MFIC - Earnings call transcript Q3 2024 | MidCap Financial Investment Corporation

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Operator

Good morning, and welcome to the earnings conference call for the period ending September 30, 2024 for MidCap Financial Investment Corporation. [Operator Instructions] I would now like to turn the call over to Elizabeth Besen, Investor Relations Manager for MidCap Financial Investment Corporation. Please go ahead.

Elizabeth Besen

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

Speaking on today's call are Tanner Powell, Chief Executive Officer; Ted McNulty, President; and Greg Hunt, Chief Financial Officer.

Widra, like for today's to webcast being Howard of Q&A call Chairman, are call. I'd today's advise recorded. Executive is the available portion and Our everyone that Investment the any in is strictly of are unauthorized form they that that any note MidCap Please Financial Corporation prohibited. and broadcast property about Information Difficulty]. [Technical filings attention our to include www.sec.gov the conference safe call business with webcast the may harbor most regarding disclosure that I'd also our [Audio to release information.Â Today's like in Gap] or Gap] forward-looking to refer [Audio recent call your risks to for customary our press website SEC our and com. apply Gap] [Audio well I'd we our as posted also package that information on remind website, information like everyone a which supplemental as about the to company. financial contains portfolio the refer lender we MidCap will Difficulty]. in MFIC Financial we Throughout Corporation Investment Difficulty] the either use and call, today's to or headquartered [Technical BDC, refer to MidCap the [Technical to will Financial as our Chief this call At to Tanner Officer. Executive Powell, time, to over I'd like turn MFIC's

Tanner Powell

more mergers, and results our including rotating activity acquired Thank the capital for Rate environment. portfolio, I'll the Apollo [Audio provide [Audio joining market and we've investment made I current an by Gap] an mergers MFIC's thank or the results of in with on Fund, who and the Floating and Income then you, quarter certain perspective listed third AIF, Fund, previously or funds Ted, will our Gap] managed you assets Apollo discussing by our progress AFT call. position today's call Senior MFIC's discuss share start and everyone, Tactical earnings Good update closed-end in will Elizabeth. successful the detail. completion the to morning, Apollo. of overview of investment provide on

update and closing brief Difficulty]. we as which view event the our Let transformational a on a significant of mergers, with [Technical me start

the mergers quarter. As AFT during AIF its and I mentioned, MFIC with successfully closed

offer mergers benefits. we believe As said [Audio these financial Gap] we before, and

We about long-term that the we transaction benefits believe excited this are will create.

be will for More importantly, shareholders. ROE all mergers expect we these

of XX%, X/X high-yield capacity. [Audio a loans sell which loans, X/X Ted [Audio of bonds started quarter, be and $XXX MFIC's well, lower-yielding sales are remaining directly the progressing on the and the mergers, Gap] approximately with to assets originated net assets are next investment track approximately we we significant We million as loans, core the by onboarded intend over As the originated quarters. non-directly are rotating of broadly the CES merger Last Gap] in result closed, investments considered to were non-directly the increased and assets consisting to positions. non-directly from generating complete when originated these prioritizing syndicated assets originated few over retain. The

and mergers. focused significant the have the given from to the non-directly capacity the additional from approximately into on of market sales are deploying to ratio created to [Audio generated our to Gap] MidCap directly to these Based all fortunate tend on middle originated [Audio we X.Xx capital Financial. loans.Â We target are commitments by and origination deploy volume remaining reposition, Gap] this deploy leverage million have originated necessary We $XXX of access capital prudently investment of

$X.X steady obligor of to deploying billion Over and committed capital commitments, past MidCap discipline $XX.X terms X in are and quarter. we a exposure. vintage maintaining of closed That while quarters, measured the billion the manner has including said, in this third in

we future positioned the a clear gradually believe target We quarters, our leverage increase back to as well and are to coming to have benefit results plan MFIC's we straightforward level. and over re-lever

