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Tue, 12 Jan 2021
00:30:00 +0000
Medley LLC Retains B. Riley to Conduct Strategic Review of Bonds
Medley LLC (the "Company") announced today that the Company has engaged B. Riley Securities Inc. ("B. Riley") as its investment banking advisor to assist in analyzing various strategic financial alternatives to address its capital structure, including strategic and financing alternatives to restructure its indebtedness and other contractual obligations. Medley LLC has outstanding unsecured bonds which trade on the NYSE under the symbols (NYSE: MDLX) and (NYSE: MDLQ).
Mon, 11 Jan 2021
13:00:00 +0000
PhenixFIN Corporation Announces Share Repurchase Program
Also Announces Expanded Management Team and New WebsiteNEW YORK, Jan. 11, 2021 (GLOBE NEWSWIRE) -- PhenixFIN Corporation (NASDAQ: PFX), a publicly traded business development company, today announced that its board of directors has approved a share repurchase program authorizing up to $15 million in share repurchases. Under the share repurchase program, the Company is authorized to repurchase from time to time its common stock in open market or other transactions, subject to applicable regulatory requirements. The timing and number of shares to be repurchased will be determined by the Company, based on its evaluation of market and business conditions, share price, and other factors. The share repurchase program does not obligate the Company to repurchase any specific number of common shares, and may be discontinued at any time."This important decision reflects management’s focus on increasing shareholder value," said David Lorber, Chairman and Chief Executive Officer of PhenixFIN. "Given the Company’s current liquidity position and the current discount at which the shares trade, we feel approving a share buy-back program expands opportunities available to drive NAV accretion."The Company also announced that its senior management team is in place along with David Lorber (Chairman and Chief Executive Officer) and Ellida McMillan (Chief Financial Officer). Jeff Dombcik has been hired as a Senior Portfolio Strategist and Therese Dyman as Controller. Mr. Dombcik was most recently with Benefit Street Partners and Ms. Dyman was most recently with Alcentra Capital Corporation.Additionally, the Company announced the operation of a new website, www.phenixfc.com, to reflect the new name of the Company. The Company’s amended code of ethics and charters have been posted to the website. Shareholders are referred to this website for any future amendments to or waivers of these documents.This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of the Company’s common stock.There is no assurance that the market price of the Company’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that the program will enhance shareholder value over the long-term.ABOUT PHENIXFIN CORPORATIONPhenixFIN (formerly known as Medley Capital Corporation) is a Business Development Company traded on the NASDAQ Global Market that provides long-term debt and equity capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. For additional information about PhenixFIN, please visit PhenixFIN’s website at WWW.PHENIXFC.COM. For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.FORWARD-LOOKING STATEMENTSTHE INFORMATION CONTAINED IN THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO THE INHERENT UNCERTAINTIES IN PREDICTING FUTURE RESULTS AND CONDITIONS. FURTHERMORE, PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. IN ADDITION TO THE FACTORS DISCUSSED IN THIS PRESS RELEASE, OTHER FACTORS THAT COULD CAUSE ACTUAL RESULTS AND CONDITIONS TO DIFFER MATERIALLY FROM EXPECTATIONS ARE CONTAINED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
Tue, 22 Dec 2020
01:43:00 +0000
Medley Capital Corporation Announces Transfer of Listing from the New York Stock Exchange to the NASDAQ Global Market
Medley Capital Corporation (NYSE: MCC) (the "Company", "we", "us" or "our") today announced that it has completed the application process and has been authorized to transfer the listing of its shares of common stock, par value $0.01 per share (the "Common Stock"), and its 6.125% Notes due 2023 (the "Notes") from the New York Stock Exchange (the "NYSE") to the NASDAQ Global Market (the "NASDAQ"). In addition, effective January 1, 2021, the name of the Company will be changed to PhenixFIN Corporation. The Company expects the Common Stock and the Notes to begin trading on the NASDAQ under the ticker symbols "PFX" and "PFXNL", respectively, on January 4, 2021. Until that time, the Common Stock and the Notes will continue to trade on the NYSE.
Mon, 14 Dec 2020
12:58:12 +0000
Medley Capital (MCC) Incurs Wider-Than-Expected Loss in Q4
While lower total investment income hurts Medley Capital's (MCC) fiscal Q4 earnings, decrease in expenses offers some support.
Fri, 11 Dec 2020
22:55:10 +0000
Medley Capital (MCC) Reports Q4 Loss, Tops Revenue Estimates
Medley (MCC) delivered earnings and revenue surprises of -77.78% and 2.82%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Fri, 11 Dec 2020
21:30:00 +0000
Medley Capital Corporation Announces September 30, 2020 Financial Results
NEW YORK, Dec. 11, 2020 (GLOBE NEWSWIRE) -- Medley Capital Corporation (NYSE: MCC) (the “Company”) today announced financial results for the quarter ended September 30, 2020.Fourth Quarter Summary * Net asset value of $150.6 million, or, $55.30 per share, vs. $149.3 million, or, $54.83 per share, at June 30, 2020 * Net income of $0.47 per share * Net investment loss of $(0.32) per share * The board of directors did not declare a dividend this quarterPortfolio InvestmentsThe total value of our investments was $246.7 million at September 30, 2020. During the quarter ended September 30, 2020, the Company originated $0.7 million of investments and had $7.0 million of repayments and sales, resulting in net repayments and sales of $6.3 million. As of September 30, 2020, the Company had investments in securities of 42 portfolio companies with approximately 43.2% consisting of senior secured first lien investments, 5.6% consisting of senior secured second lien investments, 1.1% consisting of unsecured debt, 16.6% in MCC Senior Loan Strategy JV and 33.5% in equities / warrants. As of September 30, 2020, the weighted average yield based upon the cost basis of our income bearing portfolio investments, excluding cash and cash equivalents, was 8.5%.Results of OperationsFor the three months ended September 30, 2020, the Company reported net investment loss per share and net income per share of $(0.32) and $0.47, respectively, calculated based upon the weighted average shares outstanding.For the year ended September 30, 2020, the Company reported net investment loss per share and net loss per share of $(1.00) and $(24.16), respectively, calculated based upon the weighted average shares outstanding.Investment IncomeFor the three months ended September 30, 2020, total investment income was approximately $4.4 million and consisted of $2.8 million of portfolio interest income, $1.5 million of dividend income and $0.1 million of fee income.For the year ended September 30, 2020, total investment income was approximately $21.5 million and consisted of $14.2 million of portfolio interest income, $6.3 million of dividend income, $0.3 million of interest from cash and cash equivalents and $0.7 million of fee income.ExpensesOn June 12, 2020, the Company entered into an expense support agreement (the "ESA") with MCC Advisors LLC and Medley LLC, pursuant to which MCC Advisors LLC and Medley LLC agreed (jointly and severally) to cap the management fee and all of the Company's other operating expenses (except interest expenses, certain extraordinary strategic transaction expenses, and other expenses approved by the special committee of the board of directors) at $667,000 per month (the "Cap"). The Cap is in effect from June 1, 2020 through December 31, 