also to return. requirements, have to both a -- pay out amount excess of as certain a to return desire, obviously, shareholders the some

the a our And did each is a share two so, this of both. for were is, quarter, there's core longer $X.XX-$X.XX answer last period the as if dividend, of we room what time out-earning sort and over you were quarters,

effectively will a year been we much is the decision, sort that would that it's decision it's what the in decided then a and make But we -- I say about the or it make for decision of -- as year, not thing we we'll may end as now, a that the may a the at do. so retain year size of of has

so and more our very we for there's then income go -- know out-earn and options. even to could low up more, balance base So, definitive, base, even things. off July, but that dividend continue went both that's if rates a trying on obviously, just up now, even just room to by builds obviously they I the all not And we're fee or even

Melissa Wedel

it's the framework, that building the way appreciate understood. Okay, helpful. into I

repurchase the that, up. ticked that share did, you activity of terms obviously, noticed In it

the think last ago. I was activity repurchase year a about

range moving how front As an capital you've you, and those got is, right. And additional net your you we should versus early environment? think you in midpoint opportunities at if towards think the of got attractive that the of about leverage share think allocation I'm target choices evaluating it for into of this have looking repurchase deploying for environment, where I you've we kind forward capital appetite about attractive guys investment

Howard Widra

the And have. of how much points. a comparing how lower prices the capital we the shares bought Obviously, quarter which investments. is the you importantly and today, more But so of changes we we you is against -- Yes, back alternative those in much back buyback at basis are buying -- said. function at share definitely and multiple of hundreds markedly things are earlier on the that return than levered

does it So, metric. change that

So, looking we're at it. always

obviously, good that or could on so, this still went that appetite if change a opportunities value. And the we because down, yields at price think it's assets

at traded But these we've when there balance based that to are is this lending where now, opportunities on level different.

the So, loan, Paying versus a quarter. to options, shareholders clearly level answer we to that the early making is dividends, we different right; will it delivering. felt very I all buy is at able we the And this in accretive were buyback when think the shares shares other case was

Melissa Wedel

That's you. helpful. really Thank

Operator

next question Johnson, comes [Operator Instructions] Our KBW. Paul from

Paul Johnson

everything more of and point do maybe the we're from you taking like appetite sponsors' so do just big you're expecting year case, risk we've seeing remainder for of that first-half appetite an I what is in a terms reached from Thanks guys sponsors. to this guys. you expect just year, in for approaching for recovery And Are maybe the with behavior inflection just you slower think and year, deals today, and evening, XXXX? a on that's the or if normalization? the good what based occurred my or Yes, guess question. that

Tanner Powell

Yes, comment And let me on sure. make Thanks, before quick a opining Paul. question. your

bit any MidCap, in that as given of gives business. of the Bethesda deal the volume. parts a ebbs us plenty in MidCap a given did where billion the nice one billion at in billion And that we're try in that is $XX to sensitive the And of And the we our we're think story prepared in dynamic I is of $X.X affords stress broader volume. of quarter. us our to that originations out quarter, a strategic and remarks, that, advantage $X.X there less we called flows a quite

discussions, what stretch from the terms hear has point, of to the imagination. while In inflection not is have some sponsors volatility, what by and of the stabilization. continue we we answer -- our there some dispersion reduced. But from is there have in of modicum been any the And the seen,

is While higher -- from up say something not the say got being unlikely here," digest buyer's that's degree confidence that, go has to potential to for a "I've and one to run a to were discounting to that rate, ability models be that's sponsor no and enabled to able and a at to particularly that least enables if they of things able sponsors pay, next when it's be greater the with buyout, implications the precision. materially

that point And distance as the some post upside there, we quarter-end levels. year, the in modestly well as would we've higher inflection impetus so, the very on seen stresses the what premature in as frontlines period and earlier modicum some I is activity But be of changing, economic from but to trends. call as it with and M&A some that's the it the reprieve data to on saw also well currently, that's -- the certainly some volume as

Paul Johnson

thanks for it, Got that, I understand.

more My trying question it's specific little is difficult Merx. to other predict. So, understand. just a to to I'm

to in do payment I understand, is that's As with underlying a company I'm This And or guys. of in But curious rate refinance you obviously assets, I'm go a getting aircraft. at -- termination obviously that the leases, terms fixed runoff sort fixed being of works. fixed these of borrowers, any on is are are the out portfolio to leases sort [lessees] when done to any renew the what leases, (ph)? current, available borrower rates, leasing would it, these these of are set that driving comparable are are it's market, don't aircraft of in if life how pushing possible what I Is guess, I they rates how just the payments? lease is date? guess term I that average of higher that longer for comparable I at know