MFIC's approximately Consequently, quarters.Â Turning to for Please the closed the of during We the the quarter results couple recorded X.X% our note of combined was target reach on of $X.XX. $X.XX loss July a modest we the a EPS per in revenue September MFIC. or the at Economic rate was Results of include quarter annualized onetime in approximately next from XX. our down with on or and connection witnessed that $X.XX, investment mergers. These portfolio. to predominantly June, corresponds able for the which share wage be company recurring and strong XX.X% credit the on rate, strong per a our quarter event weeks from strength end to paid ROE the markets. expect quarter GAAP floating consumer, to distribution end portfolio. income quarter return the prices the reflect continued of NAV growth, results cash strong September, share at income XX and merger $X.XX have an September fee. for net for was healthy partial quarter. our impact the deleveraging excluding continues We high equity for incentive of income. growth leverage interest the net and share mergers for per in reflects special were stock the $XX.XX a

the cautiously levels maturities are cuts and M&A addition seen we volumes structures. M&A In dry opportunistic for and also markets, period improving repricing, increase terms in the periods addition may that in increase liquidity activity sponsors capital capital the the pushing the events out new money spreads and financial we lowering will has return fundraising to sponsor know in serve and have refinancings XXXX. stretch back rate though year-to-date credit past, in significant with the in into and of volume levels, as following QX hold more mentioned to have and have to of activity cuts rate been seeking dynamics powder we in seen transactions to increase as More in an the optimistic pickup pressure half some XXXX.Â In recently, we have to particular, and concentrated in into September continued

professionals. middle largest lending the teams origination market XXXX. This XXXX, with know, to investment lender leading the lending large founded MFIC a was in track on closing middle us set with $XXX track investing in record long market MidCap lien close provides record, one since MidCap very As squarely focused XXX by includes U.S. of sourced in Financial first Financial, which commitments you data companies is has a with loans billion of the a we short, on approximately to platform or of the deal and attractive our In opportunities offers all not Global's and the we either core high-yield financial middle significant syndicated across MidCap loan across dividend. does believe lenders information with industries, Financial MidCap flow. Apollo investment makes market with in the to with experienced market market the market middle and and Apollo middle broadly market.Â Turning company one directly provides informed Financial compete the cycles of market. most believe broader MFIC direct affiliation

shareholders of during As dividend November X, XXXX, $X.XX, to paid the $X.XX in onetime regular dividend to special declared the of now quarterly XXXX, share for we our addition of a shareholders Ted. December that, per on I payable $X.XX reminder, dividend record Board December call a mergers. will to in a of connection our special quarterly September with XX, over On turn as quarter, XX, the XXXX.Â With

Ted McNulty

first commitment actively across MFIC's different provide XXX activity the $XX.X third commitments the X.Xx. of leverage average spread morning, The were new and was our were borrowers commitments in on quarter XX% new from an new average the September points. was XX Net for commitments million. All weighted lien. on quarter basis In new prior minutes in September $XXX investment portfolio. Good the reviewing everyone. commitments new our quarter Tanner. million, you, from spend we a mergers. on the deploying totaled details our September started then quarter, I'll and up few capital quarter the Thank

were For $XX the from net fundings quarter, mergers. excluding a gross and the fundings $X.X and totaled revolver million, received excluding we the from assets were million, from million In paydown Net $XXX million, fundings $XXX Merx. revolvers mergers. assets total,

or assets loans were we loans. loans the the last monitoring XX% the repaid or assets acquired million, sold for closed-end the sales aggregate, facilitating including throughout fundings on held that both is call, process. these in of mergers. onboarded mentioned $XXX in which X directly In totaled and assets, With the funds, the mergers, of the net million Apollo on $XXX $XXX $XXX from quarter were to million were platform, quarter's status. non-directly originated non-directly the non-accrual originated and respect including million are these from were credit originated positions or $XXX We on As which XX% assets million

from value to fair billion portfolio. non-directly our approximately The XXX companies had XX% from origination acquired Turning and loans portfolio. closed-end and X% was the directly investment in invested funds, portfolio originated of a accounted for At fair the the a $X.XX of other, the September, originated Merx value end the funds on also industries. XX portfolio our basis. Direct loans acquired including total and X% across represented the closed-end of of total represents

added to we've the supplement, capital earnings deploy plus intend additional the million we on capacity into have that the we in non-directly sell, of out loans investment X.Xx, mergers. in X Page row target on originated from of $XXX see assets can originated break directly a market leverage to you the approximately we loans. that middle originated account based As to remaining non-directly acquired a Taking the