2020.For the three months ended September 30, 2020, total expenses before the ESA were approximately $5.6 million and consisted of the following: base management fees of $1.4 million, interest and financing expenses of $2.6 million, administrator expenses of $0.5 million, independent directors’ fees of $0.5 million, and other general and administrative related expenses of $0.6 million. During the three months ended September 30, 2020, total expenses subject to the Cap were $2.0 million, which resulted in $0.3 million of expense support due from MCC Advisors LLC. After taking the ESA into account, for the three months ended September 30, 2020, total expenses were approximately $5.3 million.For the year ended September 30, 2020, total expenses before the ESA were approximately $24.9 million and consisted of the following: base management fees of $6.4 million, interest and financing expenses of $14.9 million, net professional fees of $(4.8) million, administrator expenses of $2.2 million, independent directors’ fees of $1.5 million, and other general and administrative related expenses of $4.7 million. During the year ending September 30, 2020, total expenses subject to the Cap were $3.0 million, which resulted in $0.7 million of expense support due from MCC Advisors LLC. After taking the ESA into account, for the year ended September 30, 2020, total expenses were approximately $24.2 million.Net Investment Income/LossFor the three months ended September 30, 2020, the Company reported net investment loss of $(0.9) million, or $(0.32), on a weighted average per share basis.For the year ended September 30, 2020, the Company reported net investment loss of $(2.7) million, or $(1.00), on a weighted average per share basis.Net Realized and Unrealized Gains/LossesFor the three months and year ended September 30, 2020, the Company reported losses of $(10.2) million and $(50.0) million, respectively.For the three months and year ended September 30, 2020, the Company reported unrealized appreciation/(depreciation) of $12.3 million and $(10.6) million, respectively.For the three months and year ended September 30, 2020, the Company reported a loss on extinguishment of debt of $0 and $(2.5) million, respectively.Liquidity and Capital ResourcesAs of September 30, 2020, the Company had a cash balance of $56.5 million.As of September 30, 2020, the Company had $74.0 million outstanding in aggregate principal amount of 6.50% unsecured notes due 2021 and $77.8 million outstanding in aggregate principal amount of 6.125% unsecured notes due 2023.Dividend DeclarationThe board of directors did not declare a dividend this quarter.Financial StatementsMedley Capital Corporation Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data) September 30, 2020 September 30, 2019      ASSETS    Investments at fair value    Non-controlled/non-affiliated investments (amortized cost of $117,361 and $204,736, respectively)$114,322  $189,895  Affiliated investments (amortized cost of $92,899 and $108,310, respectively)84,873  99,540  Controlled investments (amortized cost of $117,875 and $154,601, respectively)47,549  107,454  Total investments at fair value246,744  396,889  Cash and cash equivalents56,522  68,245  Restricted cash—  16,039  Other assets2,094  2,974  Interest receivable625  1,592  Receivable for dispositions and investments sold—  419  Fees receivable119  109  Total assets$306,104  $486,267       LIABILITIES    Notes payable (net of debt issuance costs of $906 and $5,274, respectively)$150,961  $251,732  Accounts payable and accrued expenses2,108  11,957  Interest and fees payable802  2,905  Management and incentive fees payable1,392  2,231  Administrator expenses payable157  862  Deferred revenue10  103  Due to affiliate53  44  Total liabilities$155,483  $269,834       NET ASSETS    Common stock, par value $0.001 per share, 100,000,000 common shares authorized, 2,723,709 and 2,723,709 common shares issued and outstanding, respectively$3  $3  Capital in excess of par value672,382  673,584  Total distributable earnings/(loss)(521,764) (457,154) Total net assets150,621  216,433  Total liabilities and net assets$306,104  $486,267       NET ASSET VALUE PER SHARE(1)$55.30  $79.46  (1) Authorized, issued and outstanding common shares and net asset value per share have been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis. Medley Capital Corporation Consolidated Statements of Operations (in thousands, except share and per share data) For the three months ended September 30 For the years ended September 30  2020 2019 2020 2019          INVESTMENT INCOME        Interest from investments        Non-controlled/non-affiliated investments:        Cash$1,638  $4,118  $9,137  $25,368  Payment-in-kind399  271  864  1,755  Affiliated investments:        Cash491  490  1,182  2,198  Payment-in-kind284  319  2,426  2,604  Controlled investments:        Cash—  89  85  338  Payment-in-kind—  192  501  2,801  Total interest income2,812  5,479  14,195  35,064  Dividend income1,531  2,114  6,256  8,219  Interest from cash and cash equivalents1  200  378  712  Fee income76  323  693  2,304  Total investment income4,420  8,116  21,522  46,299           EXPENSES        Base management fees1,392  2,231  6,359  11,190  Interest and financing expenses2,623  5,308  14,935  24,049  Professional fees, net29  4,743  (4,768) 623  General and administrative145  2,752  3,285  19,323  Administrator expenses484  862  2,227  7,399  Directors fees491  170  1,451  1,258  Insurance475  259  1,463  3,324  Expenses before expense support reimbursement and management and incentive fee waivers5,639  16,325  24,952  67,166  Expense support reimbursement(361) —  (710) —  Management fee waiver—  —  —  —  Total expenses net of management and incentive fee waivers5,278  16,325  24,242  67,166  NET INVESTMENT INCOME(858) (8,209) (2,720) (20,867)          REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS        Net realized gain/(loss) from investments        Non-controlled/non-affiliated investments(9,283) —  (9,974) (24,762) Affiliated investments(929) (7,671) (929) (7,671) Controlled investments—  (28,201) (39,076) (79,740) Net realized gain/(loss) from investments(10,212) (35,872) (49,979) (112,173) Net unrealized appreciation/(depreciation) on investments        Non-controlled/non-affiliated investments18,321  (4,596) 9,898  20,727  Affiliated investments90  (738) 2,648  (6,864) Controlled investments(6,117) 17,871  (23,179) 24,635  Net unrealized appreciation/(depreciation) on investments12,294  12,537  (10,633) 38,498  Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments50  —  —  —  Net loss on extinguishment of debt—  (104) (2,481) (2,033) Net realized and unrealized gain/(loss) on investments2,132  (23,439) (63,093) (75,708) NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$1,274  $(31,648) $(65,813) $(96,575)          WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE(1)$0.47  $(11.62) $(24.63) $(35.46) WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME PER COMMON SHARE(1)$(0.32) $(3.01) $(0.68) $(7.66) WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED(1)2,723,709  2,723,709  2,723,709  2,723,709  DIVIDENDS DECLARED PER COMMON SHARE(2)$—  $—  $—  $3.00  (1) Basic and diluted shares has been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis. (2) Dividends declared per common share has been adjusted for the periods shown to reflect the one-for twenty reverse stock split effected on July 24, 2020 on a retroactive basis.ABOUT MEDLEY CAPITAL CORPORATIONMedley Capital Corporation is a closed-end, externally managed business development company ("BDC") that has common stock which trades on the New York Stock Exchange (NYSE: MCC) and has an outstanding bond which trades on the New York Stock Exchange under the symbol (NYSE: MCV). Medley Capital Corporation's investment objective is to generate current income and capital appreciation by lending to privately-held middle market companies, primarily through directly originated transactions, to help these companies expand their businesses, refinance and make acquisitions. Our portfolio generally consists of senior secured first lien loans and senior secured second lien loans. Medley Capital Corporation is externally managed by MCC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. For additional information, please visit Medley Capital Corporation at www.medleycapitalcorp.com.ABOUT MCC ADVISORS LLCMCC Advisors LLC is a subsidiary of Medley Management Inc. (NYSE: MDLY, “Medley”). Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $3.4 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) and Sierra Income Corporation, and several private investment vehicles. Over the past 18 years, we have provided capital to over 400 companies across 35 industries in North America.1 For additional information, please visit Medley Management Inc. at www.mdly.com.Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ).FORWARD-LOOKING STATEMENTSThis press release contains “forward-looking” statements, including statements regarding the impact of the ESA. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. Statements that include the words “should,” “would,” “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “will,” and similar statements of a future or forward-looking nature identify forward-looking statements in this material or similar oral statements for purposes of the U.S. federal securities laws or otherwise. Forward-looking statements include, but are not limited to, the introduction, withdrawal, success and timing of business initiatives and strategies; changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes in the value of our assets; the relative and absolute investment performance and operations of MCC Advisors LLC; our business prospects and the prospects of our portfolio companies; the uncertainty regarding actual level of expenses the Company incurs that may not be materially lower than current expenses due to a variety of factors, such as unexpected expenses not covered by the ESA; and uncertainties associated with the impact from the COVID-19 pandemic, including its impact on the global and U.S. capital markets and the global and U.S. economy, the length and duration of the COVID-19 outbreak in the United States as well as worldwide and the magnitude of the economic impact of that outbreak, the effect of the COVID-19 pandemic on our business prospects and the operational and financial performance of our portfolio companies, including our and their ability to achieve their respective objectives, and the effect of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our business.The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the “Risk Factors” and other sections of the Company’s most recent Annual Report on Form 10-K. The forward-looking statements in this press release represent the Company’s views as of the date of hereof. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company does not have any current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this material.SOURCE: Medley Capital CorporationInvestor Relations Contact: Sam Anderson Head of Capital Markets & Risk Management Medley Management Inc. 212-759-0777Media Contact: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. LP 212-257-4170  1 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, “Medley”). Assets under management refers to assets of Medley’s funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of September 30, 2020.
Fri, 20 Nov 2020
22:34:00 +0000
Medley Capital Corporation Board Approves Internalization
New Internalized Management Team to be Installed Effective January 1, 2021NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- On November 18, 2020, the Board of Directors (the “Board”) of Medley Capital Corporation (NYSE: MCC) (the “Company”) approved adoption of an internalized management structure effective January 1, 2021.   The new management structure will replace the current Investment Management and Administration Agreements with MCC Advisors LLC, which expire on December 31, 2020. To lead the internalized management team, the Board approved the appointment of David Lorber, who has served as an independent director of the Company since April 2019, as interim Chief Executive Officer and Ellida McMillan as Chief Financial Officer of the Company, each effective January 1, 2021.Mr. Lorber and Ms. McMillan are in the process of assembling the internalized management team, that will be responsible for the day-to-day management and operations of the Company, under the oversight of the Board.  The Company has thus far engaged a senior investment professional with significant credit experience to serve as the lead portfolio strategist, who will work closely with Mr. Lorber.  The Company has also retained US Bancorp Fund Services, LLC to serve as the Company’s fund accountant and administrator, and is in the process of retaining Alaric Compliance Services, LLC, an officer of which would serve as the Company’s Chief Compliance Officer. The new, simplified and streamlined structure is expected to lead to reduced operating costs/expenses for the Company in 2021, although there can be no assurance of the anticipated savings.Mr. Lorber, is a Co-Founder of FrontFour Capital Group LLC, an investment adviser, and has served as a Portfolio Manager for the firm since January 2007. Mr. Lorber has significant principal investment expertise in both the equity and credit markets. Mr. Lorber has also served as a director of Ferro Corporation, a leading producer of specialty materials and chemicals for manufacturers, since May 2013, where he is also Lead Director, Chairman of its Governance & Nomination Committee and a member of its Compensation Committee. From April 2006 until December 2014, Mr. Lorber served as a director of Aerojet Rocketdyne Holdings, Inc. (formerly GenCorp Inc.), a technology-based manufacturer of aerospace and defense products and systems with a real estate segment.Ms. McMillan, served as Chief Financial Officer and Chief Operating Officer of Alcentra Capital Corporation, a NASDAQ-traded BDC, from April 2017 until it merged into Crescent Capital BDC, Inc. in February 2020.  Previously, beginning in November 2013, she served as Chief Accounting Officer of Alcentra Capital, Treasurer and Secretary of Alcentra Capital. At Alcentra she built the company’s financial and operating infrastructure, oversaw the IPO and initial NASDAQ listing, as well as assisted in all corporate M&A and strategic processes involving the BDC.Mr. Lorber said: “I am excited to lead the Company in this new phase as we move forward and look to generate value creatively and efficiently.”Arthur Ainsberg, the Company’s Lead Independent Director added: “We believe our streamlined internalized structure will increase our flexibility to continue to seek to maximize shareholder value.”About Medley Capital Corporation Medley Capital Corporation is a closed-end, externally managed business development company ("BDC") that has common stock which trades on the New York Stock Exchange (NYSE: MCC) and has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE: MCV) and (NYSE: MCX). Medley Capital Corporation's investment objective is to generate current income and capital appreciation by lending to privately-held middle market companies, primarily through directly originated transactions, to help these companies expand their businesses, refinance and make acquisitions. Our portfolio generally consists of senior secured first lien loans and senior secured second lien loans. Medley Capital Corporation is presently externally managed by MCC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. For additional information, please visit Medley Capital Corporation at www.medleycapitalcorp.com.Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, particularly with respect to the future performance of the Company under the new internalized management team. Such forward-looking statements represent management's current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of the MCC’s common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to, the ability of the Company to assemble the new internalized management team as contemplated; the ability of the new internalized management team to execute on its financial and investment strategies; the ability of the Company to realize savings and other efficiencies from the replacement of the current external management team with the new internal management structure, and uncertainties as to the amount and timing of any such savings; and other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of MCC’s Form 10-K for the fiscal year ended September 30, 2019, and its other reports filed with the Securities and Exchange Commission. These factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made in this press release and presented elsewhere by management from time to time. While MCC may elect to update such forward-looking statements at some point in the future, MCC disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing the views of the Company as of any date subsequent to the date of this press release.SOURCE: Medley Capital CorporationInvestor Relations Contact: Sam Anderson Head of Capital Markets & Risk Management Medley Management Inc. 212-759-0777Media Contact: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. LP 212-257-4170
Mon, 16 Nov 2020
11:00:00 +0000
Medley Management Inc. Reports Third Quarter 2020 Results
Medley Management Inc. (NYSE: MDLY) ("MDLY" or the "Company") today reported its financial results for its third quarter ended September 30, 2020. All share and per share results reflect the 1-for-10 reverse stock split which was effective on October 30, 2020.
Fri, 23 Oct 2020
20:36:00 +0000
Sierra Income Corporation Announces Reinstatement of Monthly Distribution
Sierra Income Corporation ("Sierra" or the "Company") today announced that its Board of Directors has determined to reinstate the monthly distributions on the shares of the Company's common stock. The Board of Directors declared a series of monthly distributions for October, November and December 2020 of $0.01 per share.
Thu, 22 Oct 2020
20:30:00 +0000
Medley Management Inc. Announces One-for-Ten Reverse Stock Split; Class A Common Stock to Begin Trading on a Split-Adjusted Basis at Market Open on November 2, 2020
Medley Management Inc. (NYSE: MDLY) ("MDLY" or the "Company") announced today that, following the authorization granted by the stockholders at the Company's 2020 Annual Meeting of Stockholders held on October 22, 2020 (the "Annual Meeting"), the Company's board of directors (the "Board") today determined that it is in the best interests of the Company and its stockholders to effect a reverse stock split of its Class A common stock, par value $0.01 per share (the "Class A Common Stock"), at a ratio of 1-for-10 (the "Reverse Stock Split"). Accordingly, on October 22, 2020, the Company filed a Certificate of Amendment (the "Certificate of Amendment") to the Company's Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, which will be effective at 5:00 p.m., Eastern Time, on Friday, October 30, 2020 (the "Effective Time").
Wed, 21 Oct 2020
12:13:00 +0000
Medley Capital Corporation Announces Redemption of 6.500% Notes due 2021
NEW YORK, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Medley Capital Corporation (NYSE: MCC) (the “Company” or “MCC”) announced today that, it has caused notices to be issued to the holders of its 6.500% Notes due 2021 (NYSE: MCX) (the “Notes”) regarding the Company’s exercise of its option to redeem, in whole, the issued and outstanding Notes, pursuant to Section 1104 of the Indenture date as of February 7, 2012, between the Company and U.S. Bank National Association, as trustee, and Section 101(h) of the Third Supplemental Indenture dated as of December 17, 2015. The Company will redeem $74,012,825 in aggregate principal amount of the issued and outstanding Notes on November 20, 2020 (the “Redemption Date”). The Notes will be redeemed at 100% of their principal amount ($25 per Note), plus accrued and unpaid interest thereon from October 31, 2020, through, but excluding, the Redemption Date. The interest payment on the Notes to holders of record on October 15, 2020 payable on October 31, 2020 will be payable in normal course. Questions relating to the notice of redemption should be directed to U.S. Bank National Association via telephone at 1-800-934-6802. ABOUT MEDLEY CAPITAL CORPORATIONMedley Capital Corporation is a closed-end, externally managed business development company ("BDC") that has common stock which trades on the New York Stock Exchange (NYSE: MCC) and has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE: MCV) and (NYSE: MCX). Medley Capital Corporation's investment objective is to generate current income and capital appreciation by lending to privately-held middle market companies, primarily through directly originated transactions, to help these companies expand their businesses, refinance and make acquisitions. Our portfolio generally consists of senior secured first lien loans and senior secured second lien loans. Medley Capital Corporation is externally managed by MCC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. For additional information, please visit Medley Capital Corporation at www.medleycapitalcorp.com.ABOUT MCC ADVISORS LLCMCC Advisors LLC is a subsidiary of Medley Management Inc. (NYSE: MDLY, “Medley”). Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $3.6 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) and Sierra Income Corporation, and several private investment vehicles. Over the past 18 years, we have provided capital to over 400 companies across 35 industries in North America.1 For additional information, please visit Medley Management Inc. at www.mdly.com.Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ).Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements regarding the the possibility that MCC may explore strategic alternatives and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions. Such forward-looking statements represent management's current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of the MCC’s common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to, the effects of changes in MCC’s credit rating; MCC’s ability to arrange and consummate financing or sale transactions or to access capital; whether MCC is able to generate sufficient cash flows and maintain adequate liquidity to meet its liquidity needs, service its indebtedness, repay existing debt obligations, and finance the ongoing obligations of its business; uncertainties associated with the impact from the COVID-19 pandemic, including its impact on the global and U.S. capital markets, the global and U.S. economy, the operational and financial performance of MCC’s portfolio companies, and liquidity; and the important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of MCC’s Form 10-K for the fiscal year ended September 30, 2019, and its other reports filed with the Securities and Exchange Commission. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While MCC may elect to update such forward-looking statements at some point in the future, MCC disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing MCC’s views as of any date subsequent to the date of this press release.SOURCE: Medley Capital CorporationInvestor Relations Contact: Sam Anderson Head of Capital Markets & Risk Management Medley Management Inc. 212-759-0777Media Contact: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. LP 212-257-4170_______________ 1 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, “Medley”). Assets under management refers to assets of Medley’s funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of June 30, 2020.