Tanner Powell

be the long in try I'll we to succinct Yes, with that respect the absolutely. books they have we very be is assets have could today. a answer, leases, are debt And those. And and here. but what costs fixed first to Yes, fixed against foremost

then So plane by economic analysis, forward look broader at see plane and airlines kind play increase you to going transitioning as look interest an a way, the in at the you we rates. make next-buyer so of And utilized we a in up recover those leases. is same money. tickets Ultimately, to instrument

long -- a leveraged significant lease and duration does And ultimately, otherwise that is there reflected that you'd the loan maybe but market, you does of than a rates. more how that in notwithstanding, what see the see even because leases, lag will lot in become the there, maybe of of adjust,

one in list. supply with our well-documented, come to for we miles aside dynamics, to internationally is XX%, the leasing levels, we see are And this also, supply/demand actually that hope yield environment Boeing rates of now and notwithstanding the increase good aspects our issues terms a that is, to And the continue accountable some you speaking, there. question Merx that actually of reduce demand generally and with is leasing efforts right it increases Airbus we equation exposure is passenger as revenue having side are comment and optimism rates, online in on back quick reducing slightly, rates deliver that's above juncture interest COVID Merx at recently for but significant the asked domestic One seeing in about us and put healthy result, a lease terms demand other which at amounts lease we in support of cautious would right on of Asia will environment a exposure. of The companies. gives expect overall in importantly, lagging and disposition

Paul Johnson

abbreviating appreciate That's and go I is for me. that. Thanks an conversation appreciate it interesting but there lot answer. that's that dynamic, it. on obviously from And the longer, a can

Operator

Thank you.

Markets. Kenneth Our RBC final Capital question from Lee, comes

Kenneth Lee

whether the of Wasn't good discussed you you've if wondering Hey, my talk a routine for activity portfolio, seeing the whether they're just amendment question. taking afternoon, was could this ordinary? or whether about sure Thanks. any out and it's already, just been thanks but

Tanner Powell

Yes, sure.

We amendment of So, have side and and materially. as picked getting our things where borrowers how and grow, of up or and most table on to want acquisitions, to to are not has most do covenants the so, when there set before, do -- then, the things have they're mentioned back up activity come our level of covenants, transactions borrowers they discussions. looking want and if accretive us the be tied, are brings we sponsors to That those to proactive.

economics and/or we when stance de-risk get Our to around have it. been doing looking is that enhanced

additional a opportunities to can example, grant provides to spreads put for as for if for leverage also cushion, well. but that a is then -- step-downs, we on so, covenant, have the looking at fees, and we're we cushion sponsor the make going And look going also and we're

covenants, have increased are opportunity we the as as that the not has does at has the the pace dialog, well so quarters. an and we over been the pace to enhance de-risk tone as when is we picture amendments same of of kind as view the So, it it or But economics. in occur last bigger several materially either

Kenneth Lee

to platform so more from about Thanks. fair MidCap just M&A little originations, you, the given allow Would and deals, origination would a trends? and a be it appropriate And less to bit may, very question deal the there to Got more returns, that perhaps everyone there. just follow-up potential I over say the if constraints activity. then finding follow-up, broader you, the than see helpful one key broader the you near-term industry got upon flow depend deal underwritings, the constraints, flow on or leverage that say appropriate the be originations from

Tanner Powell

at I structure mentioned, new have what We those. quarter. $X over MidCap diversification to the and a see our billion obviously We look from of in we yield closed on a and from portfolio standpoint, Yes. last into as gets to commitments get look mean standpoint.

So, of get via of the in lower and constraints to in certainly because that desire activity, of that a it's range to at stay not funnel, we end of MidCap. leverage the X-X a X-X, of terms terms is the we new range. have top continually to expressed What

seen of kind have last several you in so, between over X-X-X and X-X And the quarters. us

that that out there. think so, desire are And in our about capital, as opportunities balancing new into leverage be deploying to are we range we attractive the with

Kenneth Lee

there. helpful Thanks, again. very you, Got

Operator

have speakers. in at over this now the We would no back questions to time. queue call turn the further today's to I like

Tanner Powell

you, Thank have On for you team, to reach Thank feel us free today's any out questions. if other time call. of everyone behalf you for we the you to today. entire to a please have Operator. And your Please thank good listening evening.

Operator

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

may at disconnect any You time.

MidCap Financial Investment (MFIC) 2 Aug 232023 Q2 Earnings call transcript