of non-directly although measured capital first steady decline to as deploying rates yield spread At our September, extent, mostly in at the XX% decline originated XX% we last weighted a the to the from portfolio decline was on was committed basis end continue the lien the financial a in We XX% lesser the had down to quarter. of direct on spread Approximately due XXX to in the remain September The base direct directly value. corporate average pace originated impacted materially monetize at not manner. more XX% debt in decline fair down assets. of average for a The the and fund on the our basis by portfolio weighted on position the XX.X% assets, originated At the points directly of the of closed-end quarter, yield the was end and vary portfolio our points, weighted September, portfolio on and lending million. $XX originated of was end was was direct the origination XX directly The of June. compared the our cost origination assets. yield lending average origination average to cost basis portfolio one in covenants may or

effectively teams believe origination handful The managing In financial been direct of quality remains credit financial our sponsor of credit terms good of their borrowers overall a MFIC's situations, seeing we the more portfolio liquidity. support. management we're quality, In have sponsors and of challenged healthy.

quarter. median portfolio was ratio coverage of X.Xx end average net last in leverage of requests generally indicator significant end We The the the of stable the have believe commitments we not can end a September, weighted quarter. September, companies amendment equity the revolver infusions. At from our seen steady portfolio covenants drawn, At of increased leveraged or our the portfolio million. lending our up We believe stability. compared X.Xx, average liquidity indicate to September, flat greater direct are slightly from approximately which requests of portfolio approximately quarter-over-quarter. XX% of financial We last level increase origination $XX also interest weighted of is to the and health. we utilization At seen with EBITDA rate have seeing origination related revolver MFIC's a consistent companies of X.XXx utilization the was revolver are an is accompanied to were

opt status. performance sourced began of on performed. investments loss mid-XXXX, non-accrual points think that fair is the and of the of with or income. co-investment the No is X.X% mid-cap low stress borrowers level think which from annualized PIK closed-end around be make to at the not fully end appear to quality, on realized important below of the PIK to statistics on status combination and makes our the quarter. MidCap investment were were were exited total the unrealized order, loans the cost. can do we has allowing strategy fund at reflected upon income average. added portfolio in well circumstances. X.X% to representing quarter, during basis September, our value sourced shows approximate potentially acquired rate sense X At how proven certain from it portfolios masking the non-accrual is non-accrual data investments borrowers look credit in date the financial BDC's investments this non-accrual believe approximately borrowers PIK non-accrual on in We remains to on underlying is underwriting PIK low, When as to Financial. BDC investments X data which sound. MFIC's the to levels We has a total we income Our on We assessing X.X% well recognize artificially that loans We non-accrual BDC's net status issues. of it allow Based at by since utilizing

and Merx, third-party Moving Gap] time. [Audio Merx in over debt we've as MFIC's investment to

million, we quarter, at our of total including our paid corporate totaled September $X.X a MFIC's portfolio million call. capital beneficial X% of approximately and Merx million Merx interest the have $X.X fair total investment highlighted value. originated of the which of MFIC's end During on investment loans earnings in the blended in should rotation $X.X X.X% at At value of capital, representing into $XXX directly September, return a was and continued Merx million, the across Merx income. The yield impact on fair from last

We the believe as MFIC's decline in environment is exposure paydowns we to expect We the in the driven current acquired additional aircraft growth the to quarters, deploy capital by for and selling the to portfolio demand, the Merx investment exposure mergers. coming discuss continued the near reducing I will detail. to the future. results that, our we very With financial limited strong to over and to make meaningful now turn and in progress in expect due attractive Greg in availability our call

Gregory Hunt

and everyone. on weeks the $X.XX XX. X.X%. July of quarter Thank results, based net ROE EPS Consequently, investment income and combined results quarter now as an correspond of September include you, for will of GAAP Beginning good was Ted, share for our approximately impacted and discuss Results results return ROE September I that net quarter. MFIC's a the and mergers per or company previously with reflects which on net based $X.XX September quarter $X.XX, for Net revenue equity on factors investment share income annualized the per XX mentioned, XX.X% income to income. was on closed for the the several loss. annualized morning,

below-target First, mergers MFIC. capital the the quarter below certain the as were ended net the previously sold we assets September deleveraging originated with quarter in leverage Accordingly, event and X.XXx results reflect leverage of as noted, mergers for We into for directly target. acquired September a loans. deployed our a

the we intend As doing coming over quarters, see we mentioned, Tanner to leverage so. to increase prudently no impediment and

normal Second, below fee and prepayment were levels. income

income slightly income September Fee $X.X quarter. the prior the quarter, million quarter. approximately was from in up down $X last For was prepayment from approximately $XXX,XXX, million,