Fri, 09 Oct 2020
21:25:00 +0000
Medley Capital Corporation Sells the MCC Senior Loan Strategy JV Portfolio to Fund Managed by Golub Capital LLC
NEW YORK, Oct. 09, 2020 (GLOBE NEWSWIRE) -- The Special Committee of the Board of Directors of Medley Capital Corporation (NYSE: MCC) (“MCC”) is pleased to announce that on October 8, 2020, MCC, MCC Senior Loan Strategy JV I LLC (the “MCC JV”), the other holder of membership interests in the MCC JV (the “Other MCC JV Member”), and an affiliate of Golub Capital LLC (“Golub”) entered into a Membership Interest Purchase Agreement (“the Agreement”) pursuant to which a private fund affiliated with and managed by Golub concurrently purchased all of MCC’s interest in the MCC JV and all of the Other MCC JV Member’s interest in the MCC JV for a total purchase price of $156.4 million (subject to various adjustments), on terms and conditions set forth in the Agreement. In connection with the closing of the transaction, MCC JV repaid in full all outstanding borrowings under, and terminated, its senior secured revolving credit facility, dated as of August 4, 2015, as amended, administered by Deutsche Bank AG, New York Branch. Taking into account the debt repayment and the adjustments, MCC and the Other MCC JV Member received net proceeds (before transaction expenses) of $41.0 million and $6.6 million, respectively. "We believe this is a significant transaction for MCC as it improves MCC’s liquidity and materially strengthens its balance sheet," said David Lorber, Chair of the MCC Special Committee. He added, "The transaction better positions MCC to meet its other debt repayment obligations."The Special Committee was advised by Houlihan Lokey for this Transaction.ABOUT MEDLEY CAPITAL CORPORATIONMedley Capital Corporation is a closed-end, externally managed business development company ("BDC") that has common stock which trades on the New York Stock Exchange (NYSE: MCC) and has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE: MCV) and (NYSE: MCX). Medley Capital Corporation's investment objective is to generate current income and capital appreciation by lending to privately-held middle market companies, primarily through directly originated transactions, to help these companies expand their businesses, refinance and make acquisitions. Our portfolio generally consists of senior secured first lien loans and senior secured second lien loans. Medley Capital Corporation is externally managed by MCC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. For additional information, please visit Medley Capital Corporation at www.medleycapitalcorp.com.ABOUT MCC ADVISORS LLCMCC Advisors LLC is a subsidiary of Medley Management Inc. (NYSE: MDLY, “Medley”). Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $3.6 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) (TASE: MCC) and Sierra Income Corporation, and several private investment vehicles. Over the past 18 years, we have provided capital to over 400 companies across 35 industries in North America.1 For additional information, please visit Medley Management Inc. at www.mdly.com.Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ).Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements regarding the ongoing obligations under the Agreement, including the indemnities contained in the Agreement, and the possibility that MCC may explore strategic alternatives and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions. Such forward-looking statements represent management's current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of the MCC’s common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to, potential losses of MCC in connection with its indemnification obligations under the Agreement; MCC’s ability to comply with the covenants and conditions under its debt instruments; the effects of changes in MCC’s credit rating; MCC’s ability to arrange and consummate financing or sale transactions or to access capital; whether MCC is able to generate sufficient cash flows and maintain adequate liquidity to meet its liquidity needs, service its indebtedness, repay existing debt obligations, and finance the ongoing obligations of its business; uncertainties associated with the impact from the COVID-19 pandemic, including its impact on the global and U.S. capital markets, the global and U.S. economy, the operational and financial performance of MCC’s portfolio companies, and liquidity; and the important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of MCC’s Form 10-K for the fiscal year ended September 30, 2019, and its other reports filed with the Securities and Exchange Commission. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While MCC may elect to update such forward-looking statements at some point in the future, MCC disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing MCC’s views as of any date subsequent to the date of this press release._______________ 1 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, “Medley”). Assets under management refers to assets of Medley’s funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of June 30, 2020. SOURCE: Medley Capital CorporationInvestor Relations Contact: Sam Anderson Head of Capital Markets & Risk Management Medley Management Inc. 212-759-0777Media Contact: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. LP 212-257-4170
Fri, 14 Aug 2020
20:30:00 +0000
Medley Management Inc. Reports Second Quarter 2020 Results
Medley Management Inc. (NYSE: MDLY) ("MDLY" or the "Company") today reported its financial results for its second quarter ended June 30, 2020.
Mon, 10 Aug 2020
12:57:12 +0000
Medley Capital (MCC) Posts Narrower-Than-Expected Q3 Loss
While lower total investment income hampers Medley Capital's (MCC) fiscal Q3 results, fall in expenses offers some support.
