StoneCastle Financial Corp. Reports First Quarter 2020 Results
First Quarter 2020 Investment Highlights:
- Realized full redemptions of
$10.4 million from two investments - Realized proceeds from a partial call of
$1.5 million from one investment - Realized proceeds from paydowns of
$1.5 million from two investments
A complete listing of investments as of the end of the quarter can be found on the Company’s website at www.stonecastle-financial.com.
First Quarter 2020 Financial Results
Net investment income was
In the first quarter, the Company paid a cash distribution of
The Company had
Portfolio and Investment Summary
As of the close of business on
During the quarter, the Company received a full redemption of
Quarterly Conference Call
The conference call can be accessed by dialing 1-877-407-9039 for domestic callers or 1-201-689-8470 for international callers. Participants may also access the call via live webcast by visiting
About
Disclaimer and Risk Factors:
There is no assurance that
The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the
CONTACT:
Investor Contact:
212-468-5441
Statement of Assets and Liabilities (unaudited) | ||||||||
Assets | ||||||||
Investments in securities, at fair value (cost: |
$ | 132,978,058 | $ | 162,264,915 | ||||
Cash | 62,841 | 35,328 | ||||||
Interest and dividends receivable | 1,288,615 | 1,784,784 | ||||||
Prepaid assets | 594,907 | 618,350 | ||||||
Total assets | 134,924,421 | 164,703,377 | ||||||
Liabilities | ||||||||
Loan payable | 9,000,000 | 17,700,000 | ||||||
Dividends payable | - | 2,492,424 | ||||||
Investment advisory fee payable | 587,069 | 726,500 | ||||||
Directors fee payable | 92,603 | 20,325 | ||||||
Loan interest payable | 3,829 | 38,976 | ||||||
Accrued expenses payable | 562,442 | 525,918 | ||||||
Total liabilities | 10,245,943 | 21,504,143 | ||||||
Net Assets | $ | 124,678,478 | $ | 143,199,234 | ||||
Net Assets consist of: | ||||||||
Common stock at par ( |
$ | 6,562 | $ | 6,559 | ||||
143,912,066 | 144,875,823 | |||||||
Total distributable earnings / (loss) | (19,240,150 | ) | (1,683,148 | ) | ||||
Net Assets | $ | 124,678,478 | $ | 143,199,234 | ||||
0 | ||||||||
Net Asset Value Per Share: | ||||||||
Common Stock Shares Outstanding | 6,561,700 | 6,559,010 | ||||||
Net asset value per common share | $ | 19.00 | $ | 21.83 | ||||
Market price per share | $ | 16.23 | $ | 22.30 | ||||
Market price premium / (discount) to net asset value per share | -14.6 | % | 2.15 | % | ||||
Statement of Operations (unaudited) | |||||||
For The Three Months Ended |
For The Three Months Ended |
||||||
Investment Income | |||||||
Interest | $ | 2,809,760 | $ | 3,023,153 | |||
Dividends | 737,056 | 909,992 | |||||
Origination fee income | 27,402 | 27,553 | |||||
Other Income (service fees and due diligence fees) | 111,075 | 153,903 | |||||
Total Investment Income | 3,685,293 | $ | 4,114,601 | ||||
Expenses | |||||||
Investment advisory fees | $ | 587,069 | $ | 726,500 | |||
Interest expense | 166,826 | 263,564 | |||||
Directors' fees | 77,399 | 77,879 | |||||
Transfer agent, custodian fees and administrator fees | 72,364 | 73,159 | |||||
Bank administration fees | 40,017 | 40,457 | |||||
Professional fees | 39,773 | 40,760 | |||||
ABA marketing and licensing fees | 37,437 | 37,846 | |||||
Investor relations fees | 30,865 | 31,204 | |||||
22,694 | 22,943 | ||||||
Insurance expense | 17,951 | 18,148 | |||||
Valuation fees | 14,988 | 15,153 | |||||
Printing | 14,511 | 14,671 | |||||
Due diligence expense | - | 45,400 | |||||
Miscellaneous fees (proxy, rating agency, etc.) | 33,261 | 43,739 | |||||
Total expenses | 1,155,155 | 1,451,423 | |||||
Net Investment Income | $ | 2,530,138 | $ | 2,663,178 | |||
Realized and Unrealized Gain / (Loss) on Investments | |||||||
Net realized gain / (loss) on investments | $ | (301,223 | ) | $ | 790,815 | ||
Net change in unrealized depreciation on investments | (18,304,949 | ) | (442,960 | ) | |||
Net realized and unrealized gain / (loss) on investments | (18,606,172 | ) | 347,855 | ||||
Net Increase / (Decrease) in Net Assets Resulting From Operations | $ | (16,076,034 | ) | $ | 3,011,033 | ||
Financial Highlights (unaudited) | |||
For The Three Months Ended |
|||
Per Share Operating Performance | |||
Net Asset Value, beginning of period | $ | 21.83 | |
Net investment income(1) | $ | 0.39 | |
Net realized and unrealized gain / (loss) on investments(1) | $ | (2.84 | ) |
Total from investment operations | $ | (2.45 | ) |
Less distributions to shareholders | |||
From net investment income | $ | (0.38 | ) |
Total distributions | $ | (0.38 | ) |
Net asset value, end of period | $ | 19.00 | |
Per share market value, end of period | $ | 16.23 | |
Total Investment Return (2) | |||
Based on market value | -25.44 | % | |
Based on net asset value | -10.84 | % | |
Ratios and Supplemental Data | |||
Net assets, end of period (in millions) | $ | 124.7 | |
Ratios (as a percentage to average net assets): | |||
Expenses before waivers(3)(4)* | 3.46 | % | |
Expenses after waivers(5)* | 3.46 | % | |
Net investment income(6)* | 7.58 | % | |
Portfolio turnover rate ** | 0.0 | % | |
Revolving Credit Agreement | |||
Total revolving credit agreement outstanding (000's) | $ | 9,000 | |
Asset coverage per |
14,853 |
___________
(1) | Based on the average shares outstanding during quarter. | ||
(2) | Reflects reinvestment of distributions at the price obtained under the Dividend Reinvestment Plan. | ||
Total return does not include sales load and offering expenses and are not annualized. | |||
(3) | Excluding interest expense, the ratio would have been 2.96%. | ||
(4) | Ratio of expenses before waivers to average managed assets equals 3.09%. | ||
(5) | Ratio of expenses after waivers to average managed assets equals 3.09%. | ||
(6) | Ratio of net investment income to average managed assets equals 6.77%. | ||
(7) | Calculated by subtracting the Company's total liabilities (excluding the loan) from the Company's | ||
total assets and dividing the amount by the loan outstanding in 000's. | |||
* | Annualized | ||
** | Not-annualized |
Source: StoneCastle Financial Corp.