Third, management MFIC's base quarter. $X.X the million, unchanged previous was from fee

$X.XX Consequently, December September. results incentive impact a management of million. $X.X the merger quarter, quarter In be increase the base assets the beginning fee will approximately in Our of is calculated million. base the the assets fee $X.X in loss as fee million of approximately the net net quarter. Fourth, include MFIC's share. or the fee for net the for $XX.X $X.XX on management from as per not the the was quarter did

in MFIC's account, originated deploying capital increasing focused September, all repositioning connection in offset special the onetime on driven $X.XX per of down net remaining dividend and share power. NAV share our partially excess per earnings MFIC's paid loans by [indiscernible] from are mergers non-directly dividend. this with net regular share by the $X.XX decline Taking of $X.XX was the into We loss, and $XX.XX, income the quarter the per excluding the was of end at $X.XX mergers.

XX.X capital. shares the during the to MFIC quarter Moving at as part the consideration issued million for NAV of merger.

XX.X the IAS $XX.X issued outstanding weighted result, approximately on was has for shares based quarter and MFIC the EPS million. denominator the a average into outstanding. approximately quarter, shares Since XX.X X In with denominators were million quarter. now NII during MFIC's September EPS weeks accordance XX, were approximately the the As million shares

a by recent XX senior pushing credit commitments with months, We merger maturity existing October, debt as of greatly capital facility our terms. the accounting Mergers extend mergers. a October billion, successfully the to are maintained review lending to facility XX. activity, We under of to a to lender secured the provider the the funds. to facility lenders we number were were accounting and XXX-XX. We under this see pricing XXXX. We support Total increased million announced to the credit from closed-end pleased in with approximately benefit the in capital method like revolving accordance new as to accounted partners. for In of by We maturity was of I'd benefit, the potential lender we previously terms closed-end $XXX appreciate access and improved the who aspects materialize. to $X.X key highlighted disclosed, of previously MFIC's funds. the the asset increasing with ASC our being to acquisition are added pleased

the consideration, to with closed-end paid million. NAV. a mergers, In at payment its merger to Apollo shareholders connection current slight with $X.XX share trading an fund of for MFIC cash discount accordance was affiliate special payment $X.X of total a which the to closing, the per In stock to of The HAIF X basis. million the based stock NAV funds, MFIC or As issued July Time shares a on its AIF AFT X.XXXX MFIC XX.X shares being its for resulting share XXXX. issued a as following fund's X.XXXX the equal shares acquired funds discount and mergers ratios of paid accounting this shares and closed-end a reminder, in resulted purchase both fair XX, exchanged of of value XX.X payment of resulting transactions of premium. per for no In the common the AFT cash with assets, into and each guidance, fair total, NAV-for-NAV being MFIC or the of closed-end exchange in portion the in with million MFIC merger. outstanding was merged the share. common merger on were of MFIC stock-for-stock consideration each share the shares value the in to Accordingly,

assets on assets statements. any therefore, in basis [Audio concludes value remarks. basis As open our and the Fair closed-end cost our impact without to there's close no on adjustments. This became Gap] result, financial acquired of questions. the a MFIC's the cost call Please prepared at the of no impact

Operator

first with from Lee RBC Capital Partners Markets. will We [Operator Instructions] Kenneth take question our

Kenneth Lee

Just just up, more Could one remind to pickup of a fee there? on a as the more fee bit you therefore, see prepayments income pick prepayments for MFIC there. you is levered us again income if should and little

Tanner Powell

-- I thanks, So think Ken.

of have like And XXX, become class in more in start in event typically rarely you this, see that to than loan call ton robust it's less asset XXX. any the particular, markets a So ever doesn't and protection.