Fri, 07 Aug 2020
21:15:09 +0000
Medley Capital (MCC) Reports Q3 Loss, Misses Revenue Estimates
Medley (MCC) delivered earnings and revenue surprises of 74.00% and -21.66%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
Fri, 07 Aug 2020
20:04:00 +0000
Medley Capital Corporation Announces June 30, 2020 Financial Results
NEW YORK, Aug. 07, 2020 (GLOBE NEWSWIRE) -- Medley Capital Corporation (NYSE: MCC) (TASE: MCC) (the “Company”) today announced financial results for the quarter ended June 30, 2020. Third Quarter Summary * Net asset value of $149.3 million, or, $54.83 per share, vs. $141.7 million, or, $52.04 per share, at March 31, 2020 * Net investment loss of $(0.26) per share * Fully repaid Series A Israeli Notes (the “Israeli Notes”) * The board of directors did not declare a dividend this quarter Post Quarter End Summary * Completed a one-for-twenty reverse stock split on July 24, 20201Portfolio InvestmentsThe total value of our investments was $250.6 million at June 30, 2020. During the quarter ended June 30, 2020, the Company originated $2.9 million of investments and had $17.3 million of repayments and sales, resulting in net repayments and sales of $14.4 million. As of June 30, 2020, the Company had investments in securities of 43 portfolio companies with approximately 42.8% consisting of senior secured first lien investments, 5.3% consisting of senior secured second lien investments, 1.3% consisting of unsecured debt, 18.8% in MCC Senior Loan Strategy JV and 31.8% in equities / warrants. As of June 30, 2020, the weighted average yield based upon the cost basis of our income bearing portfolio investments, excluding cash and cash equivalents, was 8.8%.Results of OperationsFor the three months ended June 30, 2020, the Company reported net investment loss per share and net income per share of $(0.26) and $2.79, respectively, calculated based upon the weighted average shares outstanding.For the nine months ended June 30, 2020, the Company reported net investment loss per share and net loss per share of $(0.68) and $(24.63), respectively, calculated based upon the weighted average shares outstanding.Investment IncomeFor the three months ended June 30, 2020, total investment income was approximately $4.3 million and consisted of $2.9 million of portfolio interest income, $1.2 million of dividend income and $0.2 million of fee income.For the nine months ended June 30, 2020, total investment income was approximately $17.1 million and consisted of $11.4 million of portfolio interest income, $4.7 million of dividend income, $0.4 million of interest from cash and cash equivalents and $0.6 million of fee income.ExpensesOn June 12, 2020, the Company entered into an expense support agreement (the "ESA") with MCC Advisors LLC and Medley LLC, pursuant to which MCC Advisors LLC and Medley LLC agreed (jointly and severally) to cap the management fee and all of the Company's other operating expenses (except interest expenses, certain extraordinary strategic transaction expenses, and other expenses approved by the special committee of the board of directors) at $667,000 per month (the "Cap"). The Cap became effective on June 1, 2020 and expires on September 30, 2020.For the three months ended June 30, 2020, total expenses before the ESA were approximately $5.4 million and consisted of the following: base management fees of $1.3 million, interest and financing expenses of $2.7 million, net professional fees of $(0.5) million, administrator expenses of $0.6 million, directors’ fees of $0.4 million, and other general and administrative related expenses of $0.9 million. During the month of June, total expenses subject to the Cap were $1.0 million, which resulted in $0.3 million of expense support due from MCC Advisors LLC. After taking the ESA into account, for the three months ended June 30, 2020, total expenses were approximately $5.0 million.For the nine months ended June 30, 2020, total expenses before the ESA were approximately $19.3 million and consisted of the following: base management fees of $5.0 million, interest and financing expenses of $12.3 million, net professional fees of $(4.8) million, administrator expenses of $1.7 million, directors’ fees of $1.0 million, and other general and administrative related expenses of $4.1 million. For the three months ended June 30, 2020, total expenses after the ESA were approximately $19.0 million.Net Investment Income/LossFor the three months ended June 30, 2020, the Company reported net investment loss of $(0.7) million, or $(0.26), on a weighted average per share basis.For the nine months ended June 30, 2020, the Company reported net investment loss of $(1.9) million, or $(0.68), on a weighted average per share basis.Net Realized and Unrealized Gains/LossesFor the three and nine months ended June 30, 2020, the Company reported net realized gains/(losses) of $(37.9) million and $(39.8) million, respectively.For the three and nine months ended June 30, 2020, the Company reported unrealized appreciation/(depreciation) of $46.9 million and $(22.9) million, respectively.For the three and nine months ended June 30, 2019, the Company reported a loss on extinguishment of debt of $(0.7) million and $(2.5) million, respectively.For the three months ended June 30, 2020, the Company recorded a change in provision for deferred taxes on the unrealized depreciation on investments of $35,970. For the nine months ended June 30, 2020, the Company recorded a change in provision for deferred taxes on the unrealized appreciation on investments of $49,694.Liquidity and Capital ResourcesAs of June 30, 2020, the Company had a cash balance of $52.2 million.As of June 30, 2020, the Company had $74.0 million outstanding in aggregate principal amount of 6.50% unsecured notes due 2021 and $77.8 million outstanding in aggregate principal amount of 6.125% unsecured notes due 2023.During the quarter ended June 30, 2020 the Company repaid the remaining $21.1 million Israeli Notes outstanding.Dividend DeclarationThe board of directors did not declare a dividend this quarter.Financial Statements  Medley Capital Corporation Consolidated Statements of Assets and Liabilities (in thousands, except share and per share data)       June 30, 2020 September 30, 2019  (unaudited)   ASSETS    Investments at fair value    Non-controlled/non-affiliated investments (amortized cost of $139,961 and $204,736, respectively)$116,697  $189,895  Affiliated investments (amortized cost of $86,469 and $108,310, respectively)80,257  99,540  Controlled investments (amortized cost of $117,875 and $154,601, respectively)53,665  107,454  Total investments at fair value250,619  396,889  Cash and cash equivalents52,203  68,245  Restricted cash—  16,039  Other assets2,042  2,974  Interest receivable663  1,592  Receivable for dispositions and investments sold1,302  419  Fees receivable119  109  Total assets$306,948  $486,267       LIABILITIES    Notes payable (net of debt issuance costs of $1,134 and $5,274, respectively)$150,732  $251,732  Accounts payable and accrued expenses4,376  11,957  Interest and fees payable802  2,905  Management and incentive fees payable1,317  2,231  Administrator expenses payable265  862  Deferred revenue29  103  Due to affiliate31  44  Deferred tax liability50  —  Total liabilities$157,602  $269,834       NET ASSETS    Common stock, par value $0.001 per share, 100,000,000 common shares authorized, 2,723,711 and 2,723,711 common shares issued and outstanding, respectively$3  $3  Capital in excess of par value673,584  673,584  Total distributable earnings/(loss)(524,241) (457,154) Total net assets149,346  216,433  Total liabilities and net assets$306,948  $486,267       NET ASSET VALUE PER SHARE(1)$54.83  $79.46  (1) Authorized, issued and outstanding common shares and net asset value per share have been adjusted for the periods shown to reflect the one-for-twenty  reverse stock split effected on July 24, 2020 on a retroactive basis.  