StoneCastle Financial Corp. Reports First Quarter 2019 Results
First Quarter 2019 Investment Highlights:
- Invested
$1.5 million in two investments - Received full call proceeds of
$17.5 million from three investments - Received partial pay downs proceeds of
$2.0 million from five investments
Investment Activity in the First Quarter 2019 Included:
- Invested
$1.5 million inThe Queensborough Company , Fixed Rate Cumulative Perpetual Preferred Stock Series A, 9% - Invested
$94,000 inThe Queensborough Company , Fixed Rate Cumulative Perpetual Preferred Stock, Series B, 9%
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.
The estimated annualized yield generated by the invested portfolio as of
First Quarter 2019 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 invested a total 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:
347-887-0324
STONECASTLE FINANCIAL CORP. | ||||||||
Statement of Assets and Liabilities (unaudited) | ||||||||
March 31, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Investments in securities, at fair value (cost: $173,545,428 and $190,966,167 respectively) | $ | 173,064,511 | $ | 189,070,497 | ||||
Cash | 5,566,326 | 2,831,334 | ||||||
Receivable for investment securities redeemed | - | 428,000 | ||||||
Interest and dividends receivable | 1,936,971 | 3,056,292 | ||||||
Prepaid assets | 749,793 | 827,666 | ||||||
Total assets | 181,317,601 | 196,213,789 | ||||||
Liabilities | ||||||||
Loan payable | 38,000,000 | 51,000,000 | ||||||
Dividends payable | - | 3,406,057 | ||||||
Investment advisory fee payable | 783,180 | 871,281 | ||||||
Loan interest payable | 238,916 | 76,117 | ||||||
Directors fee payable | 1,534 | 13,325 | ||||||
Accrued expenses payable | 505,662 | 467,388 | ||||||
Total liabilities | 39,529,292 | 55,834,168 | ||||||
Net Assets | $ | 141,788,309 | $ | 140,379,621 | ||||
Net Assets consist of: | ||||||||
Common stock at par ($0.001 per share) | $ | 6,555 | $ | 6,550 | ||||
Paid-in-Capital | 143,778,146 | 145,025,061 | ||||||
Accumulated net investment gain / (loss) | 74,913 | (1,257,435 | ) | |||||
Accumulated net realized loss on investments | (1,590,388 | ) | (1,498,885 | ) | ||||
Net unrealized depreciation on investments | (480,917 | ) | (1,895,670 | ) | ||||
Net Assets | $ | 141,788,309 | $ | 140,379,621 | ||||
Net Asset Value Per Share: | ||||||||
Common Stock Shares Outstanding | 6,554,983 | 6,550,110 | ||||||
Net asset value per common share | $ | 21.63 | $ | 21.43 | ||||
Market price per share | $ | 21.43 | $ | 19.30 | ||||
Market price discount to net asset value per share | -0.93 | % | -9.94 | % | ||||
STONECASTLE FINANCIAL CORP. | |||||||
Statement of Operations (unaudited) | |||||||
For The Three | For The Three | ||||||
Months Ended | Months Ended | ||||||
March 31, 2019 | December 31, 2018 | ||||||
Investment Income | |||||||
Interest | $ | 3,056,839 | $ | 3,457,576 | |||
Dividends | 1,056,299 | 1,188,628 | |||||
Origination fee income | 13,527 | 8,790 | |||||
Other Income (service fees and due diligence fees) | 108,885 | 57,286 | |||||
Total Investment Income | 4,235,550 | 4,712,280 | |||||
Expenses | |||||||
Investment advisory fees | 783,180 | 871,281 | |||||
Interest expense | 527,794 | 570,584 | |||||
Professional fees | 113,772 | 180,337 | |||||
Directors' fees | 56,959 | 53,669 | |||||
Transfer agent, custodian fees and administrator fees | 51,031 | 55,172 | |||||
ABA marketing and licensing fees | 36,875 | 37,694 | |||||
Bank administration fees | 36,251 | 27,057 | |||||
Investor relations fees | 30,526 | 26,204 | |||||
Delaware franchise tax | 21,420 | 22,419 | |||||
Insurance expense | 17,753 | 18,148 | |||||
Valuation fees | 16,707 | 16,489 | |||||
Printing | 8,648 | 8,673 | |||||
Miscellaneous fees (proxy, rating agency, etc.) | 52,804 | 54,861 | |||||
Total expenses | 1,753,720 | 1,942,588 | |||||
Net Investment Income | $ | 2,481,830 | $ | 2,769,692 | |||
Realized and Unrealized Gain / (Loss) on Investments | |||||||
Net realized loss on investments | $ | (91,503 | ) | $ | (7,248 | ) | |
Net change in unrealized appreciation / (depreciation) on investments | 1,414,753 | (3,371,852 | ) | ||||
Net realized and unrealized gain / (loss) on investments | 1,323,250 | (3,379,100 | ) | ||||
Net Increase / (Decrease) in Net Assets Resulting From Operations | $ | 3,805,080 | $ | (609,408 | ) | ||
STONECASTLE FINANCIAL CORP. | |||||
Financial Highlights (unaudited) | |||||
For The Three | |||||
Months Ended | |||||
March 31, 2019 | |||||
Per Share Operating Performance | |||||
Net Asset Value, beginning of period | $ | 21.43 | |||
Net investment income(1) | $ | 0.38 | |||
Net realized and unrealized gain on investments(1) | $ | 0.20 | |||
Total from investment operations | $ | 0.58 | |||
Less distributions to shareholders | |||||
From net investment income | $ | (0.38 | ) | ||
Total distributions | $ | (0.38 | ) | ||
Net asset value, end of period | $ | 21.63 | |||
Per share market value, end of period | $ | 21.43 | |||
Total Investment Return (2) | |||||
Based on market value | 13.10 | % | |||
Based on net asset value | 2.81 | % | |||
Ratios and Supplemental Data | |||||
Net assets, end of period (in millions) | $ | 141.8 | |||
Ratios (as a percentage to average net assets): | |||||
Expenses before waivers(3)(4)* | 5.04 | % | |||
Expenses after waivers(5)* | 5.04 | % | |||
Net investment income(6)* | 7.13 | % | |||
Portfolio turnover rate ** | 1 | % | |||
Revolving Credit Agreement | |||||
Total revolving credit agreement outstanding (000's) | $ | 38,000 | |||
Asset coverage per $1,000 for revolving credit agreement(7) | 4,731 | ||||
(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 3.52%. | ||||
(4) | Ratio of expenses before waivers to average managed assets equals 3.77%. | ||||
(5) | Ratio of expenses after waivers to average managed assets equals 3.77%. | ||||
(6) | Ratio of net investment income to average managed assets equals 5.33%. | ||||
(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.