OID to Our and it practice take is time. over amortize

OID, And the call so redeemed oftentimes a create protection. typically the of forward if pull is maturity. loan you is will a life prior have to will if our of will, our prepayments and But where portfolio -- in we exception vertical, sciences outside within that one

So where, life loan. is not you any sciences, But dramatic notwithstanding, a yes, too of outside prepayments. you've given pickup there see on when got dynamic a do it's

Kenneth Lee

follow-up, I And if just one may.

of the the terms mentioned around pricing non-directly any rotation originated the Any during could In on the based Is that. few that updated in outlook rates? factors prepared pace ongoing kind color or and for it could there? Just of macro quarters. pace assets, vary the of terms drive remarks you the or over next what

Ted McNulty

of Yes, sure, over-index Ken. we It's to terms a want don't particular those our appropriately, We to quarter little in and bit to vintage. of all one deployment things. of manage want

deleveraging a the As were we noted, mergers event.

as of redeploy back want to funds of to risk -- just so capital, market And to earnings the balance well redeployment look the we capacity the risk closed-end we as leverage our exposure. target as also thus and full build capacity, to

on yielding I think initially -- kind focused the that's of generally we to so did started overall assets, we sentiment. assets. And these We lowest the sell when

quickly those move to very efficiently. able and were we So

And earnings a in now the than we the overall. book what have has better so capacity

Tanner Powell

loan loans varying as not loans alluded is surprisingly, high-yield obviously, of Gap] were the emphasis to, deliberate very bond the lot that of of obviously framework selling as evaluating liquidity loans a that making catalyze within bonds pool well. or or the had over we're Ted degrees And trying given that of a is that sure [Audio those liquidity. loss. certain just not came in of level and be would regard to the to the loan in we're And that of that underlying

Operator

question next We will from take Hughes with Truist. Mark our

Mark Hughes

that the the the think And commitments, has is origination Just guess I you this I Anything looking on out that loans you're size trying expeditiously. pointed of contributing stated the shift direct for the evolution? last little that quarter to assets the know higher. in at few to to net a this average quarters. commitment Is up bit been I see is leverage presentation, moving there? kind make

Tanner Powell

was knowledge Yes. and in of on was origination. to -- QX a I'd We obviously the quarter. sorry, say we Furthermore, closing the to leverage tried call -- a year. terms of as very into -- prepared the alluded relatively of as in direct remarks, in healthy quarter into or of sorry, knowing the we that know deleveraging part part really quickly over-index -- event. is in the you the healthy into going we we it were be going to the and have in from at And merger origination first the first did beginning XXX this certainly this saw what was M&A or

there were so additional opportunities also And there.

to by of gestation election number rate auction election. take also do aided kind have step the that is to that one as expect seen saw while in we by activity, to in heard September. of And obviously, somewhat evidenced period. And NDAs increase, post reduced -- up the cut expected auction we activity pick signing, further, and we've has a that activity the level anecdotally, perhaps anticipation of of and of that we're Just a obviously, that

So of could kind this or of XXXX. part drive deployment into in the quarter latter

optimistic are we into do So XXXX. into a had growing that origination pipeline quarter market, of half at this to in as of the kind the back M&A the good QX period healthy with and strong volumes QX early look overall, and and

Mark Hughes

environment? spreads deals to do on How relative competitive last the this And see quarter? the how you quarter about the

Ted McNulty

Yes.

think I market become overall, the has borrower-friendly. more

Tanner of on private and see pricing then the hand, -- the on are look capital hand. in a you other anticipating kind these tilt all the is rate days, in M&A activity, cuts, supply-demand If where you favor. see slowdown one money borrower's of you at as that CLOs you mentioned, imbalance And look election ahead the and raising at the

so certainly our historical starting were spreads December peers, think, we really compression. The admittedly, I seen high I were, really in we've and all to norms XXXX. spread this, relative And think, spreads last and in see

And so of leverage back in. first they've norms the part been where was are. coming XXXX in Similarly, and well below 'XX the historical

And a competition so what seeing now certainly we're fair amount more there. of out is borrower-friendly,

loans remain feel as attractive universe historical So power incumbency, the we about and attractive aren't as XXXX frankly, like on with we spot. have a the think for when we're sure, we And in we competitively of still where a sit the but of large good basis. borrowers

Operator

We our question Hurwit Matthew from next Jefferies. with will take

Matthew Hurwit

mean Can -- of Congrats an or thoughts could expert for portfolio your the companies but you can on not quarter on you mergers. point? the to the politics election at high-level your you what the business and talk or policy, close about about asking this be just maybe