Medley Capital Corporation Consolidated Statements of Operations (in thousands, except share and per share data)       For the three months ended June 30 For the nine months ended June 30  2020 2019 2020 2019  (unaudited) (unaudited) (unaudited) (unaudited) INVESTMENT INCOME        Interest from investments        Non-controlled/non-affiliated investments:        Cash$1,961  $5,663  $7,499  $21,250  Payment-in-kind138  306  465  1,484  Affiliated investments:        Cash292  496  691  1,708  Payment-in-kind487  669  2,141  2,285  Controlled investments:        Cash—  86  85  249  Payment-in-kind—  819  501  2,609  Total interest income2,878  8,039  11,382  29,585  Dividend income1,225  2,012  4,725  6,104  Interest from cash and cash equivalents4  140  377  513  Fee income202  1,203  618  1,981  Total investment income4,309  11,394  17,102  38,183           EXPENSES        Base management fees1,317  2,689  4,967  8,958  Incentive fees—  —  —  —  Interest and financing expenses2,736  6,834  12,312  18,741  General and administrative540  1,162  3,140  4,647  Administrator expenses615  762  1,743  2,462  Insurance334  127  988  364  Directors fees347  420  960  1,089  Professional fees, net(512) 3,223  (4,797) 14,580  Expenses before expense support reimbursement and management and incentive fee waivers5,377  15,217  19,313  50,841  Expense support reimbursement(349) —  (349) —  Management fee waiver—  —  —  —  Incentive fee waiver—  —  —  —  Total expenses net of management and incentive fee waivers5,028  15,217  18,964  50,841  NET INVESTMENT INCOME(719) (3,823) (1,862) (12,658)          REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS        Net realized gain/(loss) from investments        Non-controlled/non-affiliated investments(532) (8,963) (690) (24,762) Affiliated investments—  —  —  —  Controlled investments(37,390) —  (39,076) (51,539) Net realized gain/(loss) from investments(37,922) (8,963) (39,766) (76,301) Net unrealized appreciation/(depreciation) on investments        Non-controlled/non-affiliated investments7,380  5,159  (8,423) 25,324  Affiliated investments8,137  (653) 2,558  (6,127) Controlled investments31,389  (20,155) (17,062) 6,764  Net unrealized appreciation/(depreciation) on investments46,906  (15,649) (22,927) 25,961  Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments36  —  (50) —  Net loss on extinguishment of debt(697) (1,806) (2,481) (1,929) Net realized and unrealized gain/(loss) on investments8,323  (26,418) (65,224) (52,269) NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$7,604  $(30,241) $(67,086) $(64,927)          WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE(1)$2.79  $(11.10) $(24.63) $(23.84) WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME PER COMMON SHARE(1)$(0.26) $(1.40) $(0.68) $(4.65) WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED(1)2,723,711  2,723,711  2,723,711  2,723,711  DIVIDENDS DECLARED PER COMMON SHARE(2)$—  $—  $—  $3.00  (1) Basic and diluted shares has been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis. (2) Dividends declared per common share has been adjusted for the periods shown to reflect the one-for twenty reverse stock split effected on July 24, 2020 on a retroactive basis.ABOUT MEDLEY CAPITAL CORPORATIONMedley Capital Corporation is a closed-end, externally managed business development company ("BDC") that has common stock which trades on the New York Stock Exchange (NYSE: MCC) and the Tel Aviv Stock Exchange (TASE: MCC) and has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE: MCV) and (NYSE: MCX). Medley Capital Corporation's investment objective is to generate current income and capital appreciation by lending to privately-held middle market companies, primarily through directly originated transactions, to help these companies expand their businesses, refinance and make acquisitions. Our portfolio generally consists of senior secured first lien loans and senior secured second lien loans. Medley Capital Corporation is externally managed by MCC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. For additional information, please visit Medley Capital Corporation at www.medleycapitalcorp.com.ABOUT MCC ADVISORS LLCMCC Advisors LLC is a subsidiary of Medley Management Inc. (NYSE: MDLY, “Medley”). Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $3.8 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) (TASE: MCC) and Sierra Income Corporation, and several private investment vehicles. Over the past 18 years, we have provided capital to over 400 companies across 35 industries in North America.2 For additional information, please visit Medley Management Inc. at www.mdly.com.Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ).FORWARD-LOOKING STATEMENTSThis press release contains “forward-looking” statements, including statements regarding the impact of the ESA. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. Statements that include the words “should,” “would,” “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “will,” and similar statements of a future or forward-looking nature identify forward-looking statements in this material or similar oral statements for purposes of the U.S. federal securities laws or otherwise. Forward-looking statements include, but are not limited to, the introduction, withdrawal, success and timing of business initiatives and strategies; changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes in the value of our assets; the relative and absolute investment performance and operations of MCC Advisors LLC; our business prospects and the prospects of our portfolio companies; the uncertainty regarding actual level of expenses the Company incurs that may not be materially lower than current expenses due to a variety of factors, such as unexpected expenses not covered by the ESA; and uncertainties associated with the impact from the COVID-19 pandemic, including its impact on the global and U.S. capital markets and the global and U.S. economy, the length and duration of the COVID-19 outbreak in the United States as well as worldwide and the magnitude of the economic impact of that outbreak, the effect of the COVID-19 pandemic on our business prospects and the operational and financial performance of our portfolio companies, including our and their ability to achieve their respective objectives, and the effect of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our business.The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the “Risk Factors” and other sections of the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. The forward-looking statements in this press release represent the Company’s views as of the date of hereof. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company does not have any current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this material.SOURCE: Medley Capital CorporationInvestor Relations Contact: Sam Anderson Head of Capital Markets & Risk Management Medley Management Inc. 212-759-0777Media Contact: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. LP 212-257-4170  1 All per share data in this press release has been adjusted for periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis.2 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, “Medley”). Assets under management refers to assets of Medley’s funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of March 31, 2020.
Thu, 06 Aug 2020
16:30:04 +0000
Earnings Preview: Medley Capital (MCC) Q3 Earnings Expected to Decline
Medley (MCC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Fri, 31 Jul 2020
22:04:00 +0000
Sierra Income Corporation Announces Distribution Update
Sierra Income Corporation ("Sierra" or the "Company") today announced that its Board of Directors has determined to continue the temporary suspension of the monthly distributions on the shares of the Company's common stock to enhance financial flexibility. Shareholder distributions, including both cash and through the distribution reinvestment plan, will be suspended through September 30, 2020. The Company expects to evaluate resumption of monthly distributions at a future date. The Company believes that it is in the best long-term interests of its shareholders to maintain a conservative approach to its distribution policy during this volatile economic environment.
Mon, 13 Jul 2020
21:06:00 +0000
Medley Capital Corporation Announces One-for-Twenty Reverse Stock Split; Common Stock to Begin Trading on a Split-Adjusted Basis at Market Open on July 27, 2020
NEW YORK, July 13, 2020 (GLOBE NEWSWIRE) -- Medley Capital Corporation (NYSE: MCC) (TASE: MCC) (the “Company”) announced today that, following the Company’s 2020 Annual Meeting of Stockholders  held on June 30, 2020 (the “Annual Meeting”), on July 7, 2020, the Company’s board of directors (the “Board”) determined that it is in the best interests of the Company and its stockholders to effect a reverse stock split of its common stock, par value $0.001 (the “Common Stock”), of 1-20 (the “Reverse Stock Split”) and reduce the number of authorized shares of Common stock by the reverse stock split ratio (the “Authorized Share Reduction”). Accordingly, on July 13, 2020, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split and the Authorized Share Reduction, which will be effective at 5:00 p.m., Eastern Time, on July 24, 2020 (the “Effective Time”). Pursuant to the Certificate of Amendment, effective as of 5:00 p.m., Eastern Time, on July 24, 2020 (the “Effective Time”), each twenty (20) shares of Common Stock issued and outstanding, immediately prior to the Effective Time, will automatically and without any action on the part of the respective holders thereof, be combined and converted into one (1) share of Common Stock. In connection with the Reverse Stock Split, the Certificate of Amendment provides that the number of authorized shares of Common Stock will be reduced proportionately from 100,000,000 to 5,000,000 shares of Common Stock. No fractional shares will be issued as a result of the Reverse Stock Split. Instead, any stockholder who would have been entitled to receive a fractional share as a result of the Reverse Stock Split will receive cash payments in lieu of such fractional shares (without interest and subject to backup withholding and applicable withholding taxes). The Common Stock will begin trading on a split-adjusted basis on the New York Stock Exchange (the “NYSE”) at the market open on July 27, 2020.  The trading symbol for the Common Stock will remain “MCC”.As previously disclosed, the Reverse Stock Split is intended to bring the Company into compliance with the $1.00 minimum average closing share price requirement (the “Minimum Share Price Requirement”) for continued listing on the NYSE. The Company will regain compliance with the Minimum Share Price Requirement if the price per share of Common Stock promptly exceeds $1.00 per share and remains above that level for at least the following 30 trading days.ABOUT MEDLEY CAPITAL CORPORATIONMedley Capital Corporation is a closed-end, externally managed business development company (“BDC”) that has common stock which trades on the New York Stock Exchange (NYSE: MCC) and the Tel Aviv Stock Exchange (TASE: MCC) and has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE: MCV) and (NYSE: MCX). Medley Capital Corporation's investment objective is to generate current income and capital appreciation by lending to privately-held middle market companies, primarily through directly originated transactions, to help these companies expand their businesses, refinance and make acquisitions. Our portfolio generally consists of senior secured first lien loans and senior secured second lien loans. Medley Capital Corporation is externally managed by MCC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. For additional information, please visit Medley Capital Corporation at www.medleycapitalcorp.com.ABOUT MCC ADVISORS LLCMCC Advisors LLC is a subsidiary of Medley Management Inc. (NYSE: MDLY, “Medley”). Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $3.8 billion of assets under management in two BDCs, Medley Capital Corporation (NYSE: MCC) (TASE: MCC) and Sierra Income Corporation, and several private investment vehicles. Over the past 18 years, we have provided capital to over 400 companies across 35 industries in North America.1 For additional information, please visit Medley Management Inc. at www.mdly.com.Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ).FORWARD-LOOKING STATEMENTSThis press release contains “forward-looking” statements, including statements regarding the impact of the Expense Support Agreement and any potential exploration of strategic alternatives by the Special Committee. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. Statements that include the words “should,” “would,” “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “seek,” “will,” and similar statements of a future or forward-looking nature identify forward-looking statements in this material or similar oral statements for purposes of the U.S. federal securities laws or otherwise. Because forward-looking statements, such as the ability of the Company to regain compliance with the NYSE continued listing standards, include risks and uncertainties, actual results may differ materially from those expressed or implied. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include, but are not limited to: those discussed in the Company’s filings with the Securities and Exchange Commission; potential volatility in the price of the Common Stock following the Reverse Stock Split, the Company’s ability to comply with the continued listing criteria of the NYSE; and uncertainties associated with the impact from the COVID-19 pandemic, including its impact on the global and U.S. capital markets and the global and U.S. economy, the length and duration of the COVID-19 outbreak in the United States as well as worldwide and the magnitude of the economic impact of that outbreak, the effect of the COVID-19 pandemic on the Company’s business prospects and the operational and financial performance of its portfolio companies, including its ability and their ability to achieve their respective objectives, and the effects of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our business.The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the “Risk Factors” and other sections of the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. The forward-looking statements in this press release represent the Company’s views as of the date of hereof. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company does not have any current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this material.SOURCE: Medley Capital CorporationInvestor Relations Contact: Sam Anderson Head of Capital Markets & Risk Management Medley Management Inc. 212-759-0777Media Contact: Jonathan Gasthalter/Nathaniel Garnick Gasthalter & Co. LP 212-257-41701 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, “Medley”). Assets under management refers to assets of Medley’s funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of March 31, 2020.
Mon, 15 Jun 2020
11:30:10 +0000
Medley Capital Corporation Subject to Monthly Expense Support, Houlihan Lokey Commenced Strategic Review Process
Medley Capital Corporation (MCC) (MCC) (the “Company”) announced today that, on June 12, 2020, the board of directors of the Company (the “Board”), including its special committee (the “Special Committee”), has approved an expense support agreement (the “Expense Support Agreement”) under which MCC Advisors LLC and Medley LLC agreed (jointly and severally) to cap the management fee and all of the Company’s other operating expenses (except interest expenses, certain extraordinary strategic transaction expenses, and other expenses approved by the Special Committee at $667,000 per month (the “Cap”). The Cap is expected to result in a material reduction in the Company’s expenses.

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