StoneCastle Financial Corp. Reports Second Quarter 2015 Results
Second Quarter 2015 Investment Highlights:
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Invested
$24.0 million in debt and equity in 4 investments
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Received repayment of
$4.2 million from 4 investments
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Received paydown of
$4.0 million from MMCapS Funding I
Highlighted investment activity in the second quarter 2015 included:
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$10.0 million in First Citizens Bancshares, Inc. Subordinated Term Loan, 8.625%, dueJune 2025
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$6.0 million in Country Bank Holding Company, Inc., Subordinated Debenture, 8.50%, dueMay 2025
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$1.0 million inWilliams Holding Company, Inc. , Subordinated Term Loan, 8.75%, dueJune 2025
A complete listing of investments as of the end of the quarter can be found in the Company's N-CSR report.
At
Second Quarter 2015 Financial Results
Total earnings for the second quarter were
Net Assets at quarter end were
The Company paid a quarterly cash distribution of
The Company had drawn
Portfolio and Investment Summary
As of the close of business on
During the quarter ended
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
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Statement of Assets and Liabilities | ||
(unaudited) | ||
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Assets | ||
Investments in securities, at fair value (cost: |
$ 186,349,630 | $ 167,342,080 |
Receivable for securities sold | -- | 8,018,440 |
Cash and cash equivalents (1) | 4,003,914 | 8,568,826 |
Interest and dividends receivable | 1,781,948 | 1,330,453 |
Prepaid assets | 892,256 | 916,789 |
Total assets | 193,027,748 | 186,176,588 |
Liabilities | ||
Loan payable | 38,500,000 | 33,000,000 |
Payable for securities purchased | 10,000,000 | 9,328,625 |
Investment advisory fee payable (2) | 668,586 | 631,676 |
Loan interest payable | 49,963 | 2,753 |
Directors fee payable | 6,670 | 3,250 |
Offering expenses payable | -- | 48,047 |
Accrued expenses payable | 295,923 | 660,672 |
Total liabilities | 49,521,142 | 43,675,023 |
Net Assets | $ 143,506,606 | $ 142,501,565 |
Net Assets consist of: | ||
Common stock at par ( |
6,509 | 6,506 |
Paid-in-capital | 145,715,072 | 145,653,043 |
Distributions in excess of net investment income | (4,444,820) | (4,643,375) |
Accumulated net realized gain on investments | 1,979,813 | 942,849 |
Net unrealized appreciation on investments | 250,032 | 542,542 |
Net Assets | $ 143,506,606 | $ 142,501,565 |
Net Asset Value Per Share: | ||
Common Stock Shares Outstanding | 6,509,375 | 6,505,767 |
Net asset value per common share | $ 22.05 | $ 21.90 |
Market price per share | $ 17.30 | $ 17.97 |
Market price premium / (discount) to net asset value per share | -21.54% | -17.95% |
(1) Includes |
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(2) Investment advisory fee payable net of waiver for |
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Statement of Operations | ||
(unaudited) | ||
For The Six | For The Three | |
Months Ended | Months Ended | |
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Investment Income | ||
Dividends | $ 3,678,963 | $ 1,916,484 |
Interest | 3,422,882 | 2,004,932 |
Origination fee income | 27,709 | 12,764 |
Other income | 48,010 | 20,000 |
Total Investment Income | 7,177,564 | 3,954,180 |
Expenses | ||
Investment advisory fees (1) | 1,645,547 | 842,182 |
Interest expense | 615,588 | 371,205 |
ABA marketing and licensing fees | 250,000 | 125,000 |
Professional fees | 176,202 | 96,941 |
Transfer agent, custodian fees and administrator fees | 132,152 | 65,619 |
Due diligence expense | 104,537 | 76,528 |
Directors' fees | 90,169 | 45,169 |
Bank fees | 67,275 | 26,157 |
Investor relations fees | 59,549 | 29,849 |
Insurance expense | 44,939 | 22,439 |
Miscellaneous fees | 133,116 | 81,230 |
Total expenses before waivers | 3,319,074 | 1,782,319 |
Less: Advisory fee waiver (2) | (345,285) | (173,596) |
Net expenses after waivers | 2,973,789 | 1,608,723 |
Net Investment Income | 4,203,775 | 2,345,457 |
Realized and Unrealized Gain on Investments | ||
Net realized gain on investments | 1,979,813 | 1,036,964 |
Net change in unrealized depreciation on investments | 439,702 | (292,510) |
Net realized and unrealized gain on investments | $ 2,419,515 | $ 744,454 |
Net Increase in Net Assets Resulting From Operations | $ 6,623,290 | $ 3,089,911 |
(1) Investment advisory fee reflects gross contractual fee. | ||
(2) Investment advisory fee waiver reflects waiver of fees related to proceeds of issuance of common stock issued on |
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Financial Highlights | |
(unaudited) | |
For The Three | |
Months Ended | |
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Per Share Operating Performance | |
Net Asset Value, beginning of period | $ 21.90 |
Net investment income(1) | 0.36 |
Net realized and unrealized gain on investments(1) | 0.12 |
Total from investment operations | 0.48 |
Less distributions to shareholders | |
From net investment income | (0.33) |
Total distributions | (0.33) |
Net asset value, end of period | $ 22.05 |
Per share market value, end of period | $ 17.30 |
Total investment return based on market value (2) | -1.88% |
Ratios and Supplemental Data | |
Net assets, end of period (in millions) | $ 143.5 |
Ratios (as a percentage of net assets): | |
Expenses before waivers (3)(7) | 5.00% |
Expenses after waivers (3)(4)(8) | 4.51% |
Net investment income (3)(9) | 6.58% |
Portfolio turnover rate (5) | 5% |
Revolving Credit Agreement | |
Total revolving credit agreement outstanding (000's) | $ 38,500 |
Asset coverage per |
4,727 |
(1) Based on the average shares outstanding during quarter. | |
(2) Based on share market price and reinvestment of distributions at the price obtained under the Dividend Reinvestment Plan. Total return does not include sales load and offering expenses. | |
(3) Annualized | |
(4) Excluding interest expense, the ratio would have been 3.47%. | |
(5) Not annualized | |
(6) 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. | |
(7) Ratio of expenses before waivers to managed assets equals 3.85%. | |
(8) Ratio of expenses after waivers to managed assets equals 3.47%. | |
(9) Ratio of net investment income to managed assets equals 5.06%. | |
CONTACT: Investor Contact:Source:Julie Muraco 347-887-0324
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