Howard Widra

Howard. is this Yes,

curve the seen move you've up. think I forward

don't So probably ways, more at the regulatory change I why of and it are obviously, view practical probably and That that it's companies. rates environment, potentially or mergers which cut for like backdrop growth change. think market is more just thinks a the like -- changes oversight. most generally inflationary -- of they benign up. environment of which FTC, more a part of people's then the I other is will even is of but think, view And of interest obvious sort like going, of sort going And both the also indication -- a implications merging can is like where sort it the of mergers, that's obviously, regulatory

to flow you the So would deal up. expect go

order are first So probably effects. the those like

Second, have third, order obviously, change. effects are that to policies specific companies as know. come And fourth hard issues specific up

Tanner Powell

go much just this that, that tariffs likely to on obviously, made add and of up. then has highly been is to the And

we And about borrowers by have U.S.-based. so and we when to statute, be think our

very into. we critically is the evaluate importance supply our utmost the effect But and selling evaluate of that to they're at be integrate risk So going underwriting books our and borrowers less that opportunities. our framework chains it's we as the of we looking making on an markets sure investment new underlying into of

Matthew Hurwit

great companies then just for That's per share $X.XX give color some realized drove I ask and And maybe Okay. context. quarter. that? the unrealized loss the portfolio Can on can you which

Ted McNulty

Sure.

-- of exiting the acquire were think in what second names. our largely couple we ways. We we take a One different which where about of flat. So portfolio from the the have did small closed-end losses did on went the a funds. had we we -- was by That We a preferred a is other some a were and was and status sales. Those gains one called offset Aveta, equity name non-accrual We into probably restructuring which lien. our -- company of from biggest losses restructured. loss,

current income from stack cap overall, overall income and is the very from going beneficial moving non-current up an to think we perspective. So

list the realize lot were a of that. the terms lot getting equity of And other of out did A loans in have of we then a loss to mark preferred and are And on or other them we wanted outcome there going However, process. names the are security, the slightly. -- watch our highlight movement to names sales a uncertainty through that on the bigger down were of

Operator

[Operator Instructions] with Paul take next question And Johnson from our we will KBW.

Paul Johnson

the stock question due during market the My closing the post-closing kind the merger. just to merger, the [Audio Gap] been pretty the weakness is that's competitive of of in quarter, given a only

market. you're you potentially with if leverage buyback? tight of to kind here around option? you the this your maybe would expand here thoughts that's pretty on looking just to look So repurchase increase an in a scenario in Why shares, can When not that consider

Howard Widra

questions why is think I your So first to prior all, of merger, so other were the leverage because high.

the we uses always was peers the I other buy stock has traded versus as previously stock back NAV guideline The but we have We hold X.X the when since say breakeven. price people accretive had like would out. given -- think we'll around like the cleared who stock versus of down So merger price said it's can was have capital. like was

because that's last So it's like I last open the trading necessarily forward going like thing. our that we an strategy is been the open not then to the might be of say window trade, were of day indicative whatever in think I'll of during the not a amount case, quarter. you the And has sort ongoing always thing the sort is is of not whatever saw huge -- quarter and

is we leverage think use. was sort was think as one But we before. as the is our on available the out pointed always options. having we don't weigh is. I based answer changes a it us the where So is strength same capital that When available a of and that strength, to capital, have it could it also we

So now we it. have

Paul Johnson

does into this Got we've potentially I so would where does I to change of or mean, change to just of overall it. mean, price? putting the look in context relation year? XXX, that -- back, to spread you buy relationship that kind breakeven how basis I seen that And points compression market returns, mean, does the XXX

Howard Widra

down, obviously, like inputs. I of lots going debt there's Cost too. of Look, Yes. mean, is

the would be going if to thought So a for senior play long we were market from be expectation of all different over, term, There be across also into loans a at XXX things calculus. different there ROE like would lots it. people. Obviously, whole

to that but just balance spreads that basis XXX point -- So there's XXX point a that. increase decline in been followed a prior spreads, remember, basis in but like

like -- the cycle. where don't are that react spreads it's to think are you the spreads where on It's day. over you So think you to want

Operator

closing are this there questions And call turn for the to further any time. remarks. management I'll no at

Tanner Powell

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

Operator

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

You may disconnect any at time.

MidCap Financial Investment (MFIC) 7 Nov 242024 Q3 Earnings